Federal Reserve Bulletin, 1956-05

FEDERAL RESERVE BULLETIN May 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 Construction and Residential Real Estate 429 Member Bank Earnings, 1955 436 United States Savings Bonds 440 Law Department 444 Current Events and Announcements 453 National Summary of Business Conditions 454 Financial and Business Statistics, U. S. (Contents on p. 457) 459 International Financial Statistics (Contents on p. 525) 526 Federal Reserve Board Publications 541 Board of Governors and Staff 543 Open Market Committee and Staff; Federal Advisory Council 544 Federal Reserve Banks and Branches 544 Index to Statistical Tables 551 Map of Federal Reserve Districts Inside back cover Volume 42 Number 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, Dominicaa- 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

Construction and Residential Real Estate CONSTRUCTION ACTIVITIES in the early CONSTRUCTION ACTIVITY months of 1956 have been maintained for New construction in the first four months the most part at levels not far below the of 1956 remained a strong element in the mid-1955 record. Residential building has economy and in April was at a seasonally been somewhat below, and other construc- adjusted annual rate of $42 billion, not tion somewhat above, this record. Credit far below the record high of last summer. demands by businesses for construction and A rapid increase in private expenditures has related purposes have continued strong accounted almost entirely for the rise in while demands by consumers to finance value of new construction since early 1954. home ownership have been reduced from last year's peak. House purchases appear NEW CONSTRUCTION to have been well maintained. Billions of dollars The lower level of residential building in recent months has reflected a readjustment in dwelling units started from the unprecedented number a year earlier. Dwelling units under construction are still very numerous, however, and with business expenditures for plant and equipment extending their rise, construction activity as a whole has maintained pressure on short-run supplies of materials, labor, land, managerial skills, and financing. In consequence, construction costs and prices of building materials have risen further, delivery of materials in short supply has been slow, and the price of developed land has continued NOTE.—Department of Commerce seasonally adjusted data. to advance. Public and other private not shown. Latest figures are for April. The volume of mortgage financing of The increase in outlays for business consmall residential properties in the early struction that began in late 1954 has been months of 1956 was about the same as a extended in recent months, as shown in the year earlier but smaller than in mid-1955. chart. The record level of industrial and Repayments of debt continued in large vol- commercial construction thus far in 1956, ume, and outstanding mortgage debt in- following a year of rapid expansion, has creased less than in early 1955. generated increasingly heavy demands for 429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN • MAY 1956 funds, both short- and long-term, and for summer. Nevertheless, in the first four construction materials and labor. Business- months of 1956, residential expenditures men recently reported intentions to spend 30 have been at a level above that of any period per cent more in 1956 for plant and equip- before 1955. Physical volume, after allowment than in 1955. ance for usual seasonal changes, is probably Expenditures for industrial construction little different from that in 1950, the record in 1955 exceeded the previous record in year before 1955. 1952 when Government orders gave unusual Public construction, in total, has shown stimulus to this type of building. The mo- little change for the past two years, as flucmentum gained in 1955 has carried over tuations in various types have for the most with considerable strength into 1956, and part offset one another. Spending for April expenditures, seasonally adjusted, schools, highways, and sewer and water fawere about 9 per cent above December cilities has increased steadily, and early this 1955, the peak month of that year. Ac- year each type was about one-fifth higher tivities toward further expansion of plant than in 1954. During the same period are reflected in the dollar amount of con- public outlays for housing and industrial struction contracts awarded for manufac- construction were sharply reduced. turing buildings, as reported by the F. W. Dodge Corporation, which in the first four RESIDENTIAL SERVICE CONSTRUCTION months of 1956 were more than 50 per cent Rapid growth and spreading out of populalarger than in the same period a year earlier. tion since the war has made necessary a Expenditures for stores, office buildings, large amount of nonresidential construction, and other commercial buildings increased public as well as private, to fill needs of more in 1955 than in any year since 1946; residents. As suitable land within estabin the first four months of 1956 such ex- lished communities was more fully develpenditures were one-fourth above those in oped for residential use, building moved the same period a year earlier. Commercial further out to areas where community faconstruction outlays in April of this year, cilities were inadequate or nonexistent. adjusted for seasonal variation, reached the Extensive construction of schools, stores, highest level ever recorded. All major types streets and local roads, churches, and recof commercial construction have risen ap- reational and public service facilities was preciably in the past year but the increase in necessary to meet growing requirements of the total reflects in large measure expanded residential communities—old as well as new. outlays for stores and shopping centers. As can be seen from the table, public and Public utility construction in 1955 was private outlays for major, readily identifiaapproximately the same as in the two pre- ble types of such construction in 1955 were vious years. A recent survey found utilities three-fifths more than in 1950. Such outexpecting to increase capital outlays 15 per lays have continued to rise this year. cent in 1956 over 1955. Building of public schools in the past dec- Residential construction in recent months, ade has risen more than any other major seasonally adjusted, is the only major line segment of construction; this development of private construction in which outlays are has reflected in great part a movement of not at or above the record level reached last population to the suburbs as well as an in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND RESIDENTIAL REAL ESTATE 431 MAJOR TYPES OF CONSTRUCTION TO PROVIDE gage financing of old and new houses to- RESIDENTIAL SERVICES gether in the first months of the year, on the [In billions of dollars] other hand, was about the same as a year earlier, although down somewhat from the Type of service or ownership 1955 1950 1946 latter part of 1955. Available information suggests that repayment of such debt has Total, major types 10.6 6.6 2.4 been relatively large in recent months, so Type of service: Education & administration1 2.7 1.3 .1 that outstanding mortgages have probably Local streets & roads1 1.1 .7 .3 increased more slowly than in 1955. Utilities 3.4 2.3 1.0 Stores2 1.5 .7 .6 Compared with any period before 1955, Hospitals & recreation 1.1 1.2 .3 Religious2 .7 .4 .1 residential starts, mortgage financing, and growth in outstanding mortgage debt have Type of ownership: Public 5.6 3.5 .8 been large in the early months of 1956. Private . .... 5.0 3.1 1.6 Compared with the record or near-record levels reached during 1955, however, all of 1 Publicly-financed only. 2 Privately-financed only. these lines of activity are down. NOTE.—Department of Commerce data have been regrouped and store construction estimated by Federal Reserve. Each type of con- The situation in 1955 was unusual and struction is assumed to provide residential services only; the utilities category has been adjusted to this concept by the Federal Reserve. Data are a representation of construction outlays for residential reflected to a considerable extent the ease services, not an aggregate of all such outlays. in capital markets during recovery from the 1953-54 recession. Throughout that period creasing number of children of school age. residential markets remained strong, and Spending for public schools, at close to $2.5 house building and financing turned up early billion last year, was more than twice as in 1954. Toward the end of 1954 institumuch as in 1950 and so far in 1956 has tional investors, having experienced lessened been slightly above a year ago. Other pubdemands for funds, especially from busilic outlays for service facilities this year have nesses, and anticipating no great change in also been somewhat above last year. such demands in 1955, increasingly sought Value of construction of churches and mortgages as an investment outlet. They inrelated religious facilities, which increased creased their takings, particularly of Govsharply in the years immediately following ernment-underwritten mortgages, and in the war, has continued to rise in most years some cases investors made commitments to and in 1955 totaled $736 million. This mortgage bankers, correspondents, and total