Federal Reserve Bulletin, 1956-02

FEDERAL RESERVE B U LLETIN February *** * * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Bank Credit and Money 97 The 1957 Budget 106 Law Department 117 Current Events and Announcements 118 Membership of the Board of Governors, 1913-56 120 National Summary of Business Conditions 122 Financial and Business Statistics, U. S. (Contents on p. 125) 127 International Financial Statistics (Contents on p. 189) 190 Federal Reserve Board Publications 205 1 Board of Governors and Staff 207 Open Market Committee and Staff; Federal Advisory Council 208 Federal Reserve Banks and Branches 208 Index to Statistical Tables 215 Map of Federal Reserve Districts Insideback cover Volume 42 * Number 2 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Credit and Money STRONG DEMAND FOR CREDIT accompa- Nonbank investors purchased United nied the increase in economic activity in States Government securities sold by com- 1955. As recovery turned into vigorous ex- mercial banks and absorbed the increase in pansion, the emphasis of Federal Reserve outstanding corporate and State and local policy shifted from facilitating recovery to government securities. They also increased restraining inflationary developments in the their consumer and mortgage lending. interest of sustainable economic growth. In The continuing pressure on commercial order to keep expansion of bank credit and bank resources in 1955 was reflected in an money within limits compatible with the in- increase in bank indebtedness to the Federal crease in production, the Federal Reserve Reserve Banks. Indebtedness increased from permitted pressure on bank reserve positions an average of $150 million in the fourth to increase gradually, and Federal Reserve quarter of 1954 to more than $900 million Banks raised discount rates four times dur- in the corresponding quarter of 1955. The ing the year. In response to these develop- increase in indebtedness and the decline in ments, commercial banks limited their credit holdings of short-term Government securiand deposit expansion. ties tended to reduce bank liquidity and to Direct lending by bank and nonbank lend- have a moderating effect on further bank ers expanded sharply in 1955, while capital loan expansion. raised by security flotations increased only Interest rates rose in response to the inslightly from the preceding year. Commer- crease in credit demand and the pressure on cial banks increased their business loans by bank reserve positions. Short-term rates rose a record amount. In addition, they con- sharply to the highest level in more than 20 tributed to the growth in consumer and real years. Long-term rates rose only moderestate credit both through direct lending and ately, and the spread between short-term and indirectly by making funds available to non- long-term rates narrowed to the smallest bank lenders. margin in recent years. In order to finance their lending activities, During the early weeks of 1956, bank commercial banks liquidated United States credit and deposits showed larger seasonal Government securities, particularly short- declines than during the corresponding peterm issues, and reduced their purchases of riod of 1955. Reserve positions of banks State and local government securities. De- tightened somewhat, after some easing in the spite a record loan expansion, the growth latter part of December, but interest rates in aggregate bank credit and deposits was declined from the high level reached near less in 1955 than a year earlier. the end of 1955. 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 BANK LOANS AND INVESTMENTS and construction groups. In 1954 a decline Commercial bank loans and investments in- in loans to metal manufacturers, public utilcreased about. $4.5 billion or 3 per cent ities, and sales finance companies had been during 1955. A record loan expansion of offset only in part by expansion of loans to $11.6 billion was offset in large part by a other groups. decline in bank holdings of United States Business loans of commercial banks in- Government securities, as the table on the creased $2 billion in the first half of 1955, following page shows. The growth of total compared with declines in the corresponding loans and investments was about equal to period of the preceding three years. Seasonal that in 1953, but less than half as large as in repayments of bank loans by food proces- 1954. In 1954 loans had increased only $3 sors and commodity dealers totaling $1 bilbillion, but holdings of United States Gov- lion were more than offset by increases in ernment and other securities had increased loans to most other groups of businesses. more than $7 billion. In the second half of the year the increase Lending activity. An expansion of more in business loans totaled about $4 billion than 20 per cent or $6 billion in business as seasonal borrowers added their demands loans accounted for about half of the growth to the continued heavy demands of other in bank loans in 1955. This expansion, the groups. A particularly sharp increase in largest percentagewise since 1950, con- loans to sales finance companies in Decemtrasted with declines in 1953 and 1954. As ber was offset in part by a decline in priis shown in the chart, about $1.3 billion of vately placed finance company paper outthe growth during 1955 was in loans by city standing. banks to sales finance companies, which Bank loans to business declined in the were borrowing mainly to finance consumers early weeks of 1956 as sales finance comand dealers in consumer durable goods. panies and seasonal industries repaid bank There was also a substantial increase in bank indebtedness. Indebtedness of metal manuloans to most other business groups, includ- facturers, petroleum and chemical coming the petroleum and chemical industries, panies, and public utilities continued to expublic utilities, and the metal, textile, trade pand. BUSINESS LOANS - CUMULATIVE CHANGE DURING YEAR billion* of dollars FOOD PROCESSORS TRADE SALES FINANCE METALS OTHER INDUSTRIES. - AND - COMPANIES — - MANUFACTURERS - 2 COMMODITY DEALtRS 1954 ^-'' 1 1 ! 1 1 1 1 1 1 [ 1 1 1 1 MAR. JUNE SEPT. OEC. JUNE SEPT. DEC. MAR. JUNE SEPT. OEC. MA> JUNE SEPT DEC. MA> JUNE SEPT. DEC. NOTE.—Changes in large loans reported by a sample of more are cumulative from Dec. 30, 1953; changes during 1955, from than 200 large weekly reporting banks. Changes during 1954 Dec. 29, 1954. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 99 LOANS AND INVESTMENTS OF COMMERCIAL increase in expenditures for consumer du- BANKS rable goods, particularly automobiles, and [In billions of dollars] some easing of credit terms during late 1954 and most of 1955. Expansion of consumer Increase, or Outstand- decrease (—) credit slackened late in 1955. Type of loan ing or investment Dec. 31, Security loans of banks increased less in 19551 19551 1954 1953 1955 than in the preceding year. Credit extended by banks for purchasing or carry- Loans and invest- ing securities had expanded sharply in 1954 ments, total 160.2 4.5 10.2 4.1 and early in 1955 as stock market trading U. S. Government and stock prices increased. In the first four securities 61.7 7 _ 3 5.6 0.1 Other securities 16.5 0 2 1.6 0.5 months of 1955 the Board of Governors Loans, total 82.0 11 .6 2.9 3.4 raised margin requirements for purchasing or carrying listed securities twice, from 50 Business 33.1 f >. 2 -0.3 -0.7 Real estate 20.8 2 4 1.7 1.0 to 70 per cent. Growth in security loans Agricultural 4.4 0.8 0.2 1.0 Security 5.0 0 5 0.9 0.4 slackened thereafter. Consumer 12.7 2.0 -0.2 1.5 A decline in agricultural loans of banks Other 7.2 I .4 0.7 0.2 during 1955 reflected redemption of pub- 1 Data for Dec. 31, 1955, are preliminary. licly issued Commodity Credit Corporation NOTE.—Data exclude interbank loans. Total loans certificates of interest. Agricultural producare after, and types of loans before, deductions for valuation reserves. Consumer and other loans are partly tion loans at member banks increased about estimated for all dates. Details may not add to totals 15 per cent. because of rounding. Investment activity. About two-thirds of Real estate loans of commercial banks the increase in commercial bank loans in expanded $2.4 billion during 1955. The 1955 was offset by sales of United States 13 per cent rate of growth for the year was Government securities totaling $7.3 billion. about the same as in the second half of 1954 The 10 per cent decline in holdings was the and the highest for a full year since 1950. largest for a calendar year since 1946. Expansion in 1955 reflected city bank pur- Bank sales during 1955 were offset by purchases of mortgages on a temporary basis chases by nonbank investors, as the chart from insurance companies and other non- on the following page shows, especially by bank investors as well as direct lending by nonfinancial corporations, individuals, State banks. Late in the year the rate of growth and local governments, and miscellaneous of real estate loans at city banks declined, investors. In 1954, when the publicly held probably in part as a result of the resale of debt increased more than $2 billion, banks some mortgages previously acquired from had made net purchases of such securities nonbank investors. totaling $5.5 billion and nonbank investors In addition to lending a large amount to and Federal Reserve Banks had reduced sales finance companies, commercial banks their portfolios. increased their own holdings of consumer About $5.6 billion of the reduction in loans $2 billion or almost 20 per cent. Such commercial bank holdings of Government loans had changed little in 1954. The growth securities during 1955 occurred in the first of consumer credit in 1955 reflected a large six months of the year, when the Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 reduction was particularly great on the part CHANGES IN OWNERSHIP OF FEDERAL DEBT of New York City banks, which lost deposits Billions of dollors 10 to reserve city and country banks and also increased their loans proportionately more NONBANK than other banks. New York central reserve INVESTORS city banks reduced their holdings of United States Government securities almost 30 per cent, compared with an increase of 20 per cent in 1954. Country member banks, which increased their loans by a smaller percentage than city banks, reduced their Govern- -5 ment security portfolios less than 5 per cent. • COMMERCIAL BANKS New York banks also sold securities other 1955 1954 1953 than United States Government securities on -10 NOTE.—Excludes holdings by U. S. Govt. investment ac- balance, while country banks purchased such counts. Nonbank investors include mutual savings banks. Distribution between bank and nonbank investors for 1955 is securities. preliminary. used a seasonal surplus to retire more than DEPOSITS AND CURRENCY $5 billion of publicly held debt. A further The rate of growth of deposits and currency reduction occurred in the second half of the declined in 1955 from the rapid rate reached year despite the seasonal increase in the in the second half of 1954, when banks were public debt. Banks continued to liquidate using available reserve funds to expand hold- Government securities in early 1956. ings of securities. Demand deposits and Most of the reduction in bank holdings of currency held by consumers and businesses, Government securities in 1955 was in short- which together constitute the active part of term issues. Securities maturing within one the money supply, increased $3.2 billion or year, which had been reduced from 45 to 2.5 per cent in 1955. The rate of expansion 25 per cent of bank portfolios during 1954 was less than that for 1954 as a whole, as as a result largely of Treasury refunding shown in the chart, and only about half the operations, declined to about 15 per cent annual rate in the second half of that year, of their portfolios by the end of 1955. The after allowance for usual seasonal developdecrease in bank holdings of short-term se- ments. The active money supply had also curities reduced bank liquidity and thus increased about 2.5 per cent in the period tended to discourage further bank sales of of strong credit demand from mid-1952 to securities in order to expand loans. mid-1953. In the early weeks of 1956, de- Commercial bank holdings of corporate mand deposits and currency apparently deand State and local government securities clined about the usual seasonal amount. changed little in 1955. During 1954 banks Demand deposits held by consumers and had made net purchases of tax-exempt State businesses increased $2.6 billion and curand local government securities totaling rency expanded $0.6 billion during 1955. nearly $2 billion. In 1954 the increase in demand deposits had Although all classes of banks reduced been greater, but currency holdings of inditheir security portfolios during 1955, the viduals and businesses had declined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 101 DEMAND DEPOSITS AND CURRENCY with a small increase in 1954. These de- Percentage change for year posits fluctuated over the year in accordance 10 with the pattern of Treasury receipts and — expenditures. INCREASE 1 1 -- 5 FEDERAL RESERVE POLICY AND BANK RESERVE POSITIONS 1 —1 Growth of bank credit and deposits was moderated during 1955 through a gradual change of Federal Reserve policy from ease I" to restraint. This restraint was exercised by conducting open market operations so as DECREASE to permit credit expansion to exert growing -5 pressure on bank reserve positions and thus 1948 1953 1955 make it necessary for banks to borrow to NOTE.—Demand deposits are for all banks in the United States and exclude U. S. Govt. and interbank deposits and meet some of their reserve needs. In the items in process of collection. Currency excludes bank vault cash. Changes for 1946 and 1947 are partly estimated, and fourth quarter of 1954 excess reserves less 1955 data are preliminary. borrowing of member banks at the Reserve While expansion of the active money sup- Banks averaged $600 million, but by the ply was moderate, an increase in its turnover last quarter of 1955 borrowing exceeded accompanied the rising level of expenditures. excess reserves by $350 million. In early The annual rate of turnover of demand de- February 1956 net borrowed reserves were posits outside New York City rose from 21.1 somewhat higher than the fourth quarter in the last quarter of 1954 to 22.5 in the average. last quarter of 1955, an increase of almost 7 per cent. Most of the increase occurred Open market operations and bank reserve in the first half of the year. positions. Late in 1954 the Federal Reserve Expansion of time and savings deposits had limited its purchases of United States in commercial and mutual savings banks Government securities in the open market and the Postal Savings System in 1955 was and permitted the seasonal credit and cur- $3 billion, only about three-fifths as much rency expansion to be reflected in slightly as a year earlier. Reduction in the rate of less easy reserve positions. Early in 1955 growth was associated in part with a reduced the Federal Reserve reduced its holdings of rate of personal saving and increased se- Government securities by $1.3 billion. curity purchases by individuals. At commer- These sales were primarily for the purpose cial banks, savings deposits increased less of absorbing reserve funds made available than half as much as in 1954. Deposits at by the seasonal decline in currency and in mutual savings banks expanded almost as required reserves, as shown in the chart on much as a year earlier, probably in part be- the following page. In view or the strong cause of increases in interest rates paid by credit demand, however, some pressure was banks in some areas. Savings and loan exerted on bank reserve positions. shares rose somewhat more than in 1954. Member bank indebtedness to the Federal United States Government deposits de- Reserve Banks, which had averaged about clined $700 million during 1955, compared $150 million in the fourth quarter of 1954, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 exceeded $400 million in the second quarter Member bank indebtedness declined durof 1955. Excess reserves declined from ing December as Federal Reserve security $750 million to less than $600 million. Re- purchases and an unusually large seasonal serve city and country banks accounted for increase in Federal Reserve float more than most of the borrowing in the second quarter offset seasonal drains on reserves. Money as well as the reduction in excess reserves. markets continued under pressure, however, The Federal Reserve purchased $1.2 bil- as a result of year-end desires for liquidity. lion of Government securities in the second Outright purchases of Government securities half of 1955, mainly in July and December. by the Federal Reserve totaled almost $500 These purchases supplied part of the reserve million in late November and December. In late December, as in the same period of MEMIER BANK RESERVES AND RELATED ITEMS most other recent years, the Federal Reserve Billions of dollars purchased securities under repurchase agree- 32 ments with dealers and brokers. Over the year ending in December 1955, 30 the Federal Reserve portfolio of United States Government securities was reduced, 28 but the largest drain on member bank re- 26 serves came from the increase in currency in circulation. Required reserves increased 24 somewhat as the effect of an expansion of demand and time deposits held by consumers and businesses was offset only in part by a 22 decline in United States Government deposits and a shift of deposits from banks RESERVES 20 with higher reserve requirements to those with lower reserve requirements. 18 In January and the first half of February 1956, the Federal Reserve reduced its .BORROWINGS holdings of Government securities by $1.4 billion. Together with a decline in Federal — EXCESS RESERVES Reserve float, these sales more than offset 1952 1953 1954 1955 '56 NOTE.—Monthly averages of daily figures. Latest data are the effect of factors supplying reserve funds for January 1956. Required and excess reserves for January are preliminary. seasonally. As a result, member bank infunds needed to meet seasonal increases in debtedness in late January and early Febcurrency and required reserves, but pressure ruary reached its early-December level. on reserve positions increased further during Other policy actions. The growing presthe period. In November member bank sure on bank reserve positions in 1955 borrowing exceeded $1 billion, the largest tended to restrain bank credit and deposit volume since the spring of 1953. The in- expansion. This effect was reinforced by crease in indebtedness after midyear re- four increases in Federal Reserve Bank disflected mainly borrowing by central reserve count rates during the year. In April and city banks and reserve city banks. May discount rates were raised from \Vz Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 103 to 13A per cent in all districts. In August and investing. Bank and nonbank lenders and September they were increased to 2lA together increased their real estate loans by per cent in a single step in the Cleveland a record $16.7 billion, compared with $12.5 District and in two steps in other districts. billion in 1954. After expanding at an ac- A further increase in November brought celerating rate throughout 1954, mortgage them to 2Vi per cent, the highest level for loans continued to increase until the summore than 20 years. By making borrowing mer of 1955 at about the rate reached in more expensive, the discount rate increases late 1954. A slackening of growth late in tended to discourage excessive use of the 1955 accompanied a decline in housing discount privilege by individual member starts from the exceptionally high level banks. Changes in discount rates also had reached earlier. In July 1955 maximum an important influence on the level of short- maturities for Federally underwritten loans term open market rates and their changes were reduced and minimum down payments during 1955. increased, but in January 1956 the 30-year In late March the Federal Reserve Bank maximum maturity was restored. of New York began to purchase bankers' Aggregate corporate and State and local acceptances on a small scale. These pur- government security issues for new capital chases, the first since 1951, were made in were about 4 percent larger in 1955 than a recognition of the increased use of bankers' year earlier. An increase of one-fifth in acceptances. corporate security issues reflected primarily The Board of Governors raised margin flotations by sales finance companies. State requirements for purchasing and carrying and local government issues declined about listed securities from 50 to 60 per cent in one-eighth from 1954, largely as the result early January and to 70 per cent in late of a reduction in toll road financing. April. These actions were taken to help The publicly held United States Governprevent an excessive expansion of stock ment debt—that is, securities held by inmarket credit at a time when stock trading vestors other than Government investment was active and prices were rising rapidly. accounts—changed little in 1955, compared with an increase of more than $2 billion in CREDIT EXPANSION BY NONBANK LENDERS 1954. For the calendar year, cash receipts Although the growth of bank credit and from the public were less than $1 billion money in 1955 was moderate, aggregate below expenditures, and the Treasury drew credit expansion by all lenders was the larg- down its balances with commercial and Fedest for a calendar year since the war. Non- eral Reserve Banks. Security issues for cash bank lenders increased their mortgage and were in part for the purpose of offsetting consumer loans sharply. They also acquired debt repayment due to attrition on issues a large volume of new security issues of cor- refunded and to maturities of nonmarketable porations and State and local governments savings notes. The Treasury redeemed and took over United States Government marketable tax anticipation securities in the securities sold by commercial banks. first half of the year, when it had a sea- Selected credit uses. The expansion in real sonal surplus of receipts over expenditures, estate lending in 1955 absorbed a large share and issued tax anticipation securities in the of the funds available for long-term lending second half. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 The average maturity of the marketable term securities, which are particularly re- Federal debt, which had been lengthened sponsive to changes in bank reserve posifrom 62 to 67 months in 1954 largely tions. At the end of the year, most shortthrough Treasury refunding operations, term rates were at the highest levels in more changed little in 1955. The effect of the than 20 years. These rates declined durissuance of $2.7 billion of 40-year bonds ing January 1956 but remained close to or and several new notes maturing in less than above their mid-195 3 peaks. Yields on three years was offset by the approach to long-term securities in late 1955 and early maturity of outstanding securities together 1956 were only slightly above short-term with new issues of short-term securities. rates. Supply of funds. All major groups of Yields on short-term Treasury securities, lenders increased their mortgage lending in which had increased about Vi percentage 1955. Savings institutions financed such point in the second half of 1954, increased lending in part by borrowing or by liqui- about 1 Vi percentage points further during dating securities or limiting security pur- 1955, as shown in the chart. In the first chases. Despite a record inflow of savings, savings and loan associations obtained addi- INTEREST RATES tional funds by increasing their indebtedness Per cent to the Federal home loan banks. Life insurance companies sold United States Gov- LONG-TERM ernment securities and reduced their pur- , GOVERNMENT SECURITIES chases of other securities, and also obtained temporary financing from commercial banks. ,11/1 Mutual savings banks sold both United AJVIK States Government and other securities on AH. [DISCOUNT RATEJ •••"•' rf balance. During 1955 investors other than the major financial institutions absorbed a grow- TREASURY BILLS ing share of the expansion in outstanding corporate and State and local government securities and took over a large volume of W52 1953 1954 1955 '56 United States Government securities from NOTE.—Treasury bill rates are market yields on longest bills. institutional investors, particularly commer- Long-term U. S. Govt. yields are on long-term VA per cent bonds. Latest data shown are for week ending February 4. cial banks. They financed these purchases by drawing on accumulated cash balances half of the year the rise in the Treasury bill as well as current savings. rate was limited by strong demand for bills on the part of nonbank investors, particu- INTEREST RATES larly nonfinancial corporations and State Interest rates, which had advanced late in and local governments. The demand was 1954, continued to rise in 1955 in response intensified by maturities of nonmarketable to the strong demand for credit and the savings notes and seasonal retirements of growing pressure on bank reserve positions. marketable tax anticipation securities. In the The largest increase was in yields on short- second half of the year bill rates increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 105 sharply, however, despite continued non- bonds had increased, while yields on corbank demand, as reserve pressure continued porate bonds had shown little change. After and the Treasury increased its issues of bills an increase in the first quarter of 1955, longand tax anticipation securities. term yields were generally stable in the During most of 1955 and early 1956 bill second quarter. They increased further yields generally fluctuated somewhat below after midyear, and, after declining in Septhe Reserve Bank discount rates. An ex- tember and October, rose at the year-end ception occurred around the year-end, when to levels near or above their summer peaks. bill rates exceeded the discount rates for sev- At these levels long-term yields were about eral weeks. The average yield on 90-day equal to those prevailing in late 1953 and Treasury bills was 2.58 per cent in the week early 1954, but were generally about lA to ending December 31 and 2.36 per cent in V2 percentage point below their mid-1953 the third week of February, compared with highs. They have declined in 1956, but 1.08 per cent at the end of 1954. The have remained above June 1955 levels. peak in 1953 had been 2.29 per cent and During 1955 the spread between the yield the low in 1954 was 0.61 per cent. on Treasury bills and that on long-term Gov- Yields on intermediate-term Treasury ernment bonds declined from more than 1 Vi bonds and notes also rose sharply in the first per cent to less than Vi per cent, the smallest half of 1955 in response to pressure on bank differential in recent years. The more modreserve positions, but after midyear they rose erate increase in long-term rates reflected less than yields on shorter term securities. the minor role played by long-term securi- Rates on other short-term open market ties in bank reserve adjustments, the modest paper, which had remained unchanged or extent of the increase in outstanding longdeclined slightly in the second half of 1954, term securities during the year, and some followed the increase in yields on short-term tendency to meet long-term credit needs Treasury securities closely during 1955. through short-term borrowing, as well as Rate increases totaled more than W2 per- the willingness of individuals and miscelcentage points on prime commercial paper laneous investors to increase their purchases and on privately placed finance company of long-term securities at only small increases paper, and about XV\ percentage points on in yields. bankers' acceptances. At the end of 1955 Interest rates charged customers by comthese rates were at new highs for recent mercial banks and other lenders also inyears. Acceptance rates declined in January creased in 1955. The average rate charged but commercial paper rates remained firm. by commercial banks on short-term business Yields on long-term securities generally loans rose almost Vi per cent. Rates charged increased about VA percentage point during by lenders on conventional mortgages also 1955. Late in 1954 yields on United States increased and discounts deepened on Fed- Government and State and local government erally underwritten mortgages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LARGER TAX RECEIPTS resulting from For the 1957 fiscal year, however, Federal economic expansion, together with restraint spending for both defense and other purin Federal expenditures, are expected to bal- poses is budgeted to rise, reversing the downance the Federal Budget in the current and ward movement which reduced annual ex- 1957 fiscal years. The new Budget estimates penditures by $10 billion between 1953 and a $2.4 billion cash surplus for the fiscal year 1956. If tax rates are unchanged, 1957 ending June 30, 1957. An equal cash sur- revenues are expected to rise slightly more plus is now anticipated for the current fiscal than expenditures. year, in contrast with an actual $2.7 billion The Federal Budget, despite its array of cash deficit for fiscal year 1955. A small tables and complex accounting procedures, margin of receipts over expenditures is also presents the only comprehensive summary estimated in the administrative Budget for of the financial aspects of the President's both 1956 and 1957, the first surpluses program. Defense, school construction, since 1951. foreign aid, agriculture, veterans, and other To help achieve the narrow balance be- activities, as well as taxes, are all presented tween expected Budget receipts and expendi- as parts of a total program. Demands of tures, the President recommended against a the Administration's program on the retax cut during this period of peacetime pros- sources—financial and real—of the nation perity. Congressional action is requested to are measured in monetary terms by the expostpone for another year the rate reductions penditures and appropriations requested in in the corporate income tax and in certain the Budget. The 1957 Budget indicates that excises scheduled under existing legislation Government expenditures, which rose from to become effective on April 1, 1956. 15 per cent of gross national product in For fiscal year 1956 the new Budget es- fiscal year 1950 to almost 21 per cent in timates of both receipts and expenditures 1953, will be about 16 per cent in 1956. are higher than earlier estimates, but a The cash Budget—which shows the overgreater increase in receipts has converted the all flow of money between the public and the year-ago prospect of a deficit into the cur- Government—is probably the best single rent expectation of a surplus. Federal ex- measure of the impact of Federal financial penditures in fiscal year 1956 are expected transactions on the nation's economy. It is to show a slight reduction from 1955, with also an indicator of the effect of Federal a drop in national security spending more activities on the money market. However, than offsetting larger nondefense outlays. neither the cash Budget alone nor any other single measure reveals fully the effects of Federal operations on the economy. The NOTE.—This article was prepared by William F. Hellmuth, Jr., under the supervision of Donald C. diverse types of expenditures and receipts Miller, Chief of the Government Finance Section of do not all have the same impact on economic the Board's Division of Research and Statistics. 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957 BUDGET 107 developments. The economic system also ports larger surpluses or smaller deficits than reacts to Government activities not fully or does the conventional Budget, primarily due immediately reflected in the cash Budget, to an excess of trust fund receipts over paysuch as large changes—actual or anticipated ments. Thus a balanced conventional Bud- —in appropriations and Government orders, get and a moderate cash surplus expected in new tax measures, credit insurance and fiscal year 1956 and again in 1957, if realguaranties, credit and monetary policies, and ized, will tend to be a mildly restraining inmanagement of the national debt. fluence on total monetary demand. The The cash surplus or deficit indicates the shift from a $2.7 billion cash deficit in the net impact of the Budget on the economy. 1955 fiscal year to a $2.4 billion cash sur- A large excess of Federal receipts over pay- plus this year has been a small contractive ments to the public indicates a contractive factor contributing to economic stability tendency of Governmental activities in the during a period of large and rapid growth in economy. A substantial cash deficit, on the output and business and personal incomes. other hand, signals a net expansive influence. BUDGET RECEIPTS The ultimate economic effects of Governmental activities depend to a considerable The most impressive change in the 1957 extent upon how surpluses or deficits affect Budget is the upward revision of the revenue the credit system and upon accompanying estimates as a result of the unexpectedly monetary and credit policies. large increase in economic activity and in- The cash Budget, shown in Table 1, re- come over the past year. Budget receipts for fiscal year 1956, which were officially TABLE 1 estimated at $60.0 billion in January 1955 CASH BUDGET and at $62.1 billion in August 1955, are [In billions of dollars] now expected to reach $64.5 billion, as Fiscal year ending June 30— shown in Table 2. The economic expansion Item has enlarged the tax base and, with no 19571 19561 1955 1953 1950 change in tax rates, the larger base has Receipts from the public, total.. 75.4 73.5 67.8 71.5 40.9 boosted current estimates of fiscal year 1956 Budget receipts 66.3 64.5 60.4 64.8 36.5 Trust fund receipts 11.9 11.6 9.5 .8.9 6.7 collections of individual income taxes by Less: Intragovernmental transactions and seigniorage 2 2.8 2.6 2.1 2.2 2.2 $1.1 billion and of corporate income taxes Payments to the public, total 72.9 71.0 70.5 76.8 43.2 by $3.3 billion over year-ago estimates. Budget expenditures 65.9 64.3 64.6 74.3 39.6 Trust fund expenditures 10.2 9.6 8.5 5.3 6.9 For the 1957 fiscal year, receipts are pro- Less: Intragovernmental transactions 2.8 2.6 2.1 2.2 2.2 jected at an all-time high of $66.3 billion, Net accrued interest and other transactions3.... .3 .2 .5 .6 1.1 $1.8 billion above the estimate for 1956 Cash surplus, or deficit (—).... 2.4 2.4 -2.7 -5.3 -2.2 Budget surplus, or deficit (—).. .4 .2 -4.2 -9.4 2 i and above the previous 1953 record when income tax rates were higher. Practically 1 Budget estimate. 2 Seigniorage amounts to $56 million or less a year. all of the increase results from larger per- 3 Other transactions include change in clearing account, net transactions of Government sponsored enterprises, and relatively small sonal income tax collections. This assumes noncash debt transactions. NOTE.—The cash Budget consolidates the transactions of trust and that personal income during the 1956 caldeposit funds and certain transactions of Government-sponsored corporations with the conventional Budget data. Intragovernmental endar year will be $312.5 billion, slightly transactions, such as interest received by trust funds on their investments in Treasury securities, are excluded in the consolidation of above the rate for the fourth quarter of 1955 Federal transactions. Other noncash transactions, largely interest accruals on savings bonds, are also eliminated. Details may not add and 3 per cent above the 1955 total. to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 TABLE 2 APPROPRIATIONS AND EXPENDITURES BUDGET RECEIPTS Expenditures for Federal activities lag by [In billions of dollars] varying time periods after obligations for Fiscal year ending June 30— them are incurred. For salaries, travel, and Source similar items, the lag between obligations 19571 19561 1955 1953 1950 and expenditures is very short, and over an Budget receipts, total 66.3 64.5 60.4 64.8 36.5 entire fiscal year obligations and expendi- Individual income taxes 35.1 33.6 31.7 32.8 17.4 Corporation income and ex- tures are approximately equal. For items cess profits taxes 20.3 20.3 18.3 21.6 10.9 Excise taxes . 9.9 9.9 9.2 9.9 7.6 requiring long periods of planning and pro- Employment taxes 7.6 7.4 6.2 5.0 2.9 Estate and gift taxes 1.0 .9 .9 .7 Customs \l .7 .6 .6 .4 duction, such as aircraft, ships, highways, Miscellaneous receipts 2.8 2.5 2.6 1.9 1.4 Less: and some research projects, however, the Transfers to trust funds: Old Age and Survivors time lag between the Government decision Insurance 6.6 6.5 5.0 4.1 2.1 Railroad Retirement .7 .6 .6 .6 .6 to undertake a project, the placing of the Refunds of receipts 3.9 3.8 3.4 3.1 2 ^ order, and completion of the project may be 1 Budget estimate, including the President's tax recommendations. several years. Because of these long-lead NOTE.—Details may not add to totals because of rounding. times, Congressional authorizations to incur Corporate tax collections in fiscal year certain types of obligations are made well 1957 are projected as unchanged from the in advance of the year of expenditure. Accurrent year, assuming corporate profits in cordingly, the trend of new obligational calendar year 1956 equal to last year. The authority and the balances of appropriations rise in profits from $34.0 billion in 1954 to carried forward at the end of a fiscal year an estimated $43.0 billion in 1955 is causing give an indication of future levels of expendicorporate tax collections to rise by an estitures, especially for construction and specialmated $2.0 billion in the current fiscal year. ized durable goods. This increase is occurring despite revenue The Budget requests new obligational aulosses from expiration of the excess profit tax, the 1954 tax revisions, and comple- FEDERAL EXPENDITURES AND AUTHORIZATIONS tion of the acceleration of corporate tax pay- Billions of dollars ments under the 1950 Mills plan, all of 100 which reduce fiscal year 1956 corporate receipts below those of preceding years. The individual income tax continues as the major source of Budget receipts. After refunds, it is expected to account for 48 per cent of 1957 fiscal year receipts, a record high slightly above recent years and comparable with about 43 per cent in the years just before the Korean conflict. The corporate income tax accounts for about 31 per cent, slightly above the 1949 and 1950 percentages but below the 1953 ratio, when the excess profits tax was in effect. Excise 1950 1952 1954 1956 taxes have become relatively less important. NOTE.—Figures are for fiscal years ending June 30. Those for 1956 and 1957 are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957 BUDGET 109 thority of $66.3 billion for fiscal year 1957, grams: the capability to deter a potential slightly larger than estimated expenditures aggressor by a combination of immediate for the year. This new authority to spend retaliatory power and an increasingly effecis higher than comparable 1955 and 1956 tive system of continental defense; and the figures, presented in Table 3. The backlog development of military forces which miniof unexpended balances, however, will be mize numbers of men, by means of more reduced somewhat by the end of fiscal year effective utilization of personnel and maxi- 1957 as some appropriations enacted in mum use of new weapons and technology. earlier years will be allowed to lapse. Most Expenditures for military functions of the of these unexpended balances are for major Defense Department, which declined $9 bilnational security programs. Almost two- lion from the Korean high during fiscal year thirds of estimated 1957 expenditures will 1953 to the current year, are expected to be out of new 1957 obligational authority; increase almost $1 billion in 1957. These the rest will be charged to unexpended bal- additional costs are due largely to the higher ances of earlier appropriations. expenditures for maintenance and operation The President's legislative proposals out- of more air bases and radar sites and of the lined in his State of the Union Message ac- larger numbers of more complex weapons count for $8.5 billion of the new obligational and equipment. Most other major cateauthority and $2.0 billion of estimated ex- gories of costs for the Department of Dependitures for the 1957 fiscal year. These fense will be about unchanged in 1957 from proposals include both new legislation and 1956. Personnel costs will remain at about extension of existing legislation. $11 billion a year, with military personnel on active duty approximately stable at about MAJOR NATIONAL SECURITY PROGRAMS 2.8 million. Expenditures for major national security Major procurement and production exprograms are budgeted at $40.4 billion for penditures of $11.7 billion for 1957, though fiscal year 1957, a rise of $900 million over down $1.3 billion from 1955 fiscal year, are the current year but still far below the 1953 little changed from the current year. Most level. New obligational authority requested interesting perhaps is a shift within the 1957 is above the 1956 total and approximates the total to increased spending for guided misexpected level of 1957 spending. siles, to double the 1955 amount. Offsetting Department of Defense. Revisions in mili- reductions occur in procurement expenditary requirements over the last three years tures for aircraft, vehicles, and conventional result from the changing character of the weapons and ammunition. Expenditures threat to our security, the end of the Korean for aircraft, at $6.8 billion, though down War, and the availability of new weapons. slightly from 1956, still account for almost Current planning continues to emphasize three-fifths of all military procurement and probable requirements in terms of current more than one-tenth of the total Budget. defense needs sustainable over a long period Expenditures of $1.4 billion for research of uncertain peace rather than for a specific and development emphasize projects dealing date of maximum danger. The President with missiles, continental air defense, and also stressed other major policies and con- nuclear propulsion for aircraft and ships. cepts underlying our national security pro- Expenditures for reserve components are in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 creased somewhat in the 1957 fiscal year. crease, with the 1957 estimate twice the The relative distribution of Defense De- actual total for 1955. partment expenditures among the three serv- Stockpiling and defense production expanices will continue about the same as in the sion. The current high level of industrial current fiscal year, with the Air Force re- activity—which limits availability of some ceiving almost half of the total, the Navy materials—and the attainment of an increasslightly more than a quarter, and the Army ing number of stockpile objectives have comabout a quarter. The recent distribution bined to reduce further the estimated net reflects the new defense emphasis, techno- expenditures for this program. Net spendlogical developments, and procurement ing is estimated to decline to less than $400 needs of the different services. million in 1957, compared with a high of Atomic energy. Expenditures for the de- more than $1.0 billion in 1954, and no new velopment and control of atomic energy in obligational authority is requested for 1957. 1957 are estimated at more than $1.9 bil- National stockpile inventories of strategic lion, above the previous high in 1954. Ris- and critical materials are expected to rise to ing outlays for the acquisition and processing $6.4 billion on June 30, 1957, toward an of nuclear materials account for the major ultimate objective of $10.3 billion. part of all expenditures. Spending for Mutual security, military. The Mutual reactor development—both military and Security Program is a long-range program of civilian—shows the most rapid rate of in- military, economic, and technical assistance TABLE 3 BUDGET EXPENDITURES, AUTHORIZATIONS, AND UNEXPENDED BALANCES [In billions of dollars] Fiscal year ending June 30— Item or function 19571 19561 1955 1954 1953 1952 1951 1950 1949 1948 BUDGET EXPENDITURES Total. 65.9 64.3 64.6 67.8 74.3 65.4 44.1 39.6 39.5 33.1 Major national security expenditures,total 40.4 39.5 40.6 46.9 50.4 44.0 22.4 13.0 12.9 11.8 Defense department, military 35.5 34.6 35.5 40.3 43.6 38.9 19.8 11.9 11.6 10.9 Atomic energy 1.9 1.7 1.9 1.9 1.8 1.7 .9 .6 .6 .5 Stockpiling and defense production expansion 2 .4 .7 .9 1.0 1.0 1.0 .8 .4 .3 Mutual security, military 2.5 2.5 2.3 3.6 4.0 2.4 1.0 .1 .4 Expenditures other than major national security, total. 25.5 24.8 23.9 20.9 23.9 21.4 21.6 26.6 26.6 21.3 International affairs and finance 2.1 2.1 2.2 1.7 2.2 2.8 3.7 4.7 6.1 4.6 Veterans' services and benefits 4.9 4.8 4.5 4.3 4.3 4.9 5.3 6.6 6.7 6.7 Labor and welfare 2 3.0 2.8 2.6 2.5 2.4 2.2 2.1 2.0 1.6 1.3 Agriculture and agricultural resources 3.4 3.4 4.4 2.6 2.9 1.0 .7 2.8 2.5 .6 Natural resources 1.0 1.0 1.1 1.2 1.4 1.3 1.1 1.1 .9 .6 Commerce and housing 2 2.1 2.2 1.6 .9 2.6 2.7 2.3 2.1 2.0 1.4 General government 1.8 1.6 1.2 1.2 1.5 1.5 1.3 1.2 1.1 1.3 Interest 7.1 6.9 6.4 6.5 6.6 5.9 5.7 5.8 5.4 5.2 Reserve and adjustment .2 .1 Q -.7 .3 .3 -.4 New obligational authority: Total 66.3 62.0 57.1 62.8 80.3 91.4 83.1 49.3 40.2 38.0 Major national security programs. 39.7 35.9 33.7 38.9 57.3 68.0 59.4 17.0 Other programs 26.5 26.1 23.4 23.9 23.0 23.4 23.7 32.3 Unexpended balances carried forward, end of year. 46.8 47.6 52.1 67.8 78.4 68.8 50.3 14.1 11.5 1 Budget estimate. 3 Data comparable with present basis are not available. 2 New classification in 1957 Budget. Data for earlier years NOTE.