Federal Reserve Bulletin, 1956-03

FEDERAL RESERVE BULLETIN March BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 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 ! International Gold and Dollar Flows 217 Preliminary Findings of 1956 Survey of Consumer Finances 224 Credit Extended by Banks to Real Estate Mortgage Lenders 227 Law Department 228 Current Events and Announcements 230 j National Summary of Business Conditions 231 i. .. Financial and Business Statistics, U. S. (Contents on p. 233) 235 International Financial Statistics (Contents on p. 287) 288 Federal Reserve Board Publications 307 Board of Governors and Staff 309 Open Market Committee and Staff; Federal Advisory Council 310 ! Federal Reserve Banks and Branches 310 i Index to Statistical Tables 317 Map of Federal Reserve Districts Inside back cover Volume 42 • Number 3 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

FURTHER GROWTH in gold reserves and dollar holdings of foreign countries and in- FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS ternational institutions brought the total to Billions ol dollars $31.4 billion at the end of 1955. The increase of $1.8 billion for the year compared with $2.2 billion in 1954 and $2.6 billion in 1953. The tapering off in the rate of DOLLAR HOLDINGS growth reflects a decline in foreigners' net U S. GOVT BONDS AND NOTES receipts of gold and dollars through transac- DEPOSITS AND tions with the United States. OTHER SECURITIES During the three years 1953-55, foreign - 10 monetary authorities applied progressively less of their dollar receipts to the purchase of gold from the United States. In 1955 1949 1951 1953 1954 1955 foreign gold transactions with this country were the smallest in many years, and the NOTE.—Year-end data. Includes international institutions. Other securities include primarily Treasury bills. United States gold stock changed little. converted into gold through purchases from Accumulation of dollar holdings by forthe United States Treasury, they represent eigners averaged more than $1 billion anin part active balances maintained for curnually during the past three years, but the rent exchange and other operations. form in which the added funds were held Gradual relaxation of exchange restricchanged. The 1955 increase in such holdtions abroad and the restoration of freer ings was primarily in the form of United conditions for world trade continued in States Government securities, including—in 1955. This was reflected in a strengthening addition to Treasury bills—unusually large of exchange markets, as many countries conamounts of bonds and notes. tinued to take steps toward broader inter- Dollars are held by commercial banks market relations and freer movement of and other private organizations and individshort-term funds in adjusting the supply of uals as well as by foreign monetary authoriand demand for foreign currencies. ties. Private dollar holdings generally represent business funds related to the current FOREIGN TRANSACTIONS WITH transactions of foreigners with this country. THE UNITED STATES Growth in such holdings in recent years has Foreign countries and international instituaccompanied expansion of United States tions added $1.3 billion to their gold reserves trade and financial transactions with the rest and dollar holdings in 1955 through transof the world. While official dollar holdings actions with the United States. This comare part of monetary reserves, which may be pares with an increase of $1.6 billion in 217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN • MARCH 1956 1954 and $2.2 billion in 1953. The lower in acquisitions of foreign currencies by the rate of accumulation in 1955 was accom- United States Government through sale of panied, however, by a reduction in short- surplus agricultural commodities over the and medium-term foreign lending by United year. On the other hand, there were small States banks. The net outflow of bank net repayments on medium- and long-term funds declined from $585 million in 1954, loans held by the Export-Import Bank. an unusual amount, to $360 million in 1955. The net outflow of private capital, includ- Balance of payments. The surplus in the ing funds of United States banks, was smaller United States international balance on ac- last year than in 1954. The interest of count of goods, services, and remittances United States investors in acquiring foreign (excluding grant-financed military supplies stocks, primarily European and Canadian, and services) in 1955 was $1.4 billion, which had appeared in 1954, continued in slightly larger than in 1954. While both 1955. Flotations of dollar bonds by Norexports and imports increased sharply last way and South Africa extended the gradual year, the trade surplus widened only modwidening of the foreign bond market in this erately; this change was offset by increased country that began with Australian and Belmilitary expenditures abroad, primarily as gian issues in late 1954. These foreign a result of disbursements under offshore portfolio investments were offset, to some procurement contracts. extent, by net redemptions of Canadian Apart from these current account transbonds in this country, as interest rates here actions, the outflow of United States Govrose relative to Canadian rates. ernment nonmilitary grants and capital last Private direct investments abroad in 1955 year was $635 million larger than in 1954. in branches and subsidiaries of domestic This reflected increases in grant-aid disbursecorporations continued within the range of ments during the first half of the year, and $700-$800 million that has prevailed in re- SELECTED COMPONENTS OF UNITED STATES cent years. Foreign net purchases of United BALANCE OF PAYMENTS States corporate stocks totaled $130 million, [In millions of dollars] about the same as in 1954. 1954 1955 Lending by United States banks. The net outflow of funds of United States banks (in- Component First Second First Second cluding Federal Reserve Banks) to foreignhalf half half half ers in 1955 was smaller than in 1954. This coincided with repayments by foreign cen- Surplus on goods, services, and remittances 383 929 711 732 tral banks on short-term Federal Reserve Net outflow of capital and gold loans. Net disbursements on such U. S. Govt. grants: loans during 1954, principally to Brazil, U. S. private capital 684 937 400 548 U. S. Govt. capital and were $120 million. In late 1954, however, grants 648 837 1,293 827 Brazil obtained a medium-term gold loan Net transfers of gold and from United States commercial banks and dollars to foreigners.. 706 904 575 680 drew on this loan over the ensuing months NOTE.—Department of Commerce data, except transfer of to liquidate its indebtedness to the Federal gold and dollars to foreigners, which are Federal Reserve data. Grant-financed military supplies and services are not included. Reserve System. Data for the second half of 1955 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL GOLD AND DOLLAR FLOWS 219 Claims on foreigners reported by com- INCREASE IN FOREIGN GOLD RESERVES AND mercial banks increased $495 million in DOLLAR HOLDINGS, BY SOURCE [In millions of dollars] 1955, slightly more than in the preceding year, partly as a result of the shift in Brazil's Source 1953 1954 1955 indebtedness. Over the past two years commercial banks expanded their purchases of From the United States: Increase in dollar holdings1.. 1,020 1,283 1,187 the early maturities of International Bank Net gold purchases 1,164 327 68 loans, without the Bank's guarantee, and Net acquisitions of gold from increased their disbursements on loans guar- new production and other * sources2 417 616 590 anteed by the Export-Import Bank. Total increase in foreign gold Claims of commercial banks on the and dollar holdings 2,601 2,226 1,845 United Kingdom declined $65 million in 1 Includes principally deposits and U. S. Govt. securities. 1955, in contrast with an increase of $100 2 Estimated. Includes net purchases from private holders and the U. S. S. R. million the year before. Most of last year's decline occurred in the first quarter, when third last year—goes to meet gold requirethere was a return flow of funds that had ments in the arts and industry as well as been placed in deposit accounts or short- other private demand. term securities in the United Kingdom dur- Transactions with the United States. In ing December 1954. In December 1955 1955 the only significant gold transactions a similar flow of such bank funds to the with the United States were purchases by United Kingdom amounted to $35 million. France ($68 million) and Germany ($10 million) in the first half of the year and a GOLD MOVEMENTS sale by Uruguay ($11 million) in the third Additions to foreign gold holdings have quarter. Net purchases from domestic prodiminished steadily in recent years. Last duction partly offset sales abroad, and year foreigners purchased (net) only $68 throughout the year the United States gold million of gold from the United States, com- stock fluctuated close to $21.8 billion. pared with $327 million the year before and Transactions among foreign countries. In $1.2 billion in 1953, as the accompanying contrast with the decline in foreign gold table shows. Meanwhile, additions to for- transactions with this country, gold transeign gold reserves through net purchases out actions among foreign monetary authorities of new production and from other sources, (other than purchases of newly produced which amounted to about $420 million in gold) appear to have increased, in part as 1953, totaled about $600 million in each of a result of the reopening of the London the past two years. market in 1954 and the relatively favorable Foreign gold production (excluding the gold price in foreign markets. The esti- U.S.S.R.) last year rose about $50 million mated volume of such transactions exceeded to an estimated $900 million, largely be- half a billion dollars during 1955. cause of increased South African output. The price of gold in London during the Most of the South African production was latter part of 1955 fell slightly below the disposed of through the London market. dollar parity of $35 an ounce. This en- The part of new foreign production not ab- couraged use of gold rather than dollars in sorbed into official reserves—about one- settlement of international obligations. Dur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN • MARCH 1956 ing that period gold was employed exten- of dollars. All other Continental Western sively to settle debts with the European Pay- European countries, except Austria and ments Union, and European central banks Denmark, increased their holdings. The were reported to have purchased gold in amounts were largest for Italy, Switzerland, London. Also, some countries used gold to and Belgium. repurchase their own currencies from the International Monetary Fund. REGIONAL DISTRIBUTION OF FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS Billions of doHors REGIONAL CHANGES Changes in gold reserves and dollar hold- CONTINENTAL ' 12 WESTERN EUROPE ings of individual foreign countries varied 10 in 1955, reflecting transactions with the a United States, acquisitions from new gold production, and gold and dollar transfers UNITED KINGDOM AND among foreign countries and international OTHER STERLING AREA 4 institutions. Continental Western European countries added $1.7 billion to their hold- 2 ings, about the same as in 1953 and 1954. 0 On the other hand, the sterling area's hold- LATIN AMERICA 4 ings declined $465 million, in contrast with an increase of $175 million in 1954. Cana- 2 OTHER COUNTRIES dian holdings declined $100 million, while J I I I 0 Latin American holdings increased $165 1951 1953 1955 million. Aggregate holdings of the nonsterling countries of Asia rose about $400 NOTE.—End-of-quarter data. million, following declines in 1953 and Holdings of the United Kingdom, which 1954. maintains the central gold and dollar reserve Within Continental Western Europe, for the sterling area, declined about $530 changes varied widely by country. Hold- million in 1955. This compares with a reings of France increased nearly $650 mil- duction of $642 million in British official lion, more than double the 1954 growth, as reserves—gold and United States and Canaits position in the European Payments Union dian dollars. Increased private dollar holdimproved and there was further improve- ings partly offset the decline in reserves. ment in its over-all balance of payments Gold and dollar holdings of other sterling with the United States, which included large countries rose about $65 million. dollar receipts from aid, offshore procure- Among Latin American countries gold ment, and military expenditures. The in- and dollar holdings increased in Mexico crease in German holdings, $385 million, and Venezuela, by relatively large amounts, was about half that of 1954, reflecting pri- and declined in Colombia, Uruguay, and marily increased imports from the dollar Argentina. Colombia's indebtedness to area; United States Government military ex- United States banks increased during the penditures continued to be a major source first half of the year. Japan and Indonesia, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL GOLD AND DOLLAR FLOWS 221 mainly because of improved trade positions, was not solely in official accounts; private accounted for most of the rise in holdings holdings rose $450 million, with most counof other foreign countries. tries participating in the expansion. Gold reserves and dollar holdings of in- Investment in United States Government ternational institutions increased nearly bonds and notes. Information on the amount $150 million in 1955. Several countries and country distribution of foreign holdings repurchased their own currencies from the of United States Government bonds and International Monetary Fund, with gold or notes—defined to include all securities with dollars; the largest repurchases were made an original maturity of more than one year by France, Japan, and India. Dollar loan —was obtained for the first time last year repayments and sales out of its portfolio enthrough a special survey conducted by the abled the International Bank to maintain Federal Reserve System. Except for pardisbursements without issuing new dollar tial amounts, Government bonds and notes bonds. previously had not been included in published data on foreign gold and dollar hold- COMPOSITION OF DOLLAR HOLDINGS ings. Additions to foreign dollar holdings were In May 1955 selected banks in the United maintained at a high level over the past three States reported the amounts of United States years. The increase of $1.2 billion in 1955 Government bonds and notes held for forwas only slightly below that of the preceding eign and international accounts. These figyear. Last year foreigners invested $530 ures, together with regular monthly statismillion of the total in United States Government bonds and notes, as the accompanying tics on security transactions, provided a basis chart shows. Practically all of the 1954 net for estimating outstanding holdings of each addition was in short-term forms—deposits foreign country for the period since 1949. and short-term Government securities. Also The estimates are included in all statistics in contrast with 1954, last year's increase on dollar holdings shown in this article; in INCREASE IN FOREIGN DOLLAR HOLDINGS Billion; of dollars TYPES OF HOLDINGS TYPIS OF HOLDERS —11.5 ALL -Deposits. U. S. Go*t. Seruritiet, i1 anc Other 1 —I"1!1!1!1!1!! iiiiiiiiii A1 U. S. G=>vr. jijijijiji Secutties iiiiiiiiii • . Bond U s . S a . n G d o - N .: otes ^ ^ H ^L| iiiiiiiiii iiiiiiiiii 1955 NOTE.—Includes international institutions. Private holdings in- are not reported by type of holder, a breakdown is estimated. Other clude Japanese holdings that are reported as private, but are mostly holdings include bankers1 acceptances and miscellaneous short-term official in character. For some U. S. Govt. bonds and notes, which paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN • MARCH 1956 the table published regularly, on page 295; are coming to assume somewhat greater imand in the special tables on pages 303-305, portance relative to official reserves. one showing back figures and the other Private holdings are a supplement to offichanges during 1955. cial reserves. Under relatively stable con- The new figures fill an important gap in ditions and with free exchange markets, an information on foreign dollar holdings as adverse balance of payments may be rewell as on the ownership of United States flected in declining private holdings and, Government securities. Foreign and inter- similarly, a favorable balance of payments national institution holdings of United States may lead to increased private balances. Government bonds and notes were estimated The adequacy of a country's foreign exat $1.6 billion on December 31, 1955; this change holdings tends to depend not only represented more than 10 per cent of their on its official reserves but also on the availtotal dollar holdings. The amount held for ability of foreign funds in the market. official institutions was estimated at more than $1 billion, of which about $450 million ROLE OF DOLLAR HOLDINGS was purchased during 1955. The net dollar receipts of the rest of the Foreign holdings of United States Gov- world, which reflect the over-all balance of ernment bonds and notes appear to include payments of foreign countries with the for the most part relatively short maturities. United States, may be held in deposit Available information indicates that about accounts or in securities or may be used one-third of these securities will mature to purchase gold from this country. The within one year and three-fourths within form in which net dollar receipts are held three years. depends, among other things, on the type of Private holdings. Foreign countries and holder, the purpose for which assets are held, international institutions maintained $15.2 and preferences for interest-earning assets. billion in dollar accounts at the end of 1955, The outstanding amount of foreign-held almost half of their total gold and dollar dollars is a potential claim against goods and holdings. Of the dollar holdings of foreign services produced in this country, or other countries—$13.0 billion—about three-fifths assets, as well as against the monetary gold was for official accounts and the remainder stock of the United States. Of the total for private accounts. Less than half of United States gold stock of $21.8 billion at official holdings, but more than four-fifths the end of last year, $12.0 billion repreof private holdings, was in the form of sented required domestic reserves against deposits. deposits at Federal Reserve Banks and cur- Over recent years private holdings have rency in circulation, while the remaining been affected by relaxation of exchange re- $9.8 billion was so-called "free" gold. strictions and the accompanying broadening Domestic gold reserve requirements are afof private foreign exchange markets. Pri- fected by expansion or contraction of the vate institutions have been permitted to hold domestic money supply (bank deposits and larger amounts of foreign exchange in order currency in circulation), as well as by any to accommodate demands of customers and changes in reserve requirements against deto undertake short-term foreign exchange posits or currency. The level of "free" gold operations. As a result, private holdings is affected by these factors as well as by gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL GOLD AND DOLLAR FLOWS 223 transactions with foreigners and by any net usually large amounts of gold from the domestic production or consumption of gold. United States. Purchases have been made Foreign dollar holdings have grown along for the most part with currently accruing with the increased importance of the United dollars. Although the experience of in- States in world trade and finance and with dividual countries has varied, at no time in the emergence of the dollar as the leading this period have foreign countries as a group currency of the world. Thus the greater reduced their dollar holdings significantly part of foreign dollar holdings represents to purchase gold. The extent to which gold funds needed by their holders for carrying has been purchased has depended in large out international transactions. measure on which country was earning dol- Foreign private dollar holdings, which lars, since some countries have shown a high totaled $5.3 billion at the end of last year, propensity to hold their reserves in gold by and large represent operating funds of while others have shown very little or no commercial banks and business firms, which preference for gold as compared with dolneed these assets for their normal trade and lars. The greater part of outstanding offifinancial operations with the United States. cial dollar holdings belongs to countries that These groups may not purchase gold from in the postwar period have converted a relathe United States Treasury, although they tively small portion of their net dollar remay dispose of their dollar holdings to for- ceipts into gold. eign monetary authorities. Similarly, in- In general, foreign holdings of dollars, in ternational institutions do not have the alter- the form of deposits or other liquid assets, native of converting their dollars into gold. contribute to stability of foreign currencies The holdings of these institutions, $2.2 bil- and to the maintenance of high levels of lion on December 31, 1955, may be used world trade. Because of the general aconly in connection with their operations, ceptability of the dollar as a means of interwhich, however, might conceivably add to national settlement, the ready availability of the dollar holdings of foreign countries. dollar funds helps foreign countries in ad- Other foreign dollar holdings—$7.7 bil- justing to abrupt shifts in their international lion at the end of 1955—represent assets of accounts. Also, the fact that a foreign monetary authorities, including foreign cen- monetary authority has large dollar balances tral banks and governments, which the au- at its immediate disposal contributes to thorities may freely use to purchase gold confidence, and thus tends to mitigate balfrom the United States Treasury. These ance-of-payment crises. funds, however, include operating balances The dollar liquidity of foreign countries which these institutions maintain to meet also facilitates international financing. Forcurrent exchange requirements, to intervene eign lending by United States banks has in foreign exchange markets, or to under- expanded over recent years along with the take transactions on behalf of their gov- increase in foreign dollar holdings. The ernments. ready availability of dollar funds to foreign- During the postwar period, foreign mone- ers sustains the foreign trade of the United tary authorities have at times bought un- States and the rest of the world. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Preliminary Findings of the 1956 Survey of Consumer Finances PRELIMINARY FINDINGS of the eleventh Preliminary results of the 1956 Survey annual Survey of Consumer Finances are indicate that consumers view their current presented in this article.1 These surveys are financial situation favorably, are optimistic conducted by the Board of Governors of the about their own income prospects, and are Federal Reserve System in cooperation with very optimistic about prospects for general the Survey Research Center of the Univer- business conditions during the coming year. sity of Michigan. Personal interviews are About the same proportions of consumers made in January and February with a rep- reported plans to buy new and used automoresentative sample of the consumer popula- biles, other durable goods, and new and tion. Information is obtained on consumers' used houses, and to undertake home imfinancial positions, views concerning their provement and maintenance programs as reown and general economic prospects, their ported such plans a year ago. The median purchases during the past year of durable amounts of planned expenditures for these goods and houses, and their purchase plans purposes also showed little change from a for the coming year. year earlier. Consumer plans to buy, ex- In interpreting Survey findings, allow- pressed early in the year, should not be ances need to be made for sampling and taken as a forecast of what consumers acresponse variations which are inherent in tually will buy during the year. Many facthis type of sample survey.2 Consequently, tors, some of them impossible for consumers undue importance should not be attached to to know in advance—such as changes in small changes in the figures or to data which prices and credit availability, attractiveness relate to small groups in the population. of new products and models, and changes in general business conditions—will influ- 1 These findings are based on preliminary tabulations ence consumer buying during the year. For of approximately 2,800 interviews taken in January example, consumers bought more new cars and February 1956 in the 12 largest metropolitan last year than in any year on record, but areas and 54 other sampling areas throughout the country. Additional interviews and adjustments for their plans to buy, as reported early in the differential response rates in various strata of the year, were about the same as a year earlier, sample will be reflected in the data which will be published in later articles in this series in the Federal and were fewer than in early 1953 and some Reserve BULLETIN. In past years, results based on other years. the preliminary tabulations have not differed substantially from the final figures. The later BULLETIN Increases in income were widely disarticles will contain information on the financial positributed among consumers last year. Most tion of consumers; purchases and financing of automobiles, major household appliances, and houses; and of the major occupational groups except consumer instalment debts. farm operators shared in the increases. 2 See the discussion of sampling errors in the Survey, These increases were reflected in a tendency Federal Reserve BULLETIN, May 1955, pp. 473-74. 224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1956 SURVEY OF CONSUMER FINANCES 225 for the whole income structure to shift up- optimism regarding the business outlook ward. About 35 per cent of the consumer than they did a year earlier. Self-employed spending units reported incomes before tax businessmen showed the largest increase in of $5,000 or more in 1955, as compared favorable outlook, with three-fourths of with 32 per cent in 1954 and 31 per cent those reporting expecting good times. Farmin 1953. The larger proportions in the ers generally continued to be more pessi- $5,000 and over income group were accom- mistic than other groups and less than half panied by smaller proportions for those in of the farm operators expected good times the $3,000 to $5,000 income group, which this year. This proportion was similar to included only 28 per cent of the consumer those reported early in the two previous spending units last year as compared with years. 31 per cent in 1954, and 32 per cent in The proportion of nonfarm consumer 1953. spending units interviewed in early 1956 The distribution of liquid asset holdings that expressed intentions to purchase a among consumers early this year appeared house during the year was about the same to have been little changed from early 1955, as in early 1955, but among prospective but a slightly larger proportion of consumers buyers the proportion of nonveterans apreported holdings of more than $200. In peared to be somewhat larger. Plans to evaluating their financial positions, two- spend at least $50 on additions and repairs fifths of the consumers felt they were better on their houses were reported by almost off in early 1956 than at the beginning of one-fourth of the nonfarm consumers, about last year, and less than one-fourth felt they the same proportion as early last year. The were worse off. These proportions were median amount of planned expenditure, more favorable than in any other recent however, was larger this year. year. The proportion of consumers planning to With respect to their own prospects, buy at least one item of furniture or a housenearly two-fifths of the consumers said they hold appliance was about the same as a year expected to be making more a year from ago, and there was no change in the median now and less than one-tenth said they ex- planned expenditure. About one-half of pected to be making less—about the same those planning purchases of furniture and proportions as in early 1955. Consumers household appliances this year intended to were very optimistic about general business use instalment credit, a somewhat smaller conditions during the coming year. Nearly proportion than in early 1955. two-thirds of those interviewed expected About 8 per cent of the consumer spendbusiness conditions during the year to be ing units interviewed in January and Februgood, while less than one-tenth expected ary expressed an intention to purchase a them to be bad. These proportions were new automobile during 1956, while about much more favorable than they were in 7 per cent indicated plans to purchase a used other years for which this information was car. The frequency of new car purchase obtained. Consumers in most income and plans was about the same as in early 1955 major occupational groups expressed greater and 1954. The median price consumers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN • MARCH 1956 expected to pay for new cars was about the ning to buy automobiles anticipated using same as that reported in early 1955, but the instalment credit to finance their purchases median price they expected to pay for used more frequently than did those reporting car cars was moderately lower. Those plan- purchase plans a year ago. PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER FINANCES IN EARLY 1956, WITH FINAL RESULTS FOR EARLY 1949-55 * [Percentage distribution of spending units] Consumer Consumer financial 1956 1955 1954 1953 1952 1951 1950 1949 expectations 1956 1955 1954 1953 1952 1951 1950 1949 positions and plans Money income in prior year, before taxes Expected general business conditions'* U $ $ $ 1 2 3 n , , , d 0 0 0 0 e 0 0 r 0 0 0 - - - $ $ $ $ 1 2 3 1 , , 0 , , 9 9 9 0 9 9 9 0 9 9 9 . . . . . 2 2 1 1 3 0 2 8 B G F U a a n o i d c o r e d t t r i i m t m t a i e i e m n s s , e n s. o . t .. 64 9 5 5 1 9 2 5 4 2 3 5 8 ( ( 5 5 ) ) ( ( (5 5 5 ) ) ) ( ( ( 5 5 5 ) ) ) 4 1 1 0 7 5 4 2 1 7 5 4 $ $ 5 4 , , 0 0 0 0 0 0 - - $ $4 7 , , 9 4 9 9 9 9 . . 1 1 2 0 ascertained... 22 24 24 (5) (5) (5) 28 14 $ $1 7 0 ,5 ,0 0 0 0 0 - $ a 9 n , d 9 9 o 9 v . er 2 3 All cases 100 100 100 (5) (5) (5) 100 100 All cases 100 100 100 100 100 100 100 100 Expected change in income rate6 Past change in income rate2 Making more year from Making more now 37 39 29 34 36 (5) 28 No t h c a h n a n y g e e ar ago. 4 3 0 9 3 3 7 8 4 3 1 4 4 3 8 2 4 3 6 3 4 3 7 3 4 3 1 0 4 3 2 5 N M o a c k h i a n n g g e less 36 36 35 33 30 (5) 32 M t a ha k n i n y g ea r le a s g s o. 18 23 23 16 17 18 27 21 n y o e w ar from 8 6 15 10 8 (5) 10 Not ascertained. 3 2 2 4 4 2 2 2 Uncertain, not ascertained... 19 19 21 23 26 (5) 30 All cases 100 100 100 100 100 100 100 100 All cases 100 100 100 100 100 (5) 100 Evaluation of own financial situation Plans to purchase7 Better off than year ago 39 38 36 38 33 32 32 33 House6 9 6 9.4 6 6 8.8 6 4 8.5 8.4 7.0 W No o r c s h e a o n f g f e than 36 32 31 33 29 29 32 35 Ho a m nd e m im ai p n r t o .6 v . 8 22 6 22.7 19 6 16.9 (5) (-) (!) year ago 23 28 31 26 35 37 34 30 New Not ascertained. 2 2 2 3 2 2 2 automobile... 8 2 8.2 7 9 9.0 6.8 6.6 10.6 11.8 Used All cases 100 100 100 100 100 100 100 100 automobile... 7 2 7.5 6 4 6.2 6 0 5.5 6.9 6.8 Furniture and appliances 28.0 28.5 26.9 31.9 23 2 27.4 28.4 30.9 Liquid asset holdings3 Median planned expenditure9 Zero 29 29 26 29 $1-$199 15 17 15 16 $200-$499 12 12 13 13 New $500-$999 12 10 13 11 automobile... $2,850 $2,830 $2,500 $2,500 $2,300 $1,970 $1,920 $1,990 $1,000-$ 1,999. 11 10 11 11 Used $2,000-$4,999. 11 12 13 12 automobile... 820 860 750 900 600 590 540 630 $5,000-$9,999.. 6 6 5 5 Furniture and $10,000 and over 4 4 4 3 appliances.... 300 300 300 300 290 300 290 250 Home improv. All cases 100 100 100 100 100 100 100 100 and maint.6 8 380 330 300 1 Preliminary data for early 1956 are based on the first 2,800 spend- whole, do you think that during the next 12 months we will have ing units interviewed and have not been adjusted for nonresponse. good times or bad times, or what?" Data for past and expected change in income and evaluation of own 5 Data not available. financial situation for 1955 are preliminary, based on approximately 6 Includes only nonfarm spending units. 2,950 spending units. Other data for 1955 and data for previous 7 Percentage of spending units that reported they would, probably years are based on complete surveys and adjusted for nonresponse. would, or possibly would buy. 2 Includes only nonfarm spending units in 1952-56. 8 Includes only planned expenditure of $50 or more for improve- 3 As of Jan. 1, 1952 and at time of interview in January, February, ment and maintenance of home. and early March of other years; liquid assets include all types of 9 Data for automobiles are based on planned expenditures of spend- U. S. Government bonds, checking accounts, savings accounts in ing units that reported they would or probably would buy; data for banks, postal savings, and shares in savings and loan associations other items include, in addition, planned expenditures of spending and credit unions; currency is excluded. units that reported they possibly would buy. 4 Data are based on question: "Now considering the country as a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders Credit extended to real estate mortgage lenders CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDby weekly reporting member banks amounted to ERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, FEBRUARY 15, 1956, AND $1,418 million on February 15, 1956, $204 mil- NOVEMBER 16 AND AUGUST 10, 1955 lion less than on November 16, 1955. The [In millions of dollars] decline largely offset the increase of $215 million reported during the period August 10 to No- Increase vember 16, 1955. Commitments to extend addi- Outstanding on (or decrease — ) tional credit to these lenders also declined. They Item Nov. 16, Aug. 10 amounted to $1,122 million, $103 million less Feb. Nov. Aug. 1955 to to 15, 16, 10, Feb. 15, Nov. 16, than on November 16; this was a continuation 1956 1955' 1955 r 1956 1955 r of the $70 million decrease during the previous three months. Real estate mortgage loans purchased from real estate mortgage lenders The major portion of the $204 million decrease under resale agreement, total 259 404 338 -144 66 in credit extended to real estate mortgage lenders was a $144 million net decline in holdings of Insurance companies.. 115 265 235 -149 30 Mortgage companies.. 102 109 90 -7 19 real estate mortgage loans purchased under resale Others1 43 30 12 12 18 agreements. This included a decrease of $149 Loans to real estate mortgage lenders secured by million in real estate loans purchased from in- the pledge of real estate mortgage loans owned surance companies. by the borrowers, total.. 1,067 1,110 982 -44 128 Loans to real estate mortgage lenders secured Insurance companies.. 11 20 11 g 9 Mortgage companies.. 1,002 1,035 911 -34 124 by the pledge of real estate mortgage loans Others1 53 54 59 -1 -5 accounted for $1,067 million of the holdings on Loans to real estate mort- February 15 and for $44 million of the decrease gage lenders, not secured, or secured other since November. As in earlier surveys, these than by the pledge of real estate mortgage loans were largely to real estate mortgage com- loans owned by the borrowers, total 92 107 88 -15 19 panies. Other loans to real estate mortgage Insurance companies.. 3 2 4 2 -3 lenders which were not secured or were secured Mortgage companies.. 40 38 24 2 14 Others 1 49 68 60 -20 9 by other than real estate mortgage loans amounted Total loans to real to $92 million. estate mortgage Unused portions of firm commitments made lenders 1,418 1,623 1,408 -204 215 by the reporting banks to purchase real estate Unused portions of firm commitments to purmortgage loans from real estate lenders with or chase real estate mortgage loans from real eswithout resale agreement or to make secured or tate mortgage lenders with or without resale unsecured loans to these lenders amounted to agreement, or to make secured or unsecured $118 million for insurance companies, $830 mil- loans to real estate mortgage lenders, total.. 1,122 1,225 1,295 -103 - 70 lion for mortgage companies, and $175 million for other lenders. I M ns o u r r tg an ag ce e c c o o m m p p a a n n i i e e s s . . . . 8 1 3 1 0 8 8 1 8 5 9 1 8 1 9 8 4 3 - - 5 3 9 3 - - 3 5 2 The data for these surveys were obtained for the Others1 .. 175 185 219 -10 -34 purpose of ascertaining the amounts of all types ••Revisions of previous figures reported by banks in current of credit extended by commercial banks to real sur 1 v e S y a . v t ings and loan associations, mutual savings banks, builders estate mortgage lenders. Results of the earlier and other organizations (other than banks) that make or hold substantial amounts of real estate loans. surveys were published in the September and NOTE.—Banks reporting less than a million dollars of loans and commitments at August 10, 1955 were not asked to report on Novem- December 1955 issues of the Federal Reserve ber 16 or February 15, but their August 10 figures are included in subsequent data shown above for comparative purposes. BULLETIN. Details may not add to totals due to rounding. 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material COMMON TRUST FUNDS In recognition of the usefulness of common trust funds when soundly administered within the ADVERTISING framework of their intended purposes, it would The following opinion has been expressed by seem that the tone of common trust fund adverthe Board of Governors relative to the advertising should in every manner be appropriate to tising of common trust funds and the solicitation the collective uses and advantages of such funds through such advertising of revocable trusts: without seeking to popularize any particular use The pertinent provisions of section 17 of Reguor advantage. However, advertising which fails lation F, authorizing the establishment and mainto make clear that a common trust fund is solely a tenance of common trust funds, provide in part facility for the investment of funds held for true as follows: fiduciary purposes or advertising which overem- The purpose of this section is to permit the use of phasizes the advantages of such funds for invest- Common Trust Funds ... for the investment of funds held for true fiduciary purposes; and the operation of ment or estate building purposes would be inconsuch Common Trust Funds as investment trusts for sistent with the applicable restrictions on publicity other than strictly fiduciary purposes is hereby prohibited. . . . The trust investment committee of a of such funds. Banks operating common trust bank operating a Common Trust Fund shall not per- funds are enjoined to use particular care in the mit any funds of any trust to be invested in a Compreparation or the approval of advertising copy mon Trust Fund if it has reason to believe that such trust was not created or is not being used for bona and to see that it is in every way compatible with fide fiduciary purposes. A bank administering a Com- the spirit as well as the letter of the provisions of mon Trust Fund shall not, in soliciting business or section 17(a) of Regulation F. otherwise, publish or make representations which are inconsistent with this paragraph . . . The Board has placed considerable reliance ASSIGNMENT OF INCOME TO BANK upon the exercise of sound judgment and good The following opinion has been expressed by faith on the part of trust institutions and their the Board of Governors with respect to the assigntrust investment committees in carrying out the ment of a beneficiary's income from a particiintent and purposes of these provisions which are pation in a common trust fund as collateral secunecessarily expressed in broad, general terms. rity for loans made to such beneficiary by the Particularly is this so with respect to the phrase bank's commercial department: "bona fide fiduciary purposes" which cannot be Regulation F provides that if a bank, because simply or categorically defined. Determination of of a creditor relationship or any other reason, bona fide fiduciary purpose depends not only on acquires any interest in a participation in a comthe provisions of a trust instrument but in conmon trust fund under its administration, the parsiderable measure upon other facts and circumticipation shall be withdrawn on the first date on stances relating to the creation and the use of a which such withdrawal can be effected. The purparticular trust. This, it seems to the Board, is pose of this provision obviously is to preclude or particularly true in the field of revocable living minimize the development of conflicts of interest trusts where legal trust form is not, by itself, sufin the administration of common trust funds. ficient evidence of bona fide fiduciary purpose. Authorization of revocable trusts for common The answer to this question therefore depends trust fund participation should be preceded by upon whether the bank, because of the loan by particularly careful determination of the bona its Commercial Department to the income benefides of their use and purpose to avoid improper ficiary, would acquire an "interest" in a participause of the common trust fund as a medium at- tion in the common trust fund. tracting individuals primarily seeking investment In the ruling of the Board published in the management of their funds. 1947 Federal Reserve BULLETIN 980, the Board 228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 229 took the position that a loan was improper in In the circumstances, it is the Board's opinion view of the above-mentioned provision of Regu- that the acceptance of an assignment of a benelation F, where it appeared that the bank was ficiary's income in a participation in a common entitled to resort to the "principal" of the par- trust fund as collateral for a loan by the comticipating trust in order to collect the loan. That mercial department of a bank would weaken the case did not involve the assignment of the bene- fiduciary relationship and would result in the bank ficiary's income from a participation in the com- having an "interest" in the participation in the mon trust fund. In the opinion of the Board, common trust fund which would bring the loan however, no valid distinction can be made between within the intent and purpose of the prohibition an assignment of the principal and an assignment of section 17(a) (2) of Regulation F. of the income, having in mind the purpose of the The Board is also of the opinion that the use provision of the regulation in question. If the of an assignment which expressly states that unbank holds collateral in the form of an assign- der no circumstances would the assignee have an ment of the income, its capacity as fiduciary would interest in the common trust fund by virtue of the be complicated by that of creditor, and decisions assignment, and that the assignment would be of the bank in its management of the fund might effective only as to income after it actually had be subject to the accusation, even though un- been received into the participating trust account, justified, of being motivated by creditor's rights would not remove the bank's interest in a parrather than by a fiduciary's duty. ticipation in the common trust fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Mr. Eliot J. Swan, Vice President and Cashier, The Federal Advisory Council met in Washing- was appointed First Vice President to succeed Mr. ton on February 19-21, 1956. The annual organi- Mangels. Mr. Swan has been a member of the zation meeting of the Council was held on Febru- Bank's staff since 1941 and has served as an ary 19, at which Robert V. Fleming, Chairman, officer since 1950. The Riggs National Bank, was elected President, Frank R. Denton, Vice Chairman, Mellon Na- ELECTION OF CLASS A DIRECTOR tional Bank and Trust Company, was elected Vice The Federal Reserve Bank of Richmond on Febru- President, and William J. Korsvik was reappointed ary 24 announced the election of Mr. J. K. Acting Secretary. The Council met with the Board Palmer, Executive Vice President and Cashier, of Governors on February 21. Greenbrier Valley Bank, Lewisburg, West Vir- A meeting of the Federal Open Market Com- ginia, as a Class A director of the Bank for the mittee was held in Washington on March 6, 1956. term ending December 31, 1956. Mr. Palmer Wm. McC. Martin, Jr., was re-elected Chairman succeeds Mr. John A. Sydenstricker, Executive and Allan Sproul, Vice Chairman. Representa- Vice President, First National Bank in Marlinton, tive members of the Committee elected by the Marlinton, West Virginia, who died on December Federal Reserve Banks for the period of one year 12, 1955. beginning March 1, 1956, are: J. A. Erickson, Allan Sproul, Delos C. Johns, and O. S. Powell, APPOINTMENT OF SPECIAL CONSULTANT Presidents of the Federal Reserve Banks of Boston, Mr. James W. Allison has been designated by the New York, St. Louis, and Minneapolis, respec- Board of Governors as a special consultant in contively. nection with the emergency defense planning program relating to the banking system. Mr. Allison, whose home is in Orange, Virginia, was formerly RETIREMENT OF MR. EARHART AS PRESIDENT OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO. Vice President of the Equitable Trust Company of APPOINTMENTS OF MR. MANGELS AS PRESIDENT Wilmington, Delaware, and before that Vice Pres- AND MR. SWAN AS FIRST VICE PRESIDENT ident and Trust Officer of the First and Merchants Effective March 1, 1956, Mr. C. E. Earhart, who National Bank of Richmond. In 1945-46 he was had been serving as President of the Federal Re- President of the Trust Division of the American serve Bank of San Francisco since October 17, Bankers Association. 1946, retired. Mr. Earhart had been a member of the Bank's staff since 1917 and had served as an ADMISSION OF STATE BANK TO MEMBERSHIP IN officer since 1920. THE FEDERAL RESERVE SYSTEM Mr. H. N. Mangels, who had been serving as The following State bank was admitted to mem- First Vice President of the Federal Reserve Bank bership in the Federal Reserve System during the of San Francisco since January 1, 1947, was apperiod January 16, 1956 to February 15, 1956: pointed President to succeed Mr. Earhart. Mr. Mangels has been a member of the Bank's staff Michigan since 1916 and has served as an officer since 1920. Albion. The Bank of Albion. 230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 15 Economic activity generally continued at ad- ment. Activity in most equipment lines in Februvanced levels in February. Industrial production ary edged up further, and output of building mawas maintained, construction activity increased terials was generally maintained close to capacity slightly, and employment and retail sales declined levels. A further marked step-up in business somewhat. Prices of industrial commodities in- spending plans for plant and equipment was recreased further in February and early March, ported in mid-March by the Commerce Departwhile average wholesale prices of farm products ment and the Securities and Exchange Commischanged little following some recovery earlier. sion. Bank loans to business increased. Common stock Output of paper, chemicals, and most other prices advanced to a new high. nondurable goods in February continued close to the high levels of recent months. Minerals pro- INDUSTRIAL PRODUCTION duction increased to a new high, reflecting mainly Industrial production in February, as measured some further rise in crude petroleum and coal by the Board's preliminary seasonally adjusted output. index, continued at the revised January level of CONSTRUCTION 143 per cent of the 1947-49 average. The index Private housing units started in February rose has been at this level since October except for slightly to a seasonally adjusted annual rate of December when it was 144. 1.2 million. Total value of contract awards re- Activity in durable goods industries declined mained at a record high level for this time of year, slightly further in February, reflecting in part reflecting continued strength in all major types of additional curtailment in auto assemblies. Output awards. Expenditures for new construction inof household durable goods apparently showed creased slightly to a seasonally adjusted annual little change, at a level moderately above a year rate of more than $41.5 billion. ago. Steel production in February and early March continued at the record January rate— EMPLOYMENT more than 99 per cent of capacity—with special Seasonally adjusted employment in nonagristrength reported in steel demand for construc- cultural establishments in February, at 50.2 miltion and for manufacture of producers' equip- PRICES Per cent, 1947-49-100 INDUSTRIAL PRODUCTION Per cent, 1947-49.100 WHOLESALE • OTHER ALL COMMODITIES - FARM PRODUCTS 1 . . 1 1 -~ CONSUMER NONDURABLE ALL ITEMS MANUFACTURES -—-^ -s • ->-^_ FOODS -—,,,,., i ., 1 ,,., 1 . . 1 1 -- 1952 1953 1954 1955 1956 I.. Bureau of Labor Statistics indexes. "Other" wholesale 1953 1954 1955 1956 1953 1954 1955 1956 prices exclude processed foods, included in total but not Federal Reserve indexes, seasonally adjusted. Monthly shown separately. Monthly figures, latest shown: January figures, latest shown are for February. for consumer prices, and February for wholesale prices. 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN • MARCH 1956 lion, was down slightly from January, largely some areas. Average prices of farm products and reflecting further cutbacks in automobile pro- foods changed little from mid-February to midduction, but was 1.7 million higher than a year March. Livestock marketings continued in exago. Average weekly hours of work and hourly ceptionally large volume for this season—about and weekly earnings at factories were maintained 15 per cent above a year ago. Livestock prices in at January levels. Unemployment leveled off at mid-March were little changed from a month 2.9 million in February, after increasing season- earlier. ally since October, and was about half a million below a year ago. BANK CREDIT AND RESERVES Total loans and investments at banks in leading DISTRIBUTION cities increased slightly between early February Total retail sales in February declined from the and early March. Loans and bank holdings of advanced January rate but were 4 per cent above securities other than U. S. Government issues a year ago, after seasonal and trading day allow- expanded, while holdings of Governments conances. Sales at department stores, at a record tinued to decline. Business loans increased as high in January, also declined in February. new borrowing by most lines, especially metal Dealers' sales of new and used autos showed some manufacturers, exceeded net repayments by sales seasonal pickup in February. With auto output finance companies and food processors, and there substantially curtailed, new car stocks rose only was also an increase in real estate loans. Demand moderately further; used car stocks continued deposits adjusted declined while U. S. Government little changed. deposits at banks increased. Between early February and early March, mem- COMMODITY PRICES ber bank borrowings from the Federal Reserve Average wholesale prices of industrial comfluctuated widely but continued to average about modities advanced slightly further from mid- $800 million. Excess reserves remained around February to mid-March. While rubber and steel $500 million. Federal Reserve holdings of U. S. scrap declined further, there were increases in Government securities increased somewhat in late copper, brass mill products, wastepaper, paper February and early March, largely reflecting bags, and shoes and some other clothing items. acquisitions under repurchase contracts. A 5 per cent advance in tinplate was announced, effective at the end of April. In early March an SECURITY MARKETS average increase of 6 per cent in rail freight rates Yields on short-term Treasury securities, which became effective and trucking rates also rose in had declined sharply in January, fluctuated somewhat in February, and rose during the second LOANS AND INVESTMENTS week of March following completion of Treasury MIMIM BANKS IN HADING CITIES Billions of dollors financing. Holders of the $8.5 billion 15/S per cent note maturing in March were given the option of exchanging into a new 11-month 25/k per cent certificate or the reopened 2% per cent note of June 1958. Exchanges were received for all but 3 per cent of holdings outside the Federal Reserve System. Maturing April V/z per cent notes, held almost exclusively by the Federal Reserve, were exchangeable only into the new TOTAL LOANS certificate. Yields on intermediate and long-term U. S. Government securities rose moderately from mid- U. S. GOVT SECURITIES February to mid-March. Yields on corporate and State and local government bonds declined further during the latter part of February but in- Federal Reserve data. Loans to banks are excluded. Securities other than U. S. Government are included in the total creased in early March. Common stock prices but not shown separately. Weekly figures, latest shown are for Mar. 7. rose to a new high. 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. ... 235 Reserve Bank discount rates; reserve requirements; margin requirements. 238 Federal Reserve Banks 239 Bank debits; currency in circulation. . . ... 242 All banks: consolidated statement of monetary system; deposits and currency. 244 All banks, by classes 245 Commercial banks, by classes. 248 Weekly reporting member banks. 250 Commercial loans; commercial paper and bankers' acceptances. 252 Interest rates 253 Security prices; stock market credit. 254 Savings institutions . . 255 Federal credit agencies. 256 Federal finance 258 Security issues . 262 Business finance 263 Real estate credit . . 265 Short- and intermediate-term consumer credit. 268 Selected indexes on business activity. 271 Production 272 Employment and earnings. 278 Department stores . 280 Foreign trade 281 Wholesale and consumer prices 282 National product and income series. . 284 Detailed debit and credit balances of Stock Exchange firms 286 Index to statistical tables. . 317 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. 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 15 J i EEAXCV.ECS9S3 KREEdSCEKRVVCEdS p TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 0 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS -— - —-.-A DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 2 ii • I i 0 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending Feb. 29. See p. 235. 234 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 U. S. Govt. securities T u re ry as. Cur- Treas- with r F es . e R rv . e s B , anks reserves e W nd e i e n k g Total B r o o ig u u h t g - t hi r a u c H e g n h e p r d a l e u s e e r d e r - - c v D a o a a i u n n d s n c d - - t e 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 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 O F o a . t u c h R - n e t . r s Total qu R i e r - ed; c E e x ss - 2 ment Averages of daily figures 1955 Jan. 5. 24,918 24,87- 372 88526,176 21,71 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 25,482 21,714 4,985 30,079 818 275 516 413 90219,176 18,383 793 Jan. 26. 23,683 23,671 453 806 24,942 21,714 4,985 29,866 82' 272 422 280 90119,074 18,429 645 Feb. 2 23,852 23,844 52- 66625,042 21,714 4,988 29,767 834 431 441 419 89918,95: 18,361 591 Feb. 9 24,016 23,902 11 555 64025,212 21,715 4,988 29,794 82 472 447 480 89519,000 18,272 728 Feb. 16 23,908 23,827 81 387 6685 24,96421,715 4,989 29,782 824 399 486 458 91318,806 18,236 570 Feb. 23 23,73f 23,732 395 804 24,932 21,716 4,990 29,771 825 490 390 486 95918,716 18,108 608 Mar. 2 23,604 §3,604 490 797 24,892 21,716 4,995 29,796 827 575 324 481 95718,64: 18,089 553 Mar. 9 23,604 23,604 479 789 24,873 21,717 4,995 29,819 828 548 364 476 95518,596 18,018 578 Mar. 16 23,606 23,604 48 719>24 809 21,717 4,995 29,833 817 356 422 358 95718,779 18,149 630 Mar. 23 23,664 23,604 60 630 1,03225,327 21,718 4,995 29,793 818 887 339 435 96418,804 18,123 681 Mar. 30 23,604 23,604 745 67725,028 21,719 4,997 29,716 826 1,000 338 490 96418,408 17,918 490 Apr. 6 23,643 23,604 613 656 24,918 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 9.21318,659 18,201 458 May 11. 23,839 23,702 13' 374 696 24,924 21,671 4,999 29,859 811 280 363 442 920 18,920 18,176 744 May 18. 23,687 23,664 23 317 88824,908 21,672 4,999 29,877 821 310 417 377 924 18,853 18,207 646 May 25. 23,51" 23,51' 427 88024,834 21,673 4,999 29,826 818 437 394 421 937 18,673 18,192 481 June 1. 23,603 23,600 612 77 25,001 21,674 5,001 29,961 823 582 400 478 936 18,496 18,063 433 June 8 23,683 23,683 533 81:25,044 21,675 5,002 30,059 835 440 387 416 18,648 18,036 612 J J J u u u n n n e e e 2 2 1 2 9 5 2 2 2 3 3 3 , , , 5 5 5 5 8 5 - 8 4 2 2 2 3 3 3 , , ,5 5 5 8 5 5 8 4 4 4 5 3 5 4 5 6 8 8 1, 7 7 1 8 3 9 9 7 3 2 2 2 4 5 4 , , , 8 0 9 1 5 5 5 5 6 2 2 2 1 1 1 , , , 6 6 6 7 7 7 6 6 7 5 5 5 , , , 0 0 0 0 0 0 1 1 1 3 3 3 0 0 0 , , , 0 0 0 2 3 5 1 5 8 8 8 8 1 1 3 8 4 2 2 3 3 1 2 0 3 3 4 4 4 4 2 0 3 5 8 4 2 2 3 7 7 8 5 8 7 9 9 9 8 8 4 1 1 0 1 1 1 8 8 8 , , , 6 6 9 7 5 9 8 3 8 1 1 1 8 8 8 , , , 3 0 1 0 9 6 1 9 4 4 6 5 8 9 7 9 7 9 July 6. 23,703 23,69: 688 85825,265 21,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13. 23,957 23,943 685 91325,571 21,679 5,003 30,416 803 440 425 419 97118,779 18,047 732 July 20. 23,943 23,943 35 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 23,761 770 671 25,217 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 23,587 901 960 "2,5478 21,683 5,006 30,323 787 693 370 386 99018,618 18,134 484 Oct. 5 »3,844 23,727 117 843 816 25,525 21,684 5,007 30,428 791 525 381 390 99918,700 18,189 511 Oct. 12 13,911 23,792 119 909 874 25,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19 14,021 23,916 105 1,041 1,08826,169 21,685 5,007 30,621 777 534 391 409 1,01019,119 18,494 625 Oct. 26 •3,973 23,973 771 98525,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov. 2 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov, 9 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16 24,068 24,018 50 1,173 1,01326,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov.23 23,888 23,888 816 1,486 2266,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30 24,001 23,903 "98 973 1,019 2266,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 957 26,274 21,688 5,008 31,070 780 483 424 413 931 8,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 989 8,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,74627,101 21,689 5,008 31,364 772 401 469 336 1,010 9,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,012 9,487 18,804 683 1956 Jan. 4. 24,785 24,391 394 584 1,539 26,936 21,690 5,008 31,153 773 356 438 513 939 9,464 18,887 577 Jan. 11. 24,308 24,191 117 801 1,242 2266,375 21,691 5,008 30,914 782 244 423 334 923 9,453 18,725 728 Jan. 18. 23,804 23,802 2 922 1,125 25,872 21,692 5,008 30,632 786 360 417 321 920 9,136 18,543 593 Jan. 25. 23,517 23,517 815 1,12825,480 21,692 5,009 30,361 793 385 388 318 919 9,017 18,494 523 Feb. 1. :3,416 23,414 999 814 15,248 21,693 5,009 30,223 798 464 369 343 919 8,834 18,350 484 Feb. 8. 13,423 23,423 822 840 15,104 21,693 5,010 30,219 796 406 365 331 917 8,773 18,230 543 Feb. 15. 13,349 23,349 976 83225,174 21,694 5,010 30,247 800 428 377 400 932 8,693 18,144 549 Feb. 22. 13,389 23,333 622 1,333 25,360 21,694 5,011 30,210 794 557 362 366 1,026 8,749 ^18,179 P510 Feb. 29. 13,435 23,384 758 25,089 21,695 5,012 30,180 793 542 354 306 1,025 8,596 18,141 P Preliminary. For other footnotes see following page. 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 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 Pe d o r a i r t o e d T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r a u c H e r g h n i p t e r a d i u e l e s e d e r e s r - - c v D o a a a n n u d is c d n - e ts s Float Total i s G to o c ld k T r s c o e t u i r a n u n u e r n g r y c t a - - d y s - - r c C t e c u i i n i u o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es F . e e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s i e r rv e e d s 2 c E e x s - s2 ment Averages of daily figures 1955 Feb.. 23,838 23,787 51 473 710 25,021 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 96018,635 18,050 585 Apr.. 23,632 23,604 28 585 83825,070 21,680 4,997 29,807 816 501 370 481 97318,800 18,210 590 May. 23,666 23,617 49 445 79824,924 21,673 4,999 29,861 818 421 389 432 92818,746 18,166 580 June. 23,598 23,596 2 465 87824,958 21,676 5,001 30,050 825 329 412 345 95918,715 18,146 569 July.. 23,967 23,925 42 576 940 25,497 21,680 5,003 30,284 801 461 423 423 96218,824 18,205 619 Aug.. 23,886 23,870 16 803 746 25,450 21,682 5,004 30,289 801 569 431 398 91818,728 18,152 576 Sept.. 23,709 23,668 41 872 92425,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct.. 23,951 23,881 70 895 92625,792 21,685 5,008 30,532 781 509 390 403 1,00018,870 18,345 525 Nov.. 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 93718,902 18,378 524 Dec. 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan.. 23,897 23,824 1,15225.879 21.692 5.008 30,620 C787 356 404 354 92119,138 18,586 552 Feb.. 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 Midyear or year-end 1929—June.... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 714 17,681 16,509 1,172 1952—Dec 24.697 24,034 663 156 967 "25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—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 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 End of month 1955 Feb 23,605 23,605 485 67824,769 21,716 4,996 29,817 828 564 320 433 95718,562 18,091 471 Mar 23,612 23,604 391 65924,667 21,719 4,998 29,800 819 724 351 448 95918,283 17,871 412 Apr 23,612 23,604 560 79924,988 21,671 4,999 29,769 809 812 360 490 92318,495 18,161 334 May 23,662 23,662 460 64324,780 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 5,008 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 Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 Jan.. 23.466 23,466 852 78625,122 21,693 5.009 30.228 797 428 3S5 349 91918,750 18,311 439 Feb.. 23,482 23,426 56 632 79124,920"21,695 0 ^30,155 554 363 305 1,025 18,428 •18,166 Wednesday 1955 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 24,562 24,407 155 564 1,193 26,338 21,689 5,007 31,277 779 425 434 323 98818,809 18,543 266 Dec.21 24,638 24,357 281 670 1,893 27,221 21,690 5,008 31,406 776 539 479 320 1,010 1199,389 18,863 526 Dec.28 24,807 24,391 416 509 1,407 26,752 21,690 5,008 31,357 778 522 468 425 1,011 18,890 18,776 114 1956 Jan. 4 24,663 24,391 272 398 1,541 26,626 21,690 5,008 31,061 783 265 451 424 92319,418 18,907 511 Jan. 11 24,178 24,141 37 806 1,016 2"6 ,02321,691 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 91919,166 18,527 639 Jan. 25 23,508 23,508 847 786 "2-5,161 21,693 5,009 30,225 799 461 396 347 91918,715 18,415 300 Feb. 1 23,469 23,469 934 79625,217 21,693 5,010 30,196 798 398 360 354 91818,895 18,32 574 Feb. 8 23,444 23,444 827 59724,885 21,693 5,009 30,205 802 305 369 315 91718,675 18,207 468 Feb. 15 23,346 23,346 987 94525,293 21,694 5,010 30.224 804 440 379 319 1,026 18,805 18,159 646 Feb.22 23,366 23,339 634 1,292 25,309 21,695 5,012 30,206 795 561 365 675 1,025 18,389^18,120 *>269 Feb. 29. 23,482 23,426 632 791 24,920n1,695 P5.011^30,155 554 363 305 1,025 18,428^18,166 ^262 c Corrected. separately in this table, but are given for end-of-month and Wednesday p Preliminary. dates in subsequent tables on Federal Reserve Banks. i Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 237 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve 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 c R 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 b A e n e l m l r ks - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1955—Jan 19,114 4,410 ,203 7,881 5,619 1955—Jan 682 8 3 87 584 Feb 18,819 4,380 ,183 7,726 5,531 Feb 625 30 79 516 Mar 18,635 4,394 ,141 7,623 5,476 Mar 585 21 -2 62 505 Apr 18.800 4,445 122 7,747 5,486 Apr 590 4 74 513 May 18,746 4,407 139 7,734 5,465 May 580 23 1 85 470 June 18,715 4,388 ,135 7,680 5,512 June 569 15 2 61 496 July 18,825 4,371 ,148 7,759 5,546 July 619 9 8 87 516 Aug 18,728 4,286 140 7,737 5,565 Aug 577 10 -1 54 514 Sept 18,711 4,262 129 7,738 5,583 Sept 564 14 63 487 Oct 18,870 4,316 ,127 7,823 5,604 Oct 524 1 64 460 Nov 18,902 4,257 144 7,840 5,660 Nov 525 14 3 38 470 Dec 19,240 4,432 166 7,924 5,716 Dec 594 35 2 60 497 1956—Jan 19,138 4,293 178 7,934 5,732 1956—Jan 552 -24 "I 72 505 Week ending: Week ending: 1956—Jan. 18 19,136 4,268 169 7,966 5,733 1956—Jan. 18 592 -6 92 505 Jan. 25 19,017 4,252 171 7,898 5,696 Jan. 25 523 -20 -3 65 481 Feb. 1 18,834 4,278 172 7,806 579 Feb. 1 485 31 6 61 387 Feb. 8 18,773 4,208 139 7,771 655 Feb. 8 543 — 5 67 481 Feb. 15 18,693 4,179 132 7,756 627 Feb. 15 550 24 3 72 451 Feb. 22 18,749 4,143 140 7,765 702 Feb. 22 2*570 -21 2 69 *520 Feb. 29 18,596 4,238 130 7,721 5,507 Feb. 29 ^456 41 2 67 ^346 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—Jan 18,432 4,402 1,200 7,794 5,036 1955—Jan 313 77 57 124 55 Feb 18,195 4,350 1,183 7,646 5,015 Feb 354 50 38 189 77 Mar 18,050 4,373 1,143 7,561 4,971 Mar 463 18 131 213 101 Apr , 18,210 4,442 1,122 7,673 4,973 Apr 495 27 125 229 114 May 18,166 4,384 1,138 7,649 4,995 May 368 4 26 213 125 June 18,146 4,373 1,138 7,619 5,016 June 401 13 40 229 119 July 18,205 4,362 1,140 7,673 5,030 July 527 78 33 306 110 Aug 18,152 4,277 1,141 7,682 5,052 Aug 765 149 60 395 161 Sept 18,148 4,248 1,128 7,675 5,096 Sept 849 141 114 472 122 Oct 18,345 4,316 1,127 7,759 5,144 Oct 884 151 137 480 116 Nov 18,378 4,243 1.142 7,802 5,191 Nov 1,016 279 70 538 129 Dec 18,646 4,397 1,164 7,865 5,220 Dec 839 197 85 398 159 1956—Jan 18,586 4,317 1,179 7,863 5,227 1956—Jan 807 174 82 425 126 Week ending: Week ending: 1956—Jan. 18 18,543 4,273 167 7,875 5,228 1956—Jan. 18 920 248 115 435 122 Jan. 25 18,494 4,272 ,174 833 5,215 Jan. 25 814 193 71 441 109 Feb. 1 18,350 4,247 166 745 5,192 Feb. 1 999 165 88 562 184 Feb. 8 18,230 4,213 138 705 5,174 Feb. 8 822 100 86 494 142 Feb. 15 18,144 4,155 129 684 5,176 Feb. 15 973 288 102 417 166 Feb. 22 18,179 4,164 ,137 7; 696 ^5,182 Feb. 22 622 128 87 310 97 Feb. 29 '18,141 4,197 ,128 7,655 ^5,161 Feb. 29 758 87 140 372 159 Free reserves:2 4 January 1956 1955—Jan 369 -69 -54 -37 529 Feb 271 -20 -38 -110 439 Deposits: Mar 122 3 -133 -151 404 Apr 95 -23 -125 -155 399 Gross demand deposits: May 212 19 -25 -128 345 Total 117,398 23,648 6,309 46,110 41,331 June 168 2 -43 -168 377 Interbank 13,289 4.163 1,207 6,516 1,403 July 92 -69 -25 -219 406 Other 04 109 19,485 5,103 39,594 39,928 Aug -188 -139 -61 -341 353 Net demand deposits3. . . 100,931 20,755 5,566 39,132 35,478 Sept -285 -127 -114 -409 365 Time deposits 40,407 3,312 1,313 16,381 19,401 Oct -360 -150 -137 -416 344 Demand balances due Nov -491 -265 -67 -500 341 from domestic banks.. . 6,601 80 112 2,066 4,343 Dec -245 -162 -83 -338 338 1956—Jan -255 -198 -83 -353 379 January 1955 Week ending: 1956—Jan. 18 -328 -254 -114 -343 383 Gross demand deposits: Jan. 25 -291 -213 -74 -376 372 Total 115,163 23,587 6,316 45,108 40,152 Feb. 1 -514 -134 -82 -501 203 Interbank 13,638 4,185 1,245 6,788 1,421 Feb. 8 -279 -105 -86 -427 339 Other 101,525 19,403 5,071 38,320 38,731 Feb. 15 -423 -264 -99 -345 285 Net demand deposits3. . . 99,854 21,119 5,672 38,919 34,144 Feb. 22 ^-52 -149 -85 -241 *'423 Time deposits 39,416 3,565 1,317 15,764 18,770 Feb. 29 ^-302 -46 -138 -305 »187 Demand balances due from domestic banks. . . 6,937 51 119 2,086 4,681 P Preliminary. 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. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member NOTE.—Monthly and weekly data for reserves (except free) and borrowbanks and of country banks are estimates. ings for the full year 1955 are shown on pp. 182-183 of the BULLETIN for February 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( S se e c e u s. r e 1 d 3 b a y n d e li 1 g 3 i a b ) l e 1 paper [Sec. 10(b)] obl ( ig la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 29 beginning— rate Feb. 29 beginning— rate Feb. 29 beginning— rate r Boston Nov'.. 22, 1955 Nov. 22, 1955 Nov.22, 1955 New York... Nov'.. 18, 1955 Nov. 18, 1955 Sept. 9, 1955 Philadelphia.. Nov'.. 18, 1955 Nov. 18, 1955 Nov. 18, 1955 Cleveland Nov'.. 18, 1955 Nov. 18, 1955 Nov. 18, 1955 Richmond... Nov'.. 22, 1955 Nov. 22, 1955 Nov.22, 1955 3 Atlanta Nov'.. 18, 1955 Nov. 18, 1955 Nov. 18, 1955 f Chicago Nov\. 18, 1955 Nov. 18, 1955 Nov. 18, 1955 St. Louis Nov'.. 22, 1955 Nov. 22, 1955 Nov.22, 1955 Minneapolis., Nov'. 21, 1955 Nov. 21, 1955 Sept. 12, 1955 Kansas City.. Nov'.. 21, 1955 Nov. 21, 1955 Sept. 9, 1955 3 Dallas Nov'.. 23, 1955 Nov. 23, 1955 Aug. 5, 1955 3% San Francisco Nov\. 18, 1955 Nov. 18, 1955 Nov. 18» 1955 38 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 RATEi MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits * 1930— D M J M F u e e a a n b c y r e . . . 2 2 1 4 2 0 7 4 b 4 3% 1 1 1 9 9 9 4 4 4 2 6 8 — — — O A Ja c p n t r . . . 2 3 1 5 0 2 1 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e 1% 1931—May 8 A Aug. 13 Oct. 9 Oct. 16 §8 1950—Aug. 21 1917—June 21 13 10 1932— J F u e n b e . 2 2 4 6 2 3 % 1 1 9 9 5 5 4 3 _ _ F ja e n b . . 16 5 1 1 9 9 3 36 7 — — M A M u a a g y r. . 1 1 1 6 2 2 1 6 2 9 % % 2 15 * 1 19 9 3 3 3 4 — _F A O M M e c p a b a t r y r . . . . 2 2 2 7 0 6 3 1955— N A A S A e o u p p p g v r r t . . . . . 1 1 1 9 5 8 6 5 2 2 % V4 1 1 19 9 9 3 4 4 8 2 1 — _ _ A N S A e u o p p g v r t . . . . 2 1 1 0 1 4 6 2 2 2 2 2 6 4 2 34 2 1 0 7% In effect Mar. 1,1956 2% Oct. 3 20 1937—Aug. 27 1948—Feb. 27 22 June 11 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 16,24*.... 26 22 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 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 30,Julyl*. 20 advances secured by eligible paper. Aug. 1, 11* !?* Aug. 16, 18*.... Aug. 25 IS* MARGIN REQUIREMENTS i Sept. 1 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 Jan. 25,Feb. 1*. 24 20 Feb. 20, Jan. 4, Effec- 1953—July 1, 9*.... 22 19 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954_jUne 16,24*.... 21 1955 1955 1955 July 29, Aug. 1*. 20 In effect Mar. 1,1956.. 20 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements: For short sales 50 60 70 Minimum 13 Regulation U: Maximum 26 50 60 70 l Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. 00 OO Time deposits Central Coun- re a s n er d ve Coun- try reserve try banks city banks banks 7 3 3 10% 12% 14 6 6 12 5 5 14 6 6 16 7% 7% 15 7 7 14 6 6 13 5 12 5 13 6 6 14 13 5 5 12 12 5 5 10 7 3 3 20 14 6 6 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr 13 1943-June 30, 1947). ' *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 239 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 Feb. 29 Feb. 22 Feb. 15 Feb. 8 Feb. Feb. Jan. Feb. Assets Gold certificate account 20,156,35120,156,352 20,156,352 20,156,353 20,156,352 20,156,35120,151,352 20,174,101 Redemption fund for F. R. notes.. 854,771 854,772 854,772 856,558 859,120 854,771 859,120 857,766 Total gold certificate reserves. 21,011,122 21,011,124 21,011,124 21,012,91121,015,472 21,011,122 21,010,472 21,031,867 F. R. notes of other Banks 330,403 333,814 339,907 360,549 384,962 330,403 377,208 199,146 Other cash 443,227 441,355 434,293 444,402 456,251 443,227 460,007 445,127 Discounts and advances: For member banks 631,568 634,316 976,817 826,662 933,702 631,568 852,236 378,743 For nonmember banks, etc 10,000 106,667 Industrial loans 695 655 674 644 674 695 692 534 Acceptances—Bought outright 14,484 14,984 15,484 16,478 18,008 14,484 17,562 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 538,200 450,200 457,200 555,700 580,500 538,200 577,500 883,244 Certificates—Special , Other 5,920. 5,920,699 5,920,699 5,920,699 5,920,699 5,920,699 5,920,699 ,960,141 Notes 14,165! 14,165,913 14,165,913 14,165,913 14,165,913 14,165,913 4,165,913 ,959,471 Bonds , 2,80i; 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 Total bought outright 23,426. 23,338,562 23,345,562 23,444,062 23,468,862 23, 426,562 23,465,862123,604,606 Held under repurchase agreement. 55; 27,900 , 55,900 I Total U. S. Government securities. 23,482,462 23,366,462 23,345,562 23,444,062 23,468,862 23,482,462 23,465,862 23,604,606 Total loans and securities 24,129,20924,016,417 24,348,537 24,287,846 24,421,246 24,129,209 24,336,35224,090,550 Due from foreign banks. 22 22 22: 22 22 22 22 Uncollected cash items.. 4,509, 5,071,575 5,243,795 3,935,607 4,487,000 4,509,492 ,169,266 ,489,899 Bank premises 63! 62,912 62,952 62,024 62,014 63,076 62,022 55,432 Other assets ; 117,836 110,203 211,351 201,102 128,302 199,670 129,925 Total assets. 50,614,853 51,055,055 51,550,833 50,314,712 51,028,069 50,614,853 50,615,019 49,441,968 Liabilities Federal Reserve notes 26,029,487 26,079,98526,109,00126,121,789 26,148,313 26,029,48726,170,046J25,608,6l6 Deposits: Member bank reserves , 18,428,104 18,389 18,804,877 18,674,57618,895,074 18,428,10418,749,54618,561,754 U. S. Treasurer—general account. 553,556 560, ,,440413 305,448 397,840 553,556 427,569 564,049 Foreign 363,439 364 440, 245 369,208 359,937 363,439 355,399 319,784 Other 305,492 674 379, 685 315,066 354,320 305,492 348,930 433,308 318, Total deposits. 19,650,591 19,989,822 19,943,220 19,664,298 20,007,171 19,650,591 19,881,444 19,878,895 Deferred availability cash items 3,718,414 3,779 4,299 3,338,284 ,691,175 3,718,414 3,383,309 2,811,959 Other liabilities and accrued dividends. 15,841 14 14 13,853 12,733 15,841 12,627 14,683 Total liabilities. 49,414,333 49,863,275 50,365,605 49,138,224 49,859,392 49,414,333 49,447,426 48,314,153 Capital Accounts Capital paid in 308,769 308,091 307,642 306,075 305,459 308,769 305.330 293,065 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 693,612 693;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 170,596 162,534 156,431 149,258 142,063 170,596 141.108 146,306 Total liabilities and capital accounts. 50,614,85351,055,055 51,550,833 50,314,712 51,028,069 50,614,85350,615,019:49,441,968 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 45.6 45.6 45.9 45.5 46.0 45.6 46.2 Contingent liability on acceptances purchased for foreign correspondents 36,586 32,813 30,494 31,847 32,853 36,586 32,412 28,154 Industrial loan commitments 2,444 2,496 2,477 2,517 2,488 2,444 2,470 3,226 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 631,568 634,316 986,817 826,662 933,702 631,568 852,236 485,410 Within 15 days 624,776 628,684 981,491 819,536 926,706 624,776 844,915 315,890 16 days to 90 days 6,792 5,632 5,326 7,126 6,996 6,792 7,321 102,792 91 days to 1 year 66,728 Industrial loans—total 695 655 674 644 674 695 692 534 Within 15 days 1 1 1 1 1 17 16 days to 90 days 14 15 15 14 14 14 14 102 91 days to 1 year 589 550 567 538 568 589 586 343 Over 1 year to 5 years 91 90 92 91 91 91 91 72 Acceptances—total 14,484 14,984 15,484 16,478 18,008 14,484 17,562 Within 15 days 5,845 4,974 6,650 6,732 6,675 5,845 6,325 16 days to 90 days 8,639 10,010 8,834 9,746 11,333 8,639 11,237 U. S. Government securities—total. 23 482,462 23.366,462 23 345,562 23,444,062 23 468,862 23,,482,46223,465,86223,604,606 Within 15 days 4 171,600 181,700 146,000 107,500 218,500 ,171,600 220033,660000 92,600 16 days to 90 days 1434,500 308,400 5,323,200 460,200 5,374,000 ,434,500 385,900 477,010 91 days to 1 year 13,860,76413,860,76413,860,76413,860,76413,860,764 13 860,764 507,398 Over 1 year to 5 years ,587,127 587,127 " 587,127 587,127 587,127 [587^127 587,127 099,127 Over 5 years to 10 years ,013,614 013,614 013,614 013,614 013,614 ,013,614 013,614 013,614 Over 10 years ,414,857 414,857 414,857 414,857 414,857 ,414,857 414,857 414,857 1 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