was four-fifths above the 1950 level. builders to take mortgages many months in On the other hand, outlays for hospitals and the future. recreational facilities in recent years have Dwelling units started. Builders, with a been somewhat below the 1950-51 level. strong demand from consumers and adequate financing in hand, started a larger HOUSE BUILDING AND FINANCING number of dwelling units in the six months The number of dwelling units started in the ending March 1955 than ever before—about first four months of 1956 was considerably 590,000 compared with the earlier record smaller than a year earlier and also, after 550,000 in the corresponding period of allowance for usual seasonal changes, below 1949-50, as shown in the table on the the level of late 1955. The volume of mort- following page. The number of 1- and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN • MAY 1956 PRIVATE DWELLING UNITS STARTED capital investment lines, builders of houses [In thousands] in some parts of the country experienced difficulty from time to time in obtaining Units in 1- and prompt delivery of such critical materials 2-family structures as cement, gypsum products, metal products, 6 months ending All Started with FHA or and window glass. March types VA inspection Residential financing. Houses coming to completion early in 1955 had to be financed Number Per cent by purchasers at a time when mortgage lending was already in record volume and when 1956 512 238 50 1955 592 310 57 economic activity generally was rising rapidly. Investors were called upon to take up 1954 467 168 40 1953 487 177 40 their earlier mortgage commitments, in 1952 447 136 33 1951 511 207 45 some cases sooner than they had anticipated. 1950 548 n.a. n.a. The pressure of large demands for mortgages, as well as for credit generally, on an n.a. Not available. 1 Federal Reserve estimate. expanding, though still limited, supply of NOTE.—Bureau of Labor Statistics data, except those on units started with FHA and VA inspection, which are from the Federal investible funds became evident early in the Housing Administration and the Veterans Administration and include a negligible number of units in structures with 3 or 4 dwelling units. year in some tightness in the mortgage mar- 2-family units started in the recent period ket. This was reflected in rising discounts was about as large as total starts in the quoted for insured and guaranteed mort- 1949-50 half year; the proportion started gages and in a shift toward conventional under arrangements for Government under- financing of both new and old houses. The writing of financing was also high, as is volume of Federally underwritten mortgages usual when credit is readily available. made continued to rise through most of the Houses built in recent years have been year, however, reflecting earlier arrangelarger and better equipped on the average ments, and in 1955 was the largest on than those built earlier, so that the amounts record. of labor, materials, and financing required In this situation, lenders and investors in to complete them have been considerably mortgages found it desirable to supplement greater than in the previous peak period of the funds directly available to them. By building, 1950-51. As work proceeded on summer there was a variety of arrangements the record number of houses started in late for temporary financing—usually referred to 1954 and early 1955, builders' capacity to as "mortgage warehousing"—involving large begin work on additional houses was re- amounts of borrowing from commercial duced, and in the middle months of the banks. A special survey by the Federal year starts increased less than seasonally. Reserve revealed that in mid-August com- The number of houses under construc- mercial banks had outstanding to other tion continued to grow, however, and with mortgage lenders $1.4 billion of credit, it the demand for materials and labor to some $800 million more than a year earlier. complete work under way and for credit They were also committed to make an addito finance construction and sale. As a tional $1.3 billion of loans. By mid-Noresult of this and of high levels of activity vember such credit outstanding had risen to in nonresidential construction and other $1.6 billion, but commitments had declined Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND RESIDENTIAL REAL ESTATE 433 slightly, to $1.2 billion. In mid-February ord $12.7 billion compared with $9.6 billion of this year these figures had declined to in 1954. $1.4 billion and $1.1 billion, respectively. To the extent that short-term construction Savings and loan associations, which were lending was more important last year than also called upon to meet large current de- earlier, "permanent" lending to finance mands for mortgages and to honor earlier owners of houses was smaller in 1955 than commitments, increased their borrowings the $28.5 billion of mortgages recorded, and from the Federal Home Loan Banks after repayment of long-term mortgages was corthe beginning of 1955. By August such respondingly less than the $15.7 billion of borrowings had risen $500 million to $1.2 total retirements suggested by the data. billion; the advance continued at a some- Furthermore, to the extent that die amount what slower pace during the rest of the year, of short-term construction credit outstandand at the year-end the total outstanding ing may have been larger at the end of 1955 amounted to $1.4 billion. Since then it has than a year earlier, the rise during 1955 in declined, to $1.1 billion at the end of April. "permanent" mortgage loans outstanding In the second and third quarters of 1955 was somewhat smaller than $12.7 billion. mortgage repayment was particularly heavy. Even after such an allowance, however, the This, together with the large amount of expansion of mortgage debt in 1955 was borrowing by mortgage lenders, may ac- greater by far than in any earlier year. count in part for continuation of a large volume of lending after mid-summer when MORTGAGE LENDERS reports of limited availability of mortgage Mortgage lending was expanded by all lendfunds were widespread. ers to a record level at the end of 1954, as For a number of years, repayment of can be seen from the chart. The influence loans in full prior to maturity has accounted for substantially more debt retirement than has amortization. This has reflected in NONFARM MORTGAGE LENDING Billions of dollon large part refinancing of debt on houses sold. The recent behavior of retirements suggests, however, that in 1955 short-term 1.6 construction lending made up a larger part of total lending than usual. Such lending SAVINGS AND LOAN ASSOCIATIONS (in contrast with financing of construction AND COMMBtdAl BANKS , from long-term mortgage borrowing) is likely to appear fairly quickly in retirements and within a relatively short time to be counted again when long-term mortgages are made to replace the construction loans. Altogether, during 1955 some $28.5 billion of loans was extended on small residential properties, $5.5 billion or nearly a fifth 1951 1956 more than in 1954. Repayments, amounting to about $15.7 billion, were also large. Nonetheless, debt outstanding rose by a rec- NOTE.—Federal Home Loan Bank Board data on mortgage recordings of $20,000 or less. Latest figures shown are for March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN • MAY 1956 in 1955 of borrowing from commercial At savings and loan associations, net acbanks and, through the Federal Home Loan quisitions of FHA and VA debt changed Bank System, from the capital market is little during 1955, reflecting the fact that reflected in the fact that mortgage lending the substantial growth in their holdings, by commercial banks and savings and loan as is usual, was in conventional mortgages. associations continued until after mid-1955 At savings banks, on the other hand, net to rise more than seasonally in contrast with acquisitions of FHA and VA mortgages lending by others, which remained relatively continued to rise through the third quarter stable after the beginning of the year. of 1955 much as they had since mid-1953. The decline in commercial bank and sav- In the fourth quarter, acquisitions by savings and loan association lending in the ings banks declined. second half of the year reflected in large The prevalence of "mortgage warehouspart the working down of some commit- ing" during 1955 is indicated in the bements. In the case of savings and loan as- havior of net acquisitions of Federally unsociations, the decline also reflected the derwritten mortgages by commercial banks limitation placed by the Federal Home Loan and life insurance companies. During the Bank System on member borrowing for first three quarters insurance companies, expansion of business beyond growth in after adding a very large amount in the capital, as it became more difficult to obtain fourth quarter of 1954, added declining credit from the capital markets last summer amounts to their holdings of Federally unand autumn. Acquisition of mortgages by derwritten mortgages. In the first two quarinsurance companies showed little change ters commercial banks acquired very large from late 1954 until the end of 1955; as amounts of FHA and VA mortgages from insurance companies limited their purchases, insurance companies and mortgage comoriginators built up their holdings of