—Details may not add to total because of rounding. adjusted to new basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957 BUDGET 111 to help build and maintain the defensive and ing for these programs, which had accounted economic strength of the free world. The for 67 per cent of all Budget expenditures in entire Mutual Security Program for fiscal fiscal year 1950, reached a low of 31 per year 1957 involves requested new obliga- cent in 1954 and is estimated to rise to 39 tional authority of $4.9 billion and esti- per cent of 1956 and 1957 spending. mated expenditures of $4.3 billion. Expend- International affairs and finance. Recomitures at this rate would represent little mended expenditures for these activities rechange from 1955 and 1956. However, a main near recent levels. The economic and backlog of unexpended balances is consid- technical development program calls for net ered to be necessary to permit orders for expenditures of $1.8 billion for 1957. The future delivery of long-lead-time items. New President recommended slightly increased obligational authority $2.2 billion in excess spending for world-wide programs to help of that for the current year is recommended solve health, education, and economic probin order to maintain future assistance under lems on a cooperative basis with the less these programs at the current rate. developed countries. In order to assure Of the total amounts for the Mutual Se- greater continuity in economic assistance for curity programs, $2.5 billion of expenditures projects requiring years for planning and and $3.0 billion of new obligational au- completion, the President asked for limited thority are for military assistance and are authority to make longer term commitments included under major national security. The to be met from future appropriations. Fornonmilitary portion of the program is in- eign information and exchange activities cluded under international affairs and fi- will expand, supported by a strong Presinance. The expenditures for military dential recommendation for a $48 million assistance provide military equipment, train- increase in new obligational authority. ing, and direct forces support—such as Activities to stimulate trade and investpetroleum, uniforms, and military construc- ment include investment guaranties, direct tion. United States' assistance supplements loans, and guaranties of private loans. Althe major efforts of the other free nations though the Export-Import Bank is expected to the extent that the combined security of to expand its commitments under this prothe free world requires military forces be- gram, $100 million of net receipts is yond the capacity of the other countries. anticipated in 1957 as a result of increasing About half of the 1957 program will benefit use of guaranties of private loans—instead Korea, Pakistan, Taiwan, and Turkey. of direct loans by the Bank—and of repayment and sale of outstanding loans. NONDEFENSE PROGRAMS Veterans services and benefits. Estimates Budget estimates for the 1957 fiscal year of veterans expenditures continue the recent continue the recent upward trend of expendi- upward trend, though the 1957 figure is still tures for programs other than major national below the 1947 peak. Compensation and security, as shown in Table 3. Anticipated pensions to veterans and their dependents spending of $25.5 billion during 1957 for are estimated at $2.9 billion in 1957, with these programs will be $700 million above about 2.8 million veterans and the survivors the current year, $1.6 billion above 1955, of more than 850,000 deceased veterans and at the highest level since 1950. Spend- receiving these payments. Under existing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 legislation these direct payments to veterans quested new obligational authority of $3.4 are expected to increase steadily to perhaps billion suggests that these expenditures will double their present yearly total by the end continue to rise beyond 1957. Four-fifths of this century. of this total is for grants to State and local Readjustment benefits for education, governments for programs they administer. training, loan guaranties, and unemploy- Public assistance, the largest single proment compensation are anticipated to cost gram, is little changed from recent years, $900 million in 1957, almost all for Korean with 1957 expenditures of $1.5 billion for veterans. The Veterans Administration ex- grants to the States for old-age assistance pects that 640,000 new loans totaling more and aid to dependent children, the blind, and than $7 billion will be guaranteed during the the totally disabled. Old-Age and Survivors next fiscal year. With the expiration dates Insurance—financed through a trust fund approaching on the "GI Bill" as it applies outside the regular Budget—now provides to World War II veterans, 7.8 million have an additional $5 billion of benefits a year to received education and 4.5 million have more than 6 million persons over 65 years bought homes. of age and 1.5 million mothers and children. Medical care, a third important program OASI now covers more than nine-tenths of for veterans, is allocated $800 million in all employed persons, and legislation to fiscal year 1957. cover groups still excluded is recommended. Labor and welfare. Education, including The 1957 appropriation request for the school construction, is the labor and welfare Bureau of the Census, which comes under program with the largest dollar increase for this general classification, includes about $3 1957 over 1956. The President, in a spe- million for a national housing inventory to cial message on January 12, proposed a five- measure significant changes in the nation's year program including Federal grants at an housing supply since 1950 and for a census annual rate of $250 million matched with of comprehensive financial information for State funds to aid construction in the needi- the more than 100,000 State and local govest school districts. Federal purchases of ernments for the first time since 1942. school construction bonds up to $750 mil- Agriculture and agricultural resources. The lion are recommended when such issues Budget includes $400 million of estimated cannot be sold in the capital markets at rea- expenditures and $450 million of new oblisonable interest rates. The Budget requests gational authority for the 1957 fiscal year almost $400 million of obligational author- to provide for the new program recomity for school construction in 1957 and esti- mended in the President's special message mates expenditures at $150 million. Other on agriculture. Most of the funds will go educational programs are continued at an for the soil-bank part of the program, annual cost of about $250 million. Substan- which provides both an acreage reserve— tial increases are also forecast in 1957 for withdrawing from current production land public health activities. eligible to produce price-supported crops— Expenditures for all labor and welfare and a conservation reserve of other land to activities are budgeted at $3.0 billion for be planted in grasses or woodland. The 1957, extending the growth that has been Budget also increases tax refunds $60 miluninterrupted for more than 10 years. Re- lion to carry out the recommendation that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957 BUDGET 113 farmers be refunded Federal taxes on gaso- ture until the certificates are redeemed. line used in farm operations off the high- These are not included in the Federal debt ways. The estimated cost of these new pro- subject to the statutory ceiling. If the issugrams is about equal to the decline antici- ance of certificates contemplated in the 1956 pated in net expenditures for price supports. Budget estimates does not take place, net Net expenditures for agricultural pro- expenditures for agriculture may be $800 grams are estimated at $3.4 billion for fiscal million higher than budgeted. year 1957, unchanged from the current year Outlays greater than receipts on pricebut down $1.0 billion from the record 1955 supported commodities have increased the high. Net expenditures are gross expendi- CCC investment in loans and inventories. tures less applicable receipts, both of which CCC investment in supported commodities are large and variable in the case of agricul- rose from $3.7 billion on June 30, 1954, to tural programs. Net expenditures do not $5.0 billion a year later and is expected to reveal the fact that increasing amounts are total $6.5 billion at the end of fiscal year expected from loan repayments and from 1957. The actual CCC investment on Decommodity sales; these receipts offset the cember 31, 1955, was $8.7 billion, over roughly $9 billion of gross expenditures. three-fourths of which was in wheat, cotton, Sixty per cent of 1957 gross expenditures and corn. Efforts to find markets at home for agriculture are expected to go for pro- and abroad for our agricultural surpluses grams to stabilize farm prices and incomes, are being increased. principally the price support operations of Rural electrification and telephones, farm the Commodity Credit Corporation. Net credit, soil and water conservation, and reexpenditures of the CCC are estimated at search and other agricultural services are the $1.4 billion for 1957, against $2.0 billion other four agricultural programs. Each will in 1956 and the record high of $3.4 billion require expenditures of $200 million in in 1955. Expenditure estimates for this 1957, with spending unchanged to slightly program are very uncertain, depending nec- higher compared with 1955 and 1956. essarily on world-wide economic and politi- Natural resources. Actual and estimated cal conditions, weather and insects, and gross expenditures for resource development farmers' decisions as to planting and intens- are very steady at $1.3 billion a year, partly ity of cultivation. The Budget Message notes offset by slowly rising receipts. In addition to that the chief beneficiaries of the price sup- $270 million of estimated receipts—largely port program are the large, highly mechan- from sale of power by the Tennessee Valley ized farms. In the case of wheat loans, for Authority—which are applied against gross example, three-fourths of the dollar amounts expenditures, an additional $500 million obgo to one-third of the borrowers. tained from sale of power and from timber The Budget estimates assume continua- and mineral leases on public lands is intion of some private financing of price cluded in miscellaneous Budget receipts. support operations. By issuing to banks Water resources development through and other private investors certificates of flood control, reclamation, and multiple purinterest against commodity loans, the CCC pose projects is responsible for most of the obtains funds without recourse to the Treas- expenditures. New TVA power facilities ury and in this way avoids a Budget expendi- are expected to be financed largely by reve- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 nue bonds, to be authorized by legislation aims to assure continued high levels of resinow before the Congress. While most 1957 dential construction primarily by encouragspending will be for construction on hun- ing private financing through Federal guardreds of water resource projects already anties and insurance. Gross expenditures under way and for maintenance and opera- for housing and community development tion of existing facilities, small sums totaling will remain near $1.4 billion per year. Wide $40 million will be used as first payments to variations in loan repayments and in private start several dozen new projects for which refinancing of Government-held mortgages, total costs will exceed $1 billion. Small however, result in Budget figures that vary increases in spending are expected for de- from $500 million of net repayments in fisvelopment of forest, mineral, and fish and cal year 1954 to net expenditures of $200 wildlife resources and for recreation. million in 1955. In both 1956 and 1957 Commerce and housing. Despite recom- expected receipts almost exactly offset estimendations for increased outlays to inaugu- mated gross expenditures. Small increases rate new programs and to improve road, air, in fiscal year 1957 are anticipated for public and water transportation facilities, net ex- housing, community development, and colpenditures are budgeted to decline by $100 lege housing programs, but larger net remillion in fiscal year 1957 from 1956 as a ceipts under the management and liquidaresult of an estimated $350 million from the tion functions of Federal National Mortgage proposed increase in postal rates. Receipts Association are expected to hold net exchiefly from the Post Office and housing pro- penditures about unchanged from 1956. grams will offset the greater part of the ex- New credit aids for housing and related pected $6.3 billion of gross expenditures. programs, primarily loans and guaranties by Spending for highways in 1957 under ex- the Federal Housing Administration and isting legislation will increase to a new high the Veterans Administration, are expected of more than $800 million, slightly more to total $15.8 billion, including the unguarthan in the current year. The Budget makes anteed portion of veterans loans. This total no provision for the new interstate highway is 75 per cent of estimated total new comsystem, but recommends that "the expanded mitments of the major Federal credit proprogram be soundly financed so as not to grams. About 1.4 million mortgage loans create budget deficits." Subsequent to the on new and existing dwelling units are ex- Budget Message, the President and the Con- pected under Federal credit programs during gress appear to have reached general agree- the 1957 fiscal year, a sharp rise over the ment that additional taxes be levied on high- current level. An equal number of home way users to finance the new program. improvement loans insured by the FHA is The Budget also provides for new meas- anticipated, under additional authority reures to aid local areas with persistent unem- quested to strengthen this program. ployment and to initiate an experimental General government. Due to increased disaster insurance program. Increased ap- payments to the retirement fund for civilian propriations are requested to strengthen employees and to anticipated construction of every major program for the regulation of several new legislative and executive office commerce and finance. buildings, expenditures for general govern- Government activity in the housing field ment will increase somewhat in 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957 BUDGET 115 Interest. Interest payments are expected TABLE 4 to increase to $7.1 billion in the new fiscal THE FEDERAL DEBT: BORROWING, REPAYMENT, year, up $200 million over the current year AND OWNERSHIP [In billions of dollars] and $600 million over 1955. The higher charges result principally from a rise during Fiscal year ending June 30— calendar year 1955 in the average interest 1956 rate on the outstanding Federal debt from 2.29 to 2.49 per cent. 19571 Full Jan.- July- 1955 year1 1 J 9 u 5 n 6 e 1 D 19 e 5 c 5 . DEBT REDUCTION Net cash surplus ( —), or deficit. -2.4 -2.4 -9.5 7.0 2.7 Change in cash balance -.2 + 1.5 -1.7 -.9 Some net cash repayment of debt and a Net cash repayment (—), or small reduction in the outstanding national borrowing 2 -2.5 -2.6 -8.0 5.3 1.8 debt is expected in each of the fiscal years P Le lu s s s : : No Is n s c u a a s n h c e b or o ro f wi F ng e 3 deral 2.5 3.4 1.7 1.7 2.2 agency debt to public .5 .2 .6 .9 1956 and 1957. The surplus or deficit in Net change in outstanding debt. -.5 -6.5 6.4 3.1 the cash Budget combined with changes in Debt outstanding, end of period 273.8 274.3 274.3 280.8 274.4 the Treasury cash balance determines the Ownership of debt: amount of cash repayment to, or borrowing Federal agencies and trust funds 55.6 53.5 53.5 51.7 50.5 from, the public. The surplus or deficit in All other holders 218.2 220.8 220.8 229.0 223.9 the administrative Budget adjusted for varia- 1 Estimates, derived from Budget and Treasury data. tions in the Treasury balance controls the 2 Adjusted by small amounts for seigniorage. 3 Represents principally increase in Government security holdings of Federal agencies and trust funds and net interest accruals on savings net change in the gross outstanding debt. bonds. In the current fiscal year the estimated repayment of $2.5 billion of debt. Under cash surplus of $2.4 billion plus a small represent legislation the statutory debt limit, duction in the Treasury cash balance is exwhich is temporarily $281 billion, will revert pected to allow cash repayment of $2.6 to $275 billion on June 30, 1956. The billion of debt, as shown in Table 4. This balanced budgets for 1956 and 1957 will repayment of debt held by investors other accommodate the June 30 debt level each than Federal agencies and trust funds conyear to the permanent debt ceiling. The trasts with net cash borrowing of $ 1.8 billion seasonal variation in receipts and resultduring the 1955 fiscal year and of larger ing July-December deficit, however, will reamounts during the two preceding years. peat itself again in the 1957 fiscal year. To Because of the heavy seasonal concentration permit the Treasury to meet its heavy tempoof tax receipts in the January-June half year, rary borrowing needs during the period of all of the net cash repayment of debt takes low receipts, continuation of a temporarily place in this period. The seasonal fluctuahigher debt limit is requested for 1957. tion in revenues necessitated actual net cash The outstanding debt is affected by net borrowing of $5.3 billion from July through December 1955 and—to meet Budget esti- cash repayment (or borrowing), by nonmates for the fiscal year—will permit $8.0 cash debt transactions, and by direct borbillion of cash repayment of debt in the rowing by a few Federal credit agencies. The current half of fiscal year 1956. accrual of interest on savings bonds and the The cash surplus anticipated for fiscal investment of trust fund net accruals in year 1957 will provide the means for cash Treasury securities account mainly for this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 noncash borrowing. The noncash borrow- In his Message, the President spelled out ing makes the decrease in outstanding debt the three broad national objectives that his smaller (or increase larger) than the amount Budget policies are designed to achieve. of net cash repayment (or borrowing). The Attainment of a just and durable peace is the declines in the outstanding debt expected in first. In the absence of tangible evidence of 1956 and 1957 are the first reductions since agreement by the Soviet leaders on a disfiscal year 1951. armament plan providing adequate inspec- Over the last half of the current fiscal year tion, the President stated, we must continue and over fiscal year 1957, the national debt to strengthen the defense of the United States will be reduced $7.0 billion from its Decem- and our allies. The Administration's poliber 31, 1955 total of $280.8' billion (in- cies also aim at greater economic well-being cluding $500 million not subject to the debt for all the free world through cooperative ceiling). Over the same eighteen-month effort. Expenditures to deter aggression and period, Government security holdings of to promote our international alliances again Government agencies and trust funds are require the largest portion, 64 per cent, of expected to increase $3.9 billion, which will the 1957 Budget. Spending for this purpose, mean that total Federal debt held by the estimated at $42.4 billion for 1957, is $1.0 public will be reduced $10.8 billion. billion above the 1956 figure and almost equal to actual spending last year. The Administration's second objective is The Federal Government is a major and to sustain our unprecedented domestic prosinterdependent sector of the nation's econperity and to encourage conditions in which omy. The new Budget illustrates the extent this prosperity can be more fully shared by to which an expanding economy affects agriculture and certain sectors of our indus- Federal financial operations, especially retrial economy. Many activities which are ceipts. The Budget also suggests the impact desirable for meeting the needs of an exof Federal transactions on the economy. If panding population and a complex society economic growth and at least the present "for years . . . have been postponed because uncertain peace continue, and if severe of the overriding needs of war and defense." short-run setbacks are avoided, the expan- Rising revenues now permit some new and sion of tax receipts automatically accomexpanded programs for economic growth panying growth of incomes and output will and well-being. Nondefense domestic exoffer a choice of tax reduction, more Govpenditures in fiscal year 1957 are estimated ernmental services, debt retirement, or a to increase by $700 million over 1956 and combination of these. A shift from a cash by larger amounts over recent years. deficit to a cash surplus, if realized, will be a mild contractive influence in the economy, Financial stability, the third goal, will be but, to the extent that such a surplus results strengthened by the attainment of a balfrom expansion in national product and in- anced budget in the current situation. The come, it might be considered as a stabilizing President's Message gives priority to a balfactor. In the case of a cash surplus, the anced budget and some modest reduction of Government would no longer be a net bor- our national debt ahead of a tax cut under rower of funds. conditions of high peacetime prosperity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material REGULATION U INTERPRETATION carrying a registered stock, and, if secured directly or indirectly by any stock, would be subject to the EFFECT OF REGISTRATION OF STOCK SUBSEQUENT TO MAKING OF LOAN regulation as from the date the stock was registered. Under the present regulation, this does The Board recently was asked whether a loan not mean that the bank would have to obtain by a bank to enable the borrower to purchase a reduction of the loan in order to reduce it to an newly issued stock during the initial over-the- amount no more than the specified maximum loan counter trading period prior to the stock becoming value. It does mean, however, that so long as registered (listed) on a national securities ex- the loan balance exceeded the specified maximum change would be subject to the Board's Regula- loan value, the bank could not permit any withtion U. The Board replied that, until such stock drawals or substitutions of collateral that would is so registered, the regulation would not be appli- increase such excess; nor could the bank increase cable to such a loan. the amount of the loan balance unless there was The Board now has been asked what the posi- provided additional collateral having a maximum tion of the lending bank would be under the regu- loan value at least equal to the amount of the lation if, after the date on which the stock should increase. In other words, as from the date the become registered, such bank continued to hold a stock should become registered, the loan would be loan of the kind just described. It is assumed that subject to the regulation in exactly the same way, the loan was in an amount greater than the maxi- for example, as a loan subject to the regulation mum loan value for the collateral specified in the that became under-margined because of a decline regulation. in the current market value of the loan collateral If the stock should become registered, the loan or because of a decrease by the Board in the maxiwould then be for the purpose of purchasing or mum loan value of the loan collateral. 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements REAPPOINTMENT OF MR. MARTIN FEDERAL RESERVE MEETINGS AS A MEMBER OF THE BOARD AND AS CHAIRMAN A meeting of the Presidents of the Federal Re- The Senate on January 30, 1956, confirmed the serve Banks was held in Washington on January reappointment of Mr. Wm. McC. Martin, Jr., as a 24 and 25, 1956, and on January 25 the Presimember of the Board of Governors of the Federal dents met with the Board of Governors of the Reserve System for a term of fourteen years from Federal Reserve System. February 1, 1956. On January 24 and February 15 meetings of the On February 1, 1956, the President reaffirmed Federal Open Market Committee were held. the designation of Mr. Martin as Chairman of the Board for a term of four years from April 1, 1955. CHANGES IN BOARD'S STAFF Effective January 23, 1956, the Board of Gov- APPOINTMENTS OF BRANCH DIRECTORS ernors changed the title of Mr. Frank R. Garfield On January 28 the Board of Governors appointed from Adviser on Economic Research to Adviser, Mr. T. Winfred Bell of Little Rock, Arkansas, as and the title of Mr. Guy E. Noyes was changed a director of the Little Rock Branch of the Federal from Assistant Director to Adviser, both in the Reserve Bank of St. Louis for a term ending De- Division of Research and Statistics. cember 31, 1956. Mr. Bell is President, Bush- Mr. Garfield has been associated with the Divi- Caldwell Company, Little Rock, and succeeds sion of Research and Statistics since June 17, Mr. G. Ted Cameron, President, Cameron Feed 1929, and had been serving as Adviser on Eco- Mills, North Little Rock, who resigned. nomic Research since March 1, 1950, prior to On January 30 the Board of Governors apwhich he had been serving as Chief of the Busipointed Mr. John E. Urquhart of Woodward, ness Conditions Section. Alabama, as a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for a term Mr. Noyes became a member of the Board's ending December 31, 1958. Mr. Urquhart is staff as Assistant to the Director of the Division President of the Woodward Iron Company of of Research and Statistics on November 1, 1948. Woodward and succeeds Mr. Thad Holt of Bir- He had been serving as Assistant Director of that mingham, whose term expired. Division since March 1, 1950, except for a period On February 1 the Board of Governors ap- of about two years when he was Assistant Director pointed Mr. G. H. King, Jr., of Canton, Missis- and later Director of the Division of Selective sippi, as a director of the New Orleans Branch Credit Regulation. of the Federal Reserve Bank of Atlanta for a The Board of Governors appointed Mr. Lewis term ending December 31, 1958. Mr. King is N. Dembitz as an Assistant Director of the Divi- Executive Vice President of King Lumber Indus- sion of Research and Statistics, effective January tries of Canton, Mississippi, and succeeds Mr. 29, 1956. He had been serving as Assistant Di- E. O. Batson, President, Batson-McGehee Com- rector of the Division of International Finance pany, Inc., Millard, Mississippi, whose term ex- since July 1, 1950. Mr. Dembitz has been a pired. member of the Board's staff since 1934 except for A complete listing of the directors at all Federal the period 1943-1945 when he served in England Reserve Banks and branches is now carried in as an adviser on strategic bombing problems on each issue of the BULLETIN and in this issue the staff of the Board of Economic Warfare and appears on pages 208-214. Foreign Economic Administration. 118 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 119 ADMISSIONS OF STATE BANKS TO MEMBERSHIP showing changes since the early 'thirties in the IN THE FEDERAL RESERVE SYSTEM discount rate at the Federal Reserve Bank of New The following State banks were admitted to mem- York has been added (see page 130). The table bership in the Federal Reserve System during the "Maximum Rates on Time Deposits," which was period November 16, 1955 to January 15, 1956: formerly shown on this page and is published regu- Arkansas larly in the Board's Annual Report, has been eliminated. Little Rock. Bank of Arkansas. Louisiana TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Hammond . Guaranty Bank & Trust Company. Michigan Latest BULLETIN Reference Cheboygan The Cheboygan State Savings Bank. Semiannually Issue Page Banking offices: Oregon Analysis of changes in number of Feb. 1956 180 Medford. . Rogue Valley State Bank. On, and not on, Federal Reserve Par List, number of Feb. 1956 181 Stock Exchange firms, detailed debit and credit balances Sept. 1955 1046-1047 CHANGES IN BULLETIN TABLES This issue of the BULLETIN includes the following Annually Earnings and expenses: changes in content of the statistical section: The Federal Reserve Banks Feb. 1956 178-179 tables on "Member Bank Reserves and Borrow- Member banks: Calendar year May 1955 564-572 ings" and "Deposits, Reserves, and Borrowings First half of year Oct. 1955 1188 Insured commercial banks May 1955 573 of Member Banks," (page 19 of the January 1956 Banks and branches, number of, by class and State Apr. 1955 430-431 issue) have been consolidated, and figures for free Operating ratios, member banks June 1955 712-714 reserves have been added (see page 129). A table Banking and monetary statistics, 1955.. Feb. 1956 182-188 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-19^6 APPOINTIVE MEMBERS1 Federal Reserve Effective date of district appointment Charles S. Hamlin. .Boston. . Aug. 10, 1914 Reappointed 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg. New York. . . .do. . Term expired Aug. 9, 1918. Frederic A. Delano. Chicago .do. . Resigned July 21, 1918. W. P. G. Harding. . Atlanta .do. . Term expired Aug. 9, 1922. AdolphC. Miller. San Francisco. . do. . Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss . New York. Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah. Chicago. . . . Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt. . . New York. June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills. . . . Cleveland . . . Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell. . Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell. . . Chicago. . . Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger. Cleveland. . May 1, 1923 Resigned Sept. 15, 1927. George R. James. . St. Louis. May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham. Chicago.... . do. . Died Nov. 28, 1930. Roy A. Young. . . Minneapolis . . Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer . New York. . . Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee. . Kansas City . May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black. . Atlanta. May 19, 1933 Resigned Aug. 15, 1934. M.S. Szymczak. , . Chicago. June 14, 1933 Reappointed effective Feb. 3, 1936, and Feb. 1, 1948. J. J. Thomas. . Kansas City . do. Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles. . San Francisco. Nov. 15, 1934 Reappointed effective Feb. 3, 1936, Mar. 8, 1940, and Feb. 1, 1944. Resigned July 14, 1951. Joseph A. Broderick. New York. . Feb. 3, 1936 Resigned effective Sept. 30, 1937. JohnK. McKee. Cleveland. . .do. Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom. . Atlanta. .do. Reappointed effective Feb. 1, 1942. Died Dec. 2, 1947. Ralph W. Morrison. . Dallas. .... Feb. 10, 1936 Resigned effective July 9, 1936. 1 For footnote see following page. 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF THE BOARD • 1913-56 121 Federal Reserve Effective date of district appointment Chester C. Davis. Richmond. June 25, 1936 Resigned effective Mar. 7, 1940, to accept reappointment effective Mar. 8, 1940, for term of 14 years from Feb. 1, 1940. Resigned effective Apr. 15, 1941. Ernest G. Draper. . New York. Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans. . Richmond. Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr. St. Louis. . Apr. 4, 1946 Lawrence Clayton. . . . Boston Feb. 14, 1947 Died Dec. 4, 1949. Thomas B.McCabe. . . Philadelphia. Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton. . Atlanta Sept. 1, 1950 Resigned Feb. 1, 1952. Oliver S. Powell . . . Minneapolis . do Resigned June 30, 1952. Wm. McC. Martin, Jr.. .New York. . . . Apr. 2, 1951 Reappointed effective Feb. 1, 1956. Abbot L. Mills, Jr.. . . San Francisco. Feb. 18, 1952 James L. Robertson. . Kansas City . Feb. 18, 1952 PaulE. Miller . Minneapolis . Aug. 13, 1954 Died Oct. 21, 1954. C. Canby Balderston. . Philadelphia. Aug. 12, 1954 Chas. N. Shepardson. Dallas. Mar. 17, 1955 CHAIRMEN2 VICE CHAIRMEN2 Charles S. Hamlin. . . Aug. 10, 1914-Aug. 9, 1916. F. A. Delano. . Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding. . .Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg. Aug. 10, 1916-Aug. 9, 1918. D. R. Crissinger. . .May 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A. Young. . .Oct. 4, 1927-Aug. 31, 1930. Edmund Platt . July 23, 1920-Sept. 14, 1930. Eugene Meyer . .Sept. 16, 1930-May 10, 1933. J. J. Thomas.... .Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black. . May 19, 1933-Aug. 15, 1934. Ronald Ransom . . Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston. . Mar. 11, 1955- Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr.. Apr. 2, 1951- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo .Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams. .Feb. 2, 1914-Mar. 2, 1921. Carter Glass .Dec. 16, 1918-Feb. 1, 1920. D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston. .Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon. . .Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mclntosh Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills. Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin. .Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor. . . .May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr..Jan. 1, 1934-Feb. 1, 1936. 1 Under the provisions of the original Federal Re- posed of seven appointive members; that the Secreserve Act the Federal Reserve Board was composed tary of the Treasury and the Comptroller of the Curof seven members, including five appointive members, rency should continue to serve as members until the Secretary of the Treasury, who was ex-officio February 1, 1936; that the appointive members in chairman of the Board, and the Comptroller of the office on the date of that Act should continue to serve Currency. The original term of office was 10 years, until February 1, 1936, or until their successors were and the five original appointive members had terms appointed and had qualified and that thereafter the of 2, 4, 6, 8, and 10 years, respectively. In 1922 the terms of members should be 14 years and that the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 designation of Chairman and Vice Chairman of the years. The Banking Act of 1935, approved Aug. 23, Board should be for a term of four years. 1935, changed the name of the Federal Reserve Board 2 Prior to Aug. 23, 1935, the Chairman and Vice to the Board of Governors of the Federal Reserve Chairman of the Board were known as Governor and System and provided that the Board should be com- Vice Governor, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 14 Industrial production, nonagricultural employ- duction in January and early February reached a ment, and retail sales in January continued at the record tonnage level and was 99 per cent of 1956 record year-end rates, after allowance for seasonal rated capacity. changes. Construction activity declined slightly Production of textiles, apparel, and leather prodfurther. Wholesale prices of industrial commodi- ucts in January apparently remained close to ties edged up further in January and early Feb- earlier advanced levels, while activity in the chemiruary and average prices of farm products showed cal, petroleum, and paper industries edged up to some recovery. Bank credit and deposits declined new highs. Output of paperboard and petroleum seasonally. and products in early February continued at advanced levels. INDUSTRIAL PRODUCTION The Board's preliminary seasonally adjusted CONSTRUCTION index of industrial production in January remained The number of private housing units started in at the record rate of 144 per cent of the 1947-49 January was close to the December seasonally adaverage reached in December. Output of durable justed annual rate of slightly less than 1.2 million. goods other than autos was generally maintained, Total value of contract awards continued at an and production of nondurable goods and minerals continued at peak rates. unusually high level for this season and for the three months ending in January was about one- Auto assemblies were curtailed further and in late January and early February were running at sixth above the corresponding period a year a rate of about 140,000 cars per week. Produc- earlier. Outlays for new construction, seasonally tion of major household durable goods was gen- adjusted, were down slightly further to an annual erally maintained in January—at a level about 5 rate of $41.5 billion. per cent above a year ago. Output of building materials continued at high levels, and activity in PRICES AND TRADE producers' equipment lines showed further gains, Per cent, 1947-49 = 100 with truck production up considerably. Steel pro- INDUSTRIAL PRODUCTION 1952 1953 1954 1952 1953 1954 1955 Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices 1953 1954 1955 1952 1953 1954 1955 exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: December for income, Federal Reserve indexes. Monthly figures, latest shown are consumer prices, and department store stocks; January for for January. other series. 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1956 123 EMPLOYMENT vanced levels reached around the turn of the year, but increases were reported for steel and brass Employment in nonagricultural establishments, mill products, lumber, cotton goods, and petroleum seasonally adjusted, continued in January at a and products. Average prices of farm products record level of 50.2 million, as a reduction in also rose and in mid-February were 3 per cent manufacturing was offset by gains in trade and above the mid-December low, reflecting mainly some other lines. Average factory hourly earnincreased prices of hogs and pork accompanying ings continued at the peak level of $1.93; but, a seasonal decline in marketings. In early Febowing to widespread reductions in hours of work, ruary a reduction of 11 per cent in the Federal weekly pay at factories declined by $1.35 to support level for the 1956 corn crop was an- $78.36, 6 per cent higher than a year earlier. nounced. Support prices for other feed grains Unemployment increased by 450,000, about the were changed little and those for oilseeds were usual rise for this time of year, to 2.9 million. raised about 5 per cent. A 13 per cent reduction in the support price for wheat had been an- DISTRIBUTION nounced earlier. Seasonally adjusted sales at department stores in January and early February were moderately BANK CREDIT AND RESERVES above the advanced level of the preceding three Total loans and investments at city banks demonths. With sales at some other outlets also clined between early January and early February. showing increases, seasonally adjusted total retail Holdings of U. S. Government securities were sales in January were little changed from Decemreduced by more than $1 billion and loans by more ber, at a rate 6 per cent above a year ago. Dealer than %Vi billion, reflecting largely reductions in sales of new autos declined and were moderately business and security loans. Loan repayments by below the record January level of last year and sales finance companies accounted for a substandealer stocks rose further to a new high. tial part of the decline in business loans. Loans to businesses with special seasonal needs also COMMODITY PRICES declined, while new borrowing by metals manufac- Average prices of industrial commodities edged turers and other nonseasonal borrowers increased up slightly further from mid-January to mid- further. February. Prices of some basic materials, such In late January and early February, average as rubber, steel scrap, and tin, declined from ad- member bank borrowings from the Federal Reserve increased to almost $900 million and aver- CONSTRUCTION CONTRACTS AWARDED age excess reserves declined to about $500 mil- Millions of dollars lion. More reserves were absorbed, largely through reductions in System holdings of U. S. 2000 PRIVATE /*\ Government securities and declines in Reserve RESIDENTIAL / ^ Bank float, than were provided, principally through 1600 currency inflows and declines in required reserves. SECURITY MARKETS 1200 - Notwithstanding continued pressure on bank 0 reserves, yields on U. S. Government securities 800 — PRIVATE ~~ 800 NONRESIDENT1AL declined generally between mid-January and midi A ^v February. The largest decline was in the Treas- 400 ury bill yield. Reflecting steady nonbank demand for bills, the bill yield recently has fluctuated : , - 0 somewhat below the Federal Reserve discount rate. Intermediate-term and long-term yields on F. W. Dodge Corporation data for 37 Eastern States. Government and other securities were also lower. Monthly figures, latest shown are for January. 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. 127 Reserve Bank discount rates; reserve requirements; margin requirements. 130 Federal Reserve B a n k s . . .. 131 Bank debits; currency in circulation . 134 All banks: consolidated statement of monetary system; deposits and currency. 136 All banks, by classes 137 Commercial banks, by classes. 140 Weekly reporting member banks 142 Commercial loans; commercial paper and bankers' acceptances. 144 Interest rates 145 Security prices; stock market credit. 146 Savings institutions . 147 Federal credit agencies. . 148 Federal finance 150 Security issues 154 Business finance 155 Real estate credit. . . 157 Short- and intermediate-term consumer credit. 160 Selected indexes on business activity. 163 Production . 164 Employment and earnings. 170 Department stores 172 Foreign trade .... 173 Wholesale and consumer prices. . 174 National product and income series. 176 Earnings and expenses of Federal Reserve Banks during 1955. 178 Changes in number of banking offices in the United States. 180 Banking offices on Federal Reserve par and not on par list. 181 Banking and monetary statistics, 1955. ... . 182 Tables published in BULLETIN, annually or semiannually—list, with references. 119 Index to statistical tables. 215 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. 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 15 EXCESS RESERVES j 0 MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS 1 L NONMEMBER DEPOSITS ' 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: HELD UNDER REPURCHASE AGREEMENTS DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT *. V 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending Jan. 25. See p. 127. 126 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 Treas- reserves, reserves U. S. Govt. securities ury Cur- Treas- with F. R. Banks e W nd e i e n k g Total B r o o ig u u h t g - t ht r a u c H e g n h e p r d a l u e s e e r d e r - - c v D o a a a i u n n d s n c d - - e t s s Float Total* s G t o o l c d k r s o c e t i a n u n u n g r c t- - d y - r c t e c u i i n i o n l r c a n - y - h c i u o a n r l s g d y h s - Tr u e r a y s- F e o i r g - n Other c O F o a . t u c h R - n e t . r s Total qu R i e r - ed5 c E e x s - s2 ment Averages of daily figures 1954 Dec. 1. 24,722 24,715 498 69825,918 21,710 4,982 30,466 806 605 396 405 88119,052 18,464 588 Dec. 8. 24,891 24,889 465 72426,080 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 4,982 30,755 812 363 405 398 89119,241 18,555 686 Dec. 22. 24,928 24,888 311 1,37326,612 21,712 4,982 30,885 800 345 443 346 97519,512 18,690 822 Dec. 29. 24,918 24,888 377 1,13826,433 21,712 4,982 30,828 801 453 523 295 97619,250 18,630 620 1955 Jan. 5. 24,918 24,874 372 88526,176 21,712 4,984 30,501 804 449 527 413 91619,263 18,580 683 Jan. 12. 24,532 24,511 504 75625,792 21,713 4,984 30,361 814 378 493 409 90519,130 18,436 694 Jan. 19. 24,155 24,128 445 88125,482 21,714 4,985 30,079 818 275 516 413 90219,176 18,383 793 Jan. 26. 23,683 23,671 453 80624,942 21,714 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 29,767 834 431 441 419 899 18,952 18,361 591 Feb. 9. 24,016 23,902 114 555 64025,212 21,715 4,988 29,794 827 472 447 480 89519,000 18,272 728 Feb. 16. 23,908 23,827 81 387 66824,964 21,715 4,989 29,782 824 399 486 458 91318,806 18,236 570 Feb. 23. 23,732 23,732 395 80424,932 21,716 4,990 29,771 825 490 390 486 95918,716 18,108 608 Mar. 2. 23,604 23,604 490 79724,892 21,716 4,995 29,796 827 575 324 481 95718,642 18,089 553 Mar. 9. 23,604 23,604 479 78924,873 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 23,604 630 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 67725,028 21,719 4,997 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 80125,159 21,669 4,996 29,940 812 325 349 553 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 74324,971 21,671 4,999 29,767 815 675 360 443 92318,659 18,201 458 May 11. 23,839 23,702 137 374 69624,924 21,671 4,999 29,859 811 280 363 442 92018,920 18,176 744 May 18. 23,687 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 77225,001 21,674 5,001 29,961 823 582 400 478 93618,496 18,063 433 June 8. 23,683 23,683 533 81225,044 21,675 5,002 30,059 835 440 387 416 93518,648 18,036 612 June 15. 23,588 23,588 558 79324,956 21,676 5,001 30,058 832 304 434 387 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 21,677 5,001 30,021 814 323 425 275 98118,653 18,164 489 July 6. 23,703 23,692 688 85825,265 21,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13. 23,957 23,943 685 91325,571 21,679 5,003 30,416 803 440 425 419 97118,779 18,047 732 July 20. 23,943 23,943 357 1,11825,432 21,680 5,003 30,287 793 416 460 415 97018,774 18,209 565 July 27. 24,140 24,035 105 439 91525,506 21,681 5,002 30,157 798 480 439 403 96718,945 18,386 559 Aug. 3. 24,044 23,982 781 80225,638 21,682 5,003 30,237 803 638 422 412 90018,910 18,320 590 Aug. 10. 24,055 23,983 888 62725,584 21,682 5,003 30,285 800 646 434 396 88518,824 18,163 661 Aug. 17. 23,891 23,891 796 79425,495 21,682 5,003 30,336 797 507 474 400 91018,757 18,155 602 Aug. 24. 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 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 68725,401 21,682 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 99018,767 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. 23,844 23,727 117 843 81625,525 21,684 5,007 30,428 791 525 381 390 99918,700 18,189 511 Oct. 12. 23,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19. 24,021 23,916 105 1,041 1,08826,169 21,685 5,007 30,621 777 534 391 409 1,01019,119 18,494 625 Oct. 26. 23,973 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 1,013 '26,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23. 23,888 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 98 973 1,01926,012 21,688 5,008 30,963 781 439 399 398 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 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 98918,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,74627,101 21,689 5,008 31,364 772 401 469 336 1,01019,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 ",487 18,804 683 1956 Jan. 4. 24,785 24,391 394 584 1,539 26,936 21,690 5,008 31,152 773 356 438 513 93919,464 18,887 577 Jan. 11. 24,308 24,191 117 801 1,242 26,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18. 23,804 23,802 2 922 1,12525,872 21,692 5,008 30,632 786 360 Ail 321 920 19,136P18,553 P583 Jan. 25. 23,517 23,517 815 1,128 25,480 21,692 5,009 30,361 793 385 388 318 919 19,017P18,517 P500 l) Preliminary. c Corrected. For other footnotes see following page. 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 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 Treas- Cur- with F. R. Banks ury rency Treas- 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 h n p e r a d e u l s e d e r e r - - v c D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k r s o c e t i a n u 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 - t . s Total qu R i e re - d2 c E e x ss - 2 ment Averages of daily figures 1955 Jan 24,200 24,182 18 444 80525,449 21,714 4,985 30,110 819 341 477 383 90319,114 18,432 682 Feb 23,838 23,787 51 473 71025,021 21,715 4,990 29,784 826 477 420 473 92718,819 18,195 624 Mar 23,619 23,604 15 566 80424,989 21,718 4,996 29,790 823 690 363 442 960 18,635 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 49 445 798 2244,924 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 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 Dec 1956 23,897 23,824 73 1,15225,879 21,692 5,008 30,620 788 356 404 354 92119,138 Jan 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 85 535 2233,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1949_Dec 18,885 18,885 78 534 19,499 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 1,270 247 526 363 746 20,056 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 98819,011 18,412 599 Dec 24,932 24,888 "44 143 808 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 End of month 1955 Jan 23,885 23,882 475 600 24,960 21,714 4,989 29,789 837 360 441 419 89918,918 18,337 581 Feb 23,605 23.605 485 678 24,769 21,716 4,996 29,817 828 564 320 433 95718,562 18,091 471 Mar 23,612 23,604 391 24,667 21,719 4,998 29,800 819 724 351 448 95918,283 17,871 412 Apr 23,612 23,604 560 799 24,988 21,671 4,999 29,769 809 812 360 490 92318,495 18,161 334 May 23,662 23,662 460 643 24,780 21,674 5,002 30,009 828 649 402 413 93618,221 18,029 192 June 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 July 24,090 23,982 108 754 86425,719 21,682 5,003 30,244 798 623 410 419 91018,999 18,311 688 Aug.