Federal Reserve Bulletin, 1956-04

FEDERAL RESERVE BULLETIN April 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 The Labor Market in Early 1956 319 Business Loans of Member Banks 327 Law Department 340 Current Events and Announcements 341 National Summary of Business Conditions 342 Financial and Business Statistics, U. S. (Contents on p. 345) 347 International Financial Statistics (Contents on p. 401) 402 Federal Reserve Board Publications 417 Board of Governors and Staff 419 Open Market Committee and Staff; Federal Advisory Council 420 Federal Reserve Banks and Branches 420 Index to Statistical Tables 427 Map of Federal Reserve Districts Inside back cover Volume 42 Number 4 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

The Labor Market in Early 1956 TOTAL EMPLOYMENT AND EARNINGS have continued at about the record levels reached NONAGIICULTUIA1 EMPLOYMENT in late 1955. Relative stability in the labor Million! of pmoni 34 NONMANUFACTURING market in recent months has reflected a leveling off in aggregate output, with some activities expanding further and others contracting, following a period of general and rapid expansion. In March civilian employment—including nonfarm, farm, and self- 30 employed workers—was about 2.5 million MANUFACTURING larger than a year earlier. 10 In manufacturing, employment and the length of the workweek in March, seasonally adjusted, were moderately below the levels reached in late 1955. Most of the NONDURABLE reduction in employment reflects curtailed operations in the automobile and related industries, in which a leveling-out tendency 1952 1954 1956 was evident in March and early April. Changes in employment in other manufac- NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Latest figures are for March 1956 (preliminary). turing industries were small and roughly offsetting. Reductions in the workweek minimum wage on March 1 was a major were widespread among industries. factor in a rise in average hourly earnings Service, finance, and State and local gov- to a new high of $1.95 in that month. ernment activities have continued to be an Currently the labor market is fairly well expansive force in the labor market, as in balanced in most areas, despite reduced most of the postwar period. In these lines employment in the automobile and some employment in March was at record levels. other industries, and the number of areas In other nonmanufacturing activities, em- with substantial surpluses of labor is smaller ployment on the whole has been stable this than a year ago. The labor force showed year. an exceptional rise in 1955, and in March Wage rates have continued to increase was 2 million larger than a year earlier. this year. Weekly earnings in manufactur- The number unemployed was 350,000 fewer ing in March were 5 per cent larger than than in March 1955 and, at 2.8 million, a year earlier but were little changed from was 4 per cent of the labor force. November because of reductions in over- Increases in productivity in recent years time work. The increase in the hourly have resulted in sizable advances in real 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN • APRIL 1956 wages. Unemployment has continued at provided increases of more than 7 cents an low levels as activities with expanding job hour and almost a fourth had 10 to 15 cents. opportunities have absorbed a growing and Major innovations in collective bargaining more productive labor force. While total were the adoption in some industries of employment in nonfarm activities is cur- supplementary unemployment compensation rently near its record level, the number of payments, and the acquisition by workers of workers in the manufacturing, mining, and vested rights in private pension plans, perrailroad industries is well below the mid- mitting workers to retain rights to benefits 1953 levels. In manufacturing, where the if they leave a company before retirement volume of production is larger than three age. Also, an increasing number of longyears ago, the Bureau of Labor Statistics term contracts were negotiated providing for estimates that output per manhour increased specified annual increases in wages. 5 per cent in both 1954 and 1955, a higher Average hourly earnings in manufacturrate than the long-term average. Scattered ing, at $1.95 in March, were 5 per cent evidence suggests continuation of a high rate higher than a year earlier. This advance of productivity gain thus far in 1956. compares with a rise of 3 per cent in the preceding twelve months. Increases in wage WAGES rates were relatively modest in early 1955, Negotiation of wage rate increases and addi- but earnings rose sharply because of intional fringe benefits has continued in 1956, creased employment and a lengthening of along the lines of agreements made after the workweek. mid-1955. Also, effective March 1, the After mid-1955, settlements in major inminimum hourly wage for workers covered dustries, following renegotiation of the autoby the Fair Labor Standards Act was raised mobile and steel contracts, resulted in subfrom $.75 to $1.00. According to Depart- stantial wage rate increases and expanded ment of Labor estimates, 2 million workers welfare programs. In manufacturing, averreceived wage increases of varying amounts. age hourly earnings advanced rapidly from Particularly affected were workers in impor- June to November, particularly in durable tant industries in the South, including lum- goods industries, changed little from Nober, textiles, apparel, and tobacco products. vember to February, and then rose in March For all workers, wage and salary pay- when the higher minimum wage became ments in the first quarter of 1956 were at effective. The March increase tended to a record annual rate of $216 billion, 8 per bring the relative gains over the year in cent higher than a year earlier. With em- nondurable goods industries as a whole ployment leveling off and the workweek in closely in line with increases in the durables. manufacturing reduced, the first quarter Average weekly earnings in manufactur- 1956 rate was only slightly above the pre- ing industries, at $78.60 in March, were ceding quarter. slightly below the peak level reached at the Recent developments. Collective bargain- end of 1955, but almost 5 per cent higher ing last year reflected the strongly expansive than a year earlier. Changes over the year economic situation. Agreements were gen- in weekly earnings, reflecting diverse develerally reached in an atmosphere of com- opments in the workweek, were more varied promise. A majority of wage agreements than those in hourly earnings. The largest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN EARLY 1956 321 increases occurred in the petroleum refining industry, 12 per cent, and in primary metals AVERAGE HOURLY EARNIN6S IN MANUFACTURING ANNUAL INCREASE and nonelectrical machinery, 9 per cent. In the automobile industry, where overtime had been very general, weekly earnings INCREASE FROM 1st QTR. declined 6 per cent over the year. Wage advances in nonmanufacturing ac- 1951 to'52 tivities were also widespread in 1955. Increases in hourly earnings were large in 1952 lo 'S3 the railroad, trucking, and bituminous coal 1953 to'54 industries. A further increase in the bituminous coal industry went into effect on 1954 lo *55 April 1, as provided in last year's contract. Federal workers received an increase of 7.5 1955 to'56 per cent last year. In contract construction the increase of 3 per cent in average hourly earnings was somewhat smaller than in most recent years. Service industries such as NOTE.—Bureau of Labor Statistics data. hotels, laundries, and cleaning and dyeing in March 1956 were 3 per cent higher than establishments showed only nominal gains. five years earlier. Retail food prices were Farm wage rates showed little rise. lower than a few years ago while average Longer run trends. A sustained rise from consumer prices of other goods and services year to year in earnings of workers has were somewhat higher. Average industrial characterized the postwar period. Average prices also showed relatively small changes hourly earnings in manufacturing have oc- from mid-1951 to the spring of 1955, in casionally leveled off—most notably in 1949 contrast with sharp advances in the years and from late 1953 to late 1954—but the immediately following World War II and few declines that have occurred have been in the early Korean War period. Since midsmall and of short duration. 1955, however, increases in industrial prices Over the past five years, hourly and have been widespread. weekly earnings in manufacturing have in- Increases in hourly earnings since early creased 25 per cent. The advance over the 1951 have been general. Only 3 of the 21 past year approximates the average annual manufacturing groups have risen less than increase for this period, as may be seen 20 per cent. Important differences among from the chart. The rise in wages has industries have been associated in part with occurred in a framework of growing pro- differences in the intensity of demands for ductivity, vigorous business and consumer the products. The primary metals, chemidemands, rising employment, and general cals, petroleum refining, and rubber prodconfidence in the future. ucts industries show increases of about 30 Increases in dollar earnings since 1951 per cent in hourly earnings. In textiles and have represented almost equivalent gains in apparel the increase has been about 10 per real earnings as average consumer prices cent. Many nonmanufacturing industries, have been relatively stable. Consumer prices including trade, mining, railroads, construe- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN • APRIL 1956 tion, and trucking, also report wage in- has continued close to the record level creases of 25 per cent or more. Only a reached late last year, and in March was few of the service industries have lagged about 2.5 million higher than a year earlier. in the general wage advance. Farm wages Civilian employment expanded more than increased almost 15 per cent between early the labor force, and unemployment declined 1951 and early 1953 but have remained 350,000. The armed forces were about virtually stable since then. 300,000 below the year-earlier level and, at Changes in wages have not fully repre- 2.9 million, were close to the budgeted sented growth in workers' compensation strength for fiscal year 1957. over the five-year period. Through collective bargaining, private security and welfare UNEMPLOYMENT programs—such as pensions and health The number of persons actively seeking and other insurance—have been extended work in March totaled 2.8 million, 4 per rapidly, and last year supplementary unem- cent of the civilian labor force. A year ployment benefits were introduced. Growth earlier 3.2 million, 5 per cent of the labor of these deferred benefits has added to the force, were unemployed. After allowance security of the worker and has further increased his stake in a stable purchasing UNEMPLOYMENT power for the dollar. Expansion in such Million! of persons nonwage benefits, however, makes it difficult to measure statistically the increases in real labor income and changes in labor costs. LABOR FORCE - 3 The labor force, as reported by the Census Bureau, declined slightly more than seasonally in early 1956 from the record 70 million reached in the preceding quarter. Short- - 2 term changes in the labor force are often irregular and this decline followed an extraordinary addition to the labor force of 2 million workers during 1955, a larger number than can be accounted for by growth in the population of working age. The rise reflected, among other things, the expan- 1952 1954 1956 sive economic situation and increased avail- NOTE.—Bureau of Census data adjusted for seasonal variation. Latest figure shown is for March 1956. ability of suitable jobs at attractive wages. for seasonal influences, unemployment has The proportion of women in the labor fluctuated within a narrow range since last force, especially married women, increased markedly. Participation rates among teen- summer, as the chart shows. The unemage boys and older men also rose, following ployment rate in the first quarter of 1956 some decline during 1954. was about the same as the 1947-49 average, Civilian employment, seasonally adjusted, but above the average for 1951-53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN EARLY 1956 323 The decline in unemployment over the and subsequently has changed little. At 50.2 past year has occurred mainly among men million in March, such employment was 25 to 45 years of age. Among women, 3 per cent higher than a year earlier. Peryounger men, and men 45 years of age and sistent advances in employment in many older, the number unemployed was little nonmanufacturing activities have continued changed from last year. Those unemployed into this year, as the table shows, but in for 15 weeks or more numbered 680,000 manufacturing the rise halted at the end this March, compared with more than 1 of 1955. million a year earlier. Manufacturing. From a recession low of The number of persons receiving unem- 15.7 million in August 1954, manufacturing ployment benefits dropped sharply during employment rose steadily until the spring 1955. Since the beginning of this year, of 1955 when the increase accelerated and however, the number of insured unemployed broadened. After leveling off during the has changed little in contrast with the usual summer, employment rose somewhat furmarked seasonal decline. Layoffs in the ther in the autumn and reached a high of automobile and some other industries ap- 17 million at the year-end. In the early parently have about offset the usual seasonal months of this year, employment declined expansion of employment in construction 130,000. Employment in March was 610, and other activities. At the end of March, 1.5 million persons, slightly fewer than a year ago, claimed unemployment benefits EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS under State and other programs. In March 1956, only 19 of 149 major [In thousands of persons] labor market areas were classified by the Increase, or decrease (—), Bureau of Employment Security as having March 1956 from: Industry March substantial labor surpluses, the same numdivision 1956 ber as in November but fewer than the Dec. Mar. June 1955 1955 1953 43 of a year earlier. There were also 65 small areas similarly classified. The major Total 50,210 - 20 1,450 280 areas with a serious unemployment prob- Manufacturing 16,840 -130 610 -680 lem are for the most part those where the Durable 9,730 -110 430 -560 problem is long-standing, such as New Eng- Nondurable. . 7,110 - 20 180 -120 land textile centers and Pennsylvania coal Nonmanufacturing... 33,370 110 840 960 mining towns. In some other areas the in- C M o i n n t i r n a g c t construc- 750 0) 10 -100 dustrial base is more diversified, but employ- tion 2,550 60 70 - 40 Transportation... 2,750 - 30 90 -160 ment opportunities are insufficient for a Public utilities 1,380 10 50 50 Trade 10,900 - 50 260 360 growing population. Finance 2,260 30 100 230 Service 5,720 10 70 180 Government 7,060 80 190 440 NONAGRICULTURAL EMPLOYMENT Employment in nonfarm establishments, Federal 2,190 10 20 -130 State and local.. 4,870 70 170 570 seasonally adjusted, as reported by the Bureau of Labor Statistics, increased steadily !Less than 5,000. NOTE.—Bureau of Labor Statistics data adjusted for seasonal variafrom September 1954 to the end of 1955, tion. Self-employed and domestic servants are excluded. March 1956 figures are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN • APRIL 1956 000 higher than a year earlier and about the same number below the record level AVERAGE WEEKLY HOURS IN MANUFACTURING reached in mid-1953. 43 Employment in durable goods industries in March was 5 per cent above a year - 42 earlier, with employment up in all industries except automobiles and ordnance. The - 41 largest relative gains were in primary metals, with steel operations at capacity this year, and in nonelectrical machinery, reflecting rising outlays for business equipment. Together, these accounted for almost threefourths of the increase in total employment in hard goods industries. Since the end of 1955 employment in 1952 1954 1956 the automobile and related industries has declined about 100,000. In contrast, em- NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Latest figure shown is for March 1956 (preliminary). ployment has been maintained or has risen further in the primary metals, nonelectrical week declined, as may be seen on the chart. machinery, stone, clay, and glass, and in- In March, overtime was reported in most struments industries. activities but, at 40.3 hours, the workweek Nondurable goods employment has was slightly below the year-earlier level. moved in a narrow range in the past five In durable goods lines the average workyears, reaching a high of 7.2 million in week in March was 40.8 hours, with most mid-1953 and a low of 6.8 million in July industries continuing to work more than of 1954. In March nondurable employ- 40 hours a week. In the automobile inment was up 2.5 per cent from a year earlier dustry the average workweek declined from and was about the same as in December a peak of 44 hours in November to less than 1955. Employment has risen fairly steadily 40 in March. Declines occurred also in in the printing, chemicals, and food indus- furniture, fabricated metals, and electrical tries. Moderate declines have occurred in machinery. In nondurable goods industries, recent months in textiles, apparel, leather, the average workweek in March was 39.5 and rubber products. Only in textiles and hours, and most industries reported declines tobacco products was employment in March from late 1955. Reductions were largest lower than a year earlier. in rubber, leather, textiles, and apparel. Average weekly hours of work in manu- Nonmanufacturing. At 33.4 million perfacturing responded somewhat earlier than sons in March, nonmanufacturing employemployment to the upturn in economic ac- ment was 2.5 per cent above a year earlier. tivity in 1954. The average increased from In State and local government, communicathe spring of 1954 to late 1955, when it tions, and service and finance, employment was about as high as at any time in the has continued to rise steadily, and in March postwar period. Subsequently the work- was at record levels. In trade March em- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN EARLY 1956 325 ployment was slightly below the level reached at the end of 1955. CHANGES IN LAIOR MARKET In other nonmanufacturing activities, 1947 . 100 130 where postwar trends have been diverse, TOTAL LABOR FORCE employment has changed little this year. 120 In the mining and railroad industries, which 110 have shown declining trends, employment picked up cyclically in 1955 but is well be- MALE 100 low the earlier highs. Construction employment has continued at advanced levels. I I I I I I I I I 90 Federal civilian government employment ALL EMPLOYMENT 120 has been relatively stable since 1953 when it declined 9 per cent; total government employment, however, was at a record level in March. 100 TRENDS IN THE LABOR MARKET 90 Manpower generally has been utilized at a high rate in the postwar period. Unemployment amounted to about 4 per cent of the labor force both, in early 1947 and 70 130 in early 1956, and in no intervening year NONAGRICULTURAL EMPLOYMENT averaged more than 5.5 per cent. From 120 1947 to early 1956, civilian employment SERVICE AND rose 7.5 million persons. In manufactur- GOVERNMENT ing industries, production worker output per manhour is estimated to have advanced 3.0 to 3.5 per cent annually during the period 90 1947-53 and 5 per cent a year in the follow- 150 ing two years. MANUFACTURING EMPLOYMENT Within this framework of rising produc- 140 tivity and employment, there have been significant changes in the structure of the labor SALARY force, some of which represent a continua- WORKERi 120 tion of prewar trends. Four of these basic changes, shown in the chart, are: the grow- DO ing importance of women in the labor market; the more rapid expansion of em- 100 ployment opportunities in services and gov- PRODUCTION WORKERS ernment than in industrial activities; a more 90 I I I I I I I I I rapid growth in the number of salaried 1948 1950 1952 1954 1956 workers in manufacturing industries than in the number of production workers; and For note, see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN • APRIL 1956 a decline in the number employed on farms. as for manufacturing output. Salaried em- The labor force, including the armed ployees currently account for 21 per cent forces, increased by 8.5 million from early of all manufacturing workers compared with 1947 to early 1956. The ratio of the labor 16 per cent in 1947. force to the working age population rose Within manufacturing, however, changes from 56 to 58 per cent, representing an in- in employment have varied widely among crease in the proportion of working women, industries. Total employment in durable especially those over 35 years of age. The goods activities has risen 16 per cent since ratio of the women in the labor force to 1947, but little increase has occurred in the those of working age increased from 29 per number in nondurable goods industries. cent in 1947 to 35 per cent in early 1956; Employment in the transportation equipthe proportion of men in the labor force ment industry rose about 50 per cent from declined slightly. 1947 to 1956 and in electrical machinery Increased mechanization and produc- 25 per cent, while in tobacco, textiles, tivity, rapid growth in population, high in- leather, and lumber there are now fewer comes, and more leisure have had a marked workers than in 1947. influence on employment opportunities. Another postwar development is resump- Employees in service and government ac- tion of the long-term decline in average tivities exceeded those in the industrial sec- weekly hours, which had been interrupted tor (as defined in the note to the chart) by World War II. On farms the workweek by about 1 million in 1947 and 4.5 million averaged 47.7 hours in 1955, 3 hours less in early 1956. than in 1947. The workweek in nonfarm Productivity gains in manufacturing have industries declined about 1.5 hours, to 40.9 hours, largely because of reductions toward been striking among production workers. the standard 40 hours in the railroad, serv- In early 1956 production worker employice and trade industries, which had long ment was up only 4 per cent from 1947. workweeks at the end of World War II. At the same time the number of salaried In manufacturing industries, however, the workers, at a record level, was up more than workweek has shown a horizontal trend with 40 per cent. This was about the same rise fluctuations reflecting mainly changes in the NOTE to chart on preceding page: pace of business activity. The average Bureau of Census data for total labor force and all employment; Bureau of Labor Statistics data for nonagricultural and manufacturing employment. Industrial includes manufacturing, workweek has ranged from about 39 to 41 mining, railroads, and construction; government and service include government, service, trade, finance, and public utilities. hours and in early 1956 was about as long Annual averages except for 1956, which are first quarter averages seasonally adjusted. as in 1947. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Business Loans of Member Banks IN OCTOBER 1955, the Board of Gover- totaling $31.6 billion. This included an nors of the Federal Reserve System and estimated 1.3 million individual bank loans the Federal Reserve Banks conducted a amounting to $30.8 billion and $780 milthird sample survey of commercial and in- lion in holdings of open market paper— dustrial loans made by member banks.1 that is, bankers' acceptances, commercial Previous surveys had been made in 1942 paper, and bearer notes of sales finance comand 1946. The new Survey provides cur- panies. The dollar amount of business loans rent information on the characteristics of outstanding was 2% times as large as in this most important category of member 1946 and the number was twice as large. bank loans and the terms on which bank The distribution of these loans among incredit is extended to business. Reports on dustries reflects the broad redirection of reapproximately 190,000 individual loans sources in the economy since 1946. The were submitted by a representative sample proportion of loans outstanding to manufacof 1,900 banks. A small number of banks, turing and mining concerns and to wholeabout 5 per cent of those invited to partici- sale trade has declined while the proportion pate, found it impossible to respond to the to sales finance companies and real estate, questionnaire. The Survey was carried out construction, and service firms has increased. with the cooperation of the American Bank- In every major business group, however, ers Association, the Reserve City Bankers the amount and number of loans have in- Association, and the Robert Morris Assocreased considerably since 1946. ciates. Over the postwar years, there has been a On the Survey date, October 5, member substantial shift in the distribution of loans banks had outstanding credit to business by asset size of borrower. This no doubt 1 The Survey of Bank Loans for Commercial and reflects in large part a shift in the size dis- Industrial Purposes was under the general supervision tribution of the business population owing of Ralph A. Young, Director, and Albert R. Koch, Assistant Director, of the Division of Research and to the upward movement in prices and the Statistics, and of James B. Eckert, Chief of the Bankgrowth in volume of business activity. The ing Section of the Division. This article was prepared by Mr. Eckert. proportion of loans to concerns in the small- The Division of Research and Statistics had the priest size group—assets under $50,000—demary responsibility for organizing the Survey, analyzing its results, and preparing the special articles re- clined, while the proportion to those with porting the findings that appear in the BULLETIN. A assets of $50,000-$5,000,000 increased. Federal Reserve System Committee under Clarence W. Tow, Vice President, Federal Reserve Bank of Borrowing by concerns with assets of $5 Kansas City, assisted the Division in planning the million and over accounted for about the Survey. The information was collected by the Federal Reserve Banks. same percentage of total loans as in 1946. A copy of the form used in the Survey with ac- This shift toward medium-sized borrowers is companying instructions for its completion is appended to this article. reflected particularly in the loan portfolios 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN • APRIL 1956 of the smaller banks, which do most of their about 20 per cent, somewhat less than the lending to small and medium-sized busi- rise in wholesale prices. nesses. Large banks, however, maintained Loans to manufacturing and mining conthe 1946 proportion of loans to the smallest cerns accounted for about 37 per cent of businesses, an increase in the proportion for the outstanding amount of loans in the medium-sized borrowers having been offset present Survey, compared with 43 per cent by a decrease for borrowers having assets of in 1946, as shown in Table 1. Changes in $5 million and over. the distribution of loans within the manufacturing and mining group generally were As in 1946, long-term loans accounted small, except those to food, liquor, and tofor about one-third of the total dollar bacco companies, which declined from 12 amount of business loans by member banks, to 6 per cent of total business loans. This but small, particularly unincorporated enterdecline reflects in part the earlier stage in prises, have obtained greater access to such the fall seasonal upswing when the 1955 credit than they had then. The proportion Survey was made, and the lower level of agriof total loans outstanding to unincorporated cultural prices prevailing then as compared firms, however, has decreased. with late November 1946. Average interest rates on business loans Loans to wholesale trade (including comwere considerably higher in October 1955 modity dealers) declined considerably in than in 1946, but the 1955 spread in average relative importance between 1946 and 1955. rates among industries was smaller. The During this period, they rose only about onelargest increases in average rates since 1946 sixth as much as other business loans and in were in industries which then borrowed on October accounted for 10 per cent of the the most favorable terms. amount outstanding compared with 18 per This first article summarizing the find- cent in 1946. Expansion of loans to retail ings of the Survey covers only major char- trade was about the same as the 134 per acteristics of member bank business lending. cent growth in total dollar volume of busi- Detailed analyses in a number of areas, such ness loans since 1946. Retailers borrowed as term lending, interest rates, collateral, more than wholesalers in late 1955, whereas and size and location of borrower, will ap- in 1946 wholesalers had borrowed about pear in future issues of the BULLETIN. two-thirds more than retailers. Loans to retail trade still account for the largest BUSINESS OF BORROWER number of business loans to any industry group; but they rank next to the smallest in On October 5, 1955, member banks had average size. 1.3 million loans outstanding for commer- Perhaps the most significant development cial and industrial purposes, totaling $30.8 since 1946 in the industry distribution of billion. This was about 2% times the business loans is the rise to prominence of amount and twice the number of such loans loans to real estate concerns. Such loans, held by member banks at the time of the which were relatively unimportant in 1946 earlier business loan survey as of November and included in the "all other" business cate- 20, 1946. Over this period, the average size gory, totaled $2.4 billion in the fall of 1955 of loan rose from $19,600 to $23,400 or and accounted for 8 per cent of the amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS 329 TABLE 1 BUSINESS LOANS OF MEMBER BANKS, 1955 AND 1946, BY BUSINESS OF BORROWER1 [Estimates of outstanding loans] Amount of loans Number of loans Business of borrower In m do il l l l i a o r n s s of d P i e s r tr c i e b n u t t a i g o e n In thousands d P i e s r tr c i e b n u t t a i g o e n 1955 1946 1955 1946 1955 1946 1955 1946 All businesses. 30,820 13,189 100.0 100.0 1,317 673 100.0 100.0 Manufacturing and mining, total 11,283 5,650 36.6 42.8 225 116 17.1 17.2 Food, liquor, and tobacco 1,838 1,536 6.0 11.6 36 18 2.7 2.7 Textiles, apparel, and leather 1,689 484 5.5 3.7 31 16 2.3 2.4 Metals and metal products 3,235 1,629 10.5 12.4 59 29 4.5 4.3 Petroleum, coal, chemicals, and rubber. 2,646 1,061 8.6 8.0 28 13 2.2 1.9 Other 1,875 939 6.1 7.1 72 40 5.4 5.9 Trade, total 6,539 3,883 21.2 29.5 517 341 39.2 50.7 Retail 3,476 1,472 11.3 11.2 411 253 31.2 37.6 Wholesale 2. 3,063 2,411 9.9 18.3 105 8.0 13.1 Other, total 12,998 3,656 42.2 27.7 575 216 43.7 32.0 Sales finance companies 2,872 779 9.3 5.9 13 7 1.0 1.0 Transportation, communication, and other public utilities. 2,906 1,222 9.4 9.3 44 38 3.4 5.6 Construction 1,691 446 5.5 3.4 105 43 7.9 6.4 Services 1,783 490 5.8 3.7 239 76 18.2 11.3 Other nonfinancial3 3,745 719 12.2 5.4 174 52 13.2 7.7 1 Data for 1946 were reported in "Business Loans of Member trade in 1946 and not separately reported. Banks," Federal Reserve BULLETIN, March 1947. Additional 3 Totals for 1955 include 75,600 loans to real estate concerns articles summarizing the results of the 1946 survey appeared in the amounting to $2,405 million. These loans were included in "all other" May, June, July, and August 1947 issues of the BULLETIN. in 1946 and not separately reported. 2 Totals for 1955 include 8,900 loans to commodity dealers NOTE.—Details may not add to totals because of rounding. amounting to $751 million. These loans were included in wholesale and 6 per cent of the number of all business total increase in borrowed resources of sales loans. A substantial proportion of these finance companies, whose operations have loans represented loans to mortgage com- expanded sharply with the increased volume panies to aid in carrying temporarily large of instalment selling of consumer durable inventories of residential mortgages. The goods. The marked expansion in loans to marked growth in these, as well as in con- service enterprises also reflects the rapid struction loans, however, also reflects the growth in this sector of the economy in the high level of construction activity which has postwar period. As disposable income has developed since 1946. risen, consumers have been spending a larger Borrowing by sales finance companies and percentage of their incomes for services. service enterprises has also expanded greatly since 1946, at about twice the rate for busi- SIZE OF BUSINESS OF BORROWER ness loans generally. Sales finance company Most individual business loans of member borrowing was the most heavily concen- banks were to borrowers with relatively trated of all business categories, with 1 per small total assets, as shown in Table 2. The cent of the number of loans accounting for dollar volume of loans, as might be exover 9 per cent of the amount outstanding. pected, was more heavily concentrated in The average size loan of $213,500 was over borrowers with large total assets. Nevertwice that of any other category. The growth theless, only for sales finance companies and in these loans since 1946, however, has ac- transportation, communication, and other counted for only a small proportion of the public utilities was borrowing heavily con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN • APRIL 1956 TABLE 2 BUSINESS LOANS OF MEMBER BANKS, OCTOBER 5, 1955, BY BUSINESS AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower (total assets, in thousands of dollars) All Business of borrower borrowers Under 50- 250- 1,000- 5,000- 25,000- 100,000 Not as- 50 250 1,000 5,000 25,000 100,000 and overcertained Amount of loans, in millions of dollars 30,820 1,688 4,465 4,976 5,592 4,941 3,431 5,546 182 Manufacturing and mining, total 11,283 235 951 1,466 2,265 2,268 1,854 2,201 44 Food, liquor, and tobacco 1,838 38 121 228 334 341 344 424 9 Textiles apparel and leather 1,689 35 192 313 482 334 156 176 Metals and metal products . ... 3,235 58 250 372 547 717 479 803 10 Petroleum, coal chemicals, and rubber 2,646 31 110 183 404 582 662 658 16 Other 1,875 72 277 370 500 295 213 140 7 Trade, total 5,788 614 1,551 1,374 973 587 242 390 57 Retail . 3 476 518 1,088 662 394 254 161 359 39 Wholesale . . 2,312 96 463 711 579 333 81 31 18 Other, total 13,749 840 1,963 2,136 2,354 2,085 1,335 2,955 81 Commodity dealers 751 9 60 113 161 171 65 169 2 Sales finance companies 2,872 6 83 208 396 450 460 1,252 17 Transportation, communication, and other public utilities 2,906 91 125 189 266 474 397 1,360 4 Construction 1,691 137 419 451 384 217 50 11 20 Real estate 2,405 110 495 560 645 434 112 38 12 Services .. .. 1,783 371 529 333 218 134 100 81 19 Other nonfinancial 1,340 116 252 282 283 205 151 44 7 Number of loans, in thousands 1,316.9 608.7 469.2 145.4 45.5 13.3 5.0 6.5 23.2 Manufacturing and mining, total 225.1 72.7 83.5 39.7 16.2 5.2 2.1 1.6 4.1 Food liquor and tobacco 35.9 13.5 11.6 5.6 2.1 .9 .7 .4 1.2 Textiles apparel and leather 30.6 8.6 12.4 5.7 2.6 .8 .3 .1 .1 Metals and metal products 58.7 17.8 22.8 10.6 4.3 1.6 .5 .5 .7 Petroleum coal chemicals and rubber 28.3 7.2 8.8 5.7 3.3 1.1 .5 .4 1.3 Other . 71.6 25.5 27.9 12.2 4.0 .7 .3 .2 .3 Trade, total ... 507.7 248.9 191.0 45.6 9.7 1.9 .5 .8 9.4 Retail 411.2 220.9 149.2 26.6 4.9 .8 .3 .7 7.8 Wholesale 96.5 28.1 41.8 19.1 4.8 1.0 .2 .1 1.5 Other, total 584.1 287.2 194.7 60.1 19.6 6.2 2.4 4.1 9.8 Commodity dealers 8.9 2.5 3.3 1.6 .9 .3 .1 2 .1 Sales finance companies 13.4 1.0 2.9 2.6 2.5 1.6 .9 l'.5 .4 Transportation, communication, and other public utilities 44.2 20.5 12.3 4.9 2.1 1.2 .7 1.9 .6 Construction 104.5 42.3 41.6 14.5 3.4 .5 .1 .1 1.9 Real estate 75.6 20.3 33.9 13.7 5.2 1.2 .3 .2 .8 Services 239.3 143.1 74.3 13.7 2.7 .8 .1 .2 4.3 Other nonfinancial 98.1 57.4 26.3 9.1 2.8 .6 .2 .1 1.6 NOTE.—Details may not add to totals because of rounding. centrated in businesses with assets of $100 every industry except sales finance the million and over. Even in manufacturing aggregate number of loans in these two and mining, where most business is done by classes exceeded that in all other classes relatively large firms, outstanding loans to combined. companies with assets of $5-$25 million Since 1946, the size-of-borrower distriabout equaled those to firms with assets of bution of member bank loans has shifted $100 million and over. appreciably from the smallest to the inter- The largest number of loans for every mediate categories, as shown in Table 3. industry was in one of the two asset size Loans to concerns with assets under $50,000 classes under $250,000. Moreover, for declined from 65 to 46 per cent of the num- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS 331 TABLE 3 assets of $5 million and over. Another important and perhaps related consideration is BUSINESS LOANS OF MEMBER BANKS, 1955 AND 1946 BY SIZE OF BORROWER the decline in relative importance of loans [Percentage of total] to the manufacturing and mining group Amount of loans Number of loans where large concerns predominate. Size of borrower (Total assets, in thousands of dollars) 1955 1946 1955 1946 SIZE OF LENDING BANK All borrowers 100.0 100.0 100.0 100.0 The size of lending bank is closely related Under 50 5.5 9.2 46.2 64.5 50 250 14.5 16.4 35.6 24.0 to the size of business of the borrower. Thus 250-5 000 34.3 29.0 14.5 8.3 5,000 and over 45.2 44.3 1.9 1.7 the bulk of the dollar volume of outstanding Not ascertained .6 1.2 1.8 1.5 loans of small banks was to small businesses NOTE.—Details may not add to totals because of rounding. and of large banks to large businesses, as shown in Table 4. In all bank size classes, ber and from 9 to 6 per cent of the amount the largest number of loans was to relatively of total loans outstanding, although the small enterprises. amount and number of such loans rose The loan portfolios of the smaller banks, somewhat over the period. The amount of which do most of their lending to small and loans to concerns with assets of $50,000medium-sized businesses, were particularly $250,000 also declined relative to other size affected by the upward shift in the size-ofcategories, but the number of such loans rose sharply. The percentage of total loans borrower distribution of outstanding busito businesses with assets of $250,000- ness loans since 1946. All bank size classes $5,000,000, however, rose substantially with deposits under $100 million showed with respect to both amount and number. decreases in the proportion of loans to busi- Loans to borrowers with assets of $5 million nesses with assets under $50,000. They and over accounted for about the same pro- showed increases in the proportion in most portion of total loans in 1955 as in 1946. of the larger size categories. The shift in the distribution of outstand- Banks with deposits of $100 million and ing loans from the smallest to the interme- over maintained the 1946 proportion of diate categories between 1946 and 1955 their portfolios in loans to borrowers under probably reflects in large part the general $50,000 in assets while also increasing the upward valuation of business assets and the proportion to borrowers in the $50,000growth in total business volume while the $5,000,000 categories. Active development asset size classes remain unchanged. It may of small loan departments, particularly for also reflect the unusually large proportion term loans, by some of the larger banks unof new and reestablished small businesses in doubtedly accounts for an appreciable part the immediate postwar business population of this growth. The proportion of loan voland the increasing availability of internal ume at these banks to businesses with assets and nonbank funds as businesses mature and of $5 million and over, however, declined become established. Increased reliance on substantially between 1946 and 1955. internal and nonbank funds may also explain Loans to manufacturing and mining conin part the absence of any appreciable rise cerns accounted for nearly half of the busiin the proportion of loans to enterprises with ness loans of banks with deposits of $1 bi]- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN • APRIL 1956 TABLE 4 BUSINESS LOANS OF MEMBER BANKS, OCTOBER 5, 1955, BY SIZE OF BORROWER AND SIZE OF BANK [Estimates of outstanding loans] Size of bank (total deposits, in millions of dollars) Size of borrower (Total assets, in thousands All of dollars) banks Under 500- 1,000- 2,500 2 2-10 10-20 20-50 50-100 100-250 250-500 1,000 2,500 and over Amount of loans, in millions of dollars All borrowers 30,820 107 1,479 1,213 2,068 2,056 3,221 4,109 3,844 5,264 7,459 Under 50 1,688 55 490 213 216 144 150 149 112 47 112 50-250 4,465 43 674 537 720 526 553 474 348 232 358 250-1 000 4,976 6 191 291 616 646 792 861 535 391 646 1,000-5,000 5 592 1 49 83 268 462 890 1,045 933 814 1,047 5,000-25,000 4 941 1 10 20 79 128 395 754 778 1,173 1,603 25 000-100 000 3,431 8 11 6 31 53 150 344 467 944 1,424 100,000 and over 5,546 9 13 50 97 291 482 670 1,664 2,270 Not ascertained 182 45 49 88 0) 0) Percentage distribution within bank size group 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Under 50 5.5 51.0 33.2 17.6 10.4 7.0 4.7 3.6 2.9 .9 1.5 50-250 14.5 40.5 45.6 44.3 34.8 25.6 17.2 11.5 9.1 4.4 4.8 250-1 000 16.1 6.0 12.9 24.0 29.8 31.4 24.6 21.0 13.9 7.4 8.7 1,000-5,000 18.1 1.1 3.3 6.8 13.0 22.5 27.6 25.4 24.3 15.5 14.0 5 000-25 000 16.0 .7 1.7 3.8 6.2 12.3 18.4 20.2 22.3 21.5 25 000-100 000 11.1 A .7 .5 1.5 2.6 4.7 8.4 12.2 17.9 19.1 100 000 and over 18.0 .4 .6 1.1 2.4 4.7 9.0 11.7 17.4 31.6 30.4 Not ascertained 6 3.1 4.1 4.3 (2) (2) i Less than $500,000. NOTE.—Details may not add to totals because of rounding. 2 Less than 0.05 per cent. lion and over compared with less than one- banks, loans to transportation, communicafifth for banks with less than $10 million tion, and other public utilities have declined deposits. Trade loans, as shown in Table 5, in relative importance while loans to service accounted for roughly two-fifths of the out- firms have increased. standing loans of the smallest banks but less TERM LOANS than one-seventh for the largest. Similarly, loans to service and construction enterprises Loans having an original maturity of more were relatively more important to small than one year, generally referred to as than to large banks. Sales finance company "term loans," accounted for 34 per cent of loans were held in large volume by all sizes member bank business loan portfolios in of banks except the smallest, while loans to October 1955, about the same proportion real estate concerns accounted for 8-12 per as in November 1946. Nearly 40 per cent cent of business loans of all size classes of of the $10.4 billion total of such loans was banks with deposits between $10 million confined to two major industry groups, transand $1 billion. portation, communication, and other public Since 1946, manufacturing and mining utilities, and petroleum, coal, chemicals, and and trade loans have decreased in relative rubber, as shown in Table 6. These two importance at nearly all size classes of groups also showed the highest ratios of term banks, whereas loans to sales finance com- to total bank borrowing, 69 and 74 per cent, panies and construction and service firms respectively, reflecting the large proportion have become more important. At small of their assets in heavy fixed investment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS 333 TABLE 5 BUSINESS LOANS OF MEMBER BANKS, OCTOBER, 5, 1955, BY BUSINESS OF BORROWER AND SIZE OF BANK [Estimates of outstanding loans] Size of bank (total deposits, in millions of dollars) All Business of borrower banks Under 500- 1,000- 2,500 2 2-10 10-20 20-50 50-100 100-250 250-500 1,000 2,500 and over Amount of loans, in millions of dollars All businesses 30,820 107 1,479 1,213 2,068 2,056 3,221 4,109 3,844 5,264 7,459 Manufacturing and mining, total. . . 11,283 19 265 251 459 529 951 1,401 1,530 2,419 3,459 Food, liquor, and tobacco 1,838 6 48 41 75 83 178 281 260 380 485 Textiles, apparel, and leather... 1,689 1 29 30 64 69 160 192 152 409 583 Metals and metal products.... 3,235 4 57 62 131 164 245 405 522 665 982 Petroleum,coal, chemicals, and rubber 2,646 34 41 71 81 151 260 353 659 994 Other 1,875 7 97 77 119 132 217 262 244 307 414 Trade, total 5,788 46 547 408 602 501 703 782 564 623 1,013 Retail 3,476 41 458 297 397 300 415 456 319 328 465 Wholesale 2,312 5 88 111 205 201 288 326 244 295 547 Other, total 13,749 42 667 554 1,007 1,025 1,567 1,926 1,751 2,222 2,988 Commodity dealers 751 2 28 15 28 55 70 152 41 113 246 Sales finance companies 2,872 1 31 44 135 174 382 372 552 625 556 Transportation, communication, and other public utilities. 2,906 4 77 46 75 87 198 308 333 633 1,146 Construction 1,691 8 139 124 186 172 210 253 214 139 247 Real estate 2,405 2 79 102 221 248 328 408 356 344 317 Services 1,783 19 237 159 239 174 211 233 140 209 162 Other nonfinancial 1,340 5 76 64 122 114 168 200 \\6 ,59 314 Percentage distribution within bank size group All businesses 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Manufacturing and mining, total.... 36.6 18.0 17.9 20.7 22.2 25.7 29.5 34.1 39.8 46.0 46.4 Food, liquor, and tobacco.... 6.0 5.2 3.2 3.4 3.6 4.1 5.5 6.9 6.8 7.2 6.5 Textiles, apparel, and leather... 5.5 1.0 2.0 2.5 3.1 3.4 5.0 4.7 4.0 7.8 7.8 Metals and metal products.... 10.5 3.6 3.8 5.1 6.3 8.0 7.6 9.9 13.6 12.6 13.2 Petroleum, coal, chemicals, and rubber 8.6 2.1 2.3 3.4 3.4 3.9 4.7 6.3 9.2 12.5 13.3 Other 6.1 6.2 6.5 6.3 5.7 6.4 6.8 6.4 6.3 5.8 5.6 Trade, total 18.8 43.1 37.0 33.6 29.1 24.4 21.8 19.0 14.7 11.8 13.6 Retail 11.3 38.4 31.0 24.5 19.2 14.6 12.9 11.1 8.3 6.2 6.2 Wholesale 7.5 4.7 6.0 9.2 9.9 9.8 9.0 7.9 6.4 5.6 7.3 Other, total 44.6 38.9 45.1 45.7 48.7 49.9 48.7 46.9 45.5 42.2 40.1 Commodity dealers 2.4 1.8 1.9 1.3 1.4 2.7 2.2 3.7 1.1 2.2 3.3 Sales finance companies 9.3 1.2 2.1 3.7 6.5 8.5 11.9 9.1 14.4 11.9 7.5 Transportation, communication, and other public utilities. 9.4 3.6 5.2 3.8 3.6 4.2 6.1 7.5 8.7 12.0 15.4 Construction 5.5 7.2 9.4 10.2 9.0 8.4 6.5 6.2 5.6 2.6 3.3 Real estate 7.8 2.1 5.4 8.4 10.7 12.1 10.2 9.9 9.3 6.5 4.2 Services 5.8 18.0 16.0 13.1 11.6 8.5 6.6 5.7 3.6 4.0 2.2 Other nonfinancial 4.4 4.9 5.2 5.3 5.9 5.6 5.2 4.9 3.0 3.C 4.2 NOTE.—Details may not add to totals because of rounding. having relatively long service life. The ratio of term to total bank borrowing The smallest users of term credit, both in varied with size of business for most indusabsolute amount and relative to their total tries except transportation, communication, bank borrowing, were commodity dealers and other public utilities. The highest ratios and sales finance companies, which have of term borrowing generally were for conlittle fixed investment. Textiles, leather, cerns with assets of $25 million and over and apparel manufacturers, wholesale trade, and the lowest for those with assets between and construction firms also borrow to only $250,000 and $5 million. The relative ima limited extent at longer maturities. portance of term borrowing by businesses Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN • APRIL 1956 with assets under $50,000, however, was hand, the ratio has declined among the largnearly as great as for the largest companies est firms. and considerably greater than for any other The proportion of term to total borrowing size class except those of $25 million and was about the same for unincorporated as over. Moreover, the relative importance of for incorporated enterprises, both for total term borrowing by small enterprises generbusiness loans and for most industry groups. ally has increased substantially since 1946. In 1946, term borrowing was considerably For those with assets under $50,000, the ratio of term to total bank borrowing has more important for corporations than for risen from 29 to 41 per cent. On the other unincorporated enterprises. TABLE 6 TERM LOANS OF MEMBER BANKS, OCTOBER 5, 1955, BY BUSINESS AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower (total assets, in thousands of dollars) All Business of borrower ro b w o e r- rs Under 250- 1,000- 5,000- 25,000- 100,000 Not 50 50-250 1,000 5,000 25,000 100,000 and over t a a s i c n e e r d - Amount of term loans, in millions of dollars All businesses 10,441 687 1,287 1,158 1,331 1,768 1,671 2,495 44 Manufacturing and mining, total 4,540 82 238 311 579 989 1,100 1,228 13 Food, liquor, and tobacco 402 15 36 44 36 76 113 80 Textiles, apparel, and leather 268 4 15 14 58 73 53 52 Metals and metal products 1,193 22 67 94 160 244 198 407 Petroleum, coal, chemicals, and rubber 1,946 17 52 69 189 444 588 582 6 Other 731 24 67 90 137 153 147 108 3 Trade, total 1,455 226 370 220 194 142 61 231 11 Retail 1,076 207 296 131 96 73 45 220 8 Wholesale 379 19 74 89 98 69 16 11 3 Other, total 4,447 379 678 627 558 638 510 1,036 20 Commodity dealers. 55 1 7 8 6 6 15 10 1 Sales finance companies 135 1 10 9 24 16 8 68 0) Transportation, communication, and other public utilities 1,995 70 66 140 181 364 306 866 3 Construction 329 41 81 66 67 52 13 7 3 Real estate 707 44 205 175 128 96 24 33 4 Services 797 175 230 138 95 46 67 38 Other nonfinancial 429 48 79 92 58 59 76 15 As a percentage of total loans within industry size group All businesses. 33.9 40.7 28.8 23.3 23.8 35.8 48.7 45.0 24.3 Manufacturing and mining, total 40.2 34.9 25.1 21.2 25.6 43.6 59.3 55.8 29.6 Food, liquor, and tobacco 21.9 38.7 30.1 19.2 10.6 22.2 32.9 18.8 30.7 Textiles, apparel, and leather 15.9 10.8 7.8 4.6 12.0 21.7 33.9 29.4 13.0 Metals and metal products 36.9 37.3 26.8 25.2 29.2 34.0 41.4 50.7 17.4 Petroleum, coal, chemicals, and rubber... 73.6 55.7 47.7 37.5 46.8 76.2 88.8 88.4 35.4 Other 39.0 33.8 24.3 24.3 27.5 52.0 69.3 76.8 33.9 Trade, total 25.1 36.8 23.9 16.0 20.0 24.2 25.2 59.3 19.3 Retail 31.0 39.9 27.2 19.8 24.4 28.6 28.2 61.2 19.9 Wholesale. 16.4 20.2 15.9 12.5 16.9 20.8 19.2 36.8 18.0 Other, total 32.3 45.2 34.6 29.4 23.7 30.6 38.2 35.1 25.0 Commodity dealers 7.3 14.9 12.4 6.9 4.0 3.4 22.7 6.1 35.6 Sales finance companies 4.7 8.7 12.0 4.4 5.9 3.5 1.8 5.4 2.1 Transportation, communication, and other public utilities 68.6 77.0 52.6 73.8 67.9 76.8 77.2 63.7 59.9 Construction 19.5 30.1 19.2 14.6 17.4 23.7 26.8 58.5 14.0 Real estate 29.4 39.7 41.3 31.3 19.8 22.1 21.1 86.3 31.5 Services 44.7 47.1 43.6 41.4 43.5 34.4 67.7 46.6 44.2 Other nonfinancial 32.0 41.4 31.5 32.7 20.4 28.7 50.4 33.5 26.4 i Less than $500,000. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS 335 FORM OF ORGANIZATION finance companies. Unincorporated businesses accounted for a substantially larger Nearly four-fifths of the dollar amount of proportion of the number than of the amount member bank business loans was to incorpoof loans for all business categories. rated enterprises, as shown in Table 7. The Loans to incorporated enterprises were proportion varied from 48 per cent for serv- 78 per cent of the total dollar amount of ice firms to 95 per cent for sales finance business loans in late 1955 as compared companies. In general, the ratio of corpowith 72 per cent in 1946. Although the rate to total borrowing was highest in busi- 1946 ratio was temporarily depressed owing nesses requiring heavy fixed investment, to the rapid growth in number of new unsuch as manufacturing and mining and incorporated enterprises in the immediate transportation, communication, and other postwar period, most of the increase probpublic utilities, and lowest in those with ably represents more extensive use of the relatively small capital requirements, such corporate form of organization. As techas trade, construction, real estate, and servnology increases the capital requirements ices. for efficient operation, this form of business Member bank loans to unincorporated organization tends to become more advanenterprises accounted for 72 per cent of the tageous. total number of loans. By business groups, Outstanding loans of construction conthe proportion ranged from 84 per cent for cerns and wholesale and retail trade showed services down to only 21 per cent for sales the largest shift from unincorporated to in- TABLE 7 BUSINESS LOANS OF MEMBER BANKS, OCTOBER 5, 1955, BY BUSINESS AND FORM OF ORGANIZATION OF BORROWER [Estimates of outstanding loans] Amount of loans Number of loans In millions of As a percentage of As a percentage of Business of borrower dollars industry total In thousands industry total Co ra r t p e o- c N o r o a r n p te - o- C r o a r t p e o- c N o ra r o p t n e o - - Co ra r t p e o- c N o ra r o p t n e o - - C r o a r t p e o- c N o ra r o p t n e o - - AH businesses. 23,948 6,871 77.7 22.3 371 946 28.2 71.8 Manufacturing and mining, total 9,868 1,415 87.5 12.5 106 119 47.1 52.9 Food, liquor, and tobacco 1,630 208 88.7 11.3 13 23 35.6 64.4 Textiles, apparel, and leather 1,521 168 90.1 9.9 18 13 58.6 41.4 Metals and metal products 3,020 216 93.3 6.7 33 26 55.8 44.2 Petroleum, coal, chemicals, and rubber. 2,115 531 80.0 20.0 10 19 34.1 65.9 Other 1,582 293 84.4 15.6 33 39 46.0 54.0 Trade, total 3,780 2,008 65.3 34.7 126 382 24.7 75.3 Retail 2,006 1,470 57.7 42.3 82 329 19.9 80.1 Wholesale. 1,774 538 76.7 23.3 44 53 45.3 54.7 Other, total 10,300 3,449 74.9 25.1 140 445 23.9 76.1 Commodity dealers 584 168 77.7 22.3 4 5 39.8 60.2 Sales finance companies 2,726 146 94.9 5.1 11 3 78.6 21.4 Transportation, communication, and other public utilities 2,610 296 89, 10.2 26 41.1 58.9 Construction 1,061 630 62. 37.3 76 27.0 73.0 Real estate 1,647 758 68. 31.5 25 50 33.2 66.8 Services 855 929 47. 52.1 37 202 15.6 84.4 Other nonfinancial 818 522 61.1 38.9 17 81 17.0 83.0 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN • APRIL 1956 corporated enterprise between 1946 and vey on loans at large city banks to customers 1955. The proportion of loans to incorpo- with highest credit rating. The highest rates rated enterprises rose from 42 to 63 per cent were paid by industries such as construction, for construction, from 66 to 77 per cent for services, and retail trade, in which smaller wholesale trade, and from 45 to 58 per cent and less well-established businesses prefor retail trade. In the case of trade con- dominate and the individual loan is ordicerns, the rapid spread of supermarket mer- narily small to medium size. The 4.2 per chandising in the postwar period has prob- cent average in 1955 was considerably ably been an important factor in this shift. higher than the 2.9 per cent which obtained in 1946, but the spread between the lowest AVERAGE INTEREST RATES and the highest average rates among indus- The average interest rate on business loans tries was considerably less in 1955 than outstanding at member banks on October 5, in 1946. 1955 was 4.2 per cent, as shown in Table 8. Rates were lower on short-term loans The lowest rates were obtained by industries than on long-term loans in most industries, in which borrowing is heavily concentrated but the differences generally were small. As in large enterprises with high credit rating a result of the heavy concentration of term and large individual loans, such as sales loans in industries with relatively low rates, finance companies and transportation, com- the average long-term rate for all industries munication, and other public utilities. The combined was no higher than the short-term short-term rates for loans to these industries rate. The relationship between short- and were only slightly above the 3% per cent long-term rates within industries reflects "prime rate" in effect at the time of the Sur- primarily the size and credit standing of the borrowers. For example, the long-term rate for the petroleum, coal, chemicals, and rub- TABLE 8 ber group was considerably lower than the AVERAGE INTEREST RATES ON MEMBER BANK short-term rate, but three-fifths of the long- BUSINESS LOANS, OCTOBER 5, 1955 BY BUSINESS OF BORROWER AND MATURITY OF LOAN term borrowing in that industry was by com- [Per cent per annum] panies with assets of $25 million and over whereas those concerns accounted for only All Short-term Long-term Business of borrower loans (One year (Over one about one-fifth of the short-term borrowing. or less) year) All businesses 4.2 4.2 4.2 OPEN MARKET PAPER Manufacturing and mining, total. . 4.0 4.1 4.0 Food, liquor, and tobacco 3.8 3.8 3.9 Member banks held an estimated $780 mil- Textiles, apparel, and leather... 4.0 3.9 4.0 Metals and metal products.... 4.1 4.1 4.1 lion of open market paper on October 5, Petroleum, coal, chemicals, and rubber 3.9 4.2 3.8 1955, representing 2.5 per cent of their out- Other 4.3 4.4 4.1 Trade, total... 4.6 4.6 4.8 standing business credit. Over half of this W Re h t o ai l l esale 4 4 5 7 4 4 7 5 4 4 8 8 amount was in negotiable unsecured notes Other, total 4 2 4 2 4 3 of sales finance companies placed directly Commodity dealers 3.7 3.7 4.3 Sales finance companies 3.6 3.5 3.9 or acquired through dealers, and nearly Transportation, communication, and other public utilities. 3.6 3.6 3.7 two-thirds of the remainder was other com- Construction 5.0 4.8 5.7 Real estate 4 5 4.5 4.5 mercial paper, as shown in Table 9. Bank- Services 5 1 4 8 5 3 Other nonfinancial 4.3 4.2 4.6 ers' acceptances accounted for only a small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS 337 proportion of the total. TABLE 10 Over half the sales finance company MEMBER BANK HOLDINGS OF OPEN MARKET PAPER paper was held by country banks, and it was OCTOBER 5, 1955 BY TYPE AND BY FEDERAL RESERVE DISTRICT widely distributed among Federal Reserve [Estimates, in millions of dollars] Districts, as shown in Table 10. Holdings by large city banks were negligible, reflect- Commercial paper Sales finance ing generally full commitment of their stat- District Total Accept- (excluding company ances sales finance paper i utory loan limits to the larger finance com- company paper) panies under established lines of credit. All districts 779 139 244 396 Boston 76 5 39 32 TABLE 9 New York 122 53 13 57 Philadelphia 44 1 19 25 MEMBER BANK HOLDINGS OF OPEN MARKET PAPER Cleveland 20 1 19 Richmond 40 35 OCTOBER 5, 1955, BY TYPE AND BY CLASS OF BANK Atlanta 46 18 26 Chicago 112 10 32 71 [Estimates, in millions of dollars] St. Louis 25 I 8 16 Minneapolis 7 2 5 Kansas City 59 8 51 Central Dallas 142 88 46 reserve San Francisco 84 59 12 13 m A em ll - city banks s R er e v - e C t o r u y n-W re e p e o k r l t y ba b n e k r s New Chi- b c a i n ty ks banks ba in n g ks loa 1 n s P l o a t c h e e d r t d h i a re n c t o l p y e n o r m a a c r q k u et i re p d a p t e h r r . ough dealers, exclusive of direct York cago 2 Less than $500,000. City NOTE.—Details may not add to totals because of rounding. Open market paper, total 779 63 12 362 343 470 Member banks held less than one-fifth of Acceptances 139 50 74 127 the acceptances outstanding on that date. Commercial paper (excluding sales finance company COVERAGE OF THE SURVEY paper) 244 113 129 115 Sales finance company paper!. . .., 396 174 207 228 The 1955 Survey of Bank Loans for Commercial and Industrial Purposes was coni Placed directly or acquired through dealers, exclusive of direct loans other than open market paper. fined to a stratified probability sample of NOTE.—Details may not add to totals because of rounding. some 2,000 member banks representing Commercial paper was largely held by re- about 30 per cent of all member banks and serve city and country banks, over one-third 93 per cent of the volume of their business of it in the Dallas District. Bankers' ac- loans. ceptances, however, were held almost en- The major classification for sampling purtirely at New York central reserve city and poses was size of bank as measured by total San Francisco reserve city banks, mostly at deposits. The sample included all banks banks with deposits of $1 billion or more. with deposits of more than $50 million and Including holdings of open market paper, a declining proportion of each smaller size member bank loans to sales finance com- class. In the sampled size classes, banks panies on October 5, 1955 totaled nearly within each Federal Reserve District gen- $3.3 billion, or more than 10 per cent of erally were grouped by geographic region, all business loans by member banks. These population of community, or ratio of busiholdings of open market paper accounted ness loans to total assets or total deposits. for about one-fifth of the open market paper Sample banks within these groups generally of such companies outstanding on that date, were selected by use of a table of random including paper placed through dealers. numbers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SHEET NO SCHEDULE OF LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES OUTSTANDING ON OCTOBER 5,1955. Form P,R. 643c (R«v. &5S) oo (71-73) Form approved (For banks with total deposits on 6-30-55 of $10,000,000 or less) Budget 6ur.au No. 55-5503 CONFIDENTIAL (Approval expires 1-31.56) DO NOT USE NAME OF BANK CITY STATE FIELD A B C D E F G H 1 J DESCRIPTION DIST. STATE BANK BRANCH SIZE POP. SUB.R. LOAN R. C.R.S. CLASS CODE COLUMN 1-2 3-4 5-8 9-12 13 14 15 16 17 18-19 FILL OUT THIS BOX ON FIRST SHEET ONLY 1. Total amount of real estate loans for commercial and industrial purposes outstanding on 3. Do you have minimum average deposit requirements for any October 5, 1955 (included in Schedule A, Item 6, of Coll Report form) $_ business borrowers? Check one YES NO If yes, please explain your policy with regard to such 2. Total amount of "commercial and industrial" loans outstanding on October 5, 1955 (as defined in requirements on the back of this form. Call Report instructions for Schedule A, Item 1): DETACH (a) Open market paper, total $— BEFORE (1) Acceptances . $ 4. Do you extend lines of credit or give firm commitments to MAILING (2) Commercial paper (excluding finance company paper) $ extend credit to individual businesses up to a specified (3) Finance company paper (placed directly or acquired through paper dealers). $_ limit? Check one YES NO (b) All other loans for commercial and industrial purposes $_ If yes, please explain your policy with regard to such (c) Total a • b above $ _ accommodations on the back of this form. NOTE: Please see instructions on loan coverage and reporting procedure onthe reverse side of this sheet before filling out this form. Nome of borrower (ci L tv o b c o a a r n r t o i d o w n s e t r o a f te) B b ( c f t i a s o u e r n i l o t r t o o e s n - o r r d o m n i u f t f n e t e w s c e ) r e - s r s ( e e d o d n n s f o o e t t T c t l m i e o l e e m a o r f o s r t a a s a b s a v a t t l a o p e a m r r p r a i r y e i o l r o s f ) a c o u w s b e x n e e n i l t m t e r t s a ; a s te ( b c F o u z h o r a s e g r t i m c a n io k n e n i o s - ) s f n ( C S R t in i u c o a e l m s A h e l p n 6 l t e f b o r s t d u e ) r a . t c r t - O ou c (o t t o s m A b ta m i e t n r o d c u 5 i e n n ( , n s t g 1 t e s 9 e o ) 5 n 5 i A n m st o r u u n c t t io o n f s lo a O an l t r a o ( i o l s g r i e f m t i f a n r t i m r ) e a t e n l o c n e u a e e w m n n w e t t o a s d a u l ) , t nt ( o n ( D s i M f D r e e a Y w a e r o t l r e y e . a e . , 9 - ) , i s d n m t s a t d ru e ctio D ( n ( m w m i M i n a s f r a a t o i e n " n d t a . e 1 d , d d e t d 0 , - " e u l ) - e e ft) ( S p m s a i e e n 1 y n e R 1 g - t l e e p ( a c y h P i o c m n e i t a h i r e s t c t e i d e a n h t 1 d k n a r r i t 2 g e t n s l i o - s e n m n t d e e ) p t m b w r h n h a a i o e i t s i o l t e n d a d 1 h t r r a t n 3 g e s l c e - s e d t t E i i t v f f 1 e e le 4 c f - t) t i ( M i s i n f e t c o e r y a s n o o l c n e j t d t m o u r s e f e u r r t r a - ) c t - S O i P n l t r i a g i i n c g r r e w i t 1 i p n i 6 i c a a t th y i t t p - ' p i c a o a e i p n o O t b i p p o l o r l a n i n i g b c r k i a 1 - n a w n 7 a b k i t l t - e h ( ) c a P t p h y n a o e p o r c o e - t k l her g C U G U G a u n h . . 