mort- panies under repurchase agreements as well gages, financed largely by commercial bank as on their own account. credit. COSTS AT CAPACITY OPERATION In 1955, for the first time since 1951, Federally underwritten debt outstanding on Since mid-1955 residential construction and small properties rose more than conventional residential markets have adjusted from an debt. The increase was about $6.8 billion extraordinarily high level of activity while compared with $4.0 billion in the preceding capital outlays by businesses and governyear. Mortgages guaranteed by the Veter- ments have expanded further. The adjustans Administration accounted for $5.3 bil- ment so far has been smaller in the amount lion of the increase and those insured by of house building under way than in houses the Federal Housing Administration for started, so that the amount of resources— $1.5 billion. both physical and financial—required to As in the case of gross mortgage lending, maintain the current level of all kinds of the marked rise in net additions to FHA construction is still very large. and VA debt took place in the second half The strain on resources has been evident of 1954. Throughout 1955 and early 1956 in price developments. Construction costs net additions to such debt fluctuated around rose throughout 1955 and have continued the level reached at the end of 1954. to rise in recent months, as the chart shows. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND RESIDENTIAL REAL ESTATE 435 Delays in work in this period have resulted long-sustained. In the case of residential in cost increases in addition to those ordi- building, an important additional developnarily measured. The upward movement in ment is the steady rise in the cost of land materials prices—some 7 per cent since and in the cost of preparing land for resithe beginning of 1955—has been unusually dential building. CONSTRUCTION COSTS lnd.«ei, 1947-49 .100 160 SELECTEDMATERIALS BUILDING COSTS 160 (Boeclch) 1 r I 140 - 140 r 1 STEEL o COMM A E N R D CIAL MANUFACTURING— s .LUMBER s 120 - 120 RESIDENTIAL PLUMBING EQUIPMENT 100 I r I i 1 , - 1952 1954 1956 1952 1954 1956 1952 1954 1956 NOTB.—Indexes of building costs are from E. H. Boeckh; Bureau of Labor Statistics. Lumber includes wood products. indexes of selected materials and all building materials bom Latest figures shown are for April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1955 FOR THE YEAR 1955 member banks re- losses, and transfers to reserves in 1955 in ported $2,077 million of net current earn- contrast with a net gain of $73 million in ings before income taxes, $250 million more 1954—the only year since 1946 to show than in 1954.1 This increase reflects a rise a net gain. This change from gain to loss in gross current earnings, partly offset by was reflected in a decline from 9.3 to 7.9 per higher expenses. Net profits after taxes were cent in the ratio of net profits to average nevertheless lower than in the previous year, total capital accounts. Cash dividends deowing principally to a substantial decline in clared amounted to $501 million, $45 milprofits on sales of securities. There was a lion more than in 1954. net loss of $401 million in recoveries, profits, The ratio of average total capital accounts to average total assets was 7.3 per cent, a NOTE.—This article was prepared by Lee W. Langham of the Board's Division of Bank Operations. slight increase from 1954. The ratio of *Net current earnings are gross current operating average total capital accounts to average earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, total assets other than cash assets and United recoveries, and transfers to and from valuation re- States Government securities decreased to serves, and before taxes on net income. MEMBER BANK EARNINGS, 1944-55 [Dollar amounts in millions] Item 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 Earnings $1,874 $2,102 $2,403 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 On U. S. Government securities 802 997 1,054 921 855 859 865 832 929 1,011 1,066 1,118 On other securities i 158 139 148 149 158 169 190 211 235 252 273 296 On loans 563 588 772 1,044 1,308 1,427 1,634 2,003 2,306 2,632 2,711 3,083 Service charges on deposit accounts. . 86 87 100 119 141 158 172 187 198 219 252 274 Other earnings 265 291 328 346 367 373 403 436 452 477 523 572 Expenses 1,127 1,268 1,469 1,650 1,795 1,889 2,020 2,232 2,501 2,782 2,999 3,265 Salaries and wages 525 580 699 797 876 926 1,000 1,125 1,244 1,371 1,463 1,571 Interest on time deposits 144 183 212 236 250 261 271 306 365 425 494 543 Taxes other than income 83 83 82 88 90 96 109 115 118 125 140 149 Other expenses 375 476 529 579 605 640 686 775 860 902 1,002 Net current earnings before income taxes. 747 835 934 929 1,033 1,097 1,245 1,437 1,619 1,809 1,828 2,077 Profits on securities 116 239 183 90 55 64 82 52 29 35 375 51 Recoveries2 202 215 173 142 135 91 93 87 84 86 117 113 Losses and charge-offs3 232 230 247 251 195 166 149 202 226 332 254 426 Net increase in valuation reserves.... 173 125 121 128 68 40 165 139 Profits before income taxes 833 1,058 1,043 910 854 961 1,150 1,247 1,437 1,558 1,900 1,676 Taxes on net income 184 270 285 257 234 275 369 491 608 692 804 691 Net profits 649 788 758 653 621 686 781 756 829 865 1,096 985 Cash dividends declared5 226 246 267 281 294 313 346 371 390 419 456 501 Ratio of net profits to average total capital accounts 9.7 10.9 9.6 7.9 7.2 7.6 8.3 7.6 7.9 7.8 9.3 7.9 Number of banks at end of year 6,814 6,884 6,900 6,923 6,918 6,892 6,873 6,840 6,798 6,743 6,660 6,543 1 Not reported separately prior to 1945; data for 1944 are estimated. 4 Not reported separately; transfers to these reserves were included 2 Beginning with 1948, includes recoveries credited either to un- with losses, and transfers from these reserves were included with redivided profits or to valuation reserves; see footnote 4. coveries. Such amounts are estimated to have been relatively small 3 Beginning with 1948, includes losses charged either to undivided prior to 1947. profits or to valuation reserves; see footnote 4. 5 Includes interest on capital notes and debentures. 436 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1955 437 15.4 per cent from 16.1 per cent in 1954. CHANGES IN MEMBER BANK LOANS AND INVESTMENTS 1955 This decline reflected a substantial increase [Dollar amounts in millions] in holdings of loans and a decrease in holdings of United States Government securities. Change from Dec. 31, 19541 Dec. 31, EARNINGS AND EARNING ASSETS Item 1955 Per- Amount centage Earning assets of member banks at year- Total loans and investments. $135,360 $+3,758 + 2.9 end 1955 were $3.8 billion larger than a Loans2 70,982 +10,732 + 17.8 year earlier. An annual increase of $10.7 Commercial and industrial.... 31,019 + 6,012 +24.0 Agricultural 2,726 -804 228 billion in loans had been largely offset by a For purchasing and carrying securities 4,710 +466 + 11.0 decline of $7.1 billion in holdings of United Real estate 16,391 + 1,957 + 13.6 Other loans to individuals 14,313 +2,186 + 18.0 States Government securities. Holdings of All other 2,943 + 1,085 + 58.4 U. S. Government securities 50,697 -7,112 -12.3 other securities, including obligations of Treasury bills, notes, and certificates 16,496 -4,350 -20.9 States and political subdivisions, were prac- Bonds3 34,202 -2,762 -7.5 tically unchanged, after an increase of almost Other securities 13,680 + 138 + 1.0 State and local government 10,444 -5 $1.6 billion in the latter category during Other 3,236 + 142 +4.6 1954. 1 Figures for Dec. 31,1955 are not entirely comparable with those of Dec. 31, 1954 as a result of loan classification corrections incident to Gross current operating earnings were loan surveys and a rearrangement of the loan schedule and a clarification of related instructions. $516 million above the figure for 1954, 2 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. largely because of increased earnings on 3 Includes small holdings of guaranteed obligations. loans and United States Government securi- Loans to individuals for household, ties. The average rate of return on loans family, and other personal expenditures inadvanced to 4.77 per cent, and on United creased $2.2 billion as compared with only States Government securities to 2.09 per $0.2 billion in 1954 and real estate loans cent. Average total holdings of loans in- increased $2.0 billion. Agricultural loans, creased $7.1 billion and of securities other the only category to decline during 1955, than those of the United States Government were $0.8 billion lower than at the end of $1.0 billion; average holdings of United 1954 when holdings included a large issue States Government obligations declined of CCC certificates of interest. about $1 billion.2 EXPENSES Commercial and industrial loans, after declining for two consecutive years, in- Total current operating expenses increased creased $6 billion and accounted for more 8.9 per cent over 1954, with advances in all than half the total increase in loans by mem- categories. Salaries and wages continued ber banks. According to sample data by to be the largest item; the increase of $109 industry groups, increased borrowing oc- million in this item was due to the larger curred in all major classifications of business, number of officers and employees and inbut sales finance companies accounted