240 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 29, 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 certificate account.... 978,668 5,294,011 ,162,1191,797,677 ,267,148 868,146 ,687,151 862,126 302,123 806,469 698,146 ,432,567 Redemption fund for F. R. notes 52,805 178,011 60,483 77,109 68,367 53,134 153,989 44,199 23,614 41,488 26,704 74,868 Total gold certificate reserves. ,031,473 5,472,0221,222,6021,874,786 ,335,515 921,280 3,841,140 906,325 325,737 847,957 724,8502,507,435 F. R. notes of other Banks 13,151 79,995 26,474 15,609 28,660 71,740 21,541 10,579 8,534 6,425 15,627 32,068 Other cash 30,902 99,718 26,994 30,590 25,295 33,725 72,680 22,947 9,613 16,021 19,497 55,245 Discounts and advances: Secured by U. S. Govt, securities , 36,560 104,200 25,900 34,162 52,298 41,230 167,545 14,575 33,724 45,574 21,500 54,150 Other 150 Industrial loans 638 57 Acceptances: Bought outright 14,484 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,293,708 5,953,7441,425,787 2,013,3491,380,1531,209,232 4,086,225 972,156 567,6961,018,821 939,3582,566,333 Held under repurchase agreement 55,900 Total loans and securities 1,330,268 6,128,3281,452,325 2,047,6611,432,4511,250,4624,253,770 986,731 601,4771,064,395 960,8582,620,483 Due from foreign banks. 1 16 2 2 1 1 3 1 1 1 1 Uncollected cash items.. 329,337 819,929 286,324 459,830 344,407 338,459 764,434 177,184 114,755 216,521 230,728 427,584 Bank premises 5,579 7,954 5,005 6,230 5,679 4,015 6,035 3,392 2,859 3,633 2,313 10,382 Other assets 6,725 30,704 7,430 11,078 7,428 7,455 23,618 5,107 2,981 5,373 6,451 13,952 Total assets. 2,747,43612,638,6563,027,156 4,445,7863,179,4362,627,1378,983,2212,112,2661,065,957 2,160,3261,960,3255,667,151 Liabilities F. R. notes 1,551,048 5,932,191 ,769,9892,421,5641,967,2251,319,2565,043,6311,204,225 513,9861,029,468 680,5282,596,376 Deposits: Member bank reserves.... 755,506 5,292,154 859,4561,468,381 798,08: 900,237 3,019,971 675,98: 379,470 846,380 944,3872,488,098 U. S. Treasurer—general account 50,000 86,404 37,163 34,378 53,428 53,29' 82,797 16,734 29,364 45,086 53,666 11,239 F O o th re e i r gn 20 2 , , 0 6 0 5 1 f 2 2 1 3 2 2 1 , , 2 3 0 6 5 8 24,408 30,849 1 2 7 , , 3 2 4 89 4 14 1, , 6 9 9 1 6 6 47,4 9 6 4 0 1 1 7 2 , ,8 5 8 5 f 6 8 1 , ,6 4 6 7 0 5 12,882 17,289 4 3 2 5 , , 4 6 3 2 7 0 9,725 1,448 1,804 1,024 Total deposits 828,159 5,732,131 930,75: 1,535,056 871,143 970,1463,151,169 713,154 418,969 906,15: 1,016,3662,577,394 Deferred availability cash items 295,604 636,085 239,737 378,787 277,10: 281,969 614,694 147,04: 101,108 176,214 203,077 366,995 Other liabilties and accrued dividends 79: 4,768 854 1,867 629 70: 2,745 496 600 576 486 1,326 Total liabilities 2,675,60312,305,1752,941,33: 4,337,2743,116,0992,572,0738,812,2392,064,9171,034,6632,112,4101,900,45' 5,542,091 Capital Accounts Capital paid in 16,266 90,816 19,989 29,764 14,051 14,059 41,664 10,751 6,986 12,554 16,931 34,938 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,01" 30,841 101,894 27,649 17,586 25,960 33,84' 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 76: 1,429 521 1,073 1,137 1,30' 2,140 Other capital accounts. 10, 889 39,519 11,855 15,179 10,925 9,402 25,995 8,428 5,649 8,265 7,783 16,707 Total liabilities and capital accounts 2,747,43612,638,6563,027,1564,445,7863,179,4362,627,1378,983,2212,112,2661,065,9572,160,3261,960,3255,667,151 Reserve ratio 43.4% 46.9% 45.3% 47.4% 47.1% 40.2% 46.9% 47.3% 34.9% 43.8% 42.7% 48.5% Contingent liability on acceptances purchased for foreign correspondents.... 2,159 310,454 2,635 3,330 1,867 1,610 5,124 1,391 915 1,39 1,86' 3,843 Industrial loan commitments. 45 260 11 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $26,132,000 participations of other Federal Reserve 2 After deducting $242,046,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 241 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 Feb. 29 Feb. 22 Feb. 15 Feb. 8 Feb. 1 Feb. Jan. Feb. F. R. notes outstanding (issued to Bank). 27,186,444 27,275,718 27,320,344 27,384,675 27,498,708 27,186,444 27,518,792 26,589,577 Collateral held against notes outstanding: Gold certificate account ,713,000 11,713,000 11,713,000 11,713,000 11,713,000 11,713,000 11,713,000 11,208,000 Eligible paper 156,333 150,460 157,111 150,663 224,284 156,333 179,793 150,586 U. S. Govt. securities 16,925,000 16,925,000 17,025,000 17,025,000 17,025,000 16,925,000 17,025,000 17,065,000 Total collateral 28,794,33327,788,460 28,895,11128,888,663 28,962,284 28,794,333 28,917,793 28,423,586 EACH FEDERAL RESERVE BANK ON FEBRUARY 29, 1956 New Phila- Cleve- Rich- St. Minne- Kansas San Item Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas F ci r s a c n o - F. R. notes outstanding (issued to Bank) 1,628,4996,222,220 1,864,6612,537,866 2,032,392 ,383,847 5,168,922 1,266,928571,262 ,057,064 728,1392,724,644 Collateral held: Gold certificate acct.. 640,000 2,870,000 725,0001,070,000 845,000 500,000 2,400,000 450,000 150,000 280,,000 283,0001,500,000 Eligible paper 36,560 25,900 14,575 33,724 45,574 U. S. Govt. securities. 1,200,000 3,600,0001,200,0001,550,0001,250,0001,000,000 2,900,000 900,000 50"0,000 800,000 525,0001,500,000 Total collateral. 1,876,560 6,470,0001,950,900 2,620,000 2,095,000 1,500,000 5,300,000 ,364,575 683,724 1,125,574 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] [ y E m e n a o d r n 'o o t f h r N b u A e m r a p p - t p o p l i r c d o A a a v t t m e i e o d o n u s nt (a b p p m c u r le o o t o t v m e u n e d - n o d t t i ) s ( t a a L m n o o d o u a i u t n n - n s g t 2 ) ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) s o ( i a t n P p f t a u m g a a o f n t t r i i o u d i i n t o n o i u t i a c n - s n n n n i t s s g - t i c ) - 3 - y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a A r a n i t z m s e e o d unt a T m o 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 a u A b n v u n a o d t a t d m e m s r i d e e l r t i a e r 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 g l o - - 1950 3,698 651,389 4,819 2,632 3,754 3,745 1950 62 31 8 6 8 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953 3 765 803,429 1,951 1,900 3,569 3,469 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 1 775 823,195 315 521 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 1,586 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 1,392 Aug 1,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2,795 1,230 Sept 1,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 1,224 Oct ,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 ,107 Nov ,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 1,103 Dec ,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan ,415 2,581 281 216 178 1 Includes applications approved conditionally by the Federal Reserve 1 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