* 23,761 23,761 470 66524,911 21,682 5,005 30,317 804 393 387 383 94518,368 18,151 217 Sept 23,834 23,729 105 603 79225,250 21,684 5,006 30,422 787 554 385 379 99018,423 18,212 211 Oct 24,024 24,024 706 68325,430 21,686 ;5,OO8 30,559 <776 484 402 396 94118,565 18,393 172 Nov 24,256 23,991 265 618 88325,776 21,688 5,008 30,993 778 477 408 412 93118,474 18,417 57 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 Dec 1956 23,466 23,466 852 786 25,122P21,693 P5,010 *>30,224 P801 428 355 349 91918,750P18,334 *416 Jan Wednesday 1955 Nov. 2 24,024 24,024 1,185 79:26,018 21,686 5,009 30,540 779 535 387 382 94019,151 18,443 708 Nov. 9 24,024 24,024 1,201 524 2255,767 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, 23,888 796 1,05625,757 21,687 5,00S 30,945 777 479 404 380 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 31,147 793 469 441 427 93118,647' 18,424 223 Dec. 14 24,56:' 24,407 15 564 1,19326,338 21,689 5,007 31,277 779 425 434 323 98818,809 18,543 266 D D e e c c . . 2 2 1 8 2 2 4 4 , , 6 8 3 0 8 7 2 24 4 , , 3 3 9 5 1 7 2 4 8 1 1 6 6 5 7 0 0 9 1 1 , , 8 4 9 07 2 2 7 6 , , 2 7 2 5 1 2 2 2 1 1 , , 6 6 9 9 0 0 5 5 , , 0 0 0 0 8 8 3 3 1 1 , , 4 3 0 5 6 7 7 7 7 7 6 8 5 5 3 2 9 2 4 4 7 6 9 8 4 3 2 2 5 0 1 1 , , 0 0 1 1 0 1 1 1 19 8 9, , 3 8 8 9 9 0 1 1 8 8 , , 8 7 6 7 3 6 5 1 2 1 6 4 1956 Jan. 4 24,6.63 24,391 398 1,54126,626 21,690 5,008 31,061 783 265 451 424 92319,418 18,907 511 Jan. 11 24,178 24,141 806 1,01626,023 21,691 5,008 30,748 790 350 458 319 92219,135 18,637 498 Jan. 18 23,690 23,690 824 1,09325,628 21,692 5,008 30,480 788 289 374 311 91919,166P18,550 P616 Jan. 25 23,508; 23,508 847 78625,161 21,693 5,009 30,225 799 461 396, 347 91918,715P18,438 P277 P Preliminary. c Corrected. separately in this table, but are piven for end-of-rnonth and Wednesday 1 Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 129 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Centralreserve Central reserve Item and period b m a A b e n e l m r l ks - Ne c w ity ban C ks hi- b s R c a e i n r e t v y - k e s C ba o tr n u y k n s - Item and period b m a A b e n e m l r k l s - Ne c w ity ban C ks hi- b s R c 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:2 1954—Dec 19,279 4,508 1,210 7,927 5,634 1954—Dec 704 12 -1 91 602 1955—Jan 19,114 4,410 1,203 7,881 5,619 1955—Jan 682 S7 584 Feb 18,819 4,380 1,183 7,726 5,531 Feb 625 30 79 516 Mar 18,635 4,394 1,141 7,623 5,476 Mar 585 21 -2 62 505 Apr 18,800 4,445 1,122 7,747 5,486 Apr 590 4 74 513 May 18,746 4,407 1,139 7,734 5,465 May 580 23 1 85 470 J Ju u l n y e 1 1 8 8 , , 8 7 2 1 5 5 4 4 , , 3 3 7 8 1 8 1 1, , 1 1 4 3 8 5 7 7 , , 7 6 5 8 9 0 5 5 , , 5 5 4 1 6 2 J J u u l n y e 6 5 1 6 9 9 1 9 5 -3 6 8 1 7 4 5 9 1 6 6 Aug 18,728 4,286 1,140 7,737 5,565 Aug 577 10 54 514 Sept 18,711 4,262 1,129 7,738 5,583 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 7,840 660 Nov 525 14 38 470 Dec 19,240 4,432 1,166 7,924 5,716 Dec 594 35 60 497 Week ending: Week ending: 1955—Dec. 21 19,446 4,451 1,180 7,953 862 1955—Dec. 21 654 -10 43 618 Dec. 28 19,4«7 4,434 1,182 8,047 824 Dec. 28 683 32 77 574 1956—Jan. 4... 19,464 4,493 1,203 8,056 5,712 1956—Jan. 4 576 -1 -3 95 485 Jan. 11 19,453 4.371 1,192 8,017 5,872 Jan. 11 727 11 7 96 613 Jan. 18 19,136 4,268 1,169 7,966 5,733 Jan. 18 P582 -6 1 92 M95 19,017 4,252 1,171 7,898 5,696 Jan. 25 *>500 -20 -3 65 M58 Jan. 25 Borrowings at Federal Required reserves:2 Reserve Banks: 18,576 4,497 1,210 7,836 5,032 1954—Dec 1954—Dec 246 62 15 117 52 18,432 4,402 1,200 7,794 5,036 1955—Jan 18,195 4,350 1,183 7,646 5,015 1955—Jan 313 77 57 124 55 Feb 18,050 4,373 1,143 7,561 4-, 971 Feb 354 50 38 189 77 Mar 18,210 4,442 1,122 7,673 4,973 Mar M63 18 M31 213 101 Apr 18,166 4,384 1,138 7,649 4,995 Apr 495 27 125 229 114 May 18,146 4,373 1,138 7,619 5,016 May 368 4 26 213 125 June 18,205 4,362 1,140 7,673 5,030 June 401 13 40 229 119 July 18,152 4,277 1,141 7,682 5,052 July 527 78 33 306 110 Aug 18,148 4,248 1,128 7,675 5.096 Aug 765 149 60 395 161 Sept 18,345 4,316 1,127 7,759 5,144 Sept 849 141 114 472 122 Oct 18,378 4,243 1,142 7,802 5,191 Oct 884 151 137 480 116 D N e o c v 18,646 4,397 1,164 7,865 5,220 D N e o c v 1, 8 0 3 1 9 6 2 1 7 9 9 7 7 8 0 5 5 39 3 8 8 1 1 5 2 9 9 Week ending: Week ending: 1955—Dec. 21 18,792 4,461 1,177 7,910 5,244 Dec. 28 18,804 4,402 1,182 7,970 5,250 1955—Dec. 21 744 204 82 317 141 Dec. 28 753 237 59 297 160 1956—Jan. 4 18,887 4,494 1,205 7,961 5,227 Jan. 11 18,725 4,360 1,186 7,920 5,259 1956—Jan. 4 583 137 50 325 ' 71 Jan. 18 P18,553 4,273 1,167 7,875 ^5,238 Jan. 11 799 177 99 389 134 Jan. 25 P18,517 4,272 1,174 7,833 *>5,238 Jan. 18 9 8 2 1 0 4 2 1 4 9 8 3 1 7 1 1 5 4 44 3 1 5 1 10 2 9 2 Jan. 25 December 1955 Free reserves:2 458 -50 -16 -26 550 Deposits: 1954—Dec 369 -69 -54 -37 529 Gross demand deposits: 1955—Jan 271 -20 -38 -110 439 Total 117,558 24,062 6 222 46,097 41,176 Feb 122 3 -133 -151 404 Interbank 12,951 4,070 1;i96 6,363 1,322 Mar 95 -23 -125 -155 399 Other 104,607 19,993 5,027 39,734 39,854 Apr 212 19 -25 -128 345 Net demand deposits3... 101,264 21,130 5,491 39,162 35,481 May 168 2 -43 -168 377 Time deposits 40,288 3,420 1,321 16,307 19,241 June 92 -69 -25 -219 406 Demand balances due July -188 -139 -61 -341 353 from domestic banks... 6,452 81 110 2,048 4,212 Aug -285 -127 -114 -409 365 Sept -360 -150 -137 -416 344 Oct -491 -265 -67 -500 341 December 1954 Nov -245 -162 -83 -338 338 Dec Week ending: Gross demand deposits: Total 116,078 24,062 6,391 45,447 40,178 1955—Dec. 21 -90 -214 -79 -274 477 Interbank 13.640 4,201 1,296 6,781 1,362 Dec. 28 -70 -205 -59 -220 414 Other 102,438 19,861 5,096 38,666 38,815 Net demand deposits3 100,689 21,581 5,729 39,212 34,167 1956—Jan. 4 -7 -138 -53 -230 414 Time deposits 39,109 3,607 1,294 15,562 18,645 Jan. 11 -72 -166 -92 -293 479 Demand balances due Jan. 18 P-338 -254 -114 -343 from domestic banks... 6,982 52 119 2,108 4,703 Jan. 25 P-314 -213 -74 -376 P Preliminary. r Revised. 3 Demand deposits subject to reserve requirements, i, e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. NOTE.—Monthly and weekly data for reserves (except free) and borrow- 2 Weekly figures of required, excess and free reserves of all member ings for the full year 1955 are shown on pp. 182-183 of this BULLETIN. banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b sc y o u G n o t v s e o r f n m an e d nt Other secured advances t b o io b a n n li s k g s o a t t s i h o e e c n r u s r t e h o d a f n t b h y m e d e U m ir . e b S c e t . r Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a) i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning— rate Boston Nov.22, 1955 WA Nov. 22, 1955 Nov.22, 1955 New York. . . Nov.18, 1955 18 Nov. 18, 1955 Sept. 9, 1955 Philadelphia.. Nov.18, 1955 Nov. 18, 1955 Nov. 18, 1955 3 Cleveland Nov.18, 1955 IB Nov. 18, 1955 Nov. 18, 1955 3 Richmond. . . Nov.22, 1955 Nov. 22, 1955 Nov.22, 1955 f A S C t h t . l i a L c n a o t g u a o is N N N o o o v v v . . . 2 1 1 2 8 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 2 21 1 4 4 N N N o o o v v v . . . 2 1 1 2 8 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 N N N o o o v v v . . . 2 1 1 2 8 8 , , , 1 1 1 9 9 9 5 5 5 5 5 5 Minneapolis.. Nov.21, 1955 Nov. 21,1955 Sept. 12, 1955 Kansas City.. Nov.21, 1955 214 Nov. 21,1955 Sept. 9, 1955 3 D Sa a n ll a F s rancisco N N o o v v . . 2 1 3 8 , , 1 1 9 9 5 5 5 5 2 IV V A A N N o o v v . . 2 1 3 8 , , 1 1 9 9 5 5 5 5 A N u o g v . . 1 5 8 , , 1 1 9 9 5 5 5 5 3 % 14 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. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits 1 Time deposits 1930—Feb. 7 4 1942—Oct. 30 2lA Effective date Central D J M M u e n a a c y r e . . 2 2 1 4 2 0 4 1 I* * 1 1 9 9 4 4 6 8 — — A Ja p n r . . 2 1 5 2 1 1*4 of change 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 - r r e e s s a c e e i n r r t d y v v e e C ba o tr n u y k n s - Aug. 13 banks 1931—May 8 IV2 Oct. 9 21/2 1950—Aug. 21 WA Oct. 16 3*4 1917—June 21 13 10 7 3 1953—Jan. 16 2 1932—Feb. 26 3 1936—Aug. 16 19V2 15 IOV2 41/2 June 24 2% 1954_F A e p b r . . 1 5 6 W lf A c 1937— M M a a y r. 1 1 2 2 6 234 S* 1 1 4 214 1933—Mar. 3 I* A M p a r y . 2 7 6 1955_A A p u r g . . 1 5 5 WA 1938—Apr. 16 22% 17^ 12 5 5 Oct. 20 N Se o p v t . . 1 9 8 2 2V 1/ A 2 1 1 9 9 4 4 2 1 — _N A o u v g . . 20 1 2 2 6 4 20 14 6 6 1934—Feb. 2 Sept. 14 22 In effect Feb. 1, 1956 2% Oct. 3 20 1937—Aug. 27 1 1948—Feb. 27 22 June 11 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 16, 24* 26 22 16 7i/2 7i/2 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942- 1949_May 1,5* 24 21 15 7 7 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 30, July 1 * . 20 14 6 6 advances secured by eligible paper. Aug. 1,11*.... 231/2 19i/i 13 5 Aug. 16, 18* 23 19 12 5 MARGIN REQUIREMENTS 1 Aug. 25 221/2 \t A Sept. 1 22 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25,Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- Prescribed in accordance with 1953- 1955- tive 1953—July 1, 9*.... 22 19 13 Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 1954—June 16,24*.... 21 5 5 July 29, Aug. 1*. 20 18 12 Regulation T: In effect, Feb. 1, 1956.. 20 18 12 5 5 For extensions of credit by brokers and dealers on listed securities 50 60 70 Present statutory re- For short sales 50 60 70 quirements: Regulation U: Minimum 13 10 7 3 3 For loans by banks on stocks 50 60 70 Maximum 26 20 14 6 6 1 Regulations T and U limit the amount of credit that may be extended 1 Demand deposits subject to reserve requirements, which beginning on a security by prescribing a maximum loan value, which is a specified Aug. 23, 1935, have been total demand deposits minus cash items in percentage of its market value at the time of extension; margin require- process of collection and demand balances due from domestic banks (also ments are the difference between the market value (100%) and the maxi- minus war loan and series E bond accounts during the period Apr. 13, mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were 1943-June 30, 1947). effective after the close of business on those dates. *First-of-month or midmonth dates are changes at country banks, and 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 131 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1955 1956 1955 Jan. 25 Jan. 18 Jan. 11 Jan. 4 Dec. 28 Jan. Dec. Jan. Assets Gold certificates 20,151,35120,151,352 20,141,350 20,141,353 20,136,353 20,151,352 20,141,353 20,174,103 Redemption fund for F. R. notes.. 860,823 862,747 864,693 867,841 867,841 859,120 867,842 863,796 Total gold certificate reserves. 21,012,174 21,014,099 21,006,043 21,009,194 21,004,194 21,010,472 21,009,19521,037,899 F. R. notes of other Banks 421,302 403,670 388,263 351,300 280,165 377,208 344,535 211,568 Other cash 449,635 421,164 380,458 331,842 293,700 460,007 340,898 467,535 Discounts and advances: For member banks 846,879 822,622 805,262 396,730 508,373 852,236 106,762 354,621 For nonmember banks, etc 1,000 1,000 1,000 1,000 1,000 120,000 Industrial loans , 656 682 695 689 712 692 702 619 Acceptances—Bought outright , 19,622 20,745 21,943 22,937 21,877 17,562 23,802 Held under repurchase agreement. 354 1,115 6,556 4,403 U. S. Government securities: Bought outright: Bills 619,000 801,200 1,252,096 1,502,696 1,502,696 577,500 1,502,696 1,160,144 Certificates—Special Other 5,920,699 5,920,699 ,920,699 5,920 5,920,699 5,920,699 5,920,69913882,341 Notes 14,165,91314,165,91314,165,91314,165 14,165,91314,165,91314,165,913 037,271 Bonds , 2,801,750 2,801,750 ,801,750 2,801 2,801,750 2,801,750 2,801,750 801,750 Total bought outright 23,507,362 23,689,562 24,140,458 24,391,058 24,391,058 23.465,862 24,391,058 23,881,506 Held under repurchase agreement. 37,100 272 100 415,900 393,575 3,000 Total U. S. Government securities. 23,507,362 23,689,562 24,177,55824,663,158 24,806,95823,465,862 24,784,633 23,884,506 Total loans and securities 24,374,519 24,534,61125,006,81225,085,629 25,345,476 24,336,352 24,921,302 24,359,746 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,613,658 5,167,788 ,520,331 5,212,252 5,105,372 4,169,266 ,502,663 ,326,401 Bank premises 62,065 61,912 61,242 61,174 61,207 62,022 61,164 54,915 Other assets 193,445 185,673 176,039 167,677 156,049 199,670 160,227 167,560 Total assets. 51,126,820 51,788,939 51,539,210 52,219,090 52,246,185 50,615,019 52,340,006 49,625,646 Liabilities Federal Reserve notes 26,205,196 26,406,976 26,613,658 26,837,757 27,014,786 26,170,046 26,920,941 25,639,658 Deposits: Member bank reserves 18,715,368 19,166. 19,135,388 19,418,285 18,8 ,89718,749,546 19,004,930 18,918,221 U. S. Treasurer—general account. 461,353 289! 349; 265 521 617 427, 3~9~3 ,863 359,803 Foreign 396,474 374, 458; 450; 467 726 355; 401,986 441,059 Other 346,896 310 318; 423; 425 268 348 554,272 419,370 Total deposits. 19,920,09120,140,51520,262,290 20,558,282 20,304,508 19,881,444 20,355,05120,138,453 Deferred availability cash items 3,827,474 4,074,409 3,504,275 3,671,681 3,698,515 3,383,309 3,917,294 2,726,078 Other liabilities and accrued dividends * 13,092 13; 13,833 14,502 23,690 12,627 114,687 14,369 Total liabilities 49,965,853 50,635,788 50,394,056 51,082,222 51,041,499 49,447,426 51,207,973 48,518,558 Capital Accounts Capital paid in. 304,921 304,335 303,808 303,076 302,361 305,330 302,739 290,314 Surplus (Section 7). . . . 693,612 693,612 693,612 693,612 660,901 693,612 693,612 660,901 Surplus (Section 13b). . 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts. 134,891 127,661 120,191 112,637 213,881 141,108 108,139 128,330 Total liabilities and capital accounts. 51,126,820 51,788,939 51,539,21052,219,090 52,246,18550,615,019 52,340,006 49,625,646 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.6 45.1 44.8 44.3 44.4 45.6 44.4 46.0 Contingent liability on acceptances purchased for foreign correspondents 33,727 32,674 32,941 33,304 33,487 32,412 33,461 22,989 Industrial loan commitments 2,518 2,504 2,288 2,307 2,294 2,470 2,294 3,151 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 846, 823,622 806,262 397,730 509,373 852,236 107,762 474,621 Within 15 days 840; 817,838 799,843 392,343 502,931 844,915 103,312 329,067 16 days to 90 days 6, 5,784 6,419 5,387 5,427 7,321 4,450 65,514 91 days to 1 year 1,015 80,040 Industrial loans—total 656 682 695 689 712 692 702 619 Within 15 days 1 1 1 21 1 17 16 days to 90 days 15 15 14 14 4 14 4 100 91 days to 1 year 549 574 587 587 584 586 587 429 Over 1 year to 5 years 92 92 93 93 103 91 110 73 Acceptances—total 19,622 20,745 22,297 24,052 28,433 17,562 28,205 Within 15 days 6,751 6,552 7,780 6,934 12,600 6,325 9,019 16 days to 90 days 12,871 14,193 14,517 17,118 15,833 11,237 19,186 U. S. Government securities—total. 23,507,362 23,689,56224177,558 24,663,15824,806,958 23465,86224,784,633 23884,506 Within 15 days 262,100 355,800 560,696 748,750 952,550 203,600 737,025 ",115,694 16 days to 90 days 5,368,900 457,400 5,740,500 6,038,046 ,978,046 385,900 171,246 ,059,450 91 days to 1 year 13,860 13,860,76413,860,76413,860,76414,860,76413,860,76414,860,764 ,193,764 Over 1 year to 5 years 1,587 587,127 1,587,127 1,587,127 587,127 587,127 587,127 ,087,127 Over 5 years to 10 years 1,013 013,614 1,013,614 1,013,614 013,614 013,614 013,614 ,013,614 Over 10 years 1,414 414,857 1,414,857 1,414,857 414,857 414,857 414,857 ,414,857 1 No accrued dividends at end-of-December. 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

132 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1956 [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 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 965,780 5,396,902 1,142,3271,750,390 11,256,745 871,246 3,592,146 904,032 344,039 807,232 693,112 2,427,401 Redemption fund for F. R. notes 53,083 178,912 60,911 77,499 69,585 53,340 154,383 44,309 23,658 41,578 26,783 75,079 Total gold certificate reserves, 1,018,863 5,575,814 1,203,2381,827,8891,326,330 924,586 3,746,529 948,341 367,697 848,810 719,895 2,502,480 F. R. notes of other Banks 22,839 92,567 28,608 16,689 43,442 58,730 25,863 10,502 12,341 8,954 20,551 36,122 Other cash 32,541 101,053 27,145 34,383 30,249 35,209 72,422 21,762 10,681 17,190 17,672 59,700 Discounts and advances: Secured by U. S. Govt. securities 22,115 168,300 45,990 62,980 43,831 65,520 188,955 7,850 39,739 48,766 39,540 118,650 Other Industrial loans , 634 58 Acceptances: Bought outright , 17,562 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,295,879 5,963,7321,428,179 2,016,7271,382,4681,211,2614,093,080 973,786 568,6481,020,530 940,934 2,570,638 Held under repurchase agreement , Total loans and securities 1,317,994 6,149,5941,474,803 2,079,7071,426,2991,276,7814,282,035 981,636 608,4451,069,296 980,474 2,689,288 Due from foreign banks. 1 16 2 2 1 1 3 1 1 1 2 Uncollected cash items.. 332,052 801,324 264,344 387,411 312,859 311,262 693,700 160,666 95,282 181,507 179,741 449,118 Bank premises 5,610 7,851 5,027 6,047 5,395 4,030 6,052 3,399 2,497 3,606 2,245 10,263 Other assets 10,677 49,065 11,771 17,239 11,569 11,141 36,104 8,034 4,748 8,490 9,283 21,549 Total assets. 2,740,57712,777,274 3,014,938 4,369,367 3,156,1442,621,740 8,862,708 2,134,3411,101,692 2,137,8541,929,862 5,768,522 Liabilities F. R. notes 1,562,247 5,951,998 1,781,406 2,428,6431,973,963 ,339,7775,055,810 1,217,298 521,6991,033,882 693,717 2,609,606 Deposits: Member bank reserves 738,179 5,450,246 863,0111,467,133 808,434 895,140 3,041,683 682,232 427,860 856,193 965,508 2,553,927 U. S. Treasurer—general account 31,857 55,829 27,819 40,023 31,367 38,437 50,638 24,430 28,770 32,322 31,978 34,099 F O o th re e i r gn 21,358 2 2 7 9 2 6 , , 1 9 4 0 5 6 2 1 6 0 , ,0 0 5 6 1 4 ' 3 2 1 , , 9 2 4 3 2 9 1 2 8 , , 7 4 7 6 4 2 15 1 , ,4 9 7 2 9 8 50,6 7 8 8 0 6 1 7 3 , , 0 7 2 56 0 9,050 13,756 18, 9 4 4 6 9 2 4 3 4 8 , , 6 0 3 3 3 5 3,244 849 3,761 Total deposits , 794,638 5,875,126 926,9451,541,337 861,037 950,984 3,143,787 727,438 466,529 906,0321,016,897 2,670,694 Deferred availability cash items 312,751 622,222 221,903 291,928 259,020 276,924 496,068 143,057 82,468 150,938 160,379 365,651 Other liabilties and accrued dividends 616 3,490 712 1,610 521 557 2,358 416 412 480 370 1,085 Total liabilities 2,670,252 12,452,836 2,930,966 4,263,5183,094,5412,568,2428,698,023 ,088,2091,071,108 2,091,3321,871,3635,647,036 Capital Accounts Capital paid in 16,205 89,681 19,961 29,634 13,900 13,902 40,874 10,632 6,947 12,404 16,680 34,510- 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 3,349 762 1,429 521 1,073 1,137 1,307 2,140= Other capital accounts. 9,442 31,611 10,031 12,646 9,342 7,993 20,488 7,330 4,978 7,021 6,665 13,561 Total liabilities and capital accounts 2,740,57712,777,274 3,014,938 4,369,367 3,156,1442,621,7408,862,7082,134,341 1,101,6922,137,8541,929,862 5,768,522 Reserve ratio 43.2% 47.1% 44.4% 46.0% 46.8% 40.4% 45.7% 48.8% 37.2% 43.8% 42.1% 47.4% Contingent liability on acceptances purchased for foreign correspondents 1,988 38,350 2,426 3,067 1,719 1,483 4,718 1,281 842 1,281 1,719 3,538: Industrial loan commitments.. 49 282 11 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $24,062,000 participations of other Federal Reserve 2 After deducting $258,468,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 133 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1955 1956 1955 Jan. 25 Jan.18 Jan.11 Jan. 4 Dec. 28 Jan. Dec. Jan. F. R. notes outstanding (issued to Bank). 27,588,506 27,715,887 27,849,317 27,950,074 27,986,590 27,518,792 27,989,142 26,821,154 Collateral held against notes outstanding: Gold certificates 11,713,000 11,713,000 11,713,000 11,713,000 11 713,000 11,713,000 111,713,00011,208,000 Eligible paper 219,691 186,872 184,177 116,445 141,272 179,793 52,387 120,644 U. S. Govt. securities 17,085,000 17,135,000 17,185,000 17,185,000 17,185,000 17,025,000 17,185,00017,115,000 Total collateral 29,017,69129,034,872 29,082,177 29,014,445 29,039,27228,917,793 28,950,387 28,443,644 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1956 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 S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,656,106 6,276,4021,886,246 2,565,096 2,060,2741,417,413 5,237,5511,276,019 577,0241,066,724 741,623 2,758,314 Collateral held: Gold certificates 640,000 2,870,000 725,0001,070,000 845,000 500,000 2400,000 450,000150,000 280,000 283000 1,500,000 E U l . i g S i . b G le o p v a t. p s e e r curities. 1,2 2 0 2 0 , , 1 0 1 0 5 0 3]6oo ^ 666 1,2 4 0 0 0 , , 9 0 9 0 0 01,550,0001,2 2 5 0 0 , , 3 0 3 0 3 01,000,000 3,666 ,'666 900 7 , , 0 8 0 5 0 0 50 3 0 9 , ,7 0 3 0 9 0 4 8 8 0 , 0 7 , 6 00 6 0 525,0001,500,000 Total collateral. 1,862,115 6,470,0001,965,990 2,620,000 2,115,333 ,500,000 5,400,000 1,357,850 689,7391,128,766 808,000 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 p ap - t p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b a p p m u c r l A e o o t o t p v m e n u - e d - o n d t t ! ) s ( t a a L m n o o d u o a i t u n n - n g s t 2 ) ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) s o ( i t P a n p t f a u m g a a o n 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 s g 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 r A a n iz t s m e ed ount 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 e r i a d o n n - a o u a A b n v u n a o d t a t d m e m s r d i e e r l t i a r e a o o t a b n n i w u g o g l t d n e s u e n r i t e r a n a t s e r l g o - - 1950 3,698 651,389 4,819 2,632 3,754 5,745 1950 62 31 8 6 8 1951 3,736 710,931 3,513 4,687 6,036 1 ,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 5,289 1952 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 5,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 1955 Jan 3,772 821,407 170 629 3,152 1,504 Jan. 1,370 2,501 454 347 265 Feb 3,772 822,063 170 542 3,227 1,498 Feb 1,375 2,504 437 334 263 Mar 3,775 823,195 315 521 3,519 1,564 Mar 1,380 2,512 442 333 255 Apr 3,775 823,359 270 675 3,389 1,576 Apr 1,384 2,523 425 321 255 May 3,775 823,754 170 707 3,410 ,586 May 1,388 2,530 399 298 272 June 3,775 824,441 170 460 3,571 1,577 June 1,390 2,543 394 294 235 July 3,775 824,847 170 489 3,265 1,305 July 1,392 2,544 296 225 211 Aug 3,777 825,161 45 586 3,416 ,392 Aug 1,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2,795 ,230 Sept 1,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 1,224 Oct 1,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 ,107 Nov 1,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 ,103 Dec 1,411 2,575 294 226 170 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, ;and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect January 31. Per cent per annum] [In effect January 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 ra g n e te o e f d in ( b p t y e e r r e c b s e o t n r r t p a o a g w y e a e b r o ) l f e any f e b c e 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 for 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 Boston Over 95 40-50 40-50 New York... Philadelphia. . Cleveland.... Maximum Rates Financing Institution May Charge Borrower Richmond... [Per cent per annum] Atlanta Chicago 21/2-5 St. Louis.... 21/2-3 Interest rate Minneapolis. . Kansas City.. Commitment rate. Vi Dallas San Francisco i 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 Vi per cent per annum is made on undisbursed portion. 7 Charge of 1/A 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 adjusted 3 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 centers i centers2 City centers i 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 I 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 I 759 069 632,801 385,831 740,436 36.7 25.6 18.9 1954 887 166 738,925 390,066 758,375 42.3 25.8 19.2 1955 r2 043 548 ^766,890 431,651 '845,007 42.7 27.3 20.4 1954—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 Jan . . rl63 403 62 642 33,531 '67,230 42.0 25.4 19.6 41.8 25.9 19 4 Feb 149 744 57,091 31,595 61,058 41.9 26.4 19.6 43.0 27.1 19 7 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 0 177,917 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 AUK 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 71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct . 175 779 67 568 35,803 72,409 44.7 26.5 20.3 46.1 27 3 20 3 Nov 173 190 63,406 36,876 72,908 45.4 29.0 22.0 45.9 28.6 20 9 Dec 200 523 81 027 40,193 79,303 51.3 28.1 21.6 45.4 26.9 20 5 1956—Jan 187,354 69,675 40,718 76,960 45.9 P29.5 P21.6 45.7 P30.1 P21.4 r Revised. P Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 135 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin andsmalldenomination currency Large denominatioil currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 . . 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27 741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955_jan 29,789 20,777 1,808 1,191 71 2,017 6,267 9,425 9,014 2,673 5,550 317 460 4 9 Feb . . 29,817 20,845 1,810 1,190 71 2,020 6,316 9,438 8,974 2,660 5,527 316 457 3 9 Mar 29,800 20,854 1,822 1,196 70 2,021 6,324 9 All 8,946 2,647 5,512 317 457 4 9 Apr 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 5,492 314 454 4 9 May 30,009 21,098 .843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 June 30,229 21,312 1,858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 9 July 30 244 21,351 1,865 I 228 72 2,052 6,466 9,668 8,894 2 652 5,475 310 445 3 9 Aug 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept 30,422 21,489 1,887 1,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30 559 21 609 1,900 I 270 72 2,088 6,513 9,767 8,951 2 655 5 538 306 440 4 9 Nov 30,993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. 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 circulation * Total out- Held by Kind of currency s D ta e 1 n c 9 . d 5 i 5 3 n 1 g , , 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 n o R d r k . s B a F g a a . e n n n R d k t . s s De 1 c 9 . 55 31, No 1 v 9 . 5 5 30, De 1 c 9 . 5 3 4 1, certificates agents Gold 21 690 21,043 2647 Gold certificates 21,043 i8,i94 2,816 34 34 35 Federal Reserve notes 27 989 70 1,413 26,506 26,340 25,945 Treasury currency—total 5,008 12,419 50 341 4,618 4,619 4,529 489 225 29 4 231 229 218 Silver bullion... 2,194 2,194 Silver certificates and Treasury notes of 1890.... U,419 263 2,156 2,157 2,144 Subsidiary silver coin 1 299 16 37 1,246 1,245 1,186 Minor coin 456 1 6 449 448 429 United States notes 347 3 30 314 319 311 Federal Reserve Bank notes 157 1 1 155 156 171 National bank notes 66 (4) (4) 66 66 68 Total—Dec. 31, 1955 (5) 23,462 767 18,194 4,569 31,158 Nov. 30 1955 (5) 23,445 778 18,187 4,305 30 993 Dec. 31, 1954 (5) 23,483 796 18,217 4,523 30,509 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates in table on p. 128. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 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- NOTE.—Thsre are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasurer of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 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 Total Bank credit assets, Date Gold s T r t c o e u r i a u n n e u r n a r g c y t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v e a o e r n c m r d n ia - m l ent R F o e e d s b e e li r r g v a a e l tion O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a e p t o n i b t e i e t — d t t i a s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s c C m o a a n a u p i n c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29., 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1951—Dec. 31. 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—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 Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Jan. 26. 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,800 Feb. 23. 21,700 5,000 208,200 85,800 101,400 75,600 23,700 2,100 21,000 234,900 216,000 18,900 Mar. 30. 21,700 5,000 207,000 87,100 98,700 73,000 23,600 2,100 21,200 233,700 214,500 19,100 Apr. 27. 21,700 5,000 209,100 87,900 100,100 74,400 23,600 2,100 21,200 235,800 216,900 18,900 May 25. 21,700 5,000 209,100 89,000 99,300 73,700 23,500 2,000 20,900 235,800 216,600 19,200 June 30. 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27 P 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 v 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28 P 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26 P 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30 P 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 28 P 21,700 5,000 216,900 99,500 97,000 70,300 24,800 1,900 20,500 243,600 224,300 19,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u 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 o m r n c m k e ia s - l de M p s b a o a u v s n t i i k u n ts s g a 2 3 l s S S P a y o v s i s 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 e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a s d 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 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,20025,900 1950—Dec. 30 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 "2'4,600 1951—Dec. 31 2,279 1,270 3,615 247 185,999 61,450 37,859 20,887 2,704 98,234 26,315 120,100 94,400 25,700 1952—Dec. 31 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,900 1953—Dec. 31 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359102,451 28,091 126,700 99,500 27,200 1954—June 30 3,256 811 5,895 875 198,517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,70027,000 Dec. 31 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 "2,6900 1955—Jan. 26 3,200 800 3,800 400 209,200 75,400 46,800 26,500 2,100107,000 26,800 131,200 104,200 277,000 Feb. 23 3,100 800 4,600 600 206,900 75,700 47,000 26,600 2,100104,500 26,800 131,200 104,300 266,900 Mar. 30 3,200 800 4,400 900 205,300 76,200 47,200 26,900 2,100102,400 26,700 131,500 104,600 266,900 Apr. 27 800 5,000 600 207,400 76,200 47,200 26,900 2,100104,500 26,700 132,600 105,600 277,000 May 25 800 5,500 400 206,700 76,500 47,400 27,100 2,000103,300 26,800 131,700 104,800 266,900 June 30 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 277,000 July 27 300 800 6,100 500 208,100 77,100 47,700 27,400 2,000103,900 27,100 132,700 105,500 277,200 Aug. 31 3,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000103,900 27,300 132,700 105,500 277,200 Sept. 28 3,200 800 4,500 500 209,700 77,700 48,100 27,700 1,900104,900 27,200 133,300 106,200 277,100 Oct. 26 3,200 800 4,900 500 211,300 77,900 48,200 27,800 1,900106,100 27,300 132,000 104,800 277,200 Nov. 30 3,200 800 4,500 500 212,200 77,400 47,700 27,800 1,900106,900 27,900 132,900 105,400 277,500 Dec. 28 3,200 800 4,000 500 215,700 78,200 48,100 28,100 1,900109,700 27,900 133,200 105,700 277,500 p Preliminary. 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 ths 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. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For seasonal adjustment factors and for 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 137 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 bl o . 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 s 2 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 an te k r - 2 Demand capital 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 4,944111,690 63,598 15,367 14,575 1953—Dec.31.. 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 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 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 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.31P. 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.28?. 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 69,840 20,610 42,470 235,120 211,860 14,780 4,210 116,980 75,890 18,210 14,264 Dec.28P. 190,970100,230 70,260 20,480 44,980 239,330 216,500 15,610 3,700120,570 76,620 18,180 14,253 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. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 36,503 11,590 14,121 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 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 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 27? 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 16,8^0 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 Dec. 28? 161,080 82,760 61,810 16,510 44,010 208,060 188,310 15,610 3,700120,520 48,480 15,360 13,726 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1952—Dec. 31 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—Dec. 31 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—June 30 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 5,165 91,454 36,900 11,709 6,721 Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955—June 30 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6,611 July 27P 132,331 65,647 52,838 13,846 35,152 170,058 153,657 13,744 5,264 95,996 38,653 12,517 6,603 Aug. 31 P 131,897 66,291 51,642 13,964 35,018 169,535 153,215 13,811 4,424 96,125 38,855 12,617 6,589 Sept. 28P 132,277 67,193 51,144 13,940 35,400 170,231 153,725 13,930 3,797 97,048 38,950 12,624 6,584 Oct. 26^ 133,650 67,889 51,897 13,864 35,732 171,983 155,108 13,936 4,109 98,030 39,033 12,774 6,571 Nov. 30P 134,029 69,865 50,483 13,681 36,726 173,507 156,354 14,000 3,845 99,794 38,715 12,852 6,559 Dec. 28P 135,580 71,113 50,897 13,570 38,857 177,045 160,219 14,804 3,314 103,073 39,028 12,822 6,552 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__ D j e u c ne . 3 3 0 1 2 2 6 7 , , 9 8 5 6 9 8 1 1 3 4 , , 8 9 9 9 0 8 9 8 , , 0 7 1 4 7 8 4 4 , , 0 1 5 2 2 3 1, 9 0 8 2 7 6 2 2 8 9 , , 3 2 1 7 5 6 2 26 5 , , 3 4 5 4 9 0 2 2 5 6 , , 3 3 8 0 8 2 2 2, , 6 6 9 2 4 6 5 5 2 2 8 7 1955-June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 July 27P 29,200 16,360 8,710 4,130 930 30,530 27,430 27,380 2,770 527 Aug. 31 P 29,390 16,600 8,700 4,090 930 30,720 27,550 27,500 2,790 527 Sept. 28? 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 Dec. 28^ 29,890 17,470 8,450 3,970 970 31,270 28,190 28,140 2,820 527 P Preliminary. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual sayings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 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— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O se t c h u e - 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 a o a p u c i n - ta ts l ba b o n e f k r s tions rities ac- Time counts 3 U.S. Govt. Other 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 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 27P 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,138 1,471 18,131 2,187 2,716 18 Aug. 31^ 22,915 13,596 6,959 2,360 6,993 30,595 26,471 5,037 995 18,210 2,229 2,746 18 Sept. 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 Oct. 26? 23,142 13,868 7,015 2,259 7,022 30,850 26,737 5,048 1,060 18,358 2,271 2,734 18 Nov. 30? 23,212 14,536 6,546 2,130 7,591 31,568 27,229 5,166 879 18,888 2,296 2,759 18 Dec. 28? 23,703 14.848 6,734 2,121 7,808 32,201 28,012 5,341 686 19,673 2,312 2,726 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 t941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 1,350 343 4,789 1,205 541 13 1953—Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 1,387 259 4,837 1,242 566 13 1954—June 30 5,975 2,589 2,825 561 2,036 8,064 7,419 1,340 410 4,403 1,267 583 13 Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 1,180 343 4,606 1,303 612 13 July 27 P 6,276 2,862 2,712 702 1,844 8,171 7,408 1,163 382 4,577 1,286 613 13 Aug. 31 P 6,235 2,887 2,637 711 1,875 8,166 7,414 1,222 296 4,616 1,280 621 13 Sept. 28P 6,202 2,950 2,543 709 1,889 8,140 7,345 1,218 241 4,590 1,296 616 13 Oct. 26P 6,264 2,977 2,581 706 1,930 8,247 7,387 1,200 251 4,635 1,301 619 13 Nov. 30" 6,210 3,079 2,430 701 1,956 8,222 7,453 1,156 254 4,745 1,298 628 13 Dec. 28? 6,418 3,242 2,489 687 2,182 8,651 7,823 1,279 193 5,032 1,319 626 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 13,261 3,745 319 1953—Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1954—June 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,956 4,124 310 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 u un l e y 3 2 0 7P 5 5 0 1 , , 5 33 9 8 6 2 26 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 36 6 , , 6 4 5 5 9 9 1 15 6 , , 9 0 3 0 9 7 4 4 , , 5 4 1 9 0 2 2 29 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. 30? 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 Dec. 28? 52,620 28,639 19,015 4,966 16,068 69,724 63,431 6,821 1,226 39,266 16,118 4,660 294 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 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 1,267 36,022 16,585 3,970 6,444 1953—Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—June 30 47,474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 1,362 34,879 18,461 4,372 6,376 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 36,751 19,220 4,642 6,283 July 27? 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 1,520 36,629 19,241 4,678 6,274 Aug. 31 ? 51,454 23,178 22,570 5,706 11,955 64,239 58,915 1,220 1,379 36,954 19,362 4,707 6,261 Sept. 283 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 37,651 19,394 4,796 6,245 Nov. 30? 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 Dec. 28? 52,839 24,384 22,659 5,796 12,799 66,469 60,953 1,363 1,209 39,102 19,279 4,810 6,227 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 139 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g . t a . - O se t c h u e - r a C ss a e s t h s 2 c b T a i a l l p o i n i a t i t d i t - a e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c t i n - a ta t l s l N ba b u o n e f m k r s tions ac- Time 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 1954_june 30. .. 21,288 9,615 9,362 2,310 4,444 26,012 23,819 312 396 14,392 8,718 2,007 6,662 Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15 879 8 947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15 251 9 090 2,121 6,660 Noninsured nonmember commercial banks: 1941_Dec. 31. . 1,457 455 761 241 763 2,283 1,872 329 1901 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 I'QfiS 365 279 714 1947—Dec. 3P. 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 1C\d 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'ioi 6 045 1 362 7,130 1947_Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13 758 7,036 1,596 7,261 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29 051 26,560 784 390 16 580 8 806 2 245 7,241 1954—June 30. .. 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16 964 9,282 2,368 7,183 1955_june 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Insured mutual savings banks: 1941_Dec. 31. . 1 693 642 629 421 151 1 958 1 789 1 789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10 351 1 034 •192 1947_Dec. 31... 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1 819 219 1954—June 30 20 121 10 804 6 309 3 008 807 21 237 19 195 3 2 45 19 145 1 868 219 Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 1955_june 30... 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 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 1947_Dec. 313 5,957 1 384 3 813 760 211 6 215 5 556 2 5 553 637 339 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 2 6 013 740 309 1954—june 30. . 6,838 3,086 2,708 1,044 180 7,078 6,246 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,en 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, op. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In million^ of dollars] Loans 2 Investments Loans for U. S. Government obligations Com- purchasng Oblimer- ga- Total cial, or carrying Other tions Cla c s a s l a l o n d f d a b te ank i m l n o a v e n a e n n d s t s t s - Total2 c o m p p i k l i p n u n a e a e e g d - r r - t n - - A c tu u a g l r l - r - i- b d a T e e r s e n o e r r o a s s d c k l u - - rit o T e i t e r h o s s - l R o t e a a e s t - n a e l s l u v o i d t a i n a i o d - l n - s - s O l t o h an e s r Total Total Bills Dire N c o t tes Bonds G t a e u n e a - d r- S p s d s a i i t o u c i o o a n v b l a f t n i d - i e l t - s - s O s r e i t t h c i e u e r s - All commercial banks: 3 1947—Dec. 31.... 116,284 38,05718,1671,660 8301,220 9,393 5,7231,063 78,226 69,2212,193 7,789 6,034 53,191 5,276 3,729 1953—Dec. 31.... 145,687 67,59327,204 4;965 2,3611,202 16,69414,4611,666 78,094 63,426 55,00410,23712,439 35,713 10,8213,847 1954—Dec. 31.... 155,916 70,619 26J867 5J200 2J9291,525 18,41814,750 22,00085,29768,9815,065 5,361 14,672 43,861 12,586",729 1955—June 30....155,264 75,183 28 |~87~2 4,391 2,8591,613 19,779 16,3652,42880,08163,2713,220 1,71016,640 41,685 12,785 4,025 Oct. 5e...157,340 78,600 30,8404,120 2,710\, 620 20,31017,080 3,'O5O ~7~8,74061,7"8"0 3",380 1,39015,820 41,170 12,,990 3,980 All insured commercial banks: 1941—Dec. 31.... 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 3,15912,797 4,102 3,651 3,333 1945—Dec. 31.... 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,18196,04388,912 2,455 19,07116,04551,321 22 3,873 3~,258 1947—Dec. 31.... 114,274 37,583 18,0121,610 8"2"3 1,1'9"0" 9,266 5,6541J028 76,69167,9412,124 7,552 5,991188 52,334 14 5, ,621 1953—Dec. 31.... 143,796 67,082 27,082 4,' 867 2,3441,181 16,56614,3731,629 76,71462,3814,895 10,07612,28335,093 3310,587 3,746 1954_Dec. 31.... 154,11570 ,127 26,7315",1082,9071,501 18,30214,6761,973 83,98868,01244,901 5,27914,5—23 43,287 2112,,352 3,624 1955__june 30.... 153,488 74,692 28,729 4,319 2,8341,589 19,66116,2832,400 78,79662,3422,996 1,66716,479 41,185 1512,,549 3,906 Member banks, total: 1941—Dec. 31.... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,832 3,090 2,871 1945_Dec. 31....107,183 2",2715 8,949 855 3,133 3,378 3,455 1,9001,104 84,40878,3382,27516,98514,27144,792 16 3,254 ,815 1947_Dec. 31.... 97,846 32,62816,962 ,046 8111,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 4"5,286 10 4,199 ,105 1953—Dec. 31....122, ; ; ,2632,321 3,02011,9111,518 64,66052,6034,095 8,28710,300 29,890 31 8,871 3,185 1954_Dec. 31....131,602 60,250 25,007 3|529 2;881 1,363 14,43312,1271,858 71,35257,8094,075 4,30712,464 36,944 2010,449 3~,094 1955—June 30....130,788 64,31526,894 2;799 2; 8081,440 15,59413,489 "2, 228855 66,47352,5432,377 1,281 13,969 34,903 1310,,584 3,346 Oct. 5....132,34567,38128,800 2,4772,6581,440 15,98114,119 2,906 64,96150,9312,534 96013,11934,309 1010,,747 3,283 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945_Dec. 31....26,143 7,334 3,044 , 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 564 330 13,21411,972 ,002 640 558 9,771 638 604 1953—Dec. 31....22,05812,289 8,218 12611,667 320 383 1,294 9,769 7,765 924 1,104 1,130 4,605 1,365 639 1954_Dec. 31.... 23,88012,039 7,231 204 2,041 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30.... 23,09913,016 7,928 16 2,034 466 656 1,379 75410,083 7,782 537 146 1,830 5,262 1,754 547 Oct. 5.... 23,00713,882 8,683 ' 1,773 449 645 1,4041,142 9,125 6,774 330 37 1,555 4,850 1,816 535 Chicago:* 1941—Dec. 31.... 2,760 954 732 6 48 52 22 95 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 ,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 4271,503 1,459 855 404 31,594 29,5521,034 6,982 5,65315,878 5 1,126 916 1947_Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,90115,560 3 1,342 1,053 1953—Dec. 31.... 46,,775555 "22,763 10,568 774 308 456 5,453 4,942 61123,99319,5591,230 3,357 4,201 10,746 25 3,196 1,238 1954—Dec. 31.... 50,738 23,98610,624 956 407 622 6,134 4,912 720 26,75221,7181,326 1,695 4,95413,736 7 3,782 1,252 1955—June 30.... 50,,596 25,65411,210 700 444 651 6,603 5,500 954 24,94219,697 503 481 5,773 12,937 3 3,916 1,330 Oct. 5.... 51,, 323 27,04212,040 543 508 658 6,727 5,8341,143 24,28119,093 574 361 5,43712,717 5 3,9071,281 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 19*45—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947_Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 2266,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1953—Dec. 31.... 47,40419,934 4,822 2,204 59 210 7,114 5,441 33627,47022,4231,819 3,374 4,285 12,940 5 3,911 1,136 1954—Dec. 31.... 50,46621,442 5,306 2,229 89 220 7,742 5,760 388 29;024 23,6291,893 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 22,3211,261 587 5,55414,916 3 4,458 1,227 Oct. 5.... 51,80323,490 5,937 ,916 154 238 8,482 6,618 45728,31322,5281,599 523 5,50814,895 3 4,555 1,230 All nonmember banks:3 1947—Dec. 31.... 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1953—Dec. 31.... 23,287 9,838 1,685 1,702 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 1,951 662 1954_Dec. 31.... 24,33710,378 1,859 1,671 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30.... 24,49910,876 1,979 1,592 173 4,194 2,875 14313,62210,741 843 429 2,672 6,794 2,203 679 • Estimated. Reserve membership, insurance status, and the reserve classifications of 1A11 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 2Beginning 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 141 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s e s w e R e d a r r i e n e v t v - r h k e e a s 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 k t - e t h i s s c 5 j p u m o s d a a t e s d e n - i - d t d s 6 m D e I s o n d t - i t e c e p r 5 o b s a i n F t 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 a o f e e e i e f t n e c f r r c d i t s . d - k i ' - s, p a v n a s p i I t d h i d r n o o t u i d r n p n c a a i e o s s - l - , r s r - , - I b n a t n er k - P U G S i a n o a . n o g s v d S v t s - a t . . l v S p s i a u i t o s 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 i d r n o o t i u d r n p c n a a i e o s s - l - , r r s - - , B r i o n o w g r s - - c C o a t a u a c p n - l i t - s All commercial banks: 3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31.... 19,995 2,512 12,103102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954_Dec. 31 18,734 2,469 12,202106,540 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 10,529103,221 11,906 1,577 5.078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 14,906 Oct. 5"... 18,440 2,680 10,530104,900 12,150 1,560 3,700 9,680 2,920 101,410 1,780 360 2,350 45,7801,280 15,260 All insured commercial banks: 1941_Dec. 31.... 12,396 ,358 8,570 37,845 9,823 673 1,762 3,677 ,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 ,829 11,075 74,722 12,566 1,24823,740 5,098 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 i;559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.... 19,995 2,482 11,724101,289 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 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241102,247 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 .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 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1953—Dec. 31.... 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—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 36,7761,197 12,734 New York City:4 1941_Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 648 1945_Dec. 31 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1953—Dec. 31.... 