for creased average compensation. Interest paid about one-quarter of the increase. Changes on time deposits rose $49 million, reflecting in member bank holdings of loans and invest- an increase of $1.9 billion in the average ments are shown in the accompanying table. volume of time deposits as well as a rise in the average rate of interest paid to 1.36 per 2 Average holdings of earning assets during the year cent. differ considerably from year-end holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN • MAY 1956 LOSSES, CHARGE-OFFS, RECOVERIES, AND all securities held as compared with 0.35 PROFITS3 per cent at the end of 1954. Losses, charge-offs, recoveries, profits, and DIVIDENDS AND CAPITAL changes in valuation reserves during the year The cash dividends of $501 million disresulted in a net loss of $401 million as comtributed in 1955 exceeded the previous year's pared with a $73 million net gain in 1954. payment by $45 million. The ratio of cash Profits on sales of securities were down $324 dividends to average total capital accounts million from 1954, while losses and chargewas 4.0 per cent, slightly higher than in offs on securities were up substantially, $187 1954. The distribution amounted to 51 per million. Losses and charge-offs of $94 milcent of net profits as compared with 42 per lion on loans were about the same as last cent in 1954 when net profits were much year but offsetting recoveries declined $8 larger. million. Net losses and charge-offs on loans Retained earnings accounted for 84 per were 1.2 per cent of total earnings on loans. cent of the increase in total capital accounts VALUATION RESERVES as compared with 72 per cent in 1954 and The net increase in valuation reserves on 80 per cent in 1953. The decline in this loans was $176 million, considerably more percentage in 1954 was due to substantial sales of bank stock. than the $102 million in 1954 and $51 million in 1953. The larger increases in the INCOME TAXES past two years are attributable for the most Taxes on income declined $113 million, repart to increased loan volume and to a re- flecting the lower net profits for 1955. They vision in the method of computation for in- amounted to 41 per cent of profits before come tax purposes prescribed by ruling of income taxes as compared with 42 per cent the Bureau of Internal Revenue on April 8, in 1954. 1954. The ruling permitted larger annual A summary of factors contributing to the additions to reserves and higher reserve ceil- decrease in net profits of member banks in 1955 appears in the accompanying table. ings for most banks. At the end of 1955 valuation reserves on loans were 1.6 per cent FACTORS IN LOWER NET PROFITS of total loan holdings, the same as a year [In millions of dollars] earlier. Net transfers to valuation reserves on se- Item fro C m h a 1 n 9 g 5 e 41 curities were $26 million. Losses charged Decrease in net profits -111 directly to these reserves exceeded re- Factors increasing net profits, total +672 coveries, however, and reduced the reserves Increase in earnings on loans 372 Smaller provision for taxes on net income 113 Increase in miscellaneous current earnings 70 by $37 million. At the end of the year, Increase in earnings on U. S. Government securities. 52 Smaller net increase in valuation reserves 26 valuation reserves of $212 million on securi- Increase in earnings on other securities 23 Decrease in miscellaneous losses] 16 ties were 0.33 per cent of the book value of Factors decreasing net profits, total -784 Decrease in profits on sales of securities. 324 Increase in expenses 267 3 In this analysis, losses and charge-offs comprise Increase in net losses on securities 2 181 Increase in net losses on loans 2 9 those debited to either undivided profits or valuation Decrease in miscellaneous recoveries . .. 3 reserves, and recoveries are those credited to either account; transfers between undivided profits and valua- 1 Details may not add to totals because of rounding. tion reserves are not included. 2 Includes recoveries credited and losses charged either to undivided profits or to valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1955 439 EARNINGS AND PROFITS BY CLASS OF BANK York; the increases amounted to 9 per cent at reserve city and country banks. The per- Net profits decreased at all reserve classificacentage of net current earnings carried down tions of member banks, although substantial to net profits varied only slightly. increases in net current earnings before in- The decline in ratio of net profits to avercome taxes were reported by each class. age total capital accounts from 9.3 per Earnings on loans were generally larger, cent to 7.9 per cent at all member banks increasing 15.5 per cent at central reserve was reflected in all reserve classifications, city banks, 13.8 per cent at reserve city with a decrease of 2.1 percentage points at banks, and 12.8 per cent at country banks. country banks and around 1.1 percentage Earnings on United States Government sepoints at other classes. curities were also larger at all classes of Increases in cash dividends were also rebanks. ported at each reserve classification. Current operating expenses were higher Summary data by class of bank are shown at all reserve classifications, with increases in the table below, and detailed figures on ranging from 5 per cent at Chicago to 10 per earnings and related items appear on pages cent at central reserve city banks in New 510-518 of this BULLETIN. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1955 AND 1954 [Dollar amounts in millions] Central reserve city banks Total ci R ty e s b e a r n ve ks C b o a u n n k t s ry Item New York Chicago 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 Earnings $5,343 $4,826 $867 $777 $209 $192 $2,095 $1,888 $2,173 $1,969 On U. S. Government securities. 1,118 1,066 156 153 57 56 420 399 485 458 On other securities 296 273 51 49 15 13 112 103 117 108 On loans 3,083 2,711 484 417 105 93 1,232 1,082 1,263 1,119 All other 846 776 176 158 32 30 331 304 308 284 Expenses 3,265 2,999 472 428 111 106 1,274 1,169 1,408 1,295 Salaries and wages 1,571 1,463 253 232 56 52 605 567 658 611 Interest on time deposits. 543 494 43 41 17 16 230 207 254 230 All other 1,151 1,042 176 155 39 38 440 394 496 454 Net current earnings before income taxes. 2,077 1,828 395 348 86 821 719 764 674 Profits on securities 51 375 7 61 19 25 174 13 121 Recoveries 1 113 117 19 26 3 41 42 46 45 Losses and charge-offs2 426 254 77 28 9 174 110 157 107 Net increase in valuation reserves. 139 165 25 34 6 43 75 63 50 Profits before income taxes. 1,676 1,900 319 374 83 92 671 751 603 683 Taxes on net income 691 804 133 161 34 39 278 348 246 257 Net profits 985 1,096 187 213 49 53 393 403 357 427 Cash dividends declared3. 501 456 124 113 21 20 202 181 154 143 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts 16.6 15.6 14.4 13.1 16.0 14.9 18.3 17.4 16.4 15.5 Average total assets 1.22 1.12 1.26 1.14 1.19 1.07 1.23 1.14 1.19 1.10 Net profits to- Average total capital accounts. 7.9 9.3 6.8 8.0 8.1 9.2 9.8 7.7 9.8 Average total assets 0.58 0.67 0.59 0.70 0.60 0.66 0.59 0.64 0.56 0.70 i Includes recoveries credited either to undivided profits or to 2 Includes losses charged either to undivided profits or to valuation valuation reserves. reserves. 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1, 1956 was the 15th anniversary through D issues; in 1941 Series F and G of the first sale of the Series E United savings bonds were offered as well as E's; States savings bond. Since 1941 this bond and in 1952, when the savings bond prohas been the heart of the United States sav- gram was reorganized, Series J and K bonds ings bond program. It is currently owned were substituted for the F's and G's and by more than 40 million individuals and a new H series was inaugurated. represents nearly one-seventh of the Fed- From the beginning, in 1935, the undereral debt. lying purpose of the savings bond program Treasury sales of savings bonds did not has been to provide small savers with a safe, begin with the E series in 1941, nor have liquid, and attractive investment, while at they consisted only of E bonds since 1941. the same time broadening the ownership of From 1935 through April 1941 the Treas- the Federal debt. The intention has been to ury sold approximately $4 billion savings encourage thrift as well as to interest citizens bonds, known successively as Series A in the fiscal affairs of their Government. Beyond this broad continuing objective, sav- U.S. SAYINGS BONDS ings bonds have been adapted to the temporary fiscal requirements of the Treasury. From 1935 to 1941 the Treasury gained useful experience in selling savings bonds and small savers became familiar with this type of investment. In most important respects the Series A-D issues of this period were identical with the more familiar E's. Like the E's, they were nonmarketable bonds sold on a discount basis, yielding 2.9 per cent if held 10 years to maturity, and redeemable on demand at a yield sacrifice before maturity. WARTIME EXPERIENCE Series E, F, and G savings bonds were introduced in 1941 as part of an expanded program of defense financing, and later they were adapted to the more pressing 1940 1945 1950 1955 needs of war finance. They attracted sav- NOTE.