1 o o o o i t e 9 v r v f e S S r c ' ' e - . t . t k . . 21-22 23-29 50-55 56-61 left) 62 63-66 67-68 69 MXAMPLK) Wholesale Dtstrlb. Inc.I Newtovn, Me. 293,800 38,000 38,000 9/1/55 12/1/55 l/ IR D X o AM rl P e L E W ) hite Fortune, Vt. 13 20,000 900 1,200 6/25/56 12.00 (For instructions referred to in box headings, see opposite page.) This survey provides for an analysis of your loans for Loan Coverage Be sure to include loans for business purposes carried commercial and industrial purposes outstanding on Octo- in your GI or instalment loan departments. These loans ber 5, 1955. Please mail the completed worksheet forms The loans for commercial and industrial purposes cov- should be classified under Schedule A, Item 1, for Call so as to reach your Federal Reserve Bank not later than ered by this survey include all commercial and industrial Report purposes as well as for this survey. Unless your October 24, 1955. loans as defined in the Call Report instructions for Sched- loans are correctly classified the results of this survey ule A, Item 1, and such real estate loans as have been might seriously understate the volume of loans to small made for commercial and industrial purposes included business. A column is provided on the form for entering the in Schedule A, Item 6, of the Call Report. names of borrowers whose loans are reported. This Reporting Procedure column is for your convenience. It should be detached and saved. It should not be returned to the Federal Loans for commercial and industrial purposes include Caution: It is important not to depart from the follow- Reserve Bank. The information on individual loans sup- all business loans to individuals, partnerships, and cor- ing instructions. Any attempt to substitute purposely a plied on the form will be treated as confidential by your porations, whether secured or unsecured, or whether for particular loan believed to be more "representative" in Reserve Bank. The results of this survey will be pub- the purpose of financing capital expenditures or current preference to a loan falling in the sample by chance will lished only in the form of totals for groups of banks. operations. bias the sample and distort the survey results. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1. Separate the following groups of loans from your All other manufacturing and mining (includ- Column 9. If several notes representing a single loan total loan file in a manner most convenient to you: ing lumber; furniture; paper; printing and arrangement, give date first note was made. publishing; and stone, clay, and glass) Group A—Open market paper Column 10. If a serial or instalment loan, or several notes representing a single loan arrangement, give date Group B—Real estate loans for commercial and in- Trade last payment is due. dustrial purposes Wholesale trade (including sales to businesses Column 11. Loans scheduled for lump sum repayment, as final buyers) Group C—All other loans for commercial and in- including loans customarily renewed for same or reduced dustrial purposes, including instalment and amount. GI loans for business purposes. Retail trade Column 14. For a single payment loan or a loan re- 2. In the box at the top of the form, report the total payable in instalments on which the interest charge is dollar amount outstanding on October 5, 1955, for each Other computed periodically on the unpaid balance, the effecgroup in 1 above. Please note that separate totals are Commodity dealers (establishments primarily tive interest rate is the same as the stated or nominal required for the three types of open market paper, but engaged in buying and selling commodity rate. For a loan repayable in instalments on which the no individual reporting of such loans is required. contracts and which are members, or as- interest charge is computed on the original amount of 3. Report the detailed information requested on the sociated with members, of recognized com- the loan, either on a discount or add on basis, the effecform for each loan in groups B and C in 1 above.1 Be modity exchanges) tive rate is higher than the stated rate. For example, if the loan is repayable in full in equal instalments, the sure to read the instructions to Column 7 before filling Sales finance companies (firms primarily en- effective rate is approximately twice the stated rate. in the information on individual loans. gaged in financing retail sales made on the If more than one rate is charged under a serial note instalment plan) or other loan arrangement, report the average effective rate. INSTRUCTIONS 10 Transportation, communication, and other public utilities Column 15. Enter in Column 15 the code opposite the Column 2. Enter in Column 2 the code opposite the classification below which best describes the major sebusiness classification of borrower shown below which 11 Construction (including operative builders) curity, if any, pledged as collateral for the loan. If the best describes the largest part of borrower's business. 12 Real estate (including operators, owners, loan is secured by several kinds of collateral, indicate Use only one code number. Note that loans to sales agents, brokers, and subdividers and de- only the major security. finance and real estate companies should be included in velopers of real property) this survey, but loans to all other financial institutions and to nonprofit organizations should be excluded. Service firms (including hotels; repair serv- Code Major Security ices; amusements; personal and domestic 1 Unsecured Code Business of Borrower services; and medical, legal, and other professional services) 2 Endorsed, co-maker, or nongovernment guar- Manufacturing and Mining antee 14 All other nonfinancial 1 Food, liquor, and tobacco Secured by collateral: Column 6. Enter item number under which loan 3 Inventories (including trust receipts, ware- \ Textiles, apparel, and leather would be classified in Schedule A of Call Report; for house receipts, and factors liens) Metal and metal products (including iron, example, for a loan classified in Schedule A as "comsteel, and nonferrous metals and their prod- mercial and industrial," enter 1; for a loan classified as Equipment (including assignment of title and ucts; electrical and other machinery; and real estate, enter 6. chattel mortgages) automobiles and other transportation 5 Plant and other real estate equipment and parts) Column 7. If several notes or advances are outstanding to a single borrower representing different loan ar- 6 U. S. Government securities 4 Petroleum, coal, chemicals, and rubber rangements, treat each note or advance separately in selecting your sample of loans to report. However, sev- 7 Other bonds xThis instruction applied only to respondent banks with total eral notes outstanding to a borrower representing a single deposits on June 30, 1955 of $10 million or less. Banks with loan arrangement, or several notes discounted for a 8 Stocks total deposits of more than $10 million but not more than $100 customer in a single transaction, should be totaled and m m i o l r li e o n a n w d er e e v e r r e y q u s e ix st t e h d o t f o th re ei p r o r s t m o a n ll er e v l e o r a y n s l . o an B a o n f k s $1 w 0 i 0 th ,0 0 m 0 o o re r reported as one loan. 9 Assignment of claims or contracts, accounts than $100 million of deposits were requested to report on every receivable, and oil runs loan of $1 million or more and every sixth of their smaller loans. Column 8. Enter original amount (before addition of A few banks with unusually large numbers of business loans were permitted to report on a somewhat smaller fraction of their interest or deduction of discount) of note or notes entered 10 Life insurance and savings accounts \Q smaller loans. in Column 7. 11 Other security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN • APRIL 1956 Sampling procedures were also used by as commercial and industrial but also those respondent banks in the selection of in- classified as real estate loans which had been dividual loans to report. Banks with total made for commercial and industrial purdeposits on June 30, 1955 of more than poses. Holdings of each type of open mar- $100 million reported on all their loans of ket paper (acceptances, commercial paper, $1 million or more and on every sixth of and sales finance company paper) were also their smaller loans (although a smaller proreported, but the respondent banks were not portion was permitted for a few banks with asked to furnish detailed information on the unusually large numbers of business loans). characteristics of such paper as in the case Banks with total deposits of $10-$ 100 milof other business loans. lion reported on every loan of $100,000 or Reports were received from 1,900 or more and on every sixth of their smaller about 95 per cent of the banks included in loans. Banks with total deposits of $ 10 milthe sample. This unusually high rate for lion or less reported on all of their business loans. Detailed information was supplied voluntary response reflects in part the active on about 190,000 individual loans. encouragement of banks to participate by The Survey covered all loans for business the American Bankers Association, the Repurposes. This included not only loans serve City Bankers Association, and the classified in the Member Bank Call Report Robert Morris Associates. Law Department Administrative interpretations, new regulations, and similar material INTEREST ON DEPOSITS 25, 1956 (21 F.R. 1276), a notice inviting com- BASIS FOR COMPOUNDING INTEREST ments with respect to a proposed amendment to the Supplement which would permit member Under the Supplement to the Board's Regulabanks to compute interest at the maximum rate tion Q a member bank may pay interest on time provided the aggregate amount of interest paid and savings deposits at the maximum rate predoes not exceed the amount which would be paid scribed by the Supplement regardless of the basis upon which interest is computed, provided the at the maximum rate when compounded monthly. aggregate amount of interest paid does not exceed However, in the light of comments received and the amount which would be paid at the maximum after further consideration of this matter, the rate when compounded quarterly. The Board Board has decided not to adopt such an amendpublished in the Federal Register for February ment to the regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE MEETINGS now shown in final form in accordance with Meetings of the Federal Open Market Committee Treasury data first published in the Treasury were held in Washington on March 27 and on Bulletin for February 1956. As described on page April 17-18, 1956. 13 of that publication, the data have been revised to a basis consistent with receipts from and pay- INCREASE IN FEDERAL RESERVE DISCOUNT RATES ments to the public as derived in the 1957 Budget The Board of Governors of the Federal Reserve of the United States, Special Analysis A. The System on April 12, 1956 approved actions by series on Federal receipts from and payments to the directors of 11 Federal Reserve Banks in- the public replaced the Treasury cash deposits creasing the discount rates of those Banks effec- and withdrawals data, which appeared in Fedtive Friday, April 13, 1956, to the following eral Reserve BULLETIN tables through December percentages: 1955. Federal Reserve Bank of Boston—23A Revised data are available only for fiscal years Federal Reserve Bank of New York—23A beginning with 1948 and for months beginning Federal Reserve Bank of Philadelphia—23A with January 1955. Semiannual totals prior to Federal Reserve Bank of Cleveland—23A July-December 1954 and calendar-year totals prior Federal Reserve Bank of Richmond—23A to 1955 shown in the table on page 370 are partly Federal Reserve Bank of Atlanta—23A estimated by the Federal Reserve. Federal Reserve Bank of St. Louis—23A Federal Reserve Bank of Minneapolis—3 ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Federal Reserve Bank of Kansas City—23A The following State bank was admitted to mem- Federal Reserve Bank of Dallas—23A bership in the Federal Reserve System during the Federal Reserve Bank of San Francisco—3 period February 16, 1956 to March 15, 1956: On April 19, 1956 the Board approved action by the directors of the Federal Reserve Bank of Kansas Chicago increasing the discount rate of that Bank Wichita East Side State Bank of Wichita. to 23A per cent, effective April 20, 1956. The rate previously in effect at these Banks was 2Vi per cent. TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Latest BULLETIN Reference PUBLICATION OF ANNUAL REPORT The Forty-second Annual Report of the Board of Semiannually Issue Page Banking offices: Governors of the Federal Reserve System, cover- Analysis of changes in number of.... Feb. 1956 180 ing operations for the calendar year 1955, is On, and not on, Federal Reserve Par List, number of Feb. 1956 181 available for distribution. Copies may be ob- Stock Exchange firms, detailed debit and credit balances Mar. 1956 286 tained upon request from the Board's Division A nnually of Administrative Services, Washington 25, D. C. Earnings and expenses: Federal Reserve Banks Feb. 1956 178-179 CHANGES IN BULLETIN TABLES Member banks: Calendar year May 1955 564-572 Certain figures in the table "Summary of Federal First half of year Oct. 1955 1188 Insured commercial banks May 1955 573 Fiscal Operations" (page 370 of this BULLETIN), Banks and branches, number of, by class and State Apr. 1956 398-399 which have been published on a preliminary basis Operating ratios, member banks June 1955 712-714 by the Federal Reserve since January 1956, are Banking and monetary statistics, 1955.. Feb. 1956 182-188 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 16 Industrial production in March was slightly edged up to a new record in March and continued below the record level of preceding months. Con- at capacity levels in early April. Output of nonstruction activity was maintained and contract durable goods and of minerals in March was mainawards were in exceptionally large volume. Total tained at advanced levels. retail sales, employment and incomes were close CONSTRUCTION to earlier peak rates. Prices of both industrial and New construction expenditures in March were farm commodities rose in March and early April. at a seasonally adjusted annual rate of $41.6 bil- Demands for credit and capital were very strong lion and for the first quarter totaled slightly above in March and most interest rates firmed. a year earlier. Private housing starts rose some- INDUSTRIAL PRODUCTION what less than usual for the month and were at a The Board's preliminary seasonally adjusted seasonally adjusted annual rate of 1,140,000 units. production index declined 1 point in March to Value of contract awards for private construction, 142 per cent of the 1947-49 average, as output of already at advanced levels in January and Februdurable goods did not show the usual seasonal in- ary, rose to the highest total on record. crease and, accordingly, the seasonally adjusted EMPLOYMENT durable goods index declined. Preliminary indications point to little change in durable goods and Employment in nonfarm establishments, seatotal industrial production in April. sonally adjusted, continued close to record levels Auto output, seasonally adjusted, declined fur- in March. The average workweek at factories ther in March but in early April showed little declined further to 40.3 hours, slightly below a change at a level about one-fourth below the ad- year ago. Average hourly earnings, however, advanced year-ago rate. Production of major house- vanced 2 cents to a new peak of $1.95, in part reflecting an increase in minimum wages under hold goods was maintained in March, with furnithe Fair Labor Standards Act, effective March 1, ture down somewhat further and appliances and and average factory weekly earnings also rose. television sets up. Production of building mate- Unemployment declined slightly less than searials and of producers' equipment generally consonally to 2.8 million in March and was 350,000 tinued at the high February level. Steel output below the level of a year ago. INDUSTRIAL PRODUCTION 1947-49=100 DISTRIBUTION Total retail sales, seasonally adjusted, recovered in March to the high January rate and were 4 DURABLE MANUFACTURES per cent above a year ago. Most major groups rose in March, with sales at some types of stores reaching new highs. Sales at department stores in March remained at the reduced February rate, but apparently rose in early April after allowance for the usual post-Easter decline. New and used auto markets showed further seasonal "\ -A/NONDURABLE j V' MANUFACTURES J strength in March, and dealer stocks of new autos declined moderately from the February peak. COMMODITY PRICES Average wholesale prices of industrial com- Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for March. modities continued to rise from mid-March to 342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 343 mid-April. Steel scrap prices rebounded sharply bank borrowings from the Federal Reserve averto levels somewhat above the previous peak in Jan- aged more than $1 billion and excess reserves uary, and aluminum, magnesium, imported cop- about $600 million. Net borrowed reserves were per and various metal products were raised. Coal, thus larger than earlier in the year. Federal Recoke, paper, lumber, and industrial alcohol prices serve holdings of U. S. Government securities also advanced. changed little on balance from mid-March to mid- Prices of farm products rose and in mid-April April. were 6 per cent above the seasonal low of last December but about the same amount below SECURITY MARKETS year-earlier levels. Hog prices rose about one- In the latter half of March yields on U. S. fifth from mid-March to mid-April; although still Government bonds rose rapidly to the highest well above a year ago, hog marketings have delevels since June 1953, while Treasury bill yields clined substantially from the very advanced Februdeclined. The advance in bond yields reflected ary level. Prices of grains and fats and oils also heavy business demands for funds as well as genincreased. eral business optimism, whereas the bill yield decline partly reflected special Illinois tax develop- BANK CREDIT AND RESERVES ments. After April 1 bond yields continued to Total loans and investments at banks in leading rise, and the bill decline was quickly reversed. cities expanded sharply in the two-week period Partly in response to these yield developments, ending March 21, occasioned by business needs the discount rate was raised to 2% per cent at for funds to meet March 15 income tax paynine Federal Reserve Banks and to 3 per cent at ments together with some lending in connection with Treasury financing. Business loans increased two of the Banks, effective April 13. Yields on about $1.25 billion, with increased borrowing in corporate and State and local government bonds virtually all lines. In late March and early April increased sharply during the latter part of March total bank credit, particularly holdings of U. S. and early April. After advancing through the Government securities and security loans, de- first week of April, common stock prices declined clined. sharply on April 10, and then recovered some- Between mid-March and mid-April, member what. RETAIL TRADE INTEREST RATES 1947-49=100 3 1954 1955 1956 Weekly average market yields for long-term U. S. Govern- Federal Reserve indexes, seasonally adjusted; retail sales ment 21/2 per cent bonds and for longest Treasury bills; latest based on Department of Commerce data. Monthly figures; shown are for week ending April 6. Discount rate shows latest shown for sales are March, and for stocks, February. change effective April 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* United States * Member bank reserves, Reserve Bank credit, and related items... 347 Reserve Bank discount rates; reserve requirements; margin requirements. 350 Federal Reserve Banks 351 Bank debits; currency in circulation . 354 All banks: consolidated statement of monetary system; deposits and currency 356 All banks, by classes.... 357 Commercial banks, by classes. . 360 Weekly reporting member banks. 362 Commercial loans; commercial paper and bankers' acceptances. 364 Interest rates ... 365 Security prices; stock market credit. 366 Savings institutions 367 Federal credit agencies. 368 Federal finance 370 Security issues ... 374 Business finance . . 375 Real estate credit - - - 377 Short- and intermediate-term consumer credit. 380 Selected indexes on business activity. 383 Production 384 Employment and earnings. . 390 Department stores 392 Foreign trade . . . . 393 Wholesale and consumer prices. . . 394 National product and income series. 396 Banks and branches in operation on December 31, 1955. . . 398 Tables published in Bulletin, annually or semiannually—list, with references 341 Index to statistical tables. . 427 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. 345 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 or daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 7 J - I ECXACUE3S3S KRCE3SCEKRVVEE3S |j 2 0 35 30 25 20 VA/t TTRREEAASSUURRYY CASH AND DEPOSITS r^fa^ I I NONMEMBER DEPOSITS JJ1 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS - — - —- .A DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT wyuAAr**}*^^ ipa> 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending Mar. 28. See p. 347. 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 e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r a u c H r e g n h i p t r e a d i e u l e s e d e r s e r - - c v D a o a a n n u i d s d c n - - e ts s Float Total* s G to o c ld k T r s c o e t u i r a u n n u e r n r g c y t a - - d y s- - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - T u r w e r a y it s h -I j r F es . F e e i R o r g v r . n - e B s, a O nk th s er i ! | O c F o . a t u h c R n e - r . ts Total r q e u s R i e r e r e - v d es Exment Averages o! daily figures 1955 Feb. 2., 23,852 23,844 8 524 66625,042 21,714 4,988 29,767 834 431 441 419 89918,952 18,361 591 Feb. 9 24,016 23,902 114 555 64025,212 21,715 4,988 29,794 827 472 447 480 89519,000 18,272 728 Feb. 16 23,908 23,827 81 387 66824,964 21,715 4,989 29,782 824 399 486 458 91318,806 18,236 570 Feb. 23. 23,732 23,732 395 24,932 21,716 4,990 29,771 825 490 390 486 95918,716 18,108 608 Mar. 2 23,604 23,604 490 79724,892 21,716 4,995 29,796 827 575 324 481 95718,642 18,0891 553 Mar. 9 23,604 23,604 479 78924,873 21,717 4,995 29,819 828 548 364 476 95518,596 18,0181 578 Mar. 16 23,606 23,604 483 71924,809 21,717 4,995 29,833 817 356 422 358 95718,779 18,149 630 Mar. 23 23,664 23,604 630 1,03225,327 21,718 4,995 29,793 818 887 339 435 96418,804 18,123 681 Mar. 30 23,604 23,604 745 67725,028 21,719 4,997 29,716 826 ,000 338 490 964 18,408 17,918 490 Apr. 6 23,643 23,604 613 65624,918 21,719 4,997 29,831 821 559 344 492 976 18,611 18,055 556 Apr. 13 23,682 23,604 662 80125,159 21,669 4,996 29,940 812 325 349 553 97918,868 18,214 654 Apr. 20 23,604 23,604 521 1,03125,175 21,670 4,997 29,793 820 483 419 454 97818,895 18,253 642 Apr. 27 23,604 23,604 544 86125,031 21,671 4,998 29,686 813 541 367 438 97818,877 18,260 617 May 4 23,666 23,613 53 544 74324,971 21,671 4,999 29,767 815 675 360 443 92318,659 18,201 458 May 11 23,839 23,702 137 374 69624,924 21,671 4,999 29,859 811 280 363 442 920 18,920 18,176 744 May 18 23,687 23,664 23 317 24,908 21,672 4,999 29,877 821 310 417 377 924 18,853 18,207 646 May 25 23,513 23,513 427 24,834 21,673 4,999 29,826 818 437 394 421 93718,673, 18,192 481 June 1 23,603 23,600 612 77225,001 21,674 5,001 29,961 823 582 400 478 936 18,496 18,063 433 June 8 23,683 23,683 533 81225,044 21,675 5,002 30,059 835 440 387 416 93518,648 18,036 612 June 15 23,588 23,588 558 79324,956 21,676 5,001 30,058 832 304 434 387 940 18,678 18,099 579 June 22 23,554 23,554 348 1,13725,055 21,676 5,001 30,035 818 213 408 278 98118,998 18,301 697 June 29 23,554 23,554 456 78924,815 21,677 5,001 30,021 814 323 425 275 98118,653 18,164 489 July 6 23,703 23,692 688 85825,265 21,678 5,003 30,299 814 420 367 468 970 18,609 18,085 524 July 13 23,957 23,943 685 91325,571 21,679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,943 23,943 357 1,11825,432 21,680 5,003 30,287 793 416 460 415 970 18,774 18,209 565 July 27 24,140 24,035 105 439 91525,506 21,681 5,002 30,157 798 480 439 403 967 18,945 18,386 559 Aug. 3 24,044 23,982 781 80225,638 21,682 5,003 30,237 803 638 422 412 900 18,910 18,320 590 Aug. 10 24,055 23,983 888 62725,584 21,682 5,003 30,285 800 646 434 396 885 18,824 18,163 661 Aug. 17 23,891 23,891 796 79425,495 21,682 5,003 30,336 797 507 474 400 910 18,757 18,155 602 Aug. 24 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 946 18,673 18,100 573 Aug. 31 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 946 18,614 18,130 484 Sept. 7 23,826 23,761 865 68725,401 21,682 5,005 30,436 806 447 379 393 943I 18,68518,111 574 Sept. 14 23,813 23,744 918 82625,577 21,682 5,006 30,520 803 431 419 400 942 18,750 18,142 608 Sept. 21 23,564 23,564 768 1,26325,613 21,683 5,006 30,401 794 579 377 394 990I 18,76718,191 576 Sept. 28 23,598 23,587 901 96025,478 21,683 5,006 30,323 787 693 370 386 990I 18,61818,134 484 Oct. 5 23,844 23,727 117 843 81625,525 21,684 5,007 30,428 791 525 381 390 99918,700 18,189 511 Oct. 12 23,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19 24,021 23,916 105 1,041 1,08826,169 21,685 5,007 30,621 777 534 391 409 1,01019,119 18,494 625 Oct. 26 23,973 23,973 771 98525,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov. 2. 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9. 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16. 24,068 24,018 50 1,173 1,01326,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23. 23,888 23,888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30. 24,001 23,903 973 1,01926,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 95726,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 989 18,950 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 19,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. A. 24,785 24,391 394 584 1,539 26,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,887 577 Jan. 11. 24,308 24,191 117 801 1,242 26,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18. 23,804 23,802 2 922 1,12525,872 21,692 5,008 30,632 786 360 417 321 920 19,136 18,543 593 Jan. 25. 23,517 23,517 815 1,12825,480 21,692 5,009 30,361 793 385 388 318 91919,017 18,494 523 Feb. 1 23,416 23,414 999 81425,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8 23,423 23,423 822 84025,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15 23,349 23,349 976 83225,174 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22 23,389 23,333 56 622 1,33325,360 21,694 5,011 30,210 794 557 362 366 ,02618,749 18,175 574 Feb. 29 23,435 23,384 51 758 25,089 21,695 5,012 r30,181 r792 542 354 306 ,02518,596 18,137 459 Mar. 7 23,518 23,426 92 749 83525,118 21,695 5,011 30,202 783 461 360 327 ,023 18,670 18,137 533 Mar. 14 23,505 23,410 95 975 81225,308 21,717 5,011 30,276 779 564 360 346 ,021 18,691 18,182 509 Mar. 21 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 ,069 19,204^18,582 ^622 Mar. 28 23,508 23,495 13 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 ,069119,028^18,449 > Preliminary. r Revised. For other footnotes see following page. 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 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 P d e 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 r e g h n i p t r e a d i e u l e s e d e r e s r - - v c D o a a a n n u i d s c d n - - e ts s Float Total 1 s G t o o l c d k T r s o c e t u i r a n u n u e r n g r c y t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr w e i a t s h - r F es . F e o R r r v . - e B s, a O n t k h s er c O F o . a t u c h R - n e t . r s Total r q e u s R e i e r r - e v d e 2 s c E e x ss - 2 ment Averages of daily figures 1955 Mar 23,619 23,604 15 566 80424,989 21,718 4,996 29,790 823 690 363 442 96018,635 18,050 585 Apr 23,632 23,604 28 585 83825,070 21,680 4,997 29,807 816 501 370 481 97318,800 18,210 590 May 23,666 23,617 49 445 79824,924 21,673 4,999 29,861 818 421 389 432 92818,746 18,166 580 June 23,598 23,596 2 465 87824,958 21,676 5,001 30,050 825 329 412 345 95918,715 18,146 569 July 23,967 23,925 42 576 94025,497 21,680 5,003 30,284 801 461 423 423 96218,824 18,205 619 Aug 23,886 23,870 16 803 74625,450 21,682 5,004 30,289 801 569 431 398 91818,728 18,152 576 Sept 23,709 23,668 41 872 92425,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct 23,951 23,881 70 895 92625,792 21,685 5,008 30,532 781 509 390 403 1,000 18,870 18,345 525 Nov 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 937 18.902 18,378 524 Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19; 240 18,646 594 1956 Jan 23,897 23,824 1,15225,879 21,692 5,008 30,620 787 356 404 354 921119,138 18,586 552 Feb 23,401 23.375 800 96525,183 21.694 5,011 30.214 796 480 364 351 973'18.709 18,177 532 Mar 23,522 23,449 993 98725,517 21,711 5,013 30,255 783 532 349 350 1,048 18,924 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 1 19 9 3 3 9 3 — __ D ju e n c e 2 1 , ,9 4 9 8 8 4 2 1 , ,9 4 9 8 8 4 16 7 4 9 4 1 2 2, , 5 2 9 2 3 0 1 4 7 , , 0 6 3 4 1 4 2 2 , , 2 9 8 6 6 3 7 5 , , 5 4 9 3 8 4 2, 2 4 6 0 4 9 63 3 4 5 39 1 7 5 2 1 5 5 6 1 2 3 5 4 1 6 1 2 1 , , 2 65 9 3 2 6 1 , ,8 4 1 4 7 4 5, 4 2 7 0 5 9 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 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954_june 2 2 5 4 , , 0 9 3 3 7 2 2 24 5 , , 8 0 8 3 8 7 44 1 3 4 7 3 5 80 6 8 72 2 5 5, , 8 6 8 4 5 2 2 2 1 1, , 7 9 1 2 3 7 4 4 , , 9 9 5 8 9 5 2 3 9 0 , , 9 50 2 9 2 8 7 1 9 1 6 8 5 7 6 5 3 4 5 9 4 0 5 4 3 4 7 1 7 9 90 8 7 8 1 1 9 8 , , 0 8 1 7 1 6 1 18 8 , , 6 4 1 1 8 2 2 5 5 9 8 9 Dec End of month 1955 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 85024,601 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 30,228 797 428 355 349 919 18,750 18,311 439 Feb 23,482 23,426 632 79124,920 21,695 5.012 30,163 789 554 363 305 1,025 18.428 18.1^2 266 Mar 23,636 23,587 872 1,238 25,761*>21,716'5,017*30,327 P785 534 354 623 1,069 18,799 '18,270 *>529 Wednesday 1956 Jan. 4 24,663 24,391 272 398 1,541 26,626 21,690 5,008 31.061 783 265 451 424 923 19,418 18,907 511 Jan. 11 24,178 24,141 37 806 1,016 26,023 21,691 5,008 30,748 790 350 458 319 922 19,135 18,637 498 Jan. 18 23,690 23,690 824 1,093 25,628 21,692 5,008 30,480 788 289 374 311 919 19,166 18,527 639 Jan. 25 23,508 23,508 847 78625,161 21,693 5,009 30,225 799 461 396 347 919 18,715 18,415 300 Feb. 1 23,469 23,469 934 79625,217 21,693 5.010 30,196 798 398 360 354 918 18,895 18,321 574 Feb. 8 23,444 23,444 827 59724,885 21,693 5,009 30,205 802 305 369 315 917118,675 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 23,366'23,338 634 1,29: 25,309 21,695 5,012 30,206 795 561 365 675 ',025 18,389 18,116 273 Feb. 29 23,482 23,426 632 79124,920 21,695 5,012 30,163 789 554 363 305 ,025 18,428 18,162 266 Mar. 7 23,517 23,426 650 80824,992 21,696 5,011 30,223 780 452 356 347 ,022 18,518 18,139 379 Mar. 14 23,483 23,410 702 92425,125 21,721 5,012 30,247 788 561 340 351 ,020 18,552 18,267 285 Mar. 21 23,406 23,406 1,059 1,278 25,758 21,715 5,015 30,247 794 995 325 325 ,068 18,732P18,615 P117 Mar. 28 23,604 23,588 16 706 79325,117 21,715 5,015 30,238 787 512 343 316 ,070,18,582*>18,439 c Corrected. *> Preliminary. separately in this table, but are given for end-of-month and Wednesday 1 Includes industrial loans and acceptances; these items are not shown dat 2 e s T h in e s s e u f b i s g e u q re u s e n a t r e t a e b s l t e i s m o a n te d F . ederal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 349 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 b A e n e m l r k l s - Ne c w ity ban C ks hi- b s R c a e i r n e t v y k - e s C ba o tr n u y k n s - Item and period m ba b A 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 - York cago York cago Total reserves held: Excess reserves:2 1955—Feb 18,819 4,380 ,183 7,726 5,531 1955—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 85 470 June 18,715 4,388 ,135 7,680 5,512 June 569 15 61 496 July 18,825 4,371 ,148 7,759 5,546 July 619 9 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 38 470 Dec 19,240 4,432 ,166 7,924 5,716 Dec 594 35 60 497 1956—Jan 19,138 4,293 ,178 7,934 5,732 1956—Jan 552 -24 72 505 Feb 18,709 4,196 ,138 7,753 5,623 Feb 533 11 66 452 Week ending: Week ending: 1956—Feb. 22 18,749 4,143 ,140 7,765 5,702 1956—Feb. 22 574 -21 69 524 Feb. 29 18,596 4,238 ,130 7,721 5,507 Feb. 29 460 41 67 350 Mar. 7 18,670 4,239 ,140 7,702 5,589 Mar. 7 533 -6 85 452 Mar. 14 18,691 4,289 ,134 7,690 5,579 Mar. 14 509 5 65 438 Mar. 21 19,204 4,454 ,157 7,882 5,711 Mar. 21 5 60 ^555 Mar. 28 19,028 4,416 ,140 7,835 5,637 Mar. 28 27 65 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—Feb 18,195 4,350 1,183 7,646 5,015 1955—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 Feb 18,177 4,186 1,134 7,687 5,170 Feb.. 799 149 106 402 142 Week ending: Week ending: 1956—Feb. 22 18,175 4,164 1,137 7,696 5,178 1956—Feb. 22. 622 128 87 310 97 Feb. 29 18,137 4,197 1,128 7,655 5,157 Feb. 29. 758 87 140 372 159 Mar. 7 18,137 4,245 1,138 7,617 5,137 Mar. 7. 749 71 115 413 150 Mar. 14 18,182 4,284 1,132 7,625 5,141 Mar. 14. 975 115 218 463 179 Mar. 21 ^18,582 4,449 1,155 7,822 ^5,156 Mar. 21. 934 265 292 265 112 Mar. 28 ^18,449 4,388 1,140 7,770 ^5,151 Mar. 28. 1,196 325 383 322 166 Free reserves:2 4 February 1956 1955—Feb.. 271 -20 -38 -110 439 Mar.. 122 3 -133 -151 404 Deposits: Apr.. 95 -23 -125 -155 399 May. 212 19 -25 -128 345 Gross demand deposits: June. 168 2 -43 -168 377 Total 113,535 22,626 6,042 44,505 40,362 July. 92 -69 -25 -219 406 Interbank , 12,381 3,985 1,134 5,989 1,273 Aug.. -188 -139 -61 -341 353 Other 101,153 18,641 4,908 38,516 39,089 Sept.. -285 -127 -114 -409 365 Net demand deposits 3. . 98,587 20,123 5,346 38,155 34,963 Oct.. -360 -150 -137 -416 344 Time deposits 40,390 3,219 1,301 16,372 19,498 Nov.. -491 -265 -67 -500 341 Demand balances due Dec. -245 -162 -83 -338 338 from domestic banks... 6,079 65 99 1,926 3,989 1956-—Jan.. -255 -198 -83 -353 379 Feb.. -266 -138 -103 -336 310 February 1955 Week ending: 1956—Feb. 22 -48 -149 -85 -241 427 Gross demand deposits: Feb. 29 -298 -46 -138 -305 191 Total 112,981 23,368 6,214 43,969 39,430 Mar. 7...'.. -216 -77 -113 -328 302 Interbank 12,614 4,018 1,162 6,155 1,279 Mar. 14 -466 -110 -217 -398 259 Other 100,367 19,349 5,052 37,814 38,151 Mar. 21 -260 -290 -205 ^443 Net demand deposits3 . . 98,486 20,873 5,586 38,084 33,944 Mar. 28 -298 -383 -257 Time deposits 39,493 3,517 1,319 15,820 18,837 Demand balances due from domestic banks... 6,354 49 115 1,976 4,214 P Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily dosing 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 banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] Oast par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning— rate Mar. 31 beginning— rate Mar. 31 beginning— rate B N o ew sto n York... N N o o v v . . 2 1 2 8 , , 1 1 9 9 5 5 5 5 N N o o v v . . 2 1 2 8 , , 1 1 9 9 5 5 5 5 2 2 V V A 4 N Se o p v t . . 22 9 , , 1 1 9 9 5 5 5 5 3 Philadelphia.. Nov. 18, 1955 Nov. 18, 1955 Nov.18, 1955 3 Cleveland Nov. 18, 1955 Nov. 18, 1955 Nov.18, 1955 13 * Richmond.. . Nov. 22, 1955 Nov. 22, 1955 Nov.22, 1955 Atlanta Nov. 18, 1955 Nov. 18, 1955 Nov.18, 1955 Chicago Nov. 18, 1955 Nov. 18, 1955 Nov.18, 1955 S M t. i n L n o e u a i p s olis., N N o o v v . . 2 2 2 1 , , 1 19 9 5 5 5 5 N No o v v . . 2 2 1 2 , , 1 1 9 9 5 5 5 5 N Se o p v t . . 2 1 2 2 , , 1 1 9 9 5 5 5 5 3 Kansas City.. Nov. 21, 1955 Nov. 21, 1955 Sept. 9, 1955 3 Dallas Nov. 23, 1955 Nov. 23, 1955 Aug. 5, 1955 WA San Francisco Nov. 18, 1955 Nov. 18, 1955 Nov.18, 1955 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 * Time deposits 1930—Feb. 7 4 1942—Oct. 30 2Vl Effective date Central D J M M u e a a n c y r e . . 2 2 1 4 2 0 4 b 3% 1 1 9 9 4 4 6 8 — — A Ja p n r . . 2 1 5 2 W 1 A of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i e n e t r r d y v v e e C ba o tr n u y k n s - 1% banks 1931—May 8 Aug. 13 Oct. 9 Oct. 16 1950—Aug. 21 1917—June 21 13 10 7 3 1932—Feb. 26 1953—Jan. 16 1936—Aug. 16 15 10% 4% ? June 24 1954—Feb. 5 1937— M M a a y r. 1 1 2 26 2Y4 2* 8" S* 1 19 9 3 3 3 4 — _F A O M M e c p a a b t r y r . . . . 2 2 2 7 6 0 3 I 1% * 1955— A A N S A e u p o p p g r v r t . . . . . 1 1 1 5 9 8 6 5 2 2V V A i 1 1 1 9 9 9 4 3 4 2 8 1 — — — S A A N e u p o p g r v t . . . . 2 1 1 0 4 1 6 2 2 2 2 2 6 4 2V4 2 1 0 7% 1 1 2 4 5 6 5 6 In effect Apr. 1,1956 21/2 Oct. 3 20 1937—Aug. 27, 1 1948_Feb. 27 22 June 11 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 16,24*.... 26 22 16 7% 7% 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942- 1949_May 1,5* 24 21 15 7 7 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 30,Julyl*. 20 14 6 6 advances secured by eligible paper. Aug. 1,11*.... 8* 13 5 A Au u g g . . 2 1 5 6, 18*.... §* if4 12 5 MARGIN REQUIREMENTS 1 Sept. 1 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25,Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953—July 1, 9*.... 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16,24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1*. 20 18 12 In effect Apr. 1,1956. . 20 18 12 5 5 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 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 50 60 70 1 Demand deposits subject to reserve requirements, which beginning 1 Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and series E bond accounts during the period Apr. 13. ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were *First-of-month or midmonth dates are changes at country banks, and effective after the close of business on those dates. 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 351 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 Mar. 28 Mar. 21 Mar. 14 Mar. 7 Feb. 29 Mar. Feb. Mar. Assets Gold certificate account 20,190,988 20,180,988 20,202,988 20,166,35320,156,35120,190,987 20,156,35120,178,104 Redemption fund for F. R. notes.. 845,173 848,556 836,474 848,236 854,771 845,172 854,771 848,824 Total gold certificate reserves. 21,036,16121,029,54421,039,46221,014,58921,011,12221,036,159 21,011,12221,026,928 F. R. notes of other Banks 290,280 298,102 311,148 311,438 330,403 288,742 330,403 190,914 Other cash 388,338 400,013 402,821 421,793 443,227 392,056 443,227 408,801 Discounts and advances: For member banks 705,946 1,058,693 701,867 650,474 631,568 871,673 631,568 298,052 For nonmember banks, etc 93,333 Industrial loans 682 650 704 694 695 658 695 515 Acceptances—Bought outright 14,502 14,503 15,503 15,502 14,484 14,498 14,484 3,766 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 699,000 517,000 521,400 538,200 538,200 699,000 538,200 883,244 Certificates—Special Other 0,932,699 10,932,699 ,920,699 5,920. 5,920,699 10,932,699 5,920,699 ,960,141 Notes 9,153,913 9,153,913 ,165,913 14,165! 14,165,913 9,153,913 14,165,913 ,959,471 Bonds 2,801,750 2,801,750 ,801,750 2,80i; 2,801,750 2,801,750 2,801,750 ,801,750 Total bought outright 3,587,362 23,405,362 23.409,76223,426, 23,426,562 23,587,36223,426,562 23.604,606 Held under repurchase agreement. 16,000 73,700 90 i 55,900 48,400 55,900 8,000 Total U. S. Government securities. 23,603,362 23,405,362 23,483,46223,517,26223,482,46223,635,762 23,482,462 23,612,606 Total loans and securities 24,324,492 24,479,208 24,201,536 24,183,932 24,129,209 24,522,591 24,129,209 24,C08,272 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items.. 4,433,412 5,731,826 ,086,845 4,113, 4,509,492 4,396,427 ,509,492 ,598,053 Bank premises 64,271 64,252 63,938 63! 63,076 64,311 63,076 55,927 Other assets 118,175 109,145 149,928 139; 128,302 121,535 128,302 145,536 Total assets. ;0,655,15152,112,11251,255,700 50,247,225 50,614,85350,821,843 50,614,853 49,434,453 Liabilities Federal Reserve notes 26,C09,34326,039,404 26,055,352 26,044,43226,029,48726,097,55626,029,48725,528,385 Deposits: Member bank reserves 18,582,22618,731,81618,551,97218,518,107 18428,10418,799,47218,428,10418,283,275 U. S. Treasurer—general account. 511,721 995,368 561,161 451,960 553,556 534,187 553,556 723,968 Foreign 342,652 325,462 339,553 356,406 363,439 354,496 363,439 350,544 Other 316,478 324,821 351,105 347,286 305,49.^ 622,765 305,492 448,363 Total deposits. 19,753,07720,377,467 19,803,791 19,673,759 19,650,59120,310,920 19,650,591 19,806,150 Deferred availability cash items 3,640,637 4,453,515 4,162,939 3,304,876 ,718,414 3,158,470 3,718,414 2,939,163 Other liabilities and accrued dividends. 17,577 15,947 16,551 15,667 15,841 17,576 15,841 15,857 Total liabilities. 49,420,634 50,886,33350,038,633 49,038,734 49,414,33349,584,522 49,414,333 48,289,555 Capital Accounts Capital paid in 309,982 309,720 309,217 309,087 308,769 310,001 308,769 290,038 Surplus (Section 7) 693,612 693,612 693,612 693,61 693,612 693,612 693,612 660,901 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 203,380 194,904 186,695 178,249 170,596 206,165 170,596 166,416 Total liabilities and capital accounts. 50,655,151 52,112,11: 51,255,70050,247,22550,614,85350,821,843 50,614,853 49,434,453 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 45.3 45.9 46.0 46.0 45.3 46.0 46.4 Contingent liability on acceptances purchased for foreign correspondents 39,073 39,435 40,639 39,146 36,586 38,793 36,586 28,985 Industrial loan commitments 2,432 2,466 2,413 2,435 2,444 2,455 2,444 3,519 Maturity Distribution of Loans and U. S. Government Securities* Discounts and advances—total 705,946 058,693 701,867 650,474 631,568 871,673 631,568 391,385 Within 15 days 696,964 052,084 693,908 639,986 624,776 861,522 624,776 287,176 16 days to 90 days 8,969 6,596 7,959 10,488 6,792 10,138 6,792 50,876 91 days to 1 year 13 13 13 53,333 Industrial loans—total 650 704 694 695 658 695 515 Within 15 days 10 10 1 1 1 17 16 days to 90 days 356 322 ""387 14 14 346 14 3 91 days to 1 year 227 229 227 588 589 212 589 335 Over 1 year to 5 years 89 89 90 91 91 89 91 160 Acceptances—total 14,502 14,503 15,503 15,502 14,484 14,498 14,484 3,766 Within 15 days 4,623 5,725 7,667 8,555 5,845 3,747 5,845 16 days to 90 days 9,879 8,778 7,836 6,947 8,639 10,751 8,639 3,766 U. S. Government securities—total 23,603,362 23,440055,,336622 23 483,,4466223,517,262 23 482,462 23,635,762 ,482,462 23604,606 Within 15 days 125,100 144,300 4,231,900 4,175,500 171,600 59,300 171,600 39,300 16 days to 90 days 589,90C 372,70C 1,375,200 465,400 434,500 688,100 ,434,500 530,310 91 days to 1 year ,872,764 18,887722,,776644 13,860,764 860,764 860,76418,8877:2,764 860,764 ,519,398 Over I year to 5 years ,587,127 1 5"8- 7,1"2-7 587,127 587,127 587,127 1587,127 587,127 087,127 Over 5 years to 10 years ,013,614 1013,614 013.614 013,614 013,614 1013,614 013,614 013,614 Over 10 years ,414,857 414,857 414,857 414,857 414,857 ^414,857 1 414,857 414,857 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agresments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1956 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 981,426 5,418,8611,115,724 ,807,0361,290,482 919,6283,276,806 876,727 362,290 847,552 812,599 2,481,856 Redemption fund for F. R. notes 52,130 175,290 59,292 74,500 64,005 52,587 157,977 43,883 23,526 41,231 26,504 74,247 Total gold certificate reserves. 1,033,556 5,594,1511,175,0161,881,5361,354,487 972,2153,434,783 920,610 385,816 888,783 839,103 2,556,103 F. R. notes of other Banks 12,716 61,048 24,728 19,568 23,352 69,302 22,921 8,874 4,403 5,329 14,601 21,900 Other cash , 27,926 88,861 19,648 31,448 20,014 30,051 62,221 23,396 7,753 14,530 19,490 46,718 Discounts and advances: Secured by U. S. Govt. securities 14,340 50,095 59,135 15,615 40,290 48,432 421,940 20,600 40,775 42,267 4,200 85,950 Other 28,000 34 Industrial loans 602 56 Acceptances: Bought outright 14,498 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,302,589 5,994,6101,435,574 2,027,1691,389,626 1,217,532 4,114,273 978,828 571,5931,025,814 945,806 2,583,948 Held under repurchase agreement 48,400 Total loans and securities 1,316,929 6,107,6031,523,3112,042,7841,429,9161,265,964 4,536,213 999,428 612,424 ,068,115 950,0C6 2,669,898 Due from foreign banks. 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items.. 319,862 852,807 258,638 456,809 313,439 318,324 778,925 166,177 134,311 205,186 190,914 401.035 Bank premises 5,547 8,075 4,983 6,444 5,911 4,041 6,027 3,448 3,138 3,774 2,408 10^15 Other assets 6,284 29,195 7,228 10,334 6,918 7,166 21,847 4,891 2,847 5,166 6,256 13,403 Total assets. 2,722,82112,741,746 3,013,554 4,448,9253,154,038 2,667,064 8,862,940 2,126,8251,150,6932,190,884 2,022,779 5,719,574 Liabilities F. R. notes 1,559,347 5,976,5351,772,1232,417,3751,972,9951,308,395 5,056,6721,197,510 514,900 1,025,490 684,025 2,612,189 Deposits: Member bank reserves 748,046 5,379,495 881,760 1,471,625 804,374 977,116 2,953,708 688,056 445,468 910,4241,023,020 2,516,380 U. S. Treasurer—general account 43,178 41,428 32,277 30,154 38,824 53,324 78,531 21,775 44,272 23,401 63,483 63,540 Foreign 19,529 2118,137 23,832 30,121 16,881 14,564 46,340 12,578 8,275 12,578 16,881 34,780 Other 12,325 346,296 46,418 12,435 14,960 36,821 32,194 17,791 10,943 60,659 9,950 21,973 Total deposits 823,078 5,885,356 947,8191,578,318 872,5141,059,9643,115,400 754,603 519,988 964,1941,114,327 2,675,359 Deferred availability cash items 265,735 531,498 204,649 339,711 242,228 240,798 510,425 125,424 83,133 151,058 162,578 301,233 Other liabilties and accrued dividends 1,007 4,966 903 2,018 767 870 3,000 600 537 677 602 1,629 Total liabilities 2,649,16712,398,355 2,925,494 4,337,422 3,088,504 2,610,027 8,685,4972,-078,1371,118,5582,141,4191,961,5325,590,410 Capital Accounts Capital paid in 16,291 91,018 20,035 29,814 14,274 14,331 41,724 10,760 6,993 12,586 16,964 35,211 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,012 30,841 101,894 27,649 17,586 25,960 33,847 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 12,685 49,227 14,045 18,120 12,899 11,103 32,396 9,758 6,483 9,782 9,129 20,538 Total liabilities and capital accounts ,722,82112,741,7463,013,554 4,448,9253,154,038 2,667,064 8,862,940 2,126,8251,150,693 2,190,884 2,022,7795,719,574 Reserve ratio 43.4% 47.2% 43.2% 47.1% 47.6% 41.1% 42.0% 47.2^ 37.3% 44.7% 46.7% 48.3% Contingent liability on acceptances purchased for foreign correspondents 2,325 310,662 2,837 3,585 2,009 1,734 5,516 1,497 985 1,497 2,005 4,137 Industrial loan commitments. 80 247 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $28,131,000 participations of other Federal Reserve 2 After deducting $236,334,000 participations of other Federal Reserve Banks. Banks* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 353 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 Mar. 28 Mar. 21 Mar. 14 Mar. 7 Feb. 29 Mar. Feb. Mar. F. R. notes outstanding (issued to Bank). 27,045,645,27,065,442 27,088,884 27,134,273 27,186,444 27,028,277 27,186,444 26,426,991 Collateral held against notes outstanding: Gold certificate account 11,413,000 11,413,000 11,613,000 11,713,000 11,713,000 11,413,000 11,713,000 11,008,000 Eligible paper 88,668 118,356 139,051 130,418 156,333 150,023 156,333 84,847 U. S. Govt. securities 17,035,000 17,035,000 16,875,000 16,925,000 16,925,COO17,O35,OCO16,925,000 17,065,COO Total collateral 28,536,668 28,566,356 28,627,051 28,768,418 28,794,33328,598,023 28,794,333 28,157,847 EACH FEDERAL RESERVE BANK ON MARCH 31, 1956 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n n- F. R. notes outstanding (issued to Bank) 1,612,982 6,185,1651,854,318 2,524,428 2,023,8611,369,9205,141,601 1,246,063 568,895 ,055,721723..833 2,721,490 Collateral held: Gold certificate acct.. 640,000 2,870,000 725,000 J, 070,000 845,000 500,0002,100,000 450,000150,000 280,000283,000 1,500,000 Eligible paper 87,135 20,600 42,288 U. S. Govt. securities. 1,200,000 3,600,0001,200,COO l,500,C00jl,250,000 1,000,000 3,100,000 900C/"OO 460 ^ 666 800,"000 525! 666 1,500,000 Total collateral 1,840,COO|6,470,000 2,C12,135 2,570,000 2,095,000 1,500,000 5,200,000 1,370,600 610,0001,122,288 808,0003,000,000 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 o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o ns unt ( b a p p m u c r l A e o o t o t p v m e n u - e d o - n d t 1 t) s ( t a a L m n o o d o u a i u t n n - n g s t 2 ) ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) s o ( i t a n P p f t a u m g a a n o f t t r i d i u o i i n t o n o i i t u a c n n - s n n n i t g s s - i c t - ) 3 - y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount 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 a o u A b n v u n d a o t a t d m e m d s r i e e l r t i a r e a o o t b a i n n w u o g g l t d n e s u n e r i t e r a a n t s e r l o g - - 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 Feb 3,772 822,063 170 542 3,227 1,498 Feb 1,375 2,504 437 334 263 Mar . 3,775 823,195 315 521 3,519 1,564 Mar 1,380 2,512 442 333 255 Apr 3,775 823,359 270 675 3,389 1,576 Apr 1,384 2,523 425 321 255 May 3,775 823,754 170 707 3,410 1,586 May 1,388 2,530 399 298 272 June 3,775 824,441 170 460 3,571 1,577 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 1,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 1,107 Nov 1,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 1,103 Dec 1,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan 1,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 1,152 Feb ,419 2,636 298 228 170 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect March 31. Per cent per annum] [In effect March 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On commit- Portion Re- commitloans2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 . 30 30 95 35 35 Boston (4) Over 95 40-50 40-50 New York... (4) Philadelphia.. Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond... [Per cent per annum] Atlanta Chicago 2V4-5 St. Louis Interest rate Minneapolis.. Kansas City.. Commitment rate. Dallas San Francisco i Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board.of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of l/i per cent per annum is made on undisbursed portion. 7 Charge of V4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted 3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centers1 centers2 City centersi centers2 1948 J 111 47fi 443 216 270 912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509 340 298,564 572,208 31.1 22.6 17.2 1951 542 554 544 367 336 885 661,302 31.9 24.0 18 4 1952 1,642,853 597 815 349,904 695,133 34.4 24.1 18.4 1953 ,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 .887.366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 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 '•187,361 69,675 40,718 '76,967 45.7 29.5 21.7 45.5 30.1 21.5 Feb r162 094 57 413 35 143 r69,538 41.1 27.5 21.0 42.2 28.2 21 1 Miar 189,804 73,214 40,132 76,458 47.2 poo 7 ^20.5 46.0 ^27.1 r Revised. p Preliminary, 2 338 centers prior to April 1955. i 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 355 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 culation* Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 ,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 ,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 ,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 ,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 ,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 ,750 [,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,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 ,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955—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 ,822 1,196 70 2,021 6,324 9,421 8,946 2,647 5,512 317 457 4 9 A M p a r y 2 3 9 0 , , 7 0 6 0 9 9 2 21 0 , , 0 8 9 5 8 6 , ,8 8 4 3 3 1 1 1, , 2 2 1 0 9 2 7 7 1 1 2 2 , , 0 0 5 2 1 0 6 6 , , 3 3 0 9 9 4 9 9 , , 5 42 2 5 0 8 8 , , 9 9 1 1 4 2 2 2, , 6 6 4 4 1 7 5 5, , 4 4 8 9 9 2 3 31 1 3 4 4 4 5 5 4 1 4 3 9 9 June 30,229 21,312 ,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 ,865 1,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 Aug 30,317 21,406 ,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept 30,422 21,489 1,887 1,252 72 2,072 6,495 9,711 8,933 2 653 5 518 308 442 4 9 Oct 30,559 21,609 1,900 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 .927 .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 Feb 30,163 21,227 1,900 1,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 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 Total out- Held by Kind of currency s F ta e 1 b n 9 . d 5 i 2 6 n 9 g , , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a . a n o n R d r k . s B a F g a . a e n n n R d k t . s s Fe 1 b 9 . 5 2 6 9, Ja 1 n 9 . 5 3 6 1, Fe 1 b 9 . 5 2 5 8, certificates agents Gold 21,695 21,045 2650 Gold certificates 21 045 18,196 2,816 34 34 35 Federal Reserve notes 27 186 71 1,487 25,628 25,720 25,339 Treasury currency total 5,012 12,402 68 443 4,501 4,474 4,443 Standard silver dollars.... 489 206 47 5 231 230 219 Silver bullion 2,197 2,197 Silver certificates and Treasury notes of 1890.... 12,402 330 2,072 2,053 2,084 Subsidiary silver coin 1 302 15" 63 1,224 1,221 1,168 Minor coin 458 2 11 445 445 424 United States notes.. 347 32 311 306 312 Federal Reserve Bank notes 154 (4) 3 152 154 169 National Bank notes . . . .. 66 (4) (4) 65 65 68 Total Feb. 29, 1956 (5) 23,447 789 18,196 4,746 30,163 Jan 31 1956 (5) 23,440 797 18,195 5,002 30,228 Feb. 28 1955 (5) 23,468 828 18,216 4,441 "29\k\i" 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. 348. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See note for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasurer of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable m standard silver dollars (these notes are being canceled and retired on i n n o te g s o l a d r e c i e n r ti p f r ic o a c t e e s s s . of F e re d t e ir r e a m l e R n e t. serve Bank notes and national bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM » [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C e a o r n m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941-Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945-Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947 _Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950-Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184.384 14,624 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_Feb. 23. ,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. ,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. ,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. ,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. ,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27 P ,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31 P ,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28 P ,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26 P ,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30 P ,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 28 P ,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? ,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,500 240,900 221,000 19,900 Feb. 29?. ,700 5,000 213,000 99,400 93,000 67,600 23,500 1,900 20,600 239,800 219,800 20,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s e g e n i - n t t k s, T h c i r u o n a e r l g s a y d h s s - - s m b c a a a o A e v n n m r i t d c k n - i s g a s l B F. a A n R t k . s Total Total m T b C e i a m o r n c m e k ia s - l de M p s b a o a u v s n t i i k u n ts s g a 2 3 l s S S P a y o v s i s t n t e a g m l s p m o D d s a e e i n - t - d s4 b r C o s e a i u n n u d c t k r e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e s d t e n - i e - - t d d s b r C o e s a n u i 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 "",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 2,136 106,550 27,852 129,700 102,800 26,900 1955_Feb. 23. 3,100 800 4,600 600 206,900 75,700 47,000 26,600 2,100 104,500 26,800 131,200 104,300 266,900 Mar. 30. 3,200 800 4,400 900 205,300 76,200 47,200 26,900 2,100 102,400 26,700 131,500 104,600 265,900 Apr. 27. 3,100 800 5,000 600 207,400 76,200 47,200 26,900 2,100104,500 26,700 132,600 105,600 277,000 May 25 3,200 800 5,500 400 206,700 76,500 47,400 27,100 2,000103,300 26,800 131,700 104,800 265,900 June 30 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 277,000 July 27 *> 3,300 800 6,100 500 208,100 77,100 47,700 27,400 2,000103,900 27,100 132,700 105,500 277,200 Aug. 31*> 3,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000103,900 27,300 132,700 105,500 277,200 Sept. 28 P 3,200 800 4,500 500 209,700 77,700 48,100 27,700 ,900104,900 27,200 133,300 106,200 277,100 Oct. 26 P 3,200 800 4,900 500 211,300 77,900 48,200 27,800 ,900106,100 27,300 132,000 104,800 277,200 Nov. 30P 3,200 800 4,500 500 212,200 77,400 47,700 27,800 ,900106,900 27,900 132,900 105,400 277,500 Dec 28? 3,200 800 4,000 500 215,700 78,200 48,100 28,100 ,900109,700 27,900 133,200 105,700 277,500 1956—Jan. 25* 3,100 800 2,300 500 214,300 78,300 48,200 28,300 ,900108,900 27,100 133,200 106,000 277,200 Feb. 29P. 3,000 800 3,900 600 211,500 78,700 48,500 28,400 ,800105,600 27,200 132,700 105,400 277,300 p Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents 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 deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For seasonal adjustment factors and for to nearest $100 million and may not add to the totals. back figures, see BULLETIN for March 1955, pp. 252-255. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 357 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— 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 n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i n i c a t t i - d i t a - e a l s l Total 2 b In a t n e k r- 2 Dema O nd ther Time c c T o a a o p u c t i n - t a t a l s l b N a b u o n e m f k r s counts 3 U.S. Govt. Other All banks: 1939—Dec. 30 50 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 6i; 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; 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1 1 9 9 5 4 0 7 — — D D e e c c . . 3 3 0 H u13s4; 4 6 3 0 , , 0 38 0 6 2 7 8 2 1 , ,1 8 9 9 9 4 1 14 0 , , 7 7 4 2 1 3 4 3 1 8 , , 0 3 8 8 6 8 1 1 9 75 1 , , 0 3 9 1 1 7 1 1 7 6 5 1, , 8 2 6 9 5 6 1 1 4 3 , , 0 0 3 3 9 3 2 1 , , 8 34 0 6 9 1 9 0 4 1 , , 3 9 8 3 1 6 5 5 6 3 , , 5 1 1 0 3 5 1 1 3 1 , ,9 8 4 3 8 7 1 1 4 4 , , 6 7 5 1 0 4 1953—Dec. 31 171 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954_Dec. 31 183; 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14,367 1955_Feb. 23 183; 86,500 75,580 21,020 41,460 227,930 205,900 14,550 4,260 113,170 73,920 17,440 14,351 June 30 184; 91,355 71,947 20,951 42,014 229,631 208,850 15,245 5,081 113,034 75,491 17,663 14,309 July 27? 186; 92,930 72,410 20,850 40,720 230,240 207,900 14,490 5,740112,240 75,430 17,750 14,303 Aug. 31 P 186; 93,940 71,190 20,940 40,610 230,060 207,750 14,570 4,860 112,490 75,830 17,890 14,290 Sept. 28* 186; 95,240 70,680 20,890 41,110 231,230 208,710 14,700 4,220 113,690 76,100 17,930 14,286 Oct. 26P 188; 96,260 71,410 20,820 41,480 233,340 210,450 14,710 4,530 114,910 76,300 18,090 14,269 Nov. 30? 189; 98,650 69,840 20,610 42,470 235,120 211,860 14,780 4,210 116,980 75,890 18,210 14,264 Dec. 28* 190; 100,230 70,260 20,480 44,980 239,330 216,500 15,610 3,700 120,570 76,620 18,180 14,253 1956—Jan. 25? 189; 99,640 69,350 20,470 41,200 234,140 211,020 14,650 1,980 117,560 76,830 18,150 14.251 Feb. 29? 188; 100,400 67,610 20,620 41,440 233,670 210,090 14,150 3,610 115,090 77,240 18,350 14,230 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 3H 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14.121 1953—Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13,981 1954—Dec. 31 155,916 70,619 68,981 16,316 43,559 202.378 184,757 16,809 4,172 116,567 47,209 14,576 13.840 1955—Feb. 23 154,820 71,180 66,800 16,840 40,470 198,250 179,240 14,550 4,260 113,120 47,310 14,730 13,824 June 30 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,242 5,078112,983 48,214 14,906 13,781 July 27P 156,990 76,570 63,700 16,720 39,790 199,710 180,470 14,490 5,740112,190 48,050 14,980 13,776 Aug. 31 P 156,680 77,340 62,490 16,850 39,680 199,340 180,200 14,570 4,860 112,440 48,330 15,100 13,763 Sept. 28P 157,260 78,390 62,020 16,850 40,190 200,350 180,990 14,700 4,220 113,640 48,430 15,110 13,759 Oct. 26P 158,860 79,210 62,860 16,790 40,590 202,410 182,640 14,710 4,530 114,860 48,540 15,300 13,742 Nov. 30P 159,390 81,390 61,370 16,630 41,580 204,100 184,020 14,780 4,210 116,930 48,100 15,390 13,737 Dec. 28P 161,080 82,760 61,810 16,510 44,010 208,060 188,310 15,610 3,700 120,520 48,480 15,360 13,726 1956—Jan. 25? 159,350 82,000 60,880 16,470 40,280 202,690 182,690 14,650 1,980 117,510 48,550 15,330 13,724 Feb. 29? 158,300 82,570 59,150 16,580 40,540 202,000 181,630 14,150 3,610 115,040 48,830 15,500 13,703 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941_Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945_Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6.873 1953—Dec. 31 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954_Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955_Feb. 23 130,468 60,690 55,785 13,993 35,404 168,495 152,201 13,815 3,812 96,548 38,026 12,331 6,643 June 30 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6,611 July 27* 132,331 65,647 52,838 13,846 35,152 170,058 153,657 13,744 5,264 95,996 38,653 12,517 6,603 Aug. 31* 131,897 66,291 51,642 13,964 35,018 169,535 153,215 13,811 4,424 96,125 38,855 12,617 6,589 Sept. 28" 132,277 67,193 51,144 13,940 35,400 170,231 153,725 13,930 3,797 97,048 38,950 12,624 6,584 Oct. 26P 133,650 67,889 51,897 13,864 35,732 171,983 155,108 13,936 4,109 98,030 39,033 12,774 6,571 Nov. 30P 134,029 69,865 50,483 13,681 36,726 173,507 156,354 14,000 3,845 99,794 38,715 12,852 6,559 Dec. 28P 135,580 71,113 50,897 13,570 38,857 177,045 160,219 14,804 3,314 103,073 39,028 12,822 6,552 1956—Jan. 25* 133,999 70,329 50,133 13,537 35,366 172,055 154,952 13,850 1,693 100,360 39,049 12,813 6,540 Feb. 29* 133,008 70,812 48,571 13,625 35,697 171,491 154,064 13,384 3,278 98,136 39,266 12,966 6,525 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 24,358 2,559 528 1954_Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955_Feb. 23 28,280 15,320 8,780 4,180 990 29,680 26,660 26,610 2,710 527 June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 July 27P 29,200 16,360 8,710 4,130 930 30,530 27,430 27,380 2,770 527 Aug. 31P 29,390 16,600 8,700 4,090 930 30,720 27,550 27,500 2,790 527 Sept. 28P 29,550 16,850 8,660 4,040 920 30,880 27,720 27,670 2,820 527 Oct. 26P 29,630 17,050 8,550 4,030 890 30,930 27,810 27,760 2,790 527 Nov. 30* 29,710 17,260 8,470 3,980 890 31,020 27,840 27,790 2,820 527 Dec. 28P 29,890 17,470 8,450 3,970 970 31,270 28,190 28,140 2,820 527 1956—Jan. 25* 30,110 17,640 8,470 4,000 920 31,450 28,330 28,280 2,820 527 Feb. 29? 30,330 17,830 8,460 4,040 900 31,670 28,460 28,410 2,850 527 P Preliminary. asset and liability data are not available. Comparability of figures for i 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