4,846 129 70 15,901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—June 30.... 4,399 138 87 15,859 3,129 1,187 1,131 374 1,252 17,300 1,137 57 110 2,114 10 2,715 Oct. 5 4,265 145 81 15,745 2,910 1,171 675 306 1,087 16,895 1,121 58 72 2,142 516 2,728 Chicago:4 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 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1953—Dec. 31.... 8,084 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 3,984 1954_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_ O jucnte. 30 5.... 7 7 , , 3 6 5 0 9 7 6 62 3 6 4 2 2 , , 0 2 2 3 2 2 3 32 2 , , 2 0 4 2 3 4 6 5 , , 3 9 0 7 4 9 2 2 9 8 0 9 1 1, , 3 8 2 4 5 3 2 3 , , 6 02 2 1 2 7 75 5 0 7 3 3 3 2 , , 2 68 6 1 3 2 3 7 1 7 0 1 1 1 0 7 6 1,0 9 1 44 8 1 1 4 4 , ,9 8 6 7 5 1 52 5 4 0 4 4 , , 4 57 9 9 2 Country banks: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945_Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1953—Dec. 31.... 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—Dec. 31 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—June 30.... 5,163 1,217 4,259 35,299 1,249 15 1,339 4,433 831 31,487 19 158 830 18,232 55 4,642 Oct, 5 5,579 1,205 4,251 36,489 1,276 15 1,057 4,293 775 32,765 19 156 850 18,390 134 4,806 All nonmember banks:3 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1953—Dec 31 642 4 550 16,325 586 52 390 2,016 213 14,351 146 30 350 8 426 19 2 245 1954—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 3 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. 6 Demand deposits other than interbank and U. S. Govt., less cash items 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans 1 U. S. Government obligations For purchasing or carrying securities Month or date i m T l n a o n v o e a d e t n n a s t s t l s - j i L m u n a o a s v e n t d a e n e d - n s t d t s s - 1 j L us a o t d a e - n d s i C i m n t a c r o d n i i e a m a u d r l l s - - - A t c u g u r r l a - i l - G T a U l t o i n i o o g o b . d v a S n - b - t d . s . r e o O a c k t s l u t i e e e h e r r r - s i e s s - rG U l t T o i i o g o b . o v a S n - - t . o s . t O h c t e s u t i e h e r r s - s i e - r 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 C d c n t e f a e i e e f d t b r i s i e - n - - t s s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total— Leading Cities 1955 Jan 86,398 85,575 40,398 22,122 2,434 1,079 7,225 8,242 36,5322,378 2,681 8,158 23,315 8,645 823 87,290 86,182 48,019 26,433 2,816 1,264 8,15410,094 29,8751,134 949 7,079 20,713 8,288 1,108 Dec 1956 86,859 85,725 47,840 25,829 563 2,666 1,292 8,14310,172 29,6571,407 839 6,944 20,467 8,228 1,134 Jan 1955 86,419 85,451 47,552 26,117 2,714 1,252 8,15610,05329,559 690 939 7,174 20,756 8,340 968 Dec. 7 86,951 85,698 47,844 26,317 2,787 1,261 8,15610,063 29",559 778 991 7,094 20,696 8,295 1,253 Dec. 14 87,929 86,846 48,324 26,627 2,910 1,270 8,15810,102 30,2601,534 956 7,051 20,719 8,262 1,083 Dec. 21 87,864 86,736 48,356 26,673 2,852 1,271 8,14710,159 30,1221,535 910 6,997 20,680 8,258 1,128 Dec. 28 1956 Jan. 4 88,014 86,513 48,297 26,082 561 2,840 1,297 8,135 10,204 29,9571,535 866 6,956 20,600 8,259 1,501 Jan. 11 86,608 85,710 47,826 25,830 566 2,662 1,295 8,127 10,172 29,6861,395 859 6,949 20,483 8,198 898 Jan. 18 86,533 85,467 47,709 25,760 562 2,633 1,283 88,115500 10J48 29,550099',348 811 6,943 20,407 8,249 1,066 86,282 85,209 47,529 25,646 565 2,529 1,291 8,160 10,163 29,475 ,351 820 6,928 20,376 8,205 1,073 Jan. 25 New York City 1955 23,630 23,172 11,629 7,404 3321,488 387 491 1,724 9,050 689 535 1,884 5,942 2,493 458 Jan 23,444 22,723 14,068 9,104 2061,805 478 577 2,098 6,536 353 131 1,171 4,881 2,119 721 Dec 1956 23,150 22,418 13,794 8,983 178 1,682 24 486 549 2,142 6,516 460 97 1,148 4,811 2,108 732 Jan 1955 23,134 22,550 13,964 9,053 129 ,8 474 598 2,103 6,450 175 1,252 4,852 2,136 584 23,377 22,483 13,990 9,061 1911,798 477 582 2,083 6,367 201 127 1,171 2,126 894 Dec. 7 23,674 22,993 14,157 9,131 2621,820 482 571 2,091 6,725 552 125 1,143 4^905 2,111 681 Dec. 14 23,591 22,865 14,160 9,173 2411,795 478 557 2,115 6,601 486 99 1,117 4,899 2,104 726 Dec. 21 Dec. 28 1956 Jan. 4 23,914 22,755 14,043 9,062 2241,803 488 552 2,139 6,596 501 90 1,107 4,? 2,116 1,159 Jan. 11 22,869 22,305 13,764 8,956 1821,666 490 549 2,145 6,458 399 109 1,133 4,817 2,083 564 Jan. 18 22,969 22,308 13,738 8,959 1411,694 481 551 2,137 6,464 449 80 1,186 4,749 2,106 661 Jan. 25 22,849 22,306 13,631 8,955 1661,566 482 545 2,147 6,549 493 107 1,166 4,783 2,126 543 Outside New York City 1955 Jan 62,768 62,403 28,769 14,718 614 676 6,734 6,518 27,482 ,689 2,146 6,274 17,373 6,152 365 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 Dec 1956 63,709 63,307 34,04616,846 562 806 782 7,594 8,030 23,141 947 742 5,796 15,656 6,120 402 Jan 1955 63,285 62,901 33,588 17,064 777 760 7,558 7,950 23,109 515 768 5,922 15,904 6,204 384 Dec. 7 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. 14 64,255 63,853 34,167 17,496 828 770 7,587 8,01123,535 982 831 5,908 15,814 6,151 402 Dec. 21 64,273 63,871 34,196 17,500 816 773 7,590 81044 23,521 ,049 811 5,880 15,781 6,154 402 Dec. 28 1956 Jan. 4 64,100 63,758 34,25417,020 560 813 784 7,583 8,065 23,361 ,034 776 5,849 15,702 6,143 342 Jan. 11 63,739 63,405 34,06216,874 565 814 779 7,578 8,027 23,228 996 750 5,816 15,666 6.115 334 Jan. 18 63,564 63,159 33,97116,801 561 798 777 7,599 8,01123,045 899 731 5,757 15,658 6,143 405 Jan. 25 63,433 62,903 33,89816,691 564 797 789 7,615 8,016 2222,926 858 713 5,762 15,593 6,079 530 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 143 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 Re- Bal- De- Indi- Month or date s B F w e a r . i v R n th e k . s s C va i a n u s l h t b m a w a d n e n o i c s t - k e h ti s s c j p m u o s d a a t e s d e n - i - d t d s * S p s a i t o u c a n b l a t d i - e l t- s C c o f a e e i f n e f r r d i t s d - i ' - G U o .S v . t. s p u n h v a a a e n i i r d p l r d s t - - s - , , S p s a i t o u c a n l a b t i d e l t - - s G P U S a o o . a n S s v v d t . - a t. l Do D - emand Time B F F a r . n o k m R s . F ot r h o e m rs c C o i a a t u c a p - n l - ts divi- checks, cor- divi- ings mes- Forsions etc. pora- sions tic eign tions Total- Leading Cities 1955 Jan 13,978 980 2,613 58,230 59,598 4,032 2,077 1,792 18,856 1,141 21111,482 1,386 1,464 238 627 8,160 13,640 1,141 2,620 58,358 61,139 3,901 2,078 1,995 19,273 979 20410,860 1,449 1,368 544 680 8,460 Dec 1956 13,708 1,034 2,570 58,528 60,726 4,191 2,030 1,248 19,330 959 20411,006 1,463 1,273 633 713 8,472 Jan 1955 13,435 1,060 2,356 57 256 59,100 3,847 1,878 1,890 19,197 979 20310,546 1,421 1,403 842 589 8,471 Dec. 7 13,570 1,175 2,629 58 558 61,940 3,863 2,076 1,521 19,259 976 20510,802 1,447 1,377 384 825 8,447 Dec. 14 13,901 1,134 2,692 58J73399 6611,348 3,869 2,083 2,329 19,283 990 20511,035 1,437 1,359 572 668 8,451 Dec. 21 13,655 1,194 2,801 58^82 62,166 4,026 2,277 2,239 19,354 969 20411,057 1,491 1,334 377 640 8,470 Dec. 28 1956 Jan. 4 13,916 1,061 2,768 58,384 61,156 4,122 2,203 2,10119,363 961 20711,703 1,486 1,311 344 1,096 8,477 Jan. 11 13,706 1,068 2,534 5" 88,42' 1 60,813 4,046 2,041 1,13919,356 961 20211,137 1,427 1,263 702 484 8,480 Jan. 18 13,734 1,011 2,554 588;,557722 6600,959 4,081 2,057 88019,327 955 20410,972 1,469 1,259 751 657 8,458 13,474 995 2,422 588,73559,977 4,516 1,820 87219,272 959 20310,213 1,468 1,259 733 615 8,475 Jan. 25 New York City 1955 4,424 154 16,517 17,532 359 1,124 2,079 191 3,167 1,084 1,174 39 355 2,780 Jan 4,278 192 16,380 17,888 271 1,015 603 2,090 3,018 1,121 1,092 94 301 2,694 Dec 1956 4,185 155 65 16,221 17,580 266 946 361 2,071 85 59 3,035 1,125 1,016 138 362 2,714 Jan 1955 4,236 186 69 16,161 17,258 319 884 575 2,067 99 2,907 1,101 1,114 155 297 2,698 4,280 210 16,588 18,207 295 1,013 443 2,103 102 3,010 1,130 1.096 293 2,694 Dec. 7 4,391 189 16,420 17,904 207 968 708 2,087 103 3,048 l,109| 1,086 147 398 2,690 Dec. 14 4,205 183 16,353 18,181 265 1,195 686 2,104 87 3,106 1,1461 1,073 75 217 2,693 Dec. 21 Dec. 28 1956 Jan. 4 4,045 162 16,41417,950 250 948 659 2,087 3,150 1,136 1,052 473 2,713 Jan. 11 4,205 164 16,131 17,457 252 1,007 332 2,066 3,026 1,097 1,022 115 282 2,714 Jan. 18 4,278 148 16,194 17,551 283 996 241 2,075 3,085 1,139 994 177 341 2,713 Jan. 25 4,211 147 16,147 17,361 279 836 211 2,057 2,880 1,128 995 261 352 2,715 Outside New York City 1955 Jan 9,554 826 2,570 41,713 42,066 3,673 953 1,32116,777 950 157 8,315 302 290 199 272 5,380 Dec 9,362 949 2,55141,978 43,251 3,630 1,063 1,39217,183 881 145 7,842 328 276 450 379 5,766 1956 9,523 879 2,505 42,307 43,146 3,925 1,084 88717,259 874 145 7,971 338 257 495 351 5,758 Jan 1955 9,199 874 2,287 41,095 41,842 3,528 994 1,315 17,130 880 144 7,639 320 289 687 292 5,773 Dec. 7 9,290 965 2,549 41,970 43,733 3,568 1,063 1,078 17,156 874 146 7,792 317 281 384 532 5,753 Dec. 14 9,510 945 2,626 42,319 43,444 3,662 1,115 1,621 17,196 887 146 7,987 328 273 425 270 5,761 Dec. 21 9,450 1,011 2,739 42,529 43,985 3,761 1,082 1,553 17,250 882 145 7,951 345 261 302 423 5,777 Dec. 28 1956 Jan. 4 9,871 899 2,697 41,970 43,206 3,872 1,255 1,442 17,276 876 148 8,553 350 259 344 623 5,764 Jan. 11 9,501 904 2,475 42,290 43,356 3,794 1,034 80717,290 877 143 8,111 330 241 587 202 5,766 Jan. 18 9,456 863 2,485 42,378 43,408 3,798 1,061 ^6,3 917.252 869 145 7,887 330 265 574 316 5,745 Jan. 25 9,263 848 2,360 42,588 42,616 4,237| '984 661 17,215 874 144 7,333 340 264 472 263 5,760 i Demand deposits other than interbank and U. S. Govt., less cash TIN for April 1953, p. 357, and for figures on the revised basis beginning items reported as in process of collection. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- Monthly averages and Wednesday figures for total leading cities for the full year 1955 are shown on pp. 184-185 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 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] Manufacturing and mining Comm'l Period 2 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 l - l 3 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 u i i i a l n o r b i n c t n 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 g s d t i e - s ch r w e a i a e i p n n a n e n o d l g g k d l r ' e l l t — y rubber banks4 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 7 106 370 3,016 '53,172 1955—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 1956—Jan -113 6 66 48 10 -68 -38 -221 69 -4 -81 -327 4-466 Week ending: 1955—Nov. 2 38 -27 3 5 3 19 44 53 47 £ 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 2 D De e c c . . 1 7 4 2 9 3 -7 18 2 3 6 8 -1 1 2 4 12 -1 6 -6 6 1 1 0 3 0 2 - - 8 2 1 9 12 -5 37 1 1 0 8 5 3 2 1 0 0 0 3 Dec. 21 53 10 68 23 -2 3 9 134 5 -13 290 310 Dec. 28 -23 -19 13 31 -3 -52 -15 117 44 -10 38 121 46 1956—Jan. 4 -47 -4 -1 38 -2 -38 -10 52 58 -6 -33 6 -30 Jan. 11 -26 4 38 6 10 -10 -9 -222 4 12 -25 -218 4-252 Jan. 18 -18 7 25 -10 2 -11 -9 -6 7 -5 -11 -30 -70 Jan. 25 -22 -1 5 15 -1 -10 -10 -44 1 -5 -12 -85 -114 c Corrected. 4 Prior to week ending Jan. 11, 1956, included changes in agricultural iData for a sample of about 210 banks reporting changes in their loans. larger loans; these banks hold over 90 per cent of total commercial 5 Includes increase of $318 million resulting from errors disclosed and industrial loans of all weekly reporting member banks and nearly incident to survey of credit extended to real estate mortgage lenders. 70 per cent of those of all commercial banks. NOTE.—Monthly and weekly data for the full year 1955 are shown on 2 Figures for periods other than weekly are based on weekly changes. p. 186 of this BULLETIN. 3 Includes machinery and transportation equipment. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollir acceptances Commercial and finance company paper Held by: Based orI: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Utn- 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 Own F ei o g r n - U S n ta i t t e e s d U S n ta it te e s d change United Foreign acct. 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 ,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 ,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 ,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 ,510 807 236 187 49 4 29 538 227 182 56 248 93 Apr 2,171 623 ,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 Dec 2,008 510 ,498 642 175 126 49 28 33 405 252 210 17 63 100 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 145 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.) nance securities (taxable) 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 i p r o m m c t e h i r - e 6 a s , l - * 3 p d p - c p l i a o a r a l t y p e o c m n c , e e y - t 6 r d - - a a P b d c n e a r a c 9 i r c n y e m 0 s e k p s ' s 1 e - t , - M 3 k - a e m t r- ont o h n R b a n i t l e e l w s 9 i m s - s t o o u n e t 1 s h 2 2 - 3 is - y s t e u o a e r s 5 3 - Annua A l re a a v e a ra n g d e s p , eriod lo A a l n l s 10 1 10 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * 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 1.90 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: 1955—Jan 1.47 1.37 1.33 1.23 1.257 1.36 2.11 1955—Mar 3.54 4.93 4.29 3.83 3.30 Feb 1.68 1.50 1.38 1.17 1.177 1.41 2.18 June 3.56 4.92 4.29 3.83 3.33 Mar. 1.69 1.50 1.38 1.28 1.335 1.49 2.30 Sept 3.77 4.98 4.44 3.99 3.56 Apr 1.90 1.73 1.43 1.59 1.620 1.71 2.39 Dec 3.93 5.01 4.52 4.14 3.75 May 2.00 1.88 1.50 1.45 1.491 1.72 2.40 New York City: June 2.00 1.82 1.50 1.41 1.432 1.71 2.42 1955—Mar 3.29 4.68 4.14 3.65 3.14 July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 June 3.30 4.73 4.18 3.62 3.15 Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 Sept 3.54 4.83 4.39 3.87 3.39 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 Dec 3.76 4.86 4.48 4.00 3.64 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 7 Northern & Eastern Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 cities: Dec 2.99 2.80 2.43 2.54 C2.564 2.56 2.83 1955—Mar 3.55 5.02 4.32 3.84 3.35 June 3.55 4.97 4.29 3.78 3.37 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 S D e e p c t . 3 3 . . 9 7 5 6 5 5 . . 0 0 6 8 4 4 . . 4 5 3 2 4 3 . .9 1 9 6 3 3. . 7 5 9 8 Week ending: 11 Southern & Western J D a e n c . . 31 7. . . . . . 3 3 . . 0 0 0 0 2.88 2 2 . . 5 5 0 0 2 2 . . 5 5 1 8 2 2 . . 4 6 8 8 9 8 2 2. . 6 7 9 3 2 2 . . 8 8 7 7 19 c 5 i 5 ti — es M : ar 3.87 5.00 4.35 3.92 3.54 Jan. 14... 3.00 Z. oo 2.50 2.53 2.596 2.58 2.81 June 3.95 4.98 4.34 4.01 3.67 Jan. 21... 3.00 2.88 2.45 2.39 2.493 2.41 2.68 Sept 4.11 5.01 4.47 4.07 3.88 Jan. 28... 3.00 2.88 2.38 2.28 2.245 2.39 2.66 Dec 4.17 5.06 4.54 4.22 3.91 2.88 c Corrected. 1 Averages of daily prevailing rates. NOTE.—For description see BULLETIN for March 1949. 2 Includes certificates of indebtedness and selected note and bond issues. pp. 228-237. 3 Includes selected note and bond issues. NOTE.—Monthly and weekly data for the full year 1955 are shown on p. 187 of this BULLETIN. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U. S.Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By r a s t e in le g c s ted gro B u y ps D pr i i v c i e d e r n a d ti s o / p E r a ic rn e in ra g t s io / enue Totals se O ri l e d s2 s N er e ie w s3 Totals Aaa Baa bonds6 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 - C m o 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 average .... 2.53 2.70 2 46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 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 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 May . . 2.75 2.91 2 48 2.06 3.07 2.77 3.23 3.04 3.50 3.17 3.32 3.19 3.99 4.05 June 2.76 2.91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.98 3.71 8.17 July 2.87 2.96 2.62 2.23 3.17 2.86 3.24 3.06 3.52 3.18 3.32 3.22 3.96 3.63 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 Sect 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 1956 Jan 2 86 2.94 2 69 2.27 3.24 2.91 3.30 3.11 3.60 3.23 3.40 3.28 4.03 4.08 Week ending: 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 Jan 7 2.90 2.96 2.72 2.29 3.26 2.94 3.33 3.14 3.62 3.25 3.43 3.31 4.04 3.95 Jan 14 2 88 2 95 2 69 2.27 3.25 2 91 3 32 3 13 3.61 3.24 3 43 3 29 4.03 3 98 Jan 21 . . 2 83 2.93 2 68 2.27 3.22 2.90 3.30 3.11 3.60 3.23 3.40 3.27 4.02 4.09 Jan. 28 2.83 2.94 2.67 2.27 3.22 2.90 3.29 3.09 3.59 3.21 3.39 3.26 4.01 4.13 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. s Includes bonds rated Aa and A, data for which are not shown sepaand corporate bonds. Yields of State and local govt. general obligations rately. Because of a limited number of suitable issues, the number of are based on Thursday figures; of revenue bonds, on Friday figures; and corporate bonds in some groups has varied somewhat. of preferred stocks, on Wednesday figures. Figures for common stocks 6 Dow-Jones and Co. are as of the end of the period, except for annual averages. 7 Standard and Poor's Corporation. Ratio is based on 9 median yields 2 Includes fully taxable, marketable 2l/i per cent bonds due or first in a sample of noncallable issues—12 industrial and 2 public utility. callable after 12 years, through Sept. 30, 1955, and those due or callable 8 Computed by Federal Reserve from data published by Moody's Inin 10-20 years, beginning Oct. 1, 1955. vestors Service. 3 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the NOTE.—Monthly and weekly data for the full year 1955 are shown on 3 per cent bond of February 1955. p. 188 of this BULLETIN. * Moody's Investors Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 SECURITY MARKETS SECURITY PRICES 1 Bond prices Common siock prices Vol- U (lo . n S g . - G te o rm vt ) . Cor- St ( a i n n d de a x rd , 1 a 9 n 3 d 5 P -3 o 9 o = r 's 1 0 s 0 e ) ries Securities and (i n E d x e c x h , a 1 n 9 g 3 e 9 C = o 1 m 00 m ) ission series t u r o m a f d e - Ye o ar r , w m e o ek nth, O ri s e l e d s - 2 N ri s e e e s w - 3 g n ( r M h i a c i i d g u p e h - a ) - l 4 g ( r h r p a a i o g d t - e h 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 c b l- - Total Tot M al anu r D f a a b u c l - e turin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f n c a n r i e v d d - c - e e , , M in i g n- s s t h h a a i ( o n o n i r n f d e u g s s - s ) Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 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 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 97103.51 125 0 115 7 278 312 232 150 281 340 320 358 300 150 276 315 3 201 Mar 97.08 103.63 124 A 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 M^ay . 96 53103.66 125 1 114.7 285 320 251 152 289 350 324 372 326 154 280 303 2 163 June 96.37 103.75 123.9 114.5 301 341 259 153 303 370 344 393 336 154 294 314 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 46102.73 122 6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2 319 Dec 95 07102 62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956 Jan 95 40103 04 121 3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2 247 Week ending: Dec 31 94 96102.66 119 6 112.4 327 377 257 153 335 422 396 445 329 154 321 323 2 252 Jan. 7 94.74 102.66 119.8 112.6 327 377 252 153 333 418 389 445 326 155 319 332 2,341 Jan 14 95.01 102.92 120.9 113.2 324 373 252 153 330 414 384 441 326 154 315 332 2,420 Jan 21 95 71103.16 121 6 113.6 321 370 248 153 319 399 369 425 313 152 303 327 2 274 Jan. 28 95.78 103.20 122.9 113.8 320 368 246 153 321 401 372 427 316 154 303 330 2,123 1 Monthly and weekly data for U. S. Government bond prices and 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 volume of trading are averages of daily figures; for other series monthly per cent bond of February 1995. and weekly data are based on figures for one day each week—weekly 4 Prices derived from average yields, as computed by Standard and closing prices for common stocks (Securities and Exchange Commission) Poor's Corporation, on basis of a 4 per cent 20-year bond. and Wednesday closing prices for all others. 5 Average daily volume of trading in stocks on the New York Stock 2 Series composed of fully taxable, marketable 2Vi per cent bonds due Exchange for a five and one-half hour trading day. or first callable after 12 years through Sept. 30, 1955, and those due or callable in 10-20 years beginning Oct. 1, 1955. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit i 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 o s t T e h c o e u r t r a i t t h l i - e a s n N N ew et Y d o e r b k it f S i b r t a m o l c a s 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 Cus n to et mer U. S. Govt. free 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 v n 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 ti r es U ob . l S ig O . a n G tio o n v s 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 Dec 3,436 41 2,388 65 1,048 69 1,529 1,019 1955 Jan 3,537 42 2,517 35 1.020 77 1,620 1,069 Feb 3,643 63 2,590 39 ,053 113 1 666 1 063 Mar 3,732 49 2,652 33 ,080 78 1 861 1 022 Apr 3,785 48 2,704 27 ,081 74 1,988 973 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 ,195 71 2,088 920 Nov 3 980 38 2,759 27 ,221 75 2 185 876 Dec 4,025 34 2,786 32 ,239 51 2,246 895 i 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 147 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets 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 3 Total Bonds 4 Stocks gages estate loans assets 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 '1,199 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—Nov... r83,358 11,992 8,936 2,575 481 '36,681 34,040 2,623 25,574 2,260 3,075 '3,776 Dec... '84,068 12,037 9,021 2,533 483 '36,857 34,147 '2,710 '25,928 2,275 3,087 '3,884 1955—Jan.. . , 84,912 12,348 9,233 2,643 472 37,061 34,305 2,756 26,223 2,310 3,127 3,843 Feb... 85,324 12,323 9,242 2,664 417 37,130 34,367 2,763 26,474 2,344 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 Nov... 89,491 11,949 8,891 2,641 417 38,693 35,794 2,899 28,868 2,523 3,283 4,175 r 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 Total 2 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 q E u n a d r t o e f r Total 2 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 gations gations 1941 6,049 4,578 107 344 775 4,682 1954—1 r 27,658 22,712 1,927 1,618 1,326 23,909 1945 8,747 5,376 2,420 450 356 7,365 2' 29,094 23,836 1,959 ,794 1,432 25,170 3' 30,165 25,065 1,969 1,681 1,379 25,903 1948 13,028 10,305 1,455 663 501 10,964 4' 31,736 26,193 2,021 1,980 1,472 27,334 1949 14,622 11,616 1,462 880 566 12,471 1950' 16,893 13,657 ,487 924 733 13,992 1955—I?"" 33,075 27,373 2,203 1,928 1,502 28,482 1951r 19,222 15,564 ,603 1,066 899 16,107 2vr 35,080 29,107 2,287 1,973 1,645 29,963 1 1 9 9 5 5 3 2 ' ' 2 26 2 , , 7 6 3 6 3 0 2 1 1 8 , , 9 3 6 9 2 6 , , 9 7 2 8 0 7 1 1 , , 2 4 8 7 9 9 1 1, . 2 1 9 0 7 8 2 1 2 9 , , 8 1 4 9 6 5 3*r 3 3 7 6 , , 8 3 8 4 0 3 3 3 1 0 , , 5 6 8 8 4 7 2 2 , , 3 3 8 4 1 0 1 2 , , 6 0 1 8 2 7 1 1 , , 7 63 6 9 3 3 3 2 0 , , 3 6 0 3 5 6 1954' 31,736 26,193 >,021 1,980 1,472 27,334 1955^ 37,880 31,584 >,381 2,087 1,763 32,305 p Preliminary. r Revised. 3 Net of mortgage pledged shares. 1 Figures are for all savings and loan associations m 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

148 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 agency 1 1954 1955 1948 1949 1950 1951 1952 1953 Loans, by purpose and agency: To aid agriculture, total 3,632 4,362 3,884 4,161 5,070 6,811 6,527 6,929 7,466 6,362 Banks for cooperatives 305 302 345 425 424 211 343 367 340 322 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 "770* 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 1 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 30 6 0 0 36 5 7 9 38 6 3 3 40 6 8 7 43 7 0 2 To railroads, total 140 114 110 101 82 79 13 R O e th c e o r n s a t g r e u n c c ti i o es n Finance Corporation4. 13 3 8 11 3 2 10 2 8 9 2 9 1 2 1 "n 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 4 7 0 4 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 10 12 2 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 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 Department5 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 51 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 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 21 9 1 2 1 1 1 1 2 2 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 88 78 44 40 Reconstruction Finance Corporation4 98 83 71 66 36 35 48 47 44 45 Production credit corporations 29 22 16 11 8 5 4 3 3 3 D O e th p e a r r t a m ge e n n c t ie o s f the Treasury 6 2 1 1 (7) 1 43 2 42 2 38 3 40 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 O D t e h p e a r r t a m ge e n n c t ie o s f the Treasury 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 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CREDIT AGENCIES 149 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency itemsl 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 r e o e i a v - n - s m C p s t l i u o o i e p e m d s s - , i - , - I m nv e e n s t t s - L s tu t a a r r n u n e d c d s - , , O a th s- er B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , O lia t b h i e 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 l e y - d able and U.S. Other equip- sets Guar- ities m ri a a t l e s - G se o c v u t - . r s i e t c ie u s - ment an b te y ed Other rities U.S. AH agencies 1948—Dec. 31.. 21,718 63011,692 627 1,854 3,518 3,060 337 965 ,66318,886 166 1949_Dec. 31.. 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 ,72021,030 183 1950—Dec. 31.. 24,635 64213,228 1,774 2,075 3,473 2,945 499 ,190 ,19321,995 234 1951—Dec. 313 . 26,744 93114,422 1,461 2,226 3,463 3,358 882 ,369 ,16123,842 329 1952—Dec. 313. 29,945 94417,826 1,280 2,421 3,429 3,213 832 ,330 ,728 2266,456 378 1953—Dec. 3P. 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 ,182 3,81833,429 434 1954_Sept. 30. 40,443 1,32418,603 3,709 2,988 3,433 8,061 2,325 ,072 2,35736,488 498 Dec. 31. 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 ,068 4,18335,610 508 1955—Mar. 31. 41,996 1,37519,782 3,612 3,187 3,429 7,982 2,629 ,561 4,013 3355,848 543 June 30. 40,639 1,24418,927 3,476 3,108 3,430 7,821 2,634 ,840 3,01935,171 568 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 ot Agriculture: Rural Electrification Administration. 2,399 2,282 1 110 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 17 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,735 51 1,017 661 336 862 3 540 Federal Savings and Loan Insurance Corp 248 1 241 6 10 238 Public Housing Administration 323 25 99 64 135 25 298 Federal Housing Administration 587 45 5, 354 13: 41 171 376 Federal National Mortgage Association 2,696 85 2,594 () 1 570 37 2,088 Office of the Administrator 774 38 226 47: 37 76~ Small Business Administration 34 1 33 () 34 Export-Import Bank 2,827 4 2,796 103 2,724 Federal Deposit Insurance Corp 1,71 3 (7) 1,706 126 1,591 Tennessee Valley Authority 2,010 160 9 51 1,960 Federal Maritime Board and Maritime Adm 5,435 268 (7) 4,807 315 17' 5,256 Panama Canal Company 476 38 42: 14 462 Veterans Administration 613 147 431 30 8 605 Department of the Treasury 8,545 11 3,913 3,425 ,049 8,533 Foreign Operations Administration. 1,69: 1,692 69r All other 888 15: 105 459 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. certain loans, securities, and other assets were transferred to the Federal Government. Figures for some agencies—usually small ones—may be National Mortgage Association, the Small Business Administration, and for dates other than those indicated. the Export-Import Bank, and the Treasury assumed responsibility for completing liquidation of other activities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL FINANCE SUMMARY OF 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 e N c d e t g s t e . t T r P 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 : . - . 1 E p T r f q u e r t o u b o h c a t m l t e a i s l c l s . : 2 B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n r u x n u 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 u o b y t a t l h t a i l s e c s l . : t p p f o r u a t o h o ( b y e m r - l t i s ) , c . , ( c ( c o - d r d r r I e ) e i e n , r a a d b e - s s e i t c e n e - t , t a r i G n g . N v e f o n . u e v . n t b t d & . y L s ess: O d n c e a o th b s n e h t - 4 r b E r i o e n q c ( N p r g ) u a r a e s a o y h o t l w s t r . : - & agen.) 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 1955.. . 63,358 10,624 2,499 71,462 66,129 9,330 3,260 72,200 -738 3,494 2,473 564 457 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 July-Dec 25,240 5,456 1,299 29,388 33,125 4,396 1,106 36,415 -7,027 7,019 1,328 368 5,323 Monthly: 1954—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 Dec 4,889 841 436 5,293 5,651 663 84 6,229 -936 599 129 130 340 Effects of operations on Treasurer's account Operating transactions Financing transactions i C nc a . s , h o r b a d l e a c n . c e (— s: ) Acco S un ta t t e o s f ( T en re d a s o u f r e p r e r o i f o d U ) nited Period Trust m N ar e k t et Net Increase, Deposits in s B d u N u e r o f d p i e r c g l t u i e t s t ac d l f a c e u t o u f i n i r m o c d i n u t - t c o R i l c e T i a a c r s t o e i h n o a - n s. i o s a ( t G s i g b + o u e o l ) n a i n v g o n s c t a c 6 f y . - e i & a s f n G e u g c e n o t F . r n d v u e b c s t d s y y . 6 t . d ( p e d g - d u c i r ) o e r r b o e , e r b l s i c a i t n s c t se T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance f ( B F u a a a v . n b n a d l R k e i s l . ) s - T A T a L x u r c o e r c a y a a t n s s n . - d O as n t s e h 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—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 1,055 July-Dec.. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 1,156 1955—Jan.-June. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 1,471 July-Dec.. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 1,112 Monthly: 1954—Dec -2,546 366 369 -25 -241 -103 -56 -2,124 5,180 563 3,461 1,156 1955_ F ja e n b -2 5 8 9 7 6 - - 1 5 5 7 8 4 -1 2 7 7 4 6 5 2 7 7 1 3 1 3 1 5 9 - - 3 2 1 5 1 7 -7 1 8 2 -4 6 5 8 1 2 4 5 , ,4 7 1 2 1 8 5 3 6 6 4 0 2 3 , , 9 56 0 1 7 1 1 , , 4 2 6 8 1 6 Mar 3,846 -3 145 51 -56 -4,134 109 -260 5,151 724 3,203 1,224 Apr -1,496 -541 311 29 348 2,601 2 1,250 6,401 814 4,023 1,564 May -919 584 -262 36 -663 824 122 -522 5,880 649 4,054 1,177 June 3,372 925 363 38 -1,032 -3,098 232 336 6,216 380 4,365 1,471 July -2,617 n 199 27 -254 3,210 -38 595 6,811 624 4,972 1,215 Aug -1,491 115 21 1 -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 5,314 484 3,672 1,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 1,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 1,112 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 151 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r i d e e p - g t t e s t t O T a ru g l r d s e a - t nsfe r r e s R r t o ' a t m a o i d l e : - nt f c u R e r o n e i e p - f d - t s s B c T u e o i d p t g a t e s l t W he I i l t n d h d - i ivid O ua th l er l C ra o ti r o p n o - i ta c E x i x s e e - si 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- co a t M a n i d l f e r r s re s .' - ' 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 1954 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 1955.... 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 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 1,299 810 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 1,521 804 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 1,277 777 1,651 July-Dec.. 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 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 1,290 805 1,689 July-Dec.. 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 n.a. n.a. n.a. Monthly: 1954—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 94 293 921 791 391 292 136 Dec. 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 n.a. n.a. Budget expenditures4 National security Hous- Agri- Trans- Vet- Social ing culture porta- Period Intl. Inter- erans' secu- and and Nat- tion Tr»ta1 affairs est on serv- rity, com- agri- ural and Others 1 Olal Defense Mutual and public ices andwelfare, munity cul- re- corn- Totals Dept., security,Atomic finance debt bene- and de- tural sources munimilitary military energy fits health velop- re- cament sources tion 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 74,274 50,276 43,611 3,956 1,791 2,184 6,504 4,334 1,801 435 2,961 1,554 1,841 2,385 67,772 46,522 40,336 3,629 1,895 1,553 6,382 4,249 1,882 -556 2,653 1,389 1,453 2,244 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 19557 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.-Jpne. 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..june7 733,004 20,650 18,440 8 605 869 8787 3,389 2,292 888 101 2,775 543 684 820 July-Dec, P. 33,125 19,648 17,710 800 797 644 3,322 2,358 1,056 71 2,775 567 1,066 1,618 Monthly: 1954—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 8 63 153 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 June 7. 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.. . 5,172 3,116 2,828 114 128 156 542 426 169 34 323 109 143 155 Dec. P. 5,651 3,477 3,124 174 143 125 595 408 154 5 539 83 138 128 P Preliminary. 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 March 1955 and on an annual basis beginning fiscal year 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 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 t c s l 2 t Total Certifi- Bonds C ve o r n t- - T an a d x S i p ss e u c e ia s l Total Bills c in at d e e s b o t- f Notes Bank Bank bonds Totals ings i s n a g v s edness eligi- re- bonds notes ble* 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 M^ay 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 Aus 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 1956 Jan 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 43.6 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $472 million on Jan. 31, 1956) 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 $7,806 million on Dec. 31, 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 a i d - r - - S is p t s e r u u c e i s a s t l fun P i d s u s s b u l 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 p o e n o r s - g S l a o o t n v c a d a t t e s l . S b a o v n i I n n d g s d s ivid se u O c a u l t s h 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_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 OQ .O52 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 277.5 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 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 22.8 15.4 50.2 15.6 15.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to $300 million on June 30, 1955. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 153 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 lertificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. Feb. 2,1956 1,602 June 22, 19563 2% 2,970 Oct. 1,1959 Wi 99 Aug. 15, 1963 2 6,755 F F F e e e b b b . . . 2 1 9 3 6 , , , 1 1 1 9 9 9 5 5 5 6 6 6 1 1 1 , , , 6 6 6 0 0 0 0 0 0 Tr D ea e s c u . ry 1 n , o 1 t 9 es 56 2% 9,083 A O p ct r . . 1 1 , , 1 1 9 9 6 6 0 0 i W y2 2 1 1 9 9 5 8 J D Ju u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 3 2 - - - 6 6 6 9 7 8 . . . . . . . . . 2 2 2 2 2 3 , , , 8 7 1 5 2 1 2 5 6 Mar. 1,1956 1,601 Mar. 15, 1956 15/8 8,472 Treasury bonds Dec. 15, 1964-69... 2 3,829 M Ma a r r . . 1 8 5 , , 1 1 9 9 5 5 6 6 1 1, , 6 6 0 0 1 0 A A p ug r. . 1 1 5, , 1 1 9 9 5 5 6 6 H/ 2 2 12 1, , 0 5 0 4 7 7 S M e a p r t . . 1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 9 8 4 .. . . . 2 2 i 3 /2 4 1,4 9 4 8 9 2 M Ma a r r . . 1 1 5 5 , , 1 1 9 9 6 6 6 5 - - 7 7 1 0 . . . . . . 2 2 4 2 , , 7 9 1 5 6 9 Mar. 22, 1956 1,601 Oct. 1,1956 11/2 550 Sept. 15, 1956-59... 214 3,821 June 15, 1967-72... 2 1,879 M M a a r r . . 2 2 9 3 , , 1 1 9 9 5 56 6 3 1 1 , , 5 6 0 0 1 3 A M p a r r . . 15 1 , , 1 1 9 9 5 5 7 7 2 n ? / / 2 8 2,9 53 9 1 7 J M un ar e . 1 1 5 5 , , 1 19 9 5 5 8 7 -59.. .2 2 % % 4,2 9 4 2 5 7 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2. . . . . . 2 2 2 3 , ,8 7 0 1 4 6 Apr. 5,1956 1,602 May 15, 1957 1% 4,155 June 15, 1958-63 4.. 2% 919 June 15, 1978-83... 3 1,606 A A p p r r . . 1 1 9 2 , , 1 1 9 9 5 5 6 6 1 1 , ,6 6 0 0 1 2 A O u ct g . . 15 1 , , 1 1 9 9 5 5 7 7 11/ 2 2 3, 8 7 2 9 4 2 D Ju e n c e . 1 1 5 5 , , 1 1 9 9 5 5 8 9 -62...2 2 1 i/ 4 2 2 5 , , 3 2 6 7 8 6 Feb. 15, 1995 2,745 Ce A rt p if r i . c a 2 te 6 s , 1956 1,601 A J O u p c n t r e . . 1 1 1 , , , 1 1 1 9 9 9 5 5 5 8 8 8 2 1 n 1 ? / / / 2 2 s 2, 3 2 1 8 2 8 3 1 2 D D N e e o c c v . . . 1 1 1 5 5 5 , , , 1 1 19 9 9 6 6 5 0 0 9 - - 6 6 5 2 4 .. . . . 2 2 2 V i % / 4 8 3 3 1 , , , 4 8 48 6 0 5 4 6 P C a o n n a v m er a ti b C le a n b a o l n d L s oan.... 3 50 Mar. 22, 19563 i vH 2 1 , , 2 4 0 8 2 6 A Fe p b r . . 15 1 , , 1 1 9 9 5 5 9 9 n 1 / % 2 5,1 1 0 19 2 S N e o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 21 V /2 4 1 2 1 , , 2 1 3 7 9 7 I A n p v r e . st 1 m , e 1 n 9 t 7 5 Se -8 ri 0 es .. . B . 2% 11,298 June 22, 19563 2 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 145. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [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 Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s t 2 - v b e C o r o t n i n d b - s le Total W 1 i y th e i a n r y 1 e - a 5 rs 5-10 Over 10 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—June 30. 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 Dec. 31. 169,599 19,506 28,458 28,033 81,835 11,767 157,832 62,829 29,606 33,677 31,719 1955—June 30. 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 Oct. 31. 173,991 20,812 12,017 47,797 81,918 11,448 162,544 62,259 32,159 33,686 34,440 Nov. 30. 173,988 20,812 12,017 47,817 81,915 11,428 162,561 62,259 35,985 29,880 34,437 U. S. Govt. agencies and trust funds: 1953—June 30 6,899 106 30 23 3,300 3,439 3,460 163 152 422 2,723 1954_j D Un ec e . 3 3 0 1 6 6, , 9 9 1 8 8 5 4 5 6 1 4 4 1 4 6 6 4 3 3 9 7 5 8 3 3 , , 4 4 3 3 9 9 3 3, , 4 5 7 4 9 6 1 7 0 0 7 2 1 0 3 5 7 4 4 7 9 7 4 2 2 , , 7 7 4 9 0 6 1955—June 30 7,162 40 8 119 556 3,439 3,723 74 199 506 2,944 Oct. 31 7,263 112 13 123 576 3,439 3,824 173 176 464 3,011 Nov. 30 7,472 319 4 134 3,577 3,439 4,033 363 213 442 3,016 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—June 30 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6,307 1,035 1,415 Dec. 31 24,932 2,204 13,882 6,044 2,802 24,932 19,417 3,087 1,014 1,415 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 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 Nov. 30 24,256 1,278 2,640 17,537 2,802 24,256 20,241 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 1954_june 30. . 56,199 4,187 4,942 11,423 35,481 165 56,034 17,684 14,624 18,741 4,985 Dec. 31. . 61,082 4,399 4,835 13,649 38,037 163 60,919 15,738 18,846 21,101 5,234 1955—June 30. . 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 Oct. 31. . 54,712 2,584 2,244 14,281 35,446 157 54,555 8,654 19,227 21,007 5,667 Nov. 30. . 53,655 2,369 1,803 13,712 35,614 157 53,498 7,789 21,627 18,261 5,821 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 1,239 6,873 159 502 1,544 4,668 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 Oct. 31 7,935 155 30 266 6,280 1,204 6,731 237 470 1,347 4,677 Nov. 30 7,877 127 34 290 6,222 1,204 6,673 236 500 1,303 4,634 Insurance companies: 1953—June 30 14,155 460 337 534 9,339 3,486 10,669 1,472 1,023 1,849 6,325 1954—June 30 13,520 622 209 691 8,805 3,193 10,327 1,190 1,045 2,171 5,921 Dec. 31 13,328 663 183 742 8,571 3,170 10,158 1,144 1,180 2,102 5,732 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 Oct. 31 13,226 948 77 843 8,397 2,960 10,265 1,195 1.312 1,960 5,798 Nov. 30 13,083 812 83 846 8,389 2,954 10,129 1,068 1,402 1,858 5,800 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 Oct. 31. 66,831 15,710 7,133 14,884 25,417 3,687 63,145 31,991 9,388 7,895 13,871 Nov. 30. 67,645 15,908 7,454 15,298 25,312 3,673 63,972 32,562 10,656 7,002 13,751 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 U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, allissuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n is e s t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Bonds Mis- Re- tire- 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 P f l f i u e c r b ly e - d 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 e e w y 7 p l p c o a o u e n u s l r e s e - - - s b m d e t t i a e o c e r b n f . e n k t 8 - t , m s ri e o t e c i f e n u s t - 1939 5,687 2,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 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 6.531 226 361 486 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 1955 26,964 9,628 746 5,959 177 10,454 7,637 4,175 3,462 638 2,178 9,014 8,110 904 1,249 1954—Dec ... 2 552 557 906 71 1,019 854 288 566 62 103 604 515 89 400 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 3 749 574 304 270 82 93 680 562 118 55 Oct.r 2,695 461 926 9 1,299 1,097 858 239 43 159 1,207 1,125 82 75 Nov r 1,850 438 661 33 719 441 153 289 86 192 631 592 39 73 Dec .. . 1,916 466 397 51 1,001 850 334 517 38 113 921 807 114 64 Proposed us?s of net proceeds, major groups of corporate issujrs 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 capital 9 secu- capital9 secu- capital9 secu- capital9 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 1955 2,561 517 801 73 528 360 2,270 172 1,040 83 1,813 45 1954 Dec 123 64 132 4 52 18 153 305 43 1 100 8 1955 Jan .... 163 23 45 5 37 43 198 41 6 2 97 Feb 68 16 88 12 8 101 8 26 18 145 2 Mar 547 85 94 3 36 196 27 21 6 368 13 Apr 141 26 37 18 89 178 36 12 6 108 6 M^ay 376 48 42 4 55 230 17 24 177 5 June 164 10 110 11 52 5 260 15 31 39 78 2 July 215 138 66 27 1 103 45 127 Aug 119 50 36 5 45 158 90 90 274 2 Sept 167 18 76 6 50 5 208 13 19 10 160 3 Oct r 131 4 58 16 50 53 167 1 694 108 1 Nov r 153 42 74 6 15 4 270 13 40 81 8 Dec 316 55 76 5 134 2 270 1 34 1 91 1 r Revised. 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 guaranteed issues. 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 155 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1954 1955 1949 1950 1951 1952 1953 1954 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 38,31145,78752,94054,51763,34358,098 14,396 14,941 13,53915,22316,61017,931 17,096 Profits before taxes 5,278 8,176 8,869 7,308 8,375 7,246 1,793 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 3,841 915 999 809 1,115 1,218 1,392 1,207 Dividends 1,746 2,339 2,075 2,073 2,154 2,380 531 532 528 786 577 577 650 Nondurable goods industries (94 corps.): * Sales 14,29216,25218,91619,26620,69420,610 5,061 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 2,776 701 703 663 710 802 848 868 Profits after taxes 1,361 1,661 1,533 1,392 1,526 1,604 384 394 374 451 444 470 484 Dividends 789 977 925 946 972 1,059 234 237 238 347 257 260 272 Durable goods industries (106 corps.):2 Sales 24,02029,53534,02435,25142,64937,489 9,335 9,867 8,494 9,796 11,10212,187 11,072 Profits before laxes 3,212 5,229 5,422 4,455 5,346 4,469 1,093 1,256 918 1,200 1,655 1,921 1,517 Profits after taxes 1,900 2,560 2,015 1,800 2,123 2,236 531 605 435 664 774 922 723 Dividends 958 1,362 1,149 1,127 1,182 1,321 297 295 290 439 320 317 378 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 4,909 5,042 5,411 5,464 1,337 1,351 1,339 1,437 1,355 1,465 1,488 Profits before taxes 434 532 473 453 465 461 99 132 122 108 99 132 139 Profits after taxes 268 289 227 203 212 224 46 63 59 56 46 64 69 Dividends 149 161 159 154 154 156 36 36 39 45 36 36 39 Chemicals and allied products (26 corps.): Sales 3,904 4,817 5,882 5 965 6,373 6,182 1,502 1,540 1,518 1,622 1,721 1,811 1,801 Profits before taxes 734 1,178 1,490 1,259 1,308 1,175 282 282 277 334 367 380 390 Profits after taxes 441 597 521 486 520 612 138 142 137 194 183 192 198 Dividends 338 467 381 396 417 495 100 102 99 194 114 115 134 Petroleum refining (14 corps.): Sales 3 991 4 359 5 078 5 411 5 883 6,014 1,509 1,472 1,473 1,561 1,568 1,613 1,882 Profits before taxes 587 712 911 728 841 756 225 197 177 157 210 200 218 Profits after taxes . . 457 492 560 524 603 571 156 143 136 136 150 147 156 Dividends 206 236 262 283 290 295 72 72 73 77 77 77 79 Primary metals and products (39 corps.): Sales 8,184 10,44812,50711,56413,75011,522 2,912 3,021 2,715 2,874 3,301 3,858 3,706 Profits before taxes 996 1 706 2,098 1 147 1,817 1,375 302 360 306 407 487 633 582 Profits after taxes 580 857 778 564 790 717 151 180 151 235 241 313 291 Dividends 286 378 382 369 377 409 100 92 92 125 115 109 118 Machinery (27 corps.): Sales 4,342 5,049 6,168 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 1,000 971 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.): Sales 9,695 11,96912,70713,03816,61114,137 3,540 3,785 2,963 3,850 4,790 5,101 4,245 Profits before taxes 1,488 2,332 1,950 1,982 2,078 1,762 440 538 302 481 827 890 588 Profits after taxes 871 1 101 717 709 758 837 217 260 129 232 371 420 261 Dividends 457 679 486 469 469 535 115 114 108 198 109 114 161 Public Utility Railroad: Operating revenue 8,580 9,473 10,391 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 1,895 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 1 Includes 26 companies in groups not shown separately, as follows: quarterly figures on operating revenue and profits before taxes are partly textile mill products (10); paper and allied products (15); miscellaneous (1). estimated by the Federal Reserve to include affiliated nonelectric opera- 2 Includes 25 companies in groups not shown separately, as follows: tions. building materials (12); transportation equipment other than automobile Telephone. Revenues and profits are for telephone operations of the (6); and miscellaneous (7). Bell System Consolidated (including the 20 operating subsidiaries and 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