—Treasury Department data for calendar years. Re- ings directly from the public, thereby reducdemptions are at issue price. Special offerings of Series F and G bonds explain the 1948 and 1950 sales increases shown in the lower grid of the chart. ing the need for Treasury borrowing from 440 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES SAVINGS BONDS 441 banks, and they immobilized excess cash like the E's, but the G series was an income balances which might otherwise have bid bond designed for coupon-conscious invesup prices of scarce consumer items. In ad- tors. Purchased at par, the G's paid interest dition, the feature that permitted redemption semiannually and were redeemable before before maturity without capital loss ap- maturity at less than par. pealed to investors who remembered the decline of prices on marketable Govern- EARLY POSTWAR EXPERIENCE ment bonds after World War I. As the war drew to a close, the pace of E Intensive utilization of the sales tech- bond redemptions accelerated. When it beniques developed from 1935 to 1941, in- came apparent in 1946 that the postwar troduction of the payroll savings plan, and problem was scarcity rather than unemployexpansion of sales outlets all contributed ment of resources, the spending potential to an extraordinary increase in savings bond inherent in the nearly $50 billion of redeemsales after 1941. Other contributing factors able savings bond debt was considered to were appeals to patriotism, and the dearth be an inflationary threat. The postwar of consumer goods and private investments savings bond program was therefore focused as alternative uses for excess cash. on maintaining the savings bond debt intact, Sales of E bonds rose from approximately with sales efforts directed toward offsetting $1 billion in 1941 to $12.4 billion in 1944. redemptions. While sales of F and G bonds expanded In the early postwar years (1946-50) more slowly, they also rose from $1.4 billion total sales of savings bonds declined but to $3.7 billion. Savings bonds outstanding nevertheless exceeded redemptions.1 Berose from about $3 billion in 1940 to more havior differed, however, for small and than $40 billion at the end of 1944, and large denomination bonds. For E bonds; from 6 to approximately 18 per cent of the in denominations of $100 or less, redemp- Federal debt. tions exceeded sales. For larger denomi- Before the war, A-D bonds were sold nation E bonds, the balance was reversed; to both individuals and institutions, but an- in the years 1947 through 1949, sales exnual purchases per buyer were limited to ceeded redemptions by more than $1.0 bil- $10,000 (maturity value). The offering lion annually. Net sales of F and G bonds of F and G bonds in 1941 was the first of also continued in the early postwar period, several changes in terms, each of which has totaling between $1.5 and $2.4 billion in increased the annual availability of savings every year but one from 1946 through 1950. bonds to larger investors. While only in- KOREA AND AFTER dividuals could buy the new E bonds and Beginning in 1951, the over-all balance in only in amounts up to $5,000 a year (matuthe Treasury savings bond program shifted rity value), both individuals and institufrom net sales to net redemptions. Net retions could purchase F and/or G bonds demptions exceeded $1 billion in 1951, in amounts up to $50,000 a year (cost reflecting a cut in sales to less than $4 bilprice). In 1942 this upper limit was raised lion, the smallest amount since 1941. After to $ 100,000. Yields at maturity (12 years) on F and G bonds were 2.53 and 2.50 per 1 Throughout this article redemptions are considcent. The F series was a discount issue, ered at issue price, excluding accrued discount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN • MAY 1956 UNITED STATES SAVINGS BONDS in April 1952 the Treasury revised the terms of its savings bond offerings. Pur- Net sales or Amount redemptions (—)3 chase limits were raised from $10,000 to outstanding (In billions) $20,000 on E bonds and from $100,000 End of calendar year As a to $200,000 on new J and K bonds, which percentbill I i n ons * a t g o e t a o l f se A ri l e l s an A d - E H F a , n d G , K J were substituted for the F's and G's. The Federal yield at maturity on J's and K's was set at 2.76 per cent, and the yield on E's was 1940.. $ 3.2 6.3 $ .9 $ .9 1941.. 6.1 9.6 2.9 1.5 1.4 raised to 3 per cent. A new H bond was 1942.. 15.1 13.5 8.8 5.7 3.1 1943.. 27.4 16.2 12.2 8.9 3.3 inaugurated in denominations of $500 to 1944.. 40.4 17.5 12.7 9.3 3.4 1945. 48.2 17.4 7.5 4.7 2.7 $10,000, and a $10,000 denomination E 1946. 49.8 19.3 1.2 -1.2 2.4 1947. 52.1 20.5 1.8 1.9 bond was offered for the first time. The 1948. 55.1 22.0 2.5 '.2 2.2 1949. 56.7 22.2 1.1 .3 new H series was an income bond like the 1950. 58.0 22.8 1.5 G's, but it resembled the E's in eligibility, 1951. 57.6 22.4 -1.2 -.9 -.3 1952. 57.9 21.8 -.4 -.3 purchase limits, and yield. 1953. 57.7 21.1 -.3 \l -1.1 1 1 9 9 5 55 4. . 5 5 7 7 . . 9 7 2 2 0 0 . . 8 9 - - . . 2 2 1 1 . . 4 0 - - 1 1. . 1 6 Sales response to the 1952 revision of 1956 (end of April). 57.7 21.2 -.5 -1.0 terms was slow, partly because of further interest rate advances in late 1952 and the 1 Current redemption value; includes accrued interest. 2 Total direct and guaranteed interest-bearing debt. first half of 1953. Beginning with the full 3 Redemptions at issue price; details for series may not add to total because of rounding. year 1953, however, sales gained steadily. 1951, sales recovered and in 1954 and 1955 In part this pickup reflected renewed promorose to the highest levels since 1948. Al- tion of savings bonds by the Treasury, the though gross redemptions reached historical growing popularity of the new H series, and peaks in 1954 and 1955 and continued to the decline of market interest rates from exceed sales, the margin of net redemptions mid-1953 to mid-1954. Sales of J and K narrowed to negligible proportions. bonds were particularly responsive to the The shift to net redemptions after 1950 1954 decline of interest rates, nearly triplwas initially an outgrowth of the Korean ing their 1953 level. By the end of 1955, War. Price increases during late 1950 and although rising market yields had again early 1951 led to anticipatory buying of erased the marginal advantage of fixed goods, which inhibited regular savings bond yields on J's and K's, 1955 sales were double sales and encouraged redemptions. After the 1953 level. the return to relative price stability in 1951, Starting in May 1953 savings bond remarket interest rates began to rise. By the demptions began to be dominated by the year-end yields on marketable Treasury large maturities of the F and G series insecurities with maturities equivalent to those itiated in 1941 as part of war financing. of savings bonds had advanced above the Maturities of E bonds had first appeared in 2.5 per cent rates obtainable from Series F 1951, but had not caused any marked and G bonds, and interest returns on other change in the level of total redemptions beinvestments had also risen. During the year cause owners of maturing issues had gensales of F and G bonds declined nearly 70 erally elected to take advantage of the Treasper cent from their 1950 level. ury option to extend their holdings for a To adjust to current market conditions, second investment period. In 1952, fur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES SAVINGS BONDS 443 thermore, when other savings bond terms resented by time deposits and savings and were revised, the yield on extended E's had loan shares, as well as savings bonds. Savbeen raised from 2.9 to 3.0 per cent. It was ings and loan shares totaled $32.3 billion decided, however, not to extend comparable and time deposits $76.6 billion. About $7 options to holders of F and G maturities, billion or 12 per cent of the savings bond and as a result redemptions of maturing F's debt reflected accrued discount, and $37.5 and G's from 1953 through 1955 more than billion or approximately 65 per cent repoffset net sales of all other series. resented E bonds. Recently, market interest rates have advanced above the fixed yields on all savings bonds, a situation that has existed only once Taking the period as a whole, since the before, in late May and early June 1953. program was first introduced the Treasury Partly in consequence, in the first four has provided useful investment instruments months of 1956 savings bond sales were that have met the varying needs of millions 13 per cent below the same period in 1955, of small savers. As a result, savings bonds with declines in H, J, and K issues. are now widely held and in the aggregate At the end of December 1955 savings make up a substantial part of the Federal bonds outstanding totaled $57.9 billion, debt. In recent years the outstanding total about 21 per cent of the Federal debt and of these special securities has been remarkabout 35 per cent of liquid assets as rep- ably stable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Margin Requirement Congress assembled, That this Act may be cited The Board of Governors of the Federal Reserve as the "Bank Holding Company Act of 1956". System, effective May 1, 1956, adopted a technical amendment to Regulation T which relates to mar- DEFINITIONS gin requirements of brokers, dealers and members SEC. 2 (a) "Bank holding company" means any of national securities exchanges. company (1) which directly