242 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect February 29. Per cent per annum] [In effect February 29] 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 On discounts or Percentage of (percentage of any commitment Federal purchases loan guaranteed interest payable fee charged Reserve by borrower) borrower Bank lo O an n s2 co m m O e m n n t i s t- fo P r o r w ti h o i n ch m R a e in - - co m m O e m n n t i s t- 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 St. Louis Interest rate K M a i n n s n a e s a p C o i l t i y s. . . . Commitment rate. Vi Dallas , San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board_of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of V£ per cent per annum is made on undisbursed portion. 7 Charge of % 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. 5>. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centersi centers2 City centersJ centers2 City centers1 centers2 1948 ).227.476 443,216 270,912 513,348 26.9 21.6 16.6 1949 I 206 293 446,224 260,897 499,172 27.9 20.9 15.9 1950 ,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 ,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 642 853 597 815 349,904 695,133 34.4 24.1 18.4 1953 ,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 887 3fifi 738,925 390,066 758,375 42.3 25.8 19.2 1955 2 043 548 766 890 431 651 845,007 42.7 27 3 20 4 1954—Dec 186,317 73,817 38,217 74,282 48.1 28.1 21.0 42.6 26.9 19.9 1955 Jan 163 403 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 June 177,917 67,634 37,569 72,714 44.7 28.3 20.8 41.4 27.7 20.8 July... 161 748 58,904 34,123 68,721 40.7 26.6 20.4 41.7 27.1 20.7 Aug 167,343 58,980 35,863 72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept 168,967 62,550 35,126 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 C45.7 29.5 21.7 C45.5 30.1 21.5 Feb 162,087 57,413 35,143 69,531 41.1 ?27A ^20.8 42.2 »28.1 P20.9 c Corrected. * 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 243 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $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 7S1 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 [,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 9,421 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 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 June 30,229 21 312 I 858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 9 July 30,244 21,351 1,865 1,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 Aue 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 .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 1,270 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 1956—Jan 30,228 21,236 1,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 i 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 circulation1 Kind of currency T s J o t a a t 1 n n a 9 . l d 5 3 i o 6 n 1 u g , t , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s H a B F e g a a . l n e d n R n d k b t . s s y Ja 1 n 9 . 5 3 6 1, De 1 c 9 . 5 3 5 1, Ja 1 n 9 . 5 3 5 1, certificates agents Gold 21 693 21,044 2649 Gold certificates 21 044 18,195 2,816 34 34 35 Federal Reserve notes 27 519 73 1,726 25,720 26,506 25,350 Treasury currency—total 5,009 32,595 75 460 4,474 4,618 4,404 Standard silver dollars 489 200 53 5 230 231 218 Silver bullion 2,195 2,195 Silver certificates and Treasury notes of 1890 ^2,395 343 2,053 2,156 2,056 Subsidiary silver coin . 1 301 i6" 63 1,221 1,246 1,165 Minor coin 457 2 10 445 449 425 United States notes . . . .. 347 3 37 306 314 303 Federal Reserve Bank notes 155 1 1 154 155 169 National Bank notes 66 (4) (4) 65 66 68 Total—Jan. 31, 1956 (5) 23,440 797 18 195 5,002 30,228 Dec. 31 1955 . . . (5) 23,462 767 18 194 4 569 31 158 Jan. 31, 1955 « 23,460 837 18,222 4,676 29,789 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. 236. 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 * 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 collatb i U n u n N l s i l t t i O e a o T d n n d E ; S a . ( — 2 r ta d ) t T a e s h s s i e l s v r n e e e o c r u t a e r d r s i e o t y l a l m n a fo d r a s r i n T T ( t t r r a h e e i e n a a s s s e e u u d r r n y y i o n n t n e o o s t t h t e e a e s s r e o T o f r b f e 1 e a 8 i 1 s n 9 8 u g 0 9 r — 0 y c — — a a n n $ ( c 1 1 e e ) 5 q l e 6 u d a , a 0 s l 3 a d 9 a n o , d 4 l r 3 l e a r 1 s e r e ti a i r r n v m e e d o g u o f o o l n n d r t e r u i n n e r s o a d e t l e e d g , m s , o a l p a i d n n r t d e i c o c lu n i t e n h d r t o e f i p s s u f r i e n o c c d a c d r , t e e e e s d s p a s . i o r t e o s s i f F t w c e r e o d i e d t u t h e i n w r r t e a t i e h m t l d h e e R n t a T h e s t r . e s e e r a r e T s v s r u e e e r r a e v B s r e u a . r o n e f k r G t o h o n f e l o d t t e h U s c e n e r i a U t t n i e n f d d i i c t a e S n t d e a t a s t t i S , e o t s n a a s t a e p l s a h y e b a a r a s e b n i l k a n e Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 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, Treas- net- Date Gold s r t o c e u i a u n n u r n g r c y t d - - 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 Fe e o d s b e e l r i r v g a e a l tion O s ther O s ri e t t c h ie u e s - r c l T a i i a p n a t o n i b e i e t t d t a i s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s c C o m a a n a u p n i c e n s 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 12,80a 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 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 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 28 21,700 5.000 216,900 99,500 97,000 70,300 24,800 1,900 20,500 243,600 224,300 19,300 1956—Jan. 25 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,5,00 240,900 221,000 19,900 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 g e 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 m o r n c m k e ia s - l de M p s b a o a u v s n t i i u n k ts g a s 2 l 3 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 m p u D o a d s a s d e t e n e i - - - 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 85,200 25,900 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 24,600 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 99,700 27,000 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 26,900 1955—Jan. 26.. 3,200 800 3,800 400 209,200 75,400 46,800 26,500 2,100107,000 26,800 131,200 104,200 27,000 Feb. 23.. 3,100 800 4,600 600 206,900 75,700 47,000 26,600 2,100104,500 26,800 131,200 104,300 26,900 Mar. 30.. 3,200 800 4,400 900 205,300 76,200 47,200 26,900 2,100102,400 26,700 131,500 104,600 26,90a Apr. 27.. 3,100 800 5,000 600 207,400 76,200 47,200 26,900 2,100104,500 26,700 132,600 105,600 27,000 May 25.. 3,200 800 5,500 400 206,700 76,500 47,400 27,100 2,000103,300 26,800 131,700 104,800 26,900 June 30.. 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 27,000 July 27P. 3,300 800 6,100 500 208,100 77,100 47,700 27,400 2,000103,900 27,100 132,700 105,500 27,200 Aug. 31 P. 3,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000103,900 27,300 132,700 105,500 27,200 Sept. 28P. 3,200 800 4,500 500 209,700 77,700 48,100 27,700 ,900104,900 27,200 133,300 106,200 27,100 Oct. 26P. 3,200 800 4,900 500 211,300 77,900 48,200 27,800 ,900106,100 27,300 132,000 104,800 27,200 Nov. 30P. 3,200 800 4,500 500 212,200 77,400 47,700 27,800 ,900106,900 27,900 132,900 105,400 27,500 Dec. 28P. 3,200 800 4,000 500 215,700 78,200 48,100 28,100 .900109.700 27.900 133.200 105,700 27,500 1956—Jan. 25*. 3,100 800 2,300 500 214,300 78,300 48,200 28,300 ,900108,900 27.100 133,200 106,000 27,200 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 the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total depositsitems 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 adjustmant 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 245 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES l [Figures partly estimated except on call dates. Amounts in millions of dollars] Lotins aind investments Deposits Total assets— Cla a s n s d o d f a t b e ank Total Loains o G u b o l . v ig t a s . - . O s t e h c e u- r a C ss a e s t h s 2 c b T i a a l o l p i i n t i t a d t a i - a e l l s Total 2 b I a nt n e k r 2 - Deman O d ther c c T a o o a p u t c i n t - a t a l s l b N a b u 0 n e m f k - 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 35,415 111,332 165,612 14065 105,935 45,613 10,542 14,553 1947—Dec. 31 4 134924 4100? 81,199 10723 38,388 175091 161,865 n,033 346 94 381 53,105 948 14,714 1950—Dec 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 1953—Dec. 31 171,497 80,518 72610 18,370 45,811 ?20,140 100 15957 4 149IP,639 68 354 16 118 14509 1954—Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16811 4,176116,617 73,510 17,270 14,367 1955—Jan. 26 184,340 85,710 77,770 20,860 42,110 229,780 208,140 15230 3,470115,760 73,680 17,340 14,360 June 30 184,253 355 71947 20,951 014 631 208,850 15^45 5081 113034 75 491 17 663 14309 J A u u l g y 3 2 1 7 P " 1 1 8 8 6 6 , , 0 1 7 9 0 09 9 2 3, *9 94 3 0 0 71, 4 1 1 90 0 2 20 0 . ,9 8 4 5 0 0 4 4 0 0, ,7 61 ? 0 0 2 2 3 30 0 , ,0 ? 6 4 0 0 2 20 0 7 7 , , 9 75 0 0 0 1 14 44 5 9 70 0 4 5J, 7 86 4 0 0 1 U 1 ? 2 , 4 ? 9 4 0 0 7 7 5 5 , ,4 8 3 30 0 1 1 7 7 , 7 89 5 0 0 1 1 4 4 ,2 3 9 0 0 3 Sept. 28" 186,810 95,740 70 680 890 41 110 ?30 208,710 14700 4220113690 76 100 17930 14^86 O N c o t v . 3 2 0 6 " ^ . . 1 1 8 8 8 9 ,4 1 9 0 0 0 9 98 6 , ,2 6 6 5 0 0 7 6 1 9 ,4 8 1 4 0 0 20,8 6 2 1 0 0 414 4 8 7 0 0 2 ^ 3 35 3 , ,3 P 4 0 0 2 2 1 1 0 1 , , 4 8 5 6 0 0 1 1 4 4 7 7 1 8 0 0 4 4 5 2 3 1 0 0 1 1 1 1 4 6 9 9 1 8 0 0 7 7 5 6, 8 3 9 0 0 0 1 18 8 ,0 ' 9 M 0 O 1 1 4 4 ,2 "> 6 6 9 4 Dec 28 P 190,970 00,230 70260 20,480 44 980 239,330 216,500 15610 3700120570 76,620 18.180 14253 1956—Jan. 25^ 189,460 99,640 69,350 20,470 41 200 234,140 211,020 14650 1980117560 76,830 18,150 14251 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 14484 1941—Dec 31 50,746 'M 714 21 808 7,m, ?6 551 79,104 71 283 1098^ 44 349 15 7 173 14^78 1945—Dec. 31 124019 26 083 90 606 7,331 34 806 160,312 150 227 14065 105,921 30,241 8,950 14011 1947—Dec 31 4 116,284 38 057 69 221 9,006 37 502 155,377 144 103 13032 1343 94 367 35,360 10,059 14 181 1950—Dec. 30 126675 5? 749 62027 pj 399 40 289 168932 155 265 14039 2 806101917 36 503 11 590 14P1 1953—Dec. 31 145687 67593 63476 14668 44828 193010 176702 15955 4 146IP 604 43,997 n,559 13981 1954—Dec 31 155916 70619 68981 16316 43559 378 184757 16809 4 172116567 47">09 14576 13840 1955—Jan. 26 156250 70 550 69000 16700 41 080 200 270 181 590 15,230 3,470115710 47,180 14,650 13833 June 30 155264 75 183 63271 16809 41 025 199 249 181 516 15,242 5,078112983 48,214 14,906 13781 July 27P 156990 76 570 63700 16720 39 790 199 710 180470 14,490 5,740112 190 48,050 14,980 13776 Aug 31 ". . 156680 77 340 490 16850 39 680 199 340 180 700 14570 4,86011?440 48 330 IS 100 13763 Sept. 28 P 157260 78 390 62020 16850 40 190 200 350 180 990 14,700 4 220113640 48,430 15,110 13759 Oct 26 ' 158860 79 210 62 860 16790 40 590 202 410 182 640 14,710 4 530114860 48,540 15,300 13742 Nov 30P. . 159390 81 390 61 370 16630 41 580 204 100 184070 14780 4 210116930 48 100 15 390 13737 Dec 28 P 161080 82760 61 810 16510 44,010 208060 188 310 15,610 3,700120,520 48 480 15360 13726 1956—Jan. 25*\. 159350 000 60 880 16470 40 no 690 182690 14650 1980 117510 4R 550 n 774 AH member banks: 1 1 1 9 9 9 3 4 4 9 1 5 — — _ D D D e e e c c c 3 3 3 0 1 1 . . . 1 4 3 0 3 3 7 9 1 4 8 1 3 2 1 1 9 3 8 9 0 7 2 6 7 1 2 5 7 1 1 4 8 9 3 5 3 2 3 3 9 8 8 5 6 5 6 9 0 6 5 7 1 1 0 2 1 9 9, 8 7 P 4 8 3 2 5 1 6 5 3 8 5 8 3 3 1 6 2 0 1 1 4 4 6 9 1 7 3 6 1 4 7 7 0 0 1 1 9 0 3 , , 5 4 6 7 1 4 5 0 0 7 1 ?, 7 7 1 4 0 7 3 9 9 2 6 3 7 7 9 , 6 4 1 4 8 3 9 6 0 2 1 P 1 4J ,6 ? 3 9 4 1 9 7 0 5 7 5 5 8 5 2 8 8 2 6 9 6 6 6 6 3 8 1 6 8 9 2 4 1947_Dec. 31 97846 32678 57914 7304 3?845 132060 P? 578 P,403 1176 80609 28340 8464 6923 1950—Dec 30 . 107424 44705 52 365 10355 35,574 144660 133089 13,448 ?523 87,783 29 336 9 695 6873 1953—Dec. 31 122422 5776? 52603 1?057 39381 163983 150164 15,170 3756 96,074 35713 11316 6743 1954_Dec. 31 131602 60 57809 13543 38076 172 157 15,983 3715 99604 37950 1? 6660 1955__ J j u a n n. e 2 3 6 0 1 1 3 3 1 0 , , 8 7 0 8 9 8 6 6 0 4 , ,3 1 1 3 5 8 5 5 7 2, , 5 7 4 8 3 8 1 1 3 39 8 3 8 0 3 3 3 5 6, , 3 9 0 9 0 0 1 16 7 9 0 , 4 6 0 8 4 6 1 1 5 5 4 4, 4 6 2 7 1 0 1 1 4 4, , 4 46 6 8 2 4, , 6 0 5 2 6 8 9 9 9 6 , , 0 7 0 4 3 2 3 3 7 8 9 8 2 1 2 0 1 1 2 24 26 6 1 1 6 6 , , 6 6 5 1 1 1 July 27P. 132331 65,647 ,838 13846 35,15? 170058 153 657 13,744 5,764 95,996 38 653 P 517 6,603 Aug. 31 P 131897 66 51,64? 13964 35018 169535 153 13,811 4,4?4 96,175 38855 12617 6589 Sept 28" 132077 67193 51144 13940 35,400 170231 153,7?5 n930 3,797 97,048 38950 P 624 6584 Oct 26 P. 133650 67,889 51,897 13864 35,732 171983 155108 13,936 4,109 98,030 39033 12774 6,571 Nov 30". 1340^9 69,865 50,483 13681 36,726 173507 156,354 14,000 1,845 99,794 38715 P 852 6,559 Dec 28P. 135,580 71,113 50,897 13570 38,857 177045 160 14,804 3,314103073 390?8 P 8^2 6557 1956—Jan. 25^ 133,999 70,329 50,133 13537 35,366 172,055 154,952 13,850 ,693100,360 39 049 12813 6,540 All mutual savings banks: 1939_Dec 30.. 10216 4 3,101 2 188 818 11,852 10,5?4 i 10 521 309 551 1941—Dec 31 10379 4901 3704 1,774 793 11,804 10,533 t 10,5?7 1,241 548 1945_Dec. 31 ... 16208 4,?79 10,68? .246 609 17,020 15,385 14 15371 1,59? 54? 1947_Dec. 3H 18,641 4,944 11,978 1718 886 19714 17763 3 14 17745 1889 531 1950—Dec. 30. .. 21346 8,137 10,868 34? 797 ,385 70,031 3 19 70,009 747 1953—Dec 31 25810 P 9^5 9 184 3,701 983 77,130 74,398 3 35 24,358 2 559 ^78 1954—Dec. 31 27868 14,998 8,748 4 1,026 79,?76 76,359 4 50 26,302 2694 577 1955—Jan. 26 28,090 15,160 8,770 4,160 1,030 29,510 26,550 50 26,500 2,690 527 June 30 28990 16,17? 8,675 4,14? 989 30,38? ?7,334 (5>3 3 5 77 ?77 2757 5?8 July 27 P 29200 16360 8,710 4,130 930 30,530 77,430 (5) (5) 50 77,380 2,770 5?7 Aug 31P. 29390 16,600 8,700 4,090 930 30,7?0 ?7,550 (5) 50 77,500 ,790 5?7 Sept. 28P 29,550 16,850 8,660 4,040 920 30880 77 (5) ( 50 77670 ?8?0 577 Oct. 26P 29,630 17050 8,550 4030 890 30,930 27,810 (5) (5) 50 7,7,760 2,790 527 Nov 30p 29710 17,?60 8,470 ,980 890 31,070 77,840 (^) ( 50 27790 7,8?0 577 Dec. 28P 29890 17,470 8450 3970 970 31,270 78190 (5) h 50 28.140 2,870 577 1956—Jan. 25^ 30,110 17,640 8,470 4,000 920 31,450 28,330 (5) 50 28,280 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 savings 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

246 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U 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 s2 c b a i a l p i n t i d i t e a s l TotaP 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 ac- Time counts 3 U.S. Other Govt. Central reserve city member banks: New York City: 1939 Dec 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941 Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945 Dec 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 <5,940 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 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 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 J ja u n n e 2 3 6 0 . .. 2 2 3 3 7 0 7 9 8 9 1 1 2 3 , , 0 0 4 1 6 6 9 7 , , 1 7 6 8 1 2 2 2 , , 5 3 7 0 1 0 7 7 , , 6 7 2 4 5 8 3 3 2 1 , , 1 5 5 5 7 9 2 2 7 7 , , 9 7 1 9 0 1 5 5 , , 2 4 3 5 6 4 1, 4 1 8 3 9 1 1 1 9 8 ,9 8 2 4 6 0 2 2 2 3 8 4 1 5 2 2 ,7 8 1 1 5 8 2 1 1 8 July 27? 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,138 1,471 18,131 2*187 2,716 18 Aug. 31 P 22,915 13,596 6,959 2,360 6,993 30,595 26,471 5,037 995 18,210 2 229 2,746 18 Sept 28P .... 22 852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2 256 2,722 18 Oct 26P 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. 30P 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 28P 23,703 14.848 6,734 2,121 7,808 32,201 28,012 5,341 686 19,673 2 312 2,726 18 1956 Jan 25^ 22,945 14,134 6,671 2,140 6,789 30,477 25,965 5,020 215 18,465 2*265 2,749 18 Chicago: 1939 Dec 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941 Dec. 31 2,760 954 1,430 376 1.566 4,363 4,057 1.035 127 2,419 476 288 13 1945 Dec 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 ,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 Oil 426 14 1950 Dec 30 5,569 2,083 2,911 576 ?,034 7,649 7,109 1,229 174 4,604 I 103 490 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 Dec 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 I 295 600 13 1955—Jan 26 6,490 2,610 3,218 662 1,931 8,481 7,693 1,214 188 4,987 1,304 597 13 June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 1,180 343 4,606 1,303 612 13 July 21 P 6,276 2,862 2,712 702 1,844 8,171 7,408 1,163 382 4,577 I 286 613 13 Aug. 31 P 6,235 2,887 2,637 711 ,875 8,166 7,414 1,222 296 4,616 I 280 621 13 Sept. 28P 6,202 2,950 2,543 709 ,889 8,140 7,345 1,218 241 4,590 1 296 616 13 Oct 26 P 6,264 2,977 2,581 706 1,930 8,247 7,387 1,200 251 4,635 1,301 619 13 Nov 30P 6,210 3,079 2,430 701 .956 8,222 7,453 ,156 254 4,745 [ 298 628 13 Dec 28 P 6 418 3,242 2,489 687 2',182 8,651 7,823 1,279 193 5,032 I 319 626 13 1956 Jan 25^ 6,435 3,239 2,535 661 1,985 8,469 7,749 .144 74 5,230 ^01 626 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 5,221 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 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 Dec 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 ,457 37,418 15,476 4,300 300 1955 Jan 26 50,857 23,993 21,687 5,177 14,201 66,085 60,268 6,679 ,111 36,979 15 499 4,310 298 June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 ,843 36,459 16,007 4,492 297 July 27P 51,338 26,193 19,954 5,191 14,484 66,845 60,723 6,234 ,891 36,659 15 939 4,510 298 Aug 31 P . 51 293 26,630 19,476 5,187 14,195 66,535 60,415 6,332 ,754 36,345 15 984 4,543 297 Sept. 28 P 51,306 27,041 19,137 5,128 14,430 66,765 60,582 6,383 ,522 36,698 15 979 4,571 297 Oct 26 P 51 986 27 334 19,526 5,126 14,757 67,782 61,350 6,420 ,477 37,386 16 067 4 625 295 Nov 30P 52,054 28,114 18,892 5,048 15,098 68,214 61,685 6,390 ,551 37,757 15 987 4,650 294 Dec 28P 52 620 28,639 19,015 4,966 16,068 69,724 63,431 6,821 ,226 39,266 16 118 4,660 294 1956 Jan 25^ 52,058 28,519 18,603 4,936 14,581 67,687 61,299 6,365 509 38,326 16,099 4,656 293 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 I953 Dec 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 ,216 36,520 17,690 4,194 6,389 1954 Dec 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 [,508 ,271 37,794 18,787 4,506 6,326 1955—Jan. 26 50,684 21,489 23,722 5,473 12,233 63,681 58,550 1,339 ,240 37,197 18 774 4,536 6 319 June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 ,339 36,751 19,220 4,642 6,283 July 27P 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 ,520 36,629 19,241 4,678 6,274 Aug. 31 P 51,454 23,178 22,570 5,706 11,955 64,239 58,915 1,220 ,379 36,954 19 362 4,707 6,261 Sept. 28P 51,917 23,486 22,682 5,749 11,977 64,695 59,303 1,232 ,338 37,314 19,419 4,715 6,256 Oct. 26P 52,258 23,710 22,775 5,773 12,023 65,104 59,634 1,268 ,321 37,651 19,394 4,796 6,245 Nov 30P 52,553 24,136 22,615 5,802 12,081 65,503 59,987 1,288 1,161 38,404 19 134 4 815 6 234 Dec. 28P 52,839 24,384 22,659 5,796 12,799 66,469 60,953 [,363 1,209 39,102 19,279 4,810 6 227 1956—Jan 25» . .. 52,561 24,437 22,324 5,800 12,011 65,422 59,939 [,321 895 38,339 19,384 4,782 6,216 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 247 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i-Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i v S n g s t . a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l a p i n i a c t i d i - - t e a s l Total 2 b In a t n e k r ^ - Demand Time c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f k r s counts 3 U. S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945 Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947_Dec. 31 114,274 37,583 67 941 8,750 36,926 152,733 141,851 12,670 1 325 92,975 34 882 9,734 13 398 1953 Dec 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—jUne 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 5,562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70,127 68,012 15,976 43,161 200 127 182,886 16,376 4 154 115,482 46 874 14 252 13 303 1955 jUne 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 National member banks: 1941 Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88 182 82,023 8 410 795 53 541 19 278 5 409 5 005 1953 Dec 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 4,856 1954—June 30... 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 3,325 60,827 25,459 7,686 4,835 Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955_june 30 83,315 39,424 34,673 9,219 22,892 107 741 98,636 8 314 2 849 60 919 26 554 7,714 4 744 State member banks: 1941 Dec. 31 . 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54 179 49,510 5,019 1 232 32 206 11,054 3,925 1,887 1954—June 30. . 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 1,840 30,627 11,441 4,023 1,886 Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 1,871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61 945 56,034 6,148 1 807 35 823 12 256 4,747 1,867 [nsured 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 1,872 329 291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 905 365 279 714 1947—Dec. 31« 2,009 474 1,280 255 576 2,643 2,251 363 18 ' 1 392 478 325 783 1953—Dec. 31... 1,891 511 1,045 335 430 2,372 2,005 407 30 1,182 386 320 569 1954—June 30 1,932 532 1,047 354 405 2 394 2,020 453 30 1 150 388 325 557 Dec 31.. 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 13 990 337 327 513 All nonmember commercial banks: 1941_Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 504 3,613 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947_Dec. 31* 18,454 5,432 11,318 1,703 4,659 23 334 21,591 629 167 13 758 7,036 1,596 7,261 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16,580 8,806 2,245 7,241 1954—June 30... 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10,378 11,184 2 775 5,485 30 161 27,528 825 457 16 964 9 282 2 368 7,183 1955—June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Insured mutual savings 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 2 12 12,192 1,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1 819 219 1954—June 30 20,121 10,804 6,309 3,008 807 21,237 19,195 3 2 45 19,145 1,868 219 Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19 831 1 920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 t 8,738 1,077 496 1945_Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec 31» 5,957 1 384 3 813 760 211 6 215 5 556 1 2 5 553 637 339 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 1 2 6,013 740 309 1954—June 30 6,838 3,086 2,708 1,044 180 7,078 6,246 1 1 6,243 758 309 Dec 31. 7,038 3,346 2,630 1,061 194 7,295 6,474 1 2 6,471 774 309 1955_june 30 7,373 3,605 2,677 1,090 180 7,621 6,743 1 2 6,741 792 310 For other footnotes see preceding two pages NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e a n e n t n d a s t s t l s - Total2 C c o m m c p p k i l i p o i n u n e a e a e a e m g d - r r r - t l n - , - - - A c tu u a g r l l r - - i- b o d p a L T r e s r e n u o e r o o a s d r c c k a c l a u - - n h r r s r i a t y o s T i e f i t e n r n o h o s s g g r - l R o t e a a e s t n - a e l s O l u v o i d t t a i n a o h i d l - n - e s - s r O lo t a h n e s r Total Total U B . i S ll . s G C o o d c e v e f a e r d e t b t i e i - n r t f D s n - i - - m ire N e c o n t t t e o s bli B g o a n ti d o s ns G t a e u n e a d - r- O s ri e t t h c i e e u r s ers ness All commercial banks: ' 1947__Dec. 31.... 116,284 38,05718,167 1,660 830 ,220 9,393 5,723 063 78,22669,2212,193 7,789 6,034 53,191 5,276 3,729 1953—Dec. 31.... 145,687 67,593 27i204 4\965 2,361 ,20216,69414,461 666 78,09463,4265,00410,23712,439 35,713 10,8213,847 1954__Dec. 31.... 155,916 70,619 26 929 ,52518,41814 7—50 2;000 85,29768,9815,065 5,361 14,672 43,861 12,586 ',729 1955__ O ju c n t e . 30 5 • 1 1 5 5 7 5 , , 3 2 4 6 0 4 7 75 8 , , 1 6 8 0 3 0 , 2 30 8 ,'840 4,'120 2 ~ ; 2, 7 8 1 5 0 9 ,6 6 1 2 3 0 2 \9 0 \ , 1 3 1 1 9 01 16 7 , , 3 0" 6 "8" 5 0 3, 4 0 2 5 8 0 8 7 0 8 , , 0 7 8 4 1 06 6 1 3 , ,2 7 7 8 1 03 3 , , 3 2 8 2 0 0 1 1 , , 3 7 9 1 0 01 15 6 , , 8 6 2 4 0 0 4 4 1 1 , , 1 68 7 5 0 1 1 2 2 , , 9 7 9 8 0 5 4 3, , 9 0 8 2 0 5 All insured commercial banks: 1941—Dec. 31.... 49,290 211,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 3,159 112,797 4,102 3,6513,333 1945_Dec. 31.... 121,809 255,765 9,461 1,314 3,164 3,606 4,677 2,361 ,18196,04388,9122,455 19,07116,045 5"1',,321 22 3,8733,258 1947—Dec. 31.... 114,274 377,58318,012 1,610 8231,190 9,266 5,654 028 76,69167,9412,124 7,552 5,918 52,,334 14 5,129 3~,621 1953—Dec. 31.... 143,796 67|082 27,082 4,'867 2,3441,181 16,566 144,373 629 76,71462,3814,895 10,07612,283 35,093 3310, ,746 1954—Dec. 31 70,127 26,7315,108 2,9071,501 18,30214,676 ,973 83,98868,0124,901 5,227799 14;523 43,287 2112,3523,624 1955—June 30.... 153^48874,692 28,729 4^19 2^341,589 19,66116,283 2,400 78,79662,3422,996 1,66716,479 41,185 1512,5493,906 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,871 1945—Dec. 31....107,183 "22,775 8,949 855 3,133 3,378 3,455 1,900 104 84;408 78,3382,27516,98514,27144,792 16 3,,254 2,815 1947_Dec. 31.... 97,846 32,62816,9621,046 8111,065 7,130 4,662 57,9141,987 5,816 4,815 4455,286 10 4,,199 3,105 1953—Dec. 31....122,422 57;762 2"5,519 3,263 2,3211,06013,02011,911 52,6034,095 8,28710,300 29,890 31 8,8713,185 1954—Dec. 31....131,602 60,250 25,'007 3^29 2,8811,36314,43312,127 858 71 ;352 57,8094,075 4,30712,464 36,944 2010,449 3",094 1955—June 30 130,788 64,31526,894 2799 2,8081,44015,59413,489 2^85 66,47352,5432,377 1,28113,969 34,903 1310,584 ,346 Oct. 5....132,34567,38128,800 2,'447777 226,'568581,44015,98114,119 2,906 64,96150,9312,534 96013,11934,309 1010,7473,283 New York City:4 1941_Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 ,679 729 830 1945_Dec. 31.... 26,143 7,334 3,044 2,453 1,172 80 287 29818,809 7,574 477 3,433 3,32510,337 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 564 330 13,214 1,972 ,002 640 558 9,771 638 604 1953—Dec. 31.... 22,05812,289 8,218 1261,667 320 383 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 1,467 749 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 k512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.... 40,108 8,514 3,661 205 427 ,503 1,459 404 31,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31 36,04013,449 7,088 225 170 484 3,147 ,59120,196 373 2,358 1,90115,560 3 1,3421,053 1953—Dec. 31.... 46,75522,76310,568 774 308 456 5,453 1,969 23,993 19,5591,230 3,357 4,201 10,746 25 3,1961,238 1954—Dec. 31.... 50,73823,98610,624 956 407 622 6,134 4,942 720 26,75221,7181,326 1,695 4,95413,736 7 3,7821,252 1955—June 30.... 50,59625,65411,210 700 444 651 6,603 4,912 954 24,942'9,697 503 481 5,77312,937 3 3,916 1,330 Oct. 5.... 51,32327,04212,040 543 508 658 6,727 5,500 ,143 24,281 9,093 574 361 5,43712,7171 5 3,9071,281 5,834 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 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363 2"9,407 16,999 630 5,102 4,54416,713 9 1,342 ,067 1947_Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26; 125 22,857 480 2,583 2,10817,681 6 2,006 ,262 1953—Dec. 31.... 47,40419,934 4,882222 2,204 59 210 7,114 5,441 2,423 1,819 3,374 4,28512,940 5 3,911 ,136 1954—Dec. 31.... 50,46621,442 5,3062,229 89 220 7,742 5,760 13,6291,893 1,774 4,731 15,228 3 4,275 ,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 ,227 Oct. 5.... 51,80323,490 5,9371,916 154 238 8,482 6,618 457 28,313 2,528 1,599 523 5,50814,895 3 4,555 ,230 All nonmember banks: 3 1947_Dec. 31.... 18,454 5,432 1,205 614 156 2,266 1,061 11113,021 1,318 206 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 14813,449 0,835 909 1,951 2,139 5,834 1,951 662 1954—Dec. 31.... 24,33710,378 1,859 1,671 161 3,993 2,623 14313,959 1,184 991 1,054 2,209 6,928 2,139 636 1955—June 30.... 24,49910,876 1,979 1,592 173 4,194 2,875 14313,622 0,741 843 429 2,672 6,794 2,203 679 • Estimated. Reserve membership, insurance status, and the reserve classifications of 1All 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 249 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 n e 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 t k - e t h i s s c 5 ju m p s o d a a t e d s e n - i - d t d s 6 m D e I s o n d t - t e i e c p r 5 c !3 s a i F e t n s i o k g r n - G U o . v S t . . p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o f a e e e i e f t n e f c r r c i d t d . s - k i ' - s, a p v n s a p i I t d h d i r n o o t u i d r n p n c a a i e s o s - l - , r s r - , - I b n a t n e k r- P U G S i a o n . a n o g s v d S v t s - a t . l . v S p s i a u i t s o c a n i b l a o t i d d e l t n - i s s - p a v n s a p i I t h d d i r n o o t i u d r 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 A2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 A2,996 100,062 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 45,780 1,280 15,260 AH insured commercial banks: 1941__Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 A2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.... 19,995 2,482 11,724101,289 13,221 1,296 4,116 9,407 2.978 99,038 1,031 338 1,891 41,381 54 13,239 1954_Dec. 31.... 18,734 2,444 11,854 105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241 102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Member banks, total * 194i_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 A2,401 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 1512,210 1955—June 30.... 17,942 2,017 6,704 87,207 11,482 1,531 4,656 8,117 A2,919 85,706 1,449 338 1,968 36,504 115 12,461 Oct. 5.... 18,437 2,003 6,447 88,358 11,720 1,513 3,258 7,462 2,678 87,091 1,466 325 1,875 36,776 1,197 12,734 New York City:* 1941—Dec. 31 5,105 93 141 10,761 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:* 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—June 30.... 7,359 634 2,232 32,024 5,979 289 1,843 3,021 757 32,681 277 117 1,018 14,871 50 4,492 Oct. 5.... 7,607 626 2,022 32,243 6,304 290 1,325 2,622 750 33,263 310 106 944 14,965 524 4,579 Country banks: 1941_Dec. 31 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 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 AH nonmember banks:3 1947—Dec 31 544 3 947 13,595 385 55 167 1,295 180 12 284 190 6 172 6 858 12 1 596 1953—Dec 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—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