156 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 Y qu e a a r r te o r r P b t r e a o f x o f e i r t s e s c ta I o x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s - d Y qu e a a r r te o r r 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 8.3 4.7 3.6 1948 7,570 1,683 5,887 5,938 1,283 4 655 1,632 400 1232 1949 6,731 1,875 4,856 4,867 1,583 3 284 1,864 292 1572 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 3,366 666 700 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 C7.1 1954 11,715 5,353 6,361 7,872 3,897 3975 3,843 1,456 i 386 1953 38.3 21.3 17.0 9.3 7.7 1954 . 34.0 17.1 17.0 10.0 c7.0 1954—3 3,027 1,314 1,714 2,314 938 1377 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 ,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 ,333 593 740 2 2,891 1,484 1 407 1,802 767 1034 ,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 ,057 504 553 2 43.0 21.6 21.4 10.7 10.7 1 3 44.5 22.3 22.2 11.0 11.1 41 44.5 22.3 22.2 12.6 9.6 1 Reflects cash transactions only. As contrasted with data shown on p. 154, new issues c Corrected. 1 Preliminary estimates by Council of Economic Advisers. oI-L.AWf UUiHs1sV uKe,J£Js^*> ^ fVo^A. rA ^ktJMhV^)a tVVA AV+-p Mu1UVr pOoVVsUell tlVshown on p. 154, NOTE.—Quarterly data are at seasonally adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it t i a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d ab a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b l a e ccts. F in e c l t d i a o a e x m - ra e l Other ties G U o .S v . t. 2 Other G U o . v S t. . 2 Other bilities 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?.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 92 6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954—4. . .. 95.8 187.3 31.7 19.3 2.4 66.2 65.1 2.6 91.5 2.4 54.0 15.7 19.4 1955—1 98.1 187.9 30.3 19 0 2.2 67.8 65.8 2.8 89.8 2.5 54.2 13.4 19.7 2. . 100.6 190.1 30.8 18.8 2.1 70.1 65.5 2.8 89.6 2.3 54.9 12.1 20.1 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. Government 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 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 l.l 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 I 7 6 5 19554 28.3 11.3 .9 .9 1.6 4.4 S.1 1956—14 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 157 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial propertiesl or quarter All Finan- All All Finanho er l s d- tu in c ti i s o a ti l n - s S F e a e c l g d e i e e e c n r s te a - d l v o I i a t d n h n u d e d a i r - l s s ho er l s d- Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r 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 h e o r l s d- tu in c ti i s o a ti l n - s h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 4.8 6.4 1.5 4.9 1945 35.5 21.0 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 17.6 10.9 6.7 5.3 1.9 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 51.6 1.4 19.8 66.7 45.2 35.4 9.8 21.6 13.9 7.6 6.1 2.3 3.7 1951 82.2 59.5 2.0 20.7 75.6 51.7 41.0 10.7 23.9 15.9 8.0 6.6 2.6 4.0 1952 91.2 66.8 2.4 21.9 84.0 58.4 46.8 11.7 25.6 17.2 8.3 7.2 2.8 4.3 1953 101.0 75.0 2.8 23.3 93.4 66.0 53.5 12.5 27.4 18.5 8.9 7.7 3.0 4.6 1954 113.5 85.7 2.8 25.0 105.4 75.7 62.4 13.2 29.7 20.0 9.7 8.2 3.3 4.9 1955^ 130.2 99.7 3.1 27.5 121.1 88.7 74.2 14.5 32.4 21.8 10.6 9.1 3.7 5.4 1954—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 Sept.. 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 8.4 3.4 5.1 June.. 121.9 92.6 3.0 26.3 113.1 82.1 68.2 13.8 31.0 20.9 10.2 8.8 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 Dec.P. 130.2 99.7 3.1 27.5 121.1 88.7 74.2 14.5 32.4 21.8 10.6 9.1 3.7 5.4 P 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 bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Farm Total FHA- VA- Con- f n a o r n m - Farm Total FHA- VA- Con- n fa o r n m - Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 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 QfiS 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 1,274 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 ,082 12,943 11,334 3,489 3,053 4,792 1,556 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 1955^ 21,150 15,995 4,595 3,720 7,680 3,830 ,325 17,480 15,610 4,230 5,792 5,588 1,809 61 1^54—Tune 17,382 13,232 3,962 3,117 6,153 3,010 ,140 13,881 12,181 3,659 3,579 4,942 1,645 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 1,695 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 1,740 56 1955—Mar 19,125 14,535 4,205 3,450 6,880 3,385 ,205 15,560 13,745 3,895 4,600 5,250 1,758 57 June .. 19,940 15,128 4,361 3,601 7,166 3,549 ,263 16,173 14,339 4,000 4,976 5,362 1,775 59 Sept.p 20,625 15,600 4,485 3,685 7,430 3,735 290 16,855 15,000 4,125 5,385 5,490 1,795 60 Dec." 21,150 15,995 4,595 3,720 7,680 3,830 ,325 17,480 15,610 4,230 5,792 5,588 1,809 61 ^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

158 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 FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other 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 C5.344 C4,931 C672 cl,378 C2,881 413 C25,976 C23,928 C6,116 C4,643 C13,169 c2,048 1955 6,620 6,107 971 1,843 3,293 513 29,433 27,166 6,410 6,075 14,681 2,267 1954—Dec c630 588 62 c207 C319 C42 C25,976 <-23,928 C6,116 C4,643 C13,169 c2,048 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 AUK 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 Dec 857 811 150 296 365 46 29,433 27,166 6,410 6,075 14,681 2,267 c Corrected. values, and because data for year-end adjustments are more complete. NOTE.—For loans acquired, the monthly figures may not add to annual Source.—Institute of Life Insurance; end-of-year figures are from totals, and for loans outstanding, the end-of-December figures may differ Life Insurance Fact Book, and end-of-month figures from the Tally of from end-of-year figures, because monthly figures represent book value of Life Insurance Statistics and Life Insurance News Data. edger assets whereas year-end figures represent annual statement asset 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 th or Total i s N c t t i o r 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 r A e - d - a g V n u t A e a e r - - d ti C o v n e o n a n l - - 2 Y m e o a n r th or N b u e m r - Total i i a n S l s o g a s s a n v n s - & . p I c a n a o n s n m 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 1955.... 11,413 4,025 5,243 31,584 14,09 5,912 24,263 1955. 3,913 28,484 10,452 1,932 5,617 1,858 1954 1954 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 Aug.. 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 Dec 727 236 353 3^584 i,'4O9 5^912 24;263* Dec. 293 2,188 700 156 457 166 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 159 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month ect- erty underwritten 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 y g o p e r e t s - ! l p m o r i a o m e n v n - s e t 2 - Total 3 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 o e r f r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1948 3,341 1,434 684 609 614 1,881 1 1 9 9 4 5 9 0 4 3 , , 3 8 4 2 3 6 1 1 , , 3 6 1 3 9 7 8 8 9 5 2 6 1 1 , , 0 1 2 5 1 7 5 6 9 9 4 4 3 1 , ,4 0 2 7 6 2 1, 7 8 9 6 3 5 1,2 6 0 2 2 9 1945... 18 6 4 3 4 1 .2 14.3 1 1 9 9 5 5 1 2 3 3, , 1 2 1 2 3 0 1, 9 2 6 1 9 6 9 71 7 3 4 5 3 8 2 2 2 7 8 0 4 8 8 2 3. , , 7 6 3 1 8 4 2 1 , , 6 8 6 2 7 4 9 8 4 9 2 0 1 1 9 9 4 4 8 9 . 3 37 3 . . 6 3 1 1 2 5 . . 5 0 5 6. . 9 3 7 8 . . 2 1 2 2 0 2 . . 8 6 1 1 19 9 9 5 5 5 5 3 4 3 3 3, , , 8 8 0 0 8 6 7 2 6 1 1 1 , , , 2 2 0 6 5 3 9 9 5 1 1 , , 9 8 0 0 1 3 7 6 0 2 2 7 5 3 6 9 2 1, 6 8 3 4 9 3 6 1 4 4 7 3 , , , 1 2 0 5 5 6 6 7 4 4 2 2 , , , 5 0 6 4 8 8 5 2 6 2 1 1 , , , 5 0 5 1 6 6 4 6 4 1 1 1 9 9 9 5 5 5 2 0 1. 4 5 5 5 1 8 . . 2 7 4 2 2 1 2 5 8 . . 9 9 4 1 9 8 0 . . 6 7 8 1 1 14 0 3 . . . 6 3 2 2 2 3 8 6 3 . . . 3 8 0 1953 66.0 28.1 12.0 16.1 37.9 1954—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 1955P 88.7 38.8 14.3 24.5 49.9 F M e a b r . . . 2 3 7 2 4 4 1 8 0 9 9 1 1 3 6 8 0 1 9 2 4 3 6 6 5 5 6 3 6 2 3 34 5 5 7 2 1 0 8 9 6 1954_ S ju e n p e t 6 7 9 2 . . 9 7 2 3 9 0 . . 7 5 1 1 2 2 . . 4 6 1 1 7 7 . . 3 9 4 42 0 . . 2 2 Apr., 294 93 151 5 45 515 319 195 Dec 75 7 32 1 12 8 19 3 43 6 May, 284 93 136 3 51 548 341 207 June, C333 107 163 5 <=58 553 348 204 1955—Mar 78.5 33.5 13.2 20.3 45.0 July. .283 92 138 3 50 520 332 187 June 82.1 35.3 13.5 21.8 46.8 A S O e u c p t g t . . . . 3 3 3 5 3 4 0 8 7 1 1 1 1 1 1 3 3 3 1 1 1 6 6 6 6 2 0 4 9 2 6 6 63 7 4 7 6 5 1 9 1 7 0 7 4 3 3 6 8 7 1 6 8 2 2 2 1 5 3 1 5 0 D Se e p c t ? ." 8 88 5 . . 7 6 3 38 7 . . 8 0 1 1 3 4 . . 9 3 2 2 3 4 . . 1 5 4 49 8 . . 9 6 Nov. 345 122 154 11 59 755 511 243 Dec. 326 118 144 10 55 620 413 206 P Preliminary. NOTE.—For total debt outstanding, figures for first Corrected. three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. Sources.—Home Loan Bank Board, Federal Hous- 3 Includes a small amount of alteration and repair loans, not shown separately; only such ing Administration, Veterans Administration, and loans in amounts of more than $1,000 need be secured. Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, 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 Advances outstandin Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s or month Total F su H in re A - d - a g V n u t A e a e r - - d Pur- Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 chases 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 1955 1,251 702 1,417 991 426 1955 2,615 901 1,714 411 62 76 1955 Jan 38 188 717 491 226 1954—Dec 2,434 802 1,632 64 15 476 Feb 34 63 688 466 223 Mar 71 58 702 464 238 1955_jan 2,462 817 1,645 48 10 418 Apr .. 85 33 754 497 257 Feb 2,488 832 1,656 48 8 359 Mav 104 37 821 542 279 Mar 2,512 839 1,673 54 18 287 June 237 42 1,017 715 302 Apr 2,545 855 1,690 58 11 215 July 152 107 1,061 748 313 May 2,562 860 1,702 39 7 163 Aug 156 30 1,187 822 365 June 2,567 867 1,700 21 3 127 Sept 115 27 1,275 885 390 July 2,567 868 1,699 15 1 116 Oct 90 21 1,344 932 All Aug 2,573 876 1,696 19 1 104 Nov 60 40 1,364 875 489 Sept 2,564 871 1,693 11 1 105 Dec 109 56 1,417 991 426 Oct 2,587 891 1,695 42 1 83 Nov 2,596 896 1,700 27 1 80 1956 Jan 42 213 1,246 833 413 Dec 2,615 901 1,714 30 0 76 1 Secured or unsecured loans maturing in one year or less. 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 2 Secured loans, amortized quarterly, having maturities of more than charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Source.—Home Loan Bank Board. Source.—Federal National Mortgage Association, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 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 il r - e l co p g O n a o s t p o h u e d e m r r s i er e a r n R n l d o i e z a p m a n a t s o i i o 2 r 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 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1.376 1950 20 813 14,490 6 342 4 337 006 2 805 6,323 1,821 3 006 ,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953 . .... 29,537 22,187 10,341 5 831 649 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 1955 36,225 27,895 14,312 6,435 ,641 5,507 8,330 2,776 3,797 ,757 1955 Jan 29,760 22,436 10,459 5,609 ,574 4,794 7,324 2,371 3,225 ,728 Feb 29,518 22,508 10,641 5 484 550 4,833 7,010 2,427 2 831 ,752 Mar 29,948 22,974 11,053 5,479 ,530 4,912 6,974 2,481 2,735 ,758 Apr 30,655 23,513 11,482 5,492 ,534 5,005 7,142 2,496 2,859 ,787 May 31,568 24,149 11,985 5 555 546 5,063 7,419 2,589 3 011 ,819 June 32,471 24,914 12,561 5,639 ,562 5,152 7,557 2,686 3,040 ,831 July 32,896 25,476 13,038 5,676 ,570 5,192 7,420 2,595 2,991 ,834 Aug .. . 33,636 26,155 13,547 5 762 ,589 5,257 7,481 2,629 3,019 ,833 Sept 34,293 26,699 13,929 5,848 ,611 5,311 7,594 2,657 3,108 ,829 Oct 34,640 26,963 14,095 5,917 ,627 5,324 7,677 2,666 3,218 ,793 Nov 35,059 27,247 14,172 6,057 ,634 5,384 7,812 2,757 3,285 ,770 Dec 36,225 27,895 14,312 6,435 ,641 5,507 8,330 2,776 . 3,797 ,757 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 ; holdings of 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 a n i l t t - Total m b C e a o r n m c k i s a - l f p i c S n a o a n a 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 * - F s t t u o u r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 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 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 1955 27,895 23,863 10,347 8,938 1,580 2 998 4,032 1,423 956 297 556 800 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 June 24 914 21 432 9,495 7,747 1,434 2 756 3,482 1,160 851 279 481 711 July 25,476 21,980 9,656 8,087 1,458 2,779 3,496 1,155 856 281 501 703 Aug .. 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 ?3 324 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 Dec 27,895 23,863 10,347 8,938 1,580 2,998 4,032 1,423 956 297 556 800 i Includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with other retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 161 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 n a 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 O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d n a a s - ir - l s 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 t l l t - m A pa o u p b t e o il r - e s g O p c u o a t o m p o h n e d e e - r r s r m R iz l o o a e a d a n p ti n e d a o r s i n n r - l s P o o a e n n r 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 1949 2,950 2,425 303 83 139 1949 4,439 849 946 ,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 ,456 834 1,037 1951 3,769 3,183 241 70 275 1951 5,771 1,135 1,311 ,315 888 1,122 1952 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 ,751 1,137 1,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 ,078 1,317 1,521 1954 6,421 5,563 351 81 426 1954 8,633 2,198 1,645 ,839 1,275 ',676 1955 8,938 7,939 416 498 1955 10,347 2,976 2,099 ,099 1,279 ,894 1955—Jan.... ,462 5,603 350 79 430 1955—Jan.. 8,651 2,208 1,656 ,859 1,241 ,687 Feb.. . ,570 5,709 349 78 434 Feb., 8,688 2,241 1,680 ,845 1,219 ,703 Mar... ,808 5,945 348 76 439 Mar. 8,844 2,309 1,751 ,846 1,201 ,737 Apr... ,077 6,207 348 76 446 Apr. 9,020 2,371 1,818 ,842 1,205 ,784 May. . ,390 6,512 353 77 448 May 9,228 2,466 1,880 ,865 1,211 ,806 June.. ,747 6,857 361 78 451 June 9,495 2,591 1,940 ,897 1,223 ,844 July... ,087 7,180 372 78 457 July. 9,656 2,656 1,995 ,921 1,231 ,853 Aug... ,422 7,496 384 80 462 Aug. 9,871 2,765 2,041 ,950 1,243 ,872 Sept... ,667 7,729 392 81 465 Sept. 10,060 2,842 2,088 ,986 1,259 ,885 Oct.... ,771 7,822 398 82 469 Oct.. 10,145 2,901 2,090 2,009 1,273 ,872 Nov... ,825 7,860 403 83 479 Nov. 10,227 2,935 2,087 2,052 1,275 ,878 Dec.. . ,938 7,939 416 85 498 Dec. 10,347 2,976 2,099 2,099 1,279 1,894 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 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 p O c u o a o t m o p h n d e e e - r s r r m i R l z o o a e a d a n p ti n e d a o r s i n n r - 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 n r s o o e e t t d n a n a - i l t l t - C m c m ( o i s e a m e i r l n - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n - c ( t- t c 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 i 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1949 1,858 240 137 89 1,392 1941 3,087 693 152 275 1,370 597 1950 2,237 330 182 115 1,610 1945 3,203 674 72 290 1,322 845 1951 2,537 358 209 132 1,838 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 1955 4,578 742 444 277 3,115 1952 7,143 1,844 250 730 2,612 1,707 1953 7,350 1,899 320 • 748 2,663 1,720 1955_jan.. 3,864 595 338 254 2,677 1954 7,658 2,085 335 764 2,754 1,720 Feb. 3,895 607 339 253 2,696 1955 . . 8,330 2,393 383 825 2,972 1,757 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 ,758 July. 4,237 706 388 261 2,882 Apr 7,142 2,165 331 526 2,333 ,787 Aug. 4,312 722 401 266 2,923 May 7,419 2,199 390 532 2,479 ,819 Sept. 4,374 732 410 271 2,961 June 7,557 2,303 383 518 2,522 ,831 Oct.. 4,408 736 417 272 2,983 July 7,420 2,268 327 474 2,517 ,834 Nov 4,472 740 429 276 3,027 Aug 7,481 2,277 352 475 2,544 ,833 Dec. 4,578 742 444 277 3,115 Sept 7,594 2,273 384 519 2,589 ,829 Oct 7,677 2,311 355 562 2,656 ,793 Nov 7,812 2,348 409 618 2,667 .770 NOTE.—Institutions included are consumer finance companies (oper- Dec 8,330 2,393 383 825 2,972 ,757 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

162 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Totai 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 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 1955 37,172 31,744 17,748 13,832 9,075 8,308 1,320 1,295 9,029 8,309 WITHOUT SEASONAL ADJUSTMENT 1954—Dec. 3,046 2,593 1,184 1,084 936 666 95 110 831 733 1955 Jan 2,389 2,420 1,060 997 616 675 67 109 646 639 Feb 2 416 2 344 1 167 985 529 654 72 96 648 609 Mar 3 159 2 693 1,569 1,157 708 713 99 119 783 704 Apr 3,089 2,550 1,512 1,083 703 690 106 102 768 675 May. 3 206 2 570 1 616 1 113 741 678 121 109 728 670 June 3 443 2 678 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 Dec 3 508 2 860 I 369 1,229 1,090 712 111 104 938 815 SEASONALLY ADJUSTED* 1954—Dec 2,762 2,488 1,298 1,083 679 643 99 108 686 654 1955__jan. r 2,830 2.496 [,239 1,020 789 684 87 104 715 688 F M e a b r . r r 2 3 ,0 9 4 0 5 6 2 2, 5 5 2 6 1 2 I 1 ,4 3 7 8 9 8 1 1, 0 0 9 7 6 1 6 7 6 4 2 4 6 6 8 8 0 3 1 9 0 7 9 1 9 1 7 6 7 7 5 1 9 3 6 6 7 6 3 7 Apr. r 3,027 2,552 1,411 1,093 738 672 110 109 768 678 Mayr 3 103 2 635 I 525 1,139 738 687 117 123 723 686 JuneT 3,179 2,612 ,589 1,166 757 678 110 108 723 660 July 3 136 2 611 1 519 1 133 794 706 108 101 715 671 Aug.r 3 211 2 713 566 1,197 773 718 114 104 758 694 Sept.r.. 3,290 2,691 ,620 1,175 759 694 120 108 791 714 Oct.r 3 075 2 774 I 474 1,233 724 718 112 106 765 717 NOV. r 3,185 2,830 1,435 1,281 805 698 118 117 827 734 Dec 3,185 2,747 1,228 792 690 118 102 772 727 »• Revised. stalment credit extended and repaid are based on information from ac- •Includes adjustment for differences in trading days. counting records of retail outlets and financial institutions and include all charges incurred under the instalment contract. Renewals and NOTE.—Back figures by months for the period 1940-52, together with refinancing of loans, repurchases and resales of instalment paper, and cerd a B e U s d L c i L r s E i c p T u t I s i N s o i n o f n o o r f o t f J h a e t n h u m e a e r c t y h o o m 1 d p 9 s o 5 u 4 si s , t e i p d o p n t . o a 9 d n - e d 2 r 2 iv c . h e a t M r h a e c o t n e e s t r h t i i s l m t y i c a s f t i e g s o u , f r a e r t s e h e f s o h d r o a w t 1 a n 9 5 a i 3 n n d t a h r e a e a ta n i d n c o r t e h d e i r t r t e ra p n a s id a c w ti i o th ns o u m t a a y d d i i n n c g r e t a o s e th t e h a e m a o m u o n u t n o t f o c f r e b d o it t h o u c t r s e t d a i n t d e i x n t g e . nded shown in the BULLETIN for November 1954, p. 1212. Estimates of in- FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe f r ro ce m n ta p g re e c e c d h i a n n g ge f m P ro o e m r n c t e h c n o o ta r f r g e p e s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts month year Item D 19 ec 5 . 5 N 19 o 5 v 5 . 1 O 9 c 5 t 5 . D 19 ec 5 . 5 N 19 o 5 v 5 . 1 O 9 c 5 t 5 . Month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o s l t o i l o a d u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1954—Dec. 14 12 46 Total +22 +2 + 13 + 6 + 8 + 11 C C a re s d h i t s a s l a e l s e s . : + 38 + 5 + 16 + 1 + 3 + 12 1955— F J e a b n . . . . 1 1 4 4 1 1 2 1 9 9 4 4 3 4 Instalment +22 0 + 14 + 8 + 10 + 11 Mar. 15 13 9 48 Charge account + 13 +2 +8 + 8 + 15 A M p a r y . , 1 1 5 5 1 1 2 2 9 9 4 4 4 5 Accounts receivable, end of June 15 12 9 46 month: July. 14 12 9 43 Total + 5 + 3 +2 +9 + 10 + 10 Aug. 14 13 9 46 Instalment + 5 + 2 + 1 +7 + 8 +7 Sept. 15 12 9 45 Charge accounts + 5 + 3 + 13 + 16 + 16 Oct.. 15 12 10 47 Nov. 15 12 10 47 Inventories, end of month, Dec. 15 11 9 46 at retail value -6 + 1 +5 +7 4-fi +4 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 163 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In ( d ph u y 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) Employment and payrolls2 Departor Y m e o a n r th Total Tota Ma l nu r f D a a u b c l - t e ure N r s d a o u b n l - - e M er i a n l - s Total R d t e e ia s n l i - - o A th l e l r N p m t a c e u l g o m u o e r r l n a y n i - - - l - - t pr E o M m d m u a p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r ls s - F i l n c o re a g a i r s d g - * - ht v ( s m s r a a t e e l l o t e n u a r s e t i e * ) l p s C r u i m o c n e e s - r 2 m p W c r s o o i a h c d m l o e i e t s l - y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed j justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 3' 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 4' 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32. 110 36 75.0 1926 51 50 5: 48 63 69 73 67 67.6 65.5| 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928. 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 41A 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42.1 1933 3' 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934 40 3! 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 ... 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116! 90.91 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953.. . 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110.1 1954 125 127 137 116 111 '215 232 204 110.4 101.8 137.7 86 111 114.8 110.3 1955 P139 P140 P155 P126 P122 261 280 248P112.9 P105.6P152.9 P95 114.5 1954 Nov 128 130 130 142 118 113 255 264 250 110.5 101.6 102.3 142.2 113 114.6 110.0 Dec 130 128 131 143 119 116 '258 275 248 110.7 101.7 102.2 143.1 116 114.3 109.5 1955 I I Jan. . 132 132 133 145 121 120 '260 ••286 243j'110.7 101.8 101.2 141.5 92 119 114.3 110.1 F M e a b r. 1 1 3 3 5 3 1 1 3 3 5 8 1 13 3 6 4 1 14 4 8 7 1 1 2 2 1 4 1 12 2 1 3 '260 ' 2 2 9 9 1 5 2 2 3 3 9 8 K 1 1 1 1 1 0. . 8 5 1 1 0 0 3 2 . . 5 5 1 1 0 0 3 2 . . 3 3 1 1 4 4 6 4 . . 6 4 9 9 3 2 1 11 1 5 2 1 1 1 1 4 4 . . 3 3 1 1 1 1 0 0 . . 4 0 Apr 136 138 138 151 126 119 260 286 230 '111.8 104.6 103.6 146.7 93 119 114.2 110.5 May 138 138 140 153 127 121 253 280 221 '112.6 105.8 104.1 150.1 96 117 114.2 109.9 D J S O N A J u e c u e o u l p n c t v e y t e M 1 1 1 1 1 1 4 4 4 4 3 3 4 3 3 2 9 0 4 9 1 1 1 1 1 1 1 4 4 4 3 4 3 3 5 1 7 9 2 9 0 •• 1 1 1 1 1 1 1 4 4 4 4 4 4 4 6 1 1 5 2 4 5 1 1 1 1 1 1 1 6 6 6 5 5 6 5 1 1 1 8 5 0 5 r1 1 1 1 1 1 1 2 2 3 2 2 2 2 9 9 0 5 8 6 8 1 1 1 1 1 1 1 2 2 2 2 2 2 2 9 1 5 3 3 0 2 2 2 2 2 2 2 3 2 0 6 7 5 5 4 5 5 1 0 0 9 0 5 3 7 2 2 2 2 2 2 2 7 7 5 5 5 9 9 3 8 6 2 2 6 0 2 2 2 3 2 2 2 8 1 4 6 3 4 2 2 9 6 6 1 6 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 4 4 3 3 3 . . . . . . . 8 6 2 7 9 5 2 '1 1 1 1 1 1 1 0 0 0 0 0 0 0 8 8 7 6 6 6 6 . . . . . . . 4 3 3 1 1 4 7 '• 1 1 1 1 1 1 1 0 0 0 0 0 0 0 8 8 8 7 4 5 9 . . . . . . . 8 1 7 2 8 7 1 1 1 1 1 1 1 1 6 6 6 5 5 5 5 3 3 1 4 2 8 1 . . . . . . . 8 9 2 1 6 7 0 1 9 9 9 9 9 9 0 4 5 6 6 8 9 1 P 1 1 1 1 1 1 12 2 1 1 2 2 2 2 1 2 8 4 2 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 5 . . . . . . . 5 9 7 7 4 9 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 0 1 1 . . . . . . . 3 9 6 3 2 5 7 1956 Jan p{44 129 |P114.8 P107.5P107.0 458.4 425 111.8 «Estimated. P Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor Statistics. •Average per working day. Nonagricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, 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

164 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 134 125 130 132 133 135 136 138 139 139 140 142 143 143 144 MANUFACTURES—TOTAL 90.02 136 127 131 133 134 136 138 140 141 141 142 144 145 -145 146 Durable Manufactures—Total 45.17 153 137 145 147 148 151 153 155 155 158 160 161 161 161 Primary metals 6.70 132 108 121 127 131 136 138 140 143 134 139 146 148 149 151 Metal fabricating 28.52 167 150 155 157 158 160 162 163 164 166 168 770 775 772 772 Fabricated metal products 5.73 136 123 125 125 126 129 130 134 135 135 137 141 142 139 138 Machinery 13.68 160 142 145 145 146 147 151 153 155 158 159 161 164 -161 162 Nonelectrical machinery 9.04 143 125 121 124 125 126 131 134 136 138 140 141 143 143 143 Electrical machinery 4.64 194 177 193 187 189 190 191 189 192 197 196 199 205 198 198 Transportation equipment 7.54 189 175 189 197 199 200 202 202 198 202 203 205 208 '213 213 Instruments and related products 1.29 155 140 140 140 142 143 143 142 149 151 153 155 156 160 Clay, glass, and lumber products 5.91 125 123 133 132 132 135 136 138 143 138 140 141 747 759 140 Stone, clay, and glass products 2.82 133 131 135 136 138 143 146 149 153 152 155 155 153 -156 155 Lumber and products 3.09 118 115 131 129 127 127 127 128 133 125 127 127 130 126 Furniture and misc. manufactures 4.04 131 121 122 122 124 126 127 132 136 134 137 757 755 755 755 Furniture and fixtures 1.64 117 106 108 109 109 112 113 111 121 122 124 125 124 123 123 Miscellaneous manufactures 2.40 140 131 131 132 133 136 136 142 145 143 145 145 145 145 146 Nondurable Manufactures—Total.. . 44.85 116 119 121 121 124 126 127 128 126 128 129 r129 130 Textiles and apparel 11.87 107 100 104 106 104 101 109 110 110 109 709 111 112 rll3 113 Textile mill products 6.32 104 95 102 102 103 104 107 106 107 106 107 107 109 110 110 Apparel and allied products 5.55 110 105 107 110 106 111 112 114 114 112 112 116 116 '117 116 Rubber and leather products 3.20 113 104 115 123 120 122 123 125 127 720 779 727 '124 722 725 Rubber products 1.47 128 115 133 143 138 140 144 147 149 137 138 142 147 147 146 Leather and products 1.73 99 95 100 105 104 105 105 105 107 106 102 104 105 108 Paper and printing 8.93 125 125 '128 130 131 134 755 138 139 139 138 140 141 141 140 Paper and allied products 3.46 132 134 '140 143 147 151 156 156 155 153 157 '156 157 160 Printing and publishing 5.47 121 120 121 123 123 125 125 126 128 128 128 130 131 130 128 Chemical and petroleum products 9.34 142 142 148 148 151 154 156 159 161 160 160 755 752 164 755 Chemicals and allied products 6.84 147 148 155 155 158 161 163 168 170 170 168 173 171 173 175 Petroleum and coal products 2.50 130 125 129 131 134 134 136 134 136 134 135 135 137 139 141 Foods, beverages, and tobacco 11.51 107 106 •108 107 106 107 109 108 109 108 707 707 777 -777 772 Food and beverage manufactures 10.73 107 106 108 107 106 107 109 108 109 108 108 108 111 112 112 Tobacco manufactures .78 108 103 101 107 106 107 103 109 109 101 100 100 105 104 MINERALS—TOTAL 9.98 116 111 116 120 123 121 119 121 122 120 121 123 123 125 129 Mineral fuels 8.35 115 113 117 120 123 121 121 121 122 123 722 725 -725 750 Coal 2.68 78 67 73 74 79 72 72 81 86 87 82 80 80 80 87 Anthracite .36 57 52 66 55 61 45 41 42 43 53 41 50 42 47 58 Bituminous coal 2.32 81 70 74 77 82 76 77 87 92 92 89 84 86 85 92 Crude oil and natural gas 5.67 133 134 138 142 144 145 143 139 139 139 141 141 143 147 ^150 Metal, stone, ana earth minerals 1.63 119 106 115 118 119 123 114 120 123 709 777 725 725 -725 725 Metal mining .82 113 90 103 110 114 113 100 111 117 88 105 119 120 -116 115 Stone and earth minerals .81 124 123 127 126 124 132 129 129 129 130 130 133 131 -134 134 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 134 125 128 132 135 138 138 138 139 130 139 142 147 -145 141 MANUFACTURES—TOTAL 90.02 136 127 129 133 136 140 140 140 141 132 140 144 150 148 143 Durable Manufactures—Total 45.17 153 137 143 147 151 154 155 155 155 146 153 157 164 163 161 Primary metals 6.70 132 108 117 129 136 142 144 143 144 122 132 143 149 149 148 Ferrous metals 5.03 133 105 115 124 132 138 143 143 141 125 132 142 148 147 146 Pig iron and steel 3.51 138 108 121 128 136 144 147 149 146 132 140 149 153 154 153 Pig iron .37 130 101 113 117 122 131 134 138 137 129 134 140 141 140 141 Steel 3.05 139 109 121 130 138 146 148 151 147 133 141 150 154 156 154 Carbon steel 2.62 135 108 118 125 134 143 145 148 144 130 136 144 149 150 149 Alloy steel .43 165 115 145 155 165 165 171 169 169 147 168 186 188 189 182 Ferrous castings and forgings 1.52 121 97 101 113 121 124 133 128 129 108 114 125 137 131 130 Iron and steel castings 1.29 115 95 99 111 119 123 132 127 127 108 114 123 135 129 128 Steel forgings .23 154 106 110 127 133 132 140 132 139 108 115 133 148 141 141 p Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 165 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 129 120 124 146 149 155 148 154 112 132 147 153 ••153 153 Primary nonferrous metals .38 144 147 160 159 167 169 166 166 167 127 150 173 171 173 176 Copper smelting .09 112 101 121 118 140 134 133 132 130 49 95 139 136 130 130 Copper refining .06 116 109 131 122 134 133 124 133 133 50 97 142 126 136 143 Lead .04 101 105 103 99 99 112 115 101 110 53 82 116 119 121 112 Zinc .10 113 101 116 118 119 122 118 118 119 116 116 117 122 '123 126 Aluminum .09 209 244 250 252 253 256 257 258 259 261 263 265 265 272 277 Secondary nonferrous metals .13 114 105 107 114 125 133 124 123 121 100 118 130 '135 '125 125 Nonferrous shapes and castings 1.16 126 113 114 146 146 153 144 139 154 108 127 141 149 '150 149 Copper mill shapes .63 112 100 90 135 125 133 114 110 128 75 91 110 114 118 120 Aluminum mill shapes .20 168 154 168 183 196 202 204 209 228 188 215 218 222 '219 210 Nonferrous castings .33 130 114 128 144 155 163 168 155 158 124 144 154 173 169 Metal Fabricating 28.52 167 150 156 159 162 165 166 165 163 157 162 165 173 174 173 Fabricated metal products 5.73 136 123 124 124 126 130 131 134 135 130 139 142 145 139 136 Structural metal parts 2.68 137 126 130 127 129 131 132 136 136 132 137 141 144 '145 144 Stampings and misc. metal products 2.12 138 117 124 124 126 129 129 131 128 125 126 129 134 '138 137 Tin cans .30 129 131 102 110 107 111 126 143 149 168 203 192 197 '95 102 Furnaces, gas ranges, and heaters .63 93 90 78 87 99 108 107 105 117 89 128 142 134 117 89 Machinery 13.68 160 142 146 148 152 154 152 151 153 142 153 161 169 163 Nonelectrical machinery 9.04 143 125 123 126 129 132 134 135 137 131 131 137 141 141 146 Farm and industrial machinery 8.13 139 121 119 119 121 124 126 129 131 128 129 131 136 138 143 Farm machinery 1.02 96 79 80 85 90 94 95 95 95 92 87 69 92 93 97 Industrial and commercial machinery. . .. 7.11 145 127 125 124 125 128 131 134 136 133 135 140 142 '144 150 Machine tools and presses .68 188 160 149 148 149 152 154 157 161 160 165 168 170 178 191 Laundry and refrigeration appliances. . .69 128 114 122 146 155 164 161 155 157 116 113 147 141 130 135 Electrical machinery 4.64 194 177 191 191 196 195 189 181 184 165 194 207 223 208 196 Electrical apparatus and parts 3.23 179 160 165 165 167 169 171 175 176 169 170 175 188 180 185 Radio and television sets .74 230 214 258 261 272 261 228 190 192 143 254 289 315 280 225 Transportation equipment 7.54 189 175 191 200 205 209 213 209 200 197 192 185 200 -216 215 Autos, trucks, and parts 4.80 126 109 136 150 157 163 171 165 151 147 137 122 144 '167 159 Autos 1.50 146 131 174 195 210 215 223 205 184 195 166 130 153 212 193 Trucks .66 118 92 94 98 87 104 137 132 134 126 106 102 106 122 122 Light trucks .22 112 95 103 102 77 109 148 139 124 119 93 106 121 128 106 Medium trucks .19 58 59 59 64 48 67 89 88 81 81 65 53 50 73 67 Heavy trucks .14 183 133 130 143 144 141 193 192 220 203 167 138 138 172 216 Truck trailers .07 229 130 131 138 160 170 185 176 205 174 192 199 202 199 192 Auto and truck parts 2.58 117 101 125 137 145 148 150 150 137 125 129 122 149 153 150 Aircraft and parts 1.30 465 474 478 479 477 479 472 469 466 469 469 484 490 501 518 Shipbuilding and repair .81 135 112 110 111 113 115 117 115 118 114 117 117 115 113 118 Railroad equipment .53 72 | 39 31 32 36 35 38 47 41 37 45 45 50 48 50 Railroad cars 20 20 [33 .35 64 29 25 26 28 39 29 22 32 30 38 36 Instruments and related products 142 140 '159 1.29 155 140 142 145 144 142 149 147 150 155 158 162 Clay, Glass, and Lumber Products 125 140 5.91 125 123 129 133 137 139 146 133 145 147 149 133 Stone, clay, and glass products 2.82 133 131 134 132 134 140 146 149 155 149 158 158 161 '157 154 Glass and pottery products 1.09 123 118 121 126 129 131 132 132 136 124 138 137 144 143 142 Flat glass and vitreous products .60 136 131 148 148 147 149 150 152 154 139 152 161 164 '169 171 Flat and other glass .47 139 133 151 151 150 152 152 152 154 136 153 163 167 '172 174 Glass containers .26 120 117 93 114 124 124 125 123 138 130 143 127 133 '119 111 Home glassware and pottery .23 91 85 81 83 90 93 95 89 88 76 95 86 102 '101 102 Cement .32 132 135 131 119 115 132 151 159 163 161 164 164 164 151 Structural clay products .35 110 111 113 107 111 119 121 125 134 128 138 140 138 '137 'l29* Brick .12 106 113 112 101 106 121 127 132 146 134 146 151 142 141 122 Clay firebrick, pipe, and tile .20 115 111 115 114 115 120 120 122 128 126 134 134 137 '136 136 Concrete and plaster products .48 163 161 162 155 155 165 174 184 190 191 195 196 192 '186 181 Misc. stone and earth manufactures .58 143 140 147 151 155 160 164 170 167 174 175 177 '176 375 Lumber and products 3.09 118 115 116 117 125 126 129 129 137 118 133 136 138 '124 114 Lumber 2.05 112 106 100 101 108 109 \\5 116 122 108 119 121 122 106 98 Millwork and plywood .60 149 161 186 193 206 210 201 195 207 160 198 209 -213 '201 175 Millwork .39 118 123 137 143 151 155 148 139 151 121 148 155 '160 '143 113 Softwood plywood .12 199 222 264 274 294 298 288 285 299 224 279 295 299 295 278 Wood containers .29 99 91 89 91 94 85 86 90 92 95 Furniture and Misc. Manufacturing . . . 4.04 131 125 121 126 128 127 131 125 134 140 144 142 140 Furniture and fixtures 1.64 111 106 112 109 113 114 111 113 116 113 123 127 128 128 128 Household furniture 1.10 118 106 115 110 115 116 113 114 118 114 124 129 131 131 131 Fixtures and office furniture .54 116 107 108 106 109 109 107 111 111 121 123 123 121 122 Miscellaneous manufactures 2.40 140 131 134 129 134 137 135 137 141 133 142 149 154 152 149 r Revised. c Corrected. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1954 1955 pro- Industry portion 1953 1954 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 118 116 115 120 122 125 124 124 127 117 128 130 135 132 125 Textiles and Apparel 11.87 107 100 98 108 115 113 110 108 93 112 109 114 114 106 Textile mill products 6.32 104 95 98 104 108 109 109 108 106 91 108 106 111 111 105 Cotton and synthetic fabrics. 3.72 107 100 104 114 116 118 118 116 110 96 115 111 117 118 110 Cotton consumption 2.30 104 97 95 105 106 105 103 104 100 84 106 103 109 109 101 Synthetic fabrics .97 115 108 127 132 138 147 154 146 135 133 134 132 133 135 131 Fabric finishing .45 101 93 90 107 109 106 107 103 92 67 106 87 109 110 92 Wool textiles .97 78 66 70 70 72 74 79 83 85 73 79 80 85 83 81 Wool apparel yarns .16 91 76 68 79 85 82 89 91 84 80 90 80 90 86 77 Wool fabrics .75 75 64 71 67 69 72 77 82 86 72 77 80 84 83 84 Knit goods 1.15 116 106 103 105 112 110 108 108 113 98 113 114 119 116 107 Hosiery .65 113 108 102 110 119 111 109 103 108 85 104 106 113 108 99 Full-fashioned hosiery.. .45 118 113 105 114 124 118 116 108 111 86 107 107 114 109 100 Seamless hosiery .20 102 97 93 100 106 96 93 92 102 82 99 101 110 106 96 Knit garments .50 119 103 104 98 104 108 106 113 119 116 123 125 126 125 118 Floor coverings1 .48 Woven carpets .31 86 71 71 84 83 86 85 71 44 72 85 89 •77 83 Apparel and allied products 5.55 110 105 99 113 116 123 117 113 110 95 116 111 117 '117 107 Men's outerwear 1.78 113 103 96 115 113 113 118 119 107 84 120 109 117 116 102 Men's suits and coats , .73 96 83 87 98 97 88 92 105 92 59 110 91 95 94 84 Men's suits .50 92 82 90 102 100 91 90 100 86 55 102 84 93 95 86 Men's outercoats .13 89 67 52 60 59 55 76 101 92 60 115 99 82 69 55 Shirts and work clothing.... .99 124 116 99 126 124 130 135 127 117 98 126 119 130 131 113 Women's outerwear 1.85 103 109 93 120 125 143 129 116 114 98 117 108 113 '113 98 Women's suits and coats .76 117 129 115 152 160 165 109 96 123 129 145 129 139 -143 119 Misc. apparel and allied mfrs.. 1.92 112 103 106 103 109 112 103 104 108 103 112 117 122 122 119 Rubber and Leather Products . 3.20 113 104 110 123 127 128 124 121 126 105 119 124 130 '122 119 Rubber products 1.47 US 115 128 145 144 146 147 146 151 111 133 144 155 150 140 Tires and tubes .70 117 105 116 130 134 133 128 135 146 127 116 128 140 138 120 Auto tires .40 117 110 119 136 141 145 140 150 161 138 125 135 143 140 121 Truck and bus tires .30 118 99 113 121 125 117 113 116 126 111 104 119 136 134 118 Miscellaneous rubber products. .77 133 124 139 158 153 158 164 155 155 115 148 158 170 161 159 Leather and products 1.73 99 95 94 105 112 113 105 100 105 92 108 107 109 '99 101 Leather .44 91 87 88 94 98 94 95 93 95 74 90 90 97 r94 93 Sh C S o k e a s i t n tl a e l n h e d a i d t s h e l e i l p r e s p a e th rs e 2 rs . . . 1 2 9 5 9 0 9 8 2 9 7 9 5 2 7 9 3 5 1 8 0 0 1 1 8 0 6 4 1 8 0 0 1 1 8 0 2 2 9 8 9 0 1 8 0 3 1 7 6 9 3 9 7 6 7 9 7 8 4 1 8 0 2 5 1 8 0 1 1 Miscellaneous leather products. .39 100 90 94 91 100 103 92 89 96 97 104 104 106 105 104 Paper and Printing 8.93 125 125 127 132 137 137 137 138 128 135 141 147 144 137 Paper and allied products 3.46 132 134 129 140 148 152 154 153 156 139 157 167 159 147 Pulp and paper 1.76 130 132 127 140 147 150 148 151 154 135 151 150 158 156 144 Wood pulp .51 142 148 142 158 166 170 169 171 175 156 173 169 179 •178 164 Paper and board 1.25 125 125 120 132 139 142 140 143 145 126 141 143 150 147 136 Printing paper .22 119 118 112 123 127 133 127 128 130 112 127 130 132 133 128 Fine paper .14 116 120 124 132 138 134 131 148 138 107 122 134 140 136 130 Coarse paper .20 118 119 112 124 132 134 130 129 130 117 126 128 137 132 125 Miscellaneous paper .18 129 137 135 150 154 153 160 158 159 148 156 156 176 167 155 Paperboard .41 134 130 122 136 145 149 147 151 158 133 155 153 160 161 145 Building paper and board. .10 118 124 115 122 126 141 139 142 142 133 151 145 142 137 124 Converted paper products 1.70 134 136 131 141 149 153 159 154 158 144 159 165 177 161 149 Shipping containers .51 133 133 131 135 146 153 156 154 159 141 160 167 175 160 149 Sanitary paper products .11 138 145 128 156 156 152 166 152 154 153 152 156 180 163 149 Printing and publishing 5.47 121 120 123 119 122 128 127 127 127 121 123 131 135 135 130 Newsprint consumption 1.85 118 119 123 114 121 132 134 135 131 112 116 132 142 143 126 Job printing and periodicals. 3.62 122 121 124 122 123 125 124 124 125 125 127 131 131 131 133 Chemical and Petroleum Products . 9.34 142 142 149 151 155 157 156 156 157 152 157 162 166 168 167 Chemicals and allied products..» 6.84 147 148 156 158 162 166 165 165 165 158 163 111 176 178 177 Industrial chemicals 2.54 154 153 166 169 177 184 182 182 185 176 182 190 192 197 197 Basic inorganic chemicals .57 149 157 170 175 181 184 180 185 179 159 166 179 188 194 194 Industrial organic chemicals 1.97 155 152 165 168 175 184 182 182 186 181 187 194 192 198 198 Plastics materials .24 183 184 196 206 231 243 247 244 246 207 234 264 •261 268 Synthetic rubber .11 186 136 151 180 193 202 202 211 208 211 217 222 •230 •243 233' Synthetic fibers .59 156 152 173 172 181 196 189 178 184 177 184 191 188 196 196 Miscellaneous organic chemicals. 1.03 144 146 154 155 157 160 161 166 171 174 175 176 175 178 182 Vegetable and animal oils .64 116 118 130 127 128 117 108 109 105 99 103 122 156 165 148 Vegetable oils .48 112 113 126 125 123 111 99 98 93 87 90 115 157 162 144 Grease and tallow .16 131 133 139 135 145 136 134 142 143 133 145 144 154 174 160 Soap and allied products .71 113 108 105 109 115 108 108 105 103 79 104 126 130 118 115 Paints .66 118 116 118 116 116 119 122 125 131 130 130 126 127 126 126 Fertilizers .23 124 122 112 116 124 177 176 154 109 91 90 115 118 '114 118 r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 167 INDUSTRIAL PRODUCTION-Continued [Federal Reserve indexes, 1947-49 average= 100] 1947_49 Annual 1954 1955 pro- Industry portion 1953 1954 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 129 132 134 133 132 131 136 134 138 136 138 140 P141 1.97 135 133 140 142 144 139 136 135 140 141 143 141 143 148 P152 Gasoline 1.04 144 141 146 146 147 143 144 146 152 156 157 155 157 158 P162 .98 139 136 141 142 143 140 140 141 146 151 151 149 151 153 Aviation gasoline .06 227 221 232 216 209 205 212 226 246 247 252 247 252 236 Fuel oil .56 130 128 140 146 152 142 129 128 133 131 133 132 134 141 P150 Distillate fuel oil .30 155 158 177 184 196 181 163 161 173 167 172 172 171 178 .26 101 93 97 101 101 97 91 91 88 89 89 87 92 99 Kerosene .10 117 110 125 134 123 117 102 97 88 94 95 91 101 112 Lubricating oil .17 106 108 108 109 105 110 124 113 118 108 116 111 111 126 Coke .26 111 84 93 96 98 102 104 105 103 101 104 107 108 110 .15 99 103 62 70 75 110 131 124 144 114 142 131 131 97 11.51 107 106 99 99 97 100 101 105 112 110 117 121 123 114 103 Food and beverage manufactures 10.73 107 106 101 98 97 100 101 104 112 111 111 111 124 '114 105 Food manufactures 8 1 . . 4 4 9 8 1 1 0 1 8 5 1 1 0 1 7 7 1 1 0 3 4 6 1 1 0 3 2 8 1 9 2 9 4 1 1 0 2 0 8 1 1 0 1 0 8 1 10 1 2 4 1 1 0 1 8 4 1 10 0 9 4 1 1 1 1 8 8 1 1 2 2 5 9 1 12 4 5 3 1 11 5 8 0 1 10 5 8 2 Beef .46 129 135 132 140 129 134 133 138 147 137 151 155 154 146 140 Pork. . .83 104 103 134 133 117 121 106 98 93 83 96 111 133 148 154 .69 105 106 79 85 91 104 117 140 145 132 120 101 88 83 84 Butter .14 108 110 85 99 101 104 119 143 139 116 90 84 88 83 94 Natural cheese .07 112 116 91 95 102 113 133 164 165 130 113 102 90 87 92 Concentrated milk .19 93 94 70 76 86 100 116 143 138 107 94 82 75 71 79 Ice cream . .28 106 104 74 78 84 100 107 122 139 153 151 118 93 86 76 Canned and frozen foods 1.13 121 112 87 77 72 74 81 87 110 142 198 201 161 '114 94 Grain-mill products 1.16 106 107 101 103 102 101 102 104 110 110 106 108 111 '102 100 Wheat flour .46 81 81 80 87 85 83 79 76 80 80 77 83 96 86 84 Cereals and feeds .70 122 124 115 114 113 113 116 122 129 130 125 124 122 '112 110 Bakery products 1.64 100 97 98 94 95 95 94 97 100 100 98 99 100 99 99 Sugar .27 113 117 176 93 61 67 64 64 71 73 81 111 247 261 Cane sugar .11 113 106 87 100 106 110 101 102 108 121 128 129 130 103 Beet sugar .. .13 108 121 248 81 17 24 27 28 35 26 36 90 340 393 Confectionery .71 102 99 87 106 112 96 93 78 86 65 79 140 134 129 91 Miscellaneous food preparations 1.41 104 105 101 100 101 101 103 106 110 113 111 109 108 '104 101 Beverages . 2.24 105 103 88 84 89 101 107 113 127 121 114 111 118 102 Bottled soft drinks .54 Alcoholic beverages 1.70 100 98 84 80 86 100 106 107 117 106 104 102 117 105 Beer and ale 1.02 103 99 83 85 84 101 113 120 126 122 118 97 88 77 Liquor distilling .17 60 68 67 61 67 66 68 58 58 40 46 83 157 129 Liquor bottling .37 107 102 90 76 93 109 104 96 120 99 94 118 154 146 Tobacco manufactures .78 108 103 83 105 104 105 99 109 116 92 112 107 '114 107 Cigarettes ... .46 111 106 86 111 106 108 102 115 121 99 117 109 117 108 Cigars .17 107 105 99 107 106 99 105 111 82 110 111 118 113 82 MINERALS—TOTAL 9.98 116 111 117 119 118 119 122 121 119 124 126 127 '127 127 114 Mineral Fuels 8.35 115 113 121 123 121 120 120 118 119 122 123 125 rl28 131 117 Coal 2.68 78 67 11 79 71 72 11 74 11 82 83 88 87 91 Anthracite . .36 57 52 7651 55 61 41 39 43 46 42 39 53 51 51 54 Bituminous coal 2.32 81 70 77 81 82 76 77 83 78 82 89 88 93 93 97 Crude oil and natural gas 5.67 133 134 138 142 144 145 143 139 139 139 141 142 143 '147 Oil and gas extraction 4.82 129 128 132 138 140 139 138 133 132 132 133 135 137 '142 *144 Crude oil 4.12 124 122 123 130 131 132 132 128 127 127 128 129 131 '134 Natural gas .34 167 172 199 202 207 194 183 170 173 165 167 176 Natural gas liquids .36 157 160 172 175 176 169 161 157 157 159 163 170 174 183 Oil and gas well drilling .85 154 167 171 163 168 175 174 175 177 178 187 180 175 173 Metal. Stone^ and Earth IMinerals . 1.63 119 106 99 97 99 104 114 132 138 120 132 141 137 rl21 109 M^etal mining .82 113 90 76 79 85 86 101 131 141 104 126 141 136 '106 85 Iron ore .33 128 84 37 36 39 41 79 152 179 168 179 181 165 92 Nonferrous metal mining .49 104 94 102 108 117 117 115 117 116 62 90 114 116 '116 Copper mining .24 114 103 116 124 134 133 132 135 133 50 96 134 137 135 127 Lead mining .09 86 80 83 83 89 91 87 88 87 79 78 82 '84 79 82 Zinc mining .06 87 75 73 80 83 85 83 86 84 81 79 81 80 Stone and earth minerals .81 124 123 122 115 113 122 128 133 134 135 139 141 139 135 129 Preliminary. ' Revised. group in addition to the groups shown. Certain types of combat materiel 1 Publication suspended pending revision for the period 1952 to date. are included in major group totals but not in individual indexes for autos, 2 Publication suspended pending adjustment to revised Census produc- farm machinery, and some other products, as discussed in the BULLETIN tion figures for the period 1950 to date. for December 1953, pp. 1269-1271. NOTE.—A number of groups and subgroups include individual series For description and back figures, see BULLETIN for December 1953, not published separately, and metal fabricating contains the ordnance PP- 1247-1293 and pp. 1298-1328, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1954 1955 Product 1953 1954 Dec. Jan. Feb Mar. Apr. May June July Aug. Sept.! Oct. Nov. Dec. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 127 116 131 139 140 142 144 145 144 150 151 154 152 151 147 Major Durables 69.72 138 125 146 156 159 161 163 163 160 169 -169 172 168 167 162 Autos 32.10 146 131 167 -186 189 192 192 190 173 188 -189 195 194 196 187 Major household goods 36.13 132 122 130 133 134 136 140 141 151 155 155 156 148 143 141 Furniture and floor coverings. 15.32 113 101 105 107 107 109 110 113 117 117 121 123 121 121 121 Household furniture 11.31 118 106 110 110 113 114 115 118 122 121 125 127 126 126 126 Floor coverings i 4.01 Appliances and heaters 15.60 118 111 126 130 133 140 142 145 146 143 147 137 134 Major appliances 11.88 123 115 -123 130 133 134 147 148 149 154 150 153 147 141 Ranges 2.60 90 79 82 79 96 97 101 105 122 119 95 90 101 Refrigeration appliances. , 4.98 137 124 -125 131 133 141 152 158 163 161 160 I 166 162 146 Laundry appliances 2.51 141 148 181 190 181 172 199 188 163 193 206 i 205 187 200 Heating apparatus 3.72 100 97 100 115 120 131 121 125 132 121 119 126 108 Radio and television sets 5.21 230 214 242 225 226 222 226 222 269 290 294 279 259 235 216* Radio sets 3.42 67 52 70 73 68 71 65 68 66 76 70 72 95 103 101 Television sets 1.79 541 522 571 515 527 512 532 516 658 698 720 676 572 486 436 Other Consumer Durables 30.28 102 95 96 98 99 100 100 103 106 106 107 111 114 114 112 A M u is to c. p h a o r m ts e a a n n d d ti p r e es rsonal goods 1 1 4 6 . .2 0 8 0 1 9 1 1 1 9 9 1 9 9 9 4 8 98 1 9 0 6 1 1 9 0 5 3 1 9 0 7 3 1 10 0 5 0 1 1 0 0 9 2 1 1 1 0 1 1 1 10 1 1 2 I 1 1 07 15 1 1 0 1 8 8 1 1 0 1 8 9 in' WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 127 116 132 142 151 155 156 147 144 137 139 j 136 146 159 147 Major Durables 69.72 138 125 149 163 174 179 180 167 160 152 152 | 145 157 -177 163 Autos 32.10 146 131 174 195 210 215 223 205 184 195 166 130 153 212 193 Major household goods 36.13 132 122 130 137 146 151 145 136 141 115 141 159 162 150 139 Furniture and floor coverings. 15.32 113 101 109 108 111 114 111 109 113 105 117 124 127 124 125 Household furniture 11.31 118 106 115 110 115 116 113 114 118 114 124 i 129 131 131 131 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 108 124 138 151 150 145 152 116 127 151 145 131 Major appliances 11.88 123 115 116 134 149 163 162 156 160 120 122 149 144 '133 Ranges 2.60 90 79 77 81 104 110 106 100 117 76 91 107 105 97 99 Refrigeration appliances.. 4.98 137 124 112 147 152 180 187 183 191 144 116 143 131 113 Laundry appliances 2.51 141 148 177 177 207 201 193 181 168 131 181 219 218 220 Heating apparatus 3.72 100 97 84 93 102 114 113 113 128 103 142 159 148 125 Radio and television sets 5.21 230 214 258 260 272 260 228 189 192 143 254 289 315 279 224 Radio sets 3.42 67 52 67 73 74 80 74 75 65 49 62 68 99 105 96 Television sets 1.79 541 522 623 618 648 604 521 408 434 321 619 710 726 612 470 Other Consumer Durables 30.28 102 95 94 95 97 99 99 102 106 103 110 115 120 117 110 Auto parts and tires 14.00 91 91 89 93 92 92 95 100 105 102 107 113 115 108 Misc. home and personal goods. 16.28 111 99 99 96 102 105 103 103 106 103 112 116 124 124 Us 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 description of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven 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 es ti i a - l Indu B s u - sine C s o s m- Public O n r d e t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r Total trial mercial utility tial I 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 6,405 137 131 793 3,344 1950.. 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 272 881 3,670 1951.. 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 518 853 5,160 1952.. 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 820 854 5,839 1953.. 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 160 830 6,097 1954.. 37,577 25,768 13,496 8,583 2,030 2,212 4,341 3,689 11,809 1,030 750 704 6,325 1955P. 42,250 30,250 16,600 9,907 2,403 3,039 4,465 3,743 12,000 1,300 4,100 595 6,005 1955-Jan.... 3,422 2,400 1,338 749 181 200 368 313 1,022 93 342 55 532 Feb... 3,453 2,438 1,348 776 183 222 371 314 1,015 101 339 51 524 Mar... 3,464 2,464 1,349 797 188 235 374 318 1,000 93 337 54 516 Apr.. . 