or indirectly owns, The amendment changes the maximum period controls, or holds with power to vote, 25 per allowed for a broker to obtain margin in a margin centum or more of the voting shares of each of account from three full business days to four. It two or more banks or of a company which is or is designed to simplify mechanical operating prob- becomes a bank holding company by virtue of lems of brokers in the light of current mail sched- this Act, or (2) which controls in any manner the ules and brokers' machine bookkeeping methods. election of a majority of the directors of each of However, the regulation continues to require that two or more banks, or (3) for the benefit of whose the broker in all cases obtain the necessary deposit shareholders or members 25 per centum or more of margin "as promptly as possible"; and the new of the voting shares of each of two or more banks four-day period, like the previous three-day period, or a bank holding company is held by trustees; merely states an outside limit which is to be used and for the purposes of this Act, any successor to by the broker only to the extent that it is not pos- any such company shall be deemed to be a sible for him to obtain the margin in less time. bank holding company from the date as of which The text of the amendment is as follows: such predecessor company became a bank holding company. Notwithstanding the foregoing (A) AMENDMENT NO. 12 TO REGULATION T no bank shall be a bank holding company by Effective May 1, 1956, Regulation T is hereby virtue of its ownership or control of shares in a amended (1) by striking out the words "three fiduciary capacity, except where such shares are full business days" in subsection (b) of section 3 held for the benefit of the shareholders of such and substituting therefor the words "four full busi- bank, (B) no company shall be a bank holding ness days"; (2) by striking out the words "three- company which is registered under the Investday period" wherever they appear in subsections ment Company Act of 1940, and was so registered (e) and (f) of section 3 and substituting therefor prior to May 15, 1955 (or which is affiliated the words "four-day period"; and (3) by striking with any such company in such manner as to out the words "or 'three-day riding' " in the foot- constitute an affiliated company within the meannote to subsection (e) of section 3. ing of such Act), unless such company (or such affiliated company), as the case may be, directly Bank Holding Company Act of 1956 owns 25 per centum or more of the voting shares The Bank Holding Company Act of 1956 was of each of two or more banks, (C) no company approved May 9, 1956 (Public Law 511, Chapter shall be a bank holding company by virtue of its 240, 84th Congress, 2d Session. H. R. 6227). ownership or control of shares acquired by it in The text of the Act is as follows: connection with its underwriting of securities and which are held only for such period of time AN ACT as will permit the sale thereof upon a reasonable To define bank holding companies, control their future expan- basis, (D) no company formed for the sole pursion, and require divestment of their nonbanking interests. pose of participating in a proxy solicitation shall Be it enacted by the Senate and House of Repbe a bank holding company by virtue of its control resentatives of the United States of America in 444 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 445 of voting rights of shares acquired in the course by regulation, further define the term "successor" of such solicitation, and (E) no company shall to the extent necessary to prevent evasion of the be a bank holding company if at least 80 per purposes of this Act. centum of its total assets are composed of holdings (f) "Board" means the Board of Governors in the field of agriculture. of the Federal Reserve System. (b) "Company" means any corporation, busi- (g) "Agriculture", as used in section 2 (a), ness trust, association, or similar organization, but includes farming in all its branches including shall not include (1) any corporation the majority fruitgrowing, dairying, the raising of livestock, of the shares of which are owned by the United bees, fur-bearing animals, or poultry, forestry or States or by any State, or (2) any corporation or lumbering operations, and the production of naval community chest, fund, or foundation, organized stores, and operations directly related thereto. and operated exclusively for religious, charitable, or educational purposes, no part of the net earn- ACQUISITION OF BANK SHARES OR ASSETS ings of which inures to the benefit of any private SEC. 3. (a) It shall be unlawful except with shareholder or individual, and no substantial part the prior approval of the Board (1) for any action of the activities of which is carrying on propa- to be taken which results in a company becoming ganda, or otherwise attempting to influence legis- a bank holding company under section 2 (a) lation, or (3) any partnership. of this Act; (2) for any bank holding company (c) "Bank" means any national banking as- to acquire direct or indirect ownership or control sociation or any State bank, savings bank, or trust of any voting shares of any bank if, after such company, but shall not include any organization acquisition, such company will directly or inoperating under section 25 (a) of the Federal directly own or control more than 5 per centum Reserve Act, or any organization which does not of the voting shares of such bank; (3) for any do business within the United States. "State bank holding company or subsidiary thereof, member bank" means any State bank which is other than a bank, to acquire all or substantially a member of the Federal Reserve System. "Dis- all of the assets of a bank; or (4) for any bank trict bank" means any State bank organized or holding company to merge or consolidate with operating under the Code of Law for the District any other bank holding company. Notwithstandof Columbia. ing the foregoing this prohibition shall not apply (d) "Subsidiary", with respect to a specified to (A) shares acquired by a bank, (i) in good bank holding company, means (1) any company faith in a fiduciary capacity, except where such 25 per centum or more of whose voting shares shares are held for the benefit of the shareholders (excluding shares owned by the United States or of such bank, or (ii) in the regular course of by any company wholly owned by the United securing or collecting a debt previously contracted States) is owned or controlled by such bank hold- in good faith, but any shares acquired after the ing company; or (2) any company the election of date of enactment of this Act in securing or cola majority of whose directors is controlled in lecting any such previously contracted debt shall any manner by such bank holding company; or be disposed of within a period of two years from (3) any company 25 per centum or more of the date on which they were acquired; or (B) whose voting shares are held by trustees for the additional shares acquired by a bank holding combenefit of the shareholders or members of such pany in a bank in which such bank holding combank holding company. pany owned or controlled a majority of the voting (e) The term "successor" shall include any shares prior to such acquisition. company which acquires directly or indirectly (b) Upon receiving from a company any from a bank holding company shares of any application for approval under this section, the bank, when and if the relationship between such Board shall give notice to the Comptroller of the company and the bank holding company is such Currency, if the applicant company or any bank that the transaction effects no substantial change the voting shares or assets of which are sought in the control of the bank or beneficial ownership to be acquired is a national banking association of such shares of such bank. The Board may, or a District bank, or to the appropriate super- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN • MAY 1956 visory authority of the interested State, if the maintains its principal office and place of business applicant company or any bank the voting shares or in which it conducts its principal operations or assets of which are sought to be acquired is a unless the acquisition of such shares or assets of State bank, and shall allow thirty days within a State bank by an out-of-State bank holding comwhich the views and recommendations of the pany is specifically authorized by the statute laws Comptroller of the Currency or the State super- of the State in which such bank is located, by visory authority, as the case may be, may be language to that effect and not merly by implicasubmitted. If the Comptroller of the Currency tion. or the State supervisory authority so notified by the Board disapproves the application in writing within said thirty days, the Board shall forthwith INTERESTS IN NONBANKING ORGANIZATIONS give written notice of that fact to the applicant. SEC. 4 (a) Except as otherwise provided in this Within three days after giving such notice to the Act, no bank holding company shall— applicant, the Board shall notify in writing the (1) after the date of enactment of this Act applicant and the disapproving authority of the acquire direct or indirect ownership or control date for commencement of a hearing by it on of any voting shares