250 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Loans Month or date i m T l n a o n v o e a d e n t n a s t s t l s - j i m u n a a s v e n t d e n e d - s t d t s - 1 j L us a o t d a e - n d s ! C i m t n 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 i n 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 . thers 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 d i f t b r s i n e - - - t s s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s Total- Leading Cities 1955 Feb 85,612 84,713 40,548 22,031 1,073 7,311 8,35135,221 1,878 2,118 8,627 22,598 8,944 899 1956 Jan 86,859 85,725 47,840 25,829 563 2,666 1,292 8,14310,172 29,657 1,407 839 6,944 20,467 8,228 1,134 85,375 84,281 47,58125,689 565 2,485 1,289 8,18610,200 28,506 983 631 6,727 20,165 8,194 1,094 Feb 1956 88,014 86,513 48,297 26,082 561 2,840 1,297 8,13510,204 29,9571,535 866 6,956 20,600 8,259 1,501 Jan. 4 86,608 85,710 47,826 25,830 566 2,662 1,295 8,12710,172 29,686 11,339955 859 6,949 20,483 8,198 898 Jan. 11 86,533 85,467 47,70925,760 562 2,633 1,283 8,15010,148 29,5091,348 811 6,943 20,407 8,249 1,066 Jan. 18 86,282 85,209 47,52925,646 565 2,529 1,291 8,160 10,163 29,4751,351 820 6,928 20,376 8,205 1,073 Jan. 25 Feb. 1 85,642 84,694 47,71125,690 570 2,625 1,302 8,15410.197 28,8221,044 698 6,850 20,230 8,161 948 Feb. 8 85,135 84,140 47,448855 25,605 576 2,492 1,281 8,16110.198 28,498 938 638 6,743 20,179 8,157 995 Feb. 15 85,502 84,310 47,58125,707 564 2,482 1,288 8,19710,172 28,5421,074 617 6,681 20,170 8,187 1,192 Feb. 22 85,169 84,072 47,446644 25,677 564 2,407 1,285 8,19410,175 28,395 948 613 6,690 20,144 8,213 1,097 85,430 84,190 47,66425,766 550 2,422 1,287 8,22410,259 28,272 910 586 6,673 20,103 8,254 1,240 Feb. 29 New York City 1955 23,410 22,956 11,707 7,381 380 1500 16 393 520 1,731 8,705 624 360 1,986 5,735 2,544 454 Feb 1956 23,150 22,418 13,794 8,983 178 ,682 486 549 2,142 6,516 460 1,148 4,811 2,108 732 Jan 22,513 21,909 13,704 8,997 144 ,592 483 548 2,162 6,043 232 1,089 4,682 2,162 604 Feb 1956 23,914 22,755 14,043 9,062 224 ,803 488 552 2,139 6,596 501 90 1,107 4,898 2,116 1,159 22,869 22,305 13,764 8,956 182 ,666 490 549 2,145 6,458 399 109 1,133 4,817 2,083 564 Jan. 4 22,969 22,308 13,738 8,959 141 ,694 481 551 2,137 6,464 449 80 1,186 4,749 2,106 661 Jan. 11 22,849 22,306 13,631 8,955 166 ,566 482 545 2,147 6,549 493 107 1,166 4,783 2,126 543 Jan. 18 Jan. 25 22,655 22,037 13,826 8,995 167 ,699 484 547 2,155 6,079 230 53 1,098 4,698 2,132 618 Feb. 1 22,329 21,804 13,648 8,918 145 ,620 481 548 2,156 6,027 203 34 1,093 4,697 2,129 525 Feb. 8 22,517 21,929 13,689 8,992 152 ,577 485 556 2,148 6,068 257 33 1,093 4,685 2,172 588 Feb. 15 22,414 21,798 13,598 8,979 133 ,536 483 542 2,147 6,030 224 39 1,085 4,682 2,170 616 Feb. 22 22,653 21,978 13,761 9,099 122 ,527 485 549 2,205 6,009 247 39 1,077 4,646 2,208 675 Feb. 29 Outside New York City 1955 Feb 62,202 61,757 28,841 14, 650 608 664 6,791 6,620 26,5161,254 1,758 6,641 16,863 6,400 445 1956 Jan 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 62,862 62,372 33,87716,692 554 749 787 7,638 8,038 22,463 751 591 5,638 15,483 6,032 490 Feb 1956 64,100 63,758 34,25417,020 560 813 784 7,583 8,06523,3611,034 776 5,849 15,702 6,143 342 Jan. 4 63,739 63,405 34,06216,874 565 814 779 7,578 8,027 2233,228 996 750 5,816 15,666 6,115 334 Jan. 11 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. 18 63,433 62,903 33,89816,691 564 797 789 7,615 8,016 2"2,926 858 713 5,762 15,593 6,079 530 Jan. 25 Feb. 1 62,987 62,657 33,88516,695 558 759 799 7,607 8,042 22,743 814 645 5,752 15,532 6,029 330 Feb. 8 62,806 62,336 33,83716,687 563 727 781 7,613 8,042 22,471 735 604 5,650 15,482 6,028 470 Feb. 15 62,985 62,381 33,89216,715 552 753 784 7,641 8,024 22,474 817 584 5,588 15,485 6,015 604 Feb. 22 62,755 62,274 33,86616,698 553 738 783 7,652 8,028 22,365 724 574 5,605 15,462 6,043 481 Feb. 29 62,777 62,212 33,90316,667 542 773 783 7,675 8,054 22,263 663 547 5,596 15,457 6,046 565 i 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 251 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R a r . i v e R n t - h e k . s s C va i a n u s l h t b m a w B a d n e n i c o a s t e k l - h t - i s s c j p m u D o s a d a t e d s e e r n i - - d t d s * s p I p u n v c h a n o a a o e i n i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l a b t n i d i e l t - s - - s c C h c o f a e e e e i f n t e c f r r c d i t d s k . - i ' s - , G U o .S v . t. s p p I u n c v h a n o a a o e n i i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l a b t n i d i e l t - s - - s G P U S i a o n o a n . s g S v v d t s - t a . . l D ti D o c - ema F n ei d o g r n - Time B F F a r n o . k R m s . F ot r h o e m rs c C o i a t u a c a p n - l - ts tions tions Total— Leading Cities 1955 Feb 13,727 938 2,524 57,09358,297 4,098 1,968 2,548 18,876 ,131 20710,566 1,363 1,458 298 651 8,205 1956 Jan 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 13,384 945 2,424 56,676 58,629 4,277 1,896 1,815 19,279 976 20510,162 1,491 1,197 689 712 8,555 Feb 1956 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. 4 13,706 1,068 2,534 58,42160,813 4,046 2,041 1,139 19,356 961 20211,137 1,427 1,263 702 484 8,480 Jan. 11 13,734 1,011 2,554 58,572 6600,959 4,081 2,057 88019,327 955 20410,972 1,469 1,259 751 657 8,458 Jan. 18 13,474 995 2,422 58 735 59,977 4,516 1,820 87219,272 959 20310,213 1,468 1,259 733 615 8,475 Jan, 25 Feb. 1 13,609 919 2,390 57 607 58,946 4,399 2,175 1,47719,251 963 20210,165 1,523 1,229 836 504 8,512 Feb. 8 13,422 942 2,304 57,0~4'~7 5588,004 4,284 1,657 1,19119,273 969 20810,174 1,472 1,212 718 672 8,530 Feb. 15 13,591 960 2,590 565,39159,798 4,241 1,885 1,86219,250 982 20910,627 1,490 1,192 851 843 8,557 Feb. 22 13,015 972 2,456 566,10558,069 4,145 1,893 2,15519,291 975 206 9,968 1,486 1,183 545 687 8,571 13,284 931 2,37756;230 58,326 4,319 1,870 2,39119,331 992 202 9,878 1,481 1,167 496 851 8,602 Feb. 29 New York City 1955 4,382 145 5116,26417,302 308 1,077 669 2,074 182 54 3,008 1,053 1,147 44 357 2,790 Feb 1956 4,185 155 16,22117,580 266 946 361 2,071 3,035 1,125 1,016 138 362 2,714 Jan 4,229 137 15,67517,081 290 927 495 2,053 2,888 1,155 942 134 356 2,746 Feb 1956 4,045 162 16,41417,950 250 948 659 2,087 3,150 1,136 1,052 473 2,713 4,205 164 16,13117,457 252 1,007 332 2,066 3,026 1,097 1,022 115 282 2,714 Jan. 4 4,278 148 16,19417,551 283 996 241 2,075 3,085 1,139 994 177 341 2,713 Jan. 11 4,211 147 16,14717,361 279 836 211 2,057 2,880 1,128 995 261 352 2,715 Jan. 18 Jan. 25 4,301 134 16,03617,247 291 1,164 423 2,046 2,930 1,185 966 87 273 2,728 Feb. 1 4,281 143 15,80316,807 268 774 334 2,051 2,804 1,145 956 171 325 2,730 Feb. 8 4,267 138 15,31517,216 310 922 479 2,032 3,031 1,152 938 272 513 2,756 Feb. 15 4,070 142 15,57116,947 273 900 547 2,049 2,819 1,147 934 85 260 2,757 Feb. 22 4,228 129 15,65217,186 309 876 690 2,085 2,857 1,145 917 55 407 2,760 Feb. 29 Outside New York City 1955 Feb 9,345 793 2,473 40,829 40,995 3,790 891 1,879 16,802 949 153 7,558 310 311 254 294 5,415 1956 Jan 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 9,155 2,360 41,00141,548 3,987 969 1,32017,226 891 145 7,274 336 255 555 356 5,809 Feb 1956 9,871 899 2,697 41,970 43,206 3,872 1,255 1,44217,276 876 148 8,553 350 259 344 623 5,764 Jan. 4 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. 11 9,456 863 2,485 42,378 43,408 3,798 1,061 63917,252 869 145 7,887 330 265 574 316 5,745 Jan. 18 9,263 848 2,360 42,588 42,616 4,237 984 66117,215 874 144 7,333 340 264 472 263 5,760 Jan. 25 Feb. 1 9,308 785 2,324 41,57141,699 4,108 1,011 1,05417,205 879 143 7,235 338 263 749 231 5,784 Feb. 8 9,141 799 2,247 41,244 4411,197 4,016 883 85717,222 887 145 7,370 327 256 547 347 5,800 Feb. 15 9,324 822 2,52141,076 42,582 3,931 963 1,38317,218 895 149 7,596 338 254 579 330 5,801 Feb. 22 8,945 830 2,397 4"0 ,553344 4411,122 3,872 993 1,60817,242 888 146 7,149 339 249 460 427 5,814 Feb. 29 9,056 802 2,309 40 578 41,140 4,010 994 1,70117,246 905 142 7,021 336 250 441 444 5,842 i Demand deposits other than interbank and U. S. Govt., less cash Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. items reported as in process of collection. Monthly averages and Wednesday figures for total leading cities for NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- the full year 1955 are shown on pp. 184-185 of the BULLETIN for February TIN for April 1953, p. 357, and for figures on the revised basis beginning 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 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 r P l u e c e a e m o b u n t a b r m i d o l c e , , - a r l, Other ( r T w e 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 e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t t ( t r o i u i i a l n o r b i n c t t n 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 h p n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch b r w e a a i a e i p n n a n n n e o d l g k g k d l r ' e s l l t — y 4 - 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 71 208 63 469 704 -7 106 370 3,016 53,172 224 327 1955 Dec 62 2 56 8 7 482 -65 5 58 700 659 145 -44 1956 Jan -113 6 48 10 -38 -221 69 4 -81 -327 4-466 Feb -120 48 66 45 59 -68 8 -257 13 -29 2 75 120 250 57 Week ending: 1955 Dec. 7 23 -7 26 -12 6 6 100 -29 -2 -5 105 103 Dec. 14 9 18 38 14 12 i -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 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 5 15 -1 -10 -10 -44 1 -5 -12 -85 -114 Feb. 1 -21 18 33 -3 1 -14 4 -2 13 _j -12 11 44 Feb. 8 -21 10 25 4 11 16 -I -135 -6 -19 11 -104 -85 Feb. 15 -24 30 83 21 17 13 i -58 18 -2 96 102 Feb. 22 -19 -24 47 9 18 17 1 -81 4 -1 -6 -35 -30 Feb. 29 -36 15 62 14 13 25 5 18 -16 -1 9 107 89 1 Data for a sample of about 210 banks reporting changes in their 4 Prior to week ending Jan. 11, 1956, included changes in agricultural larger loans; these banks hold over 90 per cent of total commercial loans. and industrial loans of all weekly reporting member banks and nearly s Includes increase of $318 million resulting from errors disclosed 70 per cent of those of all commercial banks. incident to survey of credit extended to real estate mortgage lenders. 2 Figures for periods other than weekly are based on weekly changes. NOTE.—Monthly and weekly data for the full year 1955 are shown on 3 Includes machinery and transportation equipment. p. 186 of the BULLETIN for February 1956. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dolhir acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Total Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly L)tn- into from exdealers* ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r r n - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 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 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 Aus . 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 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 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 253 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 p P c a e r o p i r m m c e i r - e a , l p p c p l a o a a p c m n e e y - r d a a P b c n e a r c i c r n e m s e k p ' s e - t , - 3-month bills 9-to 12- 3-to 5- Area and period lo A a l n l s 1 1 - 0 1 10 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r m 4- o t n o t h 6 s - l 3 d - i r l t y e o c , t 6 - - da 9 y 0 s1 M ke a t r- on R a n t e e w m iss o u n e t s h 2 is y s e u a e r s 3 Annual averages, months1 yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3 5 1954 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 1.87 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—Feb 1.68 1.50 1.38 1.17 1.177 1.41 2.18 1955—Mar 3.54 4.93 4.29 3.83 3.30 Mar 1.69 1.50 1.38 1.28 1.335 1.49 2.30 June 3.56 4.92 4.29 3.83 3.33 Apr 1.90 1.73 1.43 1.59 1.620 1.71 2.39 Sept 3.77 4.98 4.44 3.99 3.56 May 2.00 1.88 1.50 1.45 1.491 1.72 2.40 Dec . 3 93 5.01 4 52 4 14 3 75 June 2.00 1.82 1.50 1.41 1.432 1.71 2.42 New York City: July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 1955—Mar. 3.29 4.68 4.14 3 65 3 14 Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 June 3.30 4.73 4.18 3.62 3.15 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 Sept 3.54 4.83 4.39 3.87 3.39 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 Dec 3.76 4.86 4.48 4.00 3.64 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 7 Northern & Eastern Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 cities: 1955—Mar 3.55 5.02 4.32 3.84 3.35 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 June 3.55 4.97 4.29 3.78 3.37 Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 Sept 3.76 5.06 4.43 3.99 3.58 Dec 3.95 5.08 4.52 4.16 3.79 Week ending: 11 Southern & Western Feb. 4... 3.00 2.88 2.38 2.29 2.402 2.40 2.65 cities: Feb. 11... 3.00 2.88 2.38 2.26 2.271 2.34 2.63 1955—Mar 3.87 5.00 4.35 3.92 3.54 Feb. 18. .. 3.00 2.88 2.38 2.36 2.388 2.34 2.63 June 3.95 4.98 4.34 4.01 3.67 Feb. 25... 3.00 2.88 2.38 2.40 2.429 2.41 2.67 Sept 4.11 5.01 4.47 4.07 3.88 Mar. 3... 3.00 Z. oo 2.38 2.24 2.409 2.47 2.71 Dec . 4.17 5.06 4.54 4.22 3.91 1 Averages of daily prevailing rates. NOTE.—For description see BULLETIN for March 1949, 2 Consists of certificates of indebtedness and selected note and bond pp. 228-237. issues. 3 Consists of selected note and bond issues. NOTE.—Monthly and weekly data for the full year 1955 are shown on p. 187 of the BULLETIN for February 1956. BOND AND STOCK YIELDS* [Per cent per annum] State £md 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 lig e a n t e io ra 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 i r n a g t s io / enue Totals se O ri l e d s2 se N r e ie w s 3 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? m Co 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 8.04 1955 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 A Se u p g t 2 2 .9 8 1 8 3 3 .0 0 2 0 2 2 .6 7 9 0 2 2. . 3 3 1 3 3 3 . . 2 2 4 2 2 2. . 9 9 2 2 3 3. . 3 2 1 9 3 3 . . 1 1 1 3 3 3 . . 5 5 9 6 3 3 . . 2 2 5 5 3 3 .3 4 6 0 3 3 . . 2 2 9 6 4 4 .0 0 1 6 3 3 .7 7 6 6 r7 24 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 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 7.83 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 Feb 2 82 2 93 2.63 2.19 3.21 2.89 3.28 3.08 3.58 3.20 3.37 3.26 3.99 3.93 Week ending: Feb 4. . 2.81 2.92 2.66 2.24 3.22 2.89 3.28 3.09 3.59 3.20 3.39 3.26 3.99 4.02 Feb 11 2 81 2 93 2 64 2 18 3 22 2 89 3.28 3 08 3 58 3 20 3 37 3 26 3 97 4 11 Feb 18 2 80 2 93 2 62 2 17 3.20 2.89 3.27 3.07 3.58 3 20 3 37 3 26 3 99 4 04 Feb 25 2 83 2 94 2 62 2 17 3.20 2.89 3.27 3.07 3.58 3.19 3.37 3.24 3.99 3.93 Mar 3 2.84 2.94 2.62 2.18 3.20 2.90 3.27 3.07 3.58 3.20 3.37 3.25 3.99 3.88 r Revised. s Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. rately. Because of a limited number of suitable issues, the number of and corporate bonds. Yields of State and local govt. general obligations corporate bonds in some groups has varied somewhat. are based on Thursday figures; of revenue bonds, on Friday figures; and 6 Dow-Jones and Co. of preferred stocks, on Wednesday figures. Figures for common stocks 7 Standard and Poor's Corporation. Ratio is based on 9 median yields are as of the end of the period, except for annual averages. in a sample of noncallable issues—12 industrial and 2 public utility. cal 2 l a C bl o e n s a i f s t t e s r o 1 f 2 f u y l e ly ar s t , a x th a r b o l u e, g h m a S r e k p e t t . a 3 b 0 le , 1 2 9 l/ 5 2 5 p , e a r n d c en th t o b se o n d d u s e d o u r e c o a r l l f a i b rs le t ves 8 t o C rs o m Se p r u v t i e c d e . by Federal Reserve from data published by Moody's Inin 10-20 years, beginning Oct. 1, 1955. NOTE.—Monthly and weekly data for the full year 1955 are shown on 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, p. 188 of the BULLETIN for February 1956. 1955, the 3 per cent bond of February 1955. 4 Moody's Investors Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 SECURITY MARKETS SECURITY PRICES 1 Bond prices Common stock prices Vol- U (lo . n S g . - G te o rm vt ) . St ( a i n n d d a ex rd , 1 a 9 n 3 d 5 P -3 o 9 o = r 's 1 0 s 0 er ) ies 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 u o m f e Ye o a r r , w m e o ek nth, O ri s e l e d s - 2 N ri s e e e s w - * g n ( r M h i a c i i d g u p e h - a ) - l 4 g ( C h r r p a a i o o g d t r 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 - t e urin N ra g d 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 a c n r i e d v - d c - e e , , M in i g n- s s t h t h a r a ( i o a n o i n r f n d e d u g s - s - 5 ] 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 Feb 96.97 103.51 125 0 115.7 278 312 232 150 281 340 320 358 300 150 276 315 3 201 Mar 97.08 103.63 124.4 115.4 278 311 238 150 280 337 318 354 305 151 275 315 2,907 Apr 96.31 103.43 124.9 115.3 286 322 252 152 287 347 327 365 320 152 277 311 2,689 May 96.53 103.66 125.1 114.7 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 301 341 259 153 303 370 344 393 336 154 294 314 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 Aue 94.51 101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct .. 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40 103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Week ending: Feb 4 95.98 103.39 122.9 114.0 332 370 250 156 330 414 382 443 324 156 310 346 1,955 Feb 11.. .. 96.03 103.33 122.4 113.7 332 369 247 155 323 404 372 432 316 155 306 348 2 062 Feb. 18 96.10 103.30 122.6 113.9 321 369 248 155 330 413 384 440 323 156 309 350 2,119 Feb 25 95.80 103.18 122.1 114.0 326 375 251 156 336 422 393 449 328 157 312 356 2,642 Mar. 3 95.64 103.07 121.7 113.9 332 382 252 156 340 427 395 456 333 158 318 363 2,835 1 Monthly and weekly data for U. S. Government bond prices and 3 The 314 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 2V£ per cent boniddss ddue 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 1 E W nd e d o n f e s m d o ay n t o h f o m r o la n s t t h o s t T e h c o e u t r a r i l t t — h ie 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 n 1 c E e x s c w ha it n h ge ch b a B ro s 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 t u i n e r- s 2 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 G n ti o o v ns t. se o cu O th r n i e t r ies balances 1952—Dec 1,980 33 1,332 149 648 30 877 727 1953 Dec . . . 2,445 31 1,665 88 780 88 [,074 713 1954 Dec 3,436 41 2,388 65 1,048 69 1,529 1,019 I955 Jan 3,537 42 2,517 35 1.020 77 [ 620 1 069 Feb 3,643 63 2,590 39 1,053 113 [,666 1 063 Mar 3,732 49 2,652 33 1,080 78 1,861 1,022 Apr . . .. 3,785 48 2,704 27 1,081 74 Q88 973 May 3,787 47 2,684 28 1,103 72 2 047 928 3,870 46 2,711 31 1,159 73 2,020 917 July 3,911 45 2,734 29 1,177 77 2,003 918 Aue 3,865 43 2,710 29 1,155 71 1 994 887 Sept 3,966 43 2,805 33 1,161 68 2,056 977 Oct 3,944 40 2,749 29 1,195 71 2,088 920 Nov 3,980 38 2,759 27 .221 75 2 185 876 Dec r4,030 34 r2,791 32 1^239 51 2,246 r894 1956—Jan 4,040 36 2,786 37 1,254 41 2,129 905 r Revised. Data are as of the end of the month, except money borrowed, which is as 1 Ledger balances of member firms of the New York Stock Exchange of the last Wednesday of the month beginning June 1955. carrying margin accounts, as reported to the Exchange. Customers' debit 2 Data, except as noted below, are for all weekly reporting member and free credit balances exclude balances maintained with the reporting banks, which account for about 70 per cent of all loans to others for purfirm by other member firms of national securities exchanges and balances chasing or carrying securities. Figures are for the last Wednesday of the of the reporting firm and of general partners of the reporting firm. Bal- month. Some loans for* purchasing or carrying U. S. Govt. securities are ances are net for each customer—i.e., all accounts of one customer are included in column 5 after 1952; loans for that purpose are shown sepconsolidated. Money borrowed includes borrowings from banks and arately in column 4 for all weekly reporting member banks in 1951 and from other lenders except member firms of national securities exchanges. 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 255 LIFE INSURANCE COMPANIES} [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d St l a o t c e a a l n 2 d Foreign 3 Total Bonds4 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year: 3 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 months 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—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 Dec 90,219 11,611 8,546 2,656 409 39,002 36,079 2,923 29,433 2,557 3,293 4,323 1 Figures are for all life insurance companies in the United States. 5 These represent annual statement asset values, with bonds carried on 2 Includes foreign and domestic issues. an amortized basis and stocks at end-of-year market value. 3 Central government only. 6 These represent book value of ledger assets. Adjustments for interest 4 Includes issues of the International Bank for Reconstruction and due and accrued and for differences between market and book values Development. are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets End of year Totaiz g M ag o e r s t - 3 G U ob o .S l v i . t - . Cash Other 4 S c a a v p i i n ta g l s q E u n a d r t o e f r Total2 g M ag o e r s t- 3 G U ob o .S l v i . t - . Cash Other* S c a a v p i i n ta g l s gations gations 1941 6,049 4,578 107 344 775 4,682 1953_4 26,733 21,962 1,920 1,479 1,297 22,846 1945 8,747 5,376 2,420 450 356 7,365 1954 1 27,658 22,712 1,927 [,618 r[,327 23,909 1948. 13 028 10 305 [ 455 663 501 10 964 2 29 094 23 836 1 959 [ 794 I 432 25 170 1949 14,622 11,616 1,462 880 566 12,471 3 30,165 25,065 1,969 1,681 1,379 25,903 1950 16 893 13 657 487 924 733 13 992 4 31 736 26 193 2 021 I 980 472 27 334 1951 19,222 15 564 ,603 1,066 899 16,107 1952 22,660 18,396 1,787 1,289 1,108 19,195 1955 \p. 33,075 27,373 2,203 [,928 1,502 28,482 1953 26,733 21,962 .920 1,479 1,297 22,846 2P 35,080 29,107 2,287 1,973 1,645 29,963 1954 31,736 26,193 2,021 1,980 1,472 27,334 3*> .. 36,343 30,687 2,340 L 612 1,639 30,636 1955» 37,880 31,584 2,381 2,087 1,763 32,305 4P 37,880 31,584 2,381 2,087 1,763 32,305 P Preliminary. r Revised. 2 Includes gross mortgages with no deduction for mortgage pledged i Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency1 1954 1955 1948 1949 1950 1951 1952 1953 4 1 2 3 Loans, by purpose and agency: To aid agriculture total . 3,632 4,362 3,884 4,161 5,070 6,811 6,929 7,466 6,362 5,555 Banks for cooperatives 305 302 345 425 424 311 367 340 322 359 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 80 60 45 34 25 18 13 12 Farmers Home Administration... . 2 525 523 535 539 596 648 701 774 770 755 Rural Electrification Administration ... . 999 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 2,316 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 Other agencies ... 5 9 7 6 6 5 4 4 1 1 To aid home owners, total 768 1,251 1 528 2 142 2,603 2,930 2,907 3,013 3,095 3,122 Federal National Mortgage Assn 199 828 1 347 1 850 2,242 2,462 2,461 2,538 2,593 2,590 Home Owners' Loan Corporation 3 369 231 10 Reconstruction Finance Cornoration^ 177 168 137 123 i is ios 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 / i 3 6 0 0 0 3 6 8 3 3 40 6 8 7 43 7 0 2 45 7 6 6 To railroads, total 140 114 110 101 82 79 12 11 13 11 138 112 108 99 80 11 Other agencies 3 3 2 2 2 2 12 11 13 11 To other industry, total 310 462 458 488 516 509 420 426 426 706 272 423 400 415 457 294 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 35 6 3 7 35 7 3 3 34 7 8 8 3 3 2 7 8 8 To financing institutions, total. 525 445 824 814 864 952 570 704 1,019 1,277 Federal home loan banks 515 433 816 806 864 952 868 702 1,017 1,275 Other agencies 10 12 8 8 2 2 2 2 Foreign, total 6,102 6,090 6 078 6 110 7,736 8,043 5,007 7,968 5,052 5,025 Export-Import Bank 2,145 2,187 2 226 2 296 2,496 2,833 2,806 2,768 2,774 2,735 Reconstruction Finance Corporation ^ 206 154 101 64 58 52 3,750 3,750 3 750 3 750 3,667 3,620 3,570 3,570 3,567 3,567 International Cooperation Administration 61,515 1,537 1,624 1,630 1,692 1,722 All other purposes, total 584 484 531 779 1,095 763 438 451 474 477 Reconstruction Finance Corporation ^ 190 88 59 61 50 57 Public Housing Administration 294 297 366 609 919 535 113 119 100 96 Other agencies 100 99 105 109 126 171 325 332 374 381 Less: Reserve for losses 555 476 185 173 140 203 228 259 494 411 Total loans receivable (net) . 11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 Investments: U. S. Government securities, total ... 1,854 2,047 2 075 2 226 2,421 2,602 2,967 3,187 3,108 2,909 Banks for cooperatives 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 44 74 46 51 60 63 61 60 60 72 Production credit corporations .. 66 39 42 43 43 45 42 42 42 42 274 275 199 249 311 387 641 771 661 443 Federal Savings and Loan Insurance Corp 199 214 193 200 208 217 228 234 241 234 144 188 244 285 316 319 327 344 354 370 Federal Deposit Insurance Corporation . 1,064 1,205 1,307 1,353 1,437 1,526 1,624 1,692 1,706 1,705 Other agencies 21 9 1 2 1 1 1 2 2 2 Investment in international institutions . 3,385 3,385 3,385 3,385 3,385 5,555 3,385 5,555 3,385 3,385 Other securities, total 133 107 88 78 44 40 47 44 45 29 Reconstruction Finance Cornoration 4 98 83 71 66 36 35 Production credit corporations 29 22 16 11 8 5 3 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. . . 2 1 1 {-T 42 2 38 3 40 2 23 3 Commodities, supplies, and materials, total 627 1,549 1 774 1 461 1,280 2,514 3,852 3,612 3,476 4,129 Commodity Credit Corporation 437 1,376 1,638 1,174 978 2,086 3,302 2,983 2,910 3,518 Reconstruction Finance Corooration^ 157 142 108 129 172 156 Department of the Treasury ... 80 65 19 17 Other agencies } 32 30 28 159 131 470 564 547 594 Land, structures, and equipment, total 8,062 8,046 7,982 7,821 7,799 Public Housing Administration 31, 046408 21,,935622 21, 924458 31, 325581 31,,217133 1,018 96 80 64 64 Reconstruction Finance Corooration1* 630 611 605 594 199 175 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 Federal Maritime Board and Maritime Adm3 4,834 4,798 4,749 4,807 4,812 Other agencies ^ 189 168 206 465 590 561 1,412 1,372 1,137 1,100 Bonds, notes, and debentures payable (not guaranteed), total.... 965 111 1,190 1,369 1,330 1,182 1,068 1,561 1,840 2,086 Banks for cooperatives 70 78 110 170 181 150 156 139 123 160 Federal intermediate credit banks . . . . 480 490 520 674 704 619 640 713 811 821 Federal home loan banks 415 204 560 525 445 414 272 139 336 534 Federal National Mortgage Assn . ... 570 570 570 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CREDIT AGENCIES 257 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items i interagency items Date, and corporation or agency Loans m C ti o o e m d s, i - - I m nv e e n s t t s - L st a ru n c d - , Other B tu a o r n n e d s d s p d , e a n b y o e a t n b e - l s e , Other G i U n o . t e v S r t - . . o v in w P a t t r n e e i- e l r y d - Total Cash c a e b i l v e - m p r a l i a i n a e t l d e s s - , G U s ri e t o . c i S e v u s . t - . O s ri e t t c h ie u e s - r e m a q n e u d n ip t - s a e s t - s a U G n b . u t y e a S e r . d - Other li i a ti b e i s l- est All agencies 1948_Dec. 31 . .. 21,718 630 11,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Dec. 313 . . .. 26,744 931 14,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Dec. 313 29,945 944 17,826 1,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Dec. 313 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,818 33,429 434 1954_Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955—Mar. 31 41,996 1,375 19,782 3,612 3,187 3,429 7,982 2,629 31 1,561 4,01335,848 543 June 30 40,639 1,244 18,927 3,476 3,108 3,430 7,821 2,634 41 1,840 3,019 35,171 568 Sept. 30 41,183 1,456 19,061 4,129 2,909 3,414 7,799 2,415 43 2,086 2,013 36,460 583 Classification by agency Sept. 30, 1955 Farm Credit Administration: Banks for cooperatives 423 20 356 43 (7) 4 160 2 231 30 Federal intermediate credit banks 939 26 833 72 8 821 9 109 Production credit corporations 45 42 3 (7) (7) 45 Federal Farm M^ortgage Corp 13 12 (7) (7) 12 Department oi Agriculture: Rural Electrification Administration 2,470 45 2,313 113 1 2,469 Commodity Credit Corporation 5,705 30 1,368 3,518 143 646 574 5,131 Farmers Home Administration 761 66 659 (7) 1 (7) 35 15 746 Federal Crop Insurance Corp 24 13 11 12 12 Federal Home Loan Bank Board: Federal home loan banks 1 760 35 1 275 443 2 (7) 6 534 674 552 Federal Savings and Loan Insurance Corp 241 1 (7) 234 6 9 232 Housing and Home Finance Agency: Public Housing Administration 316 23 96 64 134 24 293 Federal Housing Administration 606 36 58 370 1 1 141 42 171 393 Federal National Mortgage Association 2,690 82 2,590 (7) 18 570 39 2,080 1 Office of the Administrator 771 65 234 437 36 8 763 Small Business Administration . . .... 39 2 36 (7) (7) 39 F E e x d p e o r r a t l - I D m e p p o o r s t it B I a n n s k urance Corp 2 1 ,7 7 2 8 6 0 3 \ 2 7 7 7 ) 61 ( ( 7 7 ) ) 1,705 1 (7) 1 17 8 111 2 1 , , 6 61 8 5 8 Tennessee Valley Authority 2,010 150 28 1,823 9 44 1,966 Federal Miaritime Board and Maritime Adm 5 585 411 292 44 (7) 4,812 25 156 5,428 Panama Canal Company 462 23 12 422 5 13 449 Veterans Administration.... 665 170 458 4 2 31 10 655 Department of the Treasury 8 547 165 3 895 17 3 408 21 1 041 9 8,538 International Cooperation Administration 1,733 (7) 1*722 11 1 733 All other 873 88 104'"507 74 100 41 832 1 Loans by purpose and agency are shown on a gross basis; total loans the Export-Import Bank, and the Treasury assumed responsibility for and all other assets are shown on a net basis, i.e., after reserve for losses. completing liquidation of other activities. 2 Includes figures for the Regional Agricultural Credit Corporation, the 5 Figures represent largely the Treasury loan to United Kingdom and assets and liabilities of which have been administered by this agency through 1952 are based in part on information not shown in Treasury since dissolution of the RACC in 1949. compilation. 3 Changes in coverage over the period for which data are shown are as 6 Figure not published in Treasury compilation, but derived by Federal follows: exclusion of the Home Owners' Loan Corporation after June Reserve. See also footnote 3. 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual 7 Less than $500,000. Security Agency (superseded by the Foreign Operations Administration 8 Effective July 1, 1954, the public war housing program of the PHA and later by the International Cooperation Administration) beginning (represented largely by land, structures, and equipment) and several June 1952 and of the Federal Maritime Board and Maritime Administra- small housing programs managed by the Office of the Administrator, tion beginning June 1953. Housing and Home Finance Agency, were designated to be liquidated by 4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) the Office of the Administrator, shown under other agencies. terminated the RFC's lending authority, effective Sept. 28, 1953. Its 9 Beginning 1951, includes figures for Panama Canal Company, a new lending activities under the Federal Civil Defense Act of 1950 and the corporation combining the Panama Railroad Company (included in Defense Production Act of 1950 were transferred to the Treasury on that earlier Treasury compilations) and the business activities of the Panama date. When the Corporation went out of existence on June 30, 1954, Canal (not reported prior to that time). See also footnote 8. certain loans, securities, and other assets were transferred to the Federal NOTE.—Statement includes certain business-type activities of the U. S. National Mortgage Association, the Small Business Administration, and Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 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 t s e . t T r P f e u r l c u n u t s d s s : t . t I G r L n a e o t n s r v s s a t . : - . * E p T r f q u e r t o u b o h c a t l m t e i a s l c s l . : 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 h l t a l i s e s l c . : t p p f o r u a t o o h ( y b m r - e t li s ) , c . , ( c c ( o - r d d r r I e ) e i e n r a , a d b e - s i s e c t n e e - t , a i G n g N v e o n . e v . t b t & . y Less: O d n c e a o th b s n e h t - * r b E 7 i o n q c N r _ g a u r s e a o h o t T l w s r : - & agen.) tr. funds 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—19535.. 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_ J ja u n l . y -J -D un e e c . . . .. 2 3 5 8 , , 2 1 4 1 0 8 5 5 , , 1 4 6 5 8 6 1 1, , 2 2 9 0 9 0 4 2 2 9, , 3 0 8 7 8 4 3 33 3 , , 1 0 2 0 5 4 4 4 , , 9 39 3 6 4 2 1 , , 1 10 5 6 4 3 3 5 6 , , 7 4 8 1 5 5 -7 6 , , 0 2 2 8 7 9 - 7 3 , , 0 5 1 2 9 5 1 1 , , 1 3 4 2 5 8 3 1 6 9 8 6 - 5 4 , , 3 8 2 66 3 Monthly: 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 1956—Jan 4,684 371 101 4,952 5,274 904 619 5,559 -606 -721 -88 83 -717 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u N e r o f d p e i r g c l t u i e t s t ac d l T f a c e u r t o u f u i n i r m o c d s n i t u t - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o a ( G s g + b N a u e o l r ) a i n e k v g o n t c e a t c f y . t - e i i n & s a n G e g v N c e o . F t . n e r v e ( u c t b t d - y . s y ) . t I d n ( e d g - c c i r r ) o r r o e e . e r s a i c a n s s s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a v . D n a R k i e l . s p - os T it T s a u r x i e r n a y a s n - d O n th e e t r tions6 funds 6 public able Loan debt funds) Accts. Fiscal yr.—1952... -4,017 3,490 -401 114 -3,457 3,883 n.a. -388 6,969 333 5,106 ,530 19535... -9,449 3,641 -250 -59 -3,148 6,966 n.a. -2,299 4,670 132 3,071 ,467 1954. .. -3,117 1,953 -46 -14 -1,611 5,189 257 2,096 6,766 875 4,836 ,055 1955. .. -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 • 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 ,055 July-Dec.. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec.. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 Monthly: 1955—Jan -287 -574 -174 571 335 -311 12 -451 4,728 360 2,907 ,461 Feb 596 -158 276 27 119 -257 -78 682 5,411 564 3,561 ,286 Mar 3,846 -3 145 51 -56 -4,134 109 -260 5,151 724 3,203 ,224 Apr -1,496 -541 311 29 348 2,601 2 1,250 6,401 814 4,023 ,564 May -919 584 -262 36 -663 824 122 -522 5,880 649 4,054 ,177 June 3,372 925 363 38 -1,032 -3,098 232 336 6,216 380 4,365 ,471 July -2,617 -7 199 27 -254 3,210 -38 595 6,811 624 4,972 ,215 Aug -1,491 775 21 1 -994 725 95 -1,058 5,753 393 4,188 ,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 ,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 ,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 ,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 ,112 1956—Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 ,350 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 3 C Sm on a s ll i s a t d p ju ri s m tm ar e i n ly ts o t f o ( a 1 r ) r i i n ve tr a a - t G th o i v s e t r o n t m al e a n r t e a n l o t t r a s n h s o a w ct n i o s n e s p a a r s a t d e e l s y c . ribed • 5 B E e x g c i l n u n d i e n s g n n e e t w t r r a e n p s o a r c ti t n io g n b s a o si f s ; G s o ee v t T . r s e p a o su n r s y o r B e u d l l e et n i t n e , r A pr p is ri e l s , 1 9 w 5 h 4 i t c p h . A a 2 re . 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 259 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p - g t t e s t 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 d ip t g a t e s l t W he I i l n t d h d - i ivid O ua th l er i C ra o ti r o p n o - ! ta c E x i x s e e - si t p m a E l x o e m e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e 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 in 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: 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 94 293 921 791 391 292 136 913 Dec... 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 211 113 1956—Jan... 4,684 163 17 51 4,915 939 2,152 424 799 212 389 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 affairs est on serv- rity, com- agri- ural and Other « Total Defense Mutual and public ices and welfare, munity cul- re- com- 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 64,570 '41,196 '35,533 '2,272 '1,857 '1,279 '6,370 4,405 1,821 '170 '4,502 '1,295 '1,531 r2,000 1955 Semiannual totals: 1953—Jan.-June... 37,801 25,596 22,134 2,113 926 1,113 3,542 2,115 n.a. -27 2,172 733 770 n.a. July-Dec. 3.. 34,484 23,750 20,819 1,671 945 968 2,816 2,110 n.a. -153 1,130 788 919 n.a. 1954—Jan.-June... 33,288 22,773 19,517 1,958 950 585 3,567 2,139 n.a. -402 1,521 601 535 n.a. July-Dec 31,566 '20,339 17,290 1,292 987 '388 3,000 2,114 933 67 1,722 752 854 1,396 1955—Jan.-June... 33,004 '20,857 '18,243 '980 '870 '891 '3,370 '2,291 888 '103 '2,780 543 '677 '605 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: 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 63 153 109 478 386 137 -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.. 6,753 '4,146 •"3,148 '648 '149 r20l '1,476 398 124 '-28 '339 106 '68 '-78 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 1956—Jan.*.. 5,274 3,028 2,855 121 135 246 625 402 210 47 340 76 110 190 »Preliminary. 'Revised. n.a. Not available. 4 For a detailed description of components, see Treasury Bulletin. 1 Corporation and estate and gift taxes are from Internal Revenue 5 Includes stockpiling of strategic and critical materials, direct forces Service reports prior to July 1953. Excise taxes and nonwithheld indi- support under the Mutual Security Program beginning 1954, and, prior vidual taxes for that period are obtained by subtracting Internal Revenue to 1954, some other small expenditures not shown separately. Service data from appropriate monthly Treasury statement totals. 6 Includes expenditures for the function of finance, commerce, and 2 Represents the sum of taxes for old-age insurance, railroad retire- industry, shown separately in Treasury Bulletin; for legislative and judicial ment, and unemployment insurance. functions; and for executive departments and other agencies not shown 3 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. elsewhere. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 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 Nonmarket£ible Total E m n o d n t o h f T g d r e o o b t s a t s l i d g d i r e r o b e s t c s 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 i a n t d e e s b o t- f Notes Bank Bank bonds Totals ings s in 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—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 Aug 278 4 278 3 231 5 158 9 20 3 9 0 47 6 81 9 11 6 61 0 58 5 1 2 44 2 Sept. 277 5 277 5 231 0 159.5 20.8 9 0 47.7 81 9 11 5 60 0 58 3 4 43.9 Oct... 279 9 279.8 233.6 162.5 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 43.7 Nov 280.2 280.1 233.6 162.6 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 44.0 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Jan 280 1 280 0 233 6 163 3 22 3 15 7 43 4 81 9 11 3 58 9 57 6 (6) 43 6 Feb.. 280.2 280.1 233.6 163.4 22.3 15.7 43.4 81.9 11.3 59.0 57.7 43.7 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $470 million on Feb. 29, 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 $8,082 million on Jan. 31, 1956. 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 ( s a i g n e n ti c c t g e e u l s u u e r ) a d 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 1 u 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 o s n m u ie r - - s r c O a o t t r i h o p e o n r - s g S l a o o t n c v a d a t t s e l . S b a o v n i I n n d g d s s ivid se u O c a u t l h s ri e ti r es i M t n o v i r e s s c s 3 - . 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec.. 278 7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9 1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec.. . 256 7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 o o 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 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.3 13.8 50.0 14.2 13 9 1955—Jan 278.5 42.3 7.2 229.0 23.9 68.7 8.8 15.2 20.0 14.1 50.0 14.5 13 9 Feb 278.2 42.0 7.2 229.0 23.6 66.9 8.8 15.2 21.2 14.3 50.1 14.9 13 9 Mar. 274 1 42.1 7.3 224.7 23.6 64.2 O O 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 r19.8 15.0 50.2 r15 4 15 0 Aug 278.4 44.2 7.3 226.8 23.8 62.7 8.8 15.0 r20.8 15.1 50.3 r15.5 14 9 Sept. 277.5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 '20.6 15.1 50.2 r15.8 15.0 O N c o t v 2 2 7 8 9 0 . . 9 2 4 4 3 4 . . 7 0 7 7 . .6 4 2 2 2 2 8 8 . . 8 6 2 2 4 4 . . 0 3 6 6 2 1 . . 7 6 8 8 .5 6 1 1 4 4 .8 9 r r 2 2 1 2 .5 9 1 1 5 5 .4 3 5 5 0 0 2 2 r r 1 1 5 5 9 9 1 1 5 5 4 2 Dec. 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 22.2 15.4 50.2 16.0 15.6 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to $300 million on June 30, 1955. 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 261 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, FEBRUARY 29, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. Mar. 1,1956 1,601 June 22, 19563 2*4 2,970 Oct. 1,1959 11 99 Aug. 15, 1963 2V2 6,755 Mar. 8, 1956 1,600 Dec. 1,1956 2% 9,083 Apr. 1,1960 11 198 June 15, 1962-67... 21/2 2,116 Mar. 15, 1956 1,601 Oct. 1,1960 U 207 Dec. 15, 1963-68... 2i/2 2,825 Mar. 22, 1956 I 1,601 Treasury notes June 15, 1964-69... 21/2 3,752 Mar. 23, 19563 1,501 Mar. 15, 1956 1% 8,472 Treasury bonds Dec. 15, 1964-69... 2^ 3,828 M A Ap p a r r r . . . 2 1 9 5 2 , , , 1 1 1 9 9 9 5 5 5 6 6 6 1 1 1 , , , 6 6 6 0 0 0 2 3 1 A A O p u ct r g . . . 1 1 5 1 , , , 1 1 1 9 9 9 5 5 5 6 6 6 W V/ 2 2 i 1 1 2 , , 0 5 5 0 4 5 7 7 0 S S M e e a p p r t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 6 6 6 - - - 5 5 5 9 8 9 . . 4 .. . . 2 2 2 V 1 M 2 4 3 1, ,8 4 9 2 4 82 1 9 J M M u a n a r e r . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 5 7 - - - 7 7 7 1 0 2 . . . . . . . . . 2 2 2V i V /2 2 i 2 4 1 , , , 7 9 8 1 7 5 5 9 9 Apr. 19, 1956 1,602 Mar. 15, 1957 27/s 2,997 Mar. 15, 1957-59..2% 927 Sept. 15, 1967-72... 21/2 2,716 A M p a r y . 26 3 , , 1 1 9 9 5 5 6 6 1 1 ^ .6 6 0 0 1 1 A M p a r y . 15 1 , , 1 1 9 9 5 5 7 7 1 iy % 2 4,1 5 5 3 5 1 J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 8 8 -634 . 2 2 V % S 4,2 9 4 19 5 D Ju e n c. e 1 1 5 5 , , 1 1 9 9 7 67 8 - - 7 8 2 3 . . . . . . 3 21 V /2 4 3 1, , 6 8 0 0 6 2 Ce M M M rti a a a fi y y y c a 2 t 1 1 e 4 0 7 s , , , 1 1 1 9 9 9 5 5 5 6 6 6 ! 1 1 1 , , , 6 6 6 0 0 0 1 0 1 A A J O O u p c u c n t t g r e . . . . 1 1 1 1 5 1 5 , , , , , 1 1 1 1 9 9 1 9 9 9 5 5 5 5 5 8 7 7 8 8 l P 2 \ i y / / % 2 2 2 2 2 3 , , 2 7 8 3 1 8 9 8 2 2 3 2 3 4 1 D J D N D u e e e o n c c c v e . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 5 5 5 0 0 9 9 8 - - - 6 6 6 5 2 2 . . 4. . . 2 2 2 2 2 i i V 3 V / / 4 2 8 4 4 2 5 3 3 1 , , , , , 2 4 8 4 3 7 6 0 8 6 5 4 6 5 8 P C a o F n n e a v b m e . r a ti 1 b C 5 le , a n 1 b a 9 o l 9 n 5 d L s oan.... 3 3 2,74 5 5 0 J M un ar e . 2 2 2 2 , , 1 1 9 9 5 5 6 6 3 3 \% 2 1 2 , , 4 2 8 02 6 A Fe p b r . . 1 1 5, , 1 1 9 9 5 5 9 9 I 1 V % 2 5,1 1 0 1 2 9 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 1 Y /2 4 11 2 , , 1 2 7 3 7 9 A In p v r e . s 1 tm , 1 en 9 t 7 5 S - e 8 ri 0 es .. . B . 2% 11,286 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 253. 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 y 5 e - a 1 r 0 s O y v e e a r rs 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 Nov. 30 173,988 20,812 12,017 47,817 81,915 11,428 162,561 62,259 35,985 29,880 34,437 Dec 31 174,639 22,313 15,741 43,285 81,912 11,387 163,251 60,631 38,307 31,365 32,949 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 e e c 3 3 1 0 6 6 , 9 9 1 85 8 4 5 6 1 4 4 1 4 6 6 4 3 3 ,3 3 9 7 5 8 3 3 ,4 4 3 3 9 9 3 3 ,5 4 4 7 6 9 1 7 0 0 7 2 1 0 3 5 7 4 4 7 9 7 4 2 2 , , 7 7 9 4 6 0 1955_june 30 . 7 162 40 8 119 3 556 3 439 3 723 74 199 506 2,944 Nov. 30 7,472 319 4 134 3,577 3,439 4,033 363 213 442 3,016 Dec 31 7,676 338 47 304 3,548 3,439 4,237 422 373 426 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 Nov. 30 24 256 1,278 2,640 17,537 2 802 24,256 20,241 1,587 1,014 1,415 Dec. 31 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 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 Nov. 30 53,655 2,369 1,803 13,712 35,614 157 53,498 7,789 21,627 18,261 5,821 Dec. 31. 53,956 3,562 1,951 12,853 35,431 157 53,798 7,733 22,003 19,483 4,579 Mutual savings banks: 1 1 9 9 5 5 4 3 — — J j uunnee 3 3 0 0 8 8 ,3 8 5 1 3 6 1 9 2 8 0 1 8 0 7 1 22 6 1 2 7 6 ,6 2 6 3 9 2 1 1 ,2 3 6 1 5 4 7 7, , 0 5 8 0 9 2 4 2 7 9 6 4 4 47 6 6 4 1 1, , 3 3 8 9 9 5 4 5 , , 9 16 3 7 0 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 Nov 30 7 877 127 34 290 6 222 1 204 6 673 236 500 1,303 4,634 Dec. 31 7 856 128 47 •322 6 170 1,189 6,667 208 570 1,335 4,554 Insurance companies: 1 1 9 9 5 5 4 3 — _ J juunnee 3 3 0 0 1 1 4 3 , , 1 5 5 2 5 0 4 6 6 2 0 2 2 3 0 3 9 7 6 5 9 3 1 4 9 8 , , 3 8 3 0 9 5 3 3, , 1 4 9 8 3 6 1 1 0 0 , , 6 3 6 2 9 7 1 1 , , 1 4 9 7 0 2 1 1, , 0 0 4 2 5 3 2 1 , , 1 84 7 9 1 6 5, , 9 3 2 2 1 5 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 Nov 30 13,083 812 83 846 8,389 2,954 10,129 1,068 1,402 1,858 5,800 Dec 31 12,667 515 83 842 8,286 2,941 9,726 694 1,502 1,840 5,689 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 I954—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 Nov. 30 67,645 15,908 7,454 15,298 25,312 3,673 63,972 32,562 10,656 7,002 13,751 Dec 31 67,700 16,047 7,612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13,696 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

262 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 i e ss t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 ag F e e e r n a d c l - y 4 S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f o i u e c n r l b e y d - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey7 p l M p c o a o u e n u s i l r s e e s - - - - s m b d e t R i e t a o r e c b e n e f . n - k t - 8 t , m s r t i e i o t r e c i e f e n u - s t - 1939 5,687 2,332 13 1,128 50 2,164 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 2,437 425 736 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 • ,006 364 620 1,271 1951 21.265 9,778 110 3 189 446 7,741 5,691 2,364 838 1,212 7 120 6,531 226 361 486 1952 26\ 929 1? 577 459 4 121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 3,180 537 664 1953 28,824 13957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 P 532 458 6 969 289 9 516 7,488 4,003 3,484 816 1,213 7 490 6,780 709 1 875 1955 r26,982 9 628 746 '5,977 177 10,454 7,637 4,175 3,462 638 2,178 9,014 8,110 904 1,249 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 Aue .. 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 2,695 461 926 9 1,299 1,097 858 239 43 159 1,207 1,125 82 75 Nov 1,850 438 661 33 719 441 153 86 192 631 592 39 73 Dec rl,934 466 r415 51 1,001 850 334 5P 38 113 921 807 114 64 1956_Jan 1,552 645 364 13 530 447 141 306 18 65 487 410 77 34 Proposed uses of ne proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Comm unication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital9 secu- 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 1955— F Ja e n b 1 6 6 8 3 2 1 3 6 4 8 5 8 1 5 2 3 8 7 43 1 10 9 1 8 41 8 26 6 1 2 8 1 9 4 7 5 l" Mar 547 85 94 3 36 196 27 21 6 368 13 Apr 141 26 37 1 18 89 178 36 12 6 108 6 May... . 376 48 42 4 55 230 17 24 ! i77 5 June 164 10 110 11 52 5 260 15 31 39 I 78 2 July . 215 138 66 27 1 103 45 127 Aug. .. 119 50 36 5 45 158 90 1 90 .74 2 Sept 167 18 76 6 50 5 208 13 19 1C 160 3 Oct 131 4 58 16 50 53 167 1 694 108 1 Nov 153 42 74 6 15 4 270 13 40 81 8 Dec 316 55 76 5 134 2 270 1 34 1 91 1 [956—Jan 138 30 34 21 1 42 3 250 1 ' 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 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of * Issues not guaranteed. short-term bank debts are included under the uses for which the bank 5 Represents foreign government, International Bank, and domestic debt was incurred. eleemosynary and other nonprofit. 9 Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 263 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1954 1955 1949 1950 1951 1952 1953 1954 Manufacturing Total (200 corps.): Sales 38,31145,787 52,940 54,517 63,343 58,098 ,39614,94113,53915,22316,61017,93117,096 Profits before taxes 5,278 8,176 8,869 7,308 8,375 7,246 ,793 1,960 1,581 1,910 2,458 2,769 2,385 Profits after taxes 3,261 4,222 3,548 3,192 3,649 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.):l Sales 14,29216,25218,916199,,266 20,694 20,610 ,061 5,074 5,046 5,427 5,508 5,744 6,024 Profits before taxes 2,067 2,947 3,447 2,853 028 2 ?76 701 703 663 710 802 848 868 Profits after taxes 1,361 1,661 1,533 1,392 526 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 24,020 29,53534,024 35,,22551142,649 37,489 ',335 9,867 8,494 9,79611,10212,18711,072 Profits before taxes 3,212 5,229 5,422 4• ,45•"5 5346 4,469 ,093 1,256 918 1,200 1,655 1,921 1,517 Profits after taxes 1,900 2,560 2,015 1,800 2,236 531 605 435 664 774 922 723 Dividends 958 1,362 1,149 1,127 1,321 297 295 290 439 320 317 378 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 ,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 ,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 ,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 ,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 8,18410,448 1,50711,56413,750 11,522 2,912 3,021 2,715 2,874 3,301 3,858 3,706 Profits before taxes 996 1,706 :,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 i, 168 7,077 8,005 7,745 1,918 1,939 1,865 2,024 1,953 2,044 1,977 Profits before taxes 518 847 ,000 971 1,011 901 252 238 200 209 232 252 207 Profits after taxes 320 424 365 375 402 471 117 108 102 143 110 121 103 Dividends 138 208 192 199 237 262 58 64 65 76 67 67 68 Automobiles and equipment (15 corps.): Sales 69511,969 :,70713,03816,61114,137 3,540 3,785 2,963 3,850 4,790 5,101 4,245 Profits before taxes 488 2,332 ,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 9,47310,39110,58110,664 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