3,525 2,525 1,391 812 188 248 376 322 1,000 104 336 54 506 May.. 3,581 2,556 1,419 816 192 250 374 321 1,025 110 352 55 508 June.. 3,565 2,545 1,420 817 198 245 374 308 1,020 118 339 53 510 July... 3,566 2,578 1,435 831 205 253 373 312 988 113 338 50 487 Aug.. . 3,568 2,591 1,433 852 207 272 373 306 977 110 334 48 485 Sept... 3,573 2,599 1,422 871 209 290 372 306 974 112 327 44 491 Oct.... 3,526 2,551 1,374 874 212 291 371 303 975 117 332 43 483 Nov. P. 3,518 2,517 1,345 860 218 272 370 312 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 1956—Jan.? 3,457 2,439 1,283 854 221 264 369 302 1,018 115 367 46 490 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 169 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] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1948 . 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10 359 3 718 6 641 4,239 559 885 824 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 C2,558 979 1,472 1,686 C3 412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 c4,008 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 1,878 2,359 2,134 2,126 5,063 1955—Jan 1,485 480 1,005 671 85 166 131 184 249 Feb 1,581 472 1,109 744 113 133 135 153 303 Mar.. . 2,135 677 1,458 990 176 194 201 189 386 Apr 2,322 676 J 646 1,070 142 174 195 195 546 May 2,185 675 1,510 1,011 171 183 201 171 448 June. 2,255 757 ,498 951 163 228 181 270 461 July 2 272 761 I 511 959 146 288 231 227 420 Aug 1,895 549 ,346 835 170 215 153 144 378 Sept 2,035 621 1,414 733 201 197 163 148 593 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 IQO 711 148 197 237 144 483 1956—Jan 1,858 694 158 161 190 153 503 c Corrected. 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 ew rk 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 in o n li e s - K C an it s y as Dallas 1954—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 Dec 1,829 109 308 119 205 159 233 274 106 42 113 160 1955—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 De^ 1,921 152 364 134 226 169 254 280 89 47 81 126 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten i Metro- metro- Year or month Total po ar li e t a a s n p a o r l e it a a s n Total fam 1- ily fam 2- ily M fam 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 1,025 n.a. n.a. 989 792 35 162 36 466 361 105 1950 1 396 n a n.a. 1,352 1 151 42 159 44 686 486 200 1951 1,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 1 127 n a. n.a 1,069 939 46 84 58 420 279 141 1953 . . .. 1,104 n.a. n.a. 1,068 933 42 94 36 407 252 155 1954 1,221 897 324 1,202 1,077 34 90 19 585 277 308 1955 ; P1,329 975 354 P1,309 P19 670 277 393 1955—Jan 88 68 20 87 78 2 7 (?0 46 20 26 Feb 90 67 23 88 79 3 6 45 17 28 Mar 114 87 27 113 100 4 9 1 54 24 30 Apr 132 97 35 131 120 3 8 2 61 26 35 M^ay 138 100 38 135 122 3 10 3 66 28 38 June . 135 99 36 131 121 3 8 3 72 32 40 July 123 88 34 122 113 3 6 1 63 26 37 Aug 125 92 33 122 3 8 2 68 27 41 Sept 115 84 31 114 104 2 7 1 r58 25 33 Oct 106 77 29 105 95 2 7 1 54 19 35 Nov , P90 65 26' P89 n.a. n.a. n.a. 1 45 17 28 Dec vl5 54 21 P72 n.a, n.a. n.a. *>3 38 16 22 1956—Jan P74 53 21 »73 n.a. n.a. n.a. n 36 13 23 P Preliminary. r Revised. n.a. Not available. figures are based on field office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA 2Less than 500 units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i p T n o s o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Employed1 U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total In nonagricul- In 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 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 1956—Jan 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information on the labor force status of the population, 2 Estimates beginning 1954 are based on an improved sample cov- relating to persons 14 years of age and over, is obtained through interering a larger number of areas and are, therefore, not strictly compar- views of households on a sample basis. Data through June 1955 relate able 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 A,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 49,398 16,551 748 2,506 4,057 10,728 2,191 5,694 6,923 SEASONALLY ADJUSTED 1955 Jan. . r48 404 15,993 741 '2,486 3,974 10,574 2,145 5,646 '6 845 Feb '•48,470 16,091 741 '2,451 3,984 10,541 2,154 5,649 '6,859 Mar. . .. '48 760 16,229 739 '2,483 3,986 10,633 2,161 5,656 '6,873 Apr ••48,882 16,380 743 '2,502 3,946 10,600 2,161 5,674 '6,876 May ... '49 242 16,545 749 ••2,539 4,000 10,655 2,171 5,676 '6,907 June '49,514 16,688 756 '2,514 4,064 10,711 2,184 5,690 '6,907 July . . .. '49 638 16,635 757 '2,546 4,082 10,765 2,204 5,730 6,919 Aug '49,718 16,661 747 '2,519 4,106 10,797 2,208 5,732 '6,948 Sent '49 835 16 691 754 '2,537 4,135 10,824 2,223 5,705 '6 966 Oct '49 950 16,822 751 '2,512 4,116 10,801 2,227 5,730 '6 991 Nov '50,135 '•16,962 750 '2,493 '4,132 '10,868 '2,224 '5,719 '6,987 Dec. 50 211 16 948 750 2,471 4,153 10,941 2,231 5,715 7 002 1956—Jan 50,208 16,861 746 2,492 4,144 11,007 2,238 5,714 7,006 WITHOUT SEASONAL ADJUSTMENT 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 5,536 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 2,399 3,939 10,549 2,161 5 674 6 927 May 48 918 16,334 742 2,526 3,997 10,534 2,171 5,733 6 881 June 49,508 16,577 760 2,615 4,081 10,643 2,206 5,775 6,851 July 49,420 16,475 749 2,701 4,113 10,633 2,237 5,816 6,696 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 50 471 16 999 751 2,685 4,127 10,909 2,216 5 730 7 054 Nov '50 629 '17,049 754 r2,580 '4,143 '11,126 '2,213 '5,690 7,074 Dec 51,299 17,009 754 2,407 4,164 11,747 2,220 3,658 7,340 1956—Jan 49,541 16,798 746 2,243 4,095 10,845 2,216 5,600 6,998 ' Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for January 1956 and 1955 annual averages are preliminary. Seasonally during, or received pay for, the pay period ending nearest the 15 th of the adjusted figures for total, contract construction, and Federal Government month. Proprietors, self-employed persons, domestic servants, unpaid were revised beginning January 1953. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 171 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1955 1956 1955 1956 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 12,586 -13,412 13,396 13,299 12,523 '13,498 13,460 13,240 Durable goods 7,191 •7,797 7,810 7,767 7,182 '7,839 7,853 7,763 Ordnance and accessories 96 84 83 82 96 84 83 82 Lumber and wood products 668 686 679 675 631 '696 665 638 Furniture and fixtures 289 315 315 314 293 323 321 319 Stone, clay, and glass products 434 '475 469 469 430 '477 All 464 Primary metal products 1,008 '1,151 1,156 1,154 1,013 '1,151 1,162 1,160 Fabricated metal products 826 '907 897 886 834 '912 906 895 Machinery except electrical 1,093 '1,225 1,225 1,226 1,109 '1,213 1,237 1,244 Electrical machinery 792 '857 857 846 800 '870 874 854 Transportation equipment 1,400 '1,484 1,514 1,496 1,400 '1,484 1,514 1,496 Instruments and related products 216 '224 225 225 217 '225 227 226 Misc. manufacturing industries 369 '389 390 394 360 '405 394 384 Nondurable goods 5,395 '5,615 5,586 5,532 5,341 '5,659 5,607 5,477 Food and kindred products 1,085 '1,120 103 1,087 1,007 '1,130 1,068 1,007 Tobacco manufactures 90 94 90 89 91 101 96 90 Textile-mill products 967 988 983 977 977 998 998 987 Apparel and other finished textiles 1,058 '1,135 ,119 1,097 1,069 '1,135 1,136 1,108 Paper and allied products 435 460 457 455 437 465 464 457 Printing, publishing and allied products 512 534 529 529 512 539 537 529 Chemical and allied products 534 ••551 555 556 534 '557 558 556 Products of petroleum and coal 171 '171 171 169 169 '171 170 167 Rubber products 207 228 231 230 209 231 234 232 Leather and leather products 336 '334 348 343 336 '332 346 343 '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 January 1956 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 1955 1956 1955 1956 1955 1956 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 73.97 79.52 79.71 78.36 40.2 41.2 41.3 40.6 1.84 1.93 1.93 1.93 Durable goods 80.16 '86.11 86.31 84.05 40.9 '41.8 41.9 41.0 1.96 2.06 2.06 2.05 Ordnance and accessories 81.20 '86.73 86.73 86.73 40.0 '41.3 41.3 41.3 2.03 2.10 2.10 2.10 Lumber and wood products 66.34 '68.28 68.06 65.60 40.7 '40.4 41.0 40.0 1.63 1.69 1.66 1.64 Furniture and fixtures 63.99 '68.88 69.37 66.42 40.5 '42.0 42.3 40.5 1.58 1.64 1.64 1.64 Stone, clay, and glass products 73.49 79.04 79.00 77.30 40.6 41.6 41.8 40.9 1.81 1.90 1.89 1.89 Primary metal industries 87.26 '96.10 97.67 n.a. 40.4 '41.6 42.1 n.a. 2.16 2.31 2.32 n.a. Fabricated metal products 80.15 -85.06 84.85 83.43 41.1 '41.9 41.8 41.1 1.95 '2.03 2.03 2.03 Machinery except electrical 82.82 '91.16 93.10 92.66 40.8 42.4 43.1 42.7 2.03 '2.15 2.16 2.17 Electrical machinery 74.56 '79.46 79.87 79.13 40.3 '41.6 41.6 41.0 1.85 1.91 1.92 1.93 Transportation equipment 92.62 '98.21 95.30 90.23 42.1 '42.7 41.8 40.1 2.20 '2.30 2.28 2.25 Instruments and related products 75.17 '80.93 80.73 79.77 40.2 41.5 41.4 40.7 .87 '1.95 1.95 .96 Miscellaneous manufacturing industries... 65.93 '69.46 70.04 68.34 40.2 '41.1 41.2 40.2 .64 1.69 1.70 .70 Nondurable goods 66.02 70.12 70.30 69.83 39.3 40.3 40.4 39.9 .68 1.74 1.74 .75 Food and kindred products 70.18 '74.70 76.08 75.95 40.8 '41.5 41.8 41.5 .72 1.80 1.82 .83 Tobacco manufactures 50.14 51.46 53.96 53.06 37.7 38.4 39.1 37.9 .33 1.34 1.38 .40 Textile-mill products 54.25 58.50 58.50 57.23 39.6 41.2 41.2 40.3 .37 1.42 1.42 .42 Apparel and other finished products 48.60 '50.32 50.46 50.01 36.0 '37.0 37.1 36.5 .35 1.36 1.36 .37 Paper and allied products 75.72 '81.35 81.97 81.65 42.3 '43.5 43.6 43.2 .79 1.87 1.88 .89 Printing, publishing and allied products... 88.24 92.28 94.49 92.11 38.2 39.1 39.7 38.7 2.31 2.36 2.38 2.38 Chemicals and allied products 79.73 '85.07 85.27 85.08 41.1 '41.7 41.8 41.5 1.94 2.04 2.04 2.05 Products of petroleum and coal 93.02 '99.22 98.40 99.12 40.8 '41.0 41.0 41.3 2.28 2.42 2.40 2.40 Rubber products 83.84 '92.01 88.99 87.72 41.3 '42.4 41.2 40.8 2.03 2.17 2.16 2.15 Leather and leather products 52.68 '54.58 56.45 57.38 37.9 37.9 39.2 39.3 1.39 '1.44 1.44 1.46 ' Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for January 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 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 l l a - - C l l a e n ve d - R m i o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - Ka Ci n t s y as Dallas F c S r i a a sc 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 -109 105 121 129 109 112 105 115 127 -114 119 112 107 117 115 130 142 118 121 108 124 137 122 SEASONALLY ADJUSTED 1954—Dec 116 110 -107 -114 110 -129 -113 117 111 120 136 -119 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.. . 122 114 109 120 120 132 148 120 122 109 125 138 126 Nov 122 116 110 121 118 134 142 121 124 -110 124 136 125 Dec P122 114 110 122 119 P131 P147 121 125 110 P124 144 123 WITHOUT SEASONAL ADJUSTMENT 1954—Dec -202 200 191 -232 -236 -190 194 180 -206 228 -210 1955 Jan. 91 90 85 85 87 91 106 on 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 148 141 139 159 147 164 165 147 149 -126 142 155 145 Dec. P212 206 194 213 205 P236 P255 204 208 179 P2\2 241 217 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 1955? 127 122 115 122 117 146 152 121 124 121 135 143 133 SEASONALLY ADJUSTED 1954—Dec.. . -125 119 -115 121 117 144 144 -121 118 119 -131 139 -129 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 131 123 119 119 154 159 123 130 128 142 149 137 Dec 126 121 131 124 P158 P156 127 133 134 145 P157 P\A2 WITHOUT SEASONAL ADJUSTMENT 1954—Dec 110 111 -105 107 104 120 127 -109 106 107 117 -125 108 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 1.16 131 133 131 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 148 144 136 -147 135 167 180 142 147 142 157 165 151 Dec 117 110 115 110 115 120 120 131 P142 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 173 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales'* Period m S (t o a f o o l n t e r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i m ( o s e O r t o n i a d n u d n 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 ( N r t o f d o o e n e t w r t r a h s l ) 3 Stocks s o 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 k s - rs - s ce R i e p - ts 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 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 average. . 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 average. . 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 average. . 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 average. . '409 ,140 ••388 '410 ••412 3.0 1.0 4.0 1.0 1955 average^. 445 441 446 2.9 1.1 4.0 1.0 434 1954—Dec ,067 ••514 '407 1.4 0.4 1.8 0.7 '774 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 546 ,415 487 611 517 2.6 0.9 3.5 1.1 Deep 817 ,138 358 540 411 1.4 0.4 1.8 0.7 p Preliminary. ' 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 1955, 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] Mer m ch i a li n ta d r i y se -a e id 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 1,293 1.092 1,168 1,016 923 1,083 922 833 871 Feb 1,200 1,183 1,237 927 998 1,143 856 809 850 Mar 1,390 1,126 1,343 1,052 923 1,251 1,004 865 1,019 Apr . . 1,394 1,426 1,261 1,054 1,258 1,167 1,013 957 871 May 1 453 I 401 '1 320 1 085 1 137 n 189 902 829 959 June 1,385 1,474 1,318 1,013 1,115 1,190 933 947 936 July 1,363 1,290 '•I, 267 965 1,023 1,140 908 822 885 Aus 1,187 1,156 '1,235 911 955 '1,107 840 825 '960 Sept 1,256 1,115 '1,254 1,052 962 '1,155 926 780 945 Oct 1,253 1,265 1,396 1,019 1,162 1,276 813 763 1,010 Nov 1,247 1,250 *>l,3O8 1,031 1,165 *1,236 849 840 p1,064 Dec 1 353 .318 «1 363 1,138 1,221 «1 279 907 942 4,000 Jan Dec 15,774 15,096 •15,471 12,262 12,841 «14,215 10,873 10,212 «11,368 «Estimated. 2 Department of Defense shipments of grant-aid military equipment P Preliminary. and supplies under the Mutual Security Program. r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 PRICES CONSUMER PRICES [Buieau of Labor Statistics index for city wage-earner aiid clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent G an a d s S fu o e l l i s d H f o u u r- se- H h o o u ld se- parel p t o io rt n a- c ic a a re l s c o a n r a e l re a c n re d a- s a e n rv d elec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 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—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 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 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 SeDt 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 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 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 p p T u a a r t a i e c n o p r l x t d e - e d s - l - l H s p e u k a a r i c n o i 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 w n r n h a i e g d a e - t l r l - , s , C p a i u a l h r c l c n o a e i t e d d l m s s d - - p R u a b r u c n o e b t d d r s - - p w L 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 c n o p i l e t d d e p s d - r , , M m p u a r e e c n o t t t d a d a s l - l s p c m M u a t e r h i n c o v r o i a y t d n d e - s - - - h F d o h t b o a u u t u o l n u h r r e r l d s e a n d e s e r - i - - e s N r t t m t m a a u r o il l i r u l e l n s a n i - c — c - l - - b b e m •( b a o T r a e a f n t c o t r v g d c l - s e - e o . d s n c M e e o l i l s u a - s - 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103. 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1954 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 110.1 92.5 103.8 115.2 95.2 91.9 108.5 107.1 136.8 120.3 116.3 130.1 125.8 115.5 122.0 121.4 97.0 Feb 110.4 93.1 103.2 115.7 95.2 92.3 108.7 107.1 140.6 121.2 116.6 131.5 126.1 115.4 121.8 121.6 97.1 Mar 110.0 92.1 101.6 115.6 95.3 92.2 108.5 106.8 138.0 121.4 116.8 131.9 126.1 115.1 121.9 121.6 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 91.2 102.1 115.5 95.0 92.9 107.0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127.1 115.2 123.7 121.6 89.1 July 110.5 89.5 103.1 116.5 95.3 93.7 106.4 106.0 143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 90.8 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 98.8 119.4 95.6 '96.4 108.6 106.6 '150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7 88.0 Dec 111.3 83.4 98.2 119.7 95.6 96.7 108.9 106.7 151.0 125.1 123.6 143.9 132.8 117.4 125.4 121.7 88.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 175 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1954 1955 1954 1955 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products- Continued: 96.9 92.9 102.6 102.8 Grains . . . 92 5 82.4 79.8 82 7 Paoerboard 124 1 129 7 130 1 130 3 Livestock and poultry 74.0 71.8 62.2 59.3 Converted paper and paperboard.... 111.0 118.9 '119.0 119.2 Plant and animal fibers 105 0 99.1 100.9 100.8 Building paper and board 127 6 133.3 133 3 133 3 Fluid milk 93 6 95.1 '95 0 94 0 Eggs . ... . . 64.0 92.6 98.9 99.2 Metals and Metal Products: Hay and seeds 93.8 75.9 75.8 77.6 Other farm products 157 7 145.4 140.1 139.1 Iron and steel 135.0 145.7 146 0 147 1 Nonferrous metals 127.6 153.9 153.9 155.8 Processed Foods: Metal containers 131.6 132.8 138.0 138.0 Hardware 142.3 151.3 '151.6 151.6 Cereal and bakery products 116.8 114.8 '115.1 115.2 Plumbing equipment. 118.7 129.4 '133.1 133.1 Meats, poultry, and fish 85.2 81.6 77.8 75.3 Heating equipment 114.3 117.3 '117.4 117.4 Dairy products and ice cream 108.2 105.0 105.9 107.2 Fabricated structural metal products. 117.8 127.4 '127.6 128.0 Canned, frozen fruits, and vegetables. 106.0 107.4 '107.7 107.8 Fabricated nonstructural metal Sugar and confectionery 111 6 110.0 109.7 109.4 products 125.9 131.3 '132.1 132.2 Packaged beverage materials 203.4 183.8 176.6 176.6 98.4 98.3 97.4 97.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment . ... 121.2 126.7 '126.1 126.2 Cotton products 89.9 92.8 '93.2 93.7 Construction machinery and equip- 106 7 102.8 102.8 102.8 ment 132.6 142.1 142.4 143 0 Synthetic textiles 87.2 86.1 85.8 84.9 M^etal workinc machinerv 134.7 147.2 '148.0 148.5 Silk products 123.9 123.7 120.8 120.6 General purpose machinery and 98 4 98.7 '99.0 99.1 equipment 128.2 138.6 '140.4 141.2 Other textile products. 76.9 71.6 72.5 71.3 Miscellaneous machinerv 126.0 133.1 '133.5 133.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.8 130.7 131.4 131.6 Motor vehicles.. 121.7 124.7 '126.5 126.7 Hides and skins 47 4 62.3 60.2 61.1 Leather 81.5 86.1 87.7 88.4 Furniture and Other Household Dura- Footwear. .. . 111.6 113.5 '115.4 115.4 bles: Other leather products 95.9 96.0 '96.2 96.4 112.9 115.6 '116.4 116.5 Fuel, Power, and Lighting Materials: Commercial furniture. . 128.6 137.1 137.1 137.1 124.0 128.7 128.7 129.2 Coal 105 2 108.7 '109.0 109.4 Household appliances 109.4 106.1 '106.3 106.3 Coke 132 4 138.8 138.8 138 8 Radio 95 4 89 5 '89 8 90 0 Gas 110 2 109.3 '110.8 110.8 Television 69.2 69.5 69 5 69 5 Electricity 100.7 94.3 94.3 94.3 Other household durable goods 131.5 135.5 136.0 136.7 Petroleum and products. 110.4 114.2 115.0 115.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 123.9 133.0 '131.1 131.1 Industrial chemicals 117 4 118.9 119.3 119.4 Concrete ingredients 122 3 125.6 125 6 125 9 Prepared paint 112 8 115.0 115.0 115.8 Concrete products 117.4 120.2 '120 2 120.2 Paint materials.... 96 2 97.4 97.1 97.3 Structural clav oroducts 135 4 144.3 144 5 144 6 Drugs, Pharmaceuticals, cosmetics. .. 93.6 92.3 92.3 92.3 Gypsum products 122.1 122.1 122.1 122 A Fats and oils, inedible 59 3 58.2 57.6 56.6 Prepared asphalt roofing 106.1 114.4 '101.0 101.0 Mixed fertilizers 108 9 108.5 '108.5 108 2 Other nonmetallic minerals 119 5 122.8 '122 0 122 1 Fertilizer materials 113 3 112.3 112.3 112.3 Other chemicals and products 107.9 104.5 104.6 104.6 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber . ... 137.6 165.0 166.8 168.3 Cigars 103.7 104.2 104.2 104.2 134 9 147.2 151.8 151.8 Other tobacco products .. 121.4 122.5 122.5 122.5 Other rubber products 125.2 137.9 '139.4 139.6 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: 119 8 126.8 126.4 126.4 M i l l w o r k . .. 130.3 128.2 '127.9 128.8 Toys, sporting goods, small arms.... 112.9 113.8 114.3 114.9 Plywood 104.3 106.1 105.9 105.7 Manufactured animal feeds. . . 86.8 74.7 67.8 68.8 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 121 0 122.3 122 9 123.4 Woodpulp 109.6 114.2 114.2 114.2 Wastepaper 85.5 120.3 133.9 133.9 Paper 126.9 131.2 131.7 133.0 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1950 1951 1952 1953 1954 1955 4 1 2 3 4 Gross national product 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 367.1 375.3 384.8 392.0 397.3 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.5 25.5 27.8 30.0 32.3 30.9 31.2 31.9 32.7 33.5 Indirect business tax and related lia- 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.3 31.9 30.7 31.1 31.7 32.2 32.5 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments .3 6 . . 9 7 .4 5 .2 8 1 1. 3 0 1 .7 2 1 1. . 3 2 - 1 .8 .2 — 1 . 2 1 1. . 2 7 1. . 2 7 1.2 2 1. . 2 8 1 2 Plus: Subsidies less current surplus of government enterprises — l 0 1 2 2 — 1 -.4 -.1 .5 -.3 .3 .4 .6 5 Equals * National income 87 8 40 2 104 7 240 0 277 0 289 5 303 6 299 7 322 3 303 2 311 4 320 7 325 7 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 37.2 33.8 41.4 35.5 39.6 42.2 41.9 Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.6 11.0 9.6 10.5 10.8 11.2 "\'\A Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 -.1 .0 .0 .0 .1 .4 -.6 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.8 15.0 16.0 15.7 15.91 16.2 15.7 15.9 Net interest paid by government 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.0 5.2 5.li 5.0 5.0 5.0 Dividends 5.8 2.1 4.5 9.2 9.1 9.0 9.3 10.0 11.2 10.6 10.2! 10.7 11.0 12.2 Business transfer payments 6 7 5 8 1 0 1 2 1 2 1.2 1.2 1.2 1.2! 1.2 1.2 1 2 Equals' Personal income 85.8 47.2 96.3 227.1 255.3 271.1 286.2 287.6 303.3 290.8 293.6 300.5 306.1 312.1 Less: Personal tax and related payments 2.6 7.5 3.3 20.9 29.3 34.4 35.8 32.8 33.9 33.1 32.6 33.4 34.4 35.4 Federal 1.3 .5 2.0 18.2 26.3 31.2 32.4 29.1 30.0 29.3 28.8 29.5 30.4 31.3 State and local 1 4 1 0 1 3 2 7 3 0 3 2 3 4 3.7 3.9 3.8 3.8 3.9 4.0 4 1 Equals: Disposable personal income 83.1 45.7 93.0 206.1 226.1 236.7 250.4 254.8 269.4 257.8 261.0 267.1 27!.7 276.6 Less: Personal consumption expenditures.... 79.0 46.4 81.9 194.0 208.3 218.3 230.6 236.5 252.3 241.0 245.8 250.5 255.7 257.2 Equals: Personal saving 4.2 -.6 11.1 12.1 17.7 18.4 19.8 18.3 17.1 16.8 15.3 16.6 16.0 19.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1954 1955 1929 1933 1941 1950 1951 1952 1953 1954 1955 National income. 87.8 40.2 104.7 240.0 277.0 289.5 303.6 299.7 322.3 303.2 311.4 320.7 325.7 Compensation of employees 51.1 29.5 64.8 154.3 180.4 195.3 209.2 207.9 221.3 209.8 213.1 219.5 224.3 228.0 Wages and salaries1 50.4 29.0 62.1 146.5 170.9 185.1 198.5 196.2 208.5 198.1 200.8 207.0 211.3 214.7 Private 45.5 23.9 51.9 124.3 142.1 152.2 164.7 162.4 173.2 163.8 166.5 171.7 175.6 178.8 Military .3 .3 1.9 5.0 8.7 10.5 10.3 9.5 9.1 9.3 9.1 9.3 9. 9.0 Government civilian 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.2 25.0 25.3 25.9 26.6 26.9 Supplements to wages and salaries. .7 .5 2.7 7.8 9.5 10.2 10.8 11.7 12.8 11.8 12.21 12.5 13.0 13.2 I Proprietors' and rental income2. 20.2 7.6 20.9 44.6 49.9 49.9 48.4 48.4 49.1 48.2 48.8 48.7! 48.8 50.1 Business and professional.... 8.8 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 26.3 26.6 27.1 27.6 28.0 Farm 6.0 2.4 6.5 13.3 16.0 14.3 12.3 12.0 11.1 11.2 11.5 11.0| 10.6 11.4 Rental income of persons.... 5.4 2.0 3.5 8.5 9.1 9.9 10.3 10.5 10.7 10.7 1U. / IV. / 10.7 10.7 Corporate profits and inventory valuation Co a r d p j o u r s a tm te e p n r t ofits before tax 1 9 0 . . 6 1 -2. . 0 2 1 17 4 . . 0 5 3 40 5 . . 0 1 3 41 9 . . 2 9 3 3 5 6 . . 9 9 3 3 8 7 . . 3 2 3 3 4 3 . . 0 8 4 43 1 . . 4 4 3 3 6 5 . . 0 5 1 4 3 0 9 . . 9 6 4 43 2 . . 0 2 4 44 1 . . 5 9 Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 21.3 17.1 21.8 18.lj 20.5 21.6 22.3 Inv C e o n r t p o o ry ra v te a l p u r a o t f i i o ts n a a f d te ju r s t t a m x ent 8. . 3 5 - - 2 .4 .1 -2 9 . . 5 4 - 2 4 2 .9 .1 -1 1 . 8 3 . J 7 1 1 6 . . 0 1 - 1 1 7 .1 .0 1 - 7 .2 .0 - 2 2 1 .0 .6 17.9 j - 2 1 0 .3 .4 2 - 1. . 4 8 — 22 2 .2 .6! -3.1 Net interest. 6.4 5.0 4.5 5.9 6.8 7.4 9.5 10.5 9.7 9.9 10.3 10.7 11.2 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 177 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1954 1955 1929 1933 1941 1950 1951 1952 1953 1954 1955 1 2 3 Gross national product 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 367.1 375.3 384.8 '392.0 397.3 Personal consumption expenditures 79.0 46.4 81.9 194.0 208.3 218.3 230.6 236.5 252.3 241.0 245.8 250.5 255.7 257.2 Durable goods 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.3 35.3 30.4 34.4 35.1 36.9 34.8 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.0 118.9 120.9 125.9 122.5 122.4 125.3 127.0 128.8 Services 32.1 20.7 29.0 65.0 70.1 75.7 81.8 86.4 91.2 89.0 90.2 91.8 93.6 Gross private domestic investment 16.2 1.4 18.1 51.2 56.9 49.6 51.4 47.2 59.3 54.1 60.1 60.5 63.2 New construction * 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.8 32.4 31.2 32.6 33.2 32.3 Residential, nonfarm 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 16.1 16.9 17.2 16.2 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.3 15.8 15.1 15.7 16.0 16.2 Producers' durable equipment. 5.9 1.6 6.9 21.1 23.2 23.1 24.4 22.3 23.8 21.5 23.2 24.9 25.5 Change in business inventories 1.7 -1.6 4.5 7.4 10.4 2.8 1.2 -2.9 3.2 1.5 4.3 2.4 5.3 Nonfarm only 1.8 -1.4 4.0 6.4 9.0 2.1 1.9 -3.2 3.0 1.5 4.2 2.0 5.1 Net foreign investment .8 .2 1.1 -2.2 .2 -.2 -2.0 -.3 -.4 -.4 -.7 .0 -.3 Government purchases of goods and services 8.5 8.0 24.8 42.0 62.8 77.5 84.5 77.0 75.9 74.5 75.8 74.9 75.8 77.2 Federal 1.3 2.0 16.9 22.1 41.0 54.3 59.5 49.2 45.8 45.7 46.4 45.2 45.5 46.3 N Ot a h ti e o r nal security 1.3 2.0 1 3 3 . . 2 8 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . .8 5 8 1 . . 5 4 4 6 3 . . 3 2 4 5 0 . . 4 8 4 5 0 . . 5 5 4 5 1 . . 5 2 4 5 0 . . 2 4 4 5 0 . . 2 6 4 5 1 . . 5 0 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .3 .3 .3 .3 .3 .3 State and local 6.0 7.8 19.9 21. 23.2 25.0 27.8 30.1 28.7! 29.4 29.7 30.2 31.0 7.2 1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Year or month i in s P o c e o n r m a - l e Total p m i C r n o o g o d d m i u i n t - c y - - D i u n i t s r t d i i t u e v ri s s e b - - S in e tr r d i v e u i s s c - e G m 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 r e n o t m t d - o al e rs 3 ' i i n n d s p a t c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 4 p b e c i s a u r o n o n f s t n s o c i o c u o t i r e n r a r n 5 i - a l - s l i a n g N t c u r o o i r c m n a u l - e l- 6 dustries 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13 2 1.5 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 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 1955 303.3 208.5 90.5 55.1 27.6 35.3 7.0 49.1 26.8 17.2 5.2 288.4 1954—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 s 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 Sent 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. 312.0 215.3 94.0 56.8 28.5 36.0 7.1 50.2 27.6 17.1 5.3 296.6 Dec P 315.0 215.7 94.1 57.0 28.6 36.0 7.2 50.2 29.9 17.4 5.4 299.8 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

178 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Phila- Item Total Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discount and advances $13,084,632 $498,376 $3,055,322 $958,778 $863,074 $567,773$1,015,249 Industrial loans 24,199 20,202 Commitments to make industrial loans. 17,842 884 5,398 210 818 Acceptances 215,641 215,641 U. S. Govt. securities 398,977,91921,965,707 102,368,356 24,212,406 34,169,78323,436,369 20,474,183 All other 167,698 14,095 26,472 10,332 16,943 8,490 13,210 Total current earnings. 412,487,931 22,478,178 105,665,79125,202,602 35,055,19824,012,842 21,503,460 Current Expenses Salaries: Officers 5,171,135 330,919 917,538 339,630 436,648 383,418 418,857 Employees 68,548,252 4,164,103 15,364,153 4,069,829 6,025,265 4,408,395 4,063,355 Directors' and other fees 265,015 15,370 38,874 21,744 16,023 18,910 33,925 Retirement contributions 6,782,212 420,815 1,445,476 396,657 594,286 451,018 423,366 Traveling expenses 1,335,055 86,205 197,592 65,788 129,664 113,259 98,794 Postage and expressage 15,179,071 1,203,292 2,253,381 819,797 1,241,272 1,395,090 1,290,106 Telephone and telegraph 981,293 52,172 205,494 50,642 74,515 68,590 90,644 Printing, stationery, and supplies 5,217,321 374,234 934,369 291,246 413,884 345,829 408,539 Insurance 1,041,464 75,687 182,520 52,750 102,317 90,657 71,007 Taxes on real estate 2,939,567 450,210 646,271 123,384 259,740 124,051 147,833 Depreciation (building) 2,620,474 403,814 273,241 268,149 357,446 243,496 162,231 Light, heat, power, and water 1,187,842 101,577 206,729 86,107 118,644 94,033 59,493 Repairs and alterations 770,697 25,822 141,768 86,346 224,402 44,362 52,882 Rent. 458,188 2,891 4,082 14,115 84,669 2,386 111,308 Furniture and equipment: Purchases 1,346,909 99,477 74,878 73,501 192,143 152,546 136,443 Rentals 4,316,821 370,326 629,793 310,145 389,761 297,036 271,167 Assessment for expenses of Board of Governors 4,194,100 251,100 1,218,800 306,000 380,500 213,100 183,800 Federal Reserve currency 4,707,002 343,777 1,250,134 309,484 252,424 369,113 281,381 All other U,594,099 120,130 275,420 118,003 393,814 109,352 105,343 Total 128,656,517 8,891,921 26,260,513 7,803,31711,687,417 8,924,641 8,410,474 Less reimbursement for certain fiscal agency and other expenses. 118,596,494 965,649 3,546,921 962,242 1,734,062 1,082,467 1,323,144 Net expenses 110,060,023 7,926,272 22,713,592 6,841,075 9,953,355 7,842,174 7,087,330 Profit and Loss Current net earnings 302,427,90814,551,906 82,952,19918,361,527 25,101,84316,170,66814,416,130 Additions to current net earnings 178,313 270 59,877 485 16,315 482 122 Deductions from current net earning: Losses on sales of U. S. Govt. securities (net). 506 83 34 50 74 55 40 Reserves for contingencies 356,669 35,397 54,159 18,266 20,806 51,955 16,181 All other 86,594 6,953 33,221 224 1,380 995 5,285 Total deductions 443,769 42,433 87,414 18,540 22,260 53,005 21,506 Net deductions , 265,456 42,163 27,537 18,055 5,945 52,523 21,384 Net earnings before payments to U. S. Treasury. 302,162,45214,509,743 82,924,66218,343,472 25,095,89816,118,14514,394,746 Paid U. S. Treasury (interest on F. R. notes). 251,740,72112,221,591 69,806,74715,456,86521,070,50913,786,64712,249,151 Dividends paid 17,711,937 930,218 5,361,648 1,169,206 1,684,251 799,651 784,588 Transferred to surplus (Sec. 7). 32,709,794 1,357,934 7,756,267 1,717,401 2,341,138 1,531,847 ,361,007 Surplus (Sec. 7) January 1 660,901,51840,308,695188,070,589 47,773,113 60,222,040 33,480,00529,480,095 Surplus (Sec. 7) December 31. 693,611,312 41,666,629 195,826,856 49,490,514 62,563,17835,011,852 30,841,102 i After deducting $391,109 of prorated inter-Bank expenses to avoid duplication in combined totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 179 FEDERAL RESERVE BANKS DURING 1955 Chicago St. Louis Minneapolis Ka C n i s ty as Dallas Fra S n a c n isco Item Current Earnings $2,640,046 $474,372 $840,861 $908,481 $467,157 $795,143 Discount and advances 3,997 Industrial loans 80 10,452 Commitments to make industrial loans Acceptances 69,427,125 16,540,000 9,669,412 17,270,913 15,880,780 43,562,885 U. S. Govt. securities 23,908 6,150 12,007 17,556 9,887 8,648 All other 72,091,159 17,020,522 10,526,277 18,207,402 16,357,824 44,366,676 Total current earnings Current Expenses Salaries: 586,401 361,077 294,342 330,175 348,013 424,117 Officers 10,932,346 3,828,916 2,058,279 3,513,649 3,267,435 6,852,527 Employees 16,136 24,362 16,066 16,157 19,709 27,739 Directors' and other fees 1,086,488 380,116 203,437 363,893 345,219 671,441 Retirement contributions 162,752 90,219 69,270 82,931 94,657 143,924 Traveling expenses 2,165,054 822,955 492,849 863,713 119,1AS 1,851,817 Postage and expressage 114,380 59,814 36,630 56,814 65,728 105,870 Telephone and telegraph 938,952 359,279 134,634 298,425 235,858 482,072 Printing, stationery, and supplies 142,954 74,518 28,691 73,839 49,941 96,583 Insurance 451,020 102,866 105,213 130,981 74,443 323,555 Taxes on real estate 283,321 72,916 56,111 81,688 35,307 382,754 Depreciation (building) 161,340 88,628 38,156 93,503 47,328 92,304 Light, heat, power, and water 46,383 39,990 22,862 20,337 21,380 44,163 Repairs and alterations 86,316 1,462 60,253 595 49,485 40,626 Rent Furniture and equipment: 228,334 174,552 28,585 67,797 38,446 80,207 Purchases 701,938 243,320 161,263 258,521 227,148 456,403 Rentals 585,600 159,500 105,000 158,800 198,000 433,900 Assessment for expenses of Board of Governors 810,535 238,654 62,047 201,580 149,728 438,145 Federal Reserve currency 281,455 108,193 86,559 126,188 88,395 172,356 All other 19,781,705 7,231,337 4,060,247 6,739,586 6,135,965 13,120,503 Total 3,381,061 1,158,036 541,484 1,288,118 1,079,300 1,925,119 Less reimbursement for certain fiscal agency and other expenses 16,400,644 6,073,301 3,518,763 5,451,468 5,056,665 11,195,384 Net expenses Profit and Loss 55,690,515 10,947,221 7,007,514 12,755,934 11,301,159 33,171,292 Current net earnings 9,049 636 86,471 1,825 2,631 150 Additions to current net earnings Deductions from current net earnings: +7 73 39 33 46 + 14 Losses on sales of U. S. Govt. securities (net) 44,972 18,662 11,536 21,333 18,945 44,457 Reserves for contingencies 20,908 6,998 1,971 131 342 8,186 All other 65,873 25,733 13,546 21,497 19,333 52,629 Total deductions 56,824 25,097 +72,925 19,672 16,702 52,479 Net deductions 55,633,691 10,922,124 7,080,439 12,736,262 11,284,457 33,118,813 Net earnings before payments to U. S. Treasury 47,949,747 9,274,574 6,013,073 10,843,053 6,491,494 26,577,270 Paid U. S. Treasury (interest on F. R. notes) 2,356,233 617,044 399,257 688,430 931,086 1,990,325 Dividends paid 5,327,711 1.030.506 668,109 1,204,779 3,861,877 4,551,218 Transferred to surplus (Sec. 7) 96,565,887 26,618,987 16,918,046 24,755,181 29,985,195 66,723,685 Surplus (Sec. 7) January 1 101,893,598 27,649,493 17,586,155 25,959,960 33,847,072 71,274,903 Surplus (Sec. 7) December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercia and stock savings banks and nondeposit trust companies Mutual savings Type of office and type of change All Member banks Nonmember banks banks Total Total i ti N on a a - l1 me S m ta b te er2 Total su In re - d in N s o ur n e - d su I r n e - d2 in N su o r n e - d Banks (head offices) Dec 31 1934 . 16 063 15,484 6 442 5,462 980 9,042 7,699 1,343 68 511 Dec 31 1941... 14 825 14,277 6 619 5,117 [,502 7,661 6,810 851 52 496 Dec. 31,19473 14 714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec 31 1951 14 618 14 089 6 840 4.939 [,901 7,252 6,602 650 202 327 Dec M 1953 14 509 13,981 6 743 4,856 ,887 7,241 6,672 569 219 309 Dec. 31 1954 14'367 13,840 6 660 4,789 1,871 7,183 6,647 536 218 309 Dec. 31, 1955 14 243 13,716 6 543 4,692 1.851 7,176 6,677 499 220 307 Branches and additional offices Dec. 31, 1934 3 133 3,007 2,224 1,243 981 783 4733 4126 Dec 31 1941 3 699 3,564 2 580 1,565 ,015 984 932 52 32 103 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951 5 383 5,153 3,837 2,370 ,467 1,316 1,275 41 165 65 Dec 31 1953 . 6 096 5,826 4 398 2,746 1,652 1,428 1,387 41 192 78 Dec 31, 1954 6 614 6.306 4 787 3,056 1.731 1,519 1,483 36 221 87 Dec. 31, 1955 7 253 6,923 5 304 3,365 1,939 1,619 1,584 35 234 96 Changes, Jan. 1-Dec. 31, 1955 Banks: New banks 5 + 117 + 116 + 32 +28 +4 + 84 +72 + 12 + 1 Susoensions -4 -4 -2 Consolidations and absorptions: Banks converted into branches -205 -204 -149 -115 -34 -55 -51 -4 i Other 27 — 27 14 — 10 -4 -13 -9 4 -5 -5 -1 -1 -4 -3 -1 _1 + 1 Conversions: National into State _3 A + 1 + 3 + 3 + 6 + 8 -2 -6 -5 -1 Federal Reserve membership: 8 Admissions of State banks + 16 + 16 -16 -15 -1 2 -> +2 +2 Federal Deposit insurance:9 Admissions of Sta+e banks + 38 -38 +2 -2 Net increase or decrease -124 -124 -117 -97 -20 -7 + 30 -37 + 2 -2 Number of banks Dec 31 1955 14,243 13,716 6,543 4,692 1,851 7,176 6,677 499 220 307 Branches and additional offices except Banking facilities: i o De novo branches +462 +442 + 335 +231 + 104 + 107 + 105 +2 + 12 +8 Banks converted into branches +205 +203 + 178 + 116 + 62 til ±% + 1 + 1 D iscontinued 44 — 44 30 — 13 -17 _2 + 1 + 1 + 1 + 1 Interclass branch changes: — 73 +73 3 — 3 + 3 + 3 +28 — 28 ] _ i + 1 + 1 +9 +9 -9 -9 Nonmember to State member + 13 + 13 -13 -13 + 1 -1 Net increase or decrease . + 624 + 602 + 502 +296 +206 + 100 + 101 -1 + 13 +9 Number of branches and additional offices, Dec. 31, 1955 7 040 6,710 5 112 3,196 1,916 1,598 1,563 35 234 96 Banking facilities: 10 Established +20 +20 + 18 + 16 +2 +2 +2 Discontinued Tnterclass change +2 + 2 -2 -2 + 15 + 15 + 15 + 13 + 2 "Miimh*»r nf fari1iti><; Dpr 31 10S5 213 213 192 169 23 21 21 | I 1 Excludes banks in United States territories and possessions except one 6 Exclusive of liquidations incident to succession, conversion, and national bank in Alaska, with no branches, that became a member of the absorption of banks. Federal Reserve System on Apr. 15, 1954. 7 Newly organized State member bank formed by consolidation of four 2 State member bank and insured mutual savings bank figures both in- banks, located at the former head office of one of the discontinued national clude, since 1941, three member mutual savings banks not included in banks and operating other three discontinued banks as branches. the total for commercial banks. State member bank figures also in- 8 Exclusive of conversions of national banks into State bank members, clude, since 1954, one noninsured trust company without deposits. and vice versa. Shown separately under conversions. 3 As of June 30, 1947, the series was revised. The revision resulted in 9 Exclusive of insured nonmember banks converted into national banks a net addition of 115 banks and 9 branches. or admitted to Federal Reserve membership, and vice versa. 4 Separate figures not available. 1 o Banking facilities (other than branches) that are provided at military 5 Exclusive of new banks organized to succeed operating banks; see also and other Government establishments through arrangements made by "Other changes." the Treasury Department. *l Reflects restoration to series of a branch that had been eliminated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 181 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not onpar list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h i e ce s s Banks a B nd ra n o c ff h ic e e s s Total, including Alaska and Hawaii:2 Dec. 31, 1954 13,770 6,356 11,968 6,035 6,654 4,787 5,314 1,248 1,802 321 Dec. 31 1955 13,647 6,975 11,862 6,645 6,537 5,304 5,325 1,341 1,785 330 Districts, Dec. 31, 1955: Boston 444 508 444 508 303 407 141 101 New York 728 1 275 728 1,275 625 1,180 103 95 Philadelphia 743 386 743 386 563 307 180 79 Cleveland 1,002 566 1,002 566 615 498 387 68 Hi" Richmond 998 810 821 655 473 421 348 234 155 Atlanta 1,268 338 682 292 379 249 303 43 586 46 Chicago 2,484 801 2,484 801 1,022 431 1,462 370 St. Louis 1,459 218 1 151 149 492 91 659 58 308 69 Minneapolis 1,285 119 684 76 473 30 211 46 601 43 Kansas City 1,759 30 1,752 30 749 20 1,003 10 7 Dallas. . 1 060 91 969 78 634 55 335 23 91 13 San Francisco2. ... 417 1 833 402 1,829 209 1,615 193 214 15 4 State or area, Dec. 31, 1955: Alabama 237 47 142 46 94 46 48 95 1 Arizona 10 93 10 93 4 67 6 26 Arkansas 233 25 119 7 71 4 48 3 114 18 California 142 1,210 142 1,210 92 1,105 50 105 Colorado 155 5 155 5 94 4 61 1 Connecticut 91 103 91 103 53 85 38 18 Delaware 30 38 30 38 11 16 19 22 District of Columbia . .. 17 54 17 54 13 44 4 10 Florida 230 12 183 11 93 10 90 1 47 1 Georgia 407 61 122 59 64 52 58 7 285 2 Idaho 36 67 36 67 20 62 16 5 Illinois 916 4 914 4 518 4 396 2 Indiana 472 166 472 166 235 103 237 63 Iowa 666 162 666 162 166 4 500 158 Kansas 601 2 599 2 212 2 387 2 Kentucky.. .. 367 84 367 84 109 58 258 26 Louisiana 175 117 69 89 51 77 18 12 106 28 Maine 58 94 58 94 37 58 21 36 Maryland 152 168 152 168 70 96 82 72 Massachusetts. . . . 173 261 173 261 134 226 39 35 Michigan 417 377 417 377 230 306 187 71 Minnesota 679 6 272 6 206 6 66 407 Mississippi 197 98 46 35 34 18 12 17 151 63 Missouri 599 3 540 3 175 3 365 59 Montana 113 113 84 29 Nebraska 414 1 414 139 1 275 Nevada 6 29 6 29 5 25 1 4 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 294 261 294 261 25? 231 42 30 New Mexico 51 30 51 30 33 13 18 17 New York 506 1 033 506 1 033 442 973 64 60 North Carolina 207 326 108 178 53 98 55 80 99 148 North Dakota 154 24 59 6 40 19 6 95 18 Ohio 623 369 623 369 401 327 222 42 Oklahoma 384 3 377 3 223 3 154 7 Oregon 48 145 48 145 20 135 28 10 Pennsylvania.. 812 472 812 472 615 406 197 66 Rhode Island 10 69 10 69 6 53 4 16 South Carolina . 149 86 73 79 33 63 40 16 76 7 South Dakota 171 54 72 29 61 24 11 5 99 25 Tennessee 297 138 215 123 86 90 129 33 82 15 Texas 933 19 891 19 580 19 311 42 Utah 51 45 51 45 26 40 25 Vermont 61 15 61 15 35 6 26 9 Virginia 316 176 315 176 205 120 110 56 1 Washington 103 208 103 208 42 197 6\ 11 West Virginia 181 180 111 69 1 Wisconsin 552 150 552 150 166 22 386 128 Wyoming 53 1 53 1 40 1 13 Alaska2 18 n 3 9 1 2 9 15 4 Hawaii2 5 49 5 49 5 49 1 Comprises all commercial banking offices on which checks are drawn, no checks are drawn, 3 mutual savings member banks, and banks in including 213 banking facilities. Number of banks and branches differs Alaska and Hawaii. from the preceding table because of banks and trust companies on which 2 Alaska and Hawaii assigned to the San Francisco District for purposes of Regulation J, "Check Clearing and Collection." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 BANK RESERVES AND RELATED ITEMS, 1955 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 m ba A b e n e m l r k 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 d o in n g t h W , o e r dnesday b m a A b e n e m l k r l s - N c e i w ty ban C k h s i- b s c a R 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: Required reserves: * 1955 1955 Jan 19 114 4 410 7 881 5 619 18,432 4,402 1,200 7,794 5,036 Feb 18,819 4,380 ,183 7,726 5,531 Feb 18,195 4,350 1,183 7,646 5,015 Mar 18 635 4 394 141 7 623 5 476 Mar 18 050 4,373 1,143 7,561 4,971 Apr 18,800 4,445 ,122 7,747 5,486 Apr 18,210 4,442 1,122 7,673 4,973 May 18,746 4,407 ,139 7 734 5,465 May 18,166 4,384 1,138 7,649 4,995 18,715 4,388 ,135 7,680 5,512 June 18,146 4,373 1,138 7,619 5,016 July 18 825 4 371 148 7 759 5 546 July 18,205 4,362 1,140 7,673 5,030 Aug 18,728 4,286 ,140 7,737 5,565 18,152 4,277 1,141 7,682 5,052 Sept 18,711 4,262 .129 7 738 5,583 Sept 18,148 4,248 1.128 7,675 5,096 Oct 18,870 4,316 1,127 7,823 5,604 Oct 18,345 4,316 ,127 7,759 5,144 Nov 18,902 4,257 1,144 7,840 5,660 Nov 18,378 4,243 ,142 7,802 5,191 Dec 19,240 4,432 1,166 7 924 5,716 Dec 18,646 4,397 ,164 7,865 5,220 Jan. 5 19 263 4 533 J.232 7 944 5,555 Jan 5 18,580 4,513 ,218 7,829 5,020 Jan. 12 19,130 4,401 1,191 7 902 5,635 Jan 12 . .. 18,436 4,398 ,199 7,806 5,033 Jan. 19 19,176 4,372 ,202 7,895 5,707 jan 19 18,383 4,354 ,198 7,791 5,040 Jan. 26 19,074 4,393 1,188 7,869 5,625 Jan 26 18,429 4,390 ,193 7,798 5,048 Feb. 2 18,952 4,415 ,200 7,817 5,520 Feb 2 18,361 4,398 ,200 7,734 5,029 Feb. 9 19,000 4,418 1,200 7 773 5,608 Feb 9 18,272 4,381 ,193 7,668 5,030 Feb. 16 18,806 4,373 1,182 7,739 5,511 Feb 16 .... 18,236 4,364 ,180 7,673 5,019 Feb. 23 18,716 4,347 1,177 7,685 5,506 Feb 23 18,108 4,302 ,181 7,621 5,004 Mar. 2 18,642 4,348 1,173 7,658 5,463 Mar 2 18,089 4,339 ,173 7,586 4,991 Mar 9 18 596 4 354 1,162 7 612 5,469 Mar 9 18,018 4,348 ,163 7,526 4,981 Mar 16 18 779 4,458 1,150 7 653 5,517 Mar 16 18,149 4,433 .156 7,585 4,975 Mar. 23 18,804 4,397 1,139 7,684 5,584 Mar 23 . .. 18,123 4,383 1,138 7,621 4,981 Mar. 30 18,408 4,361 1,115 7,571 5,361 Mar 30 17,918 4,335 1,118 7,513 4,952 Apr. 6 18,611 4,471 1,065 7,668 5,407 Apr 6 18,055 4,440 1,064 7,602 4,949 Apr 13 18 868 4,465 .123 7 754 5,527 Apr 13 18,214 4,454 1,123 7,675 4,962 Apr. 20 18,895 4,425 1,145 7 776 5,549 Apr 20 18,253 4,415 1,145 7,707 4,986 Apr. 27 18,877 4,489 1,137 7,751 5,500 Apr 27 18,260 4,446 1,138 7,686 4,990 May 4 18,659 4,402 1,138 7 724 5,394 18,201 4,432 1.139 7,655 4,975 May 11 18,920 4,436 1,142 7,754 5,588 May 11 18,176 4,387 1,137 7,653 4,999 May 18 18 853 4 427 1,152 7 782 5,492 May 18 18,207 4,377 ,146 7,686 4,998 May 25 18,673 4,403 1,138 7,716 5,417 May 25 . .. 18,192 4,398 1,139 7,655 5,000 June 1 18 496 4,338 1.128 7 667 5,364 18,063 4,349 1,129 7,595 4,990 June 8 18,648 4,362 1,130 7,651 5,505 June 8 .... 18,036 4,345 1,128 7,552 5,011 June 15 18 678 4 343 1,128 7 670 5,537 June 15 18,099 4,346 1,130 7,605 5,018 June 22 18 998 4,443 1,161 7 761 5,633 June 22 18,301 4,424 1,154 7,691 5,032 June 29 18,653 4,387 1,134 7,700 5,434 June 29 18,164 4,378 1,139 7,635 5,012 July 6 18 609 4 336 1 137 7 680 5,456 July 6 18,085 4,353 1,135 7,597 5,000 July 13 18,779 4,307 1.128 7,711 5,633 July 13 18,047 4,274 1,126 7,626 5,021 July 20 18 774 4 336 1,144 7 738 5,556 July 20 18,209 4,341 1,143 7,684 5,041 July 27 18,945 4,462 1,151 7,806 5,526 July 27 18,386 4,443 1,149 7,744 5,050 Aug. 3 18,910 4,424 1,162 7,778 5,547 Aug 3 18,320 4,409 1,160 7,707 5,044 Aug. 10 18 824 4,292 1,147 7 741 5,644 Aug 10 18,163 4,291 1,145 7,672 5,055 Aug. 17 18,757 4,287 1,141 7,751 5,577 Aug 17 18,155 4,267 1,140 7,697 5,051 Aug. 24 18 673 4,242 1,127 7 742 5,563 Aug 24 18,100 4,239 1,126 7,677 5,058 Aug. 31 18,614 4,282 1,144 7,735 5,453 Aug 31 18,130 4,265 1,142 7,678 5,045 Sept 7 18 685 4 243 1 143 7 733 5,566 Sept 7 18,111 4,240 1.141 7,655 5,075 Sept. 14 18,750 4,261 .129 7,743 5,617 Sept 14 18,142 4,247 1,136 7,676 5,083 Sept. 21 18 767 4,262 1,126 7 732 5,648 Sept 21 18,191 4,264 1,118 7,692 5,117 Sept. 28 18,618 4,250 1,122 7,723 5,523 Sept 28 • . .. 18,134 4,233 1,119 7,672 5,110 Oct. 5 18 700 4,290 1,121 7 739 5,550 Oct 5 18,189 4,284 1,126 7,674 5,105 Oct. 12 18,728 4,227 1,120 7,783 5,598 Oct 12 18,175 4,241 1,119 7,697 5,118 Oct 19 19 119 4 388 1 135 7 904 5 692 Oct 19 18,494 4,349 1,129 7,850 5,166 Oct. 26 18 891 4 336 1,131 7 837 5,587 Oct 26 18,433 4,354 1,129 7,788 5,162 Nov 2 18 898 4 378 1 133 7 823 5 565 Nov ^ 18 421 4,354 1,132 7,778 5,157 Nov. 9 18 899 4 251 1 140 7*827 5 682 Nov 9 18,343 4,262 1,139 7,765 5,177 Nov. 16 18,883 4,230 1,139 7 839 5,676 Nov 16 18,302 4,197 1,140 7,791 5,174 Nov. 23 19,036 4,229 1,148 7,889 5,770 Nov 23 . . .. 18,468 4,243 1.152 7,846 5,227 Nov 30 18 794 4 284 1 145 7 836 5 530 Nov 30 18,381 4,237 1,140 7,809 5,195 Dec 7 ... 18 869 4 309 1 144 7 817 5 598 Dec 7 18 411 4,309 1,141 7 772 5,189 Dec 14 18 950 4 401 1 143 7 777 5 628 Dec 14 18 488 4,380 1,142 7,769 5,197 Dec. 21 19 446 4 451 1,180 7 953 5 862 Dec 21 18,792 4,461 1,177 7,910 5,244 Dec. 28 19,487 4,434 1,182 8,047 5,824 Dec 28 18,804 4,402 1,182 7,970 5,250 For footnote see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS, 1955 183 MEMBER BANK RESERVES AND BORROWINGS—Continued [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 A b e n e m l k r l s - N c e i w ty ban C k h s i- b s R c a e i r n e t v y k - e s C ba o tr n u y k n s - week en M d o in n g t h W , o e r dnesday b m a A b e n e m l k r l s - N c e i w ty ban C k h s i- b s R c 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 Excess reserves:1 Borrowings at Federal Reserve Banks:2 1955 1955 Jan 682 87 584 Jan.. 313 77 57 124 55 Feb 625 30 79 516 Feb.. 354 50 38 189 77 585 21 -2 62 505 Mar.. 463 18 131 213 101 Mar 590 4 74 513 Apr.. 495 27 125 229 114 MPay!!'