358 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l a l p i i n c a t i - d i - t e a s l Total 2 b In a t n e k r - 2 Demand Time c c a o a p u c i n - ta ts l ba b o n e f k r s counts3 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 (>,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—Feb. 23 23,246 12,121 8,554 2,571 7,040 31,065 26,714 5,180 687 18,513 2,334 2,819 21 June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1.131 18,926 2,281 2,715 18 July 27*.. . 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,138 1,471 18,131 2,187 2,716 18 Aug. 31 P 22,915 13 596 6,959 2,360 6,993 30,595 26,471 5,037 995 18,210 2,229 2,746 18 Sept. 28* 22,852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2,256 2,722 18 Oct. 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. 30* 23,212 14,536 6,546 2,130 7,591 31,568 27,229 5,166 879 18,888 2,296 2,759 18 Dec. 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 Feb. 29» 22,750 14 392 6,140 2,218 7,215 30,730 26,317 4,934 690 18,402 2 291 2,794 18 Chicago: 1939—Dec. 30... 2,105 569 1,203 333 1.446 3,595 3,330 888 80 1,867 495 250 14 l941_Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1.... 5 5 , , 9 0 3 8 1 8 1 1 , 3 8 3 0 3 1 4 2, , 8 2 9 1 0 3 3 39 8 7 5 , , 4 7 8 3 9 9 7 6 , , 4 8 5 6 9 6 7 6 , , 0 4 4 0 6 2 1 1, , 2 3 1 1 7 2 1,55 7 2 2 4 3 , , 2 4 0 6 1 2 o71n9 4 3 2 7 6 7 1 1 4 2 1950—Dec. 30 5,569 2,083 2,911 576 >,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1953—Dec 31... 6,204 2,776 2,856 572 !,115 8,366 7,724 1,387 259 4,837 1,242 566 13 1954—Dec. 31 6 518 2 784 3,120 614 ,954 8,520 7,845 1,321 251 4,977 295 600 13 1955—Feb 23 6,364 2,656 3,044 664 ,952 8,369 7,573 ,171 263 4,840 ,299 595 13 June 30 6,288 2,846 2,742 699 ,763 8,102 7,431 1,180 343 4,606 1,303 612 13 July 27 P 6,276 2,862 2,712 702 ,844 8,171 7,408 1,163 382 4,577 ,286 613 13 Aug. 31 P 6,235 2 887 2,637 711 ,875 8,166 7,414 ,222 296 4,616 280 621 13 Sept. 28* 6,202 2,950 2,543 709 1,889 8,140 7,345 1,218 241 4,590 ,296 616 13 Oct. 26* 6,264 2,977 2,581 706 ,930 8,247 7,387 1,200 251 4,635 ,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* 6,418 3,242 2,489 687 > 18? 8,651 7,823 1,279 193 5,032 1,319 626 13 1956—Jan. 25* 6,435 3 239 2,535 661 ,985 8,469 7,749 ,144 74 5,230 301 626 13 Feb. 29? 6,237 3,097 2,472 668 .953 8,245 7,397 .160 216 4,731 1^290 631 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 i5,221 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 ,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—Feb. 23 50,362 24,264 20,870 5,228 14,260 65,642 59,685 6,217 ,604 36,298 15,566 4,348 297 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* 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. 28P 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* 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. 30* 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 Feb. 29^. . . . 51,600 28,719 17,989 4,892 14,657 67,358 60,756 6,042 1,335 37,208 16,171 4,722 291 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 4>,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 1953—Dec 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955_Feb. 23 50,496 21,649 23,317 5,530 12,152 63,419 58,229 1,247 ,258 36,897 18,827 4,569 6,312 June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 July 27P. .. 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 1,520 36,629 19,241 4,678 6,274 Aug. 31 P 51,454 23,178 22,570 5,706 11,955 64,239 58,915 1,220 1,379 36,954 19,362 4,707 6,261 Sept. 28P 51,917 23,486 22,682 5,749 11,977 64,695 59,303 1,232 1,338 37,314 19,419 4,715 6,256 Oct. 26? 52,258 23,710 22,775 5,773 12,023 65,104 59,634 1,268 1,321 37,651 19,394 4,796 6,245 Nov. 30*... 52,553 24,136 22,615 5,802 12,081 65,503 59,987 1,288 1,161 38,404 19,134 4,815 6,234 Dec. 28P 52,839 24,384 22,659 5,796 12,799 66,469 60,953 1,363 1,209 39,102 19,279 4,810 6,227 1956—Jan. 25*... 52,561 24,437 22,324 5,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29^ 52,421 24,604 21,970 5,847 11,872 65,158 59,594 1,248 1,037 37,795 19,514 4,819 6,203 * 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 359 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i-Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets — Cla a s n s d o d f a b t a e nk Total Loans o G U bl o . i S g v . a t. - O se t c h u e - r a C ss a e s t h s 2 c b T a i a l l p o i n i a t i t d i t - a e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s tions rities ac- Time counts 3 U. S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945_Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13 883 23 740 80,276 29 876 8,671 13,297 1947_Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1953—Dec. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—June 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15 044 5 562 105,847 45,596 13,714 13,380 Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4 154 115,482 46,874 14,252 13,303 1955—June 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 National member banks: 1941—Dec. 31. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9 229 14 013 45 473 16 224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 4,856 1954—June 30 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9 750 3 325 60 827 25 459 7,686 4,835 Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2 508 66,426 26,202 8,085 4,789 1955_june 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4.744 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 ,502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8 166 24 168 7,986 2,945 ,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 ,918 1953—Dec. 31 .. 40,509 19,931 17,121 3,457 12,903 54 179 49,510 5 019 1 232 32 206 11 054 3,925 ,887 1954—June 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 1 840 30 627 11,441 4,023 ,886 Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 ,871 1955_june 30 . . .. 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 867 Insured nonmember commercial banks: 1941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12 366 6,558 1,271 6,478 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26,679 24,555 378 360 15,398 8,419 1,925 6,672 1954—June 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 312 396 14 392 8 718 2,007 6,662 Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15 879 8,947 2,044 6,647 1955_june 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1905 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. 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 ' 13,758 7,036 1,596 7,261 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29 051 26,560 784 390 16 580 8,806 2,245 7,241 I954—June 30 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 426 15,542 9,106 2,332 7,219 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955_june 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1 958 1 789 1 789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13 499 12 207 1 2 12 12 192 1 252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 I954—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 8 738 1 077 496 1945_Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947_Dec. 313 5,957 1,384 3 813 760 211 6,215 5,556 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