264 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 t e o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r t e o r f New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1948 32.8 12.5 20.3 7.2 13.0 1949 . 26.2 10.4 15.8 7.5 8.3 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1950 40.0 17.8 22.1 9.2 12.9 1949 . 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1953 38.3 21.3 17.0 9.3 7.7 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.0 17.1 17.0 10.0 7.0 1953 . 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 43.4 21.8 21.6 11.2 10.4 1954r 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955 12,595 5,372 7,223 7,712 3,199 4,513 2,173 2,710 1954_4 36.0 18.1 17.9 10.6 7.3 4,883 1954_4r 3,080 1,936 1,114 2,062 1,384 679 1,018 553 465 1955_1 40.9 20.5 20.4 10.2 10.2 2 43.0 21.6 21.4 10.7 10.7 1955—1 3,014 1,295 1,719 1,681 702 979 1,333 593 740 3 44.5 22.3 22.2 11.0 11.1 2 2,891 1,484 1,407 1,802 767 1,034 1,089 in 373 41 45.0 22.6 22.4 12.2 10.2 3 2,895 1,427 1,468 1,838 923 915 1,057 553 4 3,795 1,165 2,630 2,391 806 1,585 1,404 504 1,046 359 i Preliminary estimates by Council of Economic Advisers. r Revised. NOTE.—Quarterly data are at seasonally adjusted 1 Reflects cash transactions only. As contrasted with data shown on p. 262, new issues annual rates. exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 262. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [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 r p k e it i t a n l g Total Cash s G U e t c i o . e u S v s r . t i . - N G U o o . t v r e S e t s . . c 2 e a i n v d a b O a l c t e h c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v S e t p . s . a 2 a y n a d b l O e ac th c e ts r , F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 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 nounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [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 t i u 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 ll r 3 road Other ing 1948 22.1 9.1 .9 1.3 1.3 2.5 1.7 5.2 1954—3 6.6 2 9 .6 1 l 2 1 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 4 7.0 3.2 .6 1 1 2 1 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1951 25.6 10.9 .9 1.5 3.7 1.3 5.9 1955—i 5.8 2.4 .5 s 2 0 1952 26.5 11.6 1.0 1.4 1 5 3.9 1.5 5.6 2 7.0 3.0 .6 1 i 2 3 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 3 ... 7 4 3 1 1 2 2 5 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 4r 8.4 3 8 .7 1 2 2 6 1955r 28.7 11.4 1.0 .9 6 4.3 2.0 7.5 19564 34.9 15.0 1.1 1.3 1.8 5.0 10.6 1956— 14r_. 8.1 3.6 .7 1.1 2.6 24 9.0 4.1 .8 1.4 2.8 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 265 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ^onfarm Farm E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e c l g d e i e e e c h n r s t O e a - o d l l t d h e e v o r r I i s a t d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t il i l n n y - s - ho O h u o e t s h r l e s d e s - r c T o o m M ta m l u . e lt r i c t F - u i i f a i n c a t n l i i s m o a a t p i l n n i - r l s - y o p a e O n h rt d e o i t e h r l s d s e - r * h e A o r l s l d l - t F u in i c t n i i s o a a ti l n n - s - ho O l t d h e e r r s* 1941 37 6 20 7 2 0 14 9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 "4.8 4.8 1.3 3.4 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3.4 1949 62.7 42.9 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 r51 7 1 4 19 8 r66 8 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.2 59.5 2.0 20.7 75.6 51.7 r41.1 10.7 23.9 15.9 8.0 6.6 2.6 4.0 1952 91.2 r66.9 2.4 21.9 r84.1 r58.5 46.8 11.7 25.6 17.2 8.3 7.2 2.8 4.3 1953 101 1 r75 1 2.8 23.3 r93 5 r66.1 r53.6 12.5 27.4 18.5 8.9 7.7 3.0 4.6 1954 r113.6 85.7 2.8 25.0 105.4 75.7 '62.5 13.2 29.7 20.0 9.7 8.2 3.3 4.9 1955^ 130.2 '99.6 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 '28.4 19.1 9.2 8.0 3.2 4.8 Sent 109 7 82 5 2 7 24.5 101.6 72.7 59.7 12.9 29.0 19.5 r9.5 8.1 3.2 4.9 Dec r113.6 85.7 2.8 25.0 105.4 75.7 r62.5 13.2 29.7 20.0 9.7 8.2 3.3 4.9 1955—Mar 117 3 r88.8 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 8.5 3.4 5.1 June 122.0 r92.7 3.0 26.3 113.2 r82.2 r68.4 13.8 31.0 20.9 10.2 8.8 3.5 5.3 Sept P 126.4 96.4 3.0 27.0 117.4 85.7 71.5 14.2 31.7 21.3 10.4 9.0 3.6 5.4 Dec.p 130.2 99.6 3.1 27.5 121.1 88.7 74.2 14.5 32.4 21.8 10.6 9.1 3.7 5.4 pPreliminary. ^Revised 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 End of year Residential Residential or quarter Other Other Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m sured 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 8,066 874 5,806 4,758 I 015 34 1949 11 644 8,676 2 060 909 6,705 5 569 I 099 37 1950 13,664 10,431 2,264 968 8,261 7,054 I 164 44 1951 14 732 11,270 3 421 2,921 4 929 2 458 1,004 9,916 8 595 2 567 1 726 4 303 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,'237 4,477 [,444 53 1953 16 850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3 489 3 053 4 792 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 ,740 56 1955? 21,150 15,995 4,595 3,720 7,680 3,830 1,325 17,480 15,610 4,230 5,792 5,588 ,809 61 1054 June 17,382 13,232 3,962 3,117 6,153 3,010 1,140 13,881 12,181 3,659 3,579 4,942 ,645 55 Sept 17,920 13,655 4,020 3,235 6 400 3,115 1,150 14,415 12,665 3 725 3 900 5 040 695 55 Dec......:,:..:::::: 18,573 14,152 4,106 3,350 6,695 3,263 1,159 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 1,205 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 1,263 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 1,290 16,855 15,000 4,125 5,385 5,490 ,795 60 21,150 15,995 4,595 3,720 7,680 3,830 1,325 17,480 15,610 4,230 5,792 5,588 ,809 61 ^Preliminary. banking statistics. March and September figures are Federal Reserve 1 Represents 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 Ban 3 k F i C gu a r l e l s R e fo p r o rt 1 9 a 4 n 1 d a f n ro d m 1 9 w 4 e 5 e , k e ly x c r e e p p t o f r o ti r n g t h m e e g m ra b n e d r b to a t n a k l, s . are estimates agencies, Comptroller of the Currency, and Federal Reserve. based on Federal Reserve preliminary tabulation of a revised series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 . . 6,442 5,529 815 4 714 913 1945 976 6 636 5 860 1 394 4 466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1 104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3 560 11 864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,620 6,107 971 1,843 3,293 513 29,433 27,166 6,410 6,075 14,681 2,267 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 Auc 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 1956—jan 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2,274 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C o v n e o n a n - l - 2 Y m e o a n r t o h r 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 I 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 '13,657 '848 '2,973 '9,836 1950 3,032 16,179 5,060 1,618 3,365 1,064 1951 5 250 1 657 2 357 '15,564 '866 '3,133 '11,565 1951 2,878 16,405 5,295 1 615 3 370 1 013 1952 6 617 2 105 2 955 r18 396 904 r3,394 r14,098 1952 3,028 18,018 6 452 1 420 3 600 1 137 1953 7 767 2 475 3,488 r21,962 '1,048 r3,979 '16,935 1953 3,164 19,747 7,365 1 480 3 680 1,327 1954 8 969 3 076 3 846'26 193 1 172 r4,721 '20,300 1954 3,458 22,974 8 312 1 768 4 239 1 501 1955 rll 432 r4 041 r5 241 31,584 1,409 5,912 24,263 1955 3,913 28,484 10,452 1 932 5 617 1 858 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 '27,373 '1,235 '4,963 '21,175 Mar 343 2,455 928 174 458 134 Anr 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 '29,107 rl,287 '5,336 '22,484 June 360 2,636 1,024 174 516 171 July 1 054 371 494 July 335 2,463 953 161 472 168 1 171 416 553 366 2,697 1,060 163 521 179 Sept 1 012 342 503 r30,687 rl,356 '5,653 '23,678 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 r746 r253 r351 31,584 1,409 5,9i2 24,263 Dec 293 2,188 700 156 457 166 1956 1956 Jan 712 251 316 Jan 275 2,059 665 148 435 131 r Revised. 1 Includes amounts for other lenders, not shown separately. * Includes loans for other purposes (for repair, additions and alterations, Source.—Home Loan Bank Board. refinancing, etc.) not shown separately. 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 267 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 Year or month Total p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j - e t s - - i l p P o m r e i r a o m r e o t n v n y p - s e t - 2 - TotaP p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o o e f r r Total G un o d v e e r r w nm rit e t n en t- 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 1949 3,826 1,319 892 1,021 594 1,426 793 629 1945 18.6 4.3 4 1 2 14 3 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1 19 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 c 2 l, , 8 6 4 6 3 7 9 8 4 9 2 0 1 19 9 4 4 9 8... 3 3 3 7 .6 3 1 1 2 5 . . 5 0 6 5 .9 3 7 8 2 1 2 2 0 2 8 6 1953 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 1950 45.2 18.9 8.6 10.3 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951. 51 7 22 9 9 7 13 2 28 8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 r58.5 25.4 10 8 14.6 r33.1 1953 r66 1 28 1 12 0 16 1 r38 0 1955—Jan.. 309 107 145 5 52 622 390 231 1954. 75 7 32 1 12 8 19 3 43 6 F M e a b r . . . 2 3 7 2 4 4 1 8 0 9 9 1 13 6 8 0 1 9 2 4 3 6 6 5 5 3 6 2 6 3 3 4 5 5 7 2 1 0 8 9 6 1955P 88 7 38 8 14 3 24 5 49 9 Apr.. 294 93 151 5 45 515 319 195 1954__june 69.9 29.7 12.4 17.3 40.2 J M u a n y e . . 2 33 8 3 4 1 9 0 3 7 1 1 6 3 3 6 5 3 5 5 1 8 5 5 5 4 3 8 3 34 4 1 8 2 2 0 0 4 7 Sept '72.6 30.5 12.6 17.9 r42.1 July. 283 92 138 3 50 520 332 187 Dec 75.7 32.1 12.8 19.3 43.6 Aug. 350 113 166 4 67 617 386 230 1955—Mar 78.5 33.5 13.2 20.3 45.0 S O e c p t t . . . 3 33 4 8 7 1 1 1 1 3 3 1 1 6 6 2 0 9 2 6 63 4 7 5 1 9 7 0 4 3 6 7 1 8 2 2 1 5 1 5 June '82.2 35.3 13.5 21.8 r46.9 Nov. 345 122 154 11 59 755 511 243 Sept.p '85.7 37.0 13.9 23.1 48.7 Dec.. 326 118 144 10 55 620 413 206 Dec.p.... 88.7 38.8 14.3 24.5 49.9 1956—Jan.. 335 133 148 53 569 403 166 P Preliminary. r Revised. NOTE.—For total debt outstanding, figures for first c 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 outstanding 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 ts yor month Total F su H in re A - d - a g n V 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 Feb 34 63 688 466 223 1955 Feb 2,488 832 1,656 48 8 359 Mar 71 58 702 464 238 Mar 2,512 839 1,673 54 18 287 Apr 85 33 754 497 257 Apr 2,545 855 1,690 58 11 215 May 104 37 821 542 279 May .. 2,562 860 1,702 39 7 163 237 42 1,017 715 302 June 2,567 867 1,700 21 3 127 July 152 107 1,061 748 313 July 2,567 868 1,699 15 1 116 Aug 156 30 1,187 822 365 Aug 2,573 876 1,696 19 1 104 Sept 115 27 1,275 885 390 Sept 2,564 871 1,693 11 1 105 Oct 90 21 1,344 932 412 Oct 2,587 891 1,695 42 1 83 Nov 60 40 1,364 875 489 Nov 2,596 896 1,700 27 80 Dec 109 56 1,417 991 426 Dec 2,615 901 1,714 30 0 76 1956—Jan 42 213 1.246 833 413 1956—Jan 2,623 901 1,722 22 1 75 Feb. 13 78 1,181 770 411 Feb 2,642 907 1,735 35 0 66 1 Secured or unsecured loans maturing in one year or less. * 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

268 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p O g n a o s t p o h u e d e m r r s 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 r 2 o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 1,757 1955 Jan 29,760 22,436 10,459 5,609 1,574 4,794 7,324 2,371 3,225 1,728 Feb 29,518 22,508 10,641 5,484 1,550 4,833 7,010 2,427 2,831 1,752 Mar 29,948 22,974 11,053 5,479 1,530 4,912 6,974 2,481 2,735 1,758 Apr 30,655 23,513 11,482 5,492 1,534 5,005 7,142 2,496 2,859 1,787 May 31,568 24,149 11,985 5,555 1,546 5,063 7,419 2,589 3,011 1,819 June 32,471 24,914 12,561 5,639 1,562 5,152 7,557 2,686 3,040 1,831 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 1,834 Aug 33,636 26,155 13,547 5,762 1,589 5,257 7,481 2,629 3,019 1,833 Sept . ... 34,293 26,699 13,929 5,848 1,611 5,311 7,594 2,657 3,108 1,829 Oct 34,640 26,963 14,095 5,917 1,627 5,324 7,677 2,666 3,218 1,793 Mov 35,059 27,247 14,172 6,057 1,634 5,384 7,812 2,757 3,285 1,770 Dec 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 1,757 1956—Jan 35,554 27,724 14,314 6,273 1,610 5,527 7,830 2,715 3,355 1,760 1 Includes all consumer instalment credit extended for the purpose of NOTE.—Monthly figures for the period December 1939 through 1951 Pp1urchasing 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 iItncludes 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 ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n s r t t i - F s t t u o u r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b t e o i r l s - e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1.124 2,489 3,429 1,040 903 291 380 815 1954 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955 27,895 23,863 10,347 8,938 L,58O 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 I 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 Aus 26,155 22,605 9,871 8,422 ,495 2,817 3,550 1,167 871 284 523 705 Sept 26,699 23,101 10,060 8,667 1,528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 1,547 2,861 3,639 ,203 889 281 546 720 Nov 27,247 23,524 10,227 8,825 I 556 2,916 3 723 I 251 909 284 550 729 Dec 27,895 23,863 10,347 8,938 1.580 2,998 4,032 .423 956 297 556 800 1956 Jan 27,724 23,817 10,315 8,936 1,565 3,001 3,907 1,374 925 288 556 764 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 269 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 a n p o i n z d d n a a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r s r r m R iz l o o a e a d a n p ti e n d a o r s i n n r - s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 1,990 1,378 232 216 164 1948 3,529 575 753 794 568 839 1949 2,950 2,425 303 83 139 1949 4,439 849 946 1,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 1,456 834 ,037 1951 3,769 3,183 241 70 275 1951 5,771 1,135 1,311 1,315 888 ,122 1952...... 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 1,751 ,137 ,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 2,078 ,317 ,521 1954 6,421 5,563 351 81 426 1954 8,633 2,198 1,645 1,839 ,275 ,676 1955 8,938 7,939 416 85 498 1955 10,347 2,976 2,099 2,099 ,279 ,894 1955—Jan.. 6,462 5,603 350 79 430 1955_jan.. 8,651 2,208 1,656 1,859 ,241 ,687 Feb.. 6,570 5,709 349 78 434 Feb.. 8,688 2,241 1,680 1,845 ,219 ,703 Mar. 6,808 5,945 348 76 439 Mar. 8,844 2,309 1,751 1,846 ,201 ,737 Apr. 7,077 6,207 348 76 446 Apr. 9,020 2,371 1,818 1,842 ,205 ,784 May 7,390 6,512 353 77 448 May, 9,228 2,466 1,880 1,865 ,211 1,806 June 7,747 6,857 361 78 451 June, 9,495 2,591 1,940 1,897 ,223 1,844 July. 8,087 7,180 372 78 457 July. 9,656 2,656 1,995 1,921 ,231 1,853 Aug. 8,422 7,496 384 80 462 Aug. 9,871 2,765 2,041 1,950 ,243 1,872 Sept. 8,667 7,729 392 81 465 Sept. 10,060 2,842 2,088 1,986 ,259 1,885 Oct.. 8,771 7,822 398 82 469 Oct.. 10,145 2,901 2,090 2,009 ,273 1,872 Nov. 8,825 7,860 403 83 479 Nov. 10,227 2,935 2,087 2,052 ,275 1,878 Dec. 8,938 7,939 416 85 498 Dec. 10,347 2,976 2,099 2,099 ,279 1,894 1956—Jan.. 8,936 7,939 412 84 501 1956—Jan.. 10,315 2,977 2,107 2,064 1,256 1,911 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, irI millions of dollars1 Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r s o e e t d t n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e 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 s r i n r n- 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 o s o e e t t d n n a a - i l t l t - C m ( o s m i e n n - g t le lo -p a a n y s - ) D a e ( c - c c h o a u r n g t e s) S c e r r e v d i i c t e mer- partcial Other ment Other 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 1948 1,573 189 99 59 1,226 1941 3,087 693 152 275 1,370 597 1949 1,858 240 137 89 1,392 1945 3,203 674 72 290 1,322 845 1950 2,237 330 182 115 1,610 1951 2,537 358 209 132 1,838 1948 5,443 1,261 184 575 2,138 1,285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 ,376 1953 3,613 573 337 249 2,454 1950 6,323 1,576 245 641 2,365 ,496 1954 3,881 596 340 260 2,685 1951 6,631 1,684 250 685 2,411 ,601 1955 4,578 742 444 Til 3,115 1952 7,143 1,844 250 730 2,612 ,707 1953 7,350 1,899 320 748 2,663 ,720 1955 Jan .... 3,864 595 338 254 2,677 1954 7,658 2,085 335 764 2,754 ,720 Feb 3,895 607 339 253 2,696 1955 8,330 2,393 383 825 2,972 ,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 ,728 May 4,100 670 363 258 2,809 Feb.. 7,010 2,085 342 535 2,296 ,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 1956—Jan 4,566 735 446 270 3,115 Nov. 7,812 2,348 409 618 2,667 ,770 Dec, 8,330 2,393 383 825 2,972 ,757 NOTE.—Institutions included are consumer finance companies (oper- 1956—Jan.. 7,830 2,392 323 676 2,679 1,760 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. i Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 1955 37,172 31,744 17.748 13,832 9,075 8,308 1,320 1,295 9,029 8,309 WITHOUT SEASONAL ADJUSTMENT 1955 Jan . .. 2,389 2,420 ,060 997 616 675 67 109 646 639 Feb 2,416 2,344 ,167 985 529 654 72 96 648 609 Mar 3,159 2,693 1,569 1,157 708 713 99 119 783 704 Apr 3,089 2,550 I 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 in 103 715 675 3,436 2,757 1,745 1,236 793 707 111 768 703 Sept 3,241 2,697 ,592 1,210 783 697 113208 106 738 684 Oct 3,051 2,787 ,417 1,251 785 716 126 110 723 710 Nov 3,103 2,819 341 264 850 710 124 117 788 728 Dec 3,508 2,860 1,369 1,229 1,090 712 111 104 938 815 1956 Jan 2,725 2,896 ,248 ,246 644 806 86 117 747 727 SEASONALLY ADJUSTED* 1955 Jan .. 2,830 2,496 ,239 [,020 789 684 87 104 715 688 Feb 2,906 2,521 1,388 1,071 662 680 97 97 759 673 Mar 3,045 2,562 ,479 1,096 744 683 109 116 713 667 Apr 3,027 2,552 ,411 1,093 738 672 110 109 768 678 May 3,103 2,635 ,525 1,139 738 687 117 123 723 686 June 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 Aue 3,211 2,713 1,566 1,197 773 718 114 104 758 694 Sept 3,290 2,691 1,620 .175 759 694 120 108 791 714 Oct 3,075 2,774 1,474 1.233 724 718 112 106 765 717 Nov 3,185 2,830 415 [,281 805 698 118 117 827 734 Dec 3,185 2,747 1,503 1,228 792 690 118 102 772 727 1956 Jan 3,212 2,986 1,451 1,275 824 817 111 111 826 783 •Includes adjustment for differences in trading days. stalment credit extended and repaid are based on information from ac- NOTE.—Back figures by months for the period 1940-52, together with counting records of retail outlets and financial institutions and include a discussion of the composition and characteristics of the data and a all charges incurred under the instalment contract. Renewals and description of the methods used to derive the estimates, are shown in the refinancing of loans, repurchases and resales of instalment paper, and cer- BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are tain other transactions may increase the amount of both credit extended shown in the BULLETIN for November 1954, p. 1212. Estimates of in- and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding Item J 1 a 9 n 5 . 6 D 19 ec 5 . 5 N 19 o 5 v 5 . J 1 a 9 n 5 . 6 D y 19 e ec 5 a . r 5 N 19 o 5 v 5 . Month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1955—Jan.. 14 12 9 44 Total -40 +22 +2 + 7 +6 +8 Feb.. 14 11 9 43 C C a re s d h i t s a s l a e l s e s . : -43 +38 +5 + 1 + 1 +3 A M p a r r . . . 1 1 5 5 1 1 2 3 9 9 4 4 8 4 Instalment -41 +22 0 +9 +8 + 10 May. 15 12 9 45 Charge account -31 + 13 +2 +6 +7 +8 J J u u n ly e . . 1 1 5 4 1 1 2 2 9 9 4 4 6 3 Accounts receivable, end of Aug.. 14 13 9 46 month: Sept. 15 12 9 45 Total -5 +5 +3 +9 + 10 Oct.. 15 12 10 47 Instalment -3 +5 +2 +7 +8 Nov. 15 12 10 47 Charge accounts -10 +5 +5 + 12 + 13 + 16 Dec.. 15 11 9 46 Enventories, end of month, 1956—Jan.. 14 12 43 at retail value 0 -6 + 1 +9 +7 +6 »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 271 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y st s r ic ia a l l p v r o o lu d m uc e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) i or Y m e o a n r th Total Tot M al an r u D a fa b u c l - e ture N r s d a o b u n - le - M era in ls - Total R d t e e ia n s l i - - o A th l e l r N p m t a c e u l g o u m o e r r n l a n y i - - l - - t - pr E o M m d m a u p e n c n l u t o t i f y o a - n c t w ur o i r n P r k g o a e l y r ls s - F i l n c o r a e a g i r d s g - * - ht D v s ( m s r e a a t e p l o l e e t u a a r n s e e r i t * l ) t- 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 l s - y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 39 38 38 37 45 34 26 39 61 4 68 7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62 0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926. .. 51 50 52 48 63 69 73 67 67 6 65.5 33.0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59 3 52 5 1937. . . 61 60 55 64 71 32 25 36 70 3 70 1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940.. . 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945. 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946. 90 90 86 95 91 82 87 79 94 4 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953.. . 134 136 153 118 116 192 178 201 113 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 *126 P122 261 280 248 112.9 105.6 152.9 P95 119 114.5 1954 Dec 130 128 131 143 119 116 258 275 248 110.7 101.7 102.2 143.1 93 116 114.3 109.5 1955 Jan 132 132 133 145 121 120 260 286 243 110.7 101.8 101.2 141.5 92 '120 114.3 110.1 Feb 133 135 134 147 121 123 260 295 238 110.8 102.5 102.3 144.4 92 112 114.3 110.4 Mar. 135 138 136 148 124 121 260 291 239 111.5 103.5 103.3 146.6 93 115 114.3 110.0 Apr 136 138 138 151 126 119 253 286 230 111.8 104.6 103.6 146.7 93 119 114.2 110.5 May 138 138 140 153 127 121 245 280 221 112.6 105.8 104.1 150.1 96 117 114.2 109.9 June 139 139 141 155 128 122 253 290 228 113.2 106.7 105.8 152.1 94 114 114.4 110.3 July 139 130 141 155 126 120 257 296 231 113.5 106.1 104.7 151.0 95 124 114.7 110.5 Aug 140 139 142 158 125 121 259 278 246 113.7 106.1 107.2 154.6 96 118 114.5 110.9 Sept 142 142 144 160 128 123 250 256 246 113.9 106.4 108.1 158.7 96 121 114.9 111.7 Oct 143 147 145 161 129 123 260 252 266 114.2 107.3 108.7 161.2 98 122 114.9 111.6 Nov. 143 145 145 161 '130 125 270 252 282 114.6 108.4 109.1 163.9 99 122 115.0 111.2 Dec. 144 ••142 146 161 130 129 301 273 319 114.8 108.3 r108.9 '163.9 101 123 114.7 111.3 1956 143 143 145 160 129 r130 300 290 306 115.0 107.9 107.4 158.9 103 *>124 114.6 r111.9 Feb P143 P144 P144 *>159 P129 *131 ^114.7*106.9^106.8 e158.O PlOO •119 112.3 «Estimated. P Preliminary. ' 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

272 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1953 1954 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 134 125 132 133 135 136 138 139 139 140 142 143 143 144 143 MANUFACTURES—TOTAL 90.02 136 127 133 134 136 138 140 141 141 142 144 145 145 146 145 Durable Manufactures—Total 45.17 153 137 145 147 148 151 153 155 155 158 160 161 161 161 160 Primary metals 6.70 132 108 127 131 136 138 140 143 134 139 146 148 149 150 150 Metal fabricating 28.52 757 150 157 158 160 162 753 164 755 755 770 773 772 772 770 Fabricated metal products 5.73 136 123 125 126 129 130 134 135 135 137 141 142 139 138 135 Machinery 13.68 160 142 145 146 147 151 153 155 158 159 161 164 ••162 163 164 Nonelectrical machinery 9.04 143 125 124 125 126 131 134 136 138 140 141 143 143 144 147 Electrical machinery 4.64 194 177 187 189 190 191 189 192 197 196 199 205 198 '199 196 Transportation equipment 7.54 189 175 197 199 200 202 202 198 202 203 205 208 '212 '212 205 Instruments and related products 1.29 155 140 140 142 143 143 142 149 151 153 155 156 158 159 160 Clay, glass, and lumber products 5.91 125 123 132 132 135 136 138 143 735 140 747 747 739 r139 740 Stone, clay, and glass products 2.82 133 131 136 138 143 146 149 153 152 155 155 153 156 155 154 Lumber and products 3.09 118 115 129 127 127 127 128 133 125 127 127 130 124 126 127 Furniture and misc. manufactures 4.04 131 121 122 124 126 727 732 735 134 737 737 735 735 ••737 735 Furniture and fixtures 1.64 117 106 109 109 112 113 117 121 122 124 125 124 123 123 123 Miscellaneous manufactures 2.40 140 131 132 133 136 136 142 145 143 145 145 145 145 146 145 Nondurable Manufactures—Total... 44.85 118 116 121 121 124 126 127 128 126 125 128 129 r130 130 129 7 extiles and apparel 11.87 107 100 106 104 101 109 110 110 109 109 111 112 113 r112 111 Textile mill products 6.32 104 95 102 103 104 107 106 107 106 107 107 109 110 109 108 Apparel and allied products 5.55 110 105 110 106 111 112 114 114 112 112 116 116 117 116 113 Rubber and leather products 3.20 113 104 r122 120 122 723 725 727 720 779 727 724 722 '725 725 Rubber products 1.47 128 115 143 138 140 144 147 149 137 138 142 147 147 146 149 Leather and products 1.73 99 95 104 '105 105 105 105 107 106 102 104 105 101 108 109 Paper and printing 8.93 125 125 130 737 134 735 735 739 739 735 140 747 747 740 747 Paper and allied products 3.46 132 134 142 143 147 151 156 156 155 153 157 156 157 160 159 Printing and publishing 5.47 121 120 123 123 125 125 126 128 128 128 130 131 130 128 129 Chemical and petroleum products 9.34 142 142 148 757 154 755 75P 757 750 750 753 752 754 755 755 Chemicals and allied products 6.84 147 148 155 158 161 163 168 170 170 168 173 171 173 175 175 Petroleum and coal products 2.50 130 125 131 134 134 136 134 136 134 135 135 137 139 141 142 hoods, beverages, and tobacco 11.51 107 106 707 106 707 109 108 109 705 707 707 777 777 '773 777 Food and beverage manufactures 10.73 107 106 107 106 107 109 108 109 108 108 108 111 112 113 111 Tobacco manufactures .78 108 103 107 106 107 103 109 109 101 100 100 105 104 107 MINERALS—TOTAL 9.98 116 111 120 123 121 119 121 122 120 121 123 123 125 130 Mineral fuels 8.35 115 113 120 123 727 727 727 722 723 722 722 723 725 730 730 Coal 2.68 78 67 74 79 72 72 81 86 87 82 80 80 80 87 86 Anthracite .36 57 52 55 61 45 41 42 43 53 41 50 42 47 58 57 Bituminous coal 2.32 81 70 77 82 76 77 87 92 92 89 84 86 85 92 91 Crude oil and natural gas 5.67 133 134 142 144 145 143 139 139 139 141 141 143 147 151 Metal, stone, and earth minerals 1.63 119 106 775 779 123 774 720 723 709 777 725 725 -724 723 725 Metal mining .82 113 90 110 114 113 100 111 117 88 105 119 120 '•114 112 115 Stone and earth minerals .81 124 123 126 124 132 129 129 129 130 130 133 131 134 '135 138 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 00.00 134 125 132 135 138 138 138 139 130 139 142 147 145 142 143 MANUFACTURES—TOTAL 90.02 136 127 133 136 140 140 140 141 132 140 144 150 148 143 144 Durable Manufactures—Total , 45.17 153 137 147 151 154 155 155 155 146 153 157 164 163 161 160 Primary metals , 6.70 132 108 129 136 142 144 143 144 122 132 143 149 149 147 153 Ferrous metals 5.03 133 105 124 132 138 143 143 141 125 132 142 148 147 145 150 Pig iron and steel , 3.51 138 108 128 136 144 147 149 146 132 140 149 153 154 153 158 Pig iron , .37 130 101 117 122 131 134 138 137 129 134 140 141 140 141 143 Steel 3.05 139 109 130 138 146 148 151 147 133 141 150 154 156 154 159 Carbon steel 2.62 135 108 125 134 143 145 148 144 130 136 144 149 150 149 153 Alloy steel .43 165 115 155 165 165 171 169 169 147 168 186 188 189 182 197 Ferrous castings and forgings 1.52 121 97 113 121 124 133 128 129 108 114 125 137 131 128 132 Iron and steel castings 1.29 115 95 111 119 123 132 127 127 108 114 123 135 129 126 Steel forgings .23 154 106 127 133 132 140 132 139 108 115 133 148 141 141 "i43 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 273 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1953 1954 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 129 120 146 149 155 148 144 154 112 132 147 153 154 153 161 Primary nonferrous metals .38 144 147 159 167 169 166 166 167 127 150 173 171 173 175 172 Copper smelting .09 112 101 118 140 134 133 132 130 49 95 139 136 130 '128 133 Copper refining .06 116 109 122 134 133 124 133 133 50 97 142 126 136 143 122 Lead .04 101 105 99 99 112 115 101 110 53 82 116 119 121 112 114 Zinc .10 113 101 118 119 122 118 118 119 116 116 117 122 123 126 123 Aluminum .09 209 244 252 253 256 257 258 259 261 263 265 265 272 277 276 Secondary nonferrous metals .13 114 105 114 125 133 124 123 121 100 118 130 135 '130 125 Nonferrous shapes and castings 1.16 126 113 146 146 153 144 139 154 108 127 141 149 150 '148 Copper mill shapes .63 112 100 135 125 133 114 110 128 75 91 110 114 118 120 134 Aluminum mill shapes .20 168 154 183 196 202 204 209 228 188 215 218 222 219 210 226 Nonferrous castings .33 130 114 155 163 168 155 158 124 144 154 173 169 164 Metal Fabricating 28.52 167 150 159 162 165 166 165 163 157 162 165 173 274 173 172 Fabricated metal products 5.73 136 123 124 126 130 131 134 135 130 139 142 145 139 -137 133 Structural metal parts 2.68 137 126 127 129 131 132 136 136 132 137 141 144 145 144 140 Stampings and misc. metal products 2.12 138 117 124 126 129 129 131 128 125 126 129 134 138 137 132 Tin cans .30 129 131 110 107 111 126 143 149 168 203 192 197 95 102 109 Furnaces, gas ranges, and heaters .63 93 90 87 99 108 107 105 117 89 128 142 134 117 -92 Machinery 13.68 160 142 148 152 154 152 151 153 142 153 161 169 164 '164 167 Nonelectrical machinery 9.04 143 125 126 129 132 134 135 137 131 131 137 141 141 -147 150 Farm and industrial machinery 8.13 139 121 119 121 124 126 129 131 128 129 131 136 138 143 144 Farm machinery 1.02 96 79 85 90 94 95 95 95 92 87 69 92 '94 97 98 Industrial and commercial machinery. 7.11 145 127 124 125 128 131 134 136 133 135 140 142 144 150 150 Machine tools and presses .68 188 160 148 149 152 154 157 161 160 165 168 170 178 '190 190 Laundry and refrigeration appliances.,. .69 128 114 146 155 164 161 155 157 116 113 147 141 130 -141 Electrical machinery 4.64 194 177 191 196 195 189 181 184 165 194 207 223 208 -197 200 Electrical apparatus and parts 3.23 179 160 165 167 169 171 175 176 169 170 175 188 180 -184 183 Radio and television sets .74 230 214 261 272 261 228 190 192 143 254 289 315 280 225 240 Transportation equipment 7.54 189 175 200 205 209 213 209 200 197 192 185 200 216 -214 206 Autos, trucks, and parts 4.80 126 109 150 157 163 171 165 151 147 137 122 144 167 159 147 Autos 1.50 146 131 195 210 215 223 205 184 195 166 130 153 212 193 173 Trucks .66 118 92 98 87 104 137 132 134 126 106 102 106 122 122 113 Light trucks .22 112 95 102 77 109 148 139 124 119 93 106 121 128 106 101 Medium trucks .19 58 59 64 48 67 89 88 81 81 65 53 50 73 67 67 Heavy trucks .14 183 133 143 144 141 193 192 220 203 167 138 138 172 216 194 Truck trailers .07 229 130 138 160 170 185 176 205 174 192 199 202 199 192 173 Auto and truck parts 2.58 117 101 137 145 148 150 150 137 125 129 122 149 153 150 Aircraft and parts 1.30 465 474 479 477 479 472 469 466 469 469 484 490 '500 -516 Shipbuilding and repair .81 135 112 111 113 115 117 115 118 114 117 117 115 '109 111 111 Railroad equipment .53 72 39 32 36 35 38 47 41 37 45 45 50 48 -51 55 Railroad cars 20 39 33 40 .35 64 29 25 26 28 29 22 32 30 38 36 Instruments and related products 140 142 159 160] 1.29 155 140 142 145 144 149 147 150 155 158 -161 Clay, Glass, and Lumber Products. . 124 139 132 5.91 125 123 129 133 137 146 133 145 147 149 -132 Stone, clay, and glass products 2.82 133 131 132 134 140 146 149 155 149 158 158 161 157 -153 150 Glass and pottery products 1.09 123 118 126 129 131 132 132 136 124 138 137 144 143 -141 142 Flat glass and vitreous products .60 136 131 148 147 149 150 152 154 139 152 161 164 169 -172 170 Flat and other glass .47 139 133 151 150 152 152 152 154 136 153 163 167 172 174 173 Glass containers .26 120 117 114 124 124 125 123 138 130 143 127 133 119 111 121 Home glassware and pottery .23 91 85 83 90 93 95 89 88 76 95 86 102 101 -96 92 Cement .32 132 135 119 115 132 151 159 163 161 164 164 164 151 136 Structural clay products .35 110 111 107 111 119 121 125 134 128 138 140 138 137 '130 J28' Brick .12 106 113 101 106 121 127 132 146 134 146 151 142 141 122 122 Clay firebrick, pipe, and tile .20 115 111 114 115 120 120 122 128 126 134 134 137 136 -137 135 Concrete and plaster products .48 163 161 155 155 165 174 184 190 191 195 196 192 186 18? 175 Misc. stone and earth manufactures .58 143 140 147 151 155 160 164 170 167 174 175 177 176 -176 171 Lumber and products 3.09 118 115 117 125 126 129 129 137 118 133 136 138 124 113 116 Lumber 2.05 112 106 101 108 109 115 116 122 108 119 121 122 106 98 100 Millwork and plywood .60 149 161 193 206 210 201 195 207 160 198 209 213 201 -173 189 Millwork .39 118 123 143 151 155 148 139 151 121 148 155 160 143 110 115 Softwood plywood .12 199 222 274 294 298 288 285 299 224 279 295 299 295 278 313 Wood containers .29 99 91 89 91 94 85 86 90 93 92 r94 90 Furniture and Misc. Manufacturing 4.04 131 121 121 126 128 125 127 131 125 134 140 144 142 140 134 Furniture and fixtures 1.64 111 106 109 113 114 111 113 116 113 123 111 128 128 128 123 Household furniture 1.10 118 106 110 115 116 113 114 118 114 124 129 131 131 130 125 Fixtures and office furniture .54 116 107 106 109 109 107 111 114 111 121 123 123 121 122 119 Miscellaneous manufactures 2.40 140 131 129 134 137 135 137 141 133 142 149 154 152 149 142 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1953 1954 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 118 116 120 122 125 124 124 127 117 128 130 135 132 125 128 Textiles and Apparel 11.87 107 100 108 112 115 113 110 108 93 112 109 114 114 106 114 Textile mill products 6.32 104 95 104 108 109 109 108 106 91 108 106 112 111 105 111 Cotton and synthetic fabrics. 3.72 107 100 114 116 118 118 116 110 96 115 111 117 118 110 119 Cotton consumption 2.30 104 97 105 106 105 103 104 100 84 106 103 109 109 101 110 Synthetic fabrics .97 115 108 132 138 147 154 146 135 133 134 132 133 135 131 135 Fabric finishing .45 101 93 107 109 106 107 103 92 67 106 87 109 110 92 111 Wool textiles .97 78 66 70 72 74 79 83 85 73 79 80 85 83 '80 82 Wool apparel yarns .16 91 76 79 85 82 89 91 84 80 90 80 90 86 •78 92 Wool fabrics .75 75 64 67 69 72 77 82 86 72 77 80 84 83 r82 80 Knit goods 1.15 116 106 105 112 110 108 108 113 98 113 114 119 116 107 107 Hosiery .65 113 108 110 119 111 109 103 108 85 104 106 113 108 99 106 Full-fashioned hosiery.. .45 118 113 114 124 118 116 108 111 86 107 107 114 109 100 107 Seamless hosiery .20 102 97 100 106 96 93 92 102 82 99 101 110 106 96 102 Knit garments .50 119 103 98 104 108 106 113 119 116 123 125 126 125 118 110 Floor coverings1 .48 Woven carpets .31 86 84 83 86 85 71 81 44 72 85 89 77 '84 83 Apparel and allied products 5.55 110 105 113 116 123 117 113 110 95 116 111 117 117 107 117 Men's outerwear 1.78 113 103 115 113 113 118 119 107 84 120 109 117 116 102 119 Men's suits and coats .73 96 83 98 97 88 92 105 92 59 110 91 95 94 84 99 Men's suits .50 92 82 102 100 91 90 100 86 55 102 84 93 95 86 103 Men's outercoats .13 89 67 60 59 55 76 101 92 60 115 99 82 69 55 55 Shirts and work clothing... .99 124 116 126 124 130 135 127 117 98 126 119 130 131 113 132 Women's outerwear 1.85 103 109 120 125 143 129 116 114 98 117 108 113 113 98 118 Women's suits and coats... .76 117 129 152 160 165 109 96 123 129 145 129 139 143 119 145 Misc. apparel and allied mfrs.. 1.92 112 103 103 109 112 103 104 108 103 112 117 122 122 119 113 Rubber and Leather Products . 3.20 113 104 123 127 128 124 121 126 105 119 124 130 122 119 129 Rubber products 1.47 128 115 145 144 146 147 146 151 111 133 144 155 150 140 151 Tires and tubes .70 117 105 130 134 133 128 135 146 127 116 128 140 138 120 129 Auto tires .40 117 110 136 141 145 140 150 161 138 125 135 143 140 121 131 Truck and bus tires .30 118 99 121 125 117 113 116 126 111 104 119 136 134 118 126 Miscellaneous rubber products. .77 133 124 158 153 158 164 155 155 115 148 158 170 161 159 170 Leather and products 1.73 99 95 105 112 113 105 100 105 92 108 107 109 99 102 110 Leather .44 91 87 94 98 94 95 93 95 74 90 90 97 ^95 ••95 98 Cattlehide leathers .29 92 92 101 104 101 102 99 101 79 96 98 105 r102 103 Skin leathers .15 89 75 80 86 80 82 80 83 63 77 74 82 81 80 Shoes and slippers2 .90 Miscellaneous leather products. .39 100 90 91 100 103 92 89 96 97 104 104 106 105 104 98 Paper and Printing 8.93 125 125 127 132 137 137 137 138 128 135 141 147 144 137 138 Paper and allied products 3.46 132 134 140 148 152 154 153 156 139 155 157 167 159 147 Pulp and paper 1.76 130 132 140 147 150 148 151 154 135 151 150 158 156 144 158 Wood pulp .51 142 148 158 166 170 169 171 175 156 173 169 179 178 164 180 Paper and board 1.25 125 125 132 139 142 140 143 145 126 141 143 150 147 136 149 Printing paper .22 119 118 123 127 133 127 128 130 112 127 130 132 133 128 137 Fine paper .14 116 120 132 138 134 131 148 138 107 122 134 140 136 130 143 Coarse paper .20 118 119 124 132 134 130 129 130 117 126 128 137 132 125 137 Miscellaneous paper .18 129 137 150 154 153 160 158 159 148 156 156 176 167 155 173 Paperboard .41 134 130 136 145 149 147 151 158 133 155 153 160 161 145 159 Building paper and board. .10 118 124 122 126 141 139 142 142 133 151 145 142 137 124 127 Converted paper products 1.70 134 136 141 149 153 159 154 158 144 159 165 177 161 149 156 Shipping containers .51 133 133 135 146 153 156 154 159 141 160 167 175 160 149 147 Sanitary paper products .11 138 145 156 156 152 166 152 154 153 152 156 180 163 149 179 Printing and publishing 5.47 121 120 119 122 128 127 127 127 121 123 131 135 135 130 125 Newsprint consumption 1.85 118 119 114 121 132 134 135 131 112 116 132 142 143 126 119 Job printing and periodicals. 3.62 122 121 122 123 125 124 124 125 125 127 131 131 131 133 129 Chemical and Petroleum Products .. 9.34 142 142 151 155 157 156 156 157 152 157 162 166 168 167 169 Chemicals and allied products 6.84 147 148 158 162 166 165 165 165 158 163 171 176 178 177 178 Industrial chemicals 2.54 154 153 169 177 184 182 182 185 176 182 190 192 197 197 199 Basic inorganic chemicals .57 149 157 175 181 184 180 185 179 159 166 179 188 r195 194 195 Industrial organic chemicals 1.97 155 152 168 175 184 182 182 186 181 187 194 192 198 198 200 Plastics materials .24 183 184 206 231 243 247 244 246 207 234 264 261 268 253 Synthetic rubber .11 186 136 180 193 202 202 211 208 211 217 222 230 243 233 24i' Synthetic fibers .59 156 152 172 181 196 189 178 184 177 184 191 188 r197 196 198 Miscellaneous organic chemicals. 1.03 144 146 155 157 160 161 166 171 174 175 176 175 178 r183 184 Vegetable and animal oils .64 116 118 127 128 117 108 109 105 99 103 122 156 165 148 152 Vegetable oils .48 112 113 125 123 111 99 98 93 87 90 115 157 162 144 147 Grease and tallow .16 131 133 135 145 136 134 142 143 133 145 144 154 174 r159 168 Soap and allied products .71 113 108 109 115 108 108 105 103 79 104 126 130 118 115 104 Paints .66 118 116 116 116 119 122 125 131 130 130 126 127 126 126 122 Fertilizers .23 124 122 116 124 177 176 154 109 91 90 115 118 114 118 122 • Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 275 INDUSTRIAL PRODUCTION-Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-^9 Annual 1955 1956 pro- Industry portion 1953 1954 Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 130 125 132 134 133 132 131 136 134 138 136 138 140 141 143 PetPreotlreoulme uam nrde fcionailn gproducts 1.97 135 133 142 144 139 136 135 140 141 143 141 143 148 152 154 Gasoline 1.04 144 141 146 147 143 144 146 152 156 157 155 157 158 161 159 Automotive gasoline • • .98 139 136 142 143 140 140 141 146 151 151 149 151 153 156 Aviation gasoline . .06 227 221 216 209 205 212 226 246 247 252 247 252 236 247 Fuel oil .56 130 128 146 152 142 129 128 133 131 133 132 134 141 149 159 Distillate fuel oil .30 155 158 184 196 181 163 161 173 167 172 172 111 178 187 Residual fuel oil . .26 101 93 101 101 97 91 91 88 89 89 87 92 99 105 Kerosene .10 117 110 134 123 117 102 97 88 94 95 91 101 112 129 Lubricating oil .. .17 106 108 109 105 110 124 113 118 108 116 111 111 126 112 Coke . .26 111 84 96 98 102 104 105 103 101 104 107 108 110 111 Asphalt roofing and siding .15 99 103 70 75 110 131 124 144 114 142 131 131 97 57 Foods, Beverages^ and Tobacco 11.51 107 106 99 97 100 101 105 112 110 117 121 123 114 r104 102 Food and beverage manufactures .. 10.73 107 106 98 97 100 101 104 111 111 111 122 VIA 114 105 102 Food manufactures . .... 8.49 108 107 102 99 100 100 102 108 109 118 125 125 118 r109 106 Meat products 1.48 115 117 138 124 128 118 114 114 104 118 129 143 150 152 153 Beef .46 129 135 140 129 134 133 138 147 137 151 155 154 146 140 158 Pork .83 104 103 133 117 121 106 98 93 83 96 111 133 148 154 146 Dairy products .69 105 106 85 91 104 117 140 145 132 120 101 88 83 84 91 Butter .14 108 110 99 101 104 119 143 139 116 90 84 88 83 94 104 Natural cheese .07 112 116 95 102 113 133 164 165 130 113 102 90 87 92 96 Concentrated milk .19 93 94 76 86 100 116 143 138 107 94 82 75 71 79 85 Ice cream .28 106 104 78 84 100 107 122 139 153 151 118 93 86 76 84 Canned and frozen foods 1.13 121 112 77 72 74 81 87 110 142 198 201 161 114 r95 84 Grain-mill products. . . . 1.16 106 107 103 102 101 102 104 110 110 106 108 111 102 100 100 Wheat flour .46 81 81 87 85 83 79 76 80 80 77 83 96 86 84 85 Cereals and feeds .70 122 124 114 113 113 116 122 129 130 125 124 122 112 110 110 Bakery products... 1.64 100 97 94 95 95 94 97 100 100 98 99 100 99 99 95 Sugar .27 113 117 93 61 67 64 64 71 73 81 111 247 261 182 Cane sugar .11 113 106 100 106 110 101 102 108 121 128 129 130 103 112 Beet sugar .13 108 121 81 17 24 27 28 35 26 36 90 340 393 236 Confectionery .71 102 99 106 112 96 93 78 86 65 79 140 134 129 91 112 Miscellaneous food preparations 1.41 104 105 100 101 101 103 106 110 113 111 109 108 104 101 98 Beverages 2.24 105 103 84 89 101 107 113 127 121 114 111 118 102 91 .54 Alcoholic beverages 1.70 100 98 80 86 100 106 107 117 106 104 102 117 105 88 Beer and ale 1.02 103 99 85 84 101 113 120 126 122 118 97 88 77 81 Liquor distilling .17 60 68 61 67 66 68 58 58 40 46 83 157 129 95 Liquor bottling .37 107 102 76 93 109 104 96 120 99 94 118 154 146 96 Tobacco manufactures .78 108 103 105 104 105 99 109 116 92 112 107 114 107 88 Cigarettes .46 111 106 111 106 108 102 115 121 99 117 109 117 108 91 Cigars .17 107 105 99 107 106 99 105 111 82 110 111 118 113 87 MINERALS—TOTAL 9.98 116 111 117 119 118 119 122 121 119 124 126 127 "•126 127 127 Mineral Fuels 8.35 115 113 121 123 121 120 120 118 119 122 123 125 128 131 132 Coal 2.68 78 67 11 79 71 72 11 74 11 82 83 88 87 91 90 .36 57 52 55 61 41 39 43 46 42 39 53 51 51 54 57 Bituminous coal.. 2.32 81 70 81 82 76 77 83 78 82 89 88 93 93 97 95 Orude oil and natural gas 5.67 133 134 142 144 145 143 139 139 139 141 142 143 147 151 *>151 Oil and gas extraction . . .. 4.82 129 128 138 140 139 138 133 132 132 133 135 137 142 146 *>146 4.12 124 122 130 131 132 132 128 127 127 128 129 131 134 137 ^137 Natural gas .... .34 167 172 202 207 194 183 170 173 165 167 176 Natural gas liquids .36 157 160 175 176 169 161 157 157 159 163 170 174 183 186 Oil and gas well drilling 154 167 163 168 175 175 177 178 187 180 175 173 177 .85 174 119 106 97 99 104 132 138 120 132 141 137 '120 no6 104 1.63 114 \Ietal mining 113 90 79 85 86 131 141 104 126 141 136 r105 r83 83 Iron ore ..3823 128 84 36 39 41 10719 152 179 168 179 181 165 92 44 Nonferrous metal mining . .49 104 94 108 117 117 115 117 116 62 90 114 116 '•114 108 Copper mining .24 114 103 124 134 133 132 135 133 50 96 134 137 135 127 Lead mining . . . .. .09 86 80 83 89 91 87 88 87 79 78 82 84 79 82 Zinc mining .06 87 75 80 83 85 83 86 84 81 79 81 80 77 74 .81 124 123 115 113 122 128 133 134 135 139 141 139 135 129 126 p Preliminary. r 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