of any company which is such application. Any such hearing shall be not a bank, or commenced not less than ten nor more than thirty (2) after two years from the date of enactdays after the Board has given written notice to ment of this Act or from the date as of which the applicant of the action of the disapproving it becomes a bank holding company, whichever authority. The length of any such hearing shall is later, retain direct or indirect ownership or be determined by the Board, but it shall afford control of any voting shares of any company all interested parties a reasonable opportunity to which is not a bank or a bank holding company testify at such hearing. At the conclusion thereof, or engage in any business other than that of the Board shall by order grant or deny the applicabanking or of managing or controlling banks or tion on the basis of the record made at such of furnishing services to or performing services hearing. for any bank of which it owns or controls 25 (c) In determining whether or not to approve per centum or more of the voting shares. any acquisition or merger or consolidation under The Board is authorized, upon application by a this section, the Board shall take into consideration bank holding company, to extend the period rethe following factors: (1) the financial history ferred to in paragraph (2) above from time to and condition of the company or companies and time as to such bank holding company for not the banks concerned; (2) their prospects; (3) more than one year at a time if, in its judgment, the character of their management; (4) the con- such an extension would not be detrimental to venience, needs, and welfare of the communities the public interest, but no such extensions shall and the area concerned; and (5) whether or not extend beyond a date five years after the date of the effect of such acquisition or merger or con- enactment of this Act or five years after the date solidation would be to expand the size or extent as of which a company becomes a bank holding of the bank holding company system involved company, whichever is later. beyond limits consistent with adequate and sound (b) After two years from the date of enactment banking, the public interest, and the preservation of this Act, no certificate evidencing shares of any of competition in the field of banking. bank holding company shall bear any statement (d) Notwithstanding any other provision of purporting to represent shares of any other comthis section, no application shall be approved pany except a bank or a bank holding company, under this section which will permit any bank nor shall the ownership, sale, or transfer of holding company or any subsidiary thereof to shares of any bank holding company be condiacquire, directly or indirectly, any voting shares tioned in any manner whatsoever upon the ownerof, interest in, or all or substantially all of the ship, sale, or transfer of shares of any other assets of any additional bank located outside of company except a bank or a bank holding comthe State in which such bank holding company pany. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 447 (c) The prohibitions in this section shall not or acquired by a bank holding company which apply— do not include more than 5 per centum of (1) to shares owned or acquired by a bank the outstanding voting securities of such comholding company in any company engaged pany, and do not have a value greater than 5 solely in holding or operating properties used per centum of the value of the total assets of wholly or substantially by any bank with respect the bank holding company, or to the ownerto which it is a bank holding company in its ship by a bank holding company of shares, operations or acquired for such future use or securities, or obligations of an investment comengaged solely in conducting a safe deposit pany which is not a bank holding company and business, or solely in the business of furnishing which is not engaged in any business other services to or performing services for such than investing in securities, which securities holding company and banks with respect to do not include more than 5 per centum of the which it is a bank holding company, or in outstanding voting securities of any company liquidating assets acquired from such bank and do not include any single asset having a holding company and such banks; value greater than 5 per centum of the value (2) to shares acquired by a bank holding of the total assets of the bank holding company; company which is a bank, or by any banking (6) to shares of any company all the activisubsidiary of a bank holding company, in ties of which are of a financial, fiduciary, or satisfaction of a debt previously contracted in insurance nature and which the Board after good faith, but such bank holding company due notice and hearing, and on the basis of or such subsidiaries shall dispose of such shares the record made at such hearing, by order has within a period of two years from the date on determined to be so closely related to the which they were acquired or from the date of business of banking or of managing or controllenactment of this Act, whichever is later; ing banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions (3) to shares acquired by a bank holding of this section to apply in order to carry out company from any of its subsidiaries which subthe purposes of this Act; sidiary has been requested to dispose of such (7) to any bank holding company which is shares by any Federal or State authority hava labor, agricultural, or horticultural organiing statutory power to examine such subsidiary, zation and which is exempt from taxation under but such bank holding company shall dispose section 501 of the Internal Revenue Code of of such shares within a period of two years 1954; or from the date on which they were acquired or (8) to shares held or acquired by a bank from the date of enactment of this Act, whichholding company in any company which is ever is later; organized under the laws of a foreign country (4) to shares which are held or acquired and which is engaged principally in the banking by a bank holding company which is a bank or business outside the United States. by any banking subsidiary of a bank holding company, in good faith in a fiduciary capacity, ADMINISTRATION except where such shares are held for the benefit SEC. 5. (a) Within one hundred and eighty days of the shareholders of such bank holding com- after the date of enactment of this Act, or within pany or any of its subsidiaries, or to shares one hundred and eighty days after becoming a which are of the kinds and amounts eligible for bank holding company, whichever is later, each investment by National banking associations bank holding company shall register with the under the provisions of section 5136 of the Board on forms prescribed by the Board, which Revised Statutes, or to shares lawfully acquired shall include such information with respect to and owned prior to the date of enactment of the financial condition and operations, managethis Act by a bank which is a bank holding ment, and intercompany relationships of the bank company, or by any of its wholly owned sub- holding company and its subsidiaries, and related sidiaries; matters, as the Board may deem necessary or ap- (5) to shares of any company which are held propriate to carry out the purposes of this Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN • MAY 1956 The Board may, in its discretion, extend the time such collateral shall not be held for a period within which a bank holding company shall of over two years; register and file the requisite information. (3) to purchase securities, other assets or (b) The Board is authorized to issue such regu- obligations under repurchase agreement from lations and orders as may be necessary to enable it a bank holding company of which it is a subto administer and carry out the purposes of this sidiary or any other subsidiary of such bank Act and prevent evasions thereof. holding company; and (c) The Board from time to time may require (4) to make any loan, discount or extension reports under oath to keep it informed as to of credit to a bank holding company of which whether the provisions of this Act and such regu- it is a subsidiary or to any other subsidiary of lations and orders issued thereunder have been such bank holding company. complied with; and the Board may make examina- Non-interest-bearing deposits to the credit of tions of each bank holding company and each a bank shall not be deemed to be a loan or adsubsidiary thereof, the cost of which shall be vance to the bank of deposit, nor shall the giving assessed against, and paid by, such holding com- of immediate credit to a bank upon uncollected pany. The Board shall, as far as possible, use items received in the ordinary course of business the reports of examinations made by the Comp- be deemed to be a loan or advance to the deposittroller of the Currency, the Federal Deposit In- ing bank. surance Corporation, or the appropriate State bank (b) The provisions of this section shall not supervisory authority for the purposes of this apply (1) to the capital stock, bonds, debentures, section. or other obligations of any company described in (d) Before the expiration of two years follow- section 4 (c) (1) of this Act, or (2) to any coming the date of enactment of this