360 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [In millions of dollars] Loans 2 Investments Com- Loans for U. S. Government obligations Oblimer- purchasng ga- 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 t n n d a s t s l t s - To taP c o m c p p i k l i p i n u n a a e e a e g d - r - r t l n - , - A c tu u a g r l l r - - i- b o d a T s e r r e n o e r o a d s c c k l a u - - r r r it y o i T e t i e r n o h s s - g 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 h o i d l - n - e s - s r O lo t a h n e s r Total Total Bills Dire N c o t tes Bonds G t a e u n e a - d r- S p s t d s a i i t i o u c i o o o a n v l b a f t n n i d i e - l t s - s - s O s r e i t t h c i e u e r s ers All commercial banks: ^ 1947_Dec. 31..., 116,28. 38,057 18,167 1,660 8301,220 9,393 5,723 1,06378,226 69,2212,193 7,789 6,034 53,191 5,,276 3,729 1953—Dec. 31.... 145,68767,59327,204|4,965 2,361 11,22002216,69414,461:1,666 78,094 6'-3,426 5,00410,23712,439 35,713 10,8213,847 1954—Dec. 31..., 155,91670,61926,8675,200 2,929 1,52518,41814,7502,000 85,297 68,9815,065 5,361 14,672 43,861 12,586 3",729 1955—June 30..., 155,226644 7755,18328,872 4' ,3"9' 12,859 1,61319,77916,365(2,428 80,08163,271 3,220 1,710 16,640 41,685 12,785 4,025 Dec. 31".. 160,94082,570 3"3,240 4,470 3,250 1 ,'770 20,81017,190 3,120 78,370 61",6904,330 2,330 14,020 41,000 12,,700 3,980 All insured commercial banks: 1941—Dec. 31..., 49,290 21,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 ,102 3,651 3,333 1945—Dec. 31..., 121,80925,765 9,4611,314 3,164 3,606 4,677 2,361 1,181 96,04388,9122,45519,07116,045 51,321 22 3,873\258 1947—Dec. 31..., 114,27437,58318,0121,610 823 ,190 9,266 5,654 1J028 76,69167,9412,124 7,552 5,918 52,334 14 5,129 3,621 1953—Dec. 31..., 143,79667,08227,082 4;867 2,3441,181 16,56614,373 629 76|714 62,3814,89510,07612,28335,093 3310,587 3,746 1954—Dec. 31..., 154,115 "7"0127 26,731 5,108 2,9071,501 18,30214,676 973 83,988 68,0124,901 5,27914,523'~,287 2112, ,624 1955—June 30.... 153,488 74,69228,729 4,319 2,8341,589 19,66116,283 2,'400 78,796 62,3422,996 1,66716,479 41,185 1512,549 3,906 Dec. 31.... 59,16482,08133,092 4,396 3,229 742 20,69217,104 3,09177,08360,7654,105 2,29213,856 40,502 1012,4653,853 Member banks, total: 1941—Dec. 31..., 43,52118,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 3,832 3,0902,871 1945—Dec. 31...,107,183 "2,2775 8,949 8553,1333,378 3,455 1,900 1,104 ~8 4,40"878,338 2,27516,98514,271 4"4,792 16 3~" ~815 1947—Dec. 31..., 97,846 32,62816,9621,046 8111,065 7,130 4,662 952 65,21857,914 1,987 5,816 4,815 45,286 10 ,199 3,105 1953—Dec. 31...,122, ,76225,519 31263 2,3211,06013,02011,911 1,518 64;660 52,6034,095 8,28710,300 29,890 31 4, 3,185 1954—Dec. 31...,131,602 60,25025,007 3,529 2,8811,36314,43312,127 1,858 71,352 57,8094,075 4,307 12,46436,944 20 8,847419 "3,094 1955—J D u e n c. e 3 3 1 0 . . . . . . . ,1 " 3 3 0 5 , , 7 3 8 6 8 0 7 6 0 4 , , 9 31 8 5 23 2 1 6 , , 0 8 1 9 9 4 2 2 , , 7 79 2 9 6 3 2 , , 1 8 5 0 0 8 1 1 , , 5 4 6 4 0 0 1 1 6 5 , , 3 5 9 9 1 4 1 1 4 3 , , 3 4 1 8 3 9 2 2 , ; 9 2 4 8 3 5 6 6 4 6 , ; 3 4— 7 7 7 3 5 5 0 2 , ,5 6 4 9 3 7 2 3 , , 3 2 7 5 7 0 1 1 , , 7 2 3 8 8 1 1 1 1 3 , ,9 5 6 0 9 8 ~ 3 3' 4 4, , 9 1 0 9 3 2 1 9 3 1 1 1 0 0 0 , , ,4 4 548 4 49 4 3 3, , 2 3 3 4 6 6 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 1,679 729 830 1945—Dec. 31..., 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1953—Dec. 31..., 22,05812,289 8,218 126 ,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 1,365 639 1954—Dec. 31... 23,88012,039 7,231 220044 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30... 23,09913,016 7,928 1166 2,034 466 656 1,379 75410,083 7,782 537 146 1,830 5,262 1,754 547 Dec. 31..., 23,58314,640 9,126 1177 2,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,C02 1,609 539 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 Dec. 31... 6,542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 Reserve city banks 1941_Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 ,503 1,459 855 404 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 1,969 366 22,59120,196 373 2,358 1,90115,560 3 1,342 1,053 1953—Dec. 31... 46,75522,76310,568 774 308 456 5,453 4,942 61123,99319,5591,230 3,357 4,20110,746 25 3,196 1,238 1954—Dec. 31... 50,73823,98610,624 956 407 622 6,134 4,912 720 26', 752 21,718,326 1,695 4,95413,736 7 3,7821,252 1955—June 30..., 50,559966 2255,65411,210 700 444 651 6,603 5,500 954 24; 94219,697 503 481 5,77312,937 3 3,916 1,330 Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,916 180 23,83718,826 813 657 4,70812,643 5 3,7781,233 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 ,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363i 29,4072 62,69;9!9 630 5,102 4,54416,713 9 1,342 1,067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1953—Dec. 31... 47,40419,934 4,822 ,204 59 210 7,114 5,441 336 27;470 22,4231,819 3,374 4,28512,940 5 3,911 1,136 1954—Dec. 31... 50,46621,442 5,306 2,229 89 220 7,742 5,760 38829,024 23,6291,893 1,774 4,73115,228 3 4,275 1,120 1955—June 30... 50,80622,799 5,815 ,980 61 234 8,214 6,366 439 28,006 22,3211,261 587 5,55414,916 3 4,458 1,227 Dec. 31..., 52,77524,379 6,2902,127 189 255 8,723 6,575 573 28,397 22,5701,774 913 5,05614,825 3 4,581 1,246 All nonmember banks: 3 1947—Dec. 31... 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1953—Dec. 31..., 23,287 9,838 1,685 1,702 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 1,951 662 1954—Dec. 31..., 24,33710,378 1,859 1,671 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30.... 24,49910,876 1,97911,592 173 4,194 2,875 14313,62210,741 843 429 2,67f 6,794 2,203 679 e Estimated. Reserve membership, insurance status, and the reserve classifications of 1A11 commercial banks in the United States. These figures exclude cities and individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that 2Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all continue to be shown net. insured commercial banks or all commercial banks. Comparability For other footnotes see opposite page. of figures for classes of banks is affected somewhat by changes in Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 361 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits rve- Bal- De- Cla c s a s l a l o n d d f a b te ank F B s s e w e R e d a r r i n v e e t v - h r e k e a s s l v C a i a n u s l h t b m a w a d n e n o i c s k t e - t h i s s c 5 ju p m s o d a a t s e d e n i - - d t d s 6 m D e I s n o d t - t e i e c p r 5 o b s a i n F e ts i k o g r n - G U o . v S t . . p v s S o i u a t s l a b i n i t o t d i d e c n i s a - s l c C c h o a f e e e i e f n t e f r c r c i d t s d . - k i ' - s, p a v n s a p i t I d h i d r n o o t u i d r n p c n a a i e o s s l - - , s r r - , - I b n a t n er k - P U G S i a n o a . n o g s v d S v t s - a t . l . v S p s i a u i t 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 t i I h i d d r n o o t i u d r n p n c a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31.... 19,995 2,512 12,103102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529103,221 11,906 1,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 14,906 Dec. 31«... 18,720 2,680 12,030109,860 13,500 1,560 3,710 10,270 3,900 108,970 1,670 360 2,340 46,030 160 15,310 All 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.... 19,995 2,482 11,724101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 5413,239 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 2114,252 1955—June 30.... 17,941 2,655 10,241102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 13714,579 Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1953—Dec. 31.... 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7 530 2,783 85,711 1,021 308 1,595 33,311 4311,316 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 2,919 85,706 1,449 338 1,968 36,504 11512,461 Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 13712,783 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 Dec. 31.... 4,431 127 111 16,493 3,364 1,151 756 302 1,498 18,919 1,085 59 72 2,171 1 2,745 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 Dec. 31.... 1,135 32 141 4,349 ,246 40 222 299 85 4,781 11 6 8 1,313 """3 628 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 Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 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 f53 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 Dec. 31.... 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 All nonmember banks:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1953—Dec. 31 642 4 550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—Dec. 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 1955—June 30 664 3,825 16,014 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 3 Breakdown of loan, investment, and deposit classifications is not Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 6 Demand deposits other than interbank and U. S. Govt., less cash items 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loansi U. S. Government obligations For purchasing or carrying securities Total Loans Month or date i m l n a o n v e a d e n n s t s t s - j i m u n a s a v e t n d e e n d - s d t t s - ! j L u a o s d t a e - n d1 C i m a n c o n d i e a m d u r l - s - - A t c u u g r l r a - i l - T an o d b d r e o a k l e e r r s s To others e l R s o e t a a a n t l s e O lo t a h n e s r Total Bills o C d c t f a e i e f t b r i i e n - - t s - - Notes Bonds3 O s ri e t t c h ie u e s - r b L a o t n o a k n s s trials G U o .S v . t.Other n e e d s - s ob- seliga- curitions ties Total— Leading Cities 1955 Mar 85,124 84,130 41,185 22,465 2,504 1,090 7,408 8,429 33, 1,685 1,404 8,883 21,936 9,037 994 1956 Feb 85,375 84,281 47,61125,719 565 2,485 1,289 8,186 10,20028,506 983 631 6,727 20,165 8,164 1,094 86,701 8545~ 48,882 26,741 530 2,545 1,292 8,301 10,322 28,309 925 687 6,649 20,048 8,261 1,249 Mar 1956 85,642 84,694 47,741 25,720 570 2,625 1,302 8,154 10,197 28,822 ,044 698 6,850 20,230 8,131 948 Feb. 1 85,135 84,140 47,51525,635 576 2,492 1,281 8,161 10,198 28,498 938 638 6,743 20,179 8,127 995 Feb. 8 85,502 84,310 47,61125,737 564 2,482 1,288 8,197 10,172 28,5421,074 617 6,681 20,170 8,157 1,192 Feb. 15 85,169 84,072 47,49425,707 564 2,407 1,285 8,194 10,17528,395 948 613 6,690 20,144 8,183 1,097 Feb. 22 85,430 84,190 47, 6"9•4 "25,796 550 2,422 1,287 8,22410,225599 2288,272 910 586 6,673 20,103 8,224 1,240 Feb. 29 Mar. 7 85,639 84,338 47,914 25,944 540 2,463 1,290 8,25410,268 28,157 763 563 6,722 20,109 8,267 1,301 Mar. 14 86,571 85,349 48,65526,536 541 2,549 1,293 8,28710,300 28,431 987 611 6,727 20,106 8,263 1,222 Mar. 21 87,588 86,489 49,58627,217 524 2,732 1,293 8,32010,350 28,6541,113 865 6,624 20,052 8,249 1,099 87,006 85,631 49,37327,266 515 2,436 1,292 8,341 10,373 27,995 837 708 6,524 19,926 8,263 1,375 Mar. 28 New York City 1955 23,369 22,806 12,047 7,642 2631,654 13 412 549 1,727 8,172 583 240 1,915 5,434 2,587 563 Mar 1956 22,513 21,909 13,734 9,027 1441,592 483 548 2,162 6,043 232 1,089 4,682 2,132 604 Feb 23,303 22,619 14,453 9,686 1631,546 486 586 2,211 5,971 185 1,071 4,643 2,195 684 Mar 1956 22,655 22,037 13,856 9,025 1671,699 484 547 2,155 6,079 230 53 1,098 4,698 2,102 618 22,329 21,804 13,678 8,948 1451,620 481 548 2,156 6,027 203 34 ,093 4,697 2,099 525 Feb. 1 22,517 21,929 13,719 9,022 1521,577 485 556 2,148 6,068 257 33 ,093 4,685 2,142 588 Feb. 8 22,414 21,798 13,628 9,009 133',536 483 542 2,147 6,030 224 39 ,085 4,682 2,140 616 Feb. 15 22,653 21,978 13,791 9,129 122 ,527 485 549 2,205 6,009 247 39 ,077 4,646 2,178 675 Feb. 22 Feb. 29 22,765 22,033 13,905 9,231 162 ,481 486 570 2,201 5,92: 155 36 ,088 4,643 2,206 732 Mar. 7 23,238 22,526 14,288 9,556 171 ,509 485 582 2,208 6,041 220 62 ,097 4,662 2,197 712 Mar. 14 23,745 23,197 14,938 9,994 219 ,650 486 590 2,224 6,077 216 110 ,084 4,667 2,182 548 Mar. 21 23,464 22,721 14,680 9,963 99 ,545 48' 601 2,213 5,845 149 82 ,015 4,599 2,196 743 Mar. 28 Outside New York City 1955 Mar 61,755 61,324 29,138 14,823 587 665 6,859 6,70: 25,736 ,164 6,968 16,502 6,450 431 1956 Feb 62,862 62,372 33,87716,692 554 749 787 7,638 8,03822,463 751 591 5,638 15,483 6,032 490 63,398 62,833 34,42917,055 524 836 784 7,715 8,111 22,338 740 615 5,578 15,405 6,066 565 Mar 1956 62,987 62,657 33,88516,695 558 759 799 7,607 8,04222,743 814 645 5,75: 15,532 6,029 330 Feb. 1 62,806 62,336 33,83716,687 563 727 781 7,613 8,04222,471 735 604 5,650 15,482 6,028 470 Feb. 8 62,985 62,381 33,89216,715 552 753 784 7,641 8,024 2222,474 817 584 5,588 15,485 6,015 604 Feb. 15 62,755 62,274 33,86616,698 553 738 783 7,65." 8,02822,365 724 574 5,605 15,46: 6,043 481 Feb. 22 62,777 62,212 33,90316,667 542 773 783 7,67; 8,05422,263 663 547 5,596 15,45' 6,046 565 Feb. 29 Mar. 7 62,874 62,305 34,00916,713 534 820 783 7,68. 8,067 22,235 608 527 5,63 15,466 6,061 569 Mar. 14 63,333 62,823 34,36716,980 533 869 786 7,705 8,092|22,390 767 549 5,630 15,444 6,066 510 Mar. 21 63,843 63,292 34,64817,223 518 863 785 7,730 8,126;22,577 897 755 5,540 15,385 6,067 551 Mar. 28 63,542 62,910 34,69317,303 511 792 784 7,740 8,160 22,150 688 626 5,509 15,327 606~ 632 1 Exclusive of loans to banks and after deduction of valuation reserves; 3 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. 2 Revised due to a ^classification of holdings, Dec. 28, 1955—Mar. 28, 1956, for New York City and total leading cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 363 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Re- Bal- De- Month or date s B F w e a i . r n t v R k e h . s s C va a i u s n l h t b m a w a d n e n o i c s t - k e h ti s s c j p m u o a s d a t d s e e n i - - d t d s * S p s a i t o u c a n l b a t d i e l - t- s C c o f a e e i f n e f r r d i d t s - i ' - G U o .S vt . . S p s a i t o u c a n l b a t d i e - l t- s G P U a o o n . s S v d t . a t. l Demand Time B F F a r . n o R k m s . F ot r h o e m rs c C o i a a t u c a p n - l - ts s d i i o v n i- s ch e e t c c k . s, s d i i o v n i- s S in a g v s - Do- F ei o g r n - Total— Leading Cities 1955 Mar 13,629 923 2,50856,55457,85: 3,898 1,887 2,471 18,969 1,140 206 10,408 1,393 1,421 300 726 8,214 1956 Feb 13,384 945 2,424 56,67658,629 4,277 1,896 1,815 19,279 976 20510,162 1,491 1,197 689 712 8,555 13,382 958 2,502 56,56358,432 4,108 1,875 2,909 19,391 1,013 19510,249 1,509 1,173 653 860 8,605 Mar 1956 13,609 919 2,390 57,60758,946 4,399 2,175 1,477 19,251 963 20210,165 1,523 ,229 836 504 8,512 Feb. 1 13,422 942 2,304 57,047 5588,004 4,284 1,657 1,191 19,273 969 20810,174 1,472 ,212 718 672 8,530 Feb. 8 13,591 960 2,590 56 59,798 4,241 1,885 1,862 19,250 982 20910,627 1,490 ,192 851 843 8,557 Feb. 15 13,015 972 2,456 56 58,069 4,145 1,893 2,155 19,291 975 206 9,968 1,486 ,183 545 687 8,571 Feb. 22 13,284 931 2,377 561230 '5"8,326 4,319 1,870 2,391 19,331 992 202 9,878 1,481 ,167 496 851 8,602 Feb. 29 Mar. 7 13,288 917 2,383 56,417 57,701 4,113 1,895 1,722 19,354 983 19810,323 1,515 ,168 507 960 8,60i Mar. 14 13,389 986 2,552 571603 60,553 4,020 1,806 1,614 19,412 1,010 19510,522 1,516 ,172 574 843 8,599 Mar. 21 13,470 929 2,539 56,500 58,329 4,044 2,048 3,95819,393 1,025 19510,155 1,486 ,174 966 701 8,596 13,382 998 2,533 55,73357,147 4,254 1,752 4,342 19,406 1,032 195 9,996 1,518 ,177 566 936 8,622 Mar. 28 New York City 1955 4,444 139 61 16,442 17,485 273 907 668 2,072 176 55 2,962 1,079 1,107 306 2,761 Mar 1956 4,229 137 15,67517,081 290 927 495 2,053 85 2,8 1,155 942 134 356 2,746 Feb 4,310 144 16,005 17,319 283 904 898 2,119 107 2,926 1,166 923 106 370 2,749 Mar 1956 Feb. 1 4,301 134 66 16,03617,247 291 1,164 423 2,046 84 2,930 ,185 966 87 273 2,728 Feb. 8 4,281 143 5715,80316,807 268 774 334 2,051 82 2,804 ,145 956 171 325 2,730 Feb. 15 4,267 138 6915,31517,216 310 922 479 2,032 87 3,031 ,152 938 272 513 2,756 Feb. 22 4,070 142 5915,57116,947 273 900 547 2,049 87 2,819 ,147 934 85 260 2,757 Feb. 29 4,228 129 6815,65217,186 309 876 690 2,085 87 2,857 ,145 917 55 407 2,760 Mar. 7 4 259 139 6115,89417,010 253 966 484 2,068 89 2,920 ,176 919 23 421 2,752 Mar. 14 4 222 148 6616,37517,989 251 801 442 2,136 114 2,987 ,179 922 18 282 2,752 Mar. 21 4,398 137 5715,97117,247 303 1,023 1,262 2,115 112 2,946 ,139 924 311 366 2,745 Mar. 28 4 361 154 11515,78317,030 327 826 1,403 2,157 112 2,850 ,168 926 74 411 2,748 Outside New York City 1955 Mar 9 185 784 2,447 40,112 40,367 3,625 980 1,803 16,897 964 151 7,446 314 314 297 420 5,453 1956 Feb 9 155 808 2,360 41,00141,548 3,987 969 1,320 17,226 891 145 7,274 336 255 555 356 5,809 9 072 814 2,427 40,558 41,113 3,825 971 2,011 17,272 906 141 7,323 343 250 547 490 5,856 Mar 1956 9 308 785 2,324 41,57141,699 4,108 1,011 1,054 17,205 879 143 7,235 338 263 749 231 5,784 Feb. 1 9 141 799 2,247 41,244 41,197 4,016 883 8~~5 717,222 887 145 7,370 327 256 547 347 5,800 Feb. 8 9 324 822 2,521 4411,076 42,582 3,931 963 ,383 17,218 895 149 7,596 338 254 579 330 5,801 Feb. 15 8 945 830 2,3971"4" 0534 41,122 3,872 993 ,608 17,242 888 146 7,149 339 249 460 427 5,814 Feb. 22 9,056 802 2,309 40;578 41,140 4,010 994 ,701 17,246 905 142 7,021 336 250 441 444 5,842 Feb. 29 Mar. 7 9,029 778 2,322 40,523 40,691 3,860 929 ,238 17,286 894 143 7,403 339 249 484 539 5,849 Mar. 14 9,167 838 2,486 41,228 42,564 3,769 1,005 ,172 17,276 896 141 7,535 337 250 556 561 5,847 M M a a r r . . 2 2 1 8 9 9 , , 0 0 2 7 1 2 8 7 84 9 44 2 4| 2 2 5 ,4 4 1 8 8 2 j4 3 0 9 , , 5 9 2 5 9 0 4 4 0 1 , , 1 0 1 8 7 2 3 3 , , 7 9 4 2 1 7 1,0 9 2 2 5 6 2 2 , , 6 9 9 3 6 9 1 1 1 7 7 , , 2 2 7 4 8 9 9 9 1 2 3 0 1 1 4 4 1 1 7 7 , , 2 1 0 4 9 6 3 3 4 5 7 0 2 25 5 1 0 4 6 9 5 2 5 3 5 3 2 5 5 5 5 , , 8 8 5 7 1 4 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 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 and Period 2 t l o F i b q a o n a u o d c o d c r , , o a T l p e e a p a x n a t 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 d i 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 u o i i i a l n o b r 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 p h n f l e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch b r w e a i a e n p i n a n n e o d g l k k g l r ' e l l s 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 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 '27 106 370 '3,050 '53,206 1956—Jan -113 6 66 48 10 -68 -38 -221 r65 -4 -81 r-331 '4-470 Feb -120 48 250 45 59 57 8 -257 13 -29 2 75 120 Mar 43 84 510 111 145 107 -73 158 226 3 60 1,374 1,470 Week ending: 1956 Jan 4... . —47 A -1 38 _2 -38 -10 52 r54 -6 -33 r2 r-34 Jan. 11 — 26 4 38 6 10 -10 -9 -222 4 12 -25 -218 4-252 Jan 18 .. -18 7 25 -10 2 -11 -9 -6 7 -5 -11 -30 -70 Jan. 25 — 22 — 1 5 15 -10 - 10 -44 1 -5 -12 -85 -114 Feb I — 21 18 33 2 1 — 14 4 -2 13 -7 -12 11 44 Feb. 8 — 21 10 25 4 11 16 -1 -135 -6 -19 11 -104 -85 Feb 15 — 24 30 83 21 17 13 — 1 — 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 Mar 7 ... — 5 20 52 47 36 14 -14 -26 12 4 -5 136 148 Mar 14 15 40 166 26 44 45 -8 72 123 6 37 565 592 Mar. 21 49 10 262 13 46 42 -11 104 92 11 30 647 681 Mar 28 -16 14 31 26 19 6 -40 7 -1 -19 -1 26 49 T Revised. 3 Includes machinery and transportation eauipment. 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 5 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. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly into from exdealers1 ( 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 n r - . U S n ta i t t e e s d U S n ta it te 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 J.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 Feb 2,187 703 1,484 831 242 182 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 1,548 767 206 164 42 17 28 517 229 189 68 190 92 May 2,335 572 1,763 686 192 143 49 14 26 453 207 188 53 150 88 June . . .. 2,303 572 1,731 655 182 138 44 16 26 431 216 189 40 125 85 July 2,411 593 1,818 650 184 144 40 10 23 433 223 186 41 108 92 2,359 580 1,779 655 186 142 44 14 27 427 220 182 41 111 101 Sept 2,245 564 1,681 671 190 147 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 1,741 642 187 134 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 ,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb . 2,618 588 £,030 667 184 135 49 14 37 431 263 234 20 43 106 * 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 365 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m p P c a e r o i p r m m c e i - r e a , l p n p c p l a a o a a n p m c n c e e y - e r d a P a b c n e a r c i r c n e m s e k p ' s e - t , - 3-mon s t e h c u b r i i l t l i s es 9 ( - t t a o x a 1 b 2 l - e) 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 - * 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 i m ss 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—Mar 1.69 1.50 1.38 1.28 1.335 1.49 2.30 1955—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 1956_Mar. 3 93 5.05 4 55 4.13 3.74 July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 New York City: Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 1955—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 1956—Mar 3.75 4.92 4.49 4.05 3.62 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 7 Northern & Eastern cities: 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 1955_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 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 Dec 3.95 5.08 4.52 4.16 3.79 1956—Mar 3.93 5.11 4.55 4.10 3.78 Week ending: 11 Southern & Western M M a a r r . . 1 3 0. . . . . . 3 3 . . 0 0 0 0 Z 2 * 9 ) . . . Oooo oO oo 2 2. . 3 3 8 8 2 2 . . 2 2 4 4 2 2 . . 1 4 7 0 3 9 2 2 . . 4 4 7 2 2 2 . . 7 7 1 5 19 c 5 it 5 ie _ s j : une 3.95 4.98 4.34 4.01 3.67 Mar. 17. .. 3.00 2.88 2.38 2.36 2.374 2.44 2.81 Sent 4.11 5.01 4.47 4.07 3.88 Mar. 24... 3.00 Z. oo 2.38 2.26 2.422 2.42 2.89 Dec 4.17 5.06 4.54 4.22 3.91 Mar. 31. .. 3.00 A. oo 2.38 2.19 2.173 2.42 2.94 1956—Mar 4.19 5.09 4.58 4.20 3.94 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 issues. pp. 228-237. 3 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt. bonds Corporate bonds4 Industrial stocks U. S. Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By r a s t e in le g c s ted gro B u y ps D pr i i v c i e d e r n a d ti s o / p E r a ic r e n i r n a g t s io / enue Totals Old New bonds6 Indus- Rail- Public Pre- Com- Comseries 2 series3 Totals Aaa Baa Aaa Baa trial road utility ferred 7 mon4 mons Number of issues.... 3-7 1-2 20 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—Mar 2.71 2.92 2.49 2.09 3.07 2.80 3.20 3.02 3.14 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 3.14 3.17 3.98 4.03 May 2.75 2.91 2.48 2.06 3.07 2.77 3.23 3.04 3.17 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 3.21 3.98 3.71 8.17 July 2.87 2.96 2.62 2.23 3.17 2.86 3.24 3.06 3.52 3.18 3.32 3.22 3.96 3.63 Aug 2.91 3.02 2.69 2.33 3.22 2.92 3.29 3.56 3.25 3.36 3.26 4.01 3.76 Sept 2.88 3.00 2.70 2.31 3.24 2.92 3.31 3.59 3.25 3.40 3.29 4.06 3.76 7.24 Oct 2.82 2.96 2.64 2.25 3.22 2.89 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 3.58 3.22 3.38 3.28 4.01 3.96 Dec 2.88 2.97 2.70 2.29 3.25 2.97 3.62 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 3.60 3.23 3.40 3.28 4.03 4.08 Feb 2.82 2.93 2.63 2.19 3.21 2.89 3.58 3.20 3.37 3.26 3.99 3.93 Mar 2.90 2.98 2.67 2.24 3.24 2.95 3.30 3.10 3.60 3.24 3.37 3.27 4.01 3.68 Week ending: Mar. 3 2.84 2.94 2.62 2.18 3.20 2.90 3.27 3.07 3.20 3.37 3.25 3.99 3.88 Mar. 10 2.86 2.96 2.63 2.18 3.20 2.91 3.27 3.08 3.21 3.36 3.25 3.99 3.83 Mar. 17 2.89 2.97 2.67 2.25 3.23 2.96 3.29 3.10 3.59 3.23 3.37 3.26 3.99 3.72 Mar. 24 2.93 2.99 2.70 2.27 3.26 2.98 3.31 3.12 3.60 3.27 3.38 3.28 4.01 3.67 Mar. 31 2.96 3.01 2.75 2.33 3.29 3.00 3.33 3.14 3.62 3.30 3.39 3.30 4.05 3.68 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 9 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. 1955, the 3 per cent bond of February 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 SECURITY MARKETS SECURITY PRICES 1 Bond prices Common stock prices Volume U. S. Govt. Standard and Poor's series Securities and Exchange Commission series of (long-term) (index, 1935-39= 100) (index, 1939= 100) trad- Year, month, Cor- ing5 or week Mu- po- (in nicipal rate Manufacturing Trade, thou- O ri s e l e d s - * N ri s e e e s w - 3 g ( r h a ig d h e - )4 g ( r h a ig d h e - )' Total t d I r u n ia s - - l R ro a a i d l- P u i l u t t i i y b c l- - Total Total r D ab u l - e N ra d o b u n l - e - T p t r o io a r n n ta s - - P u i l u t t i i y b c l- - n s a a e i f n c n r i- e v d c - e, M in i g n- s s h a a o n r f d es s ) Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1953 average 93.90101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297. 313 2,578 1955—Mar 97.08103.63 124.4 115.4 278 311 238 150 280 337 318 354 305 151 275 315 2,907 96.31103.43 124.9 115.3 286 322 252 152 287 347 327 365 320 152 277 311 2,689 May'.'.'.'.'.'. 96.53103.66 125.1 114.7 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37103.75 123.9 114.5 301 341 259 153 303 370 344 393 336 154 294 314 2,643 July 94.96 102.73 121.4 114.3 315 360 256 156 319 395 366 421 334 157 304 317 2,423 Aug 94.51101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94.88102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,874 Week ending: Mar. 3... 95.64103.07 121.7 113.9 332 382 252 156 340 427 395 456 333 158 318 363 2,835 Mar. 10... 95.46102.89 121.2 113.9 337 389 258 158 346 436 407 462 340 159 324 369 2,835 Mar. 17... 95.03102.51 120.7 113.5 347 402 267 159 354 448 421 473 346 161 326 371 3,086 Mar. 24... 94.52102.16 120.3 112.7 348 403 266 159 357 453 421 482 349 160 323 382 2,818 Mar. 31... 94.08101.70 118.8 112.6 353 409 269 159 357 453 416 486 351 160 319 380 2,848 1 Monthly and weekly data for U. S. Govt. bond prices and volume 3 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 of trading are averages of daily figures; for other series monthly and per cent bond of February 1995. weekly data are based on figures for one day each week—weekly closing 4 Prices derived from average yields, as computed by Standard and prices for common stocks (Securities and Exchange Commission) and Poor's Corporation, on basis of a 4 per cent 20-year bond. Wednesday closing prices for all others. 5 Average daily volume of trading in stocks on the New York Stock 2 Series composed of fully taxable, marketable 2Vi per cent bonds due Exchange for a five and one-half hour trading day. or first callable after 12 years through Sept. 30, 1955, and those due or callable in 10-20 years beginning Oct. 1, 1955. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer creditl E W nd ed o n f e s m da o y 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 m a o l c a s k n 1 c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d c s 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 n i r e - s2 Money borrowed Cus n to et mer U. S. Govt. free o (c b o c li l o g . l a . 3 t 5 io ) + ns U S ob e . c l S i u g . r a e G t d i o o b v n y t s . S s e e c o c u u t r h r e e i 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 n t s . se o c O u th r n i e t r ies ba c l r a e n d c it es 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 ,529 1,019 1955—Feb., 3,643 63 2,590 39 ,053 113 ,666 1,063 Mar. 3,732 49 2,652 33 ,080 78 ,861 1,022 Apr. 3,785 48 2,704 27 ,081 74 ,988 973 May 3,787 47 2,684 28 ,103 72 2,047 928 June 3,870 46 2,711 31 ,159 73 2,020 917 July. 3,911 45 2,734 29 ,177 77 2,003 918 Aug. 3,865 43 2,710 29 ,155 71 1,994 887 Sept. 3,966 43 2,805 33 ,161 68 2,056 977 Oct.. 3,944 40 2,749 29 ,195 71 2,088 920 Nov. 3,980 38 2,759 27 ,221 75 2,185 876 Dec. 4,030 34 2,791 32 ,239 51 2,246 894 1956—Jan.. 4,040 36 2,786 37 ,254 41 2,129 905 Feb.. 3,991 34 2,740 36 ,251 52 2,137 913 1 Ledger balances of member firms of the New York Stock Exchange 2 Data, except as noted below, are for all weekly reporting member carrying margin accounts, as reported to the Exchange. Customers' debit banks, which account for about 70 per cent of all loans to others for purand free credit balances exclude balances maintained with the reporting chasing or carrying securities. Figures are for the last Wednesday of the firm by other member firms of national securities exchanges and balances month. Some loans for purchasing or carrying U. S. Govt. securities are of the reporting firm and of general partners of the reporting firm. Bal- included in column 5 after 1952; loans for that purpose are shown sepances are net for each customer—i.e., all accounts of one customer are arately in column 4 for all weekly reporting member banks in 1951 and consolidated. Money borrowed includes borrowings from banks and 1952 and for New York and Chicago banks thereafter. from other lenders except member firms of national securities exchanges. Data are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 367 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St l a o te c a a l n 2 d Foreign 3 Total Bonds 4 Stocks gages estate loans assets End of year: 5 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1948.. 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13 459 1 547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1 990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,100 9,070 2,549 481 37,462 34,194 3,268 25,976 2,298 3,127 3,523 End of month: 6 1952—Dec 73,034 12,683 10,195 1,733 755 31,417 29,226 2,191 21,245 1,868 2,699 3,122 1953—Dec 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—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 '84,847 r12,341 r9 230 r2 639 472 r37,028 r34,272 2,756 r26 210 r2 316 r3,125 f3 827 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 1956—Jan 90,842 11,604 8,393 2,812 399 39,293 36,363 2,930 29,800 2,568 3,307 4,270 r Revised. 5 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Includes foreign and domestic issues. 6 These represent book value of ledger assets. Adjustments for interest 3 Central government only. due and accrued and for differences between market and book values 4 Includes issues of the International Bank for Reconstruction and are not made on each item separately, but are included, in total, in "Other Development. assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets End of year U.S. Savings End of U.S. Savings Total2 g M ag o e r s t- 3 G ob o l v i- t. Cash Other 4 capital quarter Total 2 g M ag o e r s t - 3 G ob o l v i- t. Cash Other4 capital 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 1,618 1.327 23,909 1948 13,028 10 305 1 455 663 501 10 964 2 29 094 23 836 1 959 I 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 1,487 924 733 13 992 4 31 736 26 193 2 021 I 980 I 472 27 334 1951 19,222 15,564 1,603 1,066 899 16,107 1952 22,660 18,396 1,787 1,289 1,108 19,195 1955 \v . . 33,075 27,373 2,203 1,928 1,502 28,482 1953 26,733 21,962 1,920 1,479 1,297 22,846 2P 35,080 29,107 2,287 1,973 [,645 29,963 1954 31,736 26,193 2,021 1,980 1 472 27,334 3? 36,343 30,687 2,340 1,612 1,639 30,636 1955* 37,880 31,584 2,381 2,087 1,763 32,305 4? 37,880 31,584 2,381 : 2,087 I 763 32,305 v Preliminary. 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

368 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency1 1954 1955 1948 1949 1950 1951 1952 1953 Loans, by purpose and agency: To aid agriculture, total 3,632 4,362 3,884 4,161 5,070 6,811 6,929 7,466 6,362 5,853 Banks for cooperatives 305 302 345 425 424 377 367 340 322 359 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 Federal Farm Mortgage Corporation. 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 Corporation3. . . 369 231 10 Reconstruction Finance Corporation4. 177 168 137 123 115 108 V O e th te e r r a n a s g e A n d ci m es inistration 22 24 35 169 246 f 3 6 0 0 0 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 Reconstruction Finance Corporation4. 138 112 108 99 80 11 Other agencies 3 3 2 2 2 2 12 11 13 To other industry, total 310 462 458 488 516 509 420 426 426 706 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D O e th p e a r r t a m ge e n n c t ie o s f the Treasury 38 38 58 74 58 \ f 1 4 7 0 4 3 6 5 7 3 3 7 5 3 3 3 7 4 8 8 3 3 2 7 8 8 To financing institutions, total. 525 445 824 814 864 952 570 704 1,019 7,277 Federal home loan banks... 515 433 816 806 864 952 868 702 1,017 1,275 Other agencies 10 12 (5) 2 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 8,001 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 Corporation4 206 154 101 64 58 52 U. S. Treasury Department6 3,750 3,750 3,750 3,750 3,667 3,620 3,570 3,570 3,567 3,567 International Cooperation Administration. 71,515 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 Corporation4 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 368 476 185 173 140 203 225 259 494 411 Total loans receivable (net). 11,692 12,733 13,228 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 5,757 5,705 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 Federal home loan banks 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 Federal Housing Administration 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 5,555 5,555 5,555 5,555 Other securities, total 133 107 78 44 40 Reconstruction Finance Corporation4. 98 83 71 66 36 35 47 44 45 29 Production credit corporations 29 22 16 11 8 5 3 3 3 3 Department of the Treasury 42 38 40 23 Other agencies > 6 1 1 2 3 2 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 Corporation4. . . 157 142 108 129 172 156 D Ot e h p e a r r t a m ge e n n c t ie o s f the Treasury , - 32 30 28 159 131 I 272 47 8 0 0 56 6 4 5 54 1 7 9 59 1 4 7 Land, structures, and equipment, total 3,060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 Public Housing Administration 1,448 1,352 1,248 1,251 1,173 1,018 8 96 80 64 64 Reconstruction Finance Corporation4 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 agencies9 189 168 206 465 590 561 1,412 1,372 1,137 1,100 Bonds, notes, and debentures payable (not guaranteed), total. 965 772 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 369 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items! Lia in b t i e li r t a i g es e , n o c t y h e it r e m th s an Date, and corporation or agency 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 d p , e a n b y o e a t n b e - l s e , Other G i U n o t . e S v r t . - . o v in w P a t t r n e e i- r e l - y d Total Cash c a e b i l v e - m p r a l i a n i a e t d l e s s - , G U s ri e o t . c i S v e u s . t - . O s ri e t t c h ie u e s - r e m a q n e u n d ip t - s a e s t - s a U G n b t u . e y S a 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 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31. 24 635 64213,228 1,774 2 075 3,473 2,945 499 23 1,190 1 19321 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. 31 3 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 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 4,013 35,848 543 June 30 40,639 1,244 18,927 3,476 3,108 3,430 7,821 2,634 41 1,840 3,01935,171 568 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 4 160 2 231 30 Federal intermediate credit banks 939 26 833 72 8 821 9 109 Production credit corporations 45 42 3 45 Federal Farm Mortgage Corp 13 12 12 (5) Department ot 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 1 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 0) 6 534 674 i 552 Federal Savings and Loan Insurance Corp 241 1 234 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 18 570 39 2,080 1 Office of the Administrator 771 65 234 437 36 8 763 Small Business Administration 39 2 36 39 Export-Import Bank 2,780 1 2,761 1 17 92 2,688 Federal Deposit Insurance Corp 1 726 3 (5) 1 705 (5) 18 111 1 615 Tennessee Valley Authority... 2,010 150 28 1,823 9 44 1,966 Federal Maritime Board and Maritime Adm 5 585 411 292 44 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 1,722 1,733 All other 873 (5)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 Less than $500,000. assets and liabilities of which have been administered by this agency 6 Figures represent largely the Treasury loan to United Kingdom and since dissolution of the RACC in 1949. through 1952 are based in part on information not shown in Treasury 3 Changes in coverage over the period for which data are shown are as compilation. follows: exclusion of the Home Owners' Loan Corporation after June 7 Figure not published in Treasury compilation, but derived by Federal 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual Reserve. See also footnote 3. 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

370 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS lOn basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B r u N ec 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 : . - . 1 E p T r f q u e r t o u b o h c a t l m e t a i 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 c l . : t p p o fr u a t o o h b y ( m r e l - t i s ) c , . , & ( c ( c o r - d d r r a I e ) e i e n g a r d , a b e - e s i s e t c n e n e - t , .) t a r i G n g . N v e f o n u . e v . n t b t & d . L y s ess: O d n c e t o a h b s n e h t - 4 r b E r i o e n q c ( N r p g u a ) r a s e a o o y h t l w s r t. : - Cal. year—19545.. . 61,171 '9,570 2,101 68,580 64,854 7,598 2,786 69,667 -1,087 '3,511 1,583 752 1,173 1955 63,358 10,624 2,511 71,448 66,129 9,331 3,272 72,188 -739 3,494 2,476 566 458 Fiscal year—19535.. 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 '6,940 3,300 722 2,919 1954... 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 '5,186 2,055 618 2,512 1955... 60,390 9,536 2,061 67,836 64,570 8,546 2,568 70,548 -2,712 3,996 1,533 644 1,819 Semiannual totals: 1953—July-Dec. 5. 25,757 3,953 847 28,833 34,484 3,217 722 36,979 -8,146 9,196 860 313 8,023 1954—Jan.-June. . 38,898 5,202 1,262 42,795 33,288 3,987 2,394 34,881 7,914 -4,010 1,195 305 -5,511 July-Dec.. . 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 '7,521 388 447 6,684 1955—Jan.-June. . 38,118 5,168 1,222 42,051 33,004 4,935 2,176 35,762 6,289 -3,525 1,145 197 -4,865 July-Dec... 25,240 5,456 1,289 29,397 33,125 4,396 1,096 36,426 -7,028 7,019 1,331 369 5,323 Monthly: 1955—Feb 5,427 600 53 5,971 4,831 757 424 5,164 807 -294 -79 -10 -205 Mar 9,741 778 64 10,452 5,894 781 268 6,407 4,045 -4,061 97 40 -4,198 Apr 3,732 528 78 4,180 5,228 1,070 362 5,936 -1,756 2,630 -413 37 3,007 May 4,438 1,320 59 5,697 5,356 736 -246 6,338 -641 860 581 39 239 June 10,125 1,675 926 10,872 6,753 750 1,188 6,313 4,559 -2,860 1,092 40 -3,992 July 2,765 745 394 3,113 5,382 752 571 5,562 -2,449 3,237 119 114 3,004 Aug' 4,734 1,502 158 6,076 6,225 727 42 6,910 -834 845 945 31 -130 Sspt 5,498 721 77 6,141 5,340 688 -88 6,117 25 -774 -359 40 -454 Oct 2,692 505 151 3,044 5,355 900 436 5,819 -2,775 '2,621 -109 14 2,717 Nov 4,662 1,142 62 5,741 5,172 668 40 5,800 -59 490 605 40 -154 Dec 4,889 841 447 5,282 5,651 663 95 6,218 -936 599 130 130 340 1956—Jan.?' 4,684 371 101 4,952 5,274 904 619 5,559 -606 -721 -88 83 -717 Feb.? 6,195 1,009 63 7,140 4,950 870 142 5,678 1,462 237 209 3 25 Effects of operations on Treasurer's account Operating transactions Financing transactions i C nc a . s , h o b r a d l e a c n . c ( e — s: ) Accou S n ta t te o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period s B d u u N e r o f d p i e r c g 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 i n 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 o s a ( G s + g b N a u e l o ) r i a o n e v k g n t c f t a e c . y - t e i i & s a p n G e g N v c e o F t . e n r . v e u ( t b c t d - s . y y . t ) I d n ( p e d g c - c u i r r ) o r r b o e e , e r a l s i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s n s - t Balance ( B F a a a . v b D n a R l k e i e l . s p - osi T t T s L a r u x i o e n r a a a y n s n - d O n th et er () tions 6 funds 6 debt funds) Accts. Fiscal yr.—1952... -4,017 3,490 -401 114 -3,456 3,883 -388 6,969 333 5,106 ,530 19535... -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 ,467 1954. .. -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955... -4,180 990 -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—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 -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 Feb 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 1,288 P Preliminary. ' Revised. n.a. Not available. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. 3 Consist primarily of (1) intra-Governmental transactions as described 6 Excludes net transactions of Govt. sponsored enterprises, which are in footnote 1, (2) net accruals over payments of interest on savings bonds included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 371 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 i d e p e 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 1 < " c R u e r o e i n e f p - - d t s s B c T u e r o i d e p t - g a t e s l t W he I i l t n d h d - i ivid O ua th l er i C ra o ti r o p n o - 1 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 >,302 f-',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 5,118 11.,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 5,377 i: ,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 5,426 6S>,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 >,700 4:-,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 2i,195 11,078 2,593 5,375 5,405 2,083 1,661 1,521 804 1,476 1954_j J a u n l . y -J -D un e e c 2 3 2 8 , , 2 89 7 8 2 2 2 , , 8 3 1 0 5 5 2 3 8 2 2 2 ',9 3 8 3 2 9 4 2 4 1 1 , , 2 9 3 1 9 8 1 1 0 0 , , 5 2 5 3 7 0 2 8 , ,1 3 5 2 4 3 1 3 6 , , 7 14 6 8 7 4 4 , , 6 5 0 2 9 7 2 3 , , 6 3 6 4 8 2 2 1 , , 1 7 6 2 8 4 1 1 , , 2 4 7 5 7 3 1 76 1 7 1 1 1 , , 6 4 5 8 1 0 1955—Jan.-June 38,118 2,735 277 ,087 44K215 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 21,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 Monthly: 1955_Feb 5,427 255 64 208 c,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 A!• 941 967 2 190 478 717 341 248 210 122 9 May 4,438 785 80 817 t>,119 2,991 602 377 843 879 427 226 143 754 J une.... 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 ,089 884 277 547 796 216 369 231 116 ) Aug 4,734 912 85 118 <,848 3,004 115 328 867 1,012 522 245 154 977 Sept.. .. 5,498 519 60 103 >,180 1,604 1,685 1,100 881 579 331 256 135 Oct 2,692 268 18 21 ,,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 527 3,037 94 293 921 791 391 292 136 \ 913 Dec 4,889 339 55 54 <337 1 768 350 1 449 766 395 609 211 in ) 1956—Jan 4,684 163 17 51 AL.91S 939 2,152 424 799 212 389 179 139 n.a. Feb 6,195 646 85 231 ,158 3,732 795 460 846 972 353 n.a. 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 Total affairs est on serv- rity, com- agri- ural and Other6 Totals D m D e il e f i e p t n a t. r s , y e m s M e i c u li u t t u r a i a r t y l y, A e t n o e m rg i y c fin a a n n d ce p d u e b b li t c ic b e f e s i n t a s e n - d w h e e a l a n f l a d t r h e, m ve u d l n e o - i p ty - t c u r u e r l - a - l so r u e r - ces m c c o u a m n - i - ment 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 1954 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 1955 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 2,000 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. v 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—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 3,148 648 149 201 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? 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 Feb.P 4,950 3,31:> 3,059 76 13J 146 553 403 165 -94 214 74 168 10 P Preliminary. n.a. Not available. 4 For a description of components, see Treasury Bulletin, January 1956. 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. * 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