276 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1955 1956 Product proportion 1953 1954 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. SEASONALLY ADJUSTED CONSUMER DURABLES —TOTAL. 100.00 127 116 139 140 142 144 145 144 150 151 154 152 151 148 142 Major Durables 69.72 138 125 156 159 161 163 163 160 169 169 172 168 167 163 154 Autos 32.10 146 131 186 189 192 192 190 173 188 189 195 194 196 187 171 Major household goods 36.13 132 122 133 134 136 140 141 151 155 155 156 148 143 143 141 Furniture and floor coverings. 15.32 113 101 107 107 109 110 113 117 117 121 123 121 121 121 120 Household furniture 11.31 118 106 110 113 114 115 118 122 121 125 127 126 126 125 125 Floor coverings i 4.01 Appliances and heaters 15.60 118 111 126 130 133 140 142 145 146 143 147 137 134 141 Major appliances 11.88 123 115 130 133 134 147 148 149 154 150 153 147 141 150 Ranges 2.60 90 79 79 96 97 101 105 122 119 98 98 95 90 104 Refrigeration appliances. . 4.98 137 124 131 133 141 152 158 163 161 160 166 162 146 151 Laundry appliances 2.51 141 148 190 181 172 199 188 163 193 206 205 187 200 220 230 Heating apparatus 3.72 100 97 115 120 131 121 125 132 121 119 126 108 111 110 Radio and television sets 5.21 230 214 225 226 222 226 222 269 290 294 279 259 235 216 '207* Radio sets 3.42 67 52 73 68 71 65 68 66 76 70 72 95 103 101 72 Television sets 1.79 541 522 515 527 512 532 516 658 698 720 676 572 486 436 465 Other Consumer Durables 30.28 102 95 98 99 100 100 103 106 106 107 111 114 114 114 114 Auto parts and tires 14.00 91 91 98 96 95 97 100 102 101 101 107 108 108 112 Misc. home and personal goods. 16.28 111 99 101 103 103 105 109 111 112 115 118 119 117 i'u WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 127 116 142 151 155 156 147 144 137 139 136 146 159 148 143 Major Durables 69.72 138 125 163 174 179 180 167 160 152 152 145 157 177 164 158 Autos 32.10 146 131 195 210 215 223 205 184 195 166 130 153 212 193 173 Major household goods 36.13 132 122 137 146 151 145 136 141 115 141 159 162 150 141 147 Furniture and floor coverings 15.32 113 101 108 111 114 111 109 113 105 117 124 127 124 125 121 Household furniture 11.31 118 106 110 115 116 113 114 118 114 124 129 131 131 130 125 Floor coverings1 4.01 Appliances and heaters 15.60 118 111 124 138 151 150 145 152 116 127 151 145 131 129 Major appliances 11.88 123 115 134 149 163 162 156 160 120 122 149 144 133 140 Ranges 2.60 90 79 81 104 110 106 100 117 76 91 107 105 97 99 Refrigeration appliances 4.98 137 124 147 152 180 187 183 191 144 116 143 131 113 130 Laundry appliances 2.51 141 148 177 207 201 193 181 168 131 181 219 218 220 222 235 Heating apparatus 3.72 100 97 93 102 114 113 113 128 103 142 159 148 125 93 Radio and television sets 5.21 230 214 260 272 260 228 189 192 143 254 289 315 279 224 239' Radio sets 3.42 67 52 73 74 80 74 75 65 49 62 68 99 105 96 72 Television sets 1.79 541 522 618 648 604 521 408 434 321 619 710 726 612 470 559 Other Consumer Durables 30.28 102 95 95 97 99 99 102 106 103 110 115 120 117 111 111 Auto parts and tires 14.00 91 91 93 92 92 95 100 105 102 107 113 115 108 104 Misc. home and personal goods. 16.28 111 99 96 102 105 103 103 106 103 112 116 124 124 118 Hi' 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] ]Jrivate Public Year or month Total Total d R en es ti i a - l Total Indu B s u - sine C s o s m- Public O n r d e o t 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 trial mercial utility tial 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2 264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2 795 6 405 137 2 131 793 3 344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 111 2 272 881 3 670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5 160 1952 33,008 22,107 11,100 7,460 2,320 1 137 4,003 3 547 10 901 1,388 2 820 854 5 839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3 160 830 6 097 1954 37,577 25,768 13,496 8,583 2,030 2,212 4,341 3,689 11,809 1,030 3,750 704 6,325 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 Feb . 3,453 2,438 1,348 776 183 222 371 314 1,015 101 339 51 524 M Ap a r r 3 3 , , 5 4 2 6 5 4 2 2 , , 5 4 2 6 5 4 1 1, , 3 3 9 4 1 9 7 8 9 1 7 2 1 1 8 8 8 8 2 2 3 4 5 8 3 37 7 6 4 3 3 1 2 8 2 1 1, 0 0 0 0 0 0 1 9 0 3 4 3 3 3 3 7 6 5 5 4 4 5 5 0 1 6 6 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 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.? 3,455 2,438 1,285 852 218 265 369 301 1,017 102 378 46 491 Feb.p 3,461 2,436 1,258 874 225 280 369 304 1,025 107 375 45 498 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 277 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 Fac- Com- Educa- public tories mercial tional Other utilities 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1955—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 1,646 1,070 142 174 195 195 546 May. 2,185 675 1,510 1,011 171 183 201 171 448 June. 2,255 757 1,498 951 163 228 181 270 461 July. 2,272 761 1,511 959 146 288 231 227 420 Aug. 1,895 549 1,346 835 170 215 153 144 378 Sept. 2,035 621 1,414 733 201 197 163 148 593 Oct.. 1,863 551 1,312 783 186 185 163 158 388 Nov. 1,797 527 1,269 726 178 200 143 142 408 Dec. 1,921 730 1,190 711 148 197 237 144 483 1956—Jan.. 1,858 675 1,183 694 158 161 190 153 503 Feb. 1,860 598 1,262 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1954—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—Jan 1,485 82 227 89 162 161 188 243 94 44 69 127 1,797 116 276 114 184 177 218 334 116 47 81 134 Dec. . . 1,921 152 364 134 226 169 254 280 89 47 81 126 1956—Jan 1,858 105 306 102 293 140 199 314 100 43 101 155 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten 1 Metro- metro- Year or month Total po a l r i e t a a s n p a o r l e it a a s n Total family 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 PI 329 975 354 P1,309 j>19 670 277 393 1955 Feb 90 67 23 88 79 3 6 2 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 May 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 37 125 92 33 122 112 3 8 2 68 27 41 Sept 115 84 31 114 104 2 7 1 58 25 33 Oct 106 77 29 105 95 2 7 1 54 19 35 Nov 89 65 25 88 80 2 6 1 45 17 28 Dec P75 54 21 P72 n.a. n.a. n.a. *3 38 16 22 195(5 Jan P74 53 21 *73 n.a. n.a. n.a. n 36 13 23 Feb *78 56 22 n.a. n.a. n.a. v\ 31 13 17 P Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. pure 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

278 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employed i Not in the Year or month institutional labor Unem- labor force population force Total ployed Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture 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 I9542 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—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 46,975 117,517 70,695 67,726 65,488 57,952 7,536 2,237 46,823 SeDt 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 Feb 118,180 68,396 65,490 62,576 57,107 5,469 2,914 49,784 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 fa g c- Mining co C ns o t n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48 303 16 334 885 2 634 4 185 10,281 1,967 5,411 6 609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48 285 15 989 770 2,527 4,008 10,498 2,114 5,629 6,751 1955 49,399 16,552 748 2,507 4,057 10,729 2,191 5,694 6,921 SEASONALLY ADJUSTED 1955 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 M^ay 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 49,718 16 661 747 2,519 4,106 10,797 2,208 5,732 6,948 Sept 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 '50,228 '16,967 750 r2,487 '4,154 '10,946 '2,230 '5,714 '6,980 1956—Jan 50,293 16 903 747 2,509 4,145 11,012 2,232 5,716 7,029 Feb 50,179 16,807 751 2,505 4,138 10,962 2,244 5,726 7,046 WITHOUT SEASONAL ADJUSTMENT 1955_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 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 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 2,580 4,143 11,126 2,213 5,690 7,074 Dec r51,311 r17,026 754 r2,422 '4,165 '11,753 '2,219 '5,657 '7,315 1956—Jan 49,621 16,838 747 2,258 4,096 10,850 2,210 5,602 7,020 Feb 49,446 16,778 747 2,217 4,089 10,720 2,222 5,611 7,062 r Revised. month. Proprietors, self-employed persons, domestic servants, unpaid NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for February 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 279 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 12,673 13,339 13,341 13,225 12,649 '13,464 13,281 13,204 Durable goods 7,269 7,803 7,770 7,673 7,282 '7,847 7,766 7,687 Ordnance and accessories 94 83 82 81 94 83 82 81 Lumber and wood products 669 679 675 670 639 665 638 640 Furniture and fixtures 290 315 313 314 296 321 318 320 Stone, clay, and glass products 438 '468 470 467 434 '470 465 462 Primary metal products 1,027 1,154 1,156 1,153 1,032 rl,160 1,162 1,159 Fabricated metal products 836 r899 882 868 844 '908 891 877 Machinery except electrical 1,108 1,224 1,231 1,240 1,125 '1,236 1,249 1,259 Electrical machinery 795 -855 850 846 803 '872 859 854 Transportation equipment 1,426 1,511 1,495 1,423 1,426 '1,511 1,495 1,423 Instruments and related products 215 '224 225 225 216 '226 226 226 Misc. manufacturing industries 371 '391 391 386 371 '395 381 386 Nondurable goods 5,404 '5,596 5,571 5,552 5,367 r5,617 5,515 5,517 Food and kindred products 1,078 '1,106 1,092 1,093 985 1,071 1,012 996 Tobacco manufactures 93 '91 91 94 89 '97 92 90 Textile-mill products 970 '984 981 972 985 '999 991 987 Apparel and other finished textiles 1,064 '1,122 1,112 1,106 1,101 '1,139 1,123 1,145 Paper and allied products 435 '456 455 452 437 '463 457 454 Printing, publishing and allied products 515 529 529 532 512 537 529 529 Chemical and allied products 532 '556 561 561 535 '559 561 564 Products of petroleum and coal 172 171 171 170 170 170 169 168 Rubber products 208 231 231 228 209 234 233 229 Leather and leather products 337 '350 348 344 345 '348 348 353 r 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 February 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 74.74 79.71 78.36 78.36 40.4 41.3 40.6 40.6 1.85 1.93 1.93 1.93 Durable goods 80.56 '86.52 84.87 84.46 41.1 '42.0 41.2 41.2 1.96 2.06 2.06 2.05 Ordnance and accessories 82.22 86.73 87.76 89.03 40.5 41.3 41.2 41.8 2.03 2.10 2.13 2.13 Lumber and wood products 66.50 '68.47 66.42 65.93 40.8 41.0 40.5 40.2 1.63 1.67 1.64 .64 Furniture and fixtures 65.67 69.37 67.24 67.08 41.3 42.3 41.0 40.9 1.59 1.64 1.64 .64 Stone, clay, and glass products 73.49 '79.19 78.09 78.47 40.6 '41.9 41.1 41.3 1.81 1.89 1.90 .90 Primary metal industries 87.29 '97.21 97.39 95.35 40.6 '41.9 41.8 41.1 2.15 2.32 2.33 .32 Fabricated metal products 80.34 '85.06 83.43 84.25 41.2 '41.9 41.1 41.5 1.95 2.03 2.03 .03 Machinery except electrical 83.64 '93.31 92.66 92.66 41.0 '43.2 42.7 42.7 2.04 2.16 2.17 .17 Electrical machinery 74.74 '79.68 78.53 78.36 40.4 '41.5 40.9 40.6 1.85 1.92 1.92 .93 Transportation equipment 93.28 '95.53 90.94 91.58 42.4 '41.9 40.6 40.7 2.20 2.28 2.24 .25 Instruments and related products 76.14 80.73 80.38 80.56 40.5 41.4 40.8 41.1 1.88 1.95 .97 .96 Miscellaneous manufacturing industries... 66.42 70.04 68.85 69.02 40.5 41.2 40.5 40.6 1.64 1.70 .70 .70 Nondurable goods 66.36 70.30 69.65 69.25 39.5 40.4 39.8 39.8 1.68 1.74 .75 .74 Food and kindred products 70.07 '75.66 76.18 73.89 40.5 41.8 41.4 40.6 1.73 1.81 .84 .82 Tobacco manufactures 49.58 '54.10 53.62 52.78 37.0 '39.2 38.3 37.7 1.34 1.38 .40 .40 Textile-mill products 55.20 58.50 57.37 57.51 40.0 41.2 40.4 40.5 1.38 1.42 .42 .42 Apparel and other finished products 49.55 '50.83 49.87 51.47 36.7 37.1 36.4 37.3 1.35 1.37 1.37 .38 Paper and allied products 76.08 '81.53 81.22 80.65 42.5 43.6 43.2 42.9 1.79 1.87 1.88 .88 Printing, publishing and allied products... 89.47 '94.25 91.48 91.01 38.4 '39.6 38.6 38.4 2.33 2.38 2.37 2.37 Chemicals and allied products 80.34 85.27 84.87 84.67 41.2 41.8 41.4 41.3 1.95 2.04 2.05 2.05 Products of petroleum and coal 91.25 98.40 98.64 97.85 40.2 41.0 41.1 40.6 2.27 2.40 2.40 2.41 Rubber products 84.25 '89.21 88.34 86.22 41.3 '41.3 40.9 40.1 2.04 2.16 2.16 2.15 Leather and leather products 53.93 r55.91 56.65 56.79 38.8 '39.1 38.8 38.9 1.39 1.43 1.46 1.46 r Revised. NOTE.—Data are for production and related workers. Figures for February 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 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 - K C a i 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 111 105 102 111 113 121 126 111 111 104 111 125 115 1954 111 107 104 109 105 121 129 109 111 105 115 127 114 1955 119 112 107 117 115 130 142 118 111 108 124 138 122 SEASONALLY ADJUSTED 1955 Jan '120 114 '109 '114 111 133 '138 '115 123 111 124 '141 '126 Feb 111 109 101 108 108 122 134 109 114 103 114 129 118 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 117 111 103 115 113 128 137 111 120 107 120 134 118 June 114 107 104 114 108 123 136 114 108 103 118 132 118 July 124 114 108 111 124 136 152 122 132 111 136 145 123 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 123 114 110 122 119 132 147 121 125 110 124 '146 123 1956—Jan . ... 111 114 120 117 »138 *148 120 126 117 123 144 129 WITHOUT SEASONAL ADJUSTMENT 1955—Jan 91 90 '86 '86 87 91 106 88 92 80 94 '111 '98 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 97 114 108 99 109 112 125 141 114 118 108 123 136 111 May 116 111 101 114 110 129 134 116 120 108 119 133 116 June no 107 100 107 104 118 121 111 106 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 212 206 194 213 205 237 255 204 208 '180 211 '246 217 1956—Jan P95 87 90 90 91 33114 91 95 83 94 114 100 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 109 109 105 108 106 113 120 108 106 104 111 111 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 ... 118 111 113 113 111 130 136 112 114 107 111 126 126 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 127 122 115 122 117 146 152 111 124 111 135 143 133 SEASONALLY ADJUSTED 1955—Jan '124 118 '114 118 114 '141 146 '119 111 116 '130 '137 '132 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 124 121 113 116 113 144 149 120 120 113 131 137 128 123 120 111 119 113 139 148 122 111 117 132 137 126 June 127 124 115 124 116 143 151 124 126 123 136 143 130 Julv 127 121 116 125 118 145 148 111 126 119 134 143 131 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 131 123 119 128 119 154 159 123 130 128 142 149 137 Dec 134 126 121 131 124 157 156 127 133 '132 '143 158 141 1956—Jan 1*22 131 123 P158 131 133 148 P160 ^148 WITHOUT SEASONAL ADJUSTMENT 1955 Jan '111 107 '102 103 101 '126 134 '107 105 107 '117 mi '117 Feb 117 111 106 111 109 132 145 111 114 111 125 132 118 Mar 127 122 116 111 117 149 156 111 124 119 135 144 129 129 125 119 124 119 153 155 123 126 118 136 144 133 May 127 123 115 124 117 146 150 123 111 118 135 139 136 June 121 115 108 116 110 139 142 116 116 116 131 133 131 July 119 109 105 112 109 142 139 114 116 115 129 136 130 Aug 126 118 114 117 114 148 150 120 126 120 134 144 133 Sept 135 127 123 132 123 155 163 127 133 128 140 155 142 Oct 145 139 132 144 133 168 170 137 145 136 152 162 153 Nov 148 144 136 147 135 167 180 142 147 142 157 165 151 Dec 119 117 110 '116 110 131 137 115 120 '118 '129 142 118 1956—Jan Pill P113 108 114 110 118 123 ,33 PPreliminary. 'Revised. NOTE.—For description and monthly indexes for back years, see 1 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 281 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales 4 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 c n n f k t d h s ) i m ( s o e O t r o n i a d n d u n n e g t t d - r h o - s ) f i 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 r w 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 - o S st r o p t i a d o n u l n u e c g t d r s - k s - s ce R i e p - ts 1948 average. 381 979 494 386 363 2.7 1.4 4.1 .0 1949 average. 361 925 373 358 358 2.7 1.1 3.8 .0 1950 average. 376 1,012 495 391 401 2.8 1.4 4.2 .1 1951 average. 391 1,202 460 390 379 3.2 1.3 4.4 .0 1952 average. 397 1,097 435 397 401 2.9 1.2 4.1 .0 1953 average. 406 1,163 421 408 401 3.0 1.1 4.1 .0 1954 average. 409 1,140 388 410 412 3.0 1.0 4.0 .0 1955 average. 435 1,189 445 441 446 2.9 1.1 4.0 .0 1955—Jan... '340 '1,048 '386 '321 M08 3.1 1.1 4.2 '0.9 Feb... 307 1,105 414 370 399 3.6 1.3 4.9 1.2 Mar.. 392 1,190 367 477 430 3.0 0.9 4.0 .2 Apr.. 413 1,216 308 439 380 2.9 0.7 3.7 .1 May. 404 1,189 307 377 376 2.9 0.8 3.7 .9 June. 390 1,122 449 323 465 2.9 1.2 4.0 .8 July.. 324 1,090 554 292 397 3.4 1.7 5.1 .9 Aug.. 382 1,157 550 449 445 3.0 1.4 4.5 .2 Sept.. 426 1,244 576 513 539 2.9 1.4 4.3 .2 Oct... 473 1,350 581 579 584 2.9 1.2 4.1 .2 Nov.. 546 1,415 487 611 517 2.6 0.9 3.5 Dec. 817 1,139 357 541 411 1.4 0.4 1.8 0^7 1956—Jan.?. 347 1,132 432 340 415 3.3 1.2 4.5 1.0 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the'month States. They are the actual dollar amounts reported by a group of de- to sales during the month. The final ratio is based on totals of sales and partment stores located in various cities throughout the country. In 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 i 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 imports 3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan ... r[,093 1,168 «1,278 923 1,083 4,196 833 871 4,045 Feb 1,183 1,237 rQQQ 1,143 809 850 Mar 1,126 1,343 <m 1,251 865 1,019 Apr [,426 '1,262 [,259 1,168 957 '870 May r1,402 '1,322 1,137 '1,191 829 '958 June I 475 rl 319 1,115 '1,191 947 936 July [,290 '1,268 1,023 1,140 822 885 Aug 1,156 1,235 '956 1,107 825 960 Sept :1,115 1,254 962 1,155 780 945 Oct r1,270 1,396 r[,166 '1,277 '767 1,010 Nov rI 252 1 316 1,167 1 243 840 1,064 Dec I 320 *>1,398 rI 222 PI,314 '943 *>l,012 Jan. 1,093 1,168 4,278 923 1,083 4,196 833 871 4,045 • Estimated. 2 Department of Defense shipments of grant-aid military equipment p Preliminary. and supplies under the Mutual Security Program. * Revised. 3 General imports including imports for immediate consumption plus i Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 . .. 55.3 41 6 83.6 45.9 1941 . 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107 9 123 5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955 Jan 114.3 110.6 119.6 129.5 109.4 126.1 104.6 117.7 103.3 127.6 126.5 113.7 106.9 119.9 Feb. 114.3 110.8 119.6 129.7 109.9 126.2 104.8 117.7 103.4 127.4 126.8 113.5 106.4 119.8 Mar. 114.3 110.8 119.6 130.0 110.3 126.2 104.6 117.9 103.2 127.3 127.0 113.5 106.6 119.8 Apr 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 May 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 July 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106.3 120.3 AUE 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111.2 125 2 103.6 119.8 104.6 125.3 128.2 116.6 106.7 120.6 Oct . .... 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128.5 129.8 117.5 106.8 120.6 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 1956—Jan 114.6 109.2 120.6 131.4 111.7 129.5 102.0 121.2 104.1 126.8 130.7 118.5 107.3 120.8 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 d l 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 t r a i e n c o p l r x t e d - d e s - l - l H s p e u k a a r i c n i o t d n h t d d e s s e s - , r ,p l F t 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 h l c r l c n o a e ie t d m l d s s d - - p R u a b r u c n o e b t d d r s - - L p w u a b r u o c n o e m o t d d r s d - - p p P a u a l a r u l c n o p i l e t d d p e s d - r , ,M m p u a r e e o n c t t t d d a a s - l l s p c M m u a t e h r i n c o r v i o a y t n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d e s n a d e s e r - i- -e s N t r m t t m a a u r o l l i u r e l s n n a i - c — c - l - - b b e m o b a T a r t e a n f c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106. 103.4 104.4 102.1 107. 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 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. 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 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 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 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 88.0 Dec 111.3 r82.9 98.2 '119.8 95.6 96.7 p109.3 106.6 151.0 125.1 123.6 143.9 r133.O 117.3 125.4 121.7 '88.8 1956 Jan 111.9 84.] 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121.7 89.6 f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 283 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Jan. Nov. Dec. Jan. Jan. Nov. Dec, Jan. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 105.2 102.6 '95.6 105.0 Grains 93.5 79.8 82.7 81.5 Paperboard 124.0 130.1 130.3 130.7 Livestock and poultry 79.4 62.2 59.3 63.0 Converted paper and paperboard 111.1 119.0 119.2 119.8 Plant and animal fibers 104.4 100.9 100.8 101.9 Building paper and board 127.6 133.3 133.3 133.3 Fluid milk 92.4 95.0 '94.4 94.0 Eggs 65.1 98.9 99.2 85.9 Metals and Metal Products: Hay and seeds 94.3 75.8 77.6 78.9 Other farm products 156.4 140.1 139.1 139.7 Iron and steel 135.8 146.0 ••147.2 149.1 Nonferrous metals 127.9 153.9 155.8 156.6 Processed Foods: Metal containers 131.6 138.0 '137.9 137.9 Hardware 142.6 151.6 151.6 151.5 Cereal and bakery products 116.9 115.1 115.2 115.1 Plumbing equipment 118.7 133.1 133.1 133.1 Meats, poultry, and fish 87.6 77.8 75.3 75.7 Heating equipment 113.9 117.4 '117.1 117.1 Dairy products and ice cream 107.0 105.9 107.2 106.1 Fabricated structural metal products. 117.8 127.6 128.0 128.0 Canned, frozen fruits, and vegetables 104.6 107.7 r107.9 108.1 Fabricated nonstructural metal Sugar and confectionery 111.3 109.7 109.4 109.4 products 125.8 132.1 132.2 132.2 Packaged beverage materials 203.7 176.6 176.6 176.6 Other processed foods 98.2 97.4 97.9 98.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.5 126.1 126.5 126.7 Cotton products 90.2 93.2 93.7 93.8 Construction machinery and equip- Wool products 106.6 102.8 102.8 102.5 ment 133.2 142.4 '143.1 143.2 Synthetic textiles 87.3 85.8 '84.8 84.3 Metal working machinery 135.1 148.0 148.5 150.0 Silk products 124.1 120.8 120.6 120.5 General purpose machinery and Apparel 98.2 99.0 99.1 99.3 equipment 128.6 140.4 141.5 141.6 Other textile products 77.3 72.5 71.3 71.4 Miscellaneous machinery 126.4 133.5 '133.5 133.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.8 131.4 132.1 132.3 Motor vehicles 121.7 126.5 126.7 126.7 Hides and skins 49.5 60.2 61.1 56.6 Leather 81.2 87.7 88.4 89.5 Furniture and Other Household Dura- Footwear 111.6 115.4 115.4 115.6 bles: Other leather products 95.8 96.2 '96.7 97.4 Household furniture 112.5 116.4 116.5 117.6 Fuel, Power, and Lighting Materials: Commercial furniture 128.6 137.1 137.1 137.3 Floor covering 124.2 128.7 129.3 130.2 Coal 105.2 109.0 109.4 109.9 Household appliances 108.7 106.3 "105.8 106.0 Coke 132.4 138.8 138.8 145.4 Radio 95.4 89.8 '89.8 89.8 Gas 113.0 110.8 r115.5 115.5 Television 69.0 69.5 '69.7 69.7 Electricity 100.7 94.3 '93.8 93.8 Other household durable goods 131.9 136.0 136.7 138.4 Petroleum and products 111.7 115.0 115.6 117.2 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 123.9 131.1 131.1 131.1 Industrial chemicals 117.3 119.3 119.4 120.0 Concrete ingredients 123.1 125.6 126.0 129.9 Prepared paint 112.8 115.0 115.8 117.0 Concrete products 116.7 120.2 120.2 121.1 Paint materials 95.8 97.1 '97.4 98.6 Structural clay products 135.8 144.5 144.6 145.4 Drugs, Pharmaceuticals, cosmetics.. 93.6 92.3 92.3 92.6 Gypsum products 122.1 122.1 122.1 127.1 Fats and oils, inedible 61.8 57.6 56.6 55.6 Prepared asphalt roofing 106.1 101.0 101.0 99.6 Mixed fertilizers 108.8 108.5 p107.9 108.2 Other nonmetallic minerals 119.2 122.0 122.1 122.1 Fertilizer materials 113.6 112.3 112.3 113.1 Other chemicals and products 107.7 104.6 r104.5 102.3 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 146.0 166.8 168.3 160.0 Cigars 103.7 104.2 104.2 104.2 Tires and tubes 139.9 151.8 151.8 151.8 Other tobacco products 121.4 122.5 122.5 122.5 Other rubber products 127.9 139.4 139.6 137.2 Alcoholic beverages 114.3 114.7 114.7 114.7 Nonalcoholic beverages 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 120.0 126.4 126.4 127.6 Millwork 130.4 127.9 128.8 129.2 Toys, sporting goods, small arms 113.2 114.3 115.0 115.7 Plywood 104.7 105.9 105.7 106.4 Manufactured animal feeds 84.9 67.8 68.8 69.9 Notions and accessories 101.3 91.0 91.0 92.6 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 103.6 104.3 104.3 104.4 Other miscellaneous 120.3 122.9 124.0 124.5 Woodpulp 110.0 114.2 114.2 116.8 Wastepaper 90.2 133.9 133.9 133.9 Paper 127.5 131.7 132.6 134.6 f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 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 Item 1954 1955 1929 1933 1941 1950 1951 1952 1953 1954 1955 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 liabilities 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 32.6 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 Statistical discrepancy .3 .9 .4 .2 1.3 1.3 -.1 .7 .7 -.2 Plus: Subsidies less current surplus of gov- .7 ernment enterprises -.1 .0 .2 .2 -.4 -.1 .5 -.3 .3 .4 .6 .5 -.1 Equals: National income 87.8 40.2 104.7 240.0 277.0 303.6 299.7 322.3 303.2 311.4 320.7 325.7 289.5 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.] 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 11.4 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 15.9 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 5.1 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 1.5 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 1.4 1.3 2.7 3.2 3.4 3.7 3.8 4.0 4.1 State and local 1.0 3.0 3.9 3.8 3.9 83.1 93.0 206.1 236.7 250.4 254.8 257.8 271.7 276.6 Equals: Disposable personal income 45.7 226.1 269.4 261.0 267.1 79.0 81.9 194.0 218.3 230.6 236.5 241.0 255.7 257.2 Less: Personal consumption expenditures.... 46.4 208.3 252.3 245.8 250.5 4.2 11.1 12.1 18.4 19.8 18.3 16.8 16.0 19.4 Equals: Personal saving -.6 17.7 17.1 15.3 16.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 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 62.1 146.5 170.9 755.7 198.5 196.2 208.5 198.1 200.8 207.0 211.3 214.7 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 9.1 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 12.2 12.5 13.0 13.2 Proprietors' and rental income2 20.2 7.6 20.9 44.6 49.9 49.9 48.4 48.4 49.1 48.2 48.7 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 10.7 10.7 10.7 10.7 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 Corporate profits before tax 9.6 .2 17.0 40.0 41.2 35.9 38.3 34.0' 43.4 36.0 40.9 43.0 44.5 Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 21.3 17.1 21.8 18.1 20.5 21.6 22.3 Corporate profits after tax 8.3 -.4 9.4 22.1 18.7 16. 17.0 17.0 21.6 17.9 20.4 21.4 22.2 Inventory valuation adjustment .5 -2. -2.5 -4.9 -1.3 1.0 -1.1 -.2 -2.0 -.5 -1.3 -2.6 -3.1 Net interest 6.4 5.0 4.5 5.9 6.8 7.4 8.8 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 285 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 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 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 88.1 89.0 90.2 91.8 93.6 16.2 1.4 18.1 51.2 56.9 49.6 51.4 47.2 59.3 50.7 54.1 60.1 60.5 63.2 New constructionl 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.8 32.4 29.4 31.2 32.6 33.2 32.3 Other 5 3 . . 1 6 1. . 0 5 33..15 1 10 2 . . 1 6 1 1 1 2 . . 0 4 1 1 1 2 . . 1 6 1 1 1 3 . . 9 8 1 1 3 4 . . 5 3 1 1 6 5 . . 6 8 1 14 5 . 4 0 1 1 6 5 . . 1 1 1 1 6 5 . . 9 7 1 16 7 . . 0 2 1 1 6 6 . . 2 2 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23.1 24.4 22.3 23.8 21.9 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 -.6 1.5 4.3 2.4 5.3 Nonfarrn only 1.8 -1.4 4.0 6.4 9.0 2.1 1.9 -3.2 3.0 -1.0 1.5 4.2 2.0 5.1 Net foreign investment 8 2 1 1 —2 2 .2 -.2 -2 0 _ 3 — 4 9 — 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 National security }l.3 1 13.8 18.5 37.3 48.8 51.4 43.2 40.8 40.5 41.2 40.4 40.6 41.0 Other .0 2. . 0 0 \ 1 3. o 2 3. . 9 3 4. . 2 4 5. . 8 4 8 .4 5 6 .4 3 5 .3 4 5 .3 5 5 .3 5 5 .3 2 5. . 2 3 5 .3 5 State and local 7.2 6.0 7.8 19.9 21.8 23.2 25.0 27.8 30.1 28.7 29.4 29.7 30.2 31.0 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] Year or month1 in s P c o e o n r m a - l e Total W p a d m i C g r n u o o e g s o d d t m r a i u i i n n t e - c y - d s - sa D l i a u n i t s r r t d y i i t e u v r i s e s d b - - isbu S i r n e t s r r d e i v m e u i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c P e a i o n e r n m o t t d o a - e l r s 3 ' i i n n d s D p a t c o e e i e n o n n v r r d m d a e - i- l s s e t m T p r e f a a e n y n r t - s s - 4 p b e c i s a u r o n L o n f s t n s e c o i o c u o t s i r n e r a s r n i 5 a - l - s l i a n N g t c u r o o i r c m n a u l - e l- 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1 1 9 94 3 1 3 4 96 7 . . 3 2 2 62 9 . . 1 0 2 9 7 . . 8 5 1 8 6 . . 8 3 5 8. . 1 2 1 5 0 . . 1 2 . . 4 7 2 7 0 . . 6 9 1 8 0 . . 3 3 2 3 . . 1 1 .2 4 8 3 8 . . 6 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 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 301 208.0 90.9 54.9 27.4 34.8 6.9 48.5 26.3 17.1 5.2 287.2 July. 305.3 212.4 91.7 55.7 27.8 37.2 7.0 47.9 26.4 16.9 5.3 291.7 Aug. 305.3 211.2 91.5 56.1 27.9 35.7 7.0 48.8 26.7 16.9 5.3 290.8 Sept. 307.9 212.4 92.2 56.4 28.0 35.8 7.1 49.7 27.1 16.9 5.3 293.0 Oct., 309.2 213.3 92.8 56.4 28.2 35.9 7.1 49.8 27.4 16.9 5.3 29 A A 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. 314.8, 215.8 94.1 56.9 28.7 36.1 7.2 49.9 29.9 17.4 5.4 299.9 1956—Jan.* 312.5 215.5 93.6 56.9 28.7 36.3 7.2 49.8 28.0 17.7 5.7 297.9 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