.'.'.'.;!!! 580 23 1 85 470 May. 368 4 26 213 125 June 569 15 -3 61 496 June. 401 13 40 229 119 July 619 9 87 516 July. 527 78 33 306 110 Aug 577 10 54 514 Aug.. 765 149 60 395 161 Sept 564 14 63 487 Sept.. 849 141 114 472 122 Oct 524 1 64 460 Oct.. 884 151 137 480 116 Nov 525 14 3 38 470 Nov.. 1,016 279 70 538 129 Dec 594 35 2 60 497 Dec. 839 197 85 398 159 Jan. 5 683 19 14 115 535 Jan. 5.. 239 31 37 147 24 Jan. 12 695 4 n 96 602 Jan. 12.. 370 126 75 112 57 Jan. 19 793 18 4 104 667 Jan. 19.. 312 90 81 82 59 Jan. 26 646 3 -5 71 577 Jan. 26., 325 76 49 149 51 Feb. 2 591 17 83 491 Feb. 2., 401 84 45 197 75 Feb. 9 727 37 105 578 Feb. 9.. 435 118 51 210 56 Feb. 16 568 8 66 492 Feb. 16.. 267 24 30 137 76 Feb. 23 607 45 64 502 Feb. 23.. 273 16 10 180 67 Mar. 2 552 72 472 Mar. 2.. 383 12 43 211 117 Mar. 9 578 6 85 488 Mar. 9., 371 21 50 209 91 Mar. 16 629 25 68 542 Mar. 16.. 375 25 82 156 112 Mar. 23 680 14 63 603 Mar. 23., 527 16 208 221 82 Mar. 30 490 26 -3 58 409 Mar. 30., 652 15 220 286 131 Apr. 6 555 30 66 458 Apr. 6., 519 250 188 81 Apr. 13 655 11 79 565 Apr. 13., 567 138 224 136 Apr. 20 642 11 68 563 Apr. 20. 426 53 233 111 Apr. 27 617 43 -1 65 510 Apr. 27.. 462 93 239 114 May 4 460 -29 70 419 May 4. 464 52 280 114 May 11.. 746 50 102 589 May 11. 289 18 160 111 May 18 647 50 96 494 May 18. 236 10 130 96 May 25 482 5 61 417 May 25. 353 20 208 125 June 1 436 -10 73 374 June 1. 545 40 322 183 June 8 611 17 98 494 June 8. 463 14 32 298 119 June 15 578 -3 65 519 June 15. 489 28 84 244 133 June 22 697 19 70 601 June 22. 283 6 16 170 91 June 29 490 9 65 422 June 29. 402 7 33 217 145 July 6 524 -16 83 456 July 6. 635 93 68 402 72 July 13 731 33 85 612 July 13. 632 181 41 287 123 July 20 566 -5 54 515 July 20. 302 15 197 82 July 27 560 20 62 476 July 27. 395 33 235 118 Aug. 3 589 70 503 Aug. 3. 741 156 30 412 143 Aug. 10 660 69 589 Aug. 10. 848 228 36 414 170 Aug. 17 601 20 54 526 Aug. 17. 751 131 88 360 172 Aug. 24 572 2 65 505 Aug. 24. 689 79 72 389 149 Aug. 31 484 17 56 408 Aug. 31. 740 92 60 414 174 Sept. 7 574 3 78 491 Sept. 7. 838 169 85 450 134 Sept. 14 609 14 67 534 Sept. 14. 891 187 93 479 132 Sept. 21 577 -2 40 531 Sept. 21. 741 51 153 434 103 Sept. 28 483 17 51 413 Sept. 28. 126 124 513 125 Oct. 5 511 445 Oct. 5. 829 157 130 454 Oct. 12 554 480 Oct. 12. 893 164 181 436 112 Oct. 19 623 525 Oct. 19. 1,028 302 172 454 100 Oct. 26 459 425 Oct. 26. 761 47 110 484 120 Nov. 2 477 408 Nov. 943 105 97 592 149 Nov. 9 557 505 Nov, 1,143 290 65 662 126 Nov. 16 582 502 Nov. 1,173 440 98 490 145 Nov. 23 568 543 Nov 811 195 33 477 106 Nov. 30 414 335 Nov. 970 233 56 531 150 Dec. 7 458 409 Dec. 7. 932 206 98 471 157 Dec. 14 462 431 Dec. 14. 878 86 104 482 206 Dec. 21 654 618 Dec. 21. 744 204 82 317 141 Dec. 28 683 574 Dec. 28. 753 237 59 297 160 1 Weekly figures for all member banks and country banks are estimates. 2 Some of these figures are revisions of those published originally. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 WEEKLY REPORTING MEMBER BANKS, 1955 LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Loans Com- Month or date i m T n lo a v o e n a e n t n d a s t s t l s - j i m u n a s a v e n t d e e n d - s d t t s - i j L us a o t d a e - n d s i in t m c a r d i i n e a a u d r l l s , - , - T an o d b d r e o a k l e e r r s s To others e l R o st e a a a n t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s t a c u e u r r l a - i- l G U o o b .S v - . t. O c s u t e h r - i e - r G U o o b .S v - . t. O c s u t e h r - e i- r n e e d s - s liga- ties liga- ties tions tions 1955 Jan 86,398'85,575'40,398'22,122 2,434 1,079 7,225 '8,24236,5322,378 2,681 8,158 23,315 8,645 '823 Feb 85,612 84,713 40,548 22,031 2,488 1,073 7,311 8,351 35,221 ,878 2,118 8,627 22,598 8,944 899 Mar 85,124 84,130 41,185 22,465 2,504 1,090 7,408 8,429 33!908 ,685 1,404 8,883 21,936 9,037 994 Apr 85,763 84,869 41,695 22,517 2,685 1,104 7,528 8,577 34!142 ,698 2,033 8,699 21,712 9,032 894 May.... 85,378 84,409 42,140 22,677 2,661 1,119 7,641 8,761 33,501 ,335 1,520 9,050 21,596 8,768 969 June 85,415 84,421 43,082 23,110 2,719 1,178 7,794 9,00332,616 ,100 952 9,154 21,410 8,723 994 July.... 85,629 84,547 43,798 23,436 2,746 1,203 7,933 9,212 32,046 ,074 912 8,843 21,217 8,703 1,082 Aug 85,401 84,403 44,335 23,893 2,524 1,191 8,062 9,40131,358 ,036 746 8,545 21,031 8,710 998 Sept 85,432 84,473 45,072 24,427 2,398 1,197 8,199 9,58830,656 ,011 564 8,212 20,869 8,745 959 Oct 86,324 85,458 45,930 25,082 2,624 1,195 8,015 9,750 30,891 ,058 1,148 8,023 20,662 8,637 866 Nov 86,362 85,473 46,903 25,683 2,622 1,248 8,138 9,95030,168 794 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 ,134 949 7,079 20,713 8,288 1,108 Jan. 5... 86,656'85,779-"40,591 '22,254 2,541 1,101 7,182 '8,21636,573 ,279 2,729 8,210 23,355 8,615 '877 Jan. 12... 86,290'85,436r40,406 '22,157 2,419 1,082 7,217 '8,23536,513 ,301 2,714 8,179 23,319 8,517 '854 Jan. 19... 86,152'85,404r40,264 '22,083 2,324 1,080 7,238 '8,243 36,602 ,497 2,644 8,166 23,295 8,538 '748 Jan. 26... 86,495'85,684r40,332 '21,994 2,449 1,055 7,263 '8,275 36,441 ,434 2,638 8,076 23,293 8,911 '811 Feb. 2 86,129 85,266 40,483 21,926 2,582 1,056 7,279 8,346 35,799 ,065 2,551 8,081 23,102 8,984 863 Feb. 9 85,634 84,766 40,560 21,968 2,590 1,062 7,294 8,349 35,280 ,747 2,412 8,121 23,000 8,926 868 Feb. 16 85,411 84,580 40,629 22,123 2,454 1,083 7,326 8,35035,057 ,881 1,832 9,162 22,182 8,894 831 Feb. 23 85,274 84,241 40,520 22,108 2,326 1,092 7,342 8,36034,750 ,821 1,676 9,146 22,107 8,971 1,033 Mar. 2 85,267 84,341 40,751 22,241 2,374 1,080 7,359 8,40834,599 ,816 1,633 9,074 22,076 8,991 926 Mar. 9 85,152 84,167 40,898 22,265 2,452 1,075 7,373 8,44434,177 ,677 1,535 8,962 22,003 9,092 985 Mar. 16 85,890 84,843 41,444 22,584 2,718 1,081 7,402 8;;372 34,374 ,949 1,542 8,929 21,954 9,025 1,047 Mar. 23 84,883 83,921 41,382 22,637 2,491 1,100 7,432 8,435 33,509 ,696 1,197 8,774 21,842 9,030 962 Mar. 30 84,432 83,380 41,448 22,597 2,483 1,113 7,474 8,48832,885 ,286 1,117 8,676 21,806 9,047 1,052 Apr. 6. 85,878 85,013 41,512 22,449 2,669 1,106 7,482 8,521 34,425 ,739 2,154 8,758 21,774 9,076 865 Apr. 13. 85,613 84,823 41,666 22,543 2,672 1,103 7,517 8,547 34,096 ,572 2,076 8,729 21,719 9,061 790 Apr. 20. 85,755 84,864 41,787 22,530 2,741 1,100 7,542 8,59034,063 ,731 1,991 8,667 21,674 9,014 891 Apr. 27. 85,808 84,778 41,818 22,545 2,660 1,108 7,570 8,65233,983 ,750 1,911 8,640 21,682 8,977 1,030 May 4. 85,298 84,464 42,010 22,607 2,717 1,113 7,590 ,70133,571 ,517 1,783 8,608 21,663 8,883 834 May 11. 85,106 84,214 42,078 22,721 2,591 1,113 7,633 ,73933,395 ,377 ,798 8,607 21,613 8,741 892 May 18. 85,781 84,679 42,208 22,737 2,649 1,121 7,657 ,76333,743 ,269 ,284 9,604 21,586 8,728 1,102 May 25. 85,330 84,280 42,263 22,641 2,686 1,131 7,686 8;840 33,296 ,176 ,214 9,382 21,524 8,721 1,050 June 1. 85,278 84,164 42,440 22,636 2,742 1,155 7,719 8,910 33,026 ,081 ,149 9,306 21,490 8,698 1,114 June 8. 85,006 84,012 42,464 22,623 2,702 1,171 ,756 8,936 32,831 ,060 ,091 9,254 21,426 8,717 994 June 15. 85,859 85,009 43,425 23,355 2,826 1,182 ,797 8,98832,842 ,255 1,017 9,139 21,431 8,742 850 June 22. 85,555 84,449 43,409 23,433 2,648 1,192 ,828 9,02932,303 ,084 760 9,070 21,389 8,737 1,106 June 29. 85,379 84,472 43,674 23,501 2,678 1,190 ,873 9,15332,076 ,019 743 9,001 21,313 8,722 907 July 6. 85,125 84,095 43,518 23,326 2,673 1,203 7,893 9,152 31,797 914 729 8,903 21,251 8,780 1,030 July 13. 85,098 84,013 43,687 23,465 2,647 1,199 7,923 9,185 31,663 869 709 8,870 21,215 8,663 1,085 July 20. 86,195 85,169 43,925 23,429 2,856 1,204 7,937 9,232 "",565 ,318 1,126 8,860 21,261 8,679 1,026 July 27. 86,100 84,914 44,064 23,526 2,808 1,206 7,978 9,280 32,161 ,196 1,086 8,739 21,140 8,689 1,186 Aug. 3... . 85,765 84,878 44,113 23,550 2,775 1,190 7,993 9,34031,975 ,160 932 8,806 21,077 8,790 887 Aug. 10.... 85,438 84,416 44,164 23,754 2,558 1,197 8,028 9,36431,634 ,123 813 8,645 21,053 8,618 1,022 Aug. 17.... 85,132 84,210 44,262 23,940 2,409 1,196 8,069 9,384 3311,261 997 706 8,495 21,063 8,687 922 Aug. 24.... 85,192 84,098 44,443 24,050 2,413 1,189 8,100 9,42830,972 916 651 8,408 20,997 8,683 1,094 Aug. 31.... 85,478 84,412 44,696 24,171 2,467 1,184 8,120 9,492 3300,948 985 625 8,373 20,965 8,768 1,066 Sept. 7. 85,189 84,150 44,570 24,080 2,392 1,188 8,135 9,513 30,791 890 607 8,352 20,942 8,789 1,039 Sept. 14. 85,824 84,735 45,029 24,400 2,404 1,200 8,188 9,575 30,9401,150 617 8,267 20,906 8,766 1,089 Sept. 21. 85,318 84,516 45,241 24,570 2,391 1,206 8,216 9,595 30,5461,009 537 8,160 20,840 8,729 802 Sept. 28. 85,399 84,493 45,449 24,660 2,406 1,194 8,257 9,669 30,347 994 496 8,070 20,787 8,697 906 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 Oct. 12 86,935 86,102 46,035 25,114 2,705 1,198 8,001 9,75431,4191,141 ,544 8,082 20,652 8,648 833 Oct. 19 86,509 85,542 45,974 25,082 2,636 1,180 8,040 9,77130.9411,035 ,300 7,959 20,647 8,627 967 Oct. 26 86,350 85,571 46,071 25,124 2,587 1,224 8,049 9,82430,9221,067 ,266 7,948 20,641 8,578 779 Nov. 2.... 86,356 85,623 46,499 25,303 2,689 1,245 8,073 9,926 30,559 842 ,196 7,877 20,644 8,565 733 Nov. 9.... 86,013 85,259 46,604 25,485 2,593 1,248 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 1,249 8,143 9,93530,377 932 ,053 7,645 20,747 8,387 1,009 Nov. 23. . . . 86,167 85,369 47,067 25,833 2,578 1,249 8,181 9,964 29,961 787 872 7,559 20,743 8,341 798 Nov. 30.... 86,487 85,337 47,331 26,014 2,605 1,248 8,188 10,015 29,643 636 824 7,406 20,777 8,363 1,150 Dec. 7. 86,419 85,451 47,552 26,117 2,714 1,252 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 1,261 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 1,270 8,158 10,10230,2601,534 956 7,051 20,719 8,262 1,083 Dec. 28. 87,864 86,736 48,356 26,673 2,852 1,271 8,147 10,159 3300,12: 1,535 910 6,997 20,680 8,258 1,128 ' Revised. 2 Includes guaranteed obligations. 1 Exclusive of loans to banks and after deduction of valuation reserves; See also NOTE on opposite page. individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1955 185 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 Re- Bal- De- Indi- Indi- Month or date s B F w e . a r i v n t R h e k . s s v C a i a n u s l h t b m a w a d n e o n i c s t - e k h ti s s c j p m u o s a d a t s d e e n - i - d t d s 1 s p p u c n v a h o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u c i a o n v b l 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 c f r r d i t . d s k - i ' s - , G U o .S v . t. s p p u n c v h a o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i e - l t - s - s G P U S i a n o . o a n S g s v v d . t s - t a . l m D t e o i D s c - - ema F n ei d o g r n - Time F B F. r a o n R m k . s o F t r h o e m rs C it a a p l tions tions 1955 Jan 13,978 980 2,61358,230 59,598 4,032 2,077 1,792 18,856 1,141 21111,482 1,386 1,464 238 627 8,160 Feb 13,727 938 2,52457,09358,297 4,098 1,968 2,548 18,876 1,131 20710,566 1,363 1,458 298 651 8,205 Mar 13,629 923 2,508 56!554 57,852 3,r~ 1,887 2,471 18,969 1,140 20610,408 1,393 ,421 300 726 8,214 Apr 13,689 947 2,528 56;129 57,666 3,948 3,506 18,998 1,138 20710,643 1,436 ,388 423 612 8,161 May 13,771 932 2,46356,23757,320 4,349 1^837 3,496 18,991 1,132 20910,152 1,454 ,360 303 700 8,228 June 13,683 948 2,52256,67858,305 4,201 2,110 2,695 19,094 1,096 21510,267 ',477 ,411 401 729 8,260 July 13,639 970 2,527 55,932 58,014 3,887 1,901 3,322 19,102 1,045 21110,570 ,500 ,420 405 795 8,287 Aug 13,362 942 2,40455,69457,148 3,909 1,726 3,199 19,123 1,014 20910,371 ,431 ,419 458 635 8,327 Sept 13,262 1,000 2,480 56,058 58,567 3,696 1,856 2,369 19,176 1,015 20310,695 ,441 ,416 537 575 8,348 Oct 13,533 998 2,502 56,20958,773 3,708 1,965 3,144 19,296 968 20010,645 ,462 ,423 732 488 8,404 Nov 13,478 992 2,456 56336 58,815 3,972 2,151 2,864 19,252 957 20510,607 ,433 ,457 774 490 8,466 Dec 13,640 1,141 2,620 58358 61,139 3,901 2,078 1,995 19,273 979 204 10,860 ,449 ,368 544 680 8,460 Jan. 5 14,329 958 2,69157,857 59,012 3,958 2,021 2,242 18,845 1,158 21312,012 ,420 ,440 197 713 8,176 Jan. 12 13,946 1,031 2,627 "5"7,98160,113 3,841 1,793 1,502 18,865 1,157 21011,717 ,403 ,464 355 669 8,154 Jan. 19 13,869 964 2,630 58,36859,884 3,981 1,806 1,477 18,857 1,122 21011,502 ,372 ,473 136 563 8,138 Jan. 26 13,766 968 2,504 58;716 "5"9,383 4,348 2,689 1,948 18,856 1,126 21110,695 ,347 ,481 263 563 8,172 Feb. 2 13,947 2,493 57,639 58,317 4,232 2,226 2,320 18,864 1,126 20810,821 ,352 ,478 506 616 8,194 Feb. 9 13,651 938 2,483 57,39457,8 4,148 1,595 2,330 18,874 1,127 21010,633 ,326 ,460 155 622 8,209 Feb. 16 13,829 925 2,571 5566,,559988 58,672 3,984 2,164 2,779 18,875 1,132 20710,701 ,376 ,454 338 640 8,202 Feb. 23 13,483 993 2,548 56,744 58,311 4,027 1,889 2,764 18,890 1,138 20510,110 ,396 ,439 193 727 8,214 Mar. 2 13,511 893 2,488 56,270 57,762 3,960 1,865 2,633 18,930 1,145 20510,610 ,377 ,415 212 663 8,244 Mar. 9 13,535 925 2,358 56,76957,795 3,781 1,760 2,078 18,971 1,152 20510,312 ,364 ,414 287 712 8,239 Mar. 16 14,177 905 2,652 57,86160,070 3,722 2,251 2,497 18,957 1,140 20610,755 ,376 ,428 173 744 8,231 Mar. 23 13,521 927 2,463 56 ;" ""57,115588 3,966 1,756 2,615 18,996 1,132 20610,127 ,418 ,425 357 705 8,239 Mar. 30 13,399 965 2,,579 55,590 56,474 4,062 1,805 2,534 18,990 1,132 20710,235 ,430 ,420 468 806 8,118 Apr. 6 13,767 2,477 55,086 56,262 3,819 1,836 4,299 19,043 1,130 20710,836 ,413 ,404 531 591 8,157 Apr. 13 13,716 999 2,657 55,84958,293 3,825 1,812 3,488 19,001 1,147 20611,025 ,452 ,393 423 568 8,155 Apr. 20 13,667 926 2,511 5566,,661133 58,190 3,931 1,897 3,132 18,980 1,133 20810,536 ,442 ,378 390 605 8,155 Apr. 27 13,608 974 2,465 56,96957,921 4,216 2,008 3,105 18,969 1,142 20810,175 ,438 ,375 349 681 8,176 May 4 14,001 879 2,354 55,98156,771 4,449 1,939 3,510 18,975 1,132 20910,341 ,451 ,365 547 602 8,207 May 11 13,615 964 2,552 56,234 57,608 4,258 1,779 3,266 18,976 1,135 20910,387 ,420 ,348 185 626 8,219 May 18 13,797 921 2,577 56,294 57,777 4,350 1,928 3,841 18,999 1,132 21010,254 ,434 ,362 159 799 8,233 May 25 13,671 963 2,367 56,437 57,123 4,338 1,703 3,368 19,014 1,129 209 9,625 ,512 ,366 319 774 8,252 June 1 13,567 916 2,468 565,01157,624 4,361 2,130 3,148 19,037 1,113 21310,094 ,505 ,375 388 783 8,267 June 8 13,374 940 2,408 566,37457,242 4,162 1,702 2,209 19,070 1,122 21310,354 ,428 ,405 216 737 8,262 June 15 13,998 925 2,631 726 60,835 4,062 2,530 2,211 19,082 1,099 21510,637 ,448 ,416 632 523 8,248 June 22 13,896 949 2,521 127 58,451 4,162 2,233 2,681 19,108 1,085 21610,141 ,485 ,433 253 909 8,249 June 29 13,582 1,009 2,582 56; 156 57,376 4,258 1,956 3,224 19,173 1,059 21710,108 ,522 ,428 514 693 8,272 July 6 13,406 926 2,582 55,336 57,157 4,083 1,885 2,832 19,125 1,059 21110,862 ,500 ,425 483 8,293 July 13 13,605 1,020 2,599 56,11358,928 3,851 1,810 2,374 19,093 1,053 21110,934 ,475 ,419 334 839 8,288 July 20 13,732 951 2, 5;866 58,050 3,729 2,101 4,145 19,108 1,045 21110,529 ,501 ,404 433 741 8,277 July 27 13,812 981 2,386 566,416 57,921 3,886 1,810 3,937 19,082 1,021 210 9,955 ,524 ,433 371 832 8,290 Aug. 3 13,647 912 2,372 55,865 56,984 3,963 1,757 3,374 19,104 1,018 21110,441 ,471 ,427 498 8,311 Aug. 10 13,277 951 2,397 55,645 56,993 3,900 1,658 3,035 19,142 991 21010,579 ,435 ,434 395 698 8,312 Aug. 17 13,444 938 2,504 55,360 57,454 3,853 1,730 3,168 19,110 1,021 20910,638 ,414 ,433 494 606 8,319 Aug. 24 13,131 960 2,358 55,66956,786 3,838 1,587 3,162 19,111 1,010 21110,031 1,416 ,407 275 726 8,326 Aug. 31 13,308 947 2,390 55,93157,523 3,990 1,901 3,256 19,146 1,032 20710,163 1,418 ,396 322 647 8,366 Sept. 7 13,116 973 2,36155,555 57,310 3,734 1,667 2,522 19,128 1,031 20710,665 1,423 ,402 467 608 8,356 Sept. 14 13,198 1,031 2,657 5"' 6^11100 5599,946 3,642 1,931 2,102 19,158 1,028 20211,401 1,442 ,417 404 802 8,342 Sept. 21 13,364 967 2,474 56263 58,699 3,636 1,903 2,219 19,209 1,007 20210,524 1,436 ,421 737 388 8,339 Sept. 28 13,370 1,030 2,426 56306 58,316 3,772 1,923 2,635 19,210 993 20210,188 1,464 1,425 538 501 8,353 Oct. 5 13,307 968 2,509 55,86057,857 3,790 2,049 2,364 19,249 979 20210,863 1,490 1,440 548 532 8,392 Oct. 12 13,338 1,022 2,603 55;618 58,996 3,641 2,041 3,995 19,318 973 20010,883 1,452 1,416 773 488 8,401 Oct. 19 13,713 990 2,453 56,293 59,145 3,606 1,996 3,284 19,292 966 19910,614 1,474 1,415 710 623 8,393 Oct. 26 13,772 1,012 2,44157,06659,094 3,793 1,777 2,932 19,324 954 10,218 1,433 1,419 897 308 8,433 Nov. 2 13,899 948 2,38156,394 58,130 4,055 1,968 2,876 19,356 952 20510,593 1,470 ,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 1,448 ,443 1,106 326 8,468 Nov. 16 13,285 977 2,686 56,04759,817 3,976 2,433 3,115 19,195 954 20511,246 1,456 ,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 1,409 ,472 686 426 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 1,380 ,443 495 723 8,495 Dec. 7 13,435 1,060 2,356 57256 59,100 3,847 1,878 1,890 19,197 979 20310,546 1,421 ,403 842 589 8,471 Dec. 14 13,570 1,175 2,62958; 558 61,940 3,863 2,076 1,52119,259 976 20510,802 1,447 ,377 384 825 8,447 Dec. 21 13,901 1,134 2,692 739 61,348 3,f " 2,083 2,32919,283 990 20511,035 1,437 ,359 572 668 8,451 Dec. 28 13,655 1,194 2,801 882 62,166 4,026 2,277 2,23919,354 969 20411,057 1,491 ,334! 377 640 8,470 1 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 April 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

186 COMMERCIAL LOANS, 1955 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l. Public ind'l, and Period 2 t F l o i o b q a o a n u c d d o 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 c e e n o t t t s d a d a l 3 - 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 ( T w re s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m i e t - r y s f p i S c a n a o n a l m i n e e - c s s e u p t t ( t i o r i i l r a n i o n t t c n s a i h ) - e - s s C t t o i r n o u - c n - bu o t s A t y i o l h p n f e l e e r s ss c c h l N f a a i e n s e t s g d i e - s c r w h a e e a g i p a e r n n o l k ' g r g l l l t e . y - — rubber banks 1955 Monthly: Jan -119 28 7 -10 -116 -82 5 -80 -371 -429 Feb -118 90 29 109 4 13 -47 3 -11 42 124 114 Mar -42 73 80 87 49 91 -132 98 126 -9 49 470 489 Apr -130 -6 -43 76 16 60 -109 198 -8 27 18 100 -52 May -102 -6 35 6 50 54 -31 47 43 39 62 197 96 June -29 40 70 36 44 43 -61 239 243 64 52 739 860 July -65 28 -46 18 29 30 66 -37 2 36 65 125 25 Aug 60 78 33 20 17 31 29 274 41 2 120 705 645 Sept 128 75 5 17 20 62 113 -126 50 26 38 407 489 Oct 161 -55 22 -13 163 159 -204 -109 17 40 180 4464 Nov 135 -57 76 2 87 108 315 73 22 49 899 890 Dec 62 2 145 56 -44 -7 482 -65 5 58 700 659 Week ending Jan. 5 -70 -1 3 9 -7 -56 -23 43 -1 -37 -144 -169 Jan. 12 -8 11 1 -17 4 -12 -43 -44 -1 4 4 -100 -97 Jan. 19 -17 5 15 5 -2 -28 -9 11 14 -27 -32 -74 Jan. 26 -24 14 -13 3 -6 -19 -7 -4 -18 -20 -95 -89 Feb. 2 -27 19 5 6 -2 -11 -6 30 9 -4 10 29 -68 Feb. 9 -19 22 12 6 4 5 -14 -4 1 -1 2 14 42 Feb. 16 -48 38 3 96 7 14 -14 -8 -20 12 15 95 155 Feb. 23 -25 12 9 1 -5 -13 -15 -1 3 16 -13 -15 Mar. 2 -10 14 3 5 19 -29 95 10 -11 6 122 133 Mar. 9 -26 12 15 -2 3 11 -31 28 -11 5 14 18 24 Mar. 16 43 27 63 40 30 41 -40 -47 99 11 14 281 319 Mar. 23 -18 -18 47 4 17 -11 3 5 -14 24 40 53 Mar. 30 -32 7 9 4 -20 18 23 -9 -40 Apr. 6 -41 -21 -9 -40 67 -22 2 6 -41 -148 Apr. 13 -25 1 -3 5 18 -24 25 15 17 14 . 50 94 Apr. 20 -47 -3 -11 12 18 -28 75 -12 7 14 25 -13 Apr. 27 -17 -3 69 -1 16 -17 32 11 2 -16 66 15 May 4 -35 3 41 16 16 -4 72 1 2 120 62 May 11 -19 6 12 -8 25 -6 1 24 30 17 91 114 May 18 -18 -9 18 4 14 5 -7 -12 -4 10 42 43 16 May 25 -30 -3 2 -32 12 -14 -15 15 -2 1 -58 -96 June 1 -10 7 30 c -17 39 25 13 -12 12 -5 June 8 -19 4 8 -21 -14 -3 10 13 -12 -13 June 15 16 20 98 49 45 44 -12 183 173 23 6 645 732 J J u u n n e e 2 2 2 9 - - 1 3 4 1 5 1 9 3 -9 6 -2 -14 c 1 2 7 3 9 6 1 1 7 3 1 4 1 4 5 0 4 7 6 8 8 July 6 -21 44 14 -2 4 -36 -31 -7 15 -101 -175 July 13 -20 10 9 20 9 21 6 20 18 30 131 139 July 20 -6 -7 7 13 27 -24 -15 16 -5 -36 July 27 -17 1 14 17 28 25 95 97 Aug. 3 4 33 11 5 90 5 21 170 24 Aug. 10 9 14 -17 6 16 69 20 39 171 204 Aug. 27 2 20 29 -17 11 7 47 28 18 164 186 Aug. 24 26 10 -3 10 9 7 11 12 22 101 110 Aug. 31 19 1 12 15 -6 -10 12 58 -23 20 99 121 Sept. 7 29 4 -11 11 15 -3 -171 2 4 -120 -91 Sept. 14 35 80 5 16 10 27 34 25 14 14 28 288 320 Sept. 21 21 H 17 1 -6 8 47 20 11 9 13 134 170 Sept. 28 43 -2 -10 10 5 12 35 18 1 -7 105 90 Oct. 5 39 2 -6 23 -3 10 41 6 83 3 23 53 4350 Oct. 12 39 -2 22 -11 5 69 34 -122 9 35 73 104 Oct. 19 49 -26 2 1 -8 46 31 -60 20 -3 -11 -4 -32 Oct. 26 34 -29 -14 10 -6 38 53 -28 -7 58 42 Nov. 2 38 -27 5 -3 19 44 53 47 -5 16 189 179 Nov. 9 43 -2 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 6 100 -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 -15 117 44 -10 38 121 46 1 Data for a sample of about 210 banks reporting changes in their larger 2 Monthly figures are based on weekly changes during month. loans; these banks hold over 90 per cent of total commercial and industrial 3 Includes machinery and transportation equipment. loans of all weekly reporting member banks and nearly 70 per cent of those 4 Includes increase of $318 million resulting from errors disclosed of all commercial banks. incident to survey of credit extended to real estate mortgage lenders. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES, 1955 187 MONEY MARKET RATES [Per cent per annum] u. s. Government securities (taxable) Finance Month or week co m 4 m p P - o a r m n t i p o m t e e h r r e 6 s c , - i i al pa c m p d 3 o i e - o m r r e n t p o c p t a t h l l 6 a n s y c - y , 1 ed ac 9 b c 0 P a e n p r d i t k m a a e y n e r s c s * e ' s, Mark 3 e -m t onth b R il a ls te on 9 i m - s s t o o u n e t 1 s h 2 2 - 3 is - y s t u e o a e r s 5 3 yield new issues 1955 Jan 1 47 1 37 1 33 1 23 1.257 1.36 2.11 Feb 1 68 1 50 1 38 1.17 1.177 1.41 2.18 Mar 1 69 1 50 1.38 1.28 1.335 1.49 2.30 Apr 1.90 1.73 1.43 .59 1.620 1.71 2.39 May 2 00 1 88 1 50 [.45 1.491 1.72 2.40 June 2.00 1.82 1.50 .41 1.432 1.71 2.42 July. 2.11 1.87 1.50 .60 1.622 1.88 2.54 Aug 2 33 2 02 1.67 .90 1.876 2.12 2.73 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 Oct. 2 70 2 46 2 23 2 23 2.259 2.19 2.58 Nov 2 81 2.53 2.17 2.25 2.225 2.28 2.70 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 Week ending: Jan. 8 1.31 1.25 1.25 1.09 1.049 1.23 2.04 Jan. 15 1.39 L.25 1.30 1.28 1.222 1.39 2.13 Jan. 22. 1 54 I 45 1.38 1.32 1.407 1.42 2.15 Jan. 29 . . 1.60 1.50 1.38 1.24 1.349 1.40 2.11 Feb. 5 1.66 1.50 1.38 1.11 1.134 1.37 2.09 Feb. 12 1.69 1.50 1.38 1.05 1.088 1.33 2.10 Feb. 19 1.69 1.50 1.38 .16 1.130 1.38 2.18 Feb. 26 1 69 [ 50 1 38 1.35 1.355 1.55 2.34 Mar. 5 1 69 50 1 38 I 29 1.417 1.56 2.35 Mar. 12 1 69 50 1.38 1.23 1.231 1.50 2.33 Mar. 19 1.69 .50 1.38 .26 1.286 1.48 2.26 Mar. 26 1.69 .50 1.38 1.30 1.366 1.44 2.26 Apr 2 1.74 [.50 1.38 1.37 1.374 1.53 2.35 Apr. 9 . 1 81 [ 59 1.38 .49 1.466 1.68 2.38 Apr. 16 1.86 .73 1.38 1.63 1.652 1.71 2.38 Apr. 23 1.94 .75 1.48 1.65 1.664 1.71 2.39 Apr. 30 1.99 1.85 1.50 1.62 1.697 1.79 2.43 May 7 2 00 [ 88 1 50 1.55 1.627 1.75 2.41 May 14 2 00 [.88 1.50 .42 1.440 1.71 2.39 May 21 2.00 1.88 1.50 .41 1.427 1.70 2.38 May 28 2.00 1.88 1.50 1.44 1.471 1.70 2.41 June 4 2 00 88 I 50 I 37 1.434 1.74 2.40 June 11.. 2 00 [ 83 1 50 1.41 1.390 1.71 2.40 June 18 2.00 1.81 1.50 .47 1.514 1.71 2.38 June 25 2.00 1.81 1.50 1.37 1.420 1.68 2.43 July 2 2 00 I 81 I 50 43 1.401 1.71 2.48 July 9... 2 05 1 86 I 50 .51 1.541 1.88 2.48 July 16 2.06 1.88 1.50 .57 1.606 1.87 2.49 July 23 2 14 88 50 1.61 1.620 1.85 2.55 July 30 2.19 88 [.50 1.71 1.720 1.92 2.64 Aug 6 2.29 1.98 1.53 1.88 1.850 2.12 2.75 Aug 13 2 31 2 00 61 1 87 1.889 2.12 2.70 Aug. 20 2.31 2.00 1.68 1.84 1.888 2.07 2.69 Aug 27. 2.35 2.00 1.75 1.90 1.875 2.11 2.72 Sept. 3. 2 48 2 20 1.85 2.08 2.088 2.22 2.80 Sept. 10 2.50 2.25 2.00 2.10 2.134 2.16 2.77 Sept. 17 2 55 2.25 2.13 2.06 2.104 2.10 2.76 Sept. 24 2.56 2.30 2.13 1.99 1.981 2.13 2.70 Oct. 1 2 58 2 31 2 13 2 11 2.122 2.15 2.61 Oct. 8 2 63 2.38 2.20 2.21 2.214 2.20 2.57 Oct. 15 2 66 2 45 2.25 2.26 2.257 2.21 2.56 Oct. 22 2 74 2.50 2.25 2.25 2.333 2.20 2.60 Oct 29 2.75 2.50 2.25 2.21 2.231 2.17 2.60 Nov 5 2.75 2.50 2.13 2.06 2.179 2.11 2.57 Nov. 12... 2 75 2 50 2.13 2.07 2.034 2.14 2.61 Nov. 19 2 81 2.50 2.13 2.29 2.248 2.28 2.73 Nov. 26 2.86 2.56 2.25 2.41 2.440 2.43 2.79 Dec. 3 . .. 2 88 2.63 2.25 2.41 2.450 2.44 2.80 Dec. 10 3 00 2.70 2.35 2.48 2.471 2.47 2.81 Dec. 17 3.00 2.84 2.48 2.54 2.591 2.51 2.83 Dec. 24 3 00 2 88 2.50 2.63 2.618 2.62 2.84 Dec. 31.. 3.00 x.oo 2.50 2.58 2.688 2.73 2.87 1 Data are averages of daily prevailing rates. 3 Includes selected note and bond issues. 2 Includes certificates of indebtedness and selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 INTEREST RATES, 1955 BOND AND STOCK YIELDS 1 [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U.S. Govt. bonds (long-term) General By selected By Dividends/ Earnings/ Month or week obligations4 Rev- ratings groups price ratio price ratio enue Totals se O ri l e d s2 s N er e ie w s 3 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 - 1955 Number of issues 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 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 May 2 75 2.91 2.48 2.06 3.07 2 77 3.23 3 04 3.50 3.17 3 32 3.19 3.99 4.05 June 2.76 2.91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.98 3.71 8.17 July 2 87 2 96 2 62 2 23 3.17 2 86 3 24 3 06 3 52 3.18 3 32 3 22 3.96 3.63 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: Jan 1 2 58 2 67 2 44 2 04 3 02 2 76 3 14 2 92 3 44 3 07 3 24 3 11 3 94 4 09 Jan 8 2.62 2.71 2.45 2.06 3.02 2.76 3.14 2.91 3.45 3.07 3.24 3.10 3.96 4.18 Jan. 15 2.64 2.76 2.47 2.09 3.03 2.77 3.14 2.92 3.45 3.08 3.24 3.11 3.97 4.16 Jan 22 2 65 2 78 2 49 2 11 3 05 2 77 3 15 2 93 3 46 3 08 3 25 3 12 4 00 4 19 Jan 29 2 67 2 78 2 51 2 11 3 06 2 79 3 16 2 94 3 46 3 09 3 26 3 12 4.00 4.16 Feb 5 2 70 2 90 2 50 2 10 3 05 2 79 3 17 2 97 3 46 3 11 3 28 3 14 4 01 4.07 Feb. 12 2.69 2.91 2.50 2 11 3 05 2 79 3 17 2 97 3 47 3 11 3 27 3 13 4.00 4.03 Feb 19 2 72 2 93 2 49 2 10 3 04 2 79 3 19 2 99 3 47 3 12 3 29 3 15 4 00 4 04 Feb 26 2 77 2 94 2 49 2 10 3 04 2 79 3 20 3 02 3 48 3 14 3 30 3 16 4 00 4 18 Mar 5 2 75 2 93 2 49 2 09 3 06 2 80 3 21 3 03 3 48 3 15 3 30 3 17 3 99 4 06 Mar 12 2 72 2.92 2 49 2 09 3 07 2 80 3 21 3 04 3 49 3 15 3 31 3 17 4 02 4 23 Mar 19 2 69 2 92 2 49 2 10 3 07 2 80 3 21 3 03 3 49 3 15 3 31 3 17 4 01 4 21 Mar 26 2 69 2 90 2 50 2 08 3 08 2 80 3 20 3 01 3 48 3 14 3 30 3 17 4 01 4 12 Apr 2 2 73 2 92 2 50 2 08 3 08 2 80 3 20 3 01 3 48 3 14 3 30 3 16 4 01 4 16 Apr 9 2 77 2 93 2 50 2 09 3 08 2 80 3 20 3 01 3 48 3 14 3 30 3 16 3 99 4 11 Apr 16 2.76 2.93 2 50 2 08 3 08 2 80 3 20 3 01 3 48 3 14 3 30 3 17 3 97 4 03 Apr 23 2 77 2 92 2 50 2 08 3 08 2 78 3 20 3 01 3 48 3 14 3 30 3 17 3 97 4 01 Apr 30 2 77 2 92 2 50 2 08 3 08 2 78 3 21 3 01 3 49 3 15 3 31 3 17 3 98 4 03 May 7 0 77 2 92 2 49 2 08 3 08 2 78 3 21 3 02 3 49 3 16 3 31 3 18 3 99 4 04 May 14 2 75 2 92 2 49 2 07 3 08 2 77 3 23 3 04 3 50 3 16 3 32 3 20 3 99 4 09 May 21 2.74 2.91 2.47 2.05 3.06 2.77 3.23 3.04 3.49 3.17 3.32 3.20 3.98 4.08 May 28 2 75 2 91 2 47 2 05 3 06 2 77 3 23 3 05 3 50 3 17 3 33 3 20 4 00 4 03 June 4 2.74 2.90 2.47 2 06 3.06 2.79 3 23 3 05 3 50 3 17 3 32 3 21 3.99 3.99 June 11 2.74 2.89 2.47 2.07 3.06 2.79 3.23 3 04 3.50 3.17 3.31 3.20 3.99 3.91 June 18 2.75 2.90 2.48 2.08 3.07 2.80 3.23 3.05 3.51 3.17 3.31 3.21 4.00 3.82 June 25 2.78 2.93 2.49 2.09 3.10 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.97 3.76 July 2 2.81 2.94 2.53 2.14 3.11 2.84 3.23 3.05 3.51 3.17 3.31 3.22 3.97 3.70 July 9 2.82 2.94 2.58 2.19 3.14 2.84 3.24 3.05 3.51 3.17 3.32 3.22 3.97 3.61 July 16 2.83 2.94 2.62 2.23 3.17 2.84 3 24 3 05 3 52 3 18 3 31 3 21 3 98 3.63 July 23 2.90 2.96 2.63 2.24 3.17 2.87 3.24 3.05 3.52 3.18 3.32 3.21 3.95 3.61 July 30 2.94 2.99 2.64 2.27 3.18 2.90 3.25 3.07 3.53 3.20 3.33 3.22 3.95 3.63 Aug. 6 2.94 3.03 2.67 2.29 3.21 2.90 3.27 3.09 3.55 3.22 3.34 3.23 3.96 3.81 Aug. 13 2.89 3.02 2.69 2.34 3.21 2.90 3.28 3.10 3.56 3.23 3.36 3.24 3.99 3.81 Aug. 20 2.89 3.01 2.70 2.34 3.22 2.93 3.29 3.12 3.57 3.26 3 36 3.26 4.01 3 89 Aug. 27. 2.91 3.02 2.71 2.34 3.23 2.95 3.30 3.12 3.58 3.26 3.37 3.28 4.01 3.78 Sept. 3 2.91 3.02 2.71 2.34 3.23 2.95 3.31 3.13 3.58 3.27 3.38 3.29 4.07 3.74 Sept. 10 2 88 3.01 2.72 2.34 3.25 2.93 3 32 3 14 3 59 3 27 3 40 3 29 4 05 3 71 Sept. 17 2.89 3.01 2.71 2.32 3.25 2.92 3.31 3.13 3.59 3.25 3.40 3.29 4.05 3.64 Sept. 24 2.89 3.00 2.68 2.27 3.25 2.90 3.31 3.13 3.58 3.25 3.40 3.29 4.05 3.59 Oct. 1 2.86 2.98 2.66 2.27 3.23 2.90 3.31 3.12 3 59 3.24 3 39 3 29 4.07 3.76 Oct. 8 2.83 2.98 2.66 2.27 3.23 2.90 3.30 3.12 3.59 3.24 3.38 3.27 4.07 3.88 Oct. 15 2.81 2.96 2.64 2.25 3.22 2.89 3.30 3.11 3.59 3.24 3.38 3.27 4.06 3.97 Oct. 22 2.82 2.96 2.62 2.24 3.20 2 89 3 30 3 10 3 59 3 23 3 39 3 28 4 03 3 85 Oct. 29 2.81 2.95 2.63 2.24 3.23 2.87 3.30 3 10 3 58 3.23 3 39 3 28 4 01 3 95 Nov. 5 2.79 2.94 2.59 2.19 3.19 2 86 3.30 3 10 3 59 3 23 3 38 3 28 4 00 3 95 Nov. 12 2.83 2.96 2.59 2.19 3.19 2 86 3,28 3 08 3.58 3.21 3 38 3 27 3 99 3 87 Nov. 19... 2.86 2.96 2.59 2.19 3.19 2.86 3.28 3.08 3 58 3.21 3.37 3.27 4.00 3.90 Nov. 26 2.88 2.96 2.61 2.21 3.20 2.88 3.30 3.11 3.59 3.22 3.38 3.29 4.02 3.95 Dec. 3... Z.oo 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 0 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. . 2.88 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. es. 6 Dow-Jones and Co. nds 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 3VA 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

* International * International capital transactions of the United States. 190 Gold production 194 Net gold purchases and gold stock of the United States. 195 Reported gold reserves of central banks and governments 196 Estimated foreign gold reserves and dollar holdings. 197 International Bank and Monetary Fund. 198 Central banks 198 Money rates in foreign countries 203 Foreign exchange rates . 204 Index to statistical tables. 215 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. 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 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 Ger- Date t t i e i n o r s n n ti a a - - l Official France m R F a e e n d p y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 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 1,595 297 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—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 1,627 5,604 1,367 1,812 1,858 284 Mar. 31... . 1,813 10,915 6,508 750 1,411 611 650 637 1,591 5,650 1,321 1,795 1,860 290 Apr. 30.... 1,821 11,067 6,633 671 1,405 629 658 677 ,660 5,698 ,319 1,899 1,852 298 May 31.... 1,875 11,178 6,711 766 1,408 638 672 664 1,577 5,724 ,275 1,989 1,885 305 June 30.... 1,854 11,263 6,776 785 1,397 646 685 689 1,588 5,790 ,269 1,920 .983 301 July 31.... 1,861 11,281 6,658 835 1,418 676 702 623 1,561 5,815 1,302 1,897 1J968 299 Aug. 31... . 1,859 11,189 6,552 915 1,420 702 679 561 1,567 5,844 1,180 1,854 1,994 316 Sept. 30.... 1,844 11,496 6,806 980 1,425 759 684 575 1,562 5,986 ,179 1,916 2,085 329 Oct. 31*... 1,821 11,744 6,888 1,017 1,425 813 709 645 1,557 6,167 1,143 1,938 2,162 335 Nov. 30P. .. 1,823 11,797 6,938 1,069 1,421 810 740 645 1,484 6,168 1,125 1,945 2,217 341 Dec. 31P... 1,881 11,749 6,983 1,081 1,454 785 751 543 1,515 6,130 1,081 1,999 2,180 360 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m 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 1951 Dec. 31 847 57 135 45 27 46 149 100 41 6 1952—Dec. 31 1,093 91 124 70 29 47 203 110 57 6 1953 Dec 31 1,558 191 130 96 38 101 243 119 72 6 1954 Dec 31 1,642 273 100 71 41 113 249 103 91 8 1955 Jan 31 [,675 273 98 76 40 129 256 89 93 8 Feb. 28 ,627 277 93 70 42 134 219 66 98 8 Mar 31 1,591 275 99 69 38 130 222 64 92 Apr 30 . ... ,660 272 106 70 37 134 218 77 95 May 31 1,577 272 103 64 40 131 195 68 94 June 30 1,588 269 107 54 38 127 202 71 94 July 31 1,561 273 99 56 40 125 202 68 101 Aug. 31 1,567 283 104 60 42 126 190 66 106 Sept 30 . 1,562 280 104 64 41 134 199 68 112 Oct. 31* ,557 279 105 54 46 141 183 72 120 Nov 30* 1,484 270 98 64 44 156 173 68 125 Dec. 31*. 1,515 263 106 60 49 174 165 79 132 oooooc 8 8 8 8 8 00 00 Spain Swe- Tur- Yugo- All den key slavia other 17 72 14 7 131 19 91 8 12 224 36 117 14 7 388 71 141 8 9 363 78 131 9 9 386 85 130 9 10 386 93 121 10 8 362 99 118 11 9 405 101 114 10 9 368 109 119 12 11 367 113 130 9 s 328 119 141 10 10 303 120 147 9 9 267 117 149 9 11 330 112 149 9 9 198 104 153 9 13 201 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 i o a - - Cuba m p D i R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W 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 c 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 i e 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—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 1,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct. 31* 1,938 153 25 162 77 106 249 68 38 362 42 82 95 27 60 260 131 Nov. 30? 1,945 152 24 149 75 120 255 65 41 379 42 87 92 22 63 261 117 Dec. 31P 1,999 138 26 143 95 131 253 65 45 414 46 86 92 24 65 265 112 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. 191 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 a t n g i n g a y d n l p o - - U S A o n f o r u i f i o t c h n a Other land Of4 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_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 95 Feb. 28.. 1,858 70 60 102 112 47 41 700 97 263 133 233 284 59 43 52 36 97 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. 30.. 2,085 72 58 92 120 36 46 865 J00 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 Dec. 31 P. 2,180 75 55 73 174 35 53 901 88 247 138 341 360 75 42 72 53 119 Table Id. Supplementary Areas and Countries3 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .2 .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 Eastern Germany n.a. n.a. n.a. 1.2 Jordan .5 .6 .9 .8 Estonia 2.7 1.9 1.9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary 1.0 1.0 1.0 1.0 Pakistan 13.1 14.4 9.7 3.8 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 1.3 1.3 1.3 1.0 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 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 USSR6 . . 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 1.1 .3 n.a. British dependencies 14.6 14.6 18.0 19.0 Liberia 6.1 10.3 11.8 5.6 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 p 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

192 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o h p er e Rep. of 1951—Dec. 31 968 10 28 10 11 35 89 1952 Dec. 31 1,049 32 27 18 7 30 1953—Dec. 31 905 11 31 19 18 71 1954 Nov 30 1,316 10 56 19 13 128 Dec. 31 1,387 14 70 20 16 173 1955—Jan. 31 1,380 12 73 20 19 146 Feb. 28 1,368 12 80 22 22 116 Mar. 31 1,366 7 74 23 19 119 Apr. 30 1,380 8 79 23 20 96 May 31 1,415 10 77 26 22 98 June 30 1,450 10 84 28 20 91 July 31 1,416 12 80 26 21 70 Aug. 31 1,429 10 74 30 20 74 Sept. 30 1,404 11 69 27 21 76 Oct 31 * . 1,429 11 67 30 27 65 Nov. 30P 1,498 12 81 30 24 74 ONOO i- 0000 Tt Total Can- Latin All Europe ada Amer- Asia other ica 183 92 489 162 42 212 62 662 90 22 236 56 473 115 25 341 66 750 126 33 109 402 76 728 143 37 137 407 104 677 152 40 143 394 105 671 160 38 140 382 91 686 170 37 127 354 104 694 190 38 135 369 108 684 213 41 143 375 122 671 239 43 154 363 118 653 240 42 151 359 112 682 236 39 152 356 115 640 252 42 159 358 123 660 243 45 163 383 131 675 259 49 Table 2a. Other Europe Date E O ur t o he p r e A tr u ia s- 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 ey r- Y sl u av g i o a - o A th l e l r 1951—Dec. 31 89 (2) 40 5 3 (2) 5 2 19 5 1 4 4 1952—Dec. 31 98 16 2 6 4 2 11 3 39 9 5 1953—Dec. 31... 88 1 13 6 2 9 1 24 3 16 5 7 1954—Nov. 30 114 17 7 2 3 15 2 6 3 52 1 5 Dec. 31 109 (2) 20 10 3 3 16 2 4 4 41 1 5 1955—Jan. 31 137 1 19 9 2 3 18 2 3 4 66 3 5 Feb. 28 143 1 19 9 2 3 18 3 4 3 67 6 5 Mar. 31 140 1 19 7 3 4 19 3 3 4 68 4 5 Apr. 30 127 (2) 18 7 2 4 15 3 4 3 62 4 5 May 31 135 1 18 7 2 4 15 2 4 4 67 4 4 June 30 143 (2) 15 7 3 3 13 2 5 5 80 3 5 July 31 154 (2) 14 7 3 3 12 2 8 5 89 2 8 Aug. 31 151 (2) 12 9 3 12 3 6 6 88 7 Sept. 30 152 1 11 8 2 3 13 4 6 6 92 (2) 5 Oct. 31 P 159 1 13 9 2 3 13 4 7 5 93 (2\ 6 Nov. 30P 163 1 15 9 4 11 5 1 7 7 92 6 1 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- l I W a a n e n n d r e d d - i s e s t s a P p R m u a e b n a - - - , 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 lic Suri- lic of 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_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 1 9 16 10 7 63 27 1955—Jan. 31 677 6 2 252 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 1 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 30 640 6 3 107 7 127 71 4 4 146 1 13 19 6 5 90 32 Oct. 31P 660 6 3 91 8 122 92 4 4 151 2 14 20 6 10 93 34 Nov. 30*> 675 8 4 64 20 128 95 4 5 160 2 14 27 9 12 91 34 P Preliminary. maturity of more than one year reported by U. S. banking institutions i Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $604 million on Nov. 30, 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. 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INPL CAPITAL TRANSACTIONS OF THE U. S. 193 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 All other For- Egypt Date Total C m M h a o n i a n s d i a n a - 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 i - a 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 n o r o u i i f o c t a n h Other land Sudan 1951__Dec. 31 162 10 3 13 (2) 9 30 12 29 2 52 42 23 6 (2) 7 6 1952—Dec. 31 90 10 1 4 10 15 13 8 3 25 22 10 6 2 4 1953—Dec. 31 115 8 3 4 14 23 26 6 6 25 25 8 6 (2) 2 8 1954—Nov. 30 126 8 3 4 17 9 30 11 7 36 33 10 7 (2) 6 9 Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 6 10 1955—Jan. 31 152 8 3 4 18 11 48 10 13 36 40 13 6 1 7 12 Feb. 28 160 8 3 4 19 8 60 9 11 36 38 12 6 1 8 11 Mar. 31 170 8 4 5 (2 16 8 60 10 12 47 37 11 6 1 7 12 Apr. 30 190 8 5 5 (2| 19 7 70 13 15 48 38 11 5 1 6 15 May 31 213 8 5 4 19 7 87 18 17 48 41 11 5 2 8 15 June 30 239 8 3 4 (21 20 8 92 15 20 69 43 10 5 3 7 17 July 31 240 8 4 4 21 8 105 17 13 61 42 10 5 1 7 19 Aug. 31 236 8 4 4 '. 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 20 9 110 17 8 71 • 42 11 5 1 6 18 Oct. 31 P 243 8 4 5 I 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30P 259 8 4 5 I 18 9 107 39 8 62 49 13 5 2 10 19 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) - r c P ha u s r e - s Sales c N h t a i e e s t s e p s, ( u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s u , ( o r - - ) r c P ha u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) - r 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 1954 801 793 1,405 1,264 141 792 841 -49 393 645 -252 1954—Nov... 115 102 13 169 130 39 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.., 45 33 12 180 154 26 37 41 -4 71 82 -11 Oct. P. 21 30 154 141 13 46 37 9 58 62 -4 Nov.? 35 38 121 141 -20 38 37 1 57 53 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 -595 14 -1 1952 15 300 5 (2) 51 70 -16 111 192 5 2 1953 23 -34 -42 (2) 57 71 -24 62 -121 25 -1 1954 78 72 17 73 70 -20 139 -187 113 1954— D N e o c v . .. ., -11 i -13 5 2 3 -28 3 ( ( 2 2 ) ) 1 1 3 0 7 8 - - 6 8 -1 1 9 8 -10 -2 8 3 7 6 (2) 1 1 1955—Jan... 2 66 2 1 20 18 4 45 -8 29 (2) Feb... 10 133 1 -5 15 22 20 53 76 3 Mar.. (2) 33 1 C2) 20 -2 -4 16 -5 6 8 Apr.. , (2) 9 2 1 3 4 1 8 -5 4 J M u a n y e . . , , -44 16 1 6 5 -1 1 -1 9 4 1 1 5 39 2 8 4 0 -9 78 -2 6 July.. 3 49 (2) (2) 26 13 9 48 -2 1 Aug.. 3 173 28 -1 4 33 132 7 1 Sept.. 1 36 2 1 19 -9 13 26 -10 13 Oct.p 1 4 2 3 (2) 8 2 -7 8 c 8 NOV.P (2) -24 (2) (2) -7 -4 3 n -20 Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 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 Year or n I a n ti t o e n r- al fo T r o e t i a g l n Can- A L m ati e n r- All Date Deposits month insti- coun- Europe ada ica Asia other U. S. Govt. Misceltutions tries securities 2 laneous 3 1951... — 153 —224 29 —259 34 — 36 g 1954—Dec. 31 490 2,908 105 1952 — 118 — 100 20 ' —141 25 — 10 6 1953 -61 -11 96 -138 35 -30 26 1955—Jan. 3i 441 3,000 117 1954 -164 -137 -9 -133 33 -34 7 Feb. 28 320 2,966 128 Mar. 31 351 3,062 131 1954_Nov.... -2 -21 -12 -1 -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 -3 -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) -4 6 -2 — 1 1 Sept. 30 385 3,463 142 Apr.... -2 -4 -8 6 -2 0) Oct. 31 402 3,506 138 J M u a n y e . . . . . . - 0 4 ) 0) -21 1 -4 21 5 1 - - 2 2 2 D N e o c v . . 3 3 1 0 4 4 0 0 8 2 3 3 , , 5 5 5 4 8 3 1 1 3 2 7 6 July.... -10 19 -8 26 2 -3 1 Aug 1 -6 -1 -6 3 -4 3 1956—Jan. 31 355 3,724 122 Sept.... -12 -3 -7 3 2 -3 2 Oct.p .. -3 8 7 0) 2 -3 0) 1956—Jan. 4 451 3,545 123 Nov.P. . -2 8 9 9 1 -11 0) Jan. 11 458 3,629 123 Jan. 18 374 3,672 122 Jan. 25 396 3,680 123 P Preliminary. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page 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 monthly 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 ia - B A W r f i r t e i i c s s t a 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 $/= 15^i grains oj'gold Mofine: i. e., an ounce offim•gold= $55. 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 3.4 1954—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 4 2.2 1.5 5.0 12.8 .9 1.6 .5 .6 2.8 .5 Feb 67.9 38.8 6 2.2 1.2 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 6 2.2 1.3 5.0 12.9 1.3 1.1 .4 .7 2.8 .5 May 73.1 42.8 6 2.1 1.1 5.3 13.4 .9 .9 .5 .8 3.0 .6 73.1 42.7 5 2.2 1.0 5.6 13.0 .8 1.2 .2 .8 3.5 .6 July 43.7 1.6 2.2 1.0 4.1 13.5 .8 .3 .8 3.3 .6 Aue 44 4 2 2 9 5 9 13 5 1 i 4 7 2 9 6 Sept 43.6 6 2.2 1.1 7.0 13.8 1.3 .7 .5 Oct. 43 8 2.0 1.0 6.8 13.8 1.2 .7 .6 Nov 43.3 .8 6.3 .6 .6 1 Gold exports, representing about 90 per cent of total production. 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. British West Africa, Belgian Congo, and India, data for which are from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 195 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 Annual totals Area and country 1954 1955 1947 1948 1949 1950 1951 1952 1953 1954 July- Oct.- Jan.- Apr.- July- Sept. Dec. Mar. June Sept. 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 (Fed. Rep. of) -io.6 "-UO.O -225! 6 -i4o!6 * —3O!6 -10.0 Netherlands i 30! 8 "-23*.5 ""-79'.8 -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 23 1 8 0 . . 0 0 3.0 "-4o!6 - - 2 3 2 8 . . 9 0 - - 3 1 2 5 . . 0 0 - - 2 6 0 5 . . 0 0 - -1 1 5 5 . .0 5 -8.6 -1 -7 5 . . 5 0 Bank for Intl 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 — .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 60.0 15.5 7.0 ""-io'.o 17.5 -22.8 -3.5 Cuba -65.0 -10.0 -10.0 28.2 -20.0 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 -3.7 -108.0 -50.0 -.9 -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 (2) 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 Eastern Europe 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 P) Grand total 2,864.41,510.0 193.3 -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, 4 Includes sale of $43.1 million of gold to Thailand. $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; 2 Less than $50,000. and 1951, $45.0 million. 3 Includes sale of $114.3 million of gold to Italy. * Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 1951, $76.0 million. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year (e G nd o ld o f s to y c e k ar) I i n n g c r o to e ld a ta s l e im g N p o o e r o ld t rt, g m c o r E l a d e r a a : k r s - e d e d , e- D p ti r c o o m g d o u e l c s d - - Month (en G d o l o d f s m to o c n k th) I i n n g c o r to e ld a ta s l e im g N p o o e r o ld t rt, g m c o r E l a d e r a a : k r s - e d e d , e- p D ti r c o o m g d o u e l c s d - - T u re r a y s- Total1 stock export c o r ( r e - a i ) n se - tion T u re r a y s- Total1 stock export c o r ( r - e ) a in se - tion 1943 21 938 21 981 -757.9 68.9 -803.6 48.3 1955_jan . 21,714 21,786 -7.3 2.2 —9.7 5.0 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 Feb . 21,716 21,788 1.6 3.2 -.8 4.8 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Mar . 21,719 21,763 -24.7 2.7 -27.7 5.4 1946 20,529 20,706 623.1 311.5 465.4 51.2 Apr . 21,671 21,724 -39.4 2.5 -41.8 5.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 May . 21,674 21,727 2.9 4.5 -1.0 5.3 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 June . 21,678 21,730 3.1 3.8 -.9 5.6 1949 24,427 24,563 164.6 686.5 -495.7 67.3 July . 21,682 21,734 4.4 1.6 -.1 4.1 Aug . 21,682 21,732 -2.2 3.6 -2.9 5.9 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Sept . 21,684 21,745 12.7 4.4 10.6 7.0 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Oct . 21,686 21,747 2.0 10.4 -7.1 6.8 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Nov . 21,688 21,751 3.9 31.9 -27.0 6.3 1953 22 030 22 091-1,161.9 2.2 -1,170.8 69.0 Dec . 21,690 21,753 1.9 26.7 -23.8 5 0 1954 21,713 21,793 -297.2 16.6 -325.2 65.4 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 1956—Jan *>21,693P21,755 P2.3 (3) 4-8.2 (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 $6,949.5 million on Jan. 31, 1956. 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