372 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f T d g e r o o b t s a t* s l T d g d i r e o r o b e t s a t c s l 2 t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o t i s - - f Notes B el a ig n i k - Bond B s r a e n - k b C v o •L e o n 1 r - n d t- - s Totals b i o n n g d s s n i s T a o n a n a t g v e d x s - s S is p s e u c e ia s l ble4 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—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 A 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 May 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 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 (6) 43 7 Mar 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 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 $469 million on Mar. 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,121'million on Feb. 29, 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 c c t g e u lu u e r d a i d - r - - Sp t e ru ci s a t l fun P d u s b l lic 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 n o r s - g S l o o o _ t v c a a J t te s l . Savi I n n g d s ividu O al t s her i M t n o v i r s e s c s 3 . ties) issues issues bonds securities 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec 278.7 20 0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951 Dec 259 5 35 9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10 6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275 2 41 2 7.1 226.9 25.9 63.7 9.2 15.8 21.0 12.7 49.4 16.0 13 2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.4 13.9 49.5 15.5 13.7 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 19.8 15.0 50.2 15.4 15 0 Aus 278.4 44.2 7.3 226.8 23.8 62.7 8.8 15.0 20.8 15.1 50.3 15.5 14.9 Sect .... 277.5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 20.6 15.1 50.2 15 8 15 0 Oct 279.9 43.7 7.4 228.8 24.0 62.7 8.6 14.9 21.9 15 3 50 2 15 9 15 2 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 22.5 15.4 50.2 15 9 15 4 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 1956—Jan 280.1 43.6 8.1 228.4 23.5 60.5 8.5 14.2 24.3 15.7 50.3 16.0 15.5 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to $300 million on June 30, 1955. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 373 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 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. A A p p r r . . 1 5 2, , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 1 2 D Fe e b c . . 1 1 5 , , 1 1 9 9 5 5 7 6 2 2 Y % H 9 7, , 2 0 1 8 9 3 A O p ct r . . 1 1 , , 1 1 9 9 6 5 0 9 I I V V 2 i 1 9 9 9 8 A Ju u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... 2 2 Y V, 2 6 , , 1 7 1 5 5 5 Apr. 19, 1956 1,602 Oct. 1, 1960 11/2 223 Dec. 15, 1963-68. "" 2,825 Apr. 26, 1956 1,601 Treasury notes June 15, 1964-69. 3,752 M M a a y y 1 3 0, , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 1 1 A A p u r g . . 1 1 5, , 1 1 9 9 5 5 6 6 li/ 2 2 12,547 2 Tre M as a u r. r y 1 5 b , o 1 n 9 ds 56-58... 2% 1,449 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 . . 4 3 , , 7 8 1 2 5 8 M M M a a a y y y 2 3 1 4 7 1 , , , 1 1 1 9 9 9 5 5 5 6 6 6 1 1 1 , , , 6 6 6 0 0 0 0 1 4 O M A c p a t r r . . . 15 1 1 , , , 1 1 1 9 9 9 5 5 5 6 7 7 2 I i V % y2 i 2,9 5 5 9 5 3 7 0 1 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 7 6 - - - 5 5 5 9 9 9 4 . . . . . . . . 2 2 2 % % V4 3,8 9 9 2 2 8 1 7 2 J S M e u a p n r t e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 7 7 - - - 7 7 7 1 2 2 . . . 2 2 1 , , , 9 8 7 7 5 1 8 9 6 J J u u n n e e 1 7 4, , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 0 0 A M u a g y . 1 1 5 5 , , 1 1 9 9 5 5 7 7 1% 2 4 3 , , 1 7 5 9 5 2 J J u u n n e e 1 1 5 5 , , 1 19 9 5 5 8 8 -63 4.. 2 2 3 3/ 4 8 4,2 9 4 1 5 9 D J e un c. e 1 1 5 5 , , 1 1 9 9 6 7 7 8 - - 7 8 2 3 . . 3 1 , ,6 8 0 0 6 1 June 21, 1956 1,601 Oct. 1,1957 11/2 824 Dec. 15, 1958 21/2 2,368 Feb. 15, 1995.... 2,745 June 28,1956 1,600 Apr. 1,1958 iy2 383 June 15, 1959-62... iyA 5,275 June 15, 1958 2% 4,392 Dec. 15, 1959-62... 2 V4 3,463 Panama Canal Loan 3 50 Certificates Oct. 1,1958 11/2 121 Nov. 15, 1960 2 Ms 3,806 June 22, 19563 2 1,486 Feb. 15, 1959 1% 5,102 Dec. 15, 1960-654..234 1,485 Convertible bonds June 22, 19563 2V4 2,970 Apr. 1,1959 U/2 119 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 1 Y /2 4 1 2 1 , , 2 1 3 77 9 I A n p v r e . st 1 m , e 1 n 9 t 7 5 S e 8 ri 0 es .. . B . 2% 11,248 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 365. 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 s e t 2 - v b e C o r o t n i n b d - 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 r s 10 All holders: 1953 Tune 30 .. 159,675 19,707 15,854 30,425 81,349 12 340 147,335 64,589 32 330 18,677 31,739 I954 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 Dec. ^ 1 174,639 22,313 15,741 43,285 81,912 11,387 163,251 60,631 38,307 31,365 32,949 1956—Jan. 31 174,638 22,315 15,741 43,374 81,910 11,298 163,340 60,632 38 396 31,364 32,947 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—June 30 .... 6,985 46 41 64 3,395 3,439 3,546 107 205 494 2,740 Dec 31 6,918 51 4 46 3,378 3,439 3,479 70 137 All 2,796 1955 June 30 7 162 40 8 119 3,556 3 439 3,723 74 199 506 2,944 Dec 31 7,676 338 47 304 3,548 3 439 4,237 422 373 426 3,016 1956—Jan. 31 7,948 527 71 357 3,553 3,439 4,509 642 422 418 3,027 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 Dec. 31 24,785 1,722 6,002 14,259 2,802 ?4,785 20,742 1 614 i;oi4 1 415 1956—Jan. 31 23,466 578 5,921 14,166 2,802 23,466 19,450 1,587 1,014 1,415 Commercial banks: 1953—June 30 51,365 4,411 4,351 10,355 32,066 182 51,183 19,580 18 344 8,772 4 488 I954 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 21J12 21,110 5,494 Dec 31 53 956 3,562 1,951 12,853 35,431 157 53 798 7,733 22 003 19,483 4 579 1956—Jan. 31 52,749 2,839 1,746 12,832 35,175 158 52,591 6,793 21,940 19,333 4,525 Mutual savings banks: 1953 June 30 8,816 120 87 62 7,232 1,314 7,502 476 464 1,395 5,167 1954—June 30 8,353 98 101 221 6,669 1 265 7,089 294 476 1 389 4 930 Dec 31 8,113 75 57 242 6,499 1,239 6,873 159 502 1,544 4,668 .955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1 405 4 746 Dec. 31 7,856 128 47 322 6,170 1,189 6,667 208 570 1 335 4 554 1956—Jan. 31 7,912 177 44 298 6,213 1,179 6,733 257 563 1,303 4,609 Insurance companies: 1953 June 30 . .. 14,155 460 337 534 9,339 3,486 10,669 1,472 1,023 1,849 6,325 1954—June 30 13,520 622 209 691 8,805 3,193 10,327 1,190 1,045 2,171 5,921 Dec 31 13,328 663 183 742 8,571 3,170 10,158 1,144 1,180 2,102 5,732 1955—June 30 13,117 630 74 789 8,479 3,145 9.972 810 1,339 2,027 5,796 Dec 31 12,667 515 83 842 8,286 2,941 9,726 694 1,502 1,840 5,689 1956—Jan. 31 12,536 482 87 894 8,213 2,860 9,676 688 1,527 1,838 5,623 Other investors: 1953 June 30 53,694 13,155 6,052 5,678 24,890 3,919 49,775 27,393 5,895 4,865 11,621 1954 June 30 .... 52,121 12,248 6,511 6,531 23,032 3,800 48,322 24,568 5,308 6,711 11,734 Dec. 31 55 226 12,115 9,496 7,310 22,548 3 756 51,469 26,301 5 855 7 439 11 874 1955_june 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10633 7 626 13 233 Dec 31 67,700 16,047 7,612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13,696 1956—Jan 31 70,027 17,712 7,872 14,827 25,954 3,662 66,365 32,802 12,357 7,458 13,749 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

374 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers 2 Proposed uses of net proceeds all corporate issuers 6 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 l - y d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l M p a c o o u e n u s i r l e s e s - - - - s m b d e t R i t e a o r e c b n e e f . n - k t - 8 t , s m r t i e i o t r e c i f e e u n - s - t 1939 . . 5,687 2,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11,466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4 555 1948 20,250 10,327 2,690 156 7 078 5,973 2 965 3,008 492 614 6,652 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21.265 P,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 n,957 106 5,558 306 8 898 7,083 3,856 489 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 .. 26,982 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_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 3020 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 1265 470 15 737 583 136 447 53 101 583 514 69 140 Aug 1,656 509 259 887 672 508 164 16 200 654 623 32 216 Sept 1,640 481 407 3 749 574 304 270 82 93 680 562 118 55 Oct 2 695 461 926 9 1 299 1 097 858 239 43 159 1,207 1,125 82 75 Nov 1,850 438 661 33 719 441 153 289 86 192 631 592 39 73 Dec 1,934 466 415 51 1,001 850 334 517 38 113 921 807 114 64 1956—Jan rl 595 645 r407 13 530 447 141 306 18 65 487 410 77 34 Feb 1,965 544 646 5 770 505 149 357 130 135 708 666 42 48 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n 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 Feb 68 16 88 12 8 101 8 26 18 145 2 Mar 547 85 94 3 36 196 27 21 6 368 13 Apr 141 26 37 1 18 89 178 36 12 6 108 6 May 376 48 42 4 55 230 17 24 177 5 June 164 10 110 11 52 5 260 15 31 39 78 2 July 215 138 66 1 27 1 103 45 127 Aug 119 50 36 5 45 158 90 1 90 274 2 Sept 167 18 76 6 50 5 208 13 19 10 160 Oct 131 4 58 16 50 53 167 694 108 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 1956 Jan 138 30 34 21 1 42 3 2 250 1 Feb 206 26 46 1 39 1 172 1 38 n 206 1 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues sold for cash in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 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 4 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 fiSr retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 375 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1954 1955 1949 1950 1951 1952 1953 1954 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 38,31145,78752,94054,51763,34358,098 14,396 14,941 13,539 15,22316,61017,931 17,096 5,278 8,176 8,869 7,308 8,375 7,246 1,793 1,960 1,581 1,910 2,458 2,769 2,385 Profits after taxes 3,261 4,222 3,548 3,192 3,649 3,841 915 999 809 1,115 1,218 1,392 1,207 Dividends 1,746 2,339 2,075 2,073 2,154 2,380 531 532 528 786 577 577 650 Nondurable goods industries (94 corps.):l Sales 14,29216,25218,91619,26620,69420,610 5,061 5,074 5,046 5,427 5,508 5,744 6 024 Profits before taxes 2,067 2,947 3,447 2,853 3,028 2,776 701 703 663 710 802 848 868 Profits after taxes 1,361 1,661 1,533 1,392 1,526 1,604 384 394 374 451 444 470 484 Dividends . . 789 977 925 946 972 1,059 234 237 238 347 257 260 272 Durable goods industries (106 corps.):2 Sales 24 02029 53534,02435 25142,64937,489 9,335 9 867 8,494 9 79611 10212,187 11 072 Profits before taxes . . .. 3,212 5,229 5,422 4,455 5,346 4,469 1,093 1,256 918 1,200 1,655 1,921 1,517 Profits after taxes 1,900 2,560 2,015 1,800 2,123 2,236 531 605 435 664 774 922 723 Dividends 958 1,362 1,149 1,127 1,182 1,321 297 295 290 439 320 317 378 Selected industries: Foods and kindred products (28 corps.): Sales 4,223 4,402 4,909 5,042 5,411 5,464 1,337 1,351 1,339 1,437 1,355 1,465 1,488 Profits before taxes 434 532 473 453 465 461 99 132 122 108 99 132 139 Profits after taxes 268 289 227 203 212 224 46 63 59 56 46 64 69 Dividends 149 161 159 154 154 156 36 36 39 45 36 36 39 Chemicals and allied products (26 corps.): Sales 3,904 4 817 5,882 5,965 6,373 6,182 1,502 1,540 1,518 1,622 1,721 1,811 1,801 Profits before taxes 734 1,178 1,490 1,259 1,308 1,175 282 282 277 334 367 380 390 Profits after taxes 441 597 521 486 520 612 138 142 137 194 183 192 198 Dividends 338 467 381 396 All 495 100 102 99 194 114 115 134 Petroleum refining (14 corps.): Sales 3 991 4 359 5 078 5 411 5 883 6,014 1,509 1,472 1,473 1 561 1 568 1 613 1 882 Profits before taxes 587 712 911 728 841 756 225 197 ill 157 210 200 218 Profits after taxes 457 492 560 524 603 571 156 143 136 136 150 147 156 Dividends . . .. 206 236 262 283 290 295 72 72 73 77 77 77 79 Primary metals and products (39 corps.): Sales 8,184 10,44812,50711,564 13,75011,522 2,912 3,021 2,715 2,874 3,301 3,858 3,706 Profits before taxes 996 1,706 2,098 1,147 1,817 1,375 302 360 306 407 487 633 582 Profits after taxes 580 857 778 564 790 717 151 180 151 235 241 313 291 Dividends . 286 378 382 369 377 409 100 92 92 125 115 109 118 Machinery (27 corps.): Sales 4,342 5,049 6,168 7,077 8,005 7,745 1,918 1,939 1,865 2,024 1,953 2,044 1,977 Profits before taxes . . 518 847 1,000 971 1,011 901 252 238 200 209 232 252 207 Profits after taxes 320 424 365 375 402 471 117 108 102 143 110 121 103 138 208 192 199 237 262 58 64 65 76 67 67 68 Automobiles and equipment (15 corps.): Sales 9,695 11,969 12,707 13,03816,61114,137 3,540 3,785 2,963 3,850 4,790 5,101 4,245 Profits before taxes 1,488 2,332 1,950 1,982 2,078 1,762 440 538 302 481 827 890 588 871 1,101 717 709 758 837 217 260 129 232 371 420 261 Dividends . 457 679 486 469 469 535 115 114 108 198 109 114 161 Public Utility Railroad: Operating revenue 8,580 9,473 10,391 10,58110,664 9,371 2,275 2,335 2,366 2,395 2,302 2,521 2,631 Profits before taxes 700 1,385 1,260 1,451 1,404 900 156 199 226 319 259 358 370 Profits after taxes .. 438 784 693 832 871 674 88 136 172 277 175 242 243 Dividends 252 312 328 338 412 379 96 73 74 136 101 90 74 Electric power: Operating revenue 5,069 5,528 6,058 6,549 7,136 7,610 1,984 1,819 1,831 1,976 2,171 1,993 2,024 Profits before taxes 1,129 1,313 1,482 1,740 1,895 2,049 570 487 478 513 636 523 535 757 822 814 947 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: 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 iie 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

376 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [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 - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a ar r t o er r 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 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 2 1 2 9 . . 5 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 1954 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 4,883 2,173 2,710 1954—4 36.0 18.1 17.9 10.6 7.3 1954 4 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 11.0 11.1 2 2,891 1,484 1,407 1,802 767 1,034 1,089 717 373 41 45.0 2 2 2 2 . . 3 6 2 2 2 2 . . 2 4 12.2 10.2 3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 4 3,795 1,165 2,630 2,391 806 1,585 1,404 359 1,046 1 Preliminary estimates by Council of Economic Advisers. 1 Reflects cash transactions only. As contrasted with data shown on p. 374, new issues NOTE.—Quarterly data are at seasonally adjusted exclude foreign and include investment company offerings, sales of securities held by annual rates. 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. 374. 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 v s S r t i . . - N U o .S t r e e . s c e a i n va d b O a le t c h c e ts r . I t n o v ri e e n s - Other Total N U o . t e S p s a . a y n ab d l O e a t c h 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 Govt.2 Govt.2 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 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 22..44 97.0 2.2 56.3 19.2 19.3 1954 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 4 103.6 206.6 32.2 23.4 2.3 76.0 69.8 2.9 103.0 2.3 61.6 18.5 20.7 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [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 1 2 1 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 4 7.0 3 2 .6 1 l 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 .5 3.7 1.3 5.9 1955_1 5.8 2 4 .5 8 2 0 1952 26.5 11.6 1.0 1.4 [.5 3.9 1.5 5.6 2 7.0 3.0 .6 1 1 2 3 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 3... . 7.4 3.1 .6 1.2 2.5 1 1 9 9 5 5 5 4 2 2 8 6 . . 7 8 1 1 1 1 . . 4 0 1 1 . . 0 0 . . 9 9 L. 6 5 4 4 . . 3 2 2 1 . . 0 7 7 6 . . 5 5 4 8.4 3 8 7 1 2 2 6 19564 34.9 15.0 1.1 1.3 8 5.0 10.6 1956—14 8.1 3.6 .7 1.1 2.6 24 9.0 4.1 .8 1.4 2.8 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 377 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other 1- to 4-family houses Multi-family and End of year holders commercial properties * or quarter h A e o r l l s d l - t F u i i n c t n i i s a o a ti l n n - - s S F e a e l g d e e e c n r te a - d l v I i a d n n u d d a i- ls h A o er l l s d l - Total F i i n c n i s a a t l i n - - O ho th ld e - r Total F i i n c n i s a a ti l n - - O ho th ld e - r h e A o r l s l d l - t F u i i n c t n i i s o a a t l i n n - s - ho O l t d h e e r r s2 cies others tutions ers tutions ers 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 51.7 1.4 19.8 66.8 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 41.1 10.7 23.9 15.9 8.0 6.6 2.6 4.0 1952 91 2 66 9 2.4 21.9 84.1 58.5 46.8 11.7 25.6 17 2 8.3 7 2 2 8 4 3 1953 .101.1 75.1 2.8 23.3 93.5 66.1 53.6 12.5 27.4 18.5 8.9 7.7 3.0 4.6 1954 113.6 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 3.1 27.5 121.1 88.7 74.2 14.5 32.4 21.8 10.6 9.1 3 7 5 4 1954_june 106.2 79.5 2.7 24.1 98.2 69.9 57.2 12.6 28.4 19.1 9.2 8.0 3.2 4.8 Sept . 109 7 82 5 2.7 24.5 101.6 72.7 59.7 12.9 29.0 19.5 9 5 8.1 3 2 4 9 Dec 113.6 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—Mar*3 . . 117.3 oo o 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9 9 8.5 3 4 5 1 June33 122.0 92.7 3 0 26.3 113.2 82.2 68.4 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.? 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. 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 holdings 2 Mutual savings bank holdings 3 Residential Residential End of year or quarter Other Other 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 - Farm 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 1,957 874 5,806 4,758 1,015 34 1949 11,644 8,676 2,060 909 6,705 5,569 1,099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 . . 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18 573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955* 21,150 15,995 4,595 3,720 7,680 3,830 1,325 17,480 15,610 4,230 5,792 5,588 1,809 61 1954 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 1,645 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 1,695 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 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 1,795 60 Dec.* 21,150 15,995 4,595 3,720 7,680 3,830 1,325 17,480 15,610 4,230 5,792 5,588 1,809 61 pPreliminary. 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 Bank Call Report and from weekly reporting member banks. agencies, Comptroller of the Currency, and Federal Reserve. 3 Figures for 1941 and 1945, except for the grand total, are estimates based on Federal Reserve preliminary tabulation of a revised series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6 636 5 860 1 394 4 466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 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_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 A.U2 536 503 77 140 286 33 28,001 25,787 6,244 5,468 14,075 2,214 Sent 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 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 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 th or Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e n o n a n - l - 2 Y m e o a n r t o h r N b u e m r - Total 1 i a n l S s o g s a a s n v n s - & . p I c a n a o n s n m c u ie e r - - s b C m c a o i n e a m r k l - s - M b s i a u n a n t g v u k s - a s l 1941.... 1,379 437 581 4,578 1941. 1,628 4,732 1,490 404 1,166 218 1945.... 1,913 181 1,358 5,376 1945. 1,639 5,650 2,017 250 1,097 217 1948.... 3,607 1,046 1,710 10,305 563 2,397 7,345 1948. 2,535 11,882 3,629 1,016 2,664 745 1949.... 3,636 1,083 1,559 11,616 717 2,586 8,313 1949. 2,488 11,828 3,646 1,046 2,446 750 1950.... 5,237 1,767 2,246 13,657 848 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 18,396 904 3,394 14,098 1952. 3,028 18,018 6,452 1,420 3,600 1,137 1953.... 7,767 2,475 3,488 21,962 1,048 3,979 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 4,721 20,300 1954. 3,458 22,974 8,312 1,768 4,239 1,501 1955.... 11,432 4,041 5,241 31,584 1,409 5,912 24,263 1955. 3,913 28,484 10,452 1,932 5,617 1,858 1955 1955 Feb 775 265 340 Feb... 277 1,958 702 151 365 116 Mar ,026 386 427 27,373 1,235 4,963 21,175 Mar.. 343 2,455 928 174 458 134 Apr ,016 380 430 Apr... 328 2,357 900 165 456 136 May.... ,069 395 470 May.. 344 2,483 950 163 482 153 June.... ,157 418 536 29,107 1,287 5,336 22,484 June.. 360 2,636 1,024 174 516 171 July ,054 371 494 July.. 335 2,463 953 161 472 168 Aug ,171 416 553 Aug.., 366 2,697 1,060 163 521 179 Sept ,012 342 503 30,687 1,356 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 746 253 351 3U584 'M09 5,912 24I263 Dec, 293 2,188 700 156 457 166 1956 1956 Jan 712 251 316 Jan.. 275 2,059 665 148 435 131 Feb 778 284 333 Feb.. 278 2,050 700 136 421 127 1 Includes loans for other purposes (for repair, additions and alterations, 1 Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 379 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month erty Total im- underwritten p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e t s - 1 p l m o r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o e o r f r Total t C i v o e o n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total in- guarsured 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 1951 3,220 1,216 713 582 708 3,614 2,667 942 1948 33.3 12 5 5 3 7 2 20 8 1952 3,113 969 974 322 848 '2,719 M,823 890 1949 37.6 15.0 6.9 8 1 22 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 58.5 25 4 10 8 14 6 33 1 1953 66 1 28 1 12 0 16 1 38 0 !955_Feb 274 89 138 12 36 566 357 209 1954 75.7 32 1 12 8 19 3 43 6 Mar 324 109 160 9 46 532 345 186 1955?.. 88 7 38 8 14 3 24 5 49 9 294 93 151 5 45 515 319 195 May 284 93 136 3 51 548 341 207 1954—June 69.9 29.7 12.4 17.3 40.2 J Ju u l n y e 2 3 3 8 5 3 3 0 3 1 1 9 0 1 2 7 3 1 1 1 6 6 3 3 6 8 4 5 3 5 6 5 0 7 8 5 6 5 2 1 5 0 7 3 3 3 3 3 8 4 2 6 8 2 2 1 3 0 8 0 4 7 D Se e p c t 7 75 2 .6 7 3 3 2 0 .5 1 1 12 2 .6 8 1 19 7 .9 3 4 43 2 .1 6 Sent 347 113 162 9 64 590 378 211 1955—Mar.P.... 78.5 33.5 13.2 20.3 45.0 O N c o t v 3 3 3 4 8 5 1 1 1 2 3 2 1 1 6 5 0 4 1 2 1 5 6 9 3 7 7 5 1 5 7 4 5 6 1 1 1 2 2 5 4 5 3 J S u ep n t e .? p.... 8 8 2 5 . . 2 7 3 3 5 7 . . 3 0 1 1 3 3 . . 9 5 2 2 1 3 . . 8 1 4 4 6 8 . . 9 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 1 53 569 403 166 Feb . . 287 114 127 5 41 535 372 162 p Preliminary. NOTE.—For total debt outstanding, figures for first r Revised. 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 holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t io an d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g V n u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m r t i - L t o e n r g m - 2 1945 278 213 195 176 19 1948 199 188 11 198 227 1948 360 280 515 257 258 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 1.178 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 ,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 ,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 ,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1955—Mar 2,512 839 1,673 54 18 287 1955—Mar. 71 58 702 464 238 Apr 2,545 855 1,690 58 11 215 Apr. 85 33 754 497 257 May 2,562 860 1,702 39 7 163 May 104 37 821 542 279 June 2,567 867 1,700 21 3 127 June 237 42 1,017 715 302 July 2,567 868 1,699 15 1 116 July. 152 107 1,061 748 313 Aug 2,573 876 1,696 19 1 104 Aug. 156 30 1,187 822 365 Sept 2,564 871 1,693 11 1 105 Sept. 115 27 1,275 885 390 Oct 2,587 891 1,695 42 1 83 Oct.. 90 21 1,344 932 412 Nov 2,596 896 [,700 27 1 80 Nov. 60 40 ',364 875 489 Dec 2,615 901 1,714 30 0 76 Dec. 109 56 ,417 991 426 1956—Jan 2,623 901 1,722 22 1 75 1956—Jan.. 42 213 ,246 833 413 Feb 2,642 907 1,736 35 0 66 Feb.. 13 78 ,181 770 411 Mar 2,657 909 1,748 28 0 62 Mar. 24 67 ,138 730 408 r Revised. * Secured or unsecured loans maturing in one year or less. i 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

380 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 i o r l - e i co p g O n a o s t p o h u e d e m r r s * er e a r n R n l d o i e z a p m a n a t s o i i o r 2 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 J . 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 I 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 I 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 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 I 787 May 31,568 24,149 11,985 5,555 1,546 5,063 7,419 2 589 3 011 I 819 June 32,471 24,914 12,561 5,639 1,562 5,152 7,557 2 686 3 040 I 831 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 I 834 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 I 829 Oct 34,640 26,963 14,095 5,917 1,627 5,324 7,677 2,666 3 218 793 Nov 35,059 27,247 14,172 6,057 1,634 5,384 7,812 2,757 3,285 I 770 Dec 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2 776 3 797 I 757 1956 Jan r35,599 '27,769 14,314 r6,318 1,610 5,527 7,830 2 715 3 355 [ 760 Feb 35,272 27,784 14,397 6,209 L599 5,579 7,488 2,729 2,974 7SS 3 r Revised. tions ; holdings of retail outlets are included in other consumer goods paper. 1 Represents all consumer instalment credit extended for the purpose of NOTE.—Monthly figures for the period December 1939 through 1951 purchasing automobiles and other consumer goods and secured by the and a general description of the series are shown on pp. 336-354 of the items purchased, whether held by retail outlets or financial institutions. BULLETIN for April 1953. Revised monthly figures are shown in later Includes credit on purchases by individuals of automobiles or other BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. consumer goods that may be used in part for business. A detailed description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of year or month i c m n r s e e t d n a i l t t - Total m b C e a o r n 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 r s t t i - F s t t u u o r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b e t i o 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 1,580 2,998 4,032 1,423 956 297 556 800 1955 Feb 22,508 19,153 8,688 6,570 1,298 2,597 3,355 1,108 848 286 404 709 Mar 22,974 19,613 8,844 6,808 1,330 2,631 3,361 1,123 838 280 420 700 Apr 23,513 20,127 9,020 7,077 1,360 2,670 3,386 1,138 834 278 437 699 May 24,149 20,718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 24,914 21,432 9,495 1,747 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 Aue 26,155 22,605 9,871 8,422 1,495 2,817 3,550 1,167 871 284 523 705 Sept 26,699 23,101 10,060 8,667 1,528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 1,547 2,861 3,639 1,203 889 281 546 720 Nov 27,247 23,524 10,227 8,825 1.556 2,916 3,723 1,251 909 284 550 729 Dec 27,895 23,863 10,347 8,938 l',580 2,998 4,032 1,423 956 297 556 800 1956 Jan r27,769 '23,862 r10,360 8,936 1,565 3,001 3.907 1,374 925 288 556 764 Feb 27,784 23,979 10,398 8,964 1,589 3,028 3,805 I 341 909 281 559 715 r Revised. 2 Represents automobile paper only; other instalment credit held by i Includes mail-order houses. automobile dealers is included with other retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 381 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated ai-nounts 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 g p O c o a t o o p h n d e e - r r s e R m l r t o a e n i o n a p o i d n z d n a a * s ir - l P oa e n r- s 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 n a p ti e n d a o r s i n n r - s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1 726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 1,990 1,378 232 216 164 1948 3 529 575 753 794 568 839 1949 2,950 2,425 303 83 139 1949 4,439 849 946 1,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,769 3,183 241 70 275 1951 5,771 1,135 1,311 1,315 Cfifi 1,122 1952 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,421 5,563 351 81 426 1954 8,633 2,198 1,645 1,839 1,275 1,676 1955 8,938 7,939 416 85 498 1955 10,347 2,976 2,099 2,099 1,279 1,894 1955—Feb., 6,570 5,709 349 78 434 1955_Feb 8,688 2,241 1,680 1,845 1,219 1,703 Mar. 6,808 5,945 348 76 439 Mar 8,844 2,309 1,751 1,846 1,201 1,737 Apr. 7,077 6,207 348 76 446 Apr. 9 020 2,371 1,818 1,842 1,205 1,784 May 7,390 6,512 353 77 448 May 9,228 2,466 1,880 1,865 1,211 1,806 June 7,747 6,857 361 78 451 June 9,495 2,591 1,940 1,897 1,223 1,844 July. 8,087 7,180 372 78 457 July. 9 656 2 656 1,995 1,921 t 231 1,853 Aug. 8,422 7,496 384 80 462 Aug 9,871 2,765 2,041 1,950 1,243 1,872 Sept. 8,667 7,729 392 81 465 Sent 10,060 2,842 2,088 1,986 1,259 1,885 Oct.. 8,771 7,822 398 82 469 Oct. 10 145 2,901 2,090 2,009 I 273 1,872 Nov. 8,825 7,860 403 83 479 Nov 10,227 2,935 2,087 2,052 1,275 1,878 Dec. 8,938 7,939 416 85 498 Dec 10,347 2,976 2,099 2,099 1.279 1,894 1956—Jan.. 8,936 7,939 412 84 501 1956 Jan r10 360 2 977 2,107 r2,109 1 256 1,911 Feb.. 8,964 7,963 412 83 506 Feb 10,398 3,011 2,124 2,099 1,245 1,919 r Revised. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z lo o a e a a d n p ti n d e 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 m ci e a r l - Other m pa e r n t- t Other 1939 789 81 24 15 669 banks stores1 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1948 1,573 189 99 59 1,226 1941 3,087 693 152 275 1,370 597 1949 1,858 240 137 89 1,392 1945 3,203 674 72 290 1,322 845 1950 2,237 330 182 115 1,610 1951 2,537 358 209 132 1,838 1948 5,443 1,261 184 575 2,138 1,285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 1,376 1953 3,613 573 337 249 2,454 1950 6,323 1,576 245 641 2,365 1,496 1954 3,881 596 340 260 2,685 1951 6,631 1,684 250 685 2,411 1,601 1955 4,578 742 444 277 3,115 1952 7,143 1,844 250 730 2,612 1,707 1953 7,350 1,899 320 748 2,663 1,720 1955 Feb 3,895 607 339 253 2,696 1954 7,658 2,085 335 764 2,754 1,720 Mar 3,961 628 344 253 2,736 1955 8,330 2,393 383 825 2,972 1,757 Apr 4,030 649 353 253 2,775 May 4,100 670 363 258 2,809 1955—Feb 7,010 2,085 342 535 2,296 1,752 June 4,190 692 380 261 2,857 Mar 6,974 2,114 367 507 2,228 1,758 July 4,237 706 388 261 2,882 Apr 7,142 2,165 331 526 2,333 ,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 2^17 ,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 Feb 4,617 740 452 271 3,154 Dec 8,330 2,393 383 825 2,972 ,757 1956—Jan 7,830 2,392 323 676 2,679 ,760 NOTE.—Institutions included are consumer finance companies (oper- Feb 7,488 2,387 342 571 2,403 ,785 ating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 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 Feb 2,416 2,344 1,167 985 529 654 72 96 648 609 Mar. 3,159 2,693 1,569 1,157 708 713 99 119 783 704 Apr 3,089 2,550 1,512 1,083 703 690 106 102 768 675 May 3,206 2,570 1,616 1,113 741 678 121 109 728 670 June.. 3,443 2,678 1,766 1,190 766 682 125 109 786 697 July 3,131 2,569 1,594 1,117 711 674 111 103 715 675 Aug. .... 3,436 2,757 1,745 1,236 793 707 130 111 768 703 Sept 3,241 2,697 1,592 1,210 783 697 128 106 738 684 Oct 3,051 2,787 1,417 1,251 785 716 126 110 723 710 Nov 3,103 2,819 1,341 ,264 850 710 124 117 788 728 Dec. 3,508 2,860 1,369 .229 1,090 712 111 104 938 815 1956—Jan.. r2,724 r2,850 1,248 1,246 r643 r76C 86 117 747 727 Feb 2,769 2,754 1,296 1,213 627 736 95 106 751 699 SEASONALLY ADJUSTED* 1955—Feb... 2,906 2,521 1.388 J.071 662 680 97 97 759 673 Mar 3,045 2,562 1,479 1,096 744 683 109 116 713 667 Apr 3,027 2,552 1,411 ,093 738 672 110 109 768 678 May 3,103 2,635 1,525 1,139 738 687 117 123 723 686 June 3,179 2,612 1,589 1,166 757 678 110 108 723 660 July . . .. 3,136 2,611 1,519 ,133 794 706 108 101 715 671 Aug 3,211 2,713 1,566 .197 773 718 114 104 758 694 Sept 3,290 2,691 1,620 1^175 759 694 120 108 791 714 Oct. 3,075 2,774 1,474 1,233 724 718 112 106 765 717 Nov 3,185 2,830 1,435 1,281 805 698 118 117 827 734 Dec 3,185 2,747 1,503 1,228 792 690 118 102 772 727 1956—Jan r3,211 '2,939 ,451 1,275 r823 r770 111 111 826 783 Feb 3,192 2,845 1,473 1,266 751 735 123 103 845 741 r Revised. stalment credit extended and repaid are based on information from ac- •Includes adjustment for differences in trading days. counting records of retail outlets and financial institutions and include NOTE.—Back figures by months for the period 1940-52, together with all charges incurred under the instalment contract. Renewals and a discussion of the composition and characteristics of the data and a refinancing of loans, repurchases and resales of instalment paper, and cerdescription of the methods used to derive the estimates, are shown in the tain other transactions may increase the amount of both credit extended BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are and credit repaid without adding to the amount of credit outstanding. shown in the BULLETIN for November 1954, p. 1212. Estimates of in- FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe f r ro ce m n m ta p o g r n e e t c h e c d h i a n n g ge f m P ro o e m r n c t e h c n o o t y a r f e r g e a p e s r r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts Item Feb. Jan. Dec. Feb. Jan. Dec. Month D m ep e a n r t t- F t u u r r n e i- h H p o l o i ld a u n s a c e p e - - D m ep e a n r t t- 1956 1956 1955 1956 1956 1955 stores stores stores stores Net sales: 1955—Feb.. 14 11 9 43 Total +3 -40 +22 + 10 +7 +6 Mar. 15 13 9 48 Cash sales 0 -43 +38 + 10 + 1 + 1 15 12 9 44 Credit sales: May! 15 12 9 45 +2 -41 +22 +9 +9 +8 June. 15 12 9 46 Charge account +7 -31 + 13 + 14 +6 +7 July. 14 12 9 43 Aug., 14 13 9 46 Accounts receivable, end of Sept. 15 12 9 45 month: Oct.. 15 12 10 47 Total -2 -5 +9 +9 +9 Nov. 15 12 10 47 -2 -3 ti +7 +7 Dec. 15 11 9 46 -3 -10 + 12 + 13 1956—Jan.. 14 12 9 43 Inventories, end of month, Feb.. 14 11 9 44 +3 0 -6 +8 +9 +7 1 Collections during month as percentage of accounts outstanding at beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS ACTIVITY 383 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) i * on aw C a o c r n d o s e n t d t r r u a ( c c v t t a i s o lu n e) * Employment and payrolls2 Depart- Wholeor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - 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 m u o e r r l n n y a i - - - - l - t pr E o M m d m a u p e n c l n u o t t i f y o a - n c t w ur o in r P r k g o a e l y r ls s - F i l c n r o e a g a i r s d g - * - ht v s ( m s r a a t e l l o e e t u a r n s e e i * t ) l p s C r u i m o ce n e s - r 2 m p c r s o o i a c d m l e i e t - s y 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 21 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 98 105 101.6 102.8 105.1 104 104 104.4 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 If3 6 111.8 151.4 96 112 114 4 110 1 1954.. 125 127 137 116 111 215 232 204 110.4 101.8 137.7 86 111 114 8 110 3 1955 P139 P140 P155 P126 P122 261 280 248 112.9 105.6 152.9 P95 119 114 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 r113 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 96 111 114 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 Aus 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 no 125 270 252 282 114.6 108.4 109.1 163.9 99 122 115 0 111.2 Dec 144 142 146 161 130 129 301 273 319 114.8 108.3 108.9 163.9 101 123 114.7 111.3 1956 Jan 143 143 145 160 129 131 300 290 306 115.0 r107.8 M07.3 r159.2 103 124 114.6 Feb 143 144 144 158 129 131 306 318 298 114.9 107.1 107.0 157.9 100 2118 114.6 112.3 Mar 2145 2143 2131 2114.8*>106.92106.7 *158.4 2100 C118 • Estimated. P Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor Statistics. •Average per working day. Nonagricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim 2 The indexes of employment and payrolls, wholesale commodity prices, adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947_49 Annual 1955 1956 pro- Industry portion 1954 1955* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL... 100.00 125 139 133 135 136 138 139 139 140 142 143 143 144 143 143 MANUFACTURES—TOTAL 90.02 127 141 134 136 138 140 141 141 142 144 145 145 146 145 144 Durable Manufactures—Total 45.17 137 155 147 148 151 153 155 155 158 160 161 161 161 160 158 Primary metals 6.70 108 140 131 136 138 140 143 134 139 146 148 149 150 148 148 Metal fabricating 28.52 150 165 158 160 162 163 164 166 168 770 773 772 772 770 755 Fabricated metal products 5.73 123 134 126 129 130 134 135 135 137 141 142 139 138 136 134 Machinery 13.68 142 155 146 147 151 153 155 158 159 161 164 162 163 164 163 Nonelectrical machinery 9.04 125 135 125 126 131 134 136 138 140 141 143 143 144 147 148 Electrical machinery 4.64 177 194 189 190 191 189 192 197 196 199 205 198 199 197 192 Transportation equipment 7.54 175 203 199 200 202 202 198 202 203 205 208 212 212 205 201 Instruments and related products 1.29 140 149 142 143 143 142 149 151 153 155 156 158 159 160 162 Clay, glass, and lumber products 5.91 123 138 132 135 136 138 143 138 140 747 141 73P 739 140 739 Stone, clay, and glass products 2.82 131 149 138 143 146 149 153 152 155 155 153 156 154 154 155 Lumber and products 3.09 115 127 127 127 127 128 133 125 127 127 130 124 126 128 124 Furniture and misc. manufactures 4.04 121 132 124 126 127 132 136 134 137 136 735 737 r135 134 Furniture and fixtures 1.64 106 119 109 112 113 117 121 122 124 125 124 123 123 122 119 Miscellaneous manufactures 2.40 131 141 133 136 136 142 145 143 145 145 145 145 146 144 144 Nondurable Manufactures—Total 44.85 116 126 121 124 126 127 128 126 125 128 129 130 130 129 129 Textiles and apparel 11.87 100 109 104 101 109 110 110 109 109 111 112 113 112 111 111 Textile mill products 6.32 95 107 103 104 107 106 107 106 107 107 109 110 109 108 109 Apparel and allied products 5.55 105 113 106 111 112 114 114 112 112 116 116 117 116 113 114 Rubber and leather products 3.20 104 122 120 122 123 125 727 120 119 727 124 722 '"725 '727 124 Rubber products 1.47 115 143 138 140 144 147 149 137 138 142 147 147 r144 149 141 Leather and products 1.73 95 105 105 105 105 105 107 106 102 104 105 101 108 108 110 Paper and printing 8.93 125 137 131 134 135 138 139 139 138 140 141 141 140 141 140 Paper and allied products 3.46 134 152 143 147 151 156 156 155 153 157 156 157 159 159 158 Printing and publishing 5.47 120 127 123 125 125 126 128 128 128 130 131 130 128 130 129 Chemical and petroleum products 9.34 142 159 151 154 156 159 161 160 160 163 752 164 166 r165 755 Chemicals and allied products 6.84 148 167 158 161 163 168 170 170 168 173 171 173 175 174 174 Petroleum and coal products 2.50 125 135 134 134 136 134 136 134 135 135 137 139 14! 142 142 Foods, beverages, and tobacco 11.51 106 109 106 107 109 108 109 108 107 707 777 777 773 772 Food and beverage manufactures 10.73 106 109 106 107 109 108 109 108 108 108 111 112 113 112 Tobacco manufactures .78 103 105 106 107 103 109 109 101 100 100 105 104 107 109 MINERALS—TOTAL 9.98 111 122 123 121 119 121 122 120 121 123 123 125 129 131 131 Mineral fuels 8.35 113 123 123 121 121 121 122 123 122 722 723 725 730 '"732 737 Coal 2.68 67 80 79 72 72 81 86 87 82 80 80 80 87 r87 8 Anthracite .36 52 48 61 45 41 42 43 53 41 50 42 47 58 55 Bituminous coal 2.32 70 85 82 76 77 87 92 92 89 84 86 85 92 91 94 Crude oil and natural gas 5.67 134 143 144 145 143 139 139 139 141 141 143 147 151 153 2 Metal, stone, and earth minerals 1.63 106 120 119 123 114 120 123 109 777 725 126 723 '729 729 Metal mining .82 90 110 114 113 100 111 117 88 105 119 120 114 112 122 119 Stone and earth minerals .81 123 130 124 132 129 129 129 130 130 133 131 134 135 137 140 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL.... 100.00 125 139 135 138 138 138 139 130 139 142 147 145 142 143 144 MANUFACTURES—TOTAL 90.02 127 141 136 140 140 140 141 132 140 144 150 148 143 144 146 Durable Manufactures—Total 45.17 137 155 151 154 155 155 155 146 153 157 164 163 161 160 161 Primary metals 6.70 108 140 136 142 144 143 144 122 132 143 149 149 147 151 152 Ferrous metals 5.03 105 138 132 138 143 143 141 125 132 142 148 147 145 149 149 Pig iron and steel 3.51 108 144 136 144 147 149 146 132 140 149 153 154 153 158 158 Pig iron .37 101 134 122 131 134 138 137 129 134 140 141 140 141 143 143 Steel 3.05 109 146 138 146 148 151 147 133 141 150 154 156 154 159 159 Carbon steel 2.62 108 141 134 143 145 148 144 130 136 144 149 150 149 153 153 Alloy steel .43 115 171 165 165 171 169 169 147 168 186 188 189 182 197 199 Ferrous castings and forgings 1.52 97 124 121 124 133 128 129 108 114 125 137 131 128 128 130 Iron and steel castings 1.29 95 123 119 123 132 127 127 108 114 123 135 129 126 125 128 Steel forgings .23 106 133 133 132 140 132 139 108 115 133 148 141 141 143 142 Preliminary. »• Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 385 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947^9 Annual 1955 1956 pro- Industry portion 1954 1955^ Feb. Mar. Apr. May June July Aug.S eSpetp.t.O cOtc.t. NoDve.c. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Primary vnetals—Continued Nonferrous metals 1.67 120 146 149 155 148 144 154 112 132 147 153 154 153 160 160 Primary nonferrous metals .38 147 164 167 169 166 166 167 127 150 173 171 173 175 172 176 Copper smelting .09 101 122 140 134 133 132 130 49 95 139 136 130 128 132 133 Copper refining .06 109 123 134 133 124 133 133 50 97 142 126 136 143 122 134 Lead .04 105 103 99 112 115 101 110 53 82 116 119 121 112 114 117 Zinc .10 101 120 119 122 118 118 119 116 116 117 122 123 '127 124 126 Aluminum .09 244 261 253 256 257 258 259 261 263 265 265 272 277 276 279 Secondary nonferrous metals .13 105 123 125 133 124 123 121 100 118 130 135 130 125 Nonferrous shapes and castings 1.16 113 142 146 153 144 139 154 108 127 141 149 150 148 160 * 159* Copper mill shapes .63 100 114 125 133 114 110 128 75 91 110 114 118 120 134 131 Aluminum mill shapes .20 154 208 196 202 204 209 228 188 215 218 222 219 210 226 225 Nonferrous castings .33 114 156 155 163 168 155 158 124 144 154 173 169 164 Metal Fabricating 28.52 150 165 162 165 166 165 163 157 162 165 173 174 173 172 172 Fabricated metal products 5.73 123 134 126 130 131 134 135 130 139 142 145 139 137 135 134 Structural metal parts 2.68 126 136 129 131 132 136 136 132 137 141 144 145 144 140 139 Stampings and misc. metal products 2.12 117 130 126 129 129 131 128 125 126 129 134 138 137 131 128 Tin cans .30 131 142 107 111 126 143 149 168 203 192 197 95 102 109 117 Furnaces, gas ranges, and heaters .63 90 111 99 108 107 105 117 89 128 142 134 117 92 109 113 Machinery 13.68 142 155 152 154 152 151 153 142 153 161 169 164 164 167 168 Nonelectrical machinery 9.04 125 135 129 132 134 135 137 131 131 137 141 141 147 149 152 Farm and industrial machinery 8.13 121 130 121 124 126 129 131 128 129 131 136 138 143 144 146 Farm machinery 1.02 79 91 90 94 95 95 95 92 87 69 92 94 97 98 98 Industrial and commercial machinery... . 7.11 127 135 125 128 131 134 136 133 135 140 142 144 150 150 152 Machine tools and presses .68 160 163 149 152 154 157 161 160 165 168 170 178 190 190 195 Laundry and refrigeration appliances.. .69 114 144 155 164 161 155 157 116 113 147 141 130 141 164 176 Electrical machinery 4.64 177 194 196 195 189 181 184 165 194 207 223 208 197 r201 200 Electrical apparatus and parts 3.23 160 174 167 169 171 175 176 169 170 175 188 180 184 184 184 Radio and television sets .74 214 242 272 261 228 190 192 143 254 289 315 280 225 240 233 Transportation equipment 7.54 175 203 205 209 213 209 200 197 192 185 200 216 214 206 204 Autos, trucks, and parts 4.80 109 153 157 163 171 165 151 147 137 122 144 167 159 147 143 Autos 1.50 131 190 210 215 223 205 184 195 166 130 153 212 193 173 164 Trucks .66 92 115 87 104 137 132 134 126 106 102 106 122 122 113 125 Light trucks .22 95 114 77 109 148 139 124 119 93 106 121 128 106 101 109 Medium trucks .19 59 69 48 67 89 88 81 81 65 53 50 73 67 67 71 Heavy trucks .14 133 172 144 141 193 192 220 203 167 138 138 172 216 194 227 Truck trailers .07 130 183 160 170 185 176 205 174 192 199 202 199 192 173 187 Auto and truck parts 2.58 101 141 145 148 150 150 137 125 129 122 149 153 150 141 135 Aircraft and parts 1.30 474 481 477 479 472 469 466 469 469 484 490 500 516 '517 519 Shipbuilding and repair .81 112 115 113 115 117 115 118 114 117 117 115 109 111 110 HI Railroad equipment .53 39 42 36 35 38 47 41 37 45 45 50 48 51 '54 60 Railroad cars 30 38 40 .35 29 30 25 26 28 39 29 22 32 33 36 49 Instruments and related products 155 158 160 1.29 140 149 142 145 144 142 149 147 150 159 161 162 Clay, Glass, and Lumber Products 147 149 132 5.91 123 138 129 133 137 139 146 133 145 140 132 135 Stone, clay, and glass products 2.82 131 149 134 140 146 149 155 149 158 158 161 157 153 150 150 Glass and pottery products 1.09 118 134 129 131 132 132 136 124 138 137 144 143 141 141 141 Flat glass and vitreous products .60 131 155 147 149 150 152 154 139 152 161 164 169 172 168 163 Flat and other glass .47 133 156 150 152 152 152 154 136 153 163 167 172 174 171 166 Glass containers .26 117 126 124 124 125 123 138 130 143 127 133 119 111 121 130 Home glassware and pottery .23 85 91 90 93 95 89 88 76 95 86 102 101 96 '91 96 Cement .32 135 148 115 132 151 159 163 161 164 164 164 151 136 126 S C M t o r i B C s n u c r l c c a i . r t c y u e s k t r t f e o a i l r n a e e c n b l d r a a i n y c p d k l p , a r e s p o a t i d e r p t r u h e c p , t m r s a o n a d d n u u c t f i t a l s e ctures . . . . . 5 4 1 3 2 8 8 2 5 0 1 1 1 1 1 1 6 1 1 4 1 1 1 3 0 1 1 1 1 1 3 6 2 8 2 1 6 7 0 7 1 1 1 1 1 5 1 1 5 0 1 1 5 5 6 1 1 1 1 1 2 6 5 1 2 1 5 5 9 0 1 1 1 1 12 2 2 6 7 1 7 0 0 4 1 1 1 1 12 8 6 3 2 5 4 4 2 2 1 1 1 1 1 2 4 9 3 7 8 6 0 4 0 1 1 1 1 19 3 6 2 2 1 4 7 8 6 1 1 1 1 1 9 3 4 7 3 5 4 6 4 8 1 1 1 1 1 5 4 9 7 3 1 0 6 5 4 1 1 1 1 1 4 3 3 9 7 2 7 8 2 7 1 1 1 1 1 4 3 8 7 3 1 6 6 6 7 1 1 1 1 1 8 2 7 3 3 1 2 6 7 0 1 1 1 1 1 3 2 7 7 2 6 9 1 5 2 1 1 1 1 7 7 3 2 1 8 8 4 Lumber and products 3.09 115 127 125 126 129 129 137 118 133 136 138 124 113 116 121 Lumber 2.05 106 112 108 109 115 116 122 108 119 121 122 106 98 100 104 Millwork and plywood .60 161 197 206 210 201 195 207 160 198 209 213 201 173 189 201 Millwork .39 123 144 151 155 148 139 151 121 148 155 160 143 110 114 128 Softwood plywood .12 222 284 294 298 288 285 299 224 279 295 299 295 278 313 321 Wood containers .29 90 91 89 91 94 85 86 90 93 92 94 90 92 Furniture and Misc. Manufacturing ... 4.04 132 126 128 125 127 131 125 134 140 144 142 140 -133 136 Furniture and fixtures 1.64 106 119 113 114 111 113 116 113 123 127 128 128 128 122 123 Household furniture 1.10 106 120 115 116 113 114 118 114 124 129 131 131 130 124 124 Fixtures and office furniture .54 107 115 109 109 107 111 114 111 121 123 123 121 122 119 119 Miscellaneous manufactures 2.40 131 141 134 137 135 137 141 133 142 149 154 152 149 141 145 *> Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-4! Annual 1955 1956 pro- Industry portion 1954 1955^ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 116 126 122 125 124 124 127 117 128 130 135 132 125 128 131 Textiles and Apparel 11.87 100 109 112 115 113 110 108 93 112 109 114 114 106 r113 119 Textile mill products 6.32 95 107 108 109 109 108 106 91 108 106 111 111 105 111 114 Cotton and synthetic fabrics. 3.72 100 113 116 118 118 116 110 96 115 111 117 118 110 119 122 Cotton consumption 2.30 97 103 106 105 103 104 100 84 106 103 109 109 101 110 112 Synthetic fabrics .97 108 137 138 147 154 146 135 133 134 132 133 135 131 135 139 Fabric finishing .45 93 100 109 106 107 103 92 67 106 87 109 110 92 111 118 Wool textiles .97 66 79 72 74 79 83 85 73 79 80 85 83 80 '83 84 Wool apparel yarns .16 76 85 85 82 89 91 84 80 90 80 90 86 78 '94 98 Wool fabrics .75 64 78 69 72 77 82 86 72 77 80 84 83 82 80 81 Knit goods 1.15 106 110 112 110 108 108 113 98 113 114 119 116 107 107 114 Hosiery .65 108 106 119 111 109 103 108 85 104 106 113 108 99 106 114 Full-fashioned hosiery. . .45 113 110 124 118 116 108 111 86 107 107 114 109 100 107 117 Seamless hosiery .20 97 99 106 96 93 92 102 82 99 101 110 106 96 102 108 Knit garments .50 103 115 104 108 106 113 119 116 123 125 126 125 118 110 115 Floor coverings i .48 Woven carpets .31 71 79 83 86 71 81 44 72 85 89 84 83 93 Apparel and allied products 5.55 105 113 116 123 113 110 95 116 111 117 107 117 124 Men's outerwear 1.78 103 111 113 113 119 107 84 120 109 117 102 119 124 Men's suits and coats .73 83 92 97 88 105 92 59 110 91 95 84 99 99 Men's suits .50 82 90 100 91 100 86 55 102 84 93 86 103 103 Men's outercoats .13 67 77 59 55 101 92 60 115 99 82 55 55 59 Shirts and work clothing.. . .99 116 123 124 130 127 117 98 126 119 130 113 132 141 Women's outerwear 1.85 109 116 125 143 116 114 98 117 108 113 98 118 132 Women's suits and coats... .76 129 134 160 165 96 123 129 145 129 139 119 145 155 Misc. apparel and allied mfrs.. 1.92 103 111 109 112 104 108 103 112 117 122 119 113 117 Rubber and Leather Products . 3.20 104 122 127 128 121 126 105 119 124 130 119 128 131 Rubber products 1.47 115 143 144 146 147 146 151 121 133 144 155 139 150 147 Tires and tubes .70 105 131 134 133 128 135 146 127 116 128 140 120 129 134 Auto tires .40 110 140 141 145 140 150 161 138 125 135 143 121 131 135 Truck and bus tires .30 99 120 125 117 113 116 126 111 104 119 136 118 126 132 Miscellaneous rubber products. .77 124 154 153 158 164 155 155 115 148 158 170 •"156 169 158 Leather and products 1.73 95 105 112 113 105 100 105 92 108 107 109 102 109 118 Leather , .44 87 92 98 94 95 93 95 74 90 90 97 95 '93 Cattlehide leathers , .29 92 99 104 101 102 99 101 79 96 98 105 103 99 Skin leathers .15 75 79 86 82 80 83 63 77 74 82 80 79 Shoes and slippers2 .90 Miscellaneous leather products. .39 90 99 100 103 92 89 96 97 104 104 106 105 104 98 103 Paper and Printing 8.93 125 137 132 137 137 137 138 128 135 147 144 137 138 141 Paper and allied products 3.46 134 152 148 152 154 153 156 139 155 157 167 159 '146 157 162 Pulp and paper 1.76 132 149 147 150 148 151 154 135 151 150 158 156 144 158 163 Wood pulp .51 148 169 166 170 169 171 175 156 173 169 179 178 164 181 186 Paper and board 1.25 125 140 139 142 140 143 145 126 141 143 150 147 136 149 154 Printing paper .22 118 127 127 133 127 128 130 112 127 130 132 133 127 137 144 Fine paper .14 120 133 138 134 131 148 138 107 122 134 140 136 '129 144 142 Coarse paper .20 119 129 132 134 130 129 130 117 126 128 137 132 125 137 145 Miscellaneous paper .18 137 158 154 153 160 158 159 148 156 156 176 167 '154 172 169 Paperboard .41 130 149 145 149 147 151 158 133 155 153 160 161 144 159 163 Building paper and board. .10 124 137 126 141 139 142 142 133 151 145 142 137 124 127 139 Converted paper products 1.70 136 156 149 153 159 154 158 144 159 165 177 161 149 156 162 Shipping containers .51 133 155 146 153 156 154 159 141 160 167 175 160 149 147 157 Sanitary paper products .11 145 158 156 152 166 152 154 153 152 156 180 163 '148 179 173 Printing and publishing 5.47 120 127 122 128 127 127 127 121 123 131 135 135 130 126 128 Newsprint consumption 1.85 119 128 121 132 134 135 131 112 116 132 142 143 126 119 127 Job printing and periodicals. 3.62 121 127 123 125 124 124 125 125 127 131 131 131 133 129 129 Chemical and Petroleum Products . 9.34 142 159 157 156 156 157 152 157 162 166 168 167 168 170 Chemicals and allied products 6.84 148 167 162 166 165 165 165 158 163 111 176 178 177 177 180 Industrial chemicals 2.54 153 184 177 184 182 182 185 176 182 190 192 197 197 '200 202 Basic inorganic chemicals .57 157 180 181 184 180 185 179 159 166 179 188 195 194 197 202 Industrial organic chemicals 1.97 152 186 175 184 182 182 186 181 187 194 192 198 198 '201 202 Plastics materials .24 184 242 231 243 247 244 246 207 234 264 261 268 253 262 Synthetic rubber .11 136 213 193 202 202 211 208 211 217 222 230 243 233 241 Synthetic fibers .59 152 186 181 196 189 178 184 177 184 191 188 197 196 198 198 Miscellaneous organic chemicals.. 1.03 146 169 157 160 161 166 171 174 175 176 175 178 183 183 185 Vegetable and animal oils .64 118 124 128 117 108 109 105 99 103 122 156 165 148 152 157 Vegetable oils .48 113 117 123 111 99 98 93 87 90 115 157 162 144 147 150 Grease and tallow .16 133 145 145 136 134 142 143 133 145 144 154 174 159 168 175 Soap and allied products .71 108 110 115 108 108 105 103 79 104 126 130 118 115 104 109 Paints .66 116 125 116 119 122 125 131 130 130 126 127 126 126 123 126 Fertilizers .23 122 125 124 177 176 154 109 91 90 115 118 114 118 122 130* v Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 387 INDUSTRIAL PRODUCTION-Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1955 1956 pro- Industry portion 1954 1955? Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 125 135 134 133 132 131 136 134 138 136 138 140 141 143 P142 Petroleum refining . .. 1.97 133 142 144 139 136 135 140 141 143 141 143 148 152 154 P151 Gasoline ... . 1.04 141 152 147 143 144 146 152 156 157 155 157 158 161 158 *>154 Automotive gasoline .98 136 147 143 140 140 141 146 151 151 149 151 153 156 153 Aviation gasoline .06 221 233 209 205 212 226 246 247 252 247 252 236 247 246 Fuel oil .56 128 138 152 142 129 128 133 131 133 132 134 141 149 '160 v'\6\ Distillate fuel oil .30 158 175 196 181 163 161 173 167 172 172 171 178 187 204 Residual fuel oil .26 93 94 101 97 91 91 88 89 89 87 92 99 105 110 Kerosene . ... .10 110 107 123 117 102 97 88 94 95 91 101 112 129 126 Lubricating oil .17 108 114 105 110 124 113 118 108 116 111 111 126 112 119 Coke .26 84 104 98 102 104 105 103 101 104 107 108 110 111 111 111 .15 103 110 75 110 131 124 144 114 142 131 131 97 57 66 Foods, Beverages, and Tobacco 11.51 106 109 97 100 101 105 112 110 117 121 123 114 104 102 102 food and beverage manufactures 10.73 106 109 97 100 101 104 112 111 117 122 124 114 105 102 102 Food manufactures 8.49 107 109 99 100 100 102 108 109 118 125 125 118 109 106 104 Meat products 1.48 117 128 124 128 118 114 114 104 118 129 143 150 152 153 141 Beef. .46 135 142 129 134 133 138 147 137 151 155 154 146 140 158 145 Pork .83 103 116 117 121 106 98 93 83 96 111 133 148 154 146 134 .69 106 107 91 104 117 140 145 132 120 101 88 83 84 91 99 Butter . . .14 110 105 101 104 119 143 139 116 90 84 88 83 94 104 107 Natural cheese ... .07 116 116 102 113 133 164 165 130 113 102 90 87 92 96 103 Concentrated milk .19 94 97 86 100 116 143 138 107 94 82 75 71 79 85 94 Ice cream .28 104 109 84 100 107 122 139 153 151 118 93 86 76 84 93 Canned and frozen foods 1.13 112 118 72 74 81 87 110 142 198 201 161 114 95 '85 83 Grain-mill products 1.16 107 105 102 101 102 104 110 110 106 108 111 102 100 100 98 Wheat flour .46 81 83 85 83 79 76 80 80 77 83 96 86 84 85 81 Cereals and feeds .70 124 119 113 113 116 122 129 130 125 124 122 112 110 'III 109 Bakery products 1.64 97 97 95 95 94 97 100 100 98 99 100 99 99 95 95 Sugar . .27 117 115 61 67 64 64 71 73 81 111 247 261 182 87 Cane sugar .11 106 113 106 110 101 102 108 121 128 129 130 103 112 109 Beet sugar .13 121 111 17 24 27 28 35 26 36 90 340 393 236 63 Confectionery . .71 99 101 112 96 93 78 86 65 79 140 134 129 91 112 115 Miscellaneous food preparations 1.41 105 106 101 101 103 106 110 113 111 109 108 104 101 r99 102 Beverages 2.24 103 107 89 101 107 113 127 121 114 111 118 102 91 87 93 54 Bottled soft drmks 1 1.70 98 102 86 100 106 107 117 106 104 102 117 105 88 84 Alc B o e h e o r l i a c n d b e a v l e e rages 1.02 99 101 84 101 113 120 126 122 118 97 88 77 81 86 Liouor distillins .17 68 77 67 66 68 58 58 40 46 83 157 129 95 75 Liauor bottlins .37 102 109 93 109 104 96 120 99 94 118 154 146 96 79 Tobacco manufactures .78 103 105 104 105 99 109 116 92 112 107 114 107 88 107 Cigarettes .46 106 109 10* 108 102 115 121 99 117 109 117 108 91 112 Cigars ... .17 105 104 107 106 99 105 111 82 110 111 118 113 87 103 MINERALS—TOTAL 9.98 111 122 119 118 119 122 121 119 124 126 127 126 127 128 128 Mineral Fuels . . . . . 8.35 113 123 123 121 120 120 118 119 122 123 125 128 131 r133 131 Coal 2.68 67 80 79 71 72 77 74 77 82 83 88 87 91 r91 88 Anthracite .36 52 48 61 41 39 43 46 42 39 53 51 51 54 '61 55 Bituminous coal 2.32 70 85 82 76 77 83 78 82 89 88 93 93 97 95 94 'Crude oil and natural gas. 5.67 134 143 144 145 143 139 139 139 141 142 143 147 151 153 *>152 4.82 128 137 140 139 138 133 132 132 133 135 137 142 146 147 P147 Crude oil 4.12 122 131 131 132 132 128 127 127 128 129 131 134 137 138 *>139 .34 172 185 207 194 183 170 173 165 167 176 181 196 209 Natural gas liquids .36 160 169 176 169 161 157 157 159 163 170 174 183 186 186 Oil and gas well drilling .85 167 175 168 175 174 175 177 178 187 180 175 173 177 185 Metal, Stone, and Earth Minerals 1.63 106 120 99 104 114 132 138 120 132 141 137 120 106 no6 108 .82 90 110 85 86 101 131 141 104 126 141 136 105 83 '88 89 Iron ore .. . .33 84 113 39 41 79 152 179 168 179 181 165 92 44 42 .49 94 108 117 117 115 117 116 62 90 114 116 114 108 119 Copper mining .24 103 123 134 133 132 135 133 50 96 134 137 135 127 142 .09 80 84 89 91 87 88 87 79 78 82 84 79 82 82 .06 75 81 83 85 83 86 84 81 79 81 80 77 74 80 Stone and earth minerals • • .81 123 130 113 122 128 133 134 135 139 141 139 135 129 124 127 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, snot 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

388 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947^9 Annual 1955 1956 Product proportion 1954 1955 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL 100.00 116 147 140 142 144 145 144 150 151 154 152 151 149 143 137 69.72 125 164 159 161 163 163 160 169 169 172 168 167 163 156 148 Autos 32.10 131 190 189 192 192 190 173 188 189 195 194 196 187 171 158 M^ajor household goods 36.13 122 144 134 136 140 141 151 155 155 156 148 143 144 145 142 Furniture and floor coverings 15.32 101 116 107 109 110 113 117 117 121 123 121 121 121 120 118 Household furniture 11.31 106 120 113 114 115 118 122 121 125 127 126 126 125 '124 122 Floor coverings 1 4.01 Appliances and heaters 15.60 111 138 129 133 140 142 145 146 143 147 137 134 143 150 Major appliances 11.88 115 142 '132 134 147 148 149 154 150 153 147 141 152 154 Ranges .. 2.60 79 100 '94 97 101 105 122 119 98 98 95 90 104 113 Refrigeration appliances 4.98 124 151 133 141 152 158 163 161 160 166 162 146 151 140 Laundry appliances 2.51 148 193 181 172 199 188 163 193 206 205 187 200 '227 '242 221 Heating apparatus 3.72 97 120 120 131 121 125 132 121 119 126 108 111 115 134 Radio and television sets 5.21 214 242 226 222 226 222 269 290 294 279 259 235 216 207 194 Radio sets 3.42 52 77 68 71 65 68 66 76 70 72 95 103 101 72 66 1.79 522 558 527 512 532 516 658 698 720 676 572 486 436 465 439 Other Consumer Durables 30.28 95 106 99 100 100 103 106 106 107 111 114 114 114 113 111 Auto parts and tires 14.00 91 102 96 95 97 100 102 101 101 107 108 108 112 113 106 Misc home and personal goods 16.28 99 109 101 103 103 105 109 111 112 115 118 119 117 114 115 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 116 147 151 155 156 147 144 137 139 136 146 159 148 144 143 Major Durables 69.72 125 164 174 179 180 167 160 152 152 145 157 177 165 159 157 Autos 32.10 131 190 210 215 223 205 184 195 166 130 153 212 193 173 164 Major household goods 36.13 122 144 146 151 145 136 141 115 141 159 162 150 142 150 154 Furniture and floor coverings 15.32 101 116 111 114 111 109 113 105 117 124 127 124 125 120 122 Household furniture 11.31 106 120 115 116 113 114 118 114 124 129 131 131 130 124 124 Floor coverings* 4.01 Appliances and heaters 15.60 111 138 137 151 150 145 152 116 127 151 145 131 130 148 fylajor appliances 11.88 115 142 148 163 162 156 160 120 122 149 144 133 140 161 Ranges 2.60 79 100 101 110 106 100 117 76 91 107 105 97 99 115 Refrigeration appliances 4.98 124 151 152 180 187 183 191 144 116 143 131 113 130 157 Laundry appliances 2.51 148 193 207 201 193 181 168 131 181 219 218 220 222 235 252 Heating apparatus 3.72 97 120 102 114 113 113 128 103 142 159 148 125 '97 109 Radio and television sets 5.21 214 242 272 260 228 189 192 143 254 289 315 279 224 239 233 Radio sets 3.42 52 77 74 80 74 75 65 49 62 68 99 105 96 72 72 Television sets 1.79 522 558 648 604 521 408 434 321 619 710 726 612 470 559 540 Other Consumer Durables 30.28 95 106 97 99 99 102 106 103 110 115 120 117 111 109 109 Auto parts and tires 14.00 91 102 92 92 95 100 105 102 107 113 115 108 104 107 102 Misc home and personal goods 16.28 99 109 102 iqj 103 103 106 103 112 116 124 124 118 111 116 r Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. t b i e o n o b o t f a i t n h e is d in fr d o e m x , t s h e e e D BU iv L i L si E o T n I N o f f o R r e M se a a y r c 1 h 9 a 5 n 4 d , p S p t . a 4 ti 3 s 8 ti - c 4 s 4 . 7. For a descrip- NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en es ti i a - l Indu B s u - sine C s o s m- Public O n d re 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 t e i o r o v n n a - - o A th l e l r Total 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 7 000 177 2,272 881 3 670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6 097 1954 37,577 25,768 13,496 8,583 2,030 2,212 4,341 3,689 11,809 1,030 3,750 704 6,325 1955 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—Mar 3,464 2,464 1.349 797 188 235 374 318 1,000 93 337 54 516 Apr. 3,525 2,525 1,391 812 188 248 376 322 1,000 104 336 54 506 May 3,581 2,556 1,419 816 192 250 374 321 1 025 110 352 55 508 June 3,565 2,545 1,420 817 198 245 374 308 1,020 118 339 53 510 July. 3,566 2,578 1,435 831 205 253 373 312 988 113 338 50 487 Aug 3,568 2,591 1,433 852 207 272 373 306 977 110 334 48 485 Sept 3,573 2,599 1,422 871 209 290 372 306 974 112 327 44 491 Oct 3,526 2,551 1,374 874 212 291 371 303 975 117 332 43 483 Nov 3,518 2,517 1,345 860 218 272 370 312 1,001 111 357 43 490 Dec 3,489 2,486 1.326 852 222 261 369 308 1,003 118 367 45 473 1956—Jan.*5 3,462 2,439 1,286 852 217 266 369 301 1 023 101 378 46 498 Feb v 3,454 2,439 1,265 871 221 281 369 303 1,015 104 364 45 502 Marp 3,467 2,456 1,260 888 228 290 370 308 1,011 99 366 51 495 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 389 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 Bjt type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949. 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951. 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 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 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 Aue . . .... 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 1,262 799 171 183 145 131 430 Mar 2,382 1,105 267 206 226 183 395 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 a Dallas 1954 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 Feb 1,581 140 216 112 163 177 172 217 93 46 116 131 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 Feb 1,860 110 347 114 250 128 219 256 86 60 80 210 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Metro- metro- Year or month Total po a l r i e t a a s n p a o r l e it a a s n Total fam 1 i - ly fam 2- ily f M am ul i t l i y - 1948 932 n.a. n.a. 914 763 46 104 1949 1,025 n.a. n.a. 989 792 35 162 1950 1,396 n.a. n.a. 1,352 1,151 42 159 1951 1,091 n.a. n.a. 1,020 892 40 88 1952 1,127 n.a. n.a. 1,069 939 46 84 1953 1,104 n.a. n.a. 1,068 933 42 94 1954 1,221 897 324 1,202 1,077 34 90 1955 1,329 976 353 1,310 1,190 33 87 1955—Mar 114 87 27 113 100 4 9 Apr 132 97 35 131 120 3 May 138 100 38 135 122 3 June 135 99 36 131 121 3 July 123 88 34 122 113 3 Aue 125 92 33 122 112 3 Sept 115 84 31 114 104 2 Oct 106 77 29 105 95 2 Nov . ... 89 65 25 88 80 2 Dec 76 55 21 74 66 2 1956—Jan. . »74 53 21 73 n.a. n.a. Feb *>78 56 22 P77 n.a. n.a. Mar *96 69 27 P94 n.a. n.a. ooooc Government-underwritten * Public Total FHA VA 18 393 291 102 36 466 361 105 44 686 486 200 71 413 264 149 58 420 279 141 36 407 252 155 19 585 277 308 20 670 277 393 1 54 24 30 2 61 26 35 3 66 28 38 3 72 32 40 6 1 63 26 37 8 2 68 27 41 7 1 58 25 33 7 1 54 19 35 6 1 45 17 28 5 3 38 16 22 n.a. n 36 13 23 n.a. v\ 31 13 17 n.a. 38 17 21 *> Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i p T n o s o t p t i a u tu l l a t n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Employed i U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total In nonagricul- In tural industries agriculture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45 733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46 092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1 602 47 732 19542 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48 402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1955 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 Sent .. . . 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 Mar 118,293 68,806 65,913 63,078 57,400 5,678 2,834 49,488 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information on the labor force status of the population, 2 Estimates beginning 1954 are based on an improved sample cov- relating to persons 14 years of age and over, is obtained through interering a larger number of areas and are, therefore, not strictly compar- views of households on a sample basis. Data through June 1955 relate able with earlier data. to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b 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 Mar 48,760 16,229 739 2,483 3,986 10,633 2,161 5,656 6,873 Apr 48,882 16,380 743 2,502 3,946 10,600 2,161 5,674 6,876 May . 49,242 16,545 749 2,539 4,000 10,655 2,171 5,676 6,907 June 49,514 16,688 756 2,514 4,064 10,711 2,184 5,690 6 907 July . 49,638 16 635 757 2,546 4,082 10,765 2,204 5 730 6 919 Aug 49,718 16,661 747 2,519 4,106 10,797 2,208 5,732 6,948 Sent.. . 49,835 16,691 754 2,537 4,135 10,824 2,223 5,705 6,966 Oct 49,950 16 822 751 2,512 4,116 10,801 2,227 5,730 6 991 Nov 50,135 16,962 750 2,493 4,132 10,868 2,224 5,719 6,987 Dec 50,228 16,967 750 2,487 4,154 10,946 2,230 5,714 6,980 1956—Jan '50,287 16,907 747 r2,519 r4,138 10,994 r2,236 r5,717 7 029 Feb 50,280 16,852 752 2,545 4,131 10,983 2,249 5,723 7 045 Mar 50,211 16,838 749 2,551 4,130 10,899 2,260 5,725 7,059 WITHOUT SEASONAL ADJUSTMENT 1955_Mar 48,212 16,201 739 2,255 3,966 10,408 2,150 5,571 6 922 Apr 48,643 16,255 739 2,399 3,939 10,549 2,161 5,674 6,927 May.... 48,918 16,334 742 2,526 3,997 10,534 2,171 5,733 6,881 June 49,508 16,577 760 2,615 4,081 10,643 2,206 5,775 6 851 July 49,420 16,475 749 2,701 4,113 10,633 2,237 5,816 6,696 Aug.. . . 49,858 16,807 754 2,746 4,137 10,638 2,241 5,818 6,717 Sept 50,322 16,915 758 2,748 4,152 10,824 2,223 5,791 6,911 Oct 50,471 16,999 751 2,685 4,127 10,909 2,216 5,730 7,054 Nov. . 50,629 17,049 754 2,580 4,143 11,126 2,213 5,690 7,074 Dec ... 51,311 17,026 754 2,422 4,165 11,753 2,219 5,657 7,315 1956—Jan '49,615 16,842 747 '2,267 r4,089 r10,833 '2,214 r5,603 7,020 Feb 49,542 16 821 748 2,252 4,083 10 741 2 227 5 609 7 061 Mar 49,783 16,807 749 2,316 4,109 10,804 2,249 5,639 7,110 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 March 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 391 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 12,798 r13,336 13,252 13,223 12,778 '13,272 13,229 13,199 7 350 '7,765 7,688 7,652 7,375 '7,758 7,703 7,679 Ordnance and accessories 94 '83 81 80 94 '83 81 80 Lumber and wood products 654 r683 675 656 634 '645 645 636 Furniture and fixtures 295 r312 310 308 298 '317 316 311 Stone, clay, and glass products 442 '469 467 467 442 '464 462 467 Primary metal products.... . 1 052 rl 154 1 155 1 154 1 057 '1,160 1,161 1,160 Fabricated metal products '851 '883 873 873 860 '892 882 882 Machinery except electrical 1,127 '1,230 1,244 1,247 1,144 '1,248 1,263 1,266 Electrical machinery 795 r848 842 827 803 '856 850 835 Transportation equipment 1 447 '1 488 1 429 1,435 1,447 '1,488 1,429 1,435 Instruments and related products 218 225 225 224 219 226 226 225 Misc. manufacturing industries 375 '390 387 381 377 '380 387 383 Nondurable goods 5 448 5 571 5 564 5,571 5,403 5,514 5,526 5,520 Food and kindred products 1,091 '1,095 1,100 1,121 991 '1,014 1,002 1,015 Tobacco manufactures. 92 91 92 89 83 92 88 80 Textile-mill products 975 r980 973 972 985 '990 988 982 Apparel and other finished textiles 1 072 1 112 1 110 1,100 1,110 1,123 1,149 1,138 Paper and allied products 437 '454 452 450 439 '456 454 452 Printing, publishing and allied products 516 '530 536 537 516 '530 533 537 Chemical and allied products 540 '559 559 562 548 '559 562 570 Products of petroleum and coal 174 171 172 174 172 169 170 172 Rubber products 212 231 227 226 212 233 228 226 Leather and leather products . . 339 348 343 340 347 348 352 348 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 March 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 Mar. Jan. Feb. Mar. Mar. Jan. Fet Mar. Mar. Jan. Feb. Mar. Total 75.11 '78.55 78 17 78 59 40.6 '40.7 40 5 40.3 1.85 1 93 1 93 1.95 Durable goods 81.56 84.87 84.05 84 05 41.4 41.2 41 0 40.8 1 97 06 05 2.06 Ordnance and accessories . . 82.42 '87.56 88.19 88 58 40.6 '41.3 41 6 41.2 2 03 '2.12 2.12 2.15 Lumber and wood products 66 10 '66 73 67 13 67 40 8 '40.2 40 39.2 16"> '1 66 167 1.72 Furniture and fixtures 65.67 '67 49 67.82 68 30 41.3 '40.9 41. 1 40.9 1 59 '1 65 1 65 1.67 Stone, clay, and glass products 74.75 '77.71 77.68 78.50 41.3 '40.9 41.1 41.1 1.81 .90 1 89 1.91 Primary metal industries 88.34 '97.63 95.17 95.82 40.9 '41.9 41.2 41.3 2. 16 2.33 2 31 2.32 Fabricated metal products 80.73 '82.82 83.43 83 84 41.4 '41.0 41. 1 41.1 195 0? 03 2.04 Machinery except electrical... 84.87 92.66 92.44 65 41.4 42.7 42.6 42.5 05 .17 2 17 2.18 Electrical machinery 75.33 '78.94 78.36 77*97 40.5 40.9 40.6 40.4 86 '1 93 193 1.93 Transportation equipment 94.37 '91 35 89 15 88 93 42 7 40 6 39 8 39 7 *>! ro T> 2,24 2.24 Instruments and related products 76 14 '79 97 80 36 SO 56 40 5 40 8 41 0 41 1 r\ 96 1 96 1 96 Miscellaneous manufacturing industries... 66.58 '69.26 69.26 69.08 40.6 40.5 40.5 40.4 64 '1.71 171 1.71 Nondurable goods 66.70 '69.83 69.65 70 39.7 '39 9 39.8 39.5 68 1 75 1 75 1 78 Food and kindred products 70.07 '76 36 74 26 75 30 40 5 '41 5 40 8 40 7 73 1 84 1 8^> 1.85 Tobacco manufactures 51.51 '53.48 50.87 54.98 37.6 '38.2 36.6 37.4 37 1.40 1 39 1.47 Textile-mill products 54 80 57 37 57 51 57 A6 40 0 40 4 40 5 39 9 37 t 4? 14"> t 44 Apparel and other finished products 49.71 '50.51 51.61 51.97 37.1 '36.6 37.4 36.6 34 '1.38 1.38 .42 Paper and allied products 77.04 '81.46 79.66 80.09 42.8 '43.1 42.6 42.6 80 '1.89 1.87 88 Printing, publishing and allied products... 90.79 '91.72 91.87 93.36 38.8 '38.7 38.6 38.9 2. 34 2.37 2.38 2.40 Chemicals and allied products 80 32 84 87 84 46 8-1 41 4 41 4 41 7 40 9 94 2 ns 2 05 2 06 Products of petroleum and coal 93.61 '99.95 100.37 104.49 40.7 '41.3 40.8 41.3 2.30 '2.42 2 46 2.53 Rubber products 83.64 '87.91 85.81 85.81 41.0 '40.7 40. 1 40.1 2.04 2.16 2 14 2.14 Leather and leather products 53.52 '56.55 57.28 55.94 38.5 '39.0 39.5 37.8 1.39 '1.45 145 1.48 ' Revised. NOTE.—Data are for production and related workers. Figures for March 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 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 h g i 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 no 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 119 112 107 117 115 130 142 118 121 108 124 138 122 SEASONALLY ADJUSTED 1955—Feb r113 109 101 108 108 122 '135 '108 114 103 114 '131 118 Mar. . 115 107 105 111 107 129 133 114 116 108 120 134 118 Apr 119 108 102 115 116 126 142 119 122 107 126 142 120 May 117 111 103 115 113 128 137 117 120 107 120 134 118 June . . 114 107 104 114 108 123 136 114 108 103 118 132 118 July 124 114 108 121 124 136 152 122 132 111 136 145 123 Aug 118 107 106 114 114 134 143 115 120 107 124 139 122 Sent 121 112 108 120 116 134 140 118 119 112 127 131 126 Oct 122 114 109 120 120 132 148 120 122 109 125 138 126 122 116 110 121 118 134 142 121 124 110 124 136 125 Dec 123 114 110 122 119 132 147 121 125 110 124 '147 123 1956—Jan 124 111 114 120 117 138 147 120 126 rll6 123 144 129 Feb 2II8 111 105 118 116 ?129 »143 112 2122 108 117 139 124 WITHOUT SEASONAL ADJUSTMENT 1955_Feb 88 82 82 83 83 91 r108 r83 89 81 89 '105 93 Mar 100 90 93 101 93 111 129 98 101 88 104 120 97 Apr 114 108 99 109 112 125 141 114 118 108 123 136 112 May. . 116 111 101 114 no 129 134 116 120 108 119 133 116 June no 107 100 107 104 118 121 112 106 95 113 120 113 July 98 82 77 90 96 107 122 96 102 89 111 123 107 Aug 105 86 82 92 104 112 129 103 109 102 117 129 118 Sept 123 120 111 124 116 138 136 123 122 119 127 131 123 Oct 128 115 116 125 125 140 154 126 135 126 131 146 126 Nov 148 141 139 159 147 164 165 147 149 126 142 155 145 Dec 212 206 194 213 205 237 255 204 208 180 211 ••247 217 1956—Jan 95 87 90 90 91 95 113 91 95 83 '93 114 100 Feb P92 83 85 91 90 296 2>114 87 95 84 92 111 97 STOCKS i no 1948 107 105 105 107 107 105 108 108 107 110 108 107 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 no 1951.... 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 127 122 115 122 117 146 152 121 124 121 135 143 133 SEASONALLY ADJUSTED 1955—Feb r124 118 '114 117 114 r145 147 118 120 116 129 '140 '128 Mar 124 119 113 118 113 144 150 119 117 116 131 139 129 Apr 124 121 113 116 113 144 149 120 120 113 131 137 128 May 123 120 111 119 113 139 148 122 121 117 132 137 126 June .... 127 124 115 124 116 143 151 124 126 123 136 143 130 July 127 121 116 125 118 145 148 121 126 119 134 143 131 Aug 129 122 117 122 118 145 154 123 126 123 136 145 138 Sept 129 124 116 126 118 150 156 121 123 122 135 146 137 Oct 129 123 117 126 119 152 156 120 129 125 141 147 134 Nov 131 123 119 128 119 154 159 123 130 128 142 149 137 Dec 134 126 121 131 124 157 156 127 133 132 143 '159 141 1956—Jan 137 124 122 '132 123 160 158 131 138 133 148 158 149 Feb *>138 128 124 131 124 162 2164 131 137 132 2148 ^158 2147 WITHOUT SEASONAL ADJUSTMENT 1955—Feb 117 111 '107 112 109 '134 145 '113 114 111 '126 '135 '119 Mar . . 127 122 116 122 117 149 156 121 124 119 135 144 129 Apr 129 125 119 124 119 153 155 123 126 118 136 144 133 May 127 123 115 124 117 146 150 123 121 118 135 139 136 June 121 115 108 116 no 139 142 116 116 116 131 133 131 July 119 109 105 112 142 139 114 116 115 129 136 130 Aug 126 118 114 117 109 148 150 120 126 120 134 144 133 Sept 135 127 123 132 112134 155 163 127 133 128 140 155 142 Oct 145 139 132 144 133 168 170 137 145 136 152 162 153 148 144 136 147 135 167 180 142 147 142 157 165 151 Dec 119 117 no 116 110 131 137 115 120 118 129 '143 118 no 1956—Jan 122 113 108 '115 143 146 118 120 '122 133 140 131 Feb 2131 120 116 125 119 150 *162 124 130 127 ?143 2154 2136 P Preliminary. ' 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 393 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales* Period S (t a f o o l t e r a s l i St ( o e o c n f k d s i o s O t r i a d n u n e g t d r - s - i c ( e t R o ip e t t a - s l 2 o ( N r t d o e e t w r a s l 3 Stocks s O t i a n u n g t d - - S s o t p t a o u l n u c t d - s k - s ce R i e p - ts month) month) (end of fi norr fi* or»rr orders ing month) month) month) orders 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 1 1951 average 391 1,202 460 390 379 3.2 1.3 4.4 L0 1952 average 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 406 1,163 421 408 401 3.0 1.1 4.1 L0 1954 average 409 ,140 388 410 All 3.0 1.0 4.0 1.0 1955 average 435 ,189 445 441 446 2.9 1.1 4.0 1.0 1955—Feb... 307 ,108 '415 '367 '396 3.6 r1.4 '5.0 1.2 Mar.. 392 .190 367 477 430 3.0 0.9 4.0 1.2 Apr... 413 i;216 308 439 380 2.9 0.7 3.7 l.l 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 1.2 Sept.. 426 1,244 576 513 539 2.9 1.4 4.3 1.2 Oct... 473 1,350 581 579 584 2.9 1.2 4.1 1.2 Nov.. 546 1,415 487 611 517 2.6 0.9 3.5 l.l Dec... 817 1,139 357 541 411 1.4 0.4 1.8 ).7 1956—Jan... 348 1,133 435 342 420 3.3 1.3 4.5 1.0 332 1,204 451 403 419 3.6 1.4 5.0 1.2 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 exportsl Mer m ch i a li n ta d r i y se -a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports 3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan J.091 1,168 P1 276 923 1,083 a^l, 194 833 871 Pl,073 Feb ,183 J.237 el,343 999 1,143 el,253 809 850 el,078 Mar. ,126 ,343 <m 1,251 865 1,019 Apr ,426 262 1,259 1,168 957 870 May ,402 ,322 1,137 1,191 829 958 June .... ,475 ,319 1,115 1,191 947 936 July ,290 :,268 1,023 1,140 822 885 Aus ,156 ,235 956 1,107 825 960 Sept ,115 254 962 1,155 780 945 Oct ,270 ,396 1,166 1,277 767 1,010 Nov 252 316 [ 167 1 243 840 1 064 Dec MO ^98 I 222 1,314 943 1,015 Jan.-Feb 2,276 2,405 •2,619 ,922 2,226 e2,447 1,642 1,721 e2,151 e Estimated. 2 Department of Defense shipments of grant-aid military equipment Preliminary. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 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 c P o a e n r r a e - l re t a c i i n n o re g 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_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 114.3 110.8 119.6 130.0 110.3 126.2 104.6 117.9 103.2 127.3 127.0 113.5 106.6 119.8 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 May 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 July 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106.3 120.3 Aug 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111.2 125.2 103 6 119.8 104.6 125.3 128.2 116.6 106.7 120.6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130 9 111.5 126.7 104 5 120 5 104.7 128 5 129 8 117.5 106.8 120.6 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 Feb 114.6 108.8 120.7 131.5 111.7 130.0 102.5 121.4 104.6 126.9 130.9 118.9 107.5 120.9 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim lusion 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 i o e m l d s l i - - F p u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p r l x t e - d e d s - l - l H s p e u a k a r i o c n i t d n h t d d e s s e - s , r ,p t l F o i m e a i g u n w r n h i a e g d a e - t l r l - , s , C p a i u a l h c r l c n o a e i t e d d l m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p p P a u a l a r u l c n o p i l e t d p d e s d r , - , M m p u a r e n e c o t t t d a d a s l - l s p c M m u a t e r h i n c o v r i o a y t d n d e s - - - - h F d o h b t o a u u t u o n l u h r r e r l d s n e a d e s e i r - - -e s N r t t m t m u a a r o l l u r i s l e n a n i c — - - c l - - b b e m o b a T r a e a t n f c t o v r g l d c s - e - e o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 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. 115.5 95.0 92.9 107.0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127.1 115.2 123.7 121.6 89.1 July 110.5 89.5 103.1 116.5 95.3 93.7 106.4 106.0 143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 90.8 Aug 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121 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 82.9 98.2 119.8 95.6 96.7 109.3 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7 88.8 1956 Jan 111.9 84.1 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 Feb 112.3 86.0 99.0 120.5 96.0 97.1 111.1 106.4 147.1 126.7 125.4 145.0 133.5 118.0 127.2 121.7 88.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 395 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1955 1955 1956 Subgroup Subgroup Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 103.8 95.6 105.0 98.2 93.1 82.7 81.5 82.9 Paperboard.. 124.0 130.3 130.7 130.7 Livestock and poultry 80.7 59.3 63.0 67.7 Converted paper and paperboard 111.5 119.2 119.9 120.6 Plant and animal fibers 104.3 100.8 101.9 105.7 Building paper and board 129.4 133.3 133.3 133.3 Fluid milk 92.0 94.4 r93.9 94.0 90.1 99.2 85.9 81.3 Metals and Metal Products: 93 2 77 6 78.9 80.4 Other farm products 139 4 139 1 139 7 145 8 Iron and steel .... . . . 135.8 147.2 149.4 148.8 Nonferrous metals 133.7 155.8 156.6 157.2 Processed Foods: Metal containers 131.6 137.9 137.9 137.9 Hardware 143.3 151.6 151.5 151.6 Cereal and bakery products 116.3 115.2 115.1 115.4 Plumbing equipment 118.7 133.1 133.1 133.1 Meats poultry and fish 86 9 75 3 75 7 76 1 Heating equipment 113 7 117 1 117.3 117.1 Dairy products and ice cream 107.2 107.2 106.1 106.1 Fabricated structural metal products. 118.0 128.0 128.7 128.8 Canned, frozen fruits, and vegetables. 104.4 107.9 108.1 108.8 Fabricated nonstructural metal Sugar and confectionery 112.6 109.4 109.4 109.3 125.8 132.2 132.2 132.2 Packaged beverage materials 186.4 176.6 176.6 183.8 Other processed foods 100.7 97.9 98.1 97.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.6 126.5 126.8 126.8 Cotton products... 90.6 93.7 93.8 94.1 Construction machinery and equip- 106 3 102 8 102.6 102 8 ment 133.8 143.1 143.2 143.5 Synthetic textiles 86.7 84.8 r84.2 85.0 Metal working machinery 136.6 148.5 150.7 151.1 Silk products 122.4 120.6 120.5 119.5 General purpose machinery and Apparel 98 2 99 1 r99 5 99 5 equipment 130.3 141.5 141.4 141.7 Other textile products 78.0 71.3 71.4 71.6 Miscellaneous machinery 126.4 133.5 133.6 133.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment. . . .. 126.7 132.1 132.4 132.7 Motor vehicles 121.5 126.7 126.7 126.7 Hides and skins 51.6 61.1 56.6 58.2 Leather 82.2 88.4 89.5 89.9 Furniture and Other Household Dura- Footwear 111 5 115 4 115 7 115 8 bles: Other leather products 95 8 96.7 r97 7 97.9 Household furniture 112.6 116.5 117.4 117.3 Fuel, Power, and Lighting Materials • Commercial furniture 128.6 137.1 137.3 138.3 Floor covering 124.4 129.3 130.5 130.5 Coal 105.2 109.4 109.9 109.9 Household appliances. . 108.5 105.8 105.6 105.6 Coke 132 4 138 8 145 4 145 4 Radio 94.7 89.8 r89.7 89.6 Gas 116.3 115.5 121.1 121.1 Television 68.8 69.7 69.7 69.4 Electricity 100 1 93 8 r94 3 94 3 Other household durable goods 132 0 136.7 138.6 138.8 Petroleum and products. .. 111.7 115.6 117.2 117.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 123.9 131.1 131.1 131.1 Industrial chemicals 117.4 119.4 120.0 119.9 Concrete ingredients 123.9 126.0 129.7 129.9 Prepared paint 113.1 115.8 117.0 119.1 Concrete products . .. 117.0 120.2 121.1 121.1 Paint materials 96 1 97 4 98 6 100 4 Structural clay products 136.1 144.6 145.3 145.6 Drugs, Pharmaceuticals, cosmetics... 93.3 92.3 92.6 91.9 Gypsum products 122.1 122.1 127.1 127.1 Fats and oils, inedible.... 61.0 56.6 55.6 54.4 Prepared asphalt roofing 100.4 101.0 99.6 99.6 Mixed fertilizers 109 0 107 9 108 2 108 2 Other nonmetallic minerals 119.2 122.1 122.1 123.0 Fertilizer materials.. 113 5 112 3 113 1 113 0 Other chemicals and products 108.0 104.5 102.3 102.3 Tobacco Manufactures and Bottled Beverages: Rubber and Products: 124.0 124.0 124.0 124.0 Crude rubber 151 3 168 3 160 0 153 5 Cigars 103.7 104.2 104.2 104.2 Tires and tubes 142 4 151 8 151 8 151 8 121.4 122.5 122.5 122.5 Other rubber products 132 0 139 6 137 8 137 9 Alcoholic beverages 114 6 114 7 114.7 114 7 Nonalcoholic beverages 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 121.4 126.4 127 6 128 2 Millwork 129.0 128.8 129.2 129.1 Toys, sporting goods, small arms.... 113.1 115.0 115.8 115.8 Plywood 104 8 105 7 107 5 107 5 9 8 2 5 . . 3 8 9 6 1 8 .8 0 r9 6 2 9 .9 5 1 F9 6 2 8 .2 5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 103.2 104.3 104.4 104.4 120 6 124 0 123 9 123 8 Woodpulp 110.0 114.2 116.8 116.8 Wastepaper 90.2 133.9 133.9 142.6 Paper 128.0 132.6 134.6 135.0 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 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 4 1 2 3 4 Gross national product 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 367.1 375.3 384.8 392.0 397.3 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.5 25.5 27.8 30.0 32.3 30.9 31.2 31.9 32.7 33.5 Indirect business tax and related 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 .3 .9 .4 .2 1.3 .7 1.3 -.8 -.1 .7 .7 — .2 .8 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .2 -.1 -.4 -.1 .5 -.3 .3 .4 .6 .5 Equals: National income 87.8 40.2 104.7 240.0 277.0 289.5 303.6 299.7 322.3 303.2 311.4 320.7 325.7 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 37.2 33.8 41.4 35.5 39.6 42.2 41.9 Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.6 11.0 9.6 10.5 10.8 11.2 * "iili 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 '311.5 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 State and local 1.4 1.0 1.3 2.7 3.0 3.4 3.7 3.9 3.8 3.8 3.9 4.0 4.1 3.2 Equals: Disposable personal income 83.1 45.7 93.0 206.1 226.1 250.4 254.8 269.4 257.8 261.0 267.1 271.7 '276.0 236.7 Less: Personal consumption expenditures.... 79.0 46.4 81.9 194.0 208.3 230.6 236.5 252.3 241.0 245.8 250.5 255.7 257.2 218.3 Equals: Personal saving 4.2 -.6 11.1 12.1 17.7 19.8 18.3 17.1 16.8 15.3 16.6 16.0 18.8 18.4 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 62.1 146.5 170.9 185.1 198.5 196.2 208.5 198.1 200.8 207.0 211.3 214.7 Private 45.5 23.9 51.9 124.3 142.1 152.2 164.7 162 A 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 48.8 48.7 48.8 M9.5 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 11.0 11.2 11.5 11.0 10.6 '10.8 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 16.1 17.0 17.0 21.6 17.9 20.4 21.4 22.2 Inventory valuation adjustment .5 -2.1 -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 r Revised. 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 397 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 Gross national product 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 367.1 375.3 384.8 392.0 397.3 Personal consumption expenditures 79.0 46.4 81.9 194.0 208.3 218.3 230.6 236.5 252.3 241.0 245.8 250.5 255.7 257.2 Durable goods 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.3 35.3 30.4 34.4 35.1 36.9 34.8 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.0 118.9 120.9 125.9 122.5 122.4 125.3 127.0 128.8 Services 32. 20.7 29.0 65.0 70.1 75.7 81.8 86.4 91.2 89.0 90.2 91.8 93.6 Gross private domestic investment 16.2 1.4 18.1 51.2 56.9 49.6 51.4 47.2 59.3 50.7 54.1 60.1 60.5 63.2 New construction 1 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 Residential, nonfarm 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 15.0 16.1 16.9 17.2 16.2 Other 5. 1.0 3.1 10.1 12.4 12.6 13.8 14.3 15.8 14.4 15.1 15.7 16.0 16.2 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23. 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 Nonfarm only -1.4 4.0 6.4 9.0 2. 1.9 -3.2 3.0 -1.0 1.5 4.2 2.0 5.1 Net foreign investment .2 1.1 -2.2 .2 -.2 -2.0 -.3 -.4 .9 -.4 -.7 -.3 Government purchases of goods and services 8.5 8.0 24.8 42.0 62.8 77.5 84.5 77.0 75.9 74.5 75.8 74.9 75.8 77.2 Federal 1.3 2.0\ 16.9 22.1 41.0 54.3 59.5 49.2 45.8 45.7 46.4 45.2 45.5 46.3 N O a th ti e o r nal security 1.3 2.0 1 3 3 . . 2 8 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . . 8 8 5 8 1 . . 5 4 4 6 3 . . 3 2 4 5 0 . . 4 8 4 5 0 . . 5 5 4 5 1 . . 5 2 4 5 0 . . 2 4 4 5 0 . . 2 6 4 5 1 . . 5 0 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .3 .3 .3 .3 .3 .3 State and local 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 3Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Year or month i in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d d t m r i u i i n t e - c y - s - D i u n i t s r t d i i t e u v ri s e s b - - S in e tr d r i v e u i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n o t m t d o a - l e rs 3 ' i i n n d s p a t c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 4 p b e c i s a u r o n o n f s t s n o c i o c u o t i r n e r a r n 5 i a - l - s l i a n g N t c u r o o i r c n a m u l - l e - 6 1929 . .... 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10 3 3.1 .8 88.0 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 1 1 9 9 5 5 4 5 r3 2 0 8 3 7 . . 2 6 2 1 0 9 8 6 . . 5 2 9 8 0 4 . . 5 2 5 5 5 2 . . 1 3 2 2 7 5 . . 6 9 3 3 3 5 . . 8 3 7 6 . . 0 6 r4 4 8 8 .4 9 2 26 4 .7 8 1 17 6 . . 2 2 4 5 . . 5 2 2 2 8 71 8 . . 9 4 1955_Feb 293.2 200.3 86.3 53.0 26.7 34.3 6.8 48.8 25.3 17.0 5.0 277.7 Mar 295.7 202.6 87.8 53.6 27.0 34.2 6.8 48.5 25.5 17.4 5.1 280.9 Apr 298.9 204.6 88.9 53.6 27.2 34.9 6.9 49.0 25.9 17.6 5.1 283.7 May 301.4 207.3 90.6 54.5 27.4 34.8 6.9 48 8 26 1 17 5 5 2 286.6 June 301.6 208.0 90.9 54.9 27.4 34.8 6.9 48.5 26.3 17.1 5.2 287.2 July 305.3 212.4 91.7 55.7 27.8 37.2 7.0 47 9 26 4 16 9 5 3 291.7 Aug 305.3 211.2 91.5 56.1 27.9 35.7 7.0 48.8 26.7 16.9 5.3 290.8 Sept 307.9 212.4 92.2 56.4 28.0 35.8 7.1 49.7 27.1 16.9 5.3 293.0 Oct r308.7 213.3 92.8 56.4 28.2 35.9 7.1 '49.3 27.4 16.9 5.3 294.4 Nov r311.5 215.3 94.0 56.8 28.5 36.0 7.1 r49.7 27.6 17.1 5.3 296.6 Dec '314.3 215.8 94.1 56.9 28.7 36.1 7.2 r49.4 29.9 17.4 5.4 299.9 1956—Jan 312.7 216.2 94.1 57.3 28.6 36.2 7.2 49.2 28.1 17.7 5.7 298.6 Feb.*5 313.1 216.0 93.8 57.3 28.7 36.2 7.2 49.5 28.3 17.8 5.7 298.8 * Preliminary. r Revised. 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 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-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