286 STOCK MARKET CREDIT DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1950-55 [End of month figures. Amounts in millions of dollars] 1950 1951 1952 1953 1954 1955 Item June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. DEBIT BALANCES Cash on hand and in banks 314 397 364 378 365 343 282 297 309 348 337 331 Securities borrowed 38 44 50 51 43 38 37 62 64 91 85 75 Securities sold, delivery pending (failed to deliver) 114 151 94 97 79 100 67 99 121 207 214 168 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange. 79 74 72 75 81 82 100 88 77 114 144 162 Member firms of other exchanges 14 14 14 13 12 15 11 10 10 15 16 13 Net debit balances due from all other customers exclusive of firms' own partners... 1,256 1,356 1,275 1,292 1,327 1,362 1,684 1,694 1,857 2,443 2,768 2,830 Net debit balances in partners' individual investment and trading accounts 12 9 10 12 9 7 8 10 11 14 18 Debit balances in firm investment and trading accounts 386 399 375 392 427 406 347 404 492 626 673 707 Commodity margins on deposit with banks, and commodity guaranty funds on deposit, 31 41 43 52 42 49 37 37 41 44 35 38 All other debit balances 81 106 93 96 110 105 93 105 98 116 144 188 Total 2,324 2,591 2,390 2,458 2,493 2,506 2,665 2,804 3,080 4,014 4,430 4,530 CREDIT BALANCES Money borrowed: From banks and trust companies in New York City 744 663 615 622 825 807 1,066 982 976 1,343 ,744 2,010 From banks and trust companies elsewhere in the United States 70 75 55 65 77 91 130 173 183 260 331 309 From other lenders (not including members of national securities exchanges) 13 6 10 22 20 15 14 14 40 27 Securities loaned 70 71 72 72 68 110 116 162 156 130 Securities bought, delivery pending (failed to receive) 113 142 94 98 85 67 97 123 201 218 167 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange. 60 64 63 71 63 68 96 126 129 Member firms of other exchanges 10 10 10 9 10 11 14 11 7 Credit balances of other customers exclusive of firms' own partners: Free credit balances 673 890 834 816 708 724 653 709 838 1,023 '919 889 Other net credit balances 166 230 259 219 200 163 208 248 287 '239 Net credit balances in partners' individual in- 225 227 vestment and trading accounts 25 36 42 23 35 23 28 23 53 31 Credit balances in firm investment and trading 26 44 accounts 11 12 11 16 9 16 31 45 65 62 All other credit balances (except those included 13 27 in next item) 46 78 67 55 59 45 54 64 95 '83 Net balance in capital and profit and loss ac- 51 102 counts and partners' drawing accounts 312 317 314 324 315 319 313 372 401 '469 319 462 Total 2,324 2,591 2,390 2,458 2,493 2,506 2,665 2,804 3,080 4,014 4,430 4,530 Memorandum: Valuation of short security positions carried— Against reported debit balances: For member firms of national securities exchanges other than New York Stock Exchange 0) 0) 0) For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 7 12 14 13 In partners' individual investment and trading accounts 0) (0 In firm investment and trading accounts.... 2 ""*3 "5* Against reported credit balances: For member firms of national securities exchanges other than New York Stock Exchange 2 For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 56 66 64 74 60 52 77 100 114 100 93 In partners' individual investment and trading accounts 0) 0) 0) 0) 0) 0) 0) In firm investment and trading accounts 40 40 Number of firms 289 288 289 288 292 291 287 281 278 296 299 301 ' Revised. 1 Less than $500,000. of the reporting firms. The items "net debit balances due from all other NOTE.—For explanation of these figures see "Statistics on Margin Ac- customers exclusive of firms' own partners," "money borrowed," and counts" in BULLETIN for September 1936. This article describes the "credit balances of other customers exclusive of firms' own partners—free method by which the figures are derived and reported, distinguishes the credit balances" are conceptually identical to these items (including debit table from a statement of financial condition, and explains that the item balances secured by and money borrowed on U. S. Govt. obligations), as "net balance in capital and profit and loss accounts and in partners shown in the table on Stock Market Credit, p. 254, but the data differ drawing accounts" is not to be taken as representing the actual net capital somewhat because of minor differences in coverage and statistical discrepancies in reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 288 Gold production 292 Net gold purchases and gold stock of the United States 293 Reported gold reserves of central banks and governments 294 Estimated foreign gold reserves and dollar holdings. 295 International Bank and Monetary Fund 296 Central banks 296 Money rates in foreign countries. 301 Foreign exchange rates. , 302 Special tables on estimated foreign gold reserves and dollar holdings: Changes during 1955. . 303 Selected dates, December 31, 1949-. 304 Index to statistical tables. 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 centra] 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. 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES » [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a i a - - l Official France m R F a e e n p d . y . , Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions2 and Official3 of private 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 ,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 ,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 ,837 1,842 267 Feb. 28.... 1,785 10,925 6,540 725 1,407 612 634 599 1,627 5,604 1,367 ,812 1,858 284 Mar. 31.... 1,813 10,915 6,508 750 1,411 611 650 637 1,591 5,650 1,321 ,795 1,860 290 Apr. 30.... 1,821 11,067 6,633 671 1,405 629 658 677 1,660 5,698 1,319 ,899 1,852 298 May 31.... 1,875 11,178 6,711 766 1,408 638 672 664 1,577 5,724 1,275 ,989 1,885 305 June 30.... 1,854 11,263 6,776 785 1,397 646 685 689 1,588 5,790 1,269 1,920 1,983 301 July 31.... 1,861 11,281 6,658 835 1,418 676 702 623 1,561 5,815 1,302 1,897 1,968 299 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 1,179 1,916 2,085 329 Oct. 31.... 1,825 11,748 6,890 1,017 ,424 813 709 645 '1.,557 6,166 1,138 1,948 2,157 340 Nov. 30 ... 1,823 11,797 6,938 1,069 ,421 810 740 645 1,484 6,168 1,125 1,945 2,217 141 Dec. 31"... 1,881 11,699 6,942 1,081 1,454 785 751 543 1,515 6,130 1,031 1,999 2,180 360 1956—Jan. 31'"... 1,867 11,849 6,975 1,066 1,458 784 736 657 1,560 6,260 1,076 1,948 2,213 353 Tablela. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia 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 1,675 273 98 76 40 129 256 89 93 8 Feb 28 1,627 277 93 70 42 134 219 66 98 8 Mar 31 1,591 275 99 69 38 130 222 64 92 8 Apr. 30 1,660 272 106 70 37 134 218 77 95 8 May 31 1,577 272 103 64 40 131 195 68 94 8 June 30 1,588 269 107 54 38 127 202 71 94 8 July 31 1,561 273 99 56 40 125 202 68 101 8 Aug. 31 1,567 283 104 60 42 126 190 66 106 8 Sept 30 [,562 280 104 64 41 134 199 68 112 8 Oct 31 1,557 279 105 54 46 141 183 72 120 8 Nov. 30P 1,484 270 98 64 44 156 173 68 125 8 Dec 31 P I 515 263 106 60 49 174 165 79 132 1956 Jan 31" ,560 254 113 64 45 199 183 63 127 00 00 Spain S d w en e- T k u e r y - Y sla u v g i o a - o A th ll er 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 8 328 119 141 10 10 303 120 147 9 9 267 117 149 9 11 263 112 149 9 9 198 104 153 9 13 201 102 154 12 11 226 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 o m ia - - Cuba m p i D R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n e r r i d d - s e i s - t s l a p P i R c m u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1952—Dec. 31 ,613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec. 31 ,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954-Dec. 31 ,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Jan. 31 ,837 143 31 100 73 189 234 68 37 336 43 73 81 40 87 178 122 Feb. 28.,.,.. ,812 144 27 105 67 139 228 65 43 358 45 75 79 47 83 177 130 Mar. 31 ,795 152 26 95 75 97 234 63 45 363 45 79 79 43 81 188 129 Apr. 30 , ,899 156 27 111 76 88 252 68 48 376 44 78 82 46 74 243 132 May 31 ,989 167 28 129 95 91 254 67 51 372 45 74 82 48 68 285 133 June 30 ,920 157 28 120 94 102 245 71 51 341 42 84 83 50 64 261 129 July 31 ,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 ,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct. 31 ,948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30P 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 1956—Jan, 31" ,948 138 28 156 79 132 227 65 51 399 49 80 90 34 69 239 111 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. 289 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 d s 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 i l u £ i b c - P p i i h p n i - e l- s T la h n a d i- Other Total A tra 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 d n l p o - - S U A o f n o r u i f i o t c h n a Other land of* Sudan 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 r97 Feb. 28 1,858 70 60 102 112 47 41 700 97 263 133 233 284 59 43 52 36 95 Mar. 31 1,860 70 61 87 98 40 45 714 97 254 132 262 290 57 44 54 33 102 Apr. 30 1,852 69 59 84 96 47 45 709 98 249 130 266 298 60 44 54 36 103 May 31 1,885 70 61 93 100 52 43 720 106 249 129 261 305 70 43 48 34 110 June 30 1,983 71 60 97 115 52 41 757 108 252 130 299 301 64 43 50 30 114 July 31 1,968 72 62 78 108 48 43 774 106 258 121 298 299 70 42 45 33 109 Aug. 31 1,994 72 60 73 110 42 55 808 102 261 122 290 316 75 46 47 37 112 Sept. 30 2,085 72 58 92 120 36 46 865 100 253 123 321 329 72 44 60 37 116 Oct. 31 2,157 75 57 90 127 42 46 914 95 247 125 339 340 74 45 70 34 116 Nov. 30*.... 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 1956—Jan. 31*.... 2,213 78 54 70 159 33 57 926 85 261 144 344 353 75 42 72 42 121 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1951 1952 1953 1954 1951 1952 1953 1954 Other Europe: Other Asia: Albania .1 .2 .2 .2 Afghanistan 10.6 4.0 2.7 n.a. Azores .3 .3 .4 n.a. British dependencies 21.0 25.5 19.8 21.1 British dependencies .6 .4 .4 .6 Burma ... 9.5 16.9 23.0 29.7 Bulgaria .6 .6 .6 .6 Ceylon 19.2 13.9 17.1 n.a. Czechoslovakia*'' 1 3 6 .6 .7 Iraq 12.9 14.1 13.8 10.0 Eastern Germany n a. n.a. n.a. 1.2 Jordan .5 .6 .9 .8 Estonia 2.7 1.9 1.9 n.a. Lebanon 15.3 19.3 23.9 16.5 Hungary 1 0 1 0 1.0 1.0 Pakistan . ... 13 1 14 4 9 7 3.8 Iceland ... .... 3 5 3.7 7.5 8.9 Palestine .1 .1 Ireland, Republic of 15.9 12.6 14.1 n.a. Portuguese dependencies 2.7 2.8 5.3 1.8 Latvia 1.3 1.3 1.3 1.0 Saudi Arabia.. 13.2 15.9 18.5 61.5 Lithuania .6 .6 .4 .5 Syria 5.4 11.4 20.5 21.5 Luxembourg 11 8 5 0 4.0 4.5 Viet-Nam n.a. n.a. n.a. 8.1 Monaco.... 3 2 2.6 3.0 5.3 Poland6 2.8 3.4 2.2 2.1 All other: Trieste 5 6 4 1 2.5 2.2 British dependencies 1.2 1.6 1.6 1.4 U. S. S. R.6 2 5 1.7 2.0 1.8 Ethiopia and Eritrea 6.9 3.5 9.1 n.a. French dependencies 36.5 27.0 22.3 16.8 Other Latin America: Italian Somaliland .1 1.1 .3 n.a. British dependencies 14 6 14.6 18.0 19.0 Liberia 6.1 10.3 11.8 5.6 Costa Rica 8.7 12.1 13.4 15.3 Libya ... .5 2.3 3.0 n.a. Ecuador 11.4 23.7 17.7 21.2 New Zealand 5.2 3.5 2.1 2.3 French West Indies and French Guiana... .8 2.2 .6 .4 Portuguese dependencies 4.3 6.3 5.0 n.a. Haiti 10.3 11.6 9.3 12.7 Spanish dependencies .2 .2 .2 .5 Honduras 17.2 15.4 18.7 n.a. Tangier 21.5 26.7 36.1 35.7 Nicaragua 8.3 13.4 16.0 10.3 Paraguay 5.4 5.0 6.0 3.6 P Preliminary. r Revised, 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

290 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 R m e G F p a e e n . d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o h p er e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1952—Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1953—Dec. 31 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Jan. 31 1.380 12 73 20 19 146 137 407 104 677 152 40 Feb 28 . 1,368 12 80 22 22 116 143 394 105 671 160 38 Mar. 31 1,366 7 74 23 19 119 140 382 91 686 170 37 Apr 30 1,380 8 79 23 20 96 127 354 104 694 190 38 May 31 ,415 10 77 26 22 98 135 369 108 684 213 41 June 30 1,450 10 84 28 20 91 143 375 122 671 239 43 July 31 1,416 12 80 26 21 70 154 363 118 653 240 42 Aug. 31 1,429 10 74 30 20 74 151 359 112 682 236 39 Sept. 30 1,404 11 69 27 21 76 152 356 115 640 252 42 Oct 31 .. 1,428 11 71 30 25 65 159 360 123 657 243 45 D N e o c v . . 3 3 0 1 P » [ ,5 4 5 9 9 8 1 1 2 2 8 o O n O 1 3 30 0 2 26 4 1 7 09 4 1 15 6 8 3 4 3 2 8 3 3 1 1 3 44 1 6 7 7 10 5 2 2 5 39 9 4 43 9 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 1952—Dec. 31 98 1 16 2 6 (2) 4 2 11 3 39 9 5 1953—Dec. 31 88 1 13 6 2 9 1 24 3 16 5 7 1954—Dec. 31 109 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 18 7 2 4 15 3 4 3 62 4 5 May 31 135 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 14 7 3 3 12 2 8 5 89 2 8 Aug. 31 151 12 9 3 3 12 3 6 6 88 7 Sept. 30 152 1 11 8 2 3 13 4 6 6 92 (2) 5 Oct 31 159 1 13 9 2 3 13 4 7 5 93 6 Nov. 30P 163 1 15 9 4 4 11 5 7 7 92 6 Dec. 31*3 158 2 16 13 3 4 11 9 2 5 7 78 2 7 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 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- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 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—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 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. 31 657 6 3 91 8 122 87 4 4 151 2 14 20 6 12 93 34 Nov. 30P 675 8 4 64 20 128 95 4 5 160 2 14 27 9 12 91 34 Dec. 31*> 710 7 4 69 14 143 91 5 5 159 3 17 29 8 18 106 34 * Preliminary. maturity of more than one year reported by U. S. banking institutions 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $614 million on Dec. 31 following items payable on demand or with a contractual maturity of 1955. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 291 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 a h n o i a n d s 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 ia - C g B o i e n a l n g - o A E t a n g i n a g y d n l p o - - A U S f n o r o i u i f o c t a h n Other land Sudan 1952—Dec. 31 90 10 1 4 1 10 15 13 8 3 25 22 10 6 1 2 4 1953—Dec. 31 115 8 3 4 1 14 23 26 6 6 25 25 8 6 (2) 2 8 1954_Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—Jan. 31 152 8 3 4 1 18 11 48 10 13 36 40 13 6 1 7 12 Feb. 28 160 8 3 4 1 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 (2) 19 7 87 18 17 48 41 11 5 2 8 15 June 30 239 8 3 4 (2) 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 1 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 1 20 9 110 17 8 71 42 11 5 1 6 18 Oct. 31 243 8 4 5 1 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30P 259 8 4 5 18 9 107 39 8 62 49 13 5 2 10 19 Dec. 31* 239 8 3 5 18 10 103 39 8 43 43 11 5 1 8 17 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 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 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 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955*> 1,338 809 529 1,884 1,730 154 692 505 187 663 872 -209 1954 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 88 -45 Feb 361 216 145 160 161 -2 131 70 61 43 70 -27 Mar 83 72 11 185 163 22 59 r38 r21 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 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 21 30 -8 154 141 13 46 34 12 58 61 -3 Nov.*7 35 38 -4 121 141 -20 38 37 1 57 53 Dec p 132 86 46 147 145 2 41 56 -15 58 60 -2 r Revised. TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( — ). In millions of dollars] Inter- Year or month national institutions 1952 15 1953 23 1954 78 1955P -21 1954—Dec -11 1955 Jan . . . 2 Feb 10 Mar (2) Apr (2) May -44 July Aug Sept Oct NOV.P Dec.*7 CO CO i— Ger- Total many, Switzer- United Other Total foreign France Federal Italy land King- Europe Europe coun- Repub- dom tries lic of 300 5 (2) (2) 51 70 -16 111 -34 -42 (2) 57 71 -24 62 72 17 (2) 73 70 -20 139 704 -2 9 -7 147 96 84 328 -132 -28 10 7 -8 -19 66 2 (2) 1 20 18 4 45 133 1 (2) -5 15 22 20 53 33 1 (2) 20 -2 -4 16 9 2 (2) -(22) 4 1 8 166 -1 2 (2) -1 41 39 80 15 1 1 (2) 9 15 24 49 (2) (2) 26 13 9 173 (2) 28 -1 4 36 2 1 19 -9 13 4 2 3 8 2 n -24 (2) (2) (2) -7 -4 3 46 -14 8 -3 3 OOCONC Latin All Canada Amer- Asia other ica 192 5 -9 2 -121 25 -1 — 187 113 264 76 29 7 -108 -7 -8 29 8 3 76 3 -5 6 -5 4 1 78 6 -9 -2 1 -2 1 1 132 7 8 - -1 lo 0 1 13 6 1 1 -7 (2) -6 41 » Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 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 Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits U. S. Govt. Misceltutions tries ica securities 2 laneous 3 1952 -118 -100 20 -141 25 -10 6 1954—Dec. 31 490 2,908 105 1953 -61 -11 96 -138 35 -30 26 1954 — 164 -137 -9 -133 33 -34 7 1955—Feb. 28 320 2,966 128 -27 4 -46 75 26 -49 -1 Mar. 31 351 3,062 131 Apr. 30 360 3,137 137 1954—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... -2J -4 6 -2 4 1 Sept. 30 385 3,463 142 A M p a r y .. . . .. - - 2 4 0) -8 1 -4 6 C1 1 ) - - 2 2 C1 5 ) N O o ct v . . 3 3 0 1 4 4 0 0 8 2 3 3, , 5 5 5 0 8 6 1 1 3 3 7 8 June.. 0) 4 -21 21 5 -2 2 Dec. 31 402 3,543 126 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 Feb. 29 363 3,793 132 Oct -3 11 8 3 2 -3 0) NOV.P.. — 2 8 9 9 1 -11 1956—Feb. 1 360 3,721 123 Dec.*5.. -2 -15 17 -7 7 -8 -23 Feb. 8 369 3,738 122 Feb. 15 379 3,775 119 Feb. 22 365 3,770 127 * 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 - 1 Au l s ia tra- India $/= 15Y2Xgrains ojrgold Hofine: i. e'., an ounce of fine' gold= $35. 1948 805 0 728.1 405.5 18.0 23 A 11.1 70.9 123.5 12.9 11.7 5 7 7 8 31 2 6 5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864 5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4 6 9 1 37 7 7 8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1954 Dec. 71.3 40.8 1.5 2.3 .9 5.8 13.5 .8 .8 .4 .7 3.4 .6 1955—Jan 70.4 40.7 1.4 2.2 1.5 5.0 12.8 .9 1.6 .5 6 2 8 5 Feb 67.9 38.8 .6 2.2 1.2 4.8 12.3 1.8 1.1 .3 .6 2.7 .5 Mar 73.3 42.3 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 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 6 2 2 1 0 4 1 13 5 8 3 8 r3 1 5 Aus 44.4 2.2 .9 5.9 13.5 1.1 .4 .7 '2.8 .6 Sept 43.6 1.6 2.2 1.1 7.0 13.8 1 3 7 3 1 5 Oct 43.8 1.5 2.0 1.0 6.8 13.8 1.2 7 6 Nov 43.3 1.9 .8 6.3 13.6 1.1 .6 .6 Dec 42.9 1.1 5.0 13.3 6 .6 r Revised. British West Africa, Belgian Congo, and India, data for which are from i 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. f M ig e u t r a e l s S a t r a e t i f s r t o ic m s. the Mint and monthly figures from American Bureau of Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 293 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 1948 1949 1950 1951 1952 1953 1954 1955 Oct.- Jan.- Apr.- July- Oct.- Dec. Mar. June Sept. Dec. Continental Western Europe: Belgium 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 France 15.8 -84.8 -20.0 -67.5 -22.5 -45.0 Germany (Fed. Rep. of) -io!6 "-no'.b -225^6 -10.0 * ~3Ol6-10.0 Netherlands -23^5 -4^5 -100.0 -65.0 63.0 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 —10 0 -5 0 Sweden 3.0 -22.9 -32.0 -20.0 -15.0 -15.0 Switzerland -40.0 -38.0 -15.0 -65.0 -15.5 -7.5 Bank for Intl. Settlements.... -34.3 -65.3 -30.4 (2) -94.3 -20.0 -8.4 Other 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 -2.9 (2) 3.5 1.5 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546 4 — 328 3 — 77 5 — 73 7 —37 5 —41 5 1 5 Sterling Area: United Kingdom 734.3 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 Union of South Africa 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 -.5 -.5 i -.1 -.1 (2) Total 1,232.9 645.2 -1,003.4 525.6 451.2 -480 5 — 50 5 _ | _ j _ j (2) Canada (2) 3.4 -100 0 -10.0 7 2 Latin America: 114.1 -49.9 -49.9 -20.0 -84.8 15.5 7.0 -10.0 17.5 -22.8 -3.5 Cuba -10.0 -10.0 28.2 -20 0 Mexico 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80 3 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 11 0 Venezuela -108.0 -50.0 -.9 — 30 0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 1.9 3.4 -.1 -.1 -.1 Total 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 1.9 3.4 -.1 10.9 -.1 Asia -4.1 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -2.2 -2.2 Eastern Europe 1.0 -6.2 13.7 All other 6.9 .4 6-44.2 6-76.0 (2) -.4 -2.7 -.4 -2.7 (2) Grand total 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 -72.3 -36.9 -41.7 8.1 1.4 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 f 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 t e o l a d ta se l im g N p o o e r o ld t rt, g m c o r E l a e d r a a : k r s - e d e d e , - D p ti r c o o m d go 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 r o t e o ld a ta se l im g N p o o e r o ld t rt, g m c o E r l a e d r a a : k r s - e d e d e , - D p ti r c o o m d g u o e c l s d - - T u re r a y s- Total* stock ex (- p ) ort c o r r e a in se - tion Tr u e 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—Feb 21,716 21,788 1.6 3.2 -.8 4.8 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 Mar 21,719 21,763 -24.7 2.7 -27.7 5.4 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Apr 21,671 21,724 -39.4 2.5 -41.8 5.0 1946 20,529 20,706 623.1 311.5 465.4 51.2 May 21,674 21,727 2.9 4.5 -1.0 5.3 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 June... 21,678 21,730 3.1 3.8 -.9 5.6 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 July 21,682 21,734 4.4 1.6 -.1 4.1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Aug 21,682 21,732 -2.2 3.6 -2.9 5.9 Sept 21,684 21,745 12.7 4.4 10.6 7.0 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Oct 21,686 21,747 2.0 10.4 -7.1 6.8 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Nov.. 21 68821 751 3 9 31 9 -27 0 6.3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Dec 21,690 21,753 1.9 26.7 -23.8 5.0 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 1954 21,713 21,793 -297.2 16.6 -325.2 r65.1 1956—Jan 21,693 21,755 2 5 11.4 —8.2 4.8 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 Feb ^21,695*21,757 ^2.0 (3) -15.7 (3) P Preliminary. r Revised. 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 $6,965.2 million on Feb. 29, 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

294 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 ota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)i Treasury Total 2 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 11,080 42 186 31 23 1955 Feb 21,716 21,788 371 797 8 322 ,086 43 85 186 31 23 Mar 37,500 21,719 21,763 371 824 322 1,097 43 186 31 23 Apr 21,671 21,724 371 839 8 322 1,103 43 186 31 23 May 21,674 21,727 371 848 322 ,111 43 186 31 23 June 37,730 21,678 21,730 371 839 322 1,112 42 186 31 23 July 21,682 21,734 371 845 322 1,122 42 186 31 23 AUK 21,682 21,732 371 850 322 1,134 42 186 31 23 Sept 37,880 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 21,751 371 922 323 ,147 42 141 31 23 Dec ^37,970 21,690 21,753 929 323 1,141 44 136 31 23 1956—jan 21,693 21,755 942 323 1.136 136 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—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 27 247 138 346 78 804 45 48 35 Aug 174 576 802 27 247 138 346 130 804 45 48 35 Sept 174 576 825 27 247 138 346 141 804 45 48 35 Oct 174 576 849 27 247 138 142 836 45 48 35 Nov 174 576 868 27 247 138 856 45 48 35 Dec 174 861 920 247 138 865 45 48 35 1956—Jan 174 861 138 865 45 48 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 - d U gu r a u y - V zu e e n l e a - M 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 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951_Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 [,459 113 143 2,518 227 373 1,702 193 1954—Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 1,740 196 1955—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 1,744 204 Apr 438 29 208 56 258 1,493 113 144 2,686 227 403 1,744 204 May 438 29 207 56 263 1,473 113 144 2,686 227 403 1,745 207 June 436 29 212 56 264 1,485 113 144 2,680 227 403 1,745 230 July 422 29 215 56 264 1,495 112 144 2,544 227 403 1,747 227 Aug 425 29 212 56 264 1,501 112 144 2,457 227 403 1,751 226 Sept 425 28 214 56 264 1,513 112 144 2,345 216 403 1,751 215 Oct 428 28 211 56 270 ,535 112 144 2.297 216 403 1,751 208 Nov 428 28 213 56 278 ,560 112 144 2,283 216 403 1,756 234 Dec 28 212 56 276 597 112 144 2,120 216 403 1,808 217 1956—Jan 28 211 56 278 ,593 2,149 216 £ Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Includes reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of gold and of United received. States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Stabilization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 295 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1953 Dec. 3I, 1954 Mar. 31, 1955 June 30, 1955 Sept. 30, 1955 Dec. 31, 1955*> Area and country Gold& U. S. Gold& U. S. Gold & U. S. Gold& U.S. Gold& U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria .. ... 238 8 329 12 331 12 325 12 341 12 324 10 Belgium-Luxembourg (and Belgian Congo).. 1,098 9 1,039 10 1,087 9 1,108 10 1,146 10 1,197 10 Denmark 127 6 102 7 100 7 85 6 95 6 91 6 Finland . . 64 1 72 3 69 3 69 5 73 5 84 5 France (and dependencies) * 1,049 158 1,328 161 1,362 161 1 397 160 1 593 161 21 986 151 Germany (Federal Republic of) 1,225 1,999 2,125 2,155 3 2,250 5 2,374 8 Greece ... .... 112 124 141 138 145 185 Italy 812 9 925 10 957 5 992 1,105 1,131 2 Netherlands (and Netherlands West Indies and Surinam) 1,055 7 1,118 5 1,089 26 1,072 41 1,074 41 1,100 44 Norway 171 5 148 6 109 14 116 36 113 53 124 53 Portugal (and dependencies) 469 560 570 571 580 600 Spain (and dependencies) 150 188 4 209 4 225 237 3 221 -3 Sweden 335 1 406 1 386 1 383 411 429 (3\ Switzerland 2,133 41 2,185 38 2,149 42 2,170 42 2,197 44 2,348 44 Turkey 157 152 154 156 153 153 Other* 887 4 947 3 1,016 1 1,242 4 1,273 857 3 Total 10,082 252 11,622 260 11,854 285 12,204 324 12,786 345 13,204 339 Sterling Area: United Kingdom 3,009 232 3,190 216 3,137 249 3,139 280 2,800 286 2,593 282 United Kingdom dependencies... 108 5 103 5 103 5 102 5 100 12 88 12 India 346 1 334 1 334 344 1 339 1 320 I Union of South Africa 214 1 232 1 236 1 242 1 251 1 265 I Other 373 3 381 3 395 3 405 3 421 3 433 4 Total 4,050 242 4,240 226 4,205 259 4,232 290 3,911 303 3,699 300 Canada 2,292 227 2,616 93 2,418 182 2,381 262 2,320 397 2,172 437 Latin America: Argentina 501 2 531 523 528 536 509 Bolivia • . 40 32 26 28 26 26 OV Brazil 423 2 442 417 2 442 469 466 2 Chile 121 1 112 1 118 1 136 1 129 (3) 139 (3) Colombia 236 308 183 188 184 (3) 217 Cuba 527 43 423 420 149 431 149 423 169 389 169 Dominican Republic 51 72 (3) 75 83 82 77 Guatemala . . 65 (3) 62 72 78 70 72 Mexico 341 4 391 4 427 4 419 4 481 4 556 4 Panama, Republic of 90 1 74 1 79 1 84 2 85 86 1 Peru 104 118 114 118 124 127 El Salvador 56 59 72 79 61 52 Uruguay 337 1 317 1 308 1 291 1 277 1 281 1 Venezuela 595 2 597 3 591 3 664 3 662 3 668 3 Other 130 5 135 10 140 11 138 12 140 14 124 15 Total 3,617 61 3,673 146 3,565 172 3,707 174 3,749 194 3,789 195 Asia: Indonesia .... 184 181 179 15 196 15 201 15 255 15 Iran 181 169 178 190 174 Japan 951 2 851 841 3 884 3 992 1,029 4 Philippines 304 8 266 6 264 6 263 6 266 6 263 6 Thailand. 281 (3) 236 (3) 245 1 243 1 235 1 250 1 Other 401 6 520 6 551 4 601 3 620 2 643 3 Total 2,302 16 2,223 15 2,258 29 2,377 28 2,488 27 2,613 29 Eastern Europe ^ 306 6 309 6 309 6 311 7 307 7 308 7 All other: Egypt . ... 217 221 228 224 234 2^6 Other 67 2 68 72 84 87 1 77 1 Total 284 2 289 (3) 300 (3) 308 (3) 321 1 323 Total foreign countries 22,933 806 24,972 746 24,909 933 25,520 1,085 25,882 1,274 26,108 1,308 International^ .. 3,331 285 3,510 353 3,557 362 3,599 317 3,595 320 3,689 321 Grand total 26,264 1,091 28,482 1,099 28,466 1,295 29,119 1,402 29,477 1,594 29,797 1,629 P Preliminary. International Monetary Fund, and United Nations and other inter- 1 Includes gold reserves of Bank of France and French dependencies national organizations. onl 2 y . Reflects publication by France of certain previously unpublished Go N v O t. T s E e . c — ur T i h ti i e s s t a w b i l t e h h o a r s i g b i e n e a n l r m ev a i t s u e r d i t t i o es s h o o f w m f o ig r u e r e t s h a o n n h o o n l e d i y n e g a s r . o f U G . o S ld . French gold reserves, which are included for earlier dates in Continental and short-term dollars include reported and estimated gold reserves of Western Europe—Other. central banks, governments, and international institutions, and official 3 Less than $500,000. and private dollar holdings as shown in Short-term Liabilities to For- 4 Includes Yugoslavia, Bank for International Settlements (both for eigners Reported by Banks in the United States, by Countries (Tables its own and European Payments Union account), gold to be distributed 1 and la-Id of the preceding section). U. S. Govt. bonds and notes by the Tripartite Commission for Restitution of Monetary Gold, and represent estimated official and private holdings of such securities with unpublished gold reserves of certain Western European countries. original maturities of more than one year; these estimates are based on a 5 Excludes gold reserves of the U. S. S. R. survey of selected U. S. banks and on monthly reports of security transac- 6 Includes International Bank for Reconstruction and Development, tions. For back figures see pp. 304-05 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 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: 1 Other currencies and securities *.... 966 977 996 1,001 1,010 United States 1,633 1,643 1,609 1,567 1,574 Effective loans*. 1,936 1,837 1,796 1,694 1,738 Other 4,540 4,656 4,691 4,734 4,738 Other assets3 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 88,863 38,85388,853 8,853 Undisbursed loans 494 429 456 386 420 Accumulated net income -12 -11 -11 -10 -9 Other liabilities 9 9 10 11 11 Reserves 205 193 184 174 165 Capital3 1,810 1,810 1,806 Cumulative net drawings Quota on the Fund9 Loans by country, Jan. 31, 1956 Country s Paid 1955 1954 Area and member country 4 Outstanding Total go in ld Dec. Nov. Dec. > Prin- Discipal bursed paid Sold Total to Brazil 150 38 66 66 66 others5 Colombia 50 13 25 25 25 France 525 108 45 105 105 Germany 330 33 -50 -50 -50 Continental W. Europe, total. 981 859 164 695 63 India 400 28 13 13 53 Belgium and Luxembourg.. 118 107 5 102 22 Indonesia 110 16 15 15 15 France 268 255 10 245 20 Iran 35 9 18 18 9 Italy 90 36 36 6 Philippines... 15 4 10 10 Netherlands 221 221 135 86 9 Turkey 43 11 15 15 24 Other 284 239 14 225 United States 2,750 688 -318 -388 -464 Sterling area, total 693 526 34 492 60 Australia 259 229 2 227 22 Footnotes to tables on international institutions: India 125 68 17 51 7 1 Currencies include demand obligations held in lieu of deposits. Pakistan 77 40 3 36 4 2 Represents principal of authorized loans, less loans not yet effective, Union of S. Africa 135 110 104 13 repayments, the net amount outstanding on loans sold or agreed to be Other 97 79 73 15 sold to others, and exchange adjustment. 3 Excludes uncalled portions of capital subscriptions. Latin America, total 627 399 370 21 4 Loans to dependencies are included with member. Brazil 194 151 145 3 5 Includes also effective loans agreed to be sold but not yet disbursed. Colombia 95 53 45 3 6 Includes $92 million in loans not yet effective. Mexico 141 103 98 6 7 Includes $134 million not guaranteed by the Bank. 197 92 9 8 Includes $125 million subscription of withdrawing member (Czech- Other oslovakia). 110 60 9 Countries shown are those with cumulative net drawings of $10 mil- Asia (excl. Sterling area) lion (+ or —) on the latest date. Net drawings for each represent purchases of other currencies from Fund less purchases of own currency by Africa (excl. Sterling area)... it or other countries. 62,419 1,852 228 1,624 7151 Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note circula- Gold (fi O i a d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n o D a d n u i c n s a e - t d s s - Se ti c e u s ri- tion1 Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 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 A 85.0 18.1 1951 Dec 26 ... .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Feb 23 .4 1,725.0 2.4 66.4 52.4 248.1 1,658.9 271.1 11.3 4.7 63.7 18.4 Mar. 30 .4 1,725.0 2.4 29.1 16.1 328.8 1,696.3 275.7 11.7 4.1 66.4 18.5 Apr. 27 .4 1,750.0 2.4 18.8 18.0 319.2 1,731.5 253.9 18.6 4.6 63.6 17.8 May 25 .4 1,775.0 2.4 23.1 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 1,825.0 2.4 42.7 5.7 301.6 1,782.7 246.6 14.2 .5 72.9 18.2 July 27 .4 1,875.0 2.4 14.5 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug. 31 A 1,825.0 2.4 43.1 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept 28 .... A 1,800.0 2.4 33.9 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18.6 Oct. 26 A 1.800.0 2.4 34.9 20.2 301.2 1,765.5 250.6 21.9 2.6 65.7 17.8 Nov. 30 A 1,850.0 2.4 54.7 20.8 287.4 1,795.7 263.1 10.1 3.0 71.2 18.0 Dec 28 A 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—Jan. 25...... A 1,825.0 2.3 53.7 32,8 251.9 1,771.7 236.9 11.9 3.3 70.2 18.3 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 297 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 a d 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 li c a a b a p i n l i i d t t a ie l s 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949_Dec. 31, 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31, 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31, 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Feb. 28 52.4 ,320.6 815.1 82.1 ,541.7 503.8 63.2 47.3 114.1 Mar. 31, 50.8 ,325.6 821.6 101.4 ,552.9 541.9 57.5 42.7 104.3 Apr. 30 59.0 ,385.5 808.4 123.6 ,579.3 570.7 50.8 40.5 135.2 May 31 52.3 ,357.6 817.5 87.1 ,597.7 516.9 50.6 35.6 113.7 June 30 55.8 ,451.9 834.9 121.5 ,618.8 577.0 71.3 36.5 160.4 July 30 59.6 ,233.4 1,032.4 134.9 ,651.8 532.9 52.9 45.2 177.5 Aug. 31 57.7 ,185.2 1,149.3 73.2 ,653.9 538.7 59.5 38.1 175.2 Sept. 30 60.6 ,103.2 1,196.5 156.6 ,665.8 565.7 63.4 29.1 192.8 Oct. 31 56.6 ,318.5 991.2 158, ,674.2 580.7 62.4 34.5 173.0 Nov. 30 52.9 ,326.2 1,060.2 141, ,684.0 562.6 128.3 45.2 160.4 Dec. 31 57.4 ,283.8 1,093.7 185, ,738.5 551.0 89.2 34.0 207.5 1956—Jan. 26 54.4 1,091.5 1,146.0 119.2 1,648.7 528.4 76.1 42.1 115.7 Bank of France (billions of francs) Assets Liabilities Date Advances to Foreign Domestic bills Government Other Note Deposits l O ia t b h i e l r - Gold ex- assets circula- ities change m O a p r e k n et Special Other Current Other tion Go m v e e n rn t - Other 3 ca a p n i d tal 1948_Dec. 30 65.2 () 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 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 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 2,123.5 (4) 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 (4) 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 in.2 2,538.5 .1 157.8 67.9 1955—Feb. 24 201.3 66.7 172.7 40.2 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 54.1 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 1,054.8 190.0 579.4 355.6 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 30.0 1,060.8 190.0 545.2 429.9 2,691.4 .1 139.0 72.4 Nov. 24 201.3 200.2 209.0 43.2 1,037.8 190.0 536.4 417.8 2,647.6 (4) 120.6 67.5 Dec. 29 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 (4) 142.9 71.8 1956—Jan. 26. 301.2 197.9 184.5 34.3 1,198.1 183.0 533.3 5325.9 2,741.1 (4) 143.5 73.6 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Nov. Jan. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 1,623 1,623 1,623 Gold and foreign exchange 297 300 413 Other gold and foreign exchange.. -250 -17 1,257 Checks and bills of other banks 7 7 7 Govt. securities 5,145 4,461 4,496 Securities (incl. Govt. and Treas- Rediscounts and loans to banks. .. 85,167 80,996 69,316 ury bills) 570 549 467 Other assets 127 '423 270 Other assets 62 48 75 Currency circulation 37,466 34,069 31,328| Note circulation 413 374 354 Deposits—Nationalized 46,714 45.805 40,648 Deposits of Trading Banks: Other sight obligations 2,117 1; 723 404 Special 265 265 296 Other liabilities and capital 5,515 5,889 4,582 Other 38 35 50 Other liabilities and capital 219 229 262 Footnotes to central bank table on this and opposite page: 5 Includes advance of 190.0 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

298 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,743 1,743 1,74: 556 Fund) 20 210 21 199 Foreign exchange (net) 6,927 6,990 7,305 ,634 Net claim on Intl. Fund1 13 1 13 13 Loans and discounts 5,686 5,995 5,627 ,158 Loans and discounts 55 54 55 52 Claim against Government 1,431 1,823 1,547 ,774 Credits to Government 56 63 60 69 Other assets 1,081 1,348 1,159 374 Other assets 80 8 81 77 Note circulation 12,681 13,026 12,498 ,904 Note circulation 417 431 409 410 Deposits—Banks 853 1,612 1,474 ,156 Deposits 224 240 275 262 Other 590 591 666 706 Other liabilities and capital 20 19 22 19 Blocked 1,434 1,346 1,376 1,730 Nati(ional Bank of Czechoslovakia2 Other liabilities and capital 1,309 1,324 1,365 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 47,097 46,442 46,088 39 044 Foreign exchange 74: 705 714 763 Foreign claims and balances (net). 10,965 9,766 10,241 12 558 Loans and discounts 235 248 189 266 Loans and discounts 6,585 7,120 4,368 6 802 Securities 514 539 545 479 Consolidated Govt. debt , 34,660 34,660 34,660 34 660 Govt. compensation account 3,104 3,123 3,123 3,147 Govt. securities 3,775 8,626 8,597 7 539 Other assets 894 1,016 1,032 405 Other assets 4,987 5,381 5,277 4 574 Note circulation 2,097 2,217 2,068 2,025 Note circulation 103,247106,399104,104 100 571 Deposits—Government 1,604 1,562 1,539 1,283 Deposits—Demand 1,462 1,768 1,079 1 642 Other 1,570 1,644 1,797 1,555 ECA 56 56 56 93 Other liabilities and capital 287 276 267 265 Other liabilities and capital 3,305 3,771 3,794 2,870 Centtrraall Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (Aug.)* Gold 12,076 12,076 12,076 12,076 Gold at home and abroad 498 477 Foreign exchange (net) 17,712 17,150 16,493 15,696 Foreign exchange (net) 627 ,390 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 40,428 ,370 Loans and discounts 4,060 4,500 2,500 3,138 Govt. securities 2,505 ,505 Govt. securities 8,560 8,890 8,890 8,890 Other assets 909 899 Other assets 14,861 15,075 14,998 14,261 Note circulation 32,826 ,747 Note circulation 47,904 49,531 44,930 40,960 Deposits 7,985 065 Demand deposits 8,159 6,492 8,414 12,080 Other liabilities and capital 4,155 ,829 Other liabilities and capital 2,456 2,917 2,863 2,271 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 648 655 640 549 Gold 344 344 343 Govt. securities 18 18 18 26 Foreign exchange (net) -11 25 151 Other assets 6 15 11 4 Net claim on Intl. Fund1 19 19 19 Currency in circulation 414 425 420 370 Credits—Government 456 417 366 Deposits—Government 45 46 43 34 Other 235 230 175 Banks 134 138 144 124 Other assets 251 285 186 Other liabilities and capital 79 79 63 51 Note circulation 664 660 652 Central Bank of Chile (millions of Demand deposits—Private banks. 217 195 199 pesos): Other 141 146 167 Gold 5,870 5,814 743 Other liabilities and capital 270 319 222 Foreign exchange (net) 2,583 1,435 373 Natiional Bank of Egypt (millions of Discounts for member banks 7,991 6,670 110 pounds): Loans to Government 16,153 16,269 385 Gold 61 61 61 61 Other loans and discounts 18,691 16,881 352 Foreign assets3 142 146 156 181 Other assets 9,075 6,088 412 Egyptian Govt. securities 92 87 84 99 Note circulation 44,829 38,245 714 Clearing and other accounts (net). -9 -9 -17 -12 Deposits—Bank 5,758 5,477 413 Loans and discounts 23 30 26 27 Other 2,303 2,346 269 Other assets 2 6 4 2 Other liabilities and capital 7,474 7,088 978 Note circulation 174 180 177 178 Bank of the Republic of Colombia (mil- Deposits—Government 23 14 19 89 lions of pesos): Other 98 103 95 74 Gold and foreign exchange 281 273 270 414 Other liabilities and capital 17 23 22 17 Net claim on Intl. Fund1 24 24 24 24 O'entral Reserve Bank of El Salvador Loans and discounts 485 616 520 467 (thousands of colones): Govt. loans and securities 491 487 471 315 Gold 70,973 71,048 71,119 71,727 Other assets 101 104 104 98 Foreign exchange (net) 34,464 17,298 19,579 59,306 Note circulation 684 800 658 670 Net claim on Intl. Fund1 1,571 1,569 1,569 1,569 Deposits 532 525 547 514 Loans and discounts 66,970 73,718 61,980 41,351 Other liabilities and capital 167 180 183 134 Govt. debt and securities 15,554 13,777 11,576 8,434 Central Bank of Costa Rica (millions Other assets 6,721 6,632 6,990 6,807 of colones): Note circulation 00,697 96,926 88,249 105,617 Gold 12 12 12 12 Deposits 85,235 76,930 74,299 74,601 Foreign exchange 100 98 104 103 Other liabilities and capital 10,322 10,188 10,264 8.976 Net claim on Intl. Fund1 7 7 7 7 Banki of Finland (millions of markkaa): Loans and discounts 87 99 92 108 Gold 7,849 7,849 7,879 6,909 Securities 8 9 8 3 Foreign assets and liabilities (net).. 27,996 27,401 30,239 '30,809 Other assets 24 23 26 24 Loans and discounts 34,671 37,556 23,864 r13,637 Note circulation 155 168 157 164 Securities—Government 20,000 20,000 20,000 20,000 Demand deposits 49 47 59 61 Other 1,901 1,915 1,999 2,179 Other liabilities and capital 34 33 34 31 Other assets 9,675 9,211 10,852 1,989 National Bank of Cuba (millions of Note circulation 50,539 55,883 53,493 44,764 pesos): Deposits 28,400 25,556 22,528 17,989 Gold 136 136 141 186 Other liabilities and capital 23,153 22,493 18,812 12,770 Foreign exchange (net) 115 134 144 95 r Revised. c Corrected. * 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. Fu 2 n d F o l r e s l s a s t t h a e v b a a il n a k bl 's e r lo e c p a o l r t c s u f r o r r e n C c z y e c li h a o b s i l l o it v y a k to ia t h a e n d F H un u d n . gary (March and fro N m O T of E fi . c — ia A l l r l e f p ig o u rt r s e s o , f i n in c d lu iv d i i d n u g a g l o b l a d n a k n s d a n fo d r e a i r g e n a s e x o c f h t a h n e g e la , s a t r r e e p c o o r m t p d i a le t d e 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 299 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Bank of German States4 (millions of Bank of Israel (thousands of pounds) 6 German marks): Gold 2,045 2,04: 2,040 2,025 Gold 3,99: 3,862 3,644 ,731 Foreign exchange 95,069 88,819 83,850 61,651 Foreign exchange 9,271 9,038 9,13" ,709 Clearing accounts (net) 7,73f 3,674 3,536 Loans and discounts , 4,111 4,105 3,223 ,891 Loans and discounts 16,907 15,814 12,730 3,684 Loans to Government , 4,163 4,019 4,353 ,616 Advances to Government 27,900 31,727 36,993 15,180 Other assets 982 912 1,032 96 Other Govt. accounts 24,68f 19,299 21,565 Note circulation 13,358 12,708 13,380 ,180 Govt. securities 132,588134,388134,398 121,856 Deposits—Government 3,911 3,261 2,890 023 Other assets 17,089 16,06" 16,735 15,831 Banks 3,406 4,135 3,292 600 Notes and coin in circulation 188,170183,561188,614 162,281 Other 216 206 201 327 Deposits—Government 28,582 "16,972 12,947 1,263 Other liabilities and capital 1,627 1,628 1,621 784 Other 95,533 99,438 94,576 46,052 Bank of Greece (millions of drachmae): Other liabilities and capital 11,728 11,854 15,711 10,632 Gold and foreign exchange (net).. 6,345 6,256 188Bank of Italy (billions of lire): Loans and discounts 145 166 127 Gold 4 4 4 4 Advances— O Go th v e e r rnment 9 4 , , 9 8 4 4 5 8 9 4 , , 8 r 4 ~ 3 8 34 5 1 9 A Fo d r v e a ig n n ce s e x t c o h a T n r g e e asury 5 7 6 0 7 5 7 6 0 7 5 6 6 9 7 5 7 6 4 6 Other assets 1,639 1,651 699 Loans and discounts 403 417 386 396 Note circulation 4,548 4,453 710 Govt. securities 418 415 399 349 Deposits—Government 1,216 1,253 277 Other assets 975 991 953 799 Reconstruction and Note circulation 1,547 1,671 1,504 1,444 relief accts 7,672 7,672 295 Deposits—Government 22 21 27 42 Other 4,621 4,510 467 Demand 84 102 88 52 Other liabilities and capital 4,866 4,928 465 Other 645 513 608 513 Bank of Guatemala (thousands of Other liabilities and capital 138 157 152 138 quetzales): Bank of Japan (billions of yen): Gold 27,234 27,227 Bullion ) ) () Foreign exchange (net) 22,591 16,245 Advances to Government Gold contribution to Intl. Fund... 1,250 1,250 Loans and discounts 40 45 78 258 Rediscounts and advances , 11,719 11,201 Govt. securities 483 554 448 441 Other assets 39,615 41,431 Other assets 244 261 256 93 Circulation—Notes 51,043 49,870 Note circulation 583 674 559 561 Coin 3,851 3,778 Deposits—Government 52 51 65 50 Deposits—Government 6,324 7,076 Other 62 65 89 84 Banks 20,533 16,880 Other liabilities 71 72 70 98 Other liabilities and capital 20,659 19,752 Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserve8 1,662 1,483 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,999 3,816 Issue department: Bills and discounts 291 658 Gold at home and abroad 400 400 400 400 Other assets 411 730 Foreign securities 6,671 6,869 6,471 i,532 Note circulation 4,602 4,216 Indian Govt. securities 5,884 5,387 5,486 ,376 Demand liabilities 2,045 1,716 Rupee coin 1,066 1,084 1,097 ,045 Other liabilities and capital 715 753 Note circulation 13,791 13,620 13,238 ;,177Netherlands Bank (millions of Banking department: guilders): Notes of issue department 230 120 216 176 Gold 3,275 3,275 ,241 3,015 Balances abroad 670 483 726 764 Silver (including subsidiary coin). . 41 43 40 15 Bills discounted 49 121 58 25 Foreign assets (net) 1,452 1,362 ,334 1,558 Loans to Government 18 37 19 8 Loans and discounts 32 51 31 30 Other assets 1,089 1,084 851 ,021 Govt. debt and securities 453 522 622 685 Deposits 1,548 1,383 1,469 ,670 Other assets 398 413 405 451 Other liabilities and capital.... 508 461 401 325 Note circulation—Old 28 28 28 Bank Indonesia (millions of rupiahs): New 3,877 3,955 ,852 3,539 Gold and foreign exchange (net).. 1,863 1,902 1,807 ,223 Deposits—Government 334 326 268 441 Loans and discounts 664 1,062 721 467 ECA 490 490 490 653 Advances to Government 8,282 7,913 8,135 ,456 Other 730 656 827 843 Other assets 460 440 429 350 Other liabilities and capital 220 212 208 250 Note circulation 8,232 8,151 7,957 ,371Reserve Bank of New Zealand (thou- Deposits—ECA 495 495 495 495 sands of pounds): Other 1,709 1,877 1,801 ,994 Gold 6,162 C6,162 6,175 Other liabilities and capital 833 794 838 638 Foreign exchange reserve 29,244 34,689 46,920 Bank Melli Iran5 (millions of rials) Loans and discounts 26,220 25,211 33,408 Gold 4,242 4,242 4,242 ,242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 55,848 46,884 49,503 Gold contribution to Intl. Fund. .. 282 282 282 282 Investments 41,278 33,278 33,446 Govt.-secured debt 7.187 7,187 7,187 754 Other assets 1,525 1.429 1,278 Govt. loans and discounts 10.307 10,320 10,836 ,768 Note circulation 81,090 70,140 68,793 Other loans and discounts 5,319 5,280 4,786 597 Demand deposits 68,753 68,280 92,872 Securities 444 444 444 711 Other liabilities and capital 10,433 9,233 9,065 Other assets 3,111 3,005 3,017 ,062 Bl;ank of Norway (millions of kroner): Note circulation 10,012 10,018 9,970 107 Gold 209 2C9 209 203 Deposits—Government 4,232 4,080 4,758 998* Foreign assets (net) -99 -96 -98 -310 Banks 1,778 1,846 1,645 286 Clearing accounts (net) -55 -58 -45 -85 Other 11,848 11,828 11,436 997 Loans and discounts 120 120 116 52 Other liabilities and capital 3,266 3,230 3,229 271 Securities 91 93 96 32 Central Bank of Ireland (thousands of Occupation account (net) ,546 5,546 ,546 5,546 pounds) Other assets 100 106 105 57 Gold 2,646 2,646 2,646 ,646 Note circulation ,107 3,305 ,142 3,134 Sterling funds 69,603 73,635 71,211 020 Deposits—Government ,196 1,060 ,365 1,029 Note circulation 72,249 76,281 73,857 666 Banks 650 640 504 543 FOA 106 106 106 165 Other liabilities and capital 852 807 812 622 * 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. • Bank began operations in December 1954. 7 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