Act, and each pany whose subsidiary status has arisen out of a year thereafter in the Board's annual report to bona fide debt to the bank contracted prior to the Congress, the Board shall report to the Con- the date of the creation of such status, or (3) gress the results of the administration of this Act, to any company whose subsidiary status exists stating what, if any, substantial difficulties have by reason of the ownership or control of voting been encountered in carrying out the purposes of shares thereof by the bank as executor, adminthis Act, and any recommendations as to changes istrator, trustee, receiver, agent, or depositary, in the law which in the opinion of the Board or in any other fiduciary capacity, except where would be desirable. such shares are held for the benefit of all or a majority of the stockholders of such bank. BORROWING BY BANK HOLDING COMPANY OR ITS SUBSIDIARIES RESERVATION OF RIGHTS TO STATES SEC. 6. (a) From and after the date of enact- SEC. 7. The enactment by the Congress of the ment of this Act, it shall be unlawful for a bank— Bank Holding Company Act of 1956 shall not be (1) to invest any of its funds in the capital construed as preventing any State from exercising stock, bonds, debentures, or other obligations such powers and jurisdiction which it now has of a bank holding company of which it is a or may hereafter have with respect to banks, subsidiary, or of any other subsidiary of such bank holding companies, and subsidiaries thereof. bank holding company; (2) to accept the capital stock, bonds, deben- PENALTIES tures, or other obligations of a bank holding SEC. 8. Any company which willfully violates company of which it is a subsidiary or any any provision of this Act, or any regulation or other subsidiary of such bank holding company, order issued by the Board pursuant thereto, shall as collateral security for advances made to upon conviction be fined not more than $1,000 any person or company: Provided, however, for each day during which the violation continues. That any bank may accept such capital stock, Any individual who willfully participates in a bonds, debentures, or other obligations as violation of any provision of this Act shall upon security for debts previously contracted, but conviction be fined not more than $10,000 or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 449 imprisoned not more than one year, or both. to its stock held by such shareholder), without the surrender by such shareholder of stock in such Every officer, director, agent, and employee of a corporation; or (ii) to a shareholder, in exchange bank holding company shall be subject to the for its preferred stock; or (iii) to a security same penalties for false entries in any book, holder, in exchange for its securities; and (B) the board has, before the distribution, report, or statement of such bank holding comcertified that the distribution of such prohibited pany as are applicable to officers, directors, agents, property is necessary or appropriate to effectuate and employees of member banks for false entries section 4 of the Bank Holding Company Act of 1956, in any books, reports, or statements of member then no gain to the shareholder or security holder banks under section 1005 of title 18, United from the receipt of such property shall be recog- States Code. nized. (2) DISTRIBUTIONS OF STOCK AND SECURITIES RE- CEIVED IN AN EXCHANGE TO WHICH SUBSECTION (c) JUDICIAL REVIEW (2) APPLIES. If SEC. 9. Any party aggrieved by an order of the (A) a qualified bank holding corporation dis- Board under this Act may obtain a review of tributes—(i) common stock received in an exchange to which subsection (c) (2) applies to a such order in the United States Court of Appeals shareholder (with respect to its stock held by within any circuit wherein such party has its such shareholder), without the surrender by such shareholder of stock in such corporation; or (ii) principal place of business, or in the Court of common stock received in an exchange to which Appeals in the District of Columbia, by filing in subsection (c) (2) applies to a shareholder, in the court, within sixty days after the entry of the exchange for its common stock; or (iii) preferred stock or common stock received in an exchange Board's order, a petition praying that the order to which subsection (c) (2) applies to a shareof the Board be set aside. A copy of such peti- holder, in exchange for its preferred stock; or tion shall be forthwith served upon the Board, (iv) securities or preferred or common stock received in an exchange to which subsection (c) and thereupon the Board shall certify and file in (2) applies to a security holder, in exchange for the court a transcript of the record made before its securities; and the Board. Upon the filing of the transcript the (B) any preferred stock received has substantially the same terms as the preferred stock excourt shall have jurisdiction to affirm, set aside, changed, and any securities received have substanor modify the order of the Board and to require tially the same terms as the securities exchanged, the Board to take such action with regard to the then, except as provided in subsection (f), no gain to the shareholder or security holder from the rematter under review as the court deems proper. ceipt of such stock or such securities or such stock The findings of the Board as to the facts, if and securities shall be recognized. supported by substantial evidence, shall be con- (3) NON PRO RATA DISTRIBUTIONS.—Paragraphs (1) and (2) shall apply to a distribution whether or clusive. not the distribution is pro rata with respect to all of the shareholders of the distributing qualified bank AMENDMENTS TO INTERNAL REVENUE CODE holding corporation. OF 1954 (4) EXCEPTION.—This subsection shall not apply to any distribution by a corporation which has made SEC. 10. (a) Subchapter O of chapter 1 of the any distribution pursuant to subsection (b). Internal Revenue Code of 1954 is amended by (5) DISTRIBUTIONS INVOLVING GIFT OR COM- PENSATION.— adding at the end thereof the following new part: In the case of a distribution to which paragraph (1) or (2) applies, but which—(A) results in a gift, PART VIII—DISTRIBUTIONS PURSUANT TO see section 2501, and following, or (B) has the BANK HOLDING COMPANY ACT OF 1956 effect of the payment of compensation, see section Sec. 1101. Distributions pursuant to Bank Holding Company 61 (a) (1). Act of 1956. Sec. 1102. Special rules. (b) CORPORATION CEASING TO BE A BANK HOLDING Sec. 1103. Definitions. COMPANY.— SEC. 1101. DISTRIBUTIONS PURSUANT TO BANK (1) DISTRIBUTIONS OF PROPERTY WHICH CAUSE HOLDING COMPANY ACT OF 1956. A CORPORATION TO BE A BANK HOLDING COMPANY. (a) DISTRIBUTIONS OF CERTAIN NON-BANKING If— PROPERTY.— (A) a qualified bank holding corporation dis- (1) DISTRIBUTIONS OF PROHIBITED PROPERTY.— tributes property (other than stock received in an If— exchange to which subsection (c) (3) applies)— (A) a qualified bank holding corporation dis- (i) to a shareholder (with respect to its stock tributes prohibited property (other than stock held by such shareholder), without the surrender received in an exchange to which subsection (c) by such shareholder of stock in such corporation; (2) applies)—(i) to a shareholder (with respect or (ii) to a shareholder, in exchange for its pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN • MAY 1956 ferred stock; or (iii) to a security holder, in ex- to such corporation with respect to the receipt change for its securities; and of such property was not recognized by reason (B) the Board has, before the distribution, of subsection (a) or (b), or (ii) such property certified that—(i) such property is all or part of was received by it in exchange for all of its stock the property by reason of which such corporation in an exchange to which paragraph (2) or (3) controls (within the meaning of section 2 (a) of applies, or (iii) such property was acquired by the Bank Holding Company Act of 1956) a the distributing corporation in a transaction in bank or bank holding company, or such property which gain was not recognized under section 305 is part of the property by reason of which such (a) or section 332, or under section 354 with corporation did control a bank or a bank holding respect to a reorganization described in section company before any property of the same kind 368 (a) (1) (E) or (F), or was distributed under this subsection or ex- (B) any property which was acquired by the changed under subsection (c) (3); and (ii) the distributing corporation in a distribution with redistribution is necessary or appropriate to effec- spect to stock acquired by such corporation after tuate the policies of such Act, May 15, 1955, unless such stock was acquired then no gain to the shareholder or security holder by such corporation (i) in a distribution (with from the receipt of such property shall be recog- respect to stock held by it on May 15, 1955, nized. or with respect to stock in respect of which all previous applications of this clause are satisfied) (2) DISTRIBUTIONS OF STOCK AND SECURITIES with respect to which gain to it was not recog- RECEIVED IN AN EXCHANGE TO WHICH SUBSECTION nized by reason of subsection (a) or (b), or (ii) (C) (3) APPLIES.—If— in exchange for all of its stock in an exchange to (A) a qualified bank holding corporation dis- which paragraph