398 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1955 All banks maintaining branches or additional offices All banks, by class of bank (except banking facilities), by class of bank 1 Commercial banks Commercial banks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings Danks Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - United States2 14,243 313,716 4,692 31,851 6,677 3499 3220 307 1,814 1,659 543 304 790 22 94 61 Alabama 237 237 69 25 143 13 13 10 2 1 Arizona 11 3 6 1 8 8 2 4 1 Arkansas 233 233 54 17 157 5 21 21 3 18 California 149 149 57 35 48 9 53 53 19 17 15 2 Colorado 165 165 77 17 60 11 1 1 1 Connecticut 169 98 39 14 34 11 5 66 42 31 14 8 9 2 9 Delaware 32 30 9 2 18 1 j 9 8 2 5 1 Dist. of Col 17 17 8 5 4 14 14 7 4 3 Florida 238 238 82 11 140 5 Georgia 407 407 51 13 285 58 18 18 8 5 5 Idaho 36 36 11 9 16 8 8 4 2 2 Illinois 919 919 391 127 395 6 Indiana 477 3473 123 3113 231 7 33 1 78 78 25 g 45 Iowa 667 667 95 71 453 48 121 121 3 116 2 Kansas 601 601 170 42 290 99 Kentucky 367 367 89 20 244 14 38 38 11 5 21 Louisiana 175 175 41 10 123 1 50 50 16 5 29 Maine. . . 91 59 31 5 15 7 9 23 29 27 9 4 8 2 Maryland. .. 160 152 57 13 81 1 7 1 46 41 11 8 21 1 5 Massachusetts 366 177 HO 25 35 7 189 114 66 31 19 15 1 48 Michigan 420 420 76 154 182 8 94 94 17 30 47 Minnesota 681 680 |78 28 463 11 1 2 2 2 Mississippi 197 197 27 7 160 3 48 48 5 1 42 Missouri 603 603 76 100 410 17 1 Montana 113 113 40 44 29 Nebraska 420 420 123 16 240 41 1 1 1 Nevada 6 3 2 1 4 4 1 2 1 New Hampshire no 76 51 1 11 13 12 22 3 2 1 1 1 N N e e w w J M er e s x e i y co 3 5 2 1 0 29 5 7 1 1 2 8 5 8 64 8 4 1 2 8 3 23 9 1 9 5 9 1 2 5 47 6 32 13 9 7 New York 638 509 304 139 56 10 129 198 131 59 52 17 67 North Carolina 220 220 46 7 166 1 86 86 19 5 61 1 North Dakota 154 154 38 2 109 5 16 16 16 Ohio 626 623 230 171 219 3 3 107 105 47 24 34 2 Oklahoma 385 385 198 25 154 8 Oregon 50 49 13 7 27 2 1 U 11 1 8 Pennsylvania 825 818 522 93 189 14 7 141 137 81 28 2 4 Rhode Island 18 10 5 1 2 2 5 3 10 7 3 2 2 1 South Carolina... 149 149 26 7 106 10 26 26 10 1 15 South Dakota 171 171 34 27 110 29 29 4 25 Tennessee 299 299 77 9 206 7 46 46 18 2 26 Texas 935 935 446 134 319 36 Utah 51 51 7 19 25 12 12 1 6 5 Vermont 69 62 34 1 26 1 7 12 10 4 1 5 2 Virginia 316 316 132 73 111 77 77 28 16 33 Washington 107 103 30 12 58 3 4 23 21 13 3 5 2 West Virginia 181 181 75 36 66 4 Wisconsin 557 3553 95 373 381 6 33 1 90 90 4 4 81 1 Wyoming 53 53 25 15 13 Alaska2 1 1 1 1 Banking facilities are shown separately; see footnote 4. and other Govt. establishments through arrangements made by the Treas- 2 Excludes banks in United States territories and possessions except ury Department; they are operated by 154 banks, 75 of which have no one national bank in Alaska, with no branches, that became a member of other type of branch or additional office. * the Federal Reserve System on Apr. 15, 1954. 5 Each bank is reported once only—according to the widest area in 3 The figures for member (commercial) banks and those for mutual which it operates branches or additional offices. savings (noncommercial) banks both include one mutual savings bank NOTE.—Each branch and additional office is located in the same State in Indiana and two in Wisconsin. The total for all banks includes such as its parent bank except that one national bank in New Jersey has a banks only once, and the total for commercial banks excludes them. branch in Pennsylvania, one national bank in California has two branches State member bank figures also include one noninsured trust company in Washington and one in Oregon, and one noninsured (unincorporated) without deposits, which is not included with noninsured nonmember bank in New York has one branch in Massachusetts and one in Pennban 4 k B s. anking facilities (other than branches) that are provided at military s lo y c lv a a ti n o i n a. , ra I t n h e th r e t h t a a n b l t e h a th t e o s f e th b e ra p n a c r h e e n s t a b r a e n s k h . own according to their'own Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 399 NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1955—Continued All branches and additional offices (except banking facilities), All branches and additional offices by class of bank* (except banking facilities), by location1 Banking Commercial banks facili- Mutual ties at savings Outside head office city Govt. Total Total M b e a m nk b s er Non b m an e k m s ber "" banks o h f e I f n i a c d e In head In con- I c n o n n t o ig n - - m e l s e i t s n a h t b - s - 4 Na- State In- Non- In- Non- city office tiguous uous tional member sured insured sured insured county counties counties United States 7,040 6,710 3,196 1,916 1,563 35 234 96 3,048 1,986 913 1,093 213 Alabama 41 41 38 2 1 17 12 4 8 6 Arizona 91 91 60 5 24 2 16 33 30 P 4 Arkansas 24 24 3 21 1 18 4 1 1 California 1,174 1 174 870 197 104 3 251 139 189 595 38 Colorado 1 1 1 1 4 Connecticut 124 103 48 37 18 2 19 47 49 25 3 Delaware 38 37 16 19 1 17 10 1 District of Columbia . . 49 49 27 12 10 49 5 Florida 12 Georgia 52 52 3° 12 8 38 1 6 7 9 Idaho 66 66 57 4 5 5 5 9 47 1 Illinois 4 Indiana 163 163 81 19 63 88 75 3 Iowa 162 162 4 156 *y 119 43 Kansas 2 Kentucky 81 81 38 17 26 51 28 9 3 Louisiana 113 11 3 63 10 40 61 43 6 3 4 Maine 95 93 23 34 26 10 15 44 35 1 2 Maryland 184 15S 38 53 65 2 26 93 39 45 7 10 Massachusetts 328 260 128 96 34 2 68 193 127 7 1 2 Michigan 376 376 139 166 71 232 100 34 10 1 Minnesota 6 6 6 Mississippi 96 96 10 6 80 22 48 20 6 2 Missouri 1 1 1 1 2 Montana Nebraska 1 1 1 1 Nevada ?7 27 16 7 4 4 A 6 13 2 New Hampshire 3 1 1 1 3 New Jersey 257 13! 96 30 14 134 137 4 New Mexico 25 25 11 14 13 8 3 1 5 New York 1 149 1 0^5 280 681 60 4 P4 811 240 71 27 12 North Carolina. 324 3?4 53 43 225 3 92 61 87 84 2 North Dakota 24 24 13 11 Ohio 377 ^66 160 165 41 11 226 146 5 3 Oklahoma 3 1 Oregon 145 145 132 3 10 22 P 16 95 Pennsylvania 497 466 270 131 62 3 31 232 179 85 1 6 Rhode Island. 84 68 38 14 is 1 10 6 29 32 12 South Carolina 81 81 56 ? ! 23 23 14 10 34 5 South Dakota 53 53 23 30 23 18 1 Tennessee 132 1.32 72 14 46 79 38 7 8 6 Texas 19 Utah 40 40 20 15 k" 6 7 1 1 \6 5 Vermont 1 s 1 9 10 1 11 1 1 Virginia 160 160 70 36 54 98 27 26 9 16 Washington 207 202 181 10 11 5 61 31 36 79 6 West Virginia Wisconsin 150 1 *"0 . 15 7 127 1 18 106 26 Wyoming / . IAI 1 Nonmember Mutual Member banks commercial banks savings banks Distribution by location of branches with respect to head office Total Non- Non- National State Insured insured Insured insured Banks with branches or additional offices (except banking facilities)5 1,814 543 304 790 22 94 61 In head office city only 540 197 120 109 5 82 27 Outside head office city but not beyond head office county.... 904 257 122 483 10 4 Outside head office county but not beyond contiguous counties. 284 53 38 175 4 8 In counties not contiguous to head office county 86 36 24 23 3 Branches and additional offices (except banking facilities) 7,040 3,196 1,916 1,563 35 234 96 In head office city 3,048 1,274 1,183 321 13 203 54 Outside head office city: In head office county 1,986 726 415 781 13 16 35 In contiguous counties 913 356 199 331 5 15 7 In noncontiguous counties 1,093 840 119 130 4 Banking facilities at military and other Government establishments4. . 213 169 23 21 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 402 Gold production 406 Net gold purchases and gold stock of the United States. 407 Reported gold reserves of central banks and governments. 408 Estimated foreign gold reserves and dollar holdings. 409 International Bank and Monetary Fund. 410 Central banks 410 Money rates in foreign countries. . . 415 Foreign exchange rates. . 416 Index to statistical tables. 427 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and foreign central banks. Figures ments and official statistical bulletins. Back figon international capital transactions of the ures for 1941 and prior years, together with de- United States are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total fbreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n t m g e - d E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions2 and Official 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 1,768 1,896 326 1954—Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955—Feb. 28.... 1,785 10,925 6,540 725 1,407 612 634 599 1,627 5,604 1,367 1,812 1,858 284 Mar. 31.... 1,813 10,915 6,508 750 1,411 611 650 637 1,591 5,650 1,321 1,795 1,860 290 Apr. 30.... 1,821 11,067 6,633 671 1,405 629 658 677 1,660 5,698 1,319 1,899 1,852 298 May 31.... 1,875 11,178 6,711 766 1,408 638 672 664 1,577 5,724 1,275 1,989 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 11,820 6,961 1,069 1,431 810 747 645 1,486 6,187 1,125 1,946 2,217 344 Dec. 31 P.. . 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 P.. . 1,867 11,849 6,975 1,066 1,458 784 736 657 1,560 6,260 1,076 1,948 2,213 353 Feb. 29*>... 1,876 11,988 7,045 1,032 1,467 799 738 675 1,596 6,307 1,088 2,001 2,238 354 Table la. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Ru- Date Europe tria gium mark land Greece la e n r d - s way tugal mania 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 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 1,562 280 104 64 41 134 199 68 112 8 Oct 31 1,557 279 105 54 46 141 183 72 120 8 Nov 30 1,486 270 98 64 44 156 173 68 125 Dec 31 P 1,515 263 106 60 49 174 165 79 132 1956 Jan 31p . . .... 1.560 254 113 64 45 199 183 63 127 Feb 29^' 1,596 253 115 69 46 187 183 49 128 0000 00 00 Spain Swe- Tur- Yugo- All den key slavia other 19 91 8 12 224 36 117 14 7 388 71 141 8 9 363 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 9 200 104 153 9 13 201 102 154 12 11 226 103 161 13 9 273 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 l i i o a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d - d s e i s - t s l a P p i R m u c a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1952—Dec. 31 1,613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec. 31 1,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74' 83 30 90 194 124 1955_Feb. 28 1,812 144 27 105 67 139 228 65 43 358 45 75 79 47 83 177 130 Mar. 31 1,795 152 26 95 75 97 234 63 45 363 45 79 79 43 81 188 129 Apr. 30 1,899 156 27 111 76 88 252 68 48 376 44 78 82 46 74 243 132 May 31 1,989 167 28 129 95 91 254 67 51 372 45 74 82 48 68 285 133 June 30 1,920 157 28 120 94 102 245 71 51 341 42 84 83 50 64 261 129 July 31 1,897 165 26 118 89 103 241 71 51 327 44 80 89 45 61 253 134 Aug. 31 1,854 174 25 126 75 106 231 71 47 321 43 85 86 39 60 234 132 Sept. 30 1,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct. 31 1,948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30 1,946 153 24 149 75 120 255 66 41 379 42 87 92 22 63 261 117 Dec. 31 P 1,999 138 26 143 95 131 253 65 45 414 46 86 92 24 65 265 112 1956—Jan. 31° 1,948 138 28 156 79 132 227 65 51 399 49 80 90 34 69 239 111 Feb. 29? 2,001 143 28 191 80 133 223 65 58 407 49 78 93 41 76 213 124 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. 403 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Egypt Date Total M m C a h o n a i s d i n n a a - K H o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s T la h n a d i- Other Total A tr u a s l - ia C g B o i n e a l n g - o A E t a n g i n a g y n d l p o - - S A U o f n o r u i f i t o c h a n Other land 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_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 91 254 129 339 344 75 44 71 35 120 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 P.... 2,213 78 54 70 159 33 57 926 85 261 144 344 353 75 42 72 42 121 Feb. 29*.... 2,238 77 56 69 164 23 61 944 83 262 149 349 354 78 42 70 35 130 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania .2 .2 .2 n.a. Afghanistan 4.0 2.7 5.1 n.a. .3 .4 .2 n.a. British dependencies 25 5 19 8 21.1 13.8 British dependencies 4 4 6 4 Burma.... 16 9 23 0 29 7 19.1 Bulgaria .6 .6 .6 .7 Cambodia n a n a .2 10.1 Czechoslovakia6 6 6 7 7 Ceylon 13 9 17 1 18 8 n a Eastern Germany n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10.0 14.7 Estonia 1.9 1.9 1.9 n.a. Jordan 6 9 8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n a .1 n.a. Iceland 3.7 7 5 8 9 4.8 Lebanon . 19 3 23 9 16 5 18 0 Ireland, Republic of 12.6 14.1 14.3 n.a. Pakistan 14 4 9 7 3 8 5.7 Latvia 1 3 1 3 1 0 1 0 Palestine 1 n a .6 .4 .5 .3 Portuguese dependencies 2.8 5.3 1.8 2.0 Luxembourg 5 0 4 0 4 5 3 1 Saudi Arabia 15 9 18 5 61 5 79 5 Monaco 2.6 3.0 5 3 5.6 Syria 11 4 20 5 21 5 13 1 Poland6 3.4 2.2 2.1 2.5 Viet-Nam n.a. n.a. 8.1 65.3 T U r . i e S s . t e S. R.6 4 1 . . 1 7 2 2 .0 5 2 1 .8 2 1 .7 4 All other: British dependencies 1.6 1.6 1.4 2.4 Other Latin America: Ethiopia and Eritrea.. . 3 5 9 1 18 0 23 7 British dependencies 14 6 18 0 19 0 16 6 French dependencies 27 0 22 3 16 8 23 5 Costa Rica 12 1 13 4 15 3 17 6 Italian Somaliland 3 3 n a Ecuador 23.7 17.7 21.2 14.9 Liberia 10 3 11 8 5 6 13 1 French West Indies and French Guiana... 2.2 .6 .4 .6 Libya 2.3 3.0 1.7 n.a. Haiti 11 6 9 3 12 7 12 1 New Zealand 3 5 2 1 2 3 1 9 Honduras . . 15.4 18.7 17.3 9.7 Portufiuese deoendencies 6.3 5.0 8.3 5.3 Nicaragua 13 4 16 0 10 3 12 8 Spanish dependencies 2 2 5 7 Paraguay 5.0 6.0 3.6 3.6 Tangier 26.7 36.1 35.7 33.5 v Preliminary. 4 Through 1952, reported by banks in the Second (New York) Federal n.a. Not available. Reserve District only. 1 Short-term liabilities reported in these statistics represent principally 5 Except where noted, these data are based on reports by banks in the deposits and U. S. Govt. obligations maturing in not more than one year Second (New York) Federal Reserve District only and represent a partial from their date of issue, held by banking institutions in the United States; breakdown of the amounts shown in the "other" categories in Tables small amounts of bankers' acceptances and commercial paper and of la-lc. For each date the Second District reported at least 90 per cent of liabilities payable in foreign currencies are also included. the total amount in the "other" categories. 2 Includes International Bank for Reconstruction and Development, 6 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other international NOTE.—Statistics on international capital transactions of the United organizations. Excludes Bank for International Settlements, reported States are based on reports by banks, bankers, brokers, and dealers. under Other Europe. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of 3 Represents funds held with banks and bankers in the United States that issue), tables reflect changes in reporting forms and instructions made (and in accounts with the U. S. Treasury) by foreign central banks and by as of Mar. 31, 1954, as well as changes in content, selection, and arrangeforeign central governments and their agencies (including official pur- ment of material published. For discontinued tables and data reported chasing missions, trade and shipping missions, diplomatic and consular under previous instructions, see BULLETIN for May 1954, pp. 540-545. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 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 he p r 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 1,415 10 77 26 22 98 135 369 108 684 213 41 June 30 1,450 10 84 28 20 91 143 375 122 671 239 43 July 31 1,416 12 80 26 21 70 154 363 118 653 240 42 Aug. 31 1,429 10 74 30 20 74 151 359 112 682 236 39 Sept. 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 Nov. 30 1,473 12 81 30 24 74 163 383 131 670 239 49 Dec. 31 1,539 12 88 30 26 109 158 423 144 710 219 43 1956—Jan. 31; 1,509 93 32 26 70 158 390 130 700 246 42 Table 2a. Other Europe Date E O ur th o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece 1952—Dec. 31 98 1 16 2 6 (2) 1953—Dec. 31 88 1 13 6 2 1 1954 Dec. 31 109 20 10 3 1955—Jan. 31 137 1 19 9 2 Feb. 28 143 1 19 9 2 Mar. 31 140 1 19 7 3 4 Apr. 30 127 (2) 18 7 2 4 May 31 135 1 18 7 2 4 June 30 143 15 7 3 3 July 31 154 14 7 3 3 Aug. 31 151 (2) 12 9 3 3 Sept. 30 .. . 152 1 11 8 2 Oct. 31 159 1 13 9 2 Nov. 30 163 15 9 4 Dec. 312* 158 2 16 13 3 1956—Jan 31? 158 2 18 13 3 COCO"<t Neth- er- lands 4 9 16 18 18 19 15 15 13 12 12 4 3 COCOT-H Nor- way 2 1 2 2 3 3 3 2 2 2 3 4 4 5 11 12 ON ON Por- Swe- Tur- Yugo- All tugal Spain den key slavia other 11 3 39 9 5 24 3 16 5 7 4 4 41 1 5 3 4 66 3 5 4 3 67 6 5 3 4 68 4 5 4 3 62 4 5 4 4 67 4 4 5 5 80 3 5 8 5 89 i 8 6 6 88 7 6 6 92 5 7 5 93 6 7 7 92 6 2 5 7 78 2 7 1 5 7 74 4 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 u i a o e b n n - - - - G m u a a l t a e- M ic e o x- I l W a a n e n n d r e d d - i s e s t s a P p R m u a e b n a - - - , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r lic Suri- lic of nam 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 76 24 Mar. 31 686 5 3 220 19 88 65 4 4 128 1 18 15 6 8 79 24 Apr. 30 694 5 3 221 13 97 69 4 4 125 1 18 16 6 7 79 25 May 31 684 6 3 189 11 116 71 4 5 122 2 20 16 5 7 81 27 June 30 671 8 3 153 15 132 65 4 4 125 3 18 16 5 6 83 32 July 31 653 6 3 137 17 125 60 4 4 133 4 15 18 6 5 85 32 Aug. 31 682 6 3 133 15 132 71 4 4 141 1 15 20 6 10 91 32 Sept. 30 640 6 3 107 7 127 71 4 4 146 1 13 19 6 5 90 32 Oct. 31 657 6 3 91 8 122 87 4 4 151 2 14 20 6 12 93 34 Nov. 30 670 8 4 64 20 128 90 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 1956—Jan. 31*> 700 7 4 63 11 148 87 5 5 157 1 18 30 6 18 104 34 P Preliminary. maturity of more than one year reported by U. S. banking institutions i Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $642 million on Jan. 31, following items payable on demand or with a contractual maturity of 1956. 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. 405 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 o n i a n d s in a 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 n d l p o - - A U S f n o r o u i 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 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 7 12 Feb. 28. 160 8 3 4 1 19 8 60 9 11 36 38 12 6 8 11 Mar. 31 170 8 4 5 (2) 16 8 60 10 12 47 37 11 6 7 12 Apr. 30 190 8 5 5 (2) 19 7 70 13 15 48 38 11 5 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 \9 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 IS Oct. 31 243 8 4 5 1 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30 239 8 4 5 1 18 9 107 19 8 62 49 13 5 2 10 \9 Dec. 31? 219 8 3 5 1 18 10 103 19 8 43 43 11 5 1 8 17 1956—Jan. 31? 246 9 4 6 3 17 11 97 20 8 71 42 13 5 3 8 13 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 ch P a 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 1,730 155 692 502 190 663 874 -211 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 38 21 54 75 —21 Apr . . 48 45 4 135 130 5 49 46 4 48 58 -10 May 249 142 107 148 133 15 45 27 18 55 77 -22 June 14 17 -3 176 158 19 70 34 36 69 101 -33 July 48 24 24 167 139 28 60 30 29 55 75 —20 181 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 Nov 35 38 -4 121 141 -20 38 37 1 57 55 2 Decp 132 86 46 147 145 2 41 56 -15 58 60 -2 1956 Jan » 34 34 -1 147 135 12 60 139 -79 61 53 8 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Inter- Total many, Switzer- United Other Total Year or month national foreign France Federal Italy land King- Europe Europe insti- coun- Repub- dom tutions tries lic of 1952 15 300 5 (2) (2) 51 70 -16 111 1953 23 -34 -42 (2) 57 71 -24 62 1954 78 72 17 (2) -1 73 70 -20 139 1955? -21 704 -2 9 -7 147 96 84 328 1955 Jan 2 66 2 (2) 1 20 18 4 45 Feb 10 133 1 (2) -5 15 22 20 53 Mar 33 1 (2) 20 -2 -4 Apr 9 2 (2) 3 4 1 May -44 166 — 1 -1 41 39 1 15 1 j (2) 9 15 i July 3 49 (2) (2) 26 13 9 3 173 (2) 28 -1 4 Sept 1 36 2 1 1 19 -9 13 Oct 1 4 A 3 (2) 8 2 -7 Nov (2) -24 (2) -7 -4 3 Dec p 46 (2) 8 -3 3 (2) 1956—Jan.^ 11 10 -3 5 (2) £ooo Latin All Canada Amer- Asia other ica 192 5 -9 2 -121 25 (2) — 1 -187 113 3 3 265 76 29 7 -8 76 29 3 ('2)1 ( (2 2 ) ) -5 6 -5 4 (2) 78 6 24 -9 -2 (21) (2) 48 -2 1 1 | 33 132 7 (2) 1 26 -10 13 6 1 8 -5 1 4 -7 -20 -6 41 11 -5 4 (2) Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Inter- Total Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits U. S. Govt. Misceltutions tries iiccaa 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 t\ -133 33 -34 7 1955—Mar. 31 351 3,062 131 1955* -27 5 -46 75 26 -49 -1 Apr. 30 360 3,137 137 May 31 402 3,264 141 1955—Jan -3 -30 -23 -15 4 -5 June 30 374 3,295 139 Feb.... 11 23 -8 35 2 -4 -2 July 31 410 3,288 135 Mar.... (0 0) -4 6 -2 -1 1 Aug. 31 387 3,373 141 Apr.... — 2 -8 6 0) -2 Sept. 30 385 3,463 142 May... -4 0) 1 -4 -2 0) Oct. 31 402 3,506 138 June... -Vo -21 21 5 -2 2 Nov. 30 408 3,558 137 July... 19 -8 26 2 -3 1 Dec. 31 402 3,543 126 Aug... 1 -6 -1 -6 3 -4 3 Sept... -12 -3 -7 3 2 -3 2 1956—Jan. 31 355 3,724 122 Oct. ... -3 11 8 3 2 -3 0) Feb. 29 363 3,793 132 Nov.... -2 5 9 6 1 -11 Mar. 31 354 3,791 136 Dec.*.. -2 -15 17 -7 7 -8 0) 1956—Mar. 7 356 3,816 134 1956—Jan.*... -5 -66 12 -75 2 -23 Mar. 14 340 3,822 137 0) Mar. 21 325 3,818 138 Mar. 28 343 3,796 137 Preliminary. 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 Year or pro w d o u r c l t d ion Africa North and South America Other 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 - Mex- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia tra- India $1= 15hM grains of gold 21 o fine: i. e.t an ounce of fine gold= $35. 1948. 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950. 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951. 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952. 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953. 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954. 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955. 510.7 13.1 66.2 159.1 13.3 7.3 6.8 1955-Jan... 70.4 40.7 1.4 2.2 1.5 5.0 12.8 .9 1.6 .6 2.8 .5 Feb... 67.9 38.8 1.6 2.2 1.2 4.8 12.3 1.8 1.1 .6 2.7 .5 Mar.. 73.3 42.3 1.5 2.2 1.2 5.4 13.0 1.6 1.2 .6 3.3 .6 Apr... 71.4 41.7 1.6 2.2 1.3 5.0 12.9 1.3 .7 2.8 .5 May.. 73.1 42.8 1.6 2.1 1.1 5.3 13.4 .9 '.9 3.0 .6 June.. 73.1 42.7 1.5 2.2 1.0 5.6 13.0 .8 1.2 3.5 .6 July.. 72.9 43.7 1.6 2.2 1.0 4.1 13.5 1.0 .8 3.1 .6 Aug.. 74.7 44.4 1.6 2.2 .9 5.9 13.5 .6 1.1 2.8 .6 Sept.. 43.6 1.6 2.2 1.1 7.0 13.8 1.3 3.1 .5 Oct... 43.8 1.5 2.0 1.0 6.8 13.8 1.2 .6 Nov.. 43.3 1.5 1.9 .8 6.3 13.6 1.1 .6 Dec... 42.9 1.1 5.0 13.3 .6 1956—Jan 43.4 1.2 4.8 13.0 1 Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from Sources.—World production: estimates of U. S. Bureau of Mines. American Bureau of Metal Statistics. For the United States, annual Production reported monthly: reports from individual countries except figures through 1954 are from the Mint and figures for 1955 and 1956 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 407 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 1954 1955 Area and country 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) -ib'.b — i3oI6-225! 6 -10.0 * —3o!6 -10.0 ""40!7 "-23".5 "*-79!8 "-4!5 -100.0 -65.0 Portugal . . .... 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 "-4o!6 -38.0 -15.0 ""22.5 -65.0 -15.5 — 7 5 Bank for Intl. Settlements -5.6 -34.3 -65.3 -30.4 -94.3 -20.0 -8.4 Other 4.8 3-123.4 -16.4 -29.7 -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 -.1 -.1 -.1 (2) Total 1,232.9 645.2-1,003.4 525.6 451.2 -480.5 -50.5 -.1 -.1 (2) Canada (2) 3.4 -100.0 -10.0 7.2 Latin America: Argentina 114.1 -49.9 -49.9 -20.0 -84.8 Colombia 15.5 7.0 ""-iolo 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 ll.C -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.' 1.4 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; 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. 6 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 T (e u r G n e r d a y o s l - d o f s T to y o c e t a k a r l ) 1 I i n n s g c t o r o to e c ld a t k a se l i e m x g N p p o o e o r l o d t r r t t , g m c o c o r E r l a r d e e r a a a : i k r n s s e - d e e - d , e- D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l1 ) I i n n s g c t r o o to e c ld a t k a s l e i e m g x N p p o o e r o l o d t r r t t , g m c o c o r E l r a r d e e r a a a : i k r n s s e - d e e - d , e- D p ti r c o t o i m g o d o n u e l s c d - - 1943 . 21,938 21,981 -757.9 68.9 -803.6 48.3 1955_Mar 21,719 21,763 -24.7 2.7 -27.7 5 4 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 21,671 21,724 -39.4 2.5 —41 8 5 0 1945 . 20,065 20,083 -547.8 -106.3 -356.7 32.0 May 21,674 21 727 2 9 4 5 — 1 0 5 3 1946 20,529 20,706 623.1 311.5 465.4 51.2 June 21,678 21,730 3.1 3.8 -.9 5 6 1947 . 22,754 22,868 22,162.1 1,866.3 210.0 75.8 July 21,682 21 734 4 4 1 6 — i 4 1 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Aug 21,682 21,732 -2.2 3.6 -2 9 5 9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Sept 21,684 21,745 12.7 4.4 10.6 7 0 Oct 21,686 21 747 2 0 10 4 — 7 1 6 8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Nov 21,688 21,751 3.9 31 9 —27 0 6 3 1951 22 695 22,873 52.7 -549.0 617.6 66.3 Dec .. 21 690 21 753 1 9 26 7 —23 8 5 0 1952 . 23,187 23,252 379.8 684.3 -304.8 67.4 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 1956—Jan 21,693 21,755 2.5 11.4 -8.2 4 8 1954 21 713 21,793 -297.2 16.6 -325.2 65.1 Feb 21,695 21 757 2 1 18 6 — 15 7 4 6 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 Mar »21,716»21,765 4-2.9 v Preliminary. 3 Not yet available. 1 See footnote 2 on following page. * Gold held under earmark at the Federal Reserve Banks for foreign * Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,968.0 million on Mar. 31, 1956. icription 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