300 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 612 608 612 584 Issue department: Foreign assets...., 929 1,004 998 1,040 Gold at home and abroad i.... 114 114 114 81 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 844 824 694 428 Swedish Govt. securities and ad- Pakistan Govt. securities.... 1,224 1,194 1,124 1,409 vances to National Debt Office3 3,693 4,023 3,282 2,997 Govt. of India securities 275 275 275 221 Other domestic bills and advances. 24 25 81 30 India currency 431 431 431 300 Other assets 1,095 1,095 1,051 1,029 Rupee coin 72 24 29 49 Note circulation 5,047 5,319 5,029 4,855 Notes in circulation 2,867 2,779 2,601 2,436 Demand deposits—Government. . 287 321 142 123 Banking department: Other 277 427 152 142 Notes of issue department 93 84 67 52 Other liabilities and capital 871 819 829 689 Bills discounted 6 11 21 Swiss National Bank (millions of Loans to Government 37 12 5 86 francs) : Other assets 527 519 540 423 Gold 6,667 6,686 6,526 6,318 Deposits 536 512 523 447 Foreign exchange 582 624 601 575 Other liabilities and capital.... 127 113 110 114 Loans and discounts 141 286 173 108 Central Bank of Paraguay (millions of Other assets 90 125 111 82 guaranies): Note circulation 5,130 5,516 5,255 5,048 Gold 4 4 Sight liabilities 2,142 1,990 1,946 1,839 Foreign exchange (net) 67 101 Other liabilities and capital 208 215 211 197 Net claim on Intl. Fund2 8 8 8 Centr•aal Bank of the Republic of Turkey Loans and discounts 1,429 1,313 693 (millions of pounds): Govt. loans and securities 382 523 463 Gold 402 402 402 Other assets 138 444 103 Foreign exchange and foreign Note and coin issue 908 876 646 clearings 188 173 207 Deposits—Government 204 215 153 Loans and discounts 3,574 3,459 2,790 Other 200 220 155 Securities 30 30 30 Other liabilities and capital 717 1,082 327 Other assets 144 140 113 Central Reserve Bank of Peru (millions Note circulation 2,008 1,965 1,526 of soles): Deposits—Gold 155 155 154 Gold and foreign exchange 554 467 581 Other 1,604 1,531 1,401 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital 571 554 460 Loans and discounts to banks.... 820 810 545 Bl;ank of the Republic of Uruguay (mil- Loans to Government 1,024 1,037 148 lions of pesos): Other assets 143 206 74 Gold 327 344 Note circulation 1,890 1,831 1,710 Silver 10 9 Deposits 460 463 439 Advances to State and Govt. Other liabilities and capital 259 293 265 bodies 207 137 Central Bank of the Philippines Other loans and discounts 475 415 (millions of pesos): Other assets 667 595 Gold 32 31 28 19 Note circulation 471 485 Foreign exchange 322 340 270 355 Deposits—Government 149 162 Net claim on Intl. Fund2 10 10 10 30 Other 329 316 Loans 25 13 32 53 Other liabilities and capital 738 536 Domestic securities 392 396 372 274 OCentral Bank of Venezuela (millions Other assets 157 155 179 151 of bolivares): Circulation—Notes 610 625 603 610 Gold 1,234 1.234 1,234 1,233 Coin 86 86 87 85 Foreign exchange (net) 289 '374 380 157 Demand deposits 175 177 151 140 Other assets 121 137 131 167 Other liabilities and capital 67 57 51 46 Note circulation 1,091 1,154 1,065 1,056 Bank of Portugal (millions of escudos): Deposits 277 263 236 238 Gold 5,610 5,564 Other liabilities and capital 275 326 444 263 Foreign exchange (net) 13,423 13,272 NNational Bank of Federal People's Re- Loans and discounts 1,008 871 public of Yugoslavia (billions of Advances to Government 1,391 1,397 dinars): Other assets 1,372 1,068 Gold 5 5 4 Note circulation 10,740 10,117 Gold contribution to Intl. Fund. .. 2 2 2 Demand deposits—Government. . 1,840 1,867 Foreign assets 59 61 45 ECA 107 26 Loans (short-term) 787 760 708 Other 7,523 7,989 Govt. debt (net) 14 9 Other liabilities and capital 2,594 2,175 Other assets '64 30 South African Reserve Bank (millions Notes and coin in circulation 88 86 of pounds): Demand deposits 159 176 191 Gold 75 75 76 69 Foreign liabilities 121 104 114 Foreign bills 38 45 32 67 Long-term liabilities (net) 409 387 344 Other bills and loans 21 19 19 15 Other liabilities and capital 171 137 64 Other assets 55 55 54 45Baink for International Settlements Note circulation 106 111 107 101 (millions of Swiss gold francs): Deposits 67 66 55 78 Gold in bars 592 664 716 605 Other liabilities and capital 17 18 18 17 Cash on hand and with banks 53 54 50 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 616 616 616 613 ances (at cost) 389 269 269 378 Silver 321 320 321 323 Time funds at interest 125 142! 138 279 Govt. loans and securities 15,573 14,863 15,995 15,549 Sundry bills and investments 428 4301 469 426 Other loans and discounts 35,789 36,719 36,109 28,522 Funds invested in Germany 297 2971 297 297 Other assets 43,987 43,886 44,026 40,741 Other assets 1 1 2 Note circulation 45,314 47,045 44,379 41,206 Demand deposits—Gold 467 516 588 436 Deposits—Government 5,581 3,715 8,504 5,353 Other 899 822 835 ,096 Other 6,818 6,644 5,460 3,214 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 38,573 39,000 38,723 35,975 Other liabilities and capital 291 290 289 286 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 301 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1953 Month effective A tr u i s a - g B iu el m - m De a n rk - France m G a e n r- y Greece N la e e n r t d - h s - N w o a r y - Spain S d w e e n - T k u e r y - U K d n i o n i m t g ed - C ad a a n- Z N la e e n a w d - U S A o n f . r u i t o c h a f C Io e n y- Japan^ P p h in il e ip s - - In effect Dec. 31,1953.. 4.0 2.75 4.0 3.5 3.5 12.0 2.5 2.5 4.0 2.75 3.0 3.5 2.0 1.5 4.0 3.0 6.57 2.0 1954—Jan 10.0 Feb 3.25 Mar 1.5 Apr 3 5 May 3.0 3.6 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 i Apr 3 75 May 4.5 5.5 June 4 5 July... 5.0 j.. Aug 3.0 3.5 2.0 . ! 8.03 Sept ... 6 0 4 *5 Oct 2 25 7 0 1 Nov 5 0 2 7*> 1 • ! 1956—Feb 3.0 5.5 In effect Feb. 29, 1956... 5.0 3.0 5.5 3.0 3.5 9.0 3.0 3.5 3.75 3.75 4.5 5.5 2.75 7.0 4.5 2.5 8.03 1.5 Other selected central banks—Rates in effect on February 29, 1956 A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate Europe: Asia: Italy. 4.0 Apr. 1950 Burma Portugal 2.5 Jan. 1944 India^ Switzerland.... 1.5 Nov. 1936 Indonesia2... Pakistan © © © o e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n tiv th e A co re u a n t a r n y d Rate e M ffe o c n ti t v h e Asia—Cont.: Latin Am,—Cont. Feb. 1948 Thailand.... 7.0 Feb. 1945 El Salvador2. 3.0 Mar. 1950 Jan. 1952 Latin America: Mexico 4.5 June 1942 4pr. 1946 Colombia2.,. 4,0 July 1933 Peru2 6.0 Nov. 1947 July 1948 Costa Rica2.. 30 Apr. 1939 Venezuela... 2.0 May 1947 1 Rates shown represent mainly those at which the central bank either rnestic 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 a o il s n l u s th ry s1 D m a d o y a n - y e to y - 2 3 B a a m c a n n c o k e c n p e e t s t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a o i s l n l u s t r h y s D m a d o y a n - y e to y - 3 L m u o p o a n n to t s hs d P is r r i c a v o t a e u t n e t 1953 Dec 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 J.50 1954—Dec L.08 '.78 1.78 1.78 1.45 1.25 3.29 .77 .57 3%-5V4 .50 1955—Feb .90 '.62 2.58 2.68 2.15 1.67 3.25 .79 .53 1.50 Mar 1.13 '1.01 3.81 3.80 3.29 2.50 3.28 1.16 .71 1.50 Apr 1.23 r1.00 3.83 3.81 3.17 2.50 3.23 1.04 .58 4i/_6iA 1.50 May 1.24 '.75 3.94 3.92 3.33 2.50 3.27 1.49 .90 414-6I/i 1.50 J J u ul n y e 1 1. . 4 3 3 6 r1 1 . . 0 1 8 1 4 3 . . 0 9 0 9 3 3 . . 9 9 7 7 3 3 . . 1 2 4 1 2 2 . . 5 5 0 0 3 3. .3 19 0 . . 9 7 1 5 . .5 6 0 2 4 4 1 1/ 4 4 - - 6 6 1 1 / / i £ 1 '• .5 S 0 I Aug .62 '1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 O Se c p t t r 2. . 0 79 7 r r 1 1 . . 6 9 1 5 4 4 . . 1 1 5 6 4 4 . . 0 0 7 7 3 3 . . 1 3 5 2 2 2 . . 5 5 0 0 3 3. . 0 0 2 0 1. . 0 9 4 4 . . 7 5 5 7 4 4 1 ^ 4 - - 6 6 % I /£ [ 1 . . 5 5 0 0 Nov '2.38 '2.19 4.21 4.10 3.28 2.50 3.06 .75 .50 4%-6% 1.50 Dec 2.59 '2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 414-61/2 1.50 1956 Jan 2.58 2.49 4.22 4.07 3.03 2.50 1.38 1.15 .50 r Revised. 2 Based on weekly averages of daily closing rates. 1 Based on average yield of weekly tenders during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 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 tr o a u l n ia d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) ( M do a s l i l l a a a y r - ) 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—Mar.. 20.000 13.333 7.198 222.42 3.8580 .9856 32.608 101.587 Apr... 20.000 13.333 7.198 222.83 3.8580 .9890 32.675 101.404 May.. 20.000 13.333 7.168 222.78 3.8580 .9896 32.686 101.405 June., 20.000 13.333 7.175 222.29 3.8580 .9871 32.614 101.568 July.. 20.000 13.333 7.175 221.91 3.8580 .9864 32.544 101.555 Aug.. 20.000 13.333 7.173 222.04 3.8580 .9874 32.577 101.502 Sept.. 20.000 13.333 7.175 221.98 3.8580 .9874 32.568 101.228 Oct... 120.000 U3.333 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 .9986 32.764 100.048 1956—Jan.. 223.63 3.8580 2.0001 32.819 100.122 Feb.. 223.62 3.8580 2.0000 32.816 100.080 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—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 Feb., 21.017 .4354 .2855 23.717 21.017 280.64 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 u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n u l s i e o 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 n i 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—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 Feb.. 26.123 277.87 14.008 49.677 3.4900 279.60 19.333 23.335 280.64 l Based on quotations through Oct. 27, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 303 ESTIMATED < 1955 [In millions of dollars] Increase or decrease (—), 1955 Holdings, Holdings, Dec. 31, 1954 Dec. 31, 1955^ January-June July-December33 Area and country s G e r r o e v - l e d s d S t o h e l o r l m a rt r - s & b G U o o . n n v o S d t t . s . es s G e r r o e v - l e d s d S t o h e l r o l m a r r t- s & b G U o n o . n o v S d t t s . . es s G e r r o e v - l e d s d S t o h e l r o l m a rt r - s & b G U o o n . n v o S d t t s . . es s G e r r o e v - l e d s d S t o h e l r o l m a r r t- s & b G U o o n . n v o d S t t s . . es Continental Western Europe: Austria 56 273 -4 5 -6 -2 61 263 10 Belgium-Luxembourg (and Belgian Congo).. 891 148 63 6 92 -3 1,046 151 10 Denmark 31 71 -17 -1 6 31 60 6 Finland 31 41 3 -3 2 4 11 35 49 5 France (and dependencies) 1 596 732 161 69 -1 285 304 1881 1,105 151 Germany (Federal Republic of) 626 1,373 132 24 3 162 57 920 1,454 8 Greece 11 113 14 47 11 174 Italy 346 579 10 67 139 346 785 Netherlands (and Netherlands West Indies and Surinam) 820 298 5 8 -54 36 61 -33 211 44 Norway 45 103 6 -32 30 8 45 79 53 Portugal (and dependencies) 458 102 8 3 "-6 35 460 140 Spain (and dependencies) 116 72 4 37 -1 -4 116 105 Sweden 265 141 1 -1 -22 -1 12 34 276 153 Switzerland 1,513 672 38 -28 13 4 112 66 2 1,597 751 Turkey 144 8 4 -3 (2) 144 9 Others 616 331 290 5 -229 -156 677 180 Total. 6,565 5,057 260 472 110 64 498 502 15 7,535 5,669 339 Sterling Area: United Kingdom 42,550 640 216 -100 49 64 -400 -146 42,050 543 282 United Kingdom dependencies. 103 5 -1 -14 88 12 India '247' 87 1 10 -24 247 73 1 Union of South Africa 199 33 1 -3 212 53 1 Other 244 137 3 22 254 179 4 Total. 3,240 1,000 226 -85 77 64 -392 -141 10 2,763 936 300 Canada 1,080 1,536 93 32 -267 169 29 -238 175 1,141 1,031 437 Latin America: Argentina 371 160 2 -19 371 138 C2) Bolivia 3 29 -3 -2 26 Brazil 322 120 23 323 143 Chile 42 70 24 1 -1 44 95 8 Colombia 86 222 () -120 29 86 131 Cuba 186 237 124 25 -50 "20* 136 253 Dominican Republic.. 12 60 -6 12 65 169 Guatemala 27 35 -6 27 45 Mexico 62 329 16 64 73 142 414 Panama, Republic of. 74 2 -1 86 Peru 35 83 9 "'35' 92 El Salvador 29 30 -26 28 24 Uruguay 227 90 -11 216 65 1 Venezuela 403 194 403 265 3 Other 30 105 30 94 15 Total. 1,835 1,838 146 13 21 21 1,853 1,936 195 Asia: Indonesia. . 81 100 15 59 81 174 15 Iran 138 31 21 -17 138 35 2) Japan 126 725 32 144 128 901 4 Philippines. 9 257 -5 5 -5 16 247 6 Thailand.. . 113 123 7 1 -1 8 112 138 1 Other 164 356 77 — 3 7 35 175 468 3 Total 1,592 147 12 224 650 1,963 29 Eastern Europe5 290 19 3 -3 289 19 7 All other: Egypt 174 47 22 174 72 Other 4 64 -7 1 4 73 1 Total 178 111 19 15 1 178 145 1 Total foreign countries. 13,819 11,153 746 438 110 339 152 436 223 14,409 11,699 1,308 International6 1,740 1,770 353 5 84 -36 63 27 4 1,808 1,881 321 Grand total 15,559 12,923 1,099 443 194 303 215 463 227 16,217 13,580 1,629 9 Preliminary. published gold reserves of certain Western European countries. 1 Includes gold reserves of Bank of France and French dependencies 4 Estimated gold holdings of British Exchange Equalization Account, only. Figure for end of 1955 reflects publication by France of certain based on the figure for total holdings of gold and of United States and previouslv unpublished French gold reserves, which are included for earlier Canadian dollars, as reported by British Government. dates in Continental Western Europe—Other. 5 Excludes gold reserves of the U. S. S. R. 2 Less than $500,000. 6 Includes International Bank for Reconstruction and Development, 3 Includes Yugoslavia, Bank for International Settlements (both for its International Monetary Fund, and United Nations and other international own and European Payments Union account), gold to be distributed by organizations. the Tripartite Commission for Restitution of Monetary Gold, and un- See also NOTE on second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 GOLD RESERVES AND DOLLAR HOLDINGS ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [in millions of dollars] Dec. 31, 1949 Dec. 31, 1950 June 30, 1951 Dec. 31, 1951 June 30, 1952 Dec. 31, 1952 Area and country Gold & U.S. Gold & U.S. Gold& U.S. Gold& U. S. Gold& U. S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 92 92 94 107 102 6 143 Belgium-Luxembourg (and Belgian Congo). 912 848 844 969 8 1,035 Denmark 70 76 76 65 4 101 Finland 31 30 43 47 55 France (and dependencies)1 739 18 834 217 845 250 211 906 '208' 967 208 Germany (Federal Republic of) 149 222 357 434 545 691 Greece 36 36 43 49 51 57 ( Italy 554 io 571 533 633 10 613 10 655 10 Netherlands (and Netherlands West Indies and Surinam) 415 559 495 524 603 7 815 9 Norway 120 94 110 150 145 4 160 10 Portugal (and dependencies) 234 257 282 331 342 374 (2) Spain (and dependencies) 127 132 129 128 129 4 130 4 Sweden 160 205 228 224 281 1 275 1 Switzerland 2,016 2,023 1,960 1,973 2,009 42 2,053 46 Turkey 164 164 162 165 171 151 Other3 352 689 640 477 712 5 Total. 6,171 109 6,832 389 6,841 401 7,118 302 7,642 298 8,374 309 Sterling Area: United Kingdom 1,924 103 3,557 132 4,145 121 2,843 105 2,218 125 2,318 196 United Kingdom dependencies. 103 3 120 3 95 3 100 4 103 5 113 5 India 310 2 303 2 327 1 309 1 306 1 312 1 Union of South Africa 134 241 (2) 227 197 159 194 1 Other 255 232 10 253 324 348 347 3 Total. 2,726 112 4,453 147 5,047 134 3,773 114 3,134 136 3,284 206 Canada. 1,365 161 1,489 654 1,616 497 2,157 100 2,396 117 2,317 310 Latin America: Argentina 417 518 632 518 415 427 Bolivia 37 43 48 51 47 45 Brazil 510 543 529 417 398 390 Chile 101 120 115 99 96 121 Colombia 138 127 () 125 154 138 194 () Cuba 463 530 25 609 575 635 515 28 Dominican Republic.. 39 47 2 59 58 62 56 2 Guatemala 51 52 2 57 54 65 61 Mexico 267 415 329 366 266 375 Panama, Republic of., 74 59 58 68 74 81 Peru 81 91 100 93 103 107 El Salvador 45 39 77 54 67 55 Uruguay 236 311 355 306 309 301 Venezuela 516 458 449 445 503 519 Other 81 91 113 102 123 132 Total. . 3,056 3,444 61 3,655 56 3,360 59 3,301 54 3,379 53 Asia: Indonesia... 194 324 365 15 421 456 296 Iran 157 160 165 () 163 159 157 (2) Japan 377 587 471 729 849 929 Philippines. 298 377 409 20 337 341 324 Thailand. .. 143 166 181 210 240 294 C2) Other 341 256 328 325 310 360 6 Total 1,510 40 1,870 28 1,919 44 2,185 27 2,355 23 2,360 16 Eastern Europe4. 380 344 320 6 309 307 307 6 All other: Egypt 115 173 232 285 292 () 234 24 28 38 43 38 49 3 Other Total 139 201 2 270 328 330 1 283 3 Total foreign countries. 5,347 446 18,633 1,281 19,668 1,138 19,230 610 19,465 635 20,304 903 International5 3,109 162 3,022 271 3,053 295 3,171 261 3,150 258 3,277 270 Grand total 8,456 608 21,655 1,552 22,721 1,433 22,401 871 22,615 893 23,581 ,173 1 Includes gold reserves of Bank of France and French dependencies 4 Excludes gold reserves of the U. S. S. R. only. 5 Includes International Bank for Reconstruction and Development, 2 Less than $500,000. International Monetary Fund, and United Nations and other inter- 3 Includes Yugoslavia, Bank for International Settlements (both for national organizations. its own and European Payments Union account), gold to be distributed See also NOTE on opposite page. by the Tripartite Commission for Restitution of Monetary Goldj'and unpublished gold reserves of certain Western European countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 305 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS—Continued [In millions of dollars] June 30, 1953 Dec. 3 , 1953 Mar. 31, 1954 June 30, 1954 Sept. 30, 1954 Dec. 31, 1954 Area and country Gold & U. S. Gold & U. S. Gold & U. S. Gold & U. S. Gold& U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 166 6 238 8 267 8 289 11 335 11 329 12 Belgium-Luxembourg (and Belgian Congo) . 1,044 6 1,098 9 1,124 9 1,055 10 1,024 10 1,039 10 Denmark 102 5 127 6 133 7 124 7 107 7 102 7 Finland. .. 60 64 1 71 3 73 3 69 3 72 3 France (and dependencies)1 926 208 1,049 158 1,040 153 1,062 187 1,094 187 1,328 161 Germany (Federal Republic of) 893 1,225 1,381 1,503 1,822 1,999 Greece 82 112 123 125 105 124 Italy 660 10 812 9 841 9 802 9 874 10 925 10 Netherlands (and Netherlands Wesi Indies and Surinam) 952 9 1 055 7 1 064 6 1 125 6 1 118 5 1 118 5 Norway 164 4 171 5 169 5 178 5 177 5 148 6 Portugal (and dependencies) 413 469 499 516 537 560 Spain (and dependencies) 134 3 150 T, 136 3 142 3 174 3 188 Sweden 280 1 335 1 337 1 342 1 3^9 1 406 1 Switzerland 2,091 45 2,133 41 2,134 38 2,105 36 2,172 33 2,185 38 Turkey 152 157 153 151 150 Other3 794 4 887 4 972 5 1,004 4 928 15 947 3 1 otal 8 913 301 10 082 252 \0,444 247 10 596 282 11 085 290 11 62^ 260 Sterling Area: United Kingdom 2,886 212 3,009 232 3,198 250 3,536 239 3,388 234 3,190 216 United Kingdom dependencies 109 5 108 5 105 5 105 5 104 5 103 5 India . . .. . . . 334 1 346 1 329 1 338 1 320 1 334 1 Union of South Africa 212 1 214 1 221 1 225 1 234 1 232 1 Other 369 4 373 3 371 3 373 3 371 3 381 3 Total 3,910 223 4,050 242 4,224 260 4,577 249 4,417 244 4,240 226 Canada ... 2,063 306 ?,292 227 2,362 230 2,363 202 2,443 198 2,616 93 Latin America: Argentina 519 2 501 2 541 548 576 531 Bolivia 47 40 35 36 35 32 Brazil 451 j 423 431 2 417 2 413 2 442 ^ 2 Chile 129 12.1 1 102 1 103 1 117 1 112 Colombia 197 (2) 236 247 317 254 308 Cuba 579 29 527 43 548 4? 532 80 477 104 423 Dominican Reoublic 59 51 61 68 73 72 Guatemala 72 2 65 (2) 80 (2) 75 64 62 Mexico ... 339 341 4 329 4 258 6 315 6 391 4 Panama, Republic of 97 5 90 1 93 1 88 77 (2) 74 1 Peru 109 104 109 103 110 118 El Salvador 74 56 76 4 71 4 54 4 59 Uruguay 311 2 337 1 329 1 335 1 329 1 317 1 Venezuela 530 2 595 621 3 614 597 3 Other 159 3 130 5 163 6 145 5 147 8 135 10 Total... 3,672 52 3,617 61 3,706 63 3,717 102 3,655 129 3,673 146 Asia: Indonesia 246 184 166 140 168 181 Iran 155 181 185 172 164 169 (2) Japan 1 015 951 800 2 740 794 3 851 3 Philippines 316 8 304 8 319 8 308 7 318 7 266 6 Thailand 311 (2) 281 (2) 268 (2) 243 (2) 238 236 (2) Other 363 6 401 6 451 6 444 6 465 6 520 6 Total 2,406 16 2,302 16 2,189 16 2,047 16 2,147 16 2,223 15 Eastern Europe4.... 306 6 306 6 308 6 309 6 308 6 309 6 All other: Egypt 229 (2) 217 (2) 224 226 (2) 219 221 (2) Other 61 67 74 67 70 68 Total 290 2 284 298 (2) 293 (2) 289 (2) 289 (2) Total foreign countries... 21,560 906 22,933 806 23,531 822 23,902 857 24,344 883 24,972 746 International ^ . . . 3 227 311 3,331 285 3,401 285 3,364 306 3,536 341 3,510 353 Grand total 24,787 1,217 26,264 1,091 26,932 1,107 27,266 1,163 27,880 1,224 28,482 1,099 For other footnotes see opposite page. Countries (Tables 1 and la-Id, pp. 288-289). U. S. Govt. bonds and NOTE.—Gold and short-term dollars include reported and estimated notes represent estimated official and private holdings of such securities gold reserves of central banks, governments, and international institu- with original maturities of more than one year; these estimates are based tions, and official and private dollar holdings as shown in Short-term on a survey of selected U. S. banks and on monthly reports of security Liabilities to Foreigners Reported by Banks in the United States, by transactions. 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 FLOW OF FUNDS IN THE UNITED STATES, 1939-53. releases and reprints, appeared on pages 1410- A new accounting record designed to picture 1413 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 Hisprovisions of certain other statutes affecting the torical Supplement listed on this page. Sub- Federal Reserve System. 372 pages. $1.00 per scription price in the United States and the copy. countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities RULES OF ORGANIZATION AND RULES OF PROCEof 10 or more of a particular issue for single DURE—Board of Governors of the Federal Reshipment; elsewhere $7.00 per annum or 70 serve System (with Amendments). September cents per copy. 1946. 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE REGULATIONS OF THE BOARD OF GOVERNORS OF CHARTS ON BANK CREDIT, MONEY RATES, AND THE FEDERAL RESERVE SYSTEM. Individual BUSINESS. Issued annually in September. An- regulations with amendments and supplements nual subscription to monthly chart book in- thereto. 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN • MARCH 1956 REPRINTS DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE THE MONETARY SYSTEM OF THE UNITED STATES. BANKS. March 1955. 4 pages. February 1953. 16 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- INFLUENCE OF CREDIT AND MONETARY MEASURES NANCING. April 1955. 11 pages. ON ECONOMIC STABILITY. March 1953. 16 BANKERS' ACCEPTANCE FINANCING IN THE UNITED pages. STATES. May 1955. 13 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1955 SURVEY OF CONSUMER FINANCES—From STABILITY. May 1953. 7 pages. March, May, June, and August issues of BULLE- TIN. 52 pages. (Also, similar Surveys are REVISION OF CONSUMER CREDIT STATISTICS. April available for most earlier years from 1947, 1953. 19 pages. 1948, 1949, 1950, 1951, 1952, 1953, and 1954 BULLETINS) * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- ESTIMATES OF CONSUMER INSTALMENT CREDIT MEDIATE-TERM CONSUMER CREDIT STATISTICS EXTENDED AND REPAID, 1929-1939. June 1955. (supplementary details for item listed above), 8 pages. April 1953. 25 pages. FINANCING OF LARGE CORPORATIONS IN 1954. FEDERAL RESERVE BANK RESPONSIBILITIES. May June 1955. 8 pages. 1953. 5 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVID- UNITED STATES POSTWAR INVESTMENT IN LATIN UALS AND BUSINESSES. July 1955. 2 pages. AMERICA. May 1953. 6 pages. (Also, similar article from July 1954 BULLE- TIN) WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- DEPARTMENT STORE SALES AND STOCKS, BY ber 1955. 40 pages. MAJOR DEPARTMENTS (Revised Indexes). No- BALANCE OF INTERNATIONAL PAYMENTS IN 1954vember 1953. 65 pages. 55. October 1955. 8 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- MONETARY POLICY AND THE REAL ESTATE MAR- TRIAL PRODUCTION, 1953 Revision. December KETS. December 1955. 6 pages. 1953. 96 pages. BANKING AND MONETARY STATISTICS, 1955. (Se- EXTENSIONS AND REPAYMENTS OF CONSUMER INlected series of banking and monetary statistics STALMENT CREDIT. January 1954. 14 pages. for 1955 only) February 1956. 8 pages. NEW INDEXES OF OUTPUT OF CONSUMER DUR- ABLE GOODS. May 1954. 15 pages. (Also, BANK CREDIT AND MONEY. February 1956. 9 similar reprint from October 1951 BULLETIN) pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- THE 1957 BUDGET. February 1956. 11 pages. tember 1954. 10 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. March RECENT FINANCIAL CHANGES IN WESTERN GER- 1956. 11 pages. (Also, similar reprint from MANY. October 1954. 10 pages. March 1955 BULLETIN) USE OF MONETARY INSTRUMENTS SINCE MID- 1956 SURVEY OF CONSUMER FINANCES. Prelimi- 1952. December 1954. 8 pages. nary Findings. March 1956. 3 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 ILEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director HOWARDH. HACKLEY, y4mstanf 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 1DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NO YES, 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 t DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN • MARCH 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. CHAS. N. SHEPARDSON J. A. ERICKSON O. S. POWELL M. S. SZYMCZAK DELOS C. JOHNS J. L. ROBERTSON JAMES K. VARDAMAN, JR. WINFIELD W. RIEFLER, Secretary FRANKLIN L. PARSONS, Associate Economist ELLIOTT THURSTON, Assistant Secretary H. V. ROELSE, Associate Economist GEORGE B. VEST, General Counsel PARKER W. WILLIS, Associate Economist FREDERIC SOLOMON, Assistant General Counsel RALPH A. YOUNG, Associate Economist WOODLIEF THOMAS, Economist ROBERT G. ROUSE, Manager of System Open WM. J. ABBOTT, JR., Associate Economist 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 311 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

312 FEDERAL RESERVE BULLETIN • MARCH 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 J. K. Palmer D. W. Colvard L. Vinton Hershey W. A. L. Sibley Robert O. Huffman 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 313 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued 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 (Vacancy) 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

314 FEDERAL RESERVE BULLETIN • MARCH 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 315 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 H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents J. M. Leisner, in charge of W. L. Partner, in charge of W. F. Volberg, Seattle Branch Salt Lake City Branch in charge of E. R. Millard J. A. Randall, in charge of Los Angeles Branch R. H. Morrill Portland Branch O. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN • MARCH 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, George S. Eccles Chairman 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', 252, 253 Department stores: Agricultural loans of commercial banks, 248 Merchandising data, 281 Agriculture, Govt. agency loans, 256, 257 Sales and stocks, 271, 280 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 244 Banks and the monetary system, consoli- Banks, by classes, 245, 249, 251 dated, 244 Federal Reserve Banks, 239, 240, 292 Corporate, current, 264 Postal savings, 244 Domestic banks, by classes, 245, 248, 250 Turnover of, 242 Federal Reserve Banks, 239, 240 Deposits, reserves, and borrowings, by class of mem- Foreign central banks, 296 ber bank, 237 Govt. corporations and credit agencies, by type Discount rates, 238, 301 and agency, 256, 257 Discounts and advances by Federal Reserve Automobiles: Banks, 235, 239 Consumer instalment credit, 268, 269, 270 Dividends, corporate, 263, 264 Production index, 273, 276 Dollar assets, foreign, 292, 295, 303, 304 Dwelling units started, 277 Bankers' balances, 249, 251 Earnings and hours, manufacturing indus- {See also Foreign liabilities and claims reported tries, 271, 279 by banks) Employment, 271, 279 Banks and the monetary system, consolidated state- Export-Import Bank, loans, etc., 256, 257 ment, 244 Bonds {See also U. S. Govt. securities): Farm mortgage loans, 256, 265, 266 New issues, 262, 264 Federal credit agencies {See Govt. agencies) Prices and yields, 253, 254 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank loans to, 248, assets, etc., 256, 257 250 Federal finance: Business expenditures on new plant and equip- Cash transactions, 258 ment, 264 Receipts and expenditures, 259 Business indexes, 271 Treasurer's balance, 258 Business loans {See Commercial and industrial loans) Federal home loan banks, loans, etc., 256, 257, 267 Federal Housing Administration, loans, etc., 256, 257, Capital accounts: 265, 266, 267 Banks, by classes, 245, 249, 251 Federal National Mortgage Association, Federal Reserve Banks, 239, 240 loans, etc., 256, 257, 267 Carloadings, 271 Federal Reserve Banks: Central banks, foreign, 294, 296, 301 Condition statement, 239, 240 Coins, circulation of, 243 U. S. Govt. securities held by, 235, 239, 240, Commercial banks: 260, 261 Assets and liabilities, 245, 248 Federal Reserve credit, 235, 239, 240 Consumer loans held, by type, 269 Federal Reserve notes, 239, 240, 241, 243 Number, by classes, 245 Finance company paper, 252, 253 Real estate mortgages held, by type, 265 Foreign central banks, 294, 296, 301 Commercial and industrial loans: Foreign deposits in U. S. banks, 235, 239, 240, 244, Commercial banks, 248 249, 251 Weekly reporting member banks, 250, 252 Foreign exchange rates, 302 Commercial paper, 252, 253 Foreign liabilities and claims reported by Commodity Credit Corporation, loans, etc., 256, 257 banks, 288, 290, 292 Condition statements (See Assets and liabilities) Foreign trade, 281 Construction, 271, 276, 277 Consumer credit: Gold: Instalment credit, 268, 269, 270 Earmarked, 293 Major parts, 268 Net purchases by U. S., 293 Noninstalment credit, by holder, 269 Production, 292, 293 Ratio of collections to accounts receivable, 270 Reserves of central banks and governments, 294 Consumer durable goods output indexes, 276 Reserves of foreign countries and international Consumer price indexes, 271, 282 institutions, 295, 303, 304 Consumption expenditures, 284, 285 Stock, 235, 244, 293 Corporate sales, profits, taxes, and dividends, 263, 264 Gold certificates, 239, 240, 241, 243 Corporate security issues, 262, 264 Govt. agencies, assets and liabilities, by type and Corporate security prices and yields, 253, 254 agency, 256, 257 Cost of living {See Consumer price indexes) Govt. debt {See U. S. Govt. securities) Currency in circulation, 235, 243 Gross national product, 284, 285 Customer credit, stock market, 254, 286 Home owners, Govt. agency loans, 256, 257 Hours and earnings, manufacturing indus- Debits to deposit accounts, 242 tries, 271, 279 Demand deposits: Adjusted, banks and the monetary system, 244 Industrial advances by Federal Reserve Banks, 239, Adjusted, commercial banks, by classes, 249 240, 241, 242 Banks, by classes, 245, 251 Industrial production indexes, 271, 272, 276 Type of holder, at commercial banks, 249 Instalment loans, 268, 269, 270 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN • MARCH 1956 Insurance companies, 255, 260, 261, 266 Real estate loans—Continued Insured commercial banks, 247, 248 Type of mortgage holder, 265, 266, 267 Interbank deposits, 245, 249, 251 Type of property mortgaged, 265, 266, 267 Interest rates: Regulation V, loan guarantees, 241, 242 Bond yields, 253 Reserve requirements, member banks, 238 Business loans by banks, 253 Reserves: Federal Reserve rates, 238, 242 Commercial banks, 249 Foreign countries, 301 Federal Reserve Banks, 239, 240 Open market, 253, 301 Foreign central banks and governments, 294 Regulation V loans, 242 Foreign countries and international institu- Stock yields, 253 tions, 295, 303, 304 International capital transactions of the U. S., 288 Member banks, 235, 237, 239, 240, 249, 251 International financial institutions, 294, 295, 296, Residential mortgage loans, 265, 266, 267 303, 304 Sales finance companies, consumer loans of, 268, 269 Inventories, 285 Savings, 284 Investments {See also specific types of investments): Savings deposits {See Time deposits) Banks, by classes, 245, 248, 250 Savings institutions, principal assets, 255 Federal Reserve Banks, 239, 240 Savings and loan associations, 255, 266 Govt. agencies, etc., 256, 257 Securities, international transactions, 291, 292 Life insurance companies, 255 Security issues, 262, 264 Savings and loan associations, 255 Silver coin and silver certificates, 243 Labor force, 278 State member banks, 247 State and municipal securities: Loans {See also specific types of loans): New issues, 262 Banks, by classes, 245, 248, 250 Prices and yields, 253, 254 Federal Reserve Banks, 235, 237, 239, 240, States and political subdivisions: 241, 242 Deposits of, 249, 251 Govt. agencies, etc., 256, 257 Holdings of U. S. Govt. securities, 260 Insurance companies, 255, 266 Ownership of obligations of, 248, 255 Savings and loan associations, 255, 266 Stock market credit, 254, 286 Loans insured or guaranteed, 241, 265, 266, 267 Stocks: Manufacturers, production indexes, 271, 272, 276 New issues, 262 Margin requirements, 238 Prices and yields, 253, 254 Member banks: Tax receipts, Federal, 259 Assets and liabilities, by classes, 245, 248 Time deposits, 237, 244, 245, 249, 251 Borrowings at Federal Reserve Banks, 235, 237 Treasurer's account balance, 258 Deposits and reserves, by classes, 237 Treasury cash, 235, 244 Number, by classes, 245 Treasury currency, 235, 243, 244 Reserve requirements, by classes, 238 Treasury deposits, 235, 239, 240, 258 Reserves and related items, 235 Weekly reporting series, 250 Unemployment, 278 Minerals, production indexes, 271, 272 U. S. Govt. balances: Money rates {See Interest rates) Commercial bank holdings, by classes, 249, 251 Mortgages {See Real estate loans) Consolidated monetary statement, 244 Mutual savings banks, 244, 245, 247, 260, 261, 265 Treasury deposits at Federal Reserve Banks, 235, 239, 240, 258 National banks, 247 U. S. Govt. securities: National income, 284 Bank holdings, 244, 245, 248, 250, 260, 261 National security expenditures, 259, 285 Federal Reserve Bank holdings, 235, 239, Nonmember banks, 239, 247, 248 240, 260, 261 Foreign and international holdings, 295, 303, 304 Payrolls, manufacturing, index, 271 International transactions, 291 Personal income, 285 New issues, gross proceeds, 262 Postal Savings System, 244 Outstanding, by type of security, 260, 261 Prices: Ownership of, 260, 261 Consumer, 271, 282 Prices and yields, 253, 254 Security, 254 Wholesale commodity, 271, 282 United States notes, outstanding and in circula- Production, 271, 272, 276 tion, 243 Profits, corporate, 263, 264 Veterans Administration, loans, etc., 256, 257, 265, 266 Real estate loans: Commercial banks, 248, 250, 265 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(c THE FEDERAL RESERVE SYSTEM °) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 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