196 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 De a n rk - E d c o u r a- U.S.S.R.)! 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—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 (ft 322 1,083 43 186 31 23 Feb 21,716 21,788 371 797 3) 322 1,086 43 186 31 23 Mar 37,500 21,719 21,763 371 824 ft 322 1,097 43 186 31 23 Apr 21,671 21,724 371 839 (3) 322 1 103 43 186 31 23 May 21,674 21,727 371 848 (3) 322 1,111 43 186 31 23 June . 37 730 21 678 21 730 371 839 322 1 112 42 186 31 23 July 21,682 21,734 371 845 322 1,122 42 186 31 23 Aug. 21,682 21,732 371 850 322 1,134 42 186 31 23 Sept P37 890 21 684 21 745 371 877 322 1 141 42 186 31 23 Oct 21 686 21 747 371 920 322 1 150 42 181 31 23 Nov. . 21 688 21,751 922 323 1 147 42 141 31 23 Dec 21,690 21,753 929 323 1,141 44 136 31 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_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 27 247 138 141 804 45 48 35 Oct 174 576 849 27 247 138 836 45 48 35 Nov. 174 576 868 27 247 138 856 45 48 35 Dec 174 861 920 138 865 45 48 35 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 I ta n o r t n y l e . - B S a I e n n t k t t l l e . f - or Fund ments 1949—Dec 178 17 128 85 70 1.504 118 154 1,688 178 373 J 451 68 1950 Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 I 530 115 1952 Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 [,692 196 1953—Dec 361 29 176 54 218 ,459 113 143 2,518 227 373 I 702 193 1954—Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 1,740 196 1955 Jan. 431 29 195 56 265 1,512 113 144 2,763 227 403 I 744 198 Feb 431 29 201 56 265 1,501 113 144 2,681 227 403 1,744 209 Mar 438 29 203 56 265 1,499 113 144 2 667 227 403 I 744 204 Apr 438 29 208 56 258 1,493 113 144 2,686 227 403 I 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 [,485 113 144 2 680 227 403 I 745 230 July 422 29 215 56 264 ,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 Sent. . .. 425 28 214 56 264 .513 112 144 2,345 216 403 1,751 215 Oct 428 28 211 56 270 1,535 112 144 2 297 216 403 I 751 208 Nov. 428 28 213 56 278 1,560 112 144 2,283 216 403 I 756 234 Dec. 28 212 56 276 1,597 144 2,120 403 I 808 217 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- * 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 197 [Amounts 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)1 740 834 896 967 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 2,250 Greece 36 36 49 57 112 105 124 141 138 145 Italy 556 571 633 655 812 874 925 957 992 1,105 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 160 205 224 275 335 399 406 386 383 411 Switzerland 2,021 2,023 1,973 2,053 2,133 2,172 2,185 2,149 2,170 2,197 Turkey 164 164 165 151 157 150 152 154 156 153 Other 2 349 689 477 712 887 928 947 1,016 1,239 1,273 Total 6,176 6,832 7,118 8,374 10,082 11,115 11,652 11,929 12,291 12,876 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 2,618 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 463 530 575 515 531 477 423 420 431 423 Dominican Republic 39 47 58 56 51 73 72 75 83 82 Guatemala 51 53 54 61 65 64 62 72 78 70 Mexico 267 415 366 375 341 315 391 427 419 481 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 90 102 132 130 147 134 140 140 142 Total 3,056 3,455 3,360 3,379 3,621 3,658 3,672 3,565 3,709 3,751 Asia: Indonesia 194 324 421 296 184 168 181 194 211 216 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 339 256 325 360 401 465 520 551 601 620 Total 1,508 1,870 2,185 2,360 2,302 2,147 2,223 2,273 2,392 2,503 Eastern Europe3 380 344 309 307 306 308 309 310 311 307 All other: Egypt 115 173 285 234 217 219 221 228 224 234 25 28 42 49 67 70 69 71 84 87 Other 140 201 327 283 284 289 290 299 308 321 Total 15,351 19,143 19,230 20,479 23,062 24,477 25,002 25,074 25,782 26,292 Total foreign countries 3,109 3,090 3,171 3,287 3,331 3,536 3,560 3,565 3,677 3,673 International4 18,460 22,233 22,401 23,766 26,393 28,013 28,562 28,639 29,459 29,965 Grand total 1 Includes gold reserves of Bank of France and French dependencies 4 Includes holdings of International Bank for Reconstruction and Deonly. velopment, International Monetary Fund, and United Nations and other 2 Includes holdings of other Continental OEEC countries, Yugoslavia, international organizations. Bank for International Settlements (both for its own and European Pay- NOTE.—Includes reported and estimated gold reserves of central banks, ments Union account), gold to be distributed by the Tripartite Commis- governments, and international institutions, and official and private sion for Restitution of Monetary Gold, and unpublished gold reserves of dollar holdings as shown in Short-term Liabilities to Foreigners Recertain Western European countries. ported by Banks in the United States, by Countries (Tables 1 and la-Id 3 Excludes gold reserves of the U. S. S. R. of the preceding section) as well as certain longer term U. S. Govt. securities reported as purchased within 20 months of maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 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. Dec. Sept. June Mar. Dec. Gold 1,751 1,747 1,744 1,744 1,734 Dollar deposits and U. S. securities 428 440 464 485 466 Currencies: l Other currencies and securities 1... 966 977 996 1,001 1,010 United States 1,633 1,643 1,609 1,567 1,574 Effective loans2 1,936 1,837 1,796 1,694 1,738 Other 4,540 4,656 4,691 4,734 4,738 Other assets* 37 36 52 35 37 Unpaid member subscriptions 815 805 798 798 798 IBRD bonds outstanding 849 849 852 838 849 Member subscriptions 8,751 88,86388,85388,853 8,853 Undisbursed loans 494 429 456 386 420 Accumulated net income -12 -11 -11 -10 -9 Other liabilities 9 9 10 11 It Reserves 205 193 184 174 165 Capital3 1,810 1,810 1,806 1,806 1,806 Cumulative net drawings Quota on the Fund9 Loans by country, Dec. 31, 1955 Country 9 Paid 1955 1954 Outstanding Total in Area and member country 4 gold Nov. Oct. Nov. Prin- Dis- Recipal bursed paid Sold Total to Brazil 150 38 66 66 66 otherss Colombia.... 50 13 25 25 France 525 108 105 105 105 Germany 330 33 -50 -50 -50 Continental W. Europe, total 981 852 164 688 61 India 400 28 13 13 53 Belgium and Luxembourg. 118 106 5 101 21 Indonesia.... 110 16 15 15 15 France 268 255 10 245 20 Iran 35 9 18 18 9 Italy 90 33 33 6 Japan 250 63 62 62 62 Netherlands 221 221 135 86 Philippines... 15 4 10 10 Other 284 236 14 223 Turkey 43 11 15 20 27 United States 2,750 688 -388 -392 -446 Sterling area, total 693 508 34 474 58 Australia 259 223 2 221 22 India 125 65 17 48 7 Footnotes to tables on international institutions: Pakistan 77 32 3 29 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 78 6 72 15 repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. Latin America, total 627 393 28 365 18 3 Excludes uncalled portions of capital subscriptions. Brazil 194 150 5 145 4 4 Loans to dependencies are included with member. Colombia 95 53 8 45 3 5 Includes also effective loans agreed to be sold but not yet disbursed. Mexico 141 101 5 96 2 6 Includes $106 million in loans not yet effective. 197 90 9 81 9 7 Includes $127 million not guaranteed by the Bank. Other 8 Includes $125 million subscription of withdrawing member (Czech- 110 59 58 oslovakia). Asia (excl. Sterling area) 9 Countries shown are those with cumulative net drawings of $10 mil- 9 lion (+ or —) on the latest date. Net drawings for each represent pur- Africa (excl. Sterling area).. chases of other currencies from Fund less purchases of own currency by 62,419 1,819 226 1,592 7144 it or other countries. Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue department Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e e i t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- ci t r i c o u n l 1 a- Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1948 Dec. 29 .2 1,325.0 3.9 32.2 16.7 401.1 1,293.1 314.5 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 ,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec 31 .4 ,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 ,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 ,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Feb. 23 .4 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,800.0 2.4 34.9 20.2 301.2 1,765.5 250.6 21.9 2 6 65 7 17 8 Nov 30 .4 ,850.0 2.4 54.7 20.8 287.4 1,795.7 263.1 10.1 3.0 71.2 18 0 Dec. 28 .4 ,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 199 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date Sterling Do c m ia i l n g io o n v t. a s n e d c u p ri r t o ie v s in- Deposits Other U d S o a n t l a n i l t t d a e e r s d s S t h e o rm rt- Other 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 Do g m o i v n t i . on Other 1i c a a b a p i n l i d i t t a i l es 1948—Dec. 31 .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119 2 1950 Dec 30 111.4 1 729.3 712.5 297.1 1,367.4 578. 6 24.7 207.1 172.6 1951—Dec. 31 117.8 1,141.8 1,049.3 135.2 1,464.2 619. 0 94.9 66.1 200.0 1952—Dec. 31 77.1 1,459.8 767.2 77.3 1,561.2 626. 6 16.2 44.5 132 9 1953 Dec 31 54.9 1,376.6 893.7 112.0 1,599.1 623. 9 51.5 29.5 133.1 1954—Dec. 31 54.2 1,361.5 871.1 114.1 1,623.5 529. 6 56.3 • 30.5 161.0 1955—Feb. 28 52 4 I 320.6 815.1 82.1 1,541.7 503. 8 63.2 47 3 114 1 Mar. 31 50.8 1,325.6 821.6 101.4 1,552.9 541. 9 57.5 42.7 104.3 Apr 30 59.0 1,385.5 808.4 123.6 1,579.3 570. 7 50.8 40.5 135.2 May 31 52 3 1,357.6 817.5 87.1 1,597.7 516. 9 50.6 35 6 113 7 June 30 55.8 1,451.9 834.9 121.5 1,618.8 577. 0 71.3 36.5 160.4 July 30 59.6 1,233.4 1,032.4 134.9 1,651.8 532. 9 52.9 45.2 177.5 Aug. 31 57.7 1,185.2 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 I 318.5 991 2 158.3 1,674.2 580. 7 62 4 34 5 173 0 Nov. 30 52 9 326.7 1,060.2 141.3 1,684.0 562. 6 128.3 45 2 160 4 Dec. 31 57.4 1,283.8 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207.5 Bank of France (billions of francs) Assets liabilities Date Advances to Foreign Domestic bills Government Other Note Deposits O lia t b h i e l r - Gold ex- circula- ities change m O a p r e k n et Special Other Current Other assets tion Go m v e e n rn t - Other3 ca a p n i d tal 1948 Dec 30 65.2 (4) 97.4 8 6 238 6 150.9 558.0 57.6 987.6 8 171.8 16.2 1949—Dec. 29 62.3 61.9 137.7 78 335,7 157.9 561.0 112.7 1,278.2 17 159.0 19.4 1950 Dec 28 182 8 162.0 136.9 34 1 393 1 158.9 481.0 212.8 1,560.6 1 176.8 24 2 1951 Dec. 27 191.4 28.3 234.9 37 0 741 3 160.0 481.0 190.8 1,841.6 (4) 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57 0 937.5 172.0 480.0 159.7 7 23.5 (4) 138.6 49.3 1 19 9 5 5 4 3 D D e e c c 3 3 1 0 2 2 0 0 1 1 .3 3 5 1 7 5 . . 3 4 2 23 9 6 2 . . 8 5 4 6 8 1 9 1 1,1 8 3 9 0 1 6 7 2 1 0 9 0 5 . . 0 0 6 6 7 1 9 7 . . 8 6 2 1 7 7 7 0 . . 2 0 71n 53 o 8 .5 .5 1 1 1 5 4 7 4. . 9 8 5 67 6 . . 9 3 1955 Feb 24 201.3 66.7 172.7 40 7 1,062 6 190.0 617.6 306.5 2,482.7 1 121.8 53.1 Mar. 31 201.3 86.5 160.6 32.6 1,138.8 190.0 597.4 353.3 2,583.7 122.7 54. \ Apr. 28 201.3 122.0 200.2 28.5 1,113.4 190.0 546.7 336.3 2,.544.1 .1 139.9 54.4 May 26 201.3 153.0 210.4 26.5 1,028.5 190.0 584.9 334.4 2, 523.4 (4) 140.8 64.8 June 30 201 3 183.9 245.5 16 4 1,05^ 8 190.0 579.4 355.6 2,629.9 (4) 138.6 58.3 July 28 201.3 200.1 247.6 11 3 1,061 9 190.0 579.8 355.5 2,642.8 1 145.3 59.3 Aug 25 201 3 200.2 190.0 7 5 1,042 9 190.0 579.3 371.6 2, 588.5 125.3 68.9 Sept 29 201.3 200.2 235.8 14 9 1,076 6 190.0 557.9 409.8 2,692.5 1 138.2 55.7 Oct 27. 201.3 200.2 245.4 10 0 1,060 8 190.0 545.2 429.9 2, 591.4 139.0 72.4 Nov. 24 201.3 200.2 209.0 43 7 1,037,8 190.0 536.4 417.8 7 547.6 120.6 67.5 Dec 29 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 5336.8 2,i320.0 (4) 142.9 71.8 1955 1954 1955 1954 Central bank, monetary unit. Central bank, monetary unit, and item and item Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reoorted seoaratelv 1,623 1,623 Gold and foreien exchange 297 30f 297 419 Other gold and foreign exchange 279 1,390 Checks and bills of other banks 7 1 6 7 Govt securities 4,044 4,177 Securities (incl. Govt. and Treas- Rediscounts and loans to b 79,629 69,533 ury bills) 570 545 527 485 Other assets 424 130 Other assets 62 4* 63 58 33 327 31,589 Note circulation 413 374 371 392 Deposits Nationalized... 45,894 40,260 Deposits of Trading Banks: Other sight obligations 1,003 379 Special. 265 265 265 296 5 776 4,626 Other. . 38 3* 32 35 Other liabilities and aipital. . 219 225 224 246 Footnotes to central bank table on this and opposite page: 5 Includes advance of 192.4 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (February 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 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 Dec. Nov. Oct. Dec. Dec. Nov. Oct, Dec. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,743 1,742 1,742 556 Fund) 210 212 205 201 Foreign exchange (net) 6,990 7,305 7,540 8,704 Net claim on Intl. Fund i 13 13 13 13 Loans and discounts 5,995 5,627 5,641 5,272 Loans and discounts , 54 55 48 47 Claim against Government 1,823 1,547 1,557 1,848 Credits to Government 63 60 67 77 Other assets 1,348 1,159 981 367 Other assets , 82 81 80 76 Note circulation 13,026 12,498 12,508 12,252 Note circulation , 431 409 408 424 Deposits—Banks 1,612 1,474 1,515 2,213 Deposits , 240 275 298 216 Other 591 666 654 566 Other liabilities and capital 19 22 21 18 Blocked 1,346 1,376 1,415 1,716 National Bank of Czechoslovakia2 Other liabilities and capital 1,324 1,365 1,370 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold , 68 68 68 68 Gold 46,442 46,088 45,993 38,911 Foreign exchange , 705 714 649 776 Foreign claims and balances (net). 9,766 10,241 9,866 12,005 Loans and discounts , 248 189 192 397 Loans and discounts 7,120 4,368 7,009 6,956 Securities , 539 545 558 492 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,123 3,123 3,124 3,161 Govt. securities 8,626 8,597 9,020 8,812 Other assets , 1,016 1,032 816 445 Other assets 5,381 5,277 5,178 4,918 Note circulation , 2,217 2,068 2,007 2,145 Note circulation 106,399 104,104104,573 100,826 Deposits—Government , 1,562 1,539 1,481 1,273 Deposits—Demand 1,768 1,079 3,536 1,916 Other 1,644 1,797 1,654 1,667 EGA 56 56 56 88 Other liabilities and capital , 276 267 265 256 Other liabilities and capital 3,771 3,794 3,562 3,432 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (May)' Gold 12,076 12,076 12,076 12,076 Gold at home and abroad 497 1,134 Foreign exchange (net) 17,150 16,493 14,441 23,771 Foreign exchange (net) 982 1,469 Net claim on Intl. Fundi 1,250 1,250 1,250 1,250 Loans and discounts 26,085 26,076 Loans and discounts 4,500 2,500 2,500 3,083 Govt. securities 2,505 2,505 Govt. securities 8,890 8,890 8,890 9,420 Other assets 1,001 802 Other assets 15,075 14,998 14,906 7,544 Note circulation 25,992 21,120 Note circulation 49,531 44,930 42,318 42,076 Deposits 226 7,096 Demand deposits 6,492 8,414 8,980 12,701 Other liabilities and capital 4,851 3,769 Other liabilities and capital 2,917 2,863 2,765 2,367 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 655 640 648 524 Gold 344 344 344 343 Govt. securities 18 18 18 27 Foreign exchange (net) , -11 25 74 150 Other assets 15 11 6 4 Net claim on Intl. Fund* , 19 19 19 19 Currency in circulation 425 420 417 376 Credits—Government 456 417 390 339 Deposits—Government 46 43 50 23 Other 235 230 243 216 Banks 138 144 144 105 Other assets 251 285 289 178 Other liabilities and capital 79 63 61 51 Note circulation , 664 660 697 699 Central Bank of Chile (millions of Demand deposits—Private banks. 217 195 202 215 pesos): Other , 141 146 154 142 Gold 5,870 5,814 5,814 5,742 Other liabilities and capital 270 319 305 189 Foreign exchange (net) 2,583 1,435 1,480 r2,572 National Bank of Egypt (millions of Discounts for member banks 7,991 6,670 6,318 3,867 pounds): Loans to Government 16,153 16,269 16,269 11,385 Gold , 61 61 61 61 Other loans and discounts 18,691 16,881 15,822 13,059 Foreign assets3 , 146 156 161 182 Other assets 9,075 6,088 6,080 r3,340 Egyptian Govt. securities 87 84 79 111 Note circulation 44,829 38,245 36,742 25,759 Clearing and other accounts (net). -9 -17 -19 -13 Deposits—Bank 5,758 5,477 5,394 4,836 Loans and discounts 30 26 22 19 Other 2,303 2,346 2,264 2,136 Other assets 6 4 3 4 Other liabilities and capital 7,474 7,088 7,383 7,234 Note circulation 180 177 175 182 Bank of the Republic of Colombia (mil- Deposits—Government 14 19 20 83 lions of pesos): Other 103 95 90 79 Gold and foreign exchange 273 270 230 501 Other liabilities and capital 23 22 22 19 Net claim on Intl. Fund i 24 24 24 — 24 Central Reserve Bank of El Salvador Loans and discounts 616 520 555 465 (thousands of colones): Govt. loans and securities 487 471 471 329 Gold 71,048 71,119 71,182 71,811 Other assets 104 104 102 105 Foreign exchange (net) 17,298 19,579 28,718 34,745 Note circulation 800 658 634 780 Net claim on Intl. Fund i 1,569 1,569 1,569 1,568 Deposits 525 547 558 472 Loans and discounts 73,718 61,980 56,009 49,319 Other liabilities and capital 180 183 191 124 Govt. debt and securities 13,777 11,576 7,381 11,477 Central Bank of Costa Rica (millions Other assets 6,632 6,990 6,853 6,490 of colones): Note circulation 96,926 88,249 87,099 104,579 Gold 12 12 12 12 Deposits 76,930 74,299 74,531 61,949 Foreign exchange , 98 104 110 76 Other liabilities and capital 10,188 10,264 10,081 8,884 Net claim on Intl. Fund1 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 99 92 83 122 Gold 7,849 7,879 7,347 6,934 Securities 9 8 7 3 Foreign assets and liabilities (net).. 27,401 30,239 29,716 '29,604 Other assets 23 26 26 24 Loans and discounts 37,556 23,864 24,117 '20,438 Note circulation 168 157 151 167 Securities—Government 20,000 20,000 20,000 20,000 Demand deposits 47 59 60 46 Other 1,915 1,999 2,008 2,250 Other liabilities and capital 33 34 34 31 Other assets 9,211 10,852 11,029 1,905 National Bank of Cuba (millions of Note circulation 55,883 53,493 51,433 47,902 pesos): Deposits 25,556 22,528 23,426 19,209 Gold 136 141 181 186 Other liabilities and capital 22,493 18,812 19,357 14,020 Foreign exchange (net) 134 144 134 58 r Revised. *Latest month available. 3 Includes foreign government securities formerly shown with Egyptian 1 This figure represents the amount of the country's subscription to the Govt. securities. Fund less the bank's local currency liability to the Fund. NOTE.—All figures, including gold and foreign exchange, are compiled 2 For last available reports for Czechoslovakia and Hungary (March and from official reports of individual banks and are as of the last report date February 1950, respectively) see BULLETIN for September 1950, pp. of the month. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 201 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1955 1954 1955 1954 Central bank, monetary unit, Central bank, monetary unit, and item and item Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Bank of German States4 (millions of Bank of Israel (thousands of pounds)6 German marks): Gold 2,042 2,040 2,033 2.025 Gold 3,862 3,644 3,566 ,630 Foreign exchange 88,819 83,850 74,305 51,458 Foreign exchange 9,038 9,132 9,046 ,635 Clearing accounts (net) 3,674 3,536 5,289 Loans and discounts 4,105 3,223 3,210 ,224 Loans and discounts 15,814 12,730 11,856 2,654 Loans to Government 4,019 4,353 4,252 ,241 Advances to Government 31,727 36,993 40,372 11,093 Other assets 912 1,032 837 935 Other Govt. accounts 19,299 21,565 15,187 Note circulation 12,708 13,380 13,241 ,350 Govt. securities 134,388134,398134,406 ^56 Deposits—Government 3,261 2,890 2,515 ,095 Other assets 16,062 16,735 15,663 16,076 Banks 4,135 3,292 3,369 ,959 Notes and coin in circulation 183,561188,614185,483 159,282 Other 206 201 219 302 Deposits—Government 10,318 9,172 8,279 Other liabilities and capital 1,628 1,621 1,566 ,959 Other 99,438 94,576 89,115 '32^069 Bank of Greece (millions of drachmae): Other liabilities and capital 18,508 19,485 16,234 10,502 Gold and foreign exchange (net).. 6,256 5,754 949 Bank of Italy (billions of lire): Loans and discounts 166 222 Gold 4 4 Advances—Government 9,843 9,666 Foreign exchange 70 76 72 Other 4,899 4,980 Advances to Treasury 567 567 567 567 Other assets 1,651 1,690 Loans and discounts 417 386 396 419 Note circulation 4,453 4,474 Govt. securities 415 399 376 345 Deposits—Government 1,253 1,180 Other assets 991 953 918 r850 Reconstruction and Note circulation 1,671 1,504 1,496 1,538 relief accts 7,672 7,611 Deposits—Government 21 27 29 37 Other 4,510 4,246 Demand 102 88 74 79 Other liabilities and capital 4,928 4,800 Other 513 608 587 448 Bank of Guatemala (thousands of Other liabilities and capital 157 152 152 '156 quetzales): Bank of Japan (billions of yen): Gold 27,234 27,227 27,227 Bullion ) Foreign exchange (net) 22,591 16,245 15,506 Advances to Government Gold contribution to Intl. Fund. .. 1,250 1,250 1,250 Loans and discounts 45 78 98 265 Rediscounts and advances 11,719 11,201 9,958 Govt. securities 554 448 461 484 Other assets 39,615 41,431 41,955 Other assets 261 256 207 110 Circulation—Notes 51,043 49,870 48,769 Note circulation 674 559 549 622 Coin 3,851 3,778 3,745 Deposits—Government 51 65 51 56 Deposits—Government 6,324 7,076 7,341 Other 65 89 83 84 Banks 20,533 16,880 15,921 Other liabilities 72 70 84 99 Other liabilities and capital 20,659 19,752 20,121 766 Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserves 1,662 1,630 1,462 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,999 A,111 3,805 Issue department: Bills and discounts 291 326 768 Gold at home and abroad 400 400 400 400 Other assets 411 499 557 Foreign securities 6,869 6,471 6,271 ,632 Note circulation 4,602 4,501 4,376 Indian Govt. securities 5,387 5,486 5,436 ,177 Demand liabilities 2,045 2,019 1,471 Rupee coin 1,084 1,097 1,111 ,056 Other liabilities and capital 715 712 745 Note circulation 13,620 13,238 13,059 ,005Netherlands Bank (millions of Banking department: guilders) : Notes of issue department 120 216 160 260 Gold. 3,275 3,241 3,166 3,015 Balances abroad 483 726 853 676 Silver (including subsidiary coin). . 43 40 36 18 Bills discounted 121 58 72 40 Foreign assets (net) 1,362 1,334 1,362 1,451 Loans to Government 37 19 17 Loans and discounts 51 31 35 57 Other assets 1,084 851 824 ,066 Govt. debt and securities 522 622 622 728 Deposits 1,383 1,469 1,531 ,751 Other assets 413 405 405 473 Other liabilities and capital.... 461 401 378 308 Note circulation—Old 28 28 28 28 Bank Indonesia (millions of rupiahs): New 3,955 3,852 3,866 3,579 Gold and foreign exchange (net).. 1,902 1,807 1,530 ,119 Deposits—Government 326 268 214 626 Loans and discounts 1,062 721 623 500 ECA 490 490 514 650 Advances to Government 7,913 8,135 8,840 ,315 Other 656 827 790 620 Other assets 440 429 4!6 371 Other liabilities and capital 212 208 213 238 Note circulation 8,151 7,957 8,145 054 Reserve Bank of New Zealand (thou- Deposits—ECA 495 495 495 495 sands of pounds): Other 1,877 1,801 1,949 108 Gold 6,161 6,161 6,175 Other liabilities and capital. . . 794 838 819 649 Foreign exchange reserve 34,689 43,378 50,125 Bank Melli Iran 5 (millions of rials) Loans and discounts 25,211 22,576 28,546 Gold 4,242 4,242 4,242 242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 46,884 41,970 49,961 Gold contribution to Intl. Fund. .. 282 282 282 282 Investments 33,278 33,269 33,443 Govt.-secured debt 7,187 7,187 7,187 754 Other assets 1,429 1,395 1,563 Govt. loans and discounts 10,320 10,836 10,800 480 Note circulation 70,140 69,970 79,215 Other loans and discounts 5,280 4,786 4,719 087 Demand deposits 68,280 69,711 81,577 Securities 444 444 411 706 Other liabilities and capital 9,233 9,069 9,021 Other assets 3,005 3,017 2,703 342 Bank of Norway (millions of kroner): Note circulation 10,018 9,970 9,938 Gold 209 208 203 Deposits—Government 4,080 4,758 5,097 Foreign assets (net) -98 -84 -153 Banks 1,846 1,645 1,131 Clearing accounts (net) -45 -38 -120 Other 11,828 11,436 11,093 Loans and discounts 116 80 54 Other liabilities and capital 3,230 3,229 3,330 Securities 96 91 38 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 pounds) Other assets 105 94 56 Gold 2,646 2,646 2,646 Note circulation 3,142 3,161 3,321 Sterling funds 73,635 71,211 70,863 Deposits—Government 1,365 1,395 990 Note circulation 76,281 73,857 73,509 Banks 504 428 557 FOA 106 103 165 Other liabilities and capital 812 812 592 4 Includes figures for the nine Land Central Banks. 8 Includes gold, silver, and foreign exchange forming required reserve 5 Items for issue and banking departments consolidated. (25 per cent) against notes and other demand liabilities. 6 Bank began operations in December 1954. i Holdings in each month were 448 million yen. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 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 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 608 61 594 584 Issue department: Foreign assets , 1,004 998 1,096 1,105 Gold at home and abroadl 114 114 11 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 824 69- 644 433 Swedish Govt. securities and ad- Pakistan Govt. securities 1,194 1,124 1,07' ,404 vances to National Debt Office 4,023 3,282 3,210 3,267 Goyt. of India securities 275 275 275 221 Other domestic bills and advances 25 81 29 99 India currency 431 431 431 300 Other assets 1,095 1,051 1,026 1,032 Rupee coin 24 29 3' 4! Note circulation 5,319 5,029 4,924 5,087 Notes in circulation 2,779 2,601 2,493 ,399 Demand deposits—Government. 321 14f 106 289 Banking department: Other 42' 15: 285 152 Notes of issue department 84 6' 80 Other liabilities and capital 819 829 768 688 Bills discounted 11 21 20 Swiss National Bank (millions of Loans to Government 1 e 12 53 francs): Other assets 519 540 559 378 Gold 6,686 6,526 6,415 6,323 Deposits 51 523 564 406 Foreign exchange , 624 601 578 650 Other liabilities and capital.... 113 110 10' 114 Loans and discounts 286 173 174 220 Central Bank of Paraguay (millions of Other assets 125 111 96 117 guaranies): Note circulation , 5,516 5,255 5,222 5,412 Gold 4 Sight liabilities , 1,990 1,946 1,830 1,692 Foreign exchange (net) 101 78 Other liabilities and capital 215 211 212 206 Net claim on Intl. Fund2 8 8 Central Bank of the Republic of Turkey Loans and discounts 1,313 1,280 698 (millions of pounds): Govt. loans and securities 523 51" 459 Gold 402 402 402 402 Other assets 444 441 75 Foreign exchange and foreign Note and coin issue 876 866 690 clearings 188 173 175 172 Deposits—Government 215 236 140 Loans and discounts 3,574 3,459 3,488 2,720 Other 220 189 138 Securities 30 30 30 30 Other liabilities and capital 1,082 1,03: 281 Other assets 144 140 134 107 Central Reserve Bank of Peru (millions Note circulation 2,008 1,965 1,963 1,474 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 467 557 646 Other 1,604 1,531 1,550 1,338 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital 571 554 563 465 Loans and discounts to banks.... 810 743 573Bank of the Republic of Uruguay (mil- Loans to Government 1,037 1,064 ,124 lions of pesos): Other assets 206 146 103 Gold 327 327 344 Note circulation 1,831 1,846 ,758 Silver 10 11 Deposits 463 500 461 Advances to State and Govt. Other liabilities and capital 293 231 295 bodies 207 185 159 Central Bank of the Philippines Other loans and discounts , 475 474 388 (millions of pesos): Other assets 667 980 576 Gold 31 28 28 19 Note circulation 471 461 493 Foreign exchange 340 270 307 356 Deposits—Government , 149 148 139 Net claim on Intl. Fund2 10 10 10 30 Other , 329 327 331 Loans 13 32 31 63 Other liabilities and capital 738 1,040 513 Domestic securities 396 372 367 261Central Bank of Venezuela (millions Other assets 155 179 165 171 of bolivares): Circulation—Notes 625 603 599 629 Gold 1,234 1,234 1,234 1,233 Coin 86 87 87 85 Foreign exchange (net) 374 380 412 221 Demand deposits 177 151 170 136 Other assets 137 131 133 175 Other liabilities and capital 57 51 51 49 Note circulation 1,154 1,065 1,032 1,121 Bank of Portugal (millions of escudos): Deposits 263 236 263 203 Gold 5,610 5,567 ,601 Other liabilities and capital 326 444 484 306 Foreign exchange (net) 13,423 13,326 ,228National Bank of Federal People's Re- Loans and discounts 1,008 963 ,026 public of Yugoslavia (billions of Advances to Government 1,391 1,390 ,403 dinars): Other assets 1,372 1,380 ,088 Gold 5 5 4 Note circulation 10,740 10,538 ,513 Gold contribution to Intl. Fund. .. 2 2 2 Demand deposits—Government. 1,840 1,654 ,617 Foreign assets 61 59 45 ECA 107 101 '26 Loans (short-term) 760 745 721 Other 7,523 7,726 ,010 Govt. debt (net) 16 14 Other liabilities and capital 2,594 2,608 ,179 Other assets 60 67 South African Reserve Bank (millions Notes and coin in circulation 88 86 88 of pounds): Demand deposits 176 205 177 Gold 75 76 75 71 Foreign liabilities 104 104 111 Foreign bills 45 32 30 72 Long-term liabilities (net) 387 375 359 Other bills and loans 19 19 21 6 Other liabilities and capital 137 117 120 Other assets 55 54 53 50 Bank for International Settlements Note circulation 111 107 107 105 (millions of Swiss gold francs): Deposits 66 55 53 74 Gold in bars 664 716 636 599 Other liabilities and capital 18 18 19 19 Cash on hand and with banks 54 50 78 78 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 616 616 615 613 ances (at cost) 269 269 313 278 Silver 320 321 321 323 Time funds at interest 142 138 145 360 Govt. loans and securities 14,863 15,995 15,959 ,030 Sundry bills and investments 430 469 439 355 Other loans and discounts 36,719 36,109 324,03 ,360 Funds invested in Germany 297 297 297 297 Other assets 43,886 44,026 40,469 ,742 Other assets 2 1 1 3 Note circulation 47,045 44,379 45,216 ,954 Demand deposits—Gold 516 588 518 436 Deposits—Government 3,715 8,504 4,151 ,636 Other 822 '835 r874 ,019 Other 6,644 5,460 5,170 ,549 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 39,000 38,723 35,231 ,931 Other liabilities and capital 290 289 288 285 r Revised. 3 Includes small amount of nongovernment bonds. 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per 4 Less than 500 million dinars. troy ounce of fine gold. NOTE.—All figures, including gold and foreign exchange, are compiled 2 This figure represents the amount of the country's subscription to the from official reports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 203 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKSl [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 e r y - U K d n i o i n t m g ed - C ad a a n- N Z la e e n a w d - U S A n o f . r u i t o c h a f C lo e n y- Japan2P 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 3.0 1955_jan 9.0 3.5 Feb 3.5 4.5 1.5 Apr 3.75 May 4 5 5.5 4.5 July 5.0 Aug 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 Jan. 31, 1956.. 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 January 31, 1956 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 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 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.: LatinAm.—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 mestic commercial transactions (rate shown is for advances on commercial discounts or makes advances against eligible commercial paper and/or paper and miscellaneous collateral); India—3.5 per cent for discounts and government securities for commercial banks or brokers. For countries for advances on government securities (rate shown is for advances on comwith more than one rate applicable to such discounts or advances, the mercial 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 from paper; and Peru—4 per cent for agricultural, industrial, and mining paper. central bank, including 7.3 per cent for discount of paper related to do- OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il n s l u t s h ry s* D m a d o y a n - y t e o y - 2 3 B a m a c a n n c o k e c n p e e t r s t h - s s ' 3 T r m e b a o il s n l 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 t n o t s hs d P is r r c i 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 1.50 1953 Dec 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 1.50 1954 Dec 1.08 .76 1.78 1.78 1.45 1.25 3.29 .77 .57 3^-51/2 1.50 1955 Jan .99 .69 2.02 2.05 1.55 1.29 3.27 .79 .58 31,4 _51£ 1.50 Feb .90 .69 2.58 2.68 2.15 1.67 3.25 .79 .53 3^-514 1.50 Mar .13 .98 3.81 3.80 3.29 2.50 3.28 • 1.16 .71 3J4-5V4 1.50 Apr 1.23 .97 3.83 3.81 3.17 2.50 3.23 1.04 .58 414-6^ 1.50 May .24 .77 3.94 3.92 3.33 2.50 3.27 1.49 .90 4^-61/2 1.50 June 1.36 1.11 3.99 3.97 3.21 2.50 3.19 .91 .62 414-6V2 1.50 July 1.43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 AV4-6V1 1.50 Aus . 1.60 1.36 4.06 4.00 3.24 2.50 3.06 .80 .56 1.50 Sept .77 1.64 4.15 4.07 3.15 2.50 3.00 1.04 .75 41/4-6V2 1.50 Oct 2.07 1.99 4.16 4.07 3.32 2.50 3.02 .94 .57 VA-&A 1.50 D N e o c v . 2 2 .5 3 9 3 2 2 . . 2 4 0 5 4 4 . . 2 2 1 2 4 4 . .0 1 8 0 3 3. . 1 2 0 8 2 2 . . 5 5 0 0 3.06 1. . 0 75 6 . . 5 62 0 4 41 y 44- -6 6 1 V /22 1 1 . . 5 5 0 0 iBeginning 1953, these figures show average rate at tenders. Earlier 2 Represents 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

204 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- British (dollar) Year or month Prefer- (p t o ra u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a s l i l l a a a y r - ) 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 .0009 32.595 101.650 1954. 20.000 13.333 7.198 223.80 3.8580 .9976 32.641 102.724 1955. 120.000 113.333 17.183 222.41 3.8580 .9905 32.624 101.401 1955—Feb... 20.000 13.333 7.198 221.80 .8580 .9938 32.535 102.384 Mar.. 20.000 13.333 7.198 222.42 .8580 .9856 32.608 101.587 Apr.., 20.000 13.333 7.198 222.83 .8580 .9890 32.675 101.404 May., 20.000 13.333 7.168 222.78 .8580 .9896 32.686 101.405 June., 20.000 13.333 7.175 222.29 .8580 .9871 32.614 101.568 July.. 20.000 13.333 7.175 221.91 .8580 .9864 32.544 101.555 Aug.. 20.000 13.333 7.173 222.04 .8580 .9874 32.577 101.502 Sept.. 20.000 13.333 7.175 221.98 .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 .9955 32.753 100.047 Dec. 223.32 3.8580 1.9986 32.764 100.048 1956—Jan... 223.63 3.8580 2.0001 32.819 100.122 Year or month C (r e u y p l e o e n ) (k m D r e a o n r 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 ) ( G d m e e r u a m t r s k a c ) n h y e (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 1950. 20.850 14.494 .2858 23.838 20.870 11.570 1951. 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952. 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. 21.046 .4354 .2856 21.049 281.27 11.607 1954. 21.017 .4354 .2856 23.838 21.020 280.87 9.052 1955. 20.894 .4354 .2856 23.765 20.894 279.13 8.006 1955—Feb.. 20.834 .4354 .2856 23.838 20.834 278.36 8.006 Mar.. 20.892 .4354 .2856 23.838 20.892 279.14 8.006 Apr.. 20.930 .4354 .2856 23.834 20.930 279.65 8.006 May. 20.927 .4354 .2856 23.744 20.927 279.59 8.006 June. 20.877 .4354 .2856 23.733 20.877 278.98 8.006 July.. 20.847 .4354 .2856 23.732 20.847 278.50 8.006 Aug.. 20.861 .4354 .2856 23.729 20.861 278.67 8.006 Sept.. 20.852 .4354 .2856 23.726 20.852 278.58 8.006 Oct.., 20.907 .4354 .2855 23.724 20.907 279.21 8.006 Nov.. 20.979 .4354 .2855 23.721 20.979 280.15 8.006 Dec. 20.988 .4354 .2854 23.719 20.988 280.26 8.006 1956—Jan.. 21.019 .4354 .2854 23.719 21.019 280.66 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n l u s i o e b p ) l - ic (e P s g c o u a 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 i n m t n g e d - d ) 1950 26.252 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955—Feb.. 26.290 275.60 14.008 49.677 3.4900 277.32 19.333 23.319 278.36 Mar. 26.297 276.38 14.008 49.677 3.4900 278.10 19.333 23.329 279.14 Apr. 26.307 276.88 14.008 49.677 3.4900 278.61 19.333 23.330 279.65 May 26.302 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.59 June 26.228 276.22 14.008 49.677 3.4900 277.94 19.333 23.335 278.98 July. 26.166 275.74 14.008 49.677 3.4900 277.45 19.333 23.332 278.49 Aug. 26.127 275.91 14.008 49.677 3.4900 277.62 19.333 23.331 278.66 Sept. 26.148 275.82 14.008 49.677 3.4900 277.54 19.333 23.334 278.58 Oct.. 26.213 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279.20 Nov. 26.211 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 Dec. 26.128 277.49 14.008 49.677 3.4900 279.21 19.333 23.335 280.26 1956—Jan.. 26.125 277.88 14.008 49.677 3.4900 279.61 19.333 23.335 280.66 i Based on quotations through Oct. 27, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed below may be obtained from 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 Reserve 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- September 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 His- provisions 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. 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 REPRINTS DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE INFLUENCE OF CREDIT AND MONETARY MEASURES BANKS. March 1955. 4 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. 1955 SURVEY OF CONSUMER FINANCES—From March, May, June, and August issues of BULLE- * DETAILED DESCRIPTION OF SOURCES AND METH- TIN. 52 pages. (Also, similar Surveys are ODS USED IN REVISION OF SHORT- AND INTERavailable for most earlier years from 1947, MEDIATE-TERM CONSUMER CREDIT STATISTICS 1948, 1949, 1950, 1951, 1952, 1953, and 1954 (supplementary details for item listed above), BULLETINS.) April 1953. 25 pages. ESTIMATES OF CONSUMER INSTALMENT CREDIT FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. EXTENDED AND REPAID, 1929-1939. June 1955. 8 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. FINANCING OF LARGE CORPORATIONS IN 1954. June 1955. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVID- UALS AND BUSINESSES. July 1955. 2 pages. DEPARTMENT STORE SALES AND STOCKS, BY (Also, similar article from July 1954 BULLE- MAJOR DEPARTMENTS (Revised Indexes). No- TIN) vember 1953. 65 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- FEDERAL RESERVE MONTHLY INDEX OF INDUS- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- TRIAL PRODUCTION, 1953 Revision. December ber 1955. 40 pages. 1953. 96 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- BALANCE OF INTERNATIONAL PAYMENTS IN 1954- STALMENT CREDIT. January 1954. 14 pages. 55. October 1955. 8 pages. NEW INDEXES OF OUTPUT OF CONSUMER DUR- MONETARY POLICY AND THE REAL ESTATE MAR- ABLE GOODS. May 1954. 15 pages. (Also, KETS. December 1955. 6 pages. similar reprint from October 1951 BULLETIN) BANKING AND MONETARY STATISTICS, 1955. (Se- THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- lected series of banking and monetary statistics tember 1954. 10 pages. for 1955 only) February 1956. 8 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. BANK CREDIT AND MONEY. February 1956. 9 pages. USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. THE 1957 BUDGET. February 1956. 11 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 GERALD M. CONKLING, Assistant Director CLARKE L. FAUVER, Assistant Secretary 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.HACKLBY, Assistant 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 GUY E. NOYES, Adviser FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Assistant Director LISTON P. BETHEA, Director SUSAN S. BURR, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director LEWIS N. DEMBITZ, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN • FEBRUARY 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 COMER J. KIMBALL, ATLANTA ADRIAN M. MASSIE, NEW YORK HOMER J. LIVINGSTON, CHICAGO WILLIAM R. K. MITCHELL, PHILADELPHIA LEE P. MILLER, ST. LOUIS FRANK R. DENTON, CLEVELAND JULIAN B. BAIRD, MINNEAPOLIS Vice President R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND GEO. G. MATKIN, DALLAS President 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 209 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. Hurff 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

210 FEDERAL RESERVE BULLETIN • FEBRUARY 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 A. Piper Stanley B. Trott Wm. Purnell Hall John W. Stout Clarence R. Zarfoss, Charles W. Hoff Chairman CHARLOTTE BRANCH—BOARD OF DIRECTORS Archie K. Davis Ernest Patton Paul T. Taylor William H. Grier, I. W. Stewart G. G. Watts Chairman T. Henry Wilson 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 E. W. McLeod John E. Urquhart Robert M. Cleckler Malcolm A. Smith Adolf Weil, Sr., John Will Gay 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 211 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 D. U. Maddox H. A. Pharr Joel L. Fletcher, Jr. Leon J. Minvielle E. E. Wild, G. H. King, Jr. 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 Raymond T. Perring John A. Hannah, Howard P. Parshall Ernest W. Potter Chairman J. Thomas Smith 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. T. Winfred Bell Shuford R. Nichols, A. Howard Stebbins, Jr. E. C. Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Pierre B. McBride, M. C. Minor Magnus J. Kreisle Chairman J. D. Monin, Jr. W. Scott Mclntosh Noel Rush MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks John A. McCall John D. Williams, J. H. Harris William B. Pollard Chairman A. E. Hohenberg John K. Wilson 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 George R. Milburn, J. Willard Johnson Carl McFarland Chairman 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 John 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 213 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 Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E, J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg 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 W. F. Volberg, Seattle Branch Portland Branch in charge of E. R. Millard H. F. Slade Los Angeles Branch W. L. Partner, in charge of Eliot J. Swan O. P. Wheeler Salt Lake City Branch Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN • FEBRUARY 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, Chairn 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', 144, 145, 187 Adjusted, commercial banks, by classes, 141 Agricultural loans of commercial banks, 140 Banks, by classes, 137, 143 Agriculture, Govt. agency loans, 148, 149 Type of holder, at commercial banks, 141 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 173 Banks and the monetary system, consoli- Sales and stocks, 163, 172 dated, 136 Deposits (See also specific types of deposits): Corporate, current, 156 Adjusted, and currency, 136 Domestic banks, by classes, 137, 140, 142 Banks, by classes, 137, 141, 143 Federal Reserve Banks, 131, 132 Federal Reserve Banks, 131, 132, 194 Foreign central banks, 198 Postal savings, 136 Govt. corporations and credit agencies, by type Turnover of, 134 and agency, 148, 149 Deposits, reserves, and borrowings, by class of mem- Automobiles: ber bank, 129 Consumer instalment credit, 160, 161, 162 Discount rates, 130, 203 Production index, 165, 168 Discounts and advances by Federal Reserve Banks, 127, 131 Bankers' balances, 141, 143, 185 Dividends, corporate, 155, 156 (See also Foreign liabilities and claims reported by Dollar assets, foreign, 194, 197 banks) Dwelling units started, 169 Banking and monetary statistics for 1955, 182 Banking offices: Earnings and expenses, Federal Reserve Banks, 178 Changes in number, 180 Earnings and hours, manufacturing indus- On, and not on, Par List, number, 181 tries, 163, 171 Banks and the monetary system, consolidated state- Employment, 163, 171 ment, 136 Export-Import Bank, loans, etc., 148, 149 Bonds (See also U. S. Govt. securities): Farm mortgage loans, 148, 157, 158 New issues, 154, 156 Federal credit agencies (See Govt. agencies) Prices and yields, 145, 146, 188 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank loans to, 140, assets, etc., 148, 149 142, 184 Federal finance: Business expenditures on new plant and equip- Cash transactions, 150 ment, 156 Receipts and expenditures, 151 Business indexes, 163 Treasurer's balance, 150 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 148, 149, 159 Capital accounts: Federal Housing Administration, loans, etc., 148, 149, Banks, by classes, 137, 141, 143 157, 158, 159 Federal Reserve Banks, 131, 132 Federal National Mortgage Association, Carloadings, 163 loans, etc., 148, 149, 159 Central banks, foreign, 196, 198, 203 Federal Reserve Banks: Coins, circulation of, 135 Condition statement, 131, 132 Commercial banks: Earnings and expenses, 178 Assets and liabilities, 137, 140 U. S. Govt. securities held by, 127, 131, 132, Consumer loans held, by type, 161 152, 153 Number, by classes, 137 Federal Reserve credit, 127, 131, 132 Real estate mortgages held, by type, 157 Federal Reserve notes, 131, 132, 133, 135 Commercial and industrial loans: Finance company paper, 144, 145, 187 Commercial banks, 140 Foreign central banks, 196, 198, 203 Weekly reporting member banks, 142, 144, 186 Foreign deposits in U. S. banks, 127, 131, 132, 136, Commercial paper, 144, 145, 187 141, 143, 185 Commodity Credit Corporation, loans, etc., 148, 149 Foreign exchange rates, 204 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported by Construction, 163, 168, 169 banks, 190, 192, 194 Consumer credit: Foreign trade, 173 Instalment credit, 160, 161, 162 Gold: Major parts, 160 Earmarked, 195 Noninstalment credit, by holder, 161 Net purchases by U. S., 195 Ratio of collections to accounts receivable, 162 Production, 194, 195 Consumer durable goods output indexes, 168 Reserves of central banks and governments, 196 Consumer price indexes, 163, 174 Reserves of foreign countries and international Consumption expenditures, 176, 177 institutions, 197 Corporate sales, profits, taxes, and dividends, 155, 156 Stock, 127, 136, 195 Corporate security issues, 154, 156 Gold certificates, 131, 132, 133, 135 Corporate security prices and yields, 145, 146, 188 Govt. agencies, assets and liabilities, by type and Cost of living (See Consumer price indexes) agency, 148, 149 Currency in circulation, 127, 135 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 146 Gross national product, 176, 177 Debits to deposit accounts, 134 Home owners, Govt. agency loans, 148, 149 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 136 tries, 163, 171 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN • FEBRUARY 1956 INDEX TO STATISTICAL TABLES—Continued Industrial advances by Federal Reserve Banks, 131, Production, 163, 164, 168 132, 133, 134 Profits, corporate, 155, 156 Industrial production indexes, 163, 164, 168 Real estate loans: Instalment loans, 160, 161, 162 Commercial banks, 140, 142, 157, 184 Insurance companies, 147, 152, 153, 158 Type of mortgage holder, 157, 158, 159 Insured commercial banks, 139, 140, 180 Type of property mortgaged, 157, 158, 159 Interbank deposits, 137, 141, 143 Regulation V, loan guarantees, 133, 134 Interest rates: Reserve requirements, member banks, 130 Bond yields, 145, 188 Reserves: Business loans by banks, 145 Commercial banks, 141 Federal Reserves rates, 130, 134 Federal Reserve Banks, 131, 132 Foreign countries, 203 Foreign central banks and governments, 196 Open market, 145, 187, 203 Foreign countries and international institu- Regulation V loans, 134 tions, 197 Stock yields, 145, 188 Member banks, 127, 129, 131, 132, International capital transactions of the U. S., 190 141, 143, 182, 185 International financial institutions, 196, 197, 198 Residential mortgage loans, 157, 158, 159 Inventories, 177 Sales finance companies, consumer loans of, 160, 161 Investments (See also specific types of investments): Savings, 176 Banks, by classes, 137, 140, 142 Savings deposits (See Time deposits) Federal Reserve Banks, 131, 132 Savings institutions, principal assets, 147 Govt. agencies, etc., 148, 149 Savings and loan associations, 147, 158 Life insurance companies, 147 Securities, international transactions, 193, 194 Savings and loan associations, 147 Security issues, 154, 156 Silver coin and silver certificates, 135 Labor force, 170 State member banks, 139, 180 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 137, 140, 142 New issues, 154 Federal Reserve Banks, 127, 129, 131, 132, Prices and yields, 145, 146, 188 133, 134 States and political subdivisions: Govt. agencies, etc., 148, 149 Deposits of, 141, 143, 185 Insurance companies, 147, 158 Holdings of U. S. Govt. securities, 152 Savings and loan associations, 147, 158 Ownership of obligations of, 140, 147 Loans insured or guaranteed, 133, 157, 158, 159 Stock market credit, 146 Manufacturers, production indexes, 163, 164, 168 Stocks: Margin requirements, 130 New issues, 154 Member banks: Prices and yields, 145, 146, 188 Assets and liabilities, by classes, 137, 140 Tax receipts, Federal, 151 Banking offices, changes in number, 180 Time deposits, 129, 136, 137, 141, 143 Borrowings at Federal Reserve Banks, 127, Treasurer's account balance, 150 129, 183 Treasury cash, 127, 136 Deposits and reserves, by classes, 129 Treasury currency, 127, 135, 136 Number, by classes, 137 Treasury deposits, 127, 131, 132, 150 Reserve requirements, by classes, 130 Reserves and related items, 127 Unemployment, 170 Weekly reporting series, 142, 184 U. S. Govt. balances: Minerals, production indexes, 163, 164 Commercial bank holdings, by classes, 141, 143 Money rates (See Interest rates) Consolidated monetary statement, 136 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 136, 137, 139, 152, Banks, 127, 131, 132, 150 153, 157, 180 U. S. Govt. securities: Bank holdings, 136, 137, 140, 142, 152, 153 National banks, 139, 180 Federal Reserve Bank holdings, 127, 131, National income, 176 132, 152, 153 National security expenditures, 151, 177 International transactions, 193 Nonmember banks, 131, 139, 140, 180 New issues, gross proceeds, 154 Outstanding, by type of security, 152, 153 Par List, banking offices on, and not on, number, 181 Ownership of, 152, 153 Payrolls, manufacturing, index, 163 Prices and yields, 145, 146, 187, 188 Personal income, 177 United States notes, outstanding and in circula- Postal Savings System, 136 tion, 135 Prices: Consumer, 163, 174 Veterans Administration, loans, etc., 148, 149, 157, 158 Security, 146 Wholesale commodity, 163, 174 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•ft (c THE FEDERAL RESERVE SYSTEM °) ft 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