408 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)i Treasury 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 ne 21 321 996 42 86 186 31 23 1954 Dec 37,350 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955—Feb 21,716 21,788 371 797 (3) 322 1,086 43 85 186 31 23 Mar 37,500 21,719 21,763 371 824 (3) 322 1,097 43 85 186 31 23 Apr 21 671 21,724 371 839 •3\ 322 1,103 43 186 31 23 May 21 674 21,727 371 848 (3) 322 Kill 43 186 31 23 June 37 730 21 678 21,730 371 839 (3) 322 1,112 42 186 31 23 July .. 21 682 21,734 371 845 (3) 322 1,122 42 186 31 23 AUK 21,682 21,732 371 850 (3) 322 1,134 42 186 31 23 Sept 37 880 21 684 21,745 371 877 (3) 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 1,147 42 141 31 23 Dec ^37 970 21 690 21,753 371 929 323 .141 44 136 31 23 1956 Jan 21 693 21,755 371 942 323 1,136 44 136 31 23 Feb 21,695 21,757 371 955 323 1,129 42 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 174 576 116 27 247 138 346 78 804 45 48 35 Aus 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 27 247 138 352 142 836 45 48 35 Nov 174 576 868 27 247 138 356 142 856 45 48 35 Dec 174 861 920 247 138 865 45 48 35 1956 Jan 174 861 950 247 138 865 45 48 Feb 174 861 989 138 872 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 al r - 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 t n a 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 1,459 113 143 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 1 745 207 436 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 1,747 227 425 29 212 56 264 1,501 112 144 2,457 227 403 1 751 226 Sept r427 28 214 56 264 1,513 112 144 2,345 216 403 1 751 215 Oct 428 28 211 56 270 1,535 112 144 2,297 216 403 1 751 208 Nov 428 28 213 56 278 1,560 112 144 2,283 216 403 1 756 234 Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 1 808 217 1956—Jan 431 28 211 56 278 1,593 112 144 2,149 216 403 1 811 193 Feb 431 28 216 272 1,592 144 2,210 403 183 » Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents 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 409 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 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 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 g Greece 112 (3) 124 (3) 141 (3) 138 145 185 Italy 812 9 925 10 957 992 2 1,105 (3) 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 3 188 4 209 4 225 3 237 3 221 4 Sweden . . 335 1 406 386 1 383 411 429 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 3 857 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 1 334 334 1 344 1 339 1 320 1 Union of South Africa.. 214 1 232 236 1 242 1 251 1 265 1 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 n Latin America: Argentina 501 2 531 523 528 536 509 Bolivia . 40 32 $ 26 28 26 26 Brazil 423 2 442 2 417 2 442 2 469 466 2 Chile 121 1 112 1 118 1 136 1 129 139 (3} Colombia 236 308 (3) 183 188 (3) 184 217 Cuba 527 43 423 124 420 149 431 149 423 169 389 169 Dominican Republic 51 72 75 (3) 83 82 77 Guatemala .. . 65 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 84 2 85 1 86 1 Peru . 104 118 114 118 124 (3) 127 El Salvador 56 59 72 79 61 52 Uruguay . 337 i 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 181 169 178 190 174 173 Japan 951 2 851 3 841 3 884 3 992 1,029 4 Philippines . 304 8 266 6 264 6 263 6 266 6 263 6 Thailand 281 236 (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 5 306 6 309 6 309 6 311 7 307 7 308 7 All other: Egypt 217 221 228 224 234 (3) 246 Other 67 2 68 72 84 87 1 77 1 Total 284 2 289 (3) 300 308 321 1 323 1 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 26,264 1,091 28,482 1,099 28,466 1,295 29,119 1,402 29,477 1,594 29,797 1,629 & Preliminary. 6 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. official gold reserves, and dollar holdings as shown in Short-term Liabili- 3 Less than $500,000. ties to Foreigners Reported by Banks in the United States, by Countries 4 Includes Yugoslavia, Bank for International Settlements (both for (Tables 1 and la-Id of the preceding section). U. S. Govt. bonds and its own and European Payments Union account), gold to be distributed notes represent estimated holdings of such securities with original maturiby the Tripartite Commission for Restitution of Monetary Gold, and ties of more than one year; these estimates are based on a survey of seunpublished gold reserves of certain Western European countries. lected U. S. banks and on monthly reports of security transactions. For 5 Excludes gold reserves of the U. S. S. R. back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 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] 1956 1955 1955 1954 Item Item Jan. Oct. July Apr. Jan Dec. Sept. June Mar, Dec. Gold 1,811 1,751 1,747 1,744 1,744 Dollar deposits and U. S. securities. 428 440 464 485 466 Currencies: l Other currencies and securities 1.... 966 977 996 1,001 1,010 United States 1.708 1,633 1,643 1,609 1,567 Effective loans* 1,936 1,837 1,796 1,694 1,738 Other 4,403 4,540 4,656 4,691 4,734 Other assets3 37 36 52 35 37 Unpaid member subscriptions 815 815 805 798 798 IBRD bonds outstanding 849 849 852 838 849 Member subscriptions 8,751 8,751 88,863 88,853 88,853 Undisbursed loans 494 429 456 386 420 Accumulated net income -14 -12 -11 -11 -10 Other liabilities 9 9 10 11 11 Reserves 205 193 184 174 165 Capital 1,810 1,810 1,806 1,806 1,806 Cumulative net drawings Quota on the Fund Loans by country, Feb. 29, 1956 Country 9 Paid 1955 1954 Outstanding Total in \rea and member country 4 gold Jan. Dec. Jan. Prin- Dis- Recipal bursed paid Sold Total to Brazil 150 38 66 66 66 others* Chile 50 9 13 13 13 Colombia 50 13 25 25 25 France 525 108 45 45 105 Continental W. Europe, total 981 864 164 699 63 India 400 28 13 13 53 Belgium and Luxembourg. 118 108 5 103 23 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 20 Other 284 243 14 229 6 United States 2,750 688 10-386 10-387 10-526 Sterling area, total 693 535 37 499 66 Australia 259 235 2 233 22 India 125 70 18 52 10 Footnotes to tables on international institutions: Pakistan 77 41 4 36 4 1 Currencies include demand obligations held in lieu of deposits. Union of S. Africa 135 110 6 104 16 2 Represents principal of authorized loans, less loans not yet effective, Other 97 80 7 73 14 repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. Latin America, total 627 405 30 374 26 3 Excludes uncalled portions of capital subscriptions. Brazil 194 151 6 145 3 4 Loans to dependencies are included with member. Colombia 95 54 8 46 3 5 Includes also effective loans agreed to be sold but not yet disbursed. Mexico 141 106 6 101 9 6 Includes $60 million in loans not yet effective. Other 197 93 10 83 10 7 Includes $137 million not guaranteed by the Bank. 8 Includes $125 million subscription of withdrawing member (Czech- Asia (excl. Sterling area).... 118 62 61 oslovakia). 9 Countries shown are those with cumulative net drawings of $10 mil- Africa (excl. Sterling area).. 7 lion or more on the latest date. i o Represents sales of U. S. dollars by Fund to member countries for Total 62,427 ,873 232 1,641 7164 local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of poundssterling) Assets of issue Ass(its of banking department Liabilities of bankingdepartment department Date Note circula- Gold (fi O a i 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 u n i s c n 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 .4 85.0 18.1 1951 Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 ,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 ,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 ,619.9 290.2 14.9 7.2 70.4 18.2 t954 Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955 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 ,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 1,825.0 2.4 42.7 5.7 301.6 1,782.7 246.6 14.2 .5 72.9 18.2 July 27 .4 1,875.0 2.4 14.5 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug 31 .4 1,825.0 2.4 43.1 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept 28 .4 1,800.0 2.4 33.9 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18.6 Oct. 26 .4 1,800.0 2.4 34.9 20.2 301.2 1,765.5 250.6 21.9 2.6 65.7 17.8 Nov. 30 .4 1,850.0 2.4 54.7 20.8 287.4 1.795.7 263.1 10.1 3.0 71.2 18.0 Dec 28 .4 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 .4 1,825.0 2.3 53.7 32.8 251.9 1,771.7 236.9 11.9 3.3 70.2 18.3 Feb. 29 .4 1,825.0 2.3 37.5 20.6 300.8 1,787.9 258.1 10.6 3.1 70.9 18.5 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 411 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assetsz Liabilities Date Sterling Do c m ial i 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 t r s circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other 1i c a a b a p i n l i i d t t a ie l s 1948 Dec 31 . . .4 J.233.7 779.1 45.4 1.289.1 547. 98.1 81.0 43 1 1949—Dec. 31 74.1 ,781.4 227.8 42.5 1,307.4 541. 7 30.7 126.9 119.2 1950—Dec. 30 111.4 1,229.3 712.5 297.1 1,367.4 578. 6 24.7 207.1 172.6 1951 Dec. 31 117.8 ,141.8 1,049.3 135.2 1,464.2 619. 0 94.9 66.1 200 0 1952—Dec. 31 77.1 1,459.8 767.2 77.3 1,561.2 626. 6 16.2 44.5 132.9 1953—Dec. 31 54.9 1,376.6 893.7 112.0 1,599.1 623 9 51.5 29.5 133.1 1954—Dec. 31 54.2 1,361.5 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 1955—Mar 31 50 8 1,325.6 821.6 101.4 1,552.9 541. 9 57.5 42.7 104.3 Apr. 30 59.0 ,385.5 808.4 123.6 1,579.3 570. 7 50.8 40.5 135.2 May 31 52.3 1,357.6 817.5 87.1 1,597.7 516. 9 50.6 35.6 113.7 June 30 55.8 ,451.9 834.9 121.5 1,618.8 577. 0 71.3 36.5 160.4 July 30 59.6 1,233.4 1,032.4 134.9 ,651.8 532. 9 52.9 45.2 177.5 Aug. 31 57.7 1,185.2 1,149.3 73.2 ,653.9 538. 7 59.5 38.1 175.2 Sept. 30 60.6 1,103,2 1,196.5 156.6 ,665.8 565. 7 63.4 29.1 192.8 Oct. 31 56.6 ,318.5 991.2 158.3 ,674.2 580. 7 62.4 34.5 173.0 Nov. 30 52.9 ,326.2 1,060.2 141.3 ,684.0 562 6 128.3 45.2 160.4 Dec 31 57.4 ,283.8 1,093.7 185.2 ,738.5 551. 0 89.2 34.0 207.5 1956—Jan 31 54.4 ,091.5 ,146.0 119.2 ,648.7 528. 4 76.1 42.1 115.7 Feb. 29 56.5 ,065.6 1,143.3 108.2 ,641.1 493 6 60.8 35.0 143.0 Bank of France (billions of francs) Assets ]liabilities Date Advances to Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu G rr o e v n e t rnm O e t n h t er O as t s h e e ts r ci N t r i c o o u t n l e a- Go m v e e n D rn t e - pos O it t s her 3 c O li a i a a t p t n i b h e i d i t e s l a r - l 1948—Dec. 30 65.2 (4) 97.4 8.< 238.6 150.9 558.0 57.6 <J87.6 8 171.8 16.2 1949 Dec. 29 62.3 61.9 137.7 28.! 335.7 157.9 561.0 112.7 1 278.2 1 159.0 19.4 £950—Dec. 28 182.8 162.0 136.9 34. 393.1 158.9 481.0 212.8 1,560.6 1 176.8 24.2 1951 Dec 27 191.4 28.3 234.9 32.() 741,1 160.0 481.0 190.8 1,341.6 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.() 937.5 172.0 480.0 159.7 123.5 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, 310.5 144.9 56.3 1954 Dec 30... 201.3 57.3 236.8 48.<) 1,130,2 195.0 617.6 277.2 538.5 1 157.8 67.9 1955 Mar 31 .. 201.3 86.5 160.6 32.(i 1,138.8 190.0 597.4 353.3 ? 583.7 f4) 122.7 54.1 Apr. 28 201.3 122.0 200.2 28.f5 1,113.4 190.0 546.7 336.3 2 544.1 139.9 54.4 May 26 201.3 153.0 210.4 26. i5 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.A• 1,05^.8 190.0 579.4 355.6 7 (529.9 (4) 138.6 58.3 July 28 201.3 200.1 247.6 n.: 1,061.9 190.0 579.8 355.5 2,<542.8 j 145.3 59.3 Aug. 25 201.3 200.2 190.0 l.i 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.S) 1,076.6 190.0 557.9 409.8 7 <592.5 1 138.2 55.7 Oct. 27 201.3 200.2 245.4 30.f 1,060.8 190.0 545.2 429.9 2,(591.4 1 139.0 72.4 Nov 24... 201.3 200.2 209.0 43.2 1,037.8 190.0 536.4 417.8 7 (547.6 4) 120.6 67.5 Dec. 29 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,1520.0 142.9 71.8 £956 Jan 26 301.2 197.9 184.5 34.3 1,198.1 183.0 533.3 325.9 2,741.1 (4) 143.5 73.6 Feb. 23 301.2 178.5 197.5 27.~ 1,189.2 183.0 539.5 5302.7 2,' 741.5 1 116.8 60.9 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. 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 1,623 Gold and foreien exchange 286 798 297 406 Other gold and foreign exchange.. -426 -436 -250 1,197 Checks and bills of other banks 9 5 7 6 Govt. securities 5,613 5,004 5,145 4,235 Securities (incl. Govt. and Treas- Rediscounts and loans to banks. .. 85,928 85,208 85,167 71,123 ury bills) 522 510 570 433 488 326 127 386 Other assets 116 62 96 Currency circulation 36 895 37 072 37,466 31,526 Note circulation 374 372 413 354 Deposits—Nationalized... 48,710 47,043 46,714 41,836 Deposits of Trading Banks: Other sisht oblications 1 917 2 144 2 117 443 300 265 296 Other liabilities and capitaI 5 685 5 468 5 515 4 761 Other 30 35 38 35 Other liabilities and capital. . 228 222 219 256 Footnotes to central bank table on this and opposite page: 5 Includes advance of 180.2 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 ipp. 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

412 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 Feb. Jan, Dec. Feb. Feb. Jan. Dec. Feb. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,743 1,743 1,743 556 Fund) 206 207 210 199 Foreign exchange (net) 6,969 6,927 6,990 ,545 Net claim on Intl. Fundi 13 13 13 13 Loans and discounts 5,500 5,686 5,995 ,137 Loans and discounts , 59 55 54 55 Claim against Government 1,412 1,431 1,823 ,774 Credits to Government , 72 56 63 69 Other assets 929 1,081 1,348 376 Other assets , 79 80 82 78 Note circulation 12,614 12,681 13,026 ,028 Note circulation , 424 417 431 421 Deposits—Banks 636 853 1,612 ,044 Deposits , 245 224 240 253 Other 561 590 591 595 Other liabilities and capital , 20 20 19 19 Blocked 1,413 1,434 1,346 1,723 Nr;ational Bank of Czechoslovakia2 Other liabilities and capital 1,329 1,309 1,324 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 47,749 47,097 46,442 Foreign exchange , 740 742 705 693 Foreign claims and balances (net). 10,307 10,965 9,766 Loans and discounts 139 235 248 173 Loans and discounts 4,985 6,585 7,120 Securities 505 514 539 475 Consolidated Govt. debt 34,660 34,660 34,660 Govt. compensation account 3,104 3,104 3,123 3,147 Govt. securities 7,247 3,775 8,626 Other assets 1,154 894 1,016 638 Other assets 5,122 4,987 5,381 Note circulation 2,075 2,097 2,217 1,983 Note circulation 104,249103,247106,399 Deposits—Government 1,669 1,604 1,562 1,297 Deposits—Demand 2,109 1,462 1,768 Other 1,676 1,570 1,644 1,645 ECA 49 56 56 Other liabilities and capital 290 287 276 269 Other liabilities and capital 3,665 3,305 3,771 3,009 Cent:rraall Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (Sept.)* Gold 12,526 12,076 12,076 12,076 Gold at home and abroad 498 477 Foreign exchange (net) 16,151 17,712 17,150 14,137 Foreign exchange (net) 396 ,081 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 43,123 ,065 Loans and discounts 2,750 4,060 4,500 3,422 Govt. securities 2,505 ,505 Govt. securities 8,360 8,560 8,890 8,890 Other assets 948 974 Other assets 14,802 14,861 15,075 14,247 Note circulation 34,367 ,411 Note circulation 46,698 47,904 49,531 40,575 Deposits 8,459 ,683 Demand deposits 6,634 8,159 6,492 11,089 Other liabilities and capital 4,644 ,008 Other liabilities and capital 2,507 2,456 2,917 2,358 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 657 648 655 577 Gold 344 344 344 343 Govt. securities 34 18 18 24 Foreign exchange (net) -68 -45 -11 138 Other assets 4 6 15 3 Net claim on Intl. Fund1 19 19 19 19 Currency in circulation 409 414 425 368 Credits—Government 485 491 456 370 Deposits—Government 104 45 46 53 Other 216 225 235 168 Banks 95 134 138 134 Other assets 243 238 251 219 Other liabilities and capital 86 79 79 49 Note circulation 612 612 664 646 Central Bank of Chile (millions of Demand deposits—Private banks. 198 213 217 205 pesos): Other 162 166 141 172 Gold 7,037 5,872 5,870 5,744 Other liabilities and capital 266 281 270 235 Foreign exchange (net) 839 2,317 2,583 ,569 NiNational Bank of Egypt (millions of Discounts for member banks 6,246 5,767 7,991 ,602 pounds): Loans to Government 16,153 16,153 16,153 ,885 Gold 61 61 61 61 Other loans and discounts 18,964 18,061 18,691 ,160 Foreign assets3 136 142 146 179 Other assets 8,837 8,709 9,075 ,209 Egyptian Govt. securities 85 92 87 105 Note circulation 43,932 42,146 44,829 ,192 Clearing and other accounts (net). -10 -9 -9 -7 Deposits—Bank 5,674 5,550 5,758 ,824 Loans and discounts 23 23 30 25 Other 2,054 2,106 2,303 ,668 Other assets 1 2 6 2 Bank O o t f h e th r e l i R ab ep il u it b ie li s c a o n f d C c o a lo p m ita b l ia (mil- 6,416 7,077 7,474 (485 D N e o p te o s c i i t r s c — ul G at o io v n ernment 17 1 3 3 1 2 7 3 4 18 1 0 4 1 9 7 4 9 lions of pesos): Other 93 98 103 74 Gold and foreign exchange 256 281 273 325 Other liabilities and capital 17 17 23 17 Net claim on Intl. Fund* 24 24 24 24 Centxraall Reserve Bank of El Salvador Loans and discounts 488 485 616 553 (thousands of colones): Govt. loans and securities 489 491 487 312 Gold 70,898 70,973 71,048 71,653 Other assets 108 101 104 106 Foreign exchange (net) 52,084 34,464 17,298 68,563 Note circulation 674 684 800 651 Net claim on Intl. Fund1 1,571 1,571 1,569 1,569 Deposits 518 532 525 522 Loans and discounts 55,381 66,970 73,718 36,974 Other liabilities and capital 174 167 180 147 Govt. debt and securities 16,216 15,554 13,777 9,214 Central Bank of Costa Rica (millions Other assets 6,749 6,721 6,632 6,879 of colones): Note circulation 104,213 100,697 96,926 104,033 Gold 12 12 12 12 Deposits 88,817 85,235 76,930 82,104 Foreign exchange 111 100 98 113 Other liabilities and capital 9,868 10,322 10,188 8,714 Net claim on Intl. Fund1 7 7 7 7B;lank of Finland (millions of markkaa): Loans and discounts 81 87 99 90 Gold 7,849 7,849 7,849 6,909 Securities 7 8 9 5 Foreign assets and liabilities (net).. 27,538 27,996 27,401 r33,853 Other assets 24 24 23 25 Loans and discounts 40,596 34,671 37,556 r13,974 Note circulation 158 155 168 165 Securities—Government 20,000 20,000 20,000 20,000 Demand deposits 50 49 47 55 Other 1,888 1,901 1,915 2,184 Other liabilities and capital 34 34 33 31 Other assets 9,954 9,675 9,211 2,108 National Bank of Cuba (millions of Note circulation 53,870 50,539 55,883 48,151 pesos): Deposits 30,260 28,400 25,556 18,979 Gold 136 136 136 186 Other liabilities and capital 23,696 23,153 22,493 11,899 Foreign exchange (net) 124 115 134 93 •" Revised. *Latest month available. 3 Includes foreign government securities formerly shown with Egyptian 1 This figure represents the amount of the country's subscription to the Govt. securities. Fund less the bank's local currency liability to the Fund. NOTE.—All figures, including gold and foreign exchange, are compiled 2 For last available reports for Czechoslovakia and Hungary (March and from official reports of individual banks and are as of the last report date February 1950, respectively) see BULLETIN for September 1950, pp. of the month. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 413 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan Dec. Feb. Feb. Jan. Dec. Feb. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,050 2,045 2,042 2,025 Gold 4,154 3,992 3,862 Foreign exchange 104,286 95,069 88,819 60,005 Foreign exchange 9,314 9,271 9,038 599 Clearing accounts (net) 6,925 7,732 3,674 Loans and discounts 4,445 4,111 4,105 638 Loans and discounts 17,628 16,907 15,814 ' '4,*266 Loans to Government 4,265 4,163 4,019 138 Advances to Government 21,120 27,900 31,727 15,550 Other assets 1,128 982 912 128 Other Govt. accounts 31,348 24,682 19,299 Note circulation 13,444 13,358 12,708 738 Govt. securities 132,632 32,588134,388 124,290 Deposits—Government 4,533 3,911 3,261 060 Other assets 17,272 17,089 16,062 16,700 Banks 3,402 3,406 4,135 445 Notes and coin in circulation 193,631 88,170183,561 167,592 Other 235 216 206 336 Deposits—Government 27,276 28,582 16,972 2,135 Other liabilities and capital 1,691 1,627 1,628 822 Other 99,650 95,533 99,438 41,414 Bank of Greece (millions of drachmae): Other liabilities and capital 12,706 11,728 11,854 11,695 Gold and foreign exchange (net).. 6,345 5,400 Banki. of Italy (billions of lire): Loans and discounts 145 129 Gold 4 4 4 4 Advances—Government 9,945 932 Foreign exchange 70 70 70 74 Other 4,* 368 Advances to Treasury 567 567 567 567 Other assets 1,639 701 Loans and discounts 424 403 417 435 Note circulation 4,548 701 Govt. securities 418 415 348 Deposits—Government 1,216 151 Other assets 975 991 764 Reconstruction and Note circulation 1,529 1,547 1,671 1,435 relief accts 7,672 295 Deposits—Government 25 22 21 43 Other 4,621 736 Demand 80 84 102 56 Other liabilities and capital 4,866 647 Other 586 645 513 514 Bank of Guatemala (thousands of Other liabilities and capital 138 138 157 143 quetzales): Bank of Japan (billions of yen): Gold 27,234 227 Bullion () Foreign exchange (net) 22,591 505 Advances to Government Gold contribution to Intl. Fund... 1,250 250 Loans and discounts 32 40 45 283 Rediscounts and advances 11,719 456 Govt. securities 465 483 554 399 Other assets 39,615 374 Other assets 251 244 261 93 Circulation—Notes 51,043 136 Note circulation 569 583 674 547 Coin 3,851 767 Deposits—Government 43 52 51 57 Deposits—Government 6,324 095 Other 63 62 65 78 Banks 20,533 443 Other liabilities 76 71 72 95 Other liabilities and capital 20,659 371Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve7 , 1,824 1,754 1,770 1,520 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc , 5,571 5,344 5,364 3,777 Issue department: Bills and discounts 341 324 303 715 Gold at home and abroad 400 400 400 400 Other assets , 327 306 336 771 Foreign securities 6,672 6,671 6,869 6,632 Note circulation , 4,820 4,790 4,997 4,205 Indian Govt. securities 6,032 5,884 5,387 4,477 Demand liabilities , 2,478 2,227 2,082 1,876 Rupee coin 1,050 1,066 1,084 1,,-037 Other liabilities and capital 767 712 694 702 Note circulation 14,029 13,791 13,620 12,420 Nethlierlands Bank (millions of Banking department: guilders): Notes of issue department 126 230 120 126 Gold 3,302 3,275 3,275 3,015 Balances abroad 677 670 483 655 Silver (including subsidiary coin). , 33 41 43 16 Bills discounted 42 49 121 45 Foreign assets (net) 1,422 1,452 1,362 1,465 Loans to Government 36 18 37 9 Loans and discounts 35 32 51 51 Other assets 1,208 1,089 1,084 ,117 Govt. debt and securities 442 453 522 685 Deposits 1,538 1,548 1,383 ,572 Other assets 409 398 413 434 Other liabilities and capital.... 552 508 461 380 Note circulation—Old 28 28 Bank Indonesia (millions of rupiahs): New 3,876 3,877 3,955 3,583 Gold and foreign exchange (net).. 1,710 1,863 1,902 ,267 Deposits—Government , 302 334 326 616 Loans and discounts 919 664 1,062 393 ECA 490 490 490 653 Advances to Government 7,626 8,282 7,913 ,558 Other 751 730 656 533 Other assets 445 460 440 361 Other liabilities and capital , 223 220 212 253 Note circulation 7,847 8,232 8,151 ,464Reserve Bank of New Zealand (thou- Deposits—ECA 448 495 495 495 sands of pounds): Other 1,551 1,709 1,877 ,951 Gold , 6,162 6,162 6,171 Other liabilities and capital 853 833 794 669 Foreign exchange reserve 21,447 29,244 45,551 Bank Melli Iran 5 (millions of rials) Loans and discounts , 35,526 26,220 30,440 Gold 4,242 4,242 4,242 ,242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 53,133 55,848 50,503 Gold contribution to Intl. Fund. .. 282 282 282 282 Investments , 41,278 41,278 33,446 Govt.-secured debt 7,187 7,187 7,187 ,754 Other assets 1,301 1,525 1,276 Govt. loans and discounts 11,161 10,307 10,320 ,408 Note circulation 69,966 81,090 68,671 Other loans and discounts 4,651 5,319 5,280 ,574 Demand deposits 79,198 68,753 89,305 Securities 449 444 444 711 Other liabilities and capital 9,682 10,433 9,410 Other assets 2,780 3,111 3,005 3,459 Banki ooff NNoorway (millions of kroner): Note circulation 10,053 10,012 10,018 ,371 Gold 210 209 209 203 Deposits—Government 4,225 4,23" 4,080 ,371 Foreign assets (net) -144 -99 -96 -340 Banks 1,475 1,778 1,846 ,387 Clearing accounts (net) -42 -55 -58 -57 Other 12,052 11,848 11,828 ,391 Loans and discounts 124 120 120 55 Other liabilities and capital 3,191 3,266 3,230 ,154 Securities 90 91 93 44 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds) Other assets 110 100 106 53 Gold 2,646 2,646 2,646 646 Note circulation 3,079 3,107 3,305 3,090 Sterling funds 69,278 69,603 73,635 946 Deposits—Government 1,359 1,196 1,060 999 Note circulation 71,724 72,249 76,281 592 Banks 491 650 640 639 FOA 106 106 106 165 Other liabilities and capital 859 85: 807 612 4 Includes figures for the nine Land Central Banks. 7 Includes gold, silver, and foreign exchange forming required reserve 5 Items for issue and banking departments consolidated. (25 per cent) against notes and other demand liabilities. 6 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

414 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 Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees) : Gold 598 612 584 Issue department: Foreign assets , 958 929 1,004 973 Gold at home and abroad *.... 114 114 114 81 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 894 844 824 428 Swedish Govt. securities and ad- Pakistan Govt. securities.... 1,224 1,224 ,194 ,459 vances to National Debt Office 3 3,630 ,693 4,023 2,953 Goyt. of India securities 275 275 275 221 Other domestic bills and advances. 25 24 25 59 India currency 431 431 431 300 Other assets 1,056 ,095 1,095 1,028 Rupee coin 69 72 24 48 Note circulation 4,777 ,047 5,319 4,793 Notes in circulation 2,917 2,867 ,779 ,445 Demand deposits—Government. . 396 287 321 144 Banking department: Other 351 277 427 103 Notes of issue department 90 93 84 92 Other liabilities and capital 872 871 819 685 Bills discounted 6 11 Swiss National Bank (millions of Loans to Government 19 37 12 69 francs) : Other assets 574 527 519 392 Gold 6,665 6,667 6,686 6,269 Deposits 566 536 512 447 Foreign exchange 618 582 624 576 Other liabilities and capital.... 120 127 113 107 Loans and discounts 128 141 286 103 Central Bank of Paraguay (millions of Other assets 91 90 125 84 guaranies): Note circulation 5,126 5,130 5,516 5,045 Gold Sight liabilities 2,163 2,142 1,990 1,788 Foreign exchange (net) Other liabilities and capital 213 208 215 200 Net claim on Intl. Fund2 8 Ceijntral Bank of the Republic of Turkey Loans and discounts 1,429 725 (millions of pounds): Govt. loans and securities 382 460 Gold 402 402 402 402 Other assets 138 84 Foreign exchange and foreign Note and coin issue 908 639 clearings 201 204 188 199 Deposits—Government 204 157 Loans and discounts 3,465 3,442 3,574 ,841 Other 200 152 Securities 30 30 30 30 Other liabilities and capital 717 359 Other assets 156 158 144 102 Central Reserve Bank of Peru (millions Note circulation 1,948 1,913 2,008 ,566 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 481 554 567 Other 1,600 1,616 1,604 ,360 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital 552 552 571 493 Loans and discounts to banks.... 840 820 546 Bankk ooff tthhee RReepublic of Uruguay (mil- Loans to Government 992 1,024 ,091 lions of pesos): (Nov.)* Other assets 193 143 93 Gold 327 344 Note circulation ,965 1,890 ,737 Silver 10 Deposits 440 460 440 Advances to State and Govt. Other liabilities and capital 269 259 187 bodies 207 139 Central Bank of the Philippines Other loans and discounts 475 425 (millions of pesos): Other assets 667 655 Gold 33 32 31 20 Note circulation 471 485 Foreign exchange 330 322 340 343 Deposits—Government 149 162 Net claim on Intl. Fund2 10 10 10 30 Other 329 326 Loans 39 25 13 42 Other liabilities and capital 738 599 Domestic securities 374 392 396 282 Centtrraall Bank of Venezuela (millions Other assets 156 157 155 152 of bolivares): Circulation—Notes 626 610 625 621 Gold 1,234 1,234 1,234 1,233 Coin 86 86 86 85 Foreign exchange (net) 277 289 374 133 Demand deposits 156 175 177 116 Other assets 115 121 137 134 Other liabilities and capital 73 67 57 46 Note circulation 1,084 1,091 1,154 1,031 Bank of Portugal (millions of escudos): Deposits 257 277 263 278 Gold 5,680 ,551 Other liabilities and capital 284 275 326 192 Foreign exchange (net) 13,588 ,214 Nriational Bank of Federal People's Re- Loans and discounts 1,087 856 public of Yugoslavia (billions of Advances to Government 1,384 ,398 dinars): Other assets 1,312 064 Gold 5 5 5 4 Note circulation 11,075 10000 Gold contribution to Intl. Fund. .. 2 2 2! 2 Demand deposits—Government. . 1,459 ,832 Foreign assets 60 59 59 45 ECA 117 26 Loans (short-terrn) 787 779 787 700 Other 7,880 053 Govt. debt (net) 36 9 14 23 Other liabilities and capital 2,520 172 Other assets 26 27 80 27 South African Reserve Bank (millions Notes and coin in circulation 83 83 88 87 of pounds): Demand deposits 159 169 159 175 Gold 76 75 75 71 Foreign liabilities 123 121 121 114 Foreign bills 34 38 45 67 Long-term liabilities (net) 421 409 409 366 Other bills and loans 32 21 19 22 Other liabilities and capital 130 99 171 58 Other assets 61 55 55 46 Bank for International Settlements Note circulation 105 106 111 101 (millions of Swiss gold francs): Deposits 80 67 66 89 Gold in bars 561 592 664 641 Other liabilities and capital 18 17 18 17 Cash on hand and with banks.... 55 53 54 60 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 616 616 616 613 ances (at cost) 465 389 269 351 Silver 321 321 320 323 Time funds at interest 102 125 142 265 Govt. loans and securities 15,889 15,573 14,863 ,781 Sundry bills and investments 443 428 430 389 Other loans and discounts 35,285 35,789 36,719 .638 Funds invested in Germany 297 297 297 297 Other assets 43,356 43,987 43,886 232 Other assets 2 1 2 3 Note circulation 45,289 45,314 47,045 591 Demand deposits—Gold 485 467 516 453 Deposits—Government 4,323 5,581 3,715 859 Other 919 899 822 ,037 Other 7,227 6,818 6,644 353 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 38,628 38,573 39,000 785 Other liabilities and capital 293 291 290 287 * Latest month available. r Revised 3 Includes small amount of nongovernment bonds. 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per NOTE.—All figures, including gold and foreign exchange, are compiled troy ounce of fine gold. from official reports of individual banks and are as of the last report date 2 This figure represents the amount of the country's subscription to the of the month. iFund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 415 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS * [Per cent per annum] Central banks with new rates since December 1953 Month effective A tr u ia s- g B iu e m l- m De a n rk - France m G a e n r y - Greece N la e e n r t d - h s - N w o a r y - Spain S d w en e- T k u ey r- U K d n i o n i m t g e - d C ad a a n- N Z la e e n a w d - U S A o n fr . u i t o c h a f C lo e n y- Japan2 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 3.0 3.0 June .. 3.5 5.0 2.5 July 3.75 Nov 4 0 Dec 3 0 1955 Jan. .. 9 0 3.5 Feb 3.5 4.5 1.5 Apr 3 75 May .. 4.5 5.5 4.5 July . 5 0 3.0 3.5 2.0 8.03 Sept 6 0 4 5 Oct 2.25 7 0 Nov 5.0 2.75 1956—Feb 3.0 5.5 Mar. 4.5 In effect Mar. 31, 1956. . 5.0 3.0 5.5 3.0 4.5 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 March 31, 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 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 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 ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Thailand 7.0 Feb. 1945 El Salvador2. 3.0 Mar. 1950 Portugal Jan. 1944 India2 3.25 Mar. 1956 Latin America: Mexico 4.5 June 1942 Switzerland.... l.*5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Colombia2... 4.0 July 1933 Peru2 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa Rica2.. 3.0 Apr. 1939 Venezuela... 2.0 May 1947 1 Rates shown represent mainly those at which the central bank either mestic commercial transactions (rate shown is for advances on commercial discounts or makes advances against eligible commercial paper and/or paper and miscellaneous collateral); India—3.5 per cent for discounts and government securities for commercial banks or brokers. For countries for advances on government securities (rate shown is for advances on comwith more than one rate applicable to such discounts or advances, the mercial paper); Indonesia—various rates dependent on type of paper, colrate shown is the one at which the largest proportion of central bank lateral, commodity involved, etc.; Colombia—3 per cent for agricultural credit operations is understood to be transacted. In certain cases other paper and for loans on products in bonded warehouses; Costa Rica—5 per rates for these countries are given in the following footnote. cent for paper related to commercial transactions (rate shown is for 2 Discounts or advances at other rates include: Japan—various rates agricultural and industrial paper); El Salvador—2 per cent for agricultural dependent on type of paper or transaction and extent of borrowing from paper; and Peru—4 per cent for agricultural, industrial, and mining paper. central bank, including 7.3 per cent for discount of paper related to do- OPEN MARKET RATES [Per cent per annum] Canada United ]kingdom France Netherlands Sweden Switzerland Month 3 T m re b o a il s n l u s th ry s i D m a d o y a n - y e to y - 2 3 B a a m c a n c n o k e c n p e e t s r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a o i s l n l u s t r h y s D m a d o y a n - y e to y - 3 L m u o p o a n n to t s hs d P is r r i c a v o t a e u t n e t 1953 Dec 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 J.50 1954 Dec . .08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 L.50 1955 Mar .13 1.01 3.81 3.80 3.29 2.50 3.28 1.16 .71 1.50 Apr . .23 1.00 3.83 3.81 3.17 2.50 3.23 1.04 .58 4^-6Vi 1.50 May .24 .75 3.94 3.92 3.33 2.50 3.27 1.49 .90 414-6^ 1.50 June .36 1.08 3.99 3.97 3.21 2.50 3.19 .91 .62 4^-6 Vi 1.50 July .43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 1.50 Aug .62 1.34 4.06 4.00 3.24 2.50 3,06 .80 .56 4^-6 Vi 1.50 Sept .79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 1.50 Oct 2.07 1.95 4.16 4.07 3.32 2.50 3.02 .94 .57 1.50 Nov 2.38 2.19 4.21 4.10 3.28 2.50 3.06 .75 .50 4^-6Vi 1.50 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 4*4-6Vi 1.50 1956 Jan 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 414-61/2 1.50 Feb 2.51 2.34 4.77 4.69 3.68 2.98 1.53 1.00 1 Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 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 Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a si l l a l a a y r - ) 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 U3.333 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 Mar.. 223.50 3.8580 2.0023 32.798 100.122 Year or month C (r e u y p l e o e n ) (k m D r e o a 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 Mar.. 21.004 .4354 .2855 23.716 21.004 280.49 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 l u s i o e b p ) l - ic (e P s g c o u a r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n t c z d ) - ( U p K d o n i o u 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 Mar. 26.107 277.72 14.008 49.677 3.4900 279.45 19.333 23.335 280.49 i Based on quotations through Oct. 27, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed below may be obtained from cludes one issue of Supplement. In the United the Division of Administrative Services, Board of States and countries listed under Federal Re- Governors of the Federal Reserve System, Wash- serve Bulletin on this page, single copies 60 cents ington 25, D. C. Where a charge is indicated, each or in quantities of 10 or more for single remittance should be made payable to the order shipment 50 cents each; elsewhere 70 cents per of the Board of Governors of the Federal Reserve copy. System. A more complete list, including periodic releases and reprints, appeared on pages 1410- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 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 His- provisions of certain other statutes affecting the torical Supplement listed on this page. Sub- Federal Reserve System. 372 pages. $1.00 per scription price in the United States and the copy. countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities RULES OF ORGANIZATION AND RULES OF PROCEof 10 or more of a particular issue for single DURE—Board of Governors of the Federal Reshipment; elsewhere $7.00 per annum or 70 serve System (with Amendments). September cents per copy. 1946. 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE REGULATIONS OF THE BOARD OF GOVERNORS OF CHARTS ON BANK CREDIT, MONEY RATES, AND THE FEDERAL RESERVE SYSTEM. Individual BUSINESS. Issued annually in September. An- regulations with amendments and supplements nual subscription to monthly chart book in- thereto. 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN • APRIL 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. June 1955. 8 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVID- UALS AND BUSINESSES. July 1955. 2 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN (Also, similar article from July 1954 BULLE- AMERICA. May 1953. 6 pages. TIN) WARTIME AND POSTWAR CREDIT DEMANDS OF A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- LARGE CORPORATIONS. July 1953. 12 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. DEPARTMENT STORE SALES AND STOCKS, BY BALANCE OF INTERNATIONAL PAYMENTS IN 1954- MAJOR DEPARTMENTS (Revised Indexes). No- 55. October 1955. 8 pages. vember 1953. 65 pages. MONETARY POLICY AND THE REAL ESTATE MAR- FEDERAL RESERVE MONTHLY INDEX OF INDUS- KETS. December 1955. 6 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. BANKING AND MONETARY STATISTICS, 1955. (Selected series of banking and monetary statistics EXTENSIONS AND REPAYMENTS OF CONSUMER IN- for 1955 only) February 1956. 8 pages. STALMENT CREDIT. January 1954. 14 pages. BANK CREDIT AND MONEY. February 1956. 9 NEW INDEXES OF OUTPUT OF CONSUMER DUR- pages. ABLE GOODS. May 1954. 15 pages. (Also, THE 1957 BUDGET. February 1956. 11 pages. similar reprint from October 1951 BULLETIN) INTERNATIONAL GOLD AND DOLLAR FLOWS. March THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 1956. 11 pages. (Also, similar reprint from tember 1954. 10 pages. March 1955 BULLETIN) RECENT FINANCIAL CHANGES IN WESTERN GER- 1956 SURVEY OF CONSUMER FINANCES. Prelimi- MANY. October 1954. 10 pages. nary Findings. March 1956. 3 pages. USE OF MONETARY INSTRUMENTS SINCE MID- BUSINESS LOANS OF MEMBER BANKS. April 1956. 1952. December 1954. 8 pages. 14 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary LOWELL MYRICK, Assistant Director KENNETH A. KENYON, Assistant Secretary CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director HOWARDH.HACKLEY, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner G. HOWLAND CHASE, Assistant General Counsel ROBERT C. MASTERS, Assistant Director JEROME W. SHAY, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, 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 OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN • APRIL 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 421 District 2—FEDERAL RESERVE BANK OF NEW YORK-Conthmed 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

422 FEDERAL RESERVE BULLETIN • APRIL 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 423 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

424 FEDERAL RESERVE BULLETIN • APRIL 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 425 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Contmued 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 E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of J- A- Randall, in charge of L Angeles Branch OS Seattle Branch Portland Branch o. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN • APRIL 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', 364, 365 Demand deposits—Continued Agricultural loans of commercial banks, 360 Banks, by classes, 357, 363 Agriculture, Govt. agency loans, 368, 369 Type of holder, at commercial banks, 361 Assets and liabilities {See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 393 Banks and the monetary system, consoli- Sales and stocks, 383, 392 dated, 356 Deposits {See also specific types of deposits): Corporate, current, 376 Adjusted, and currency, 356 Domestic banks, by classes, 357, 360, 362 Banks, by classes, 357, 361, 363 Federal Reserve Banks, 351, 352 Federal Reserve Banks, 351, 352, 406 Foreign central banks, 410 Postal savings, 356 Govt. corporations and credit agencies, by type Turnover of, 354 and agency, 368, 369 Deposits, reserves, and borrowings, by class of mem- Automobiles: ber bank, 349 Consumer instalment credit, 380, 381, 382 Discount rates, 350, 415 Production index, 385, 388 Discounts and advances by Federal Reserve Banks, 347, 351 Bankers' balances, 361, 363 Dividends, corporate, 375, 376 {See also Foreign liabilities and claims reported Dollar assets, foreign, 406, 409 by banks) Dwelling units started, 389 Banks and branches, number, by class and State, 398 Banks and the monetary system, consolidated state- Earnings and hours, manufacturing industries, 383, ment, 356 391 Bonds {See also U. S. Govt. securities): Employment, 383, 391 New issues, 374, 376 Export-Import Bank, loans, etc., 368, 369 Prices and yields, 365, 366 Brokers and dealers in securities, bank loans to, 360, Farm mortgage loans, 368, 377, 378 362 Federal credit agencies {See Govt. agencies) Business expenditures on new plant and equip- Federal Deposit Insurance Corporation, ment, 376 assets, etc., 368, 369 Business indexes, 383 Federal finance: Business loans {See Commercial and industrial loans) Cash transactions, 370 Receipts and expenditures, 371 Capital accounts: Treasurer's balance, 370 Banks, by classes, 357, 361, 363 Federal home loan banks, loans, etc., 368, 369, 379 Federal Reserve Banks, 351, 352 Federal Housing Administration, loans, etc., 368, 369, Carloadings, 383 377, 378, 379 Central banks, foreign, 408, 410, 415 Federal National Mortgage Association, Coins, circulation of, 355 loans, etc., 368, 369, 379 Commercial banks: Federal Reserve Banks: Assets and liabilities, 357, 360 Condition statement, 351, 352 Consumer loans held, by type, 381 U. S. Govt. securities held by, 347, 351, 352, Number, by classes, 357, 398 372, 373 Real estate mortgages held, by type, 377 Federal Reserve credit, 347, 351, 352 Commercial and industrial loans: Federal Reserve notes, 351, 352, 353, 355 Commercial banks, 360 Finance company paper, 364, 365 Weekly reporting member banks, 362, 364 Foreign central banks, 408, 410, 415 Commercial paper, 364, 365 Foreign deposits in U. S. banks, 347, 351, 352, 356, Commodity Credit Corporation, loans, etc., 368, 369 361, 363 Condition statements {See Assets and liabilities) Foreign exchange rates, 416 Construction, 383, 388, 389 Foreign liabilities and claims reported by banks, 402, Consumer credit: 404, 406 Instalment credit, 380, 381, 382 Foreign trade, 393 Major parts, 380 Noninstalment credit, by holder, 381 Gold: Ratio of collections to accounts receivable, 382 Earmarked, 407 Consumer durable goods output indexes, 388 Net purchases by U. S., 407 Consumer price indexes, 383, 394 Production, 406, 407 Consumption expenditures, 396, 397 Reserves of central banks and governments, 408 Corporate sales, profits, taxes, and dividends, 375, Reserves of foreign countries and international 376 institutions, 409 Corporate security issues, 374, 376 Stock, 347, 356, 407 Corporate security prices and yields, 365, 366 Gold certificates, 351, 352, 353, 355 Cost of living {See Consumer price indexes) Govt. agencies, assets and liabilities, by type and Currency in circulation, 347, 355 agency, 368, 369 Customer credit, stock market, 366 Govt. debt {See U. S. Govt. securities) Gross national product, 396, 397 Debits to deposit accounts, 354 Demand deposits: Home owners, Govt. agency loans, 368, 369 Adjusted, banks and the monetary system, 356 Hours and earnings, manufacturing industries, 383, Adjusted, commercial banks, by classes, 361 391 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN • APRIL 1956 Industrial advances by Federal Reserve Banks, 351, Real estate loans: 352, 353, 354 Commercial banks, 360, 362, 377 Industrial production indexes, 383, 384, 388 Type of mortgage holder, 377, 378, 379 Instalment loans, 380, 381, 382 Type of property mortgaged, 377, 378, 379 Insurance companies, 367, 372, 373, 378 Regulation V, loan guarantees, 353, 354 Insured commercial banks, 359, 360, 398 Reserve requirements, member banks, 350 Interbank deposits, 357, 361, 363 Reserves: Interest rates: Commercial banks, 361 Bond yields, 365 Federal Reserve Banks, 351, 352 Business loans by banks, 365 Foreign central banks and governments, 408 Federal Reserve rates, 350, 354 Foreign countries and international institu- Foreign countries, 415 tions, 409 Open market, 365, 415 Member banks, 347, 349, 351, 352, 361, 363 Regulation V loans, 354 Residential mortgage loans, 377, 378, 379 Stock yields, 365 International capital transactions of the U. S., 402 Sales finance companies, consumer loans of, 380, 381 International financial institutions, 408, 409, 410 Savings, 396 Inventories, 397 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 367 Banks, by classes, 357, 360, 362 Savings and loan associations, 367, 378 Federal Reserve Banks, 351, 352 Securities, international transactions, 405, 406 Govt. agencies, etc., 368, 369 Security issues, 374, 376 Life insurance companies, 367 Silver coin and silver certificates, 355 Savings and loan associations, 367 State member banks, 359, 398 State and municipal securities: Labor force, 390 New issues, 374 Loans (See also specific types of loans): Prices and yields, 365, 366 Banks, by classes, 357, 360, 362 States and political subdivisions: Federal Reserve Banks, 347, 349, 351, 352, 353, Deposits of, 361, 363 354 Holdings of U. S. Govt. securities, 372 Govt. agencies, etc., 368, 369 Ownership of obligations of, 360, 367 Insurance companies, 367, 378 Stock market credit, 366 Savings and loan associations, 367, 378 Stocks: Loans insured or guaranteed, 353, 377, 378, 379 New issues, 374 Prices and yields, 365, 366 Manufacturers, production indexes, 383, 384, 388 Margin requirements, 350 Tax receipts, Federal, 371 Member banks: Time deposits, 349, 356, 357, 361, 363 Assets and liabilities, by classes, 357, 360 Treasurer's account balance, 370 Borrowings at Federal Reserve Banks, 347, 349 Treasury cash, 347, 356 Deposits and reserves, by classes, 349 Treasury currency, 347, 355, 356 Number, by classes, 357, 398 Treasury deposits, 347, 351, 352, 370 Reserve requirements, by classes, 350 Unemployment, 390 Reserves and related items, 347 U. S. Govt. balances: Weekly reporting series, 362 Commercial bank holdings, by classes, 361, 363 Minerals, production indexes, 383, 384 Consolidated monetary statement, 356 Money rates (See Interest rates) Treasury deposits at Federal Reserve Banks, 347, Mortgages (See Real estate loans) 351, 352, 370 Mutual savings banks, 356, 357, 359, 372, 373, 377, U. S. Govt. securities: 398 Bank holdings, 356, 357, 360, 362, 372, 373 National banks, 359, 398 Federal Reserve Bank holdings, 347, 351, 352, National income, 396 372, 373 National security expenditures, 371, 397 Foreign and international holdings, 409 Nonmember banks, 351, 359, 360, 398 International transactions, 405 New issues, gross proceeds, 374 Payrolls, manufacturing, index, 383 Outstanding, by type of security, 372, 373 Personal income, 397 Ownership of, 372, 373 Postal Savings System, 356 Prices and yields, 365, 366 Prices: United States notes, outstanding and in circula- Consumer, 383, 394 tion, 355 Security, 366 Veterans Administration, loans, etc., 368, 369, 377, Wholesale commodity, 383, 394 378 Production, 383, 384, 388 Profits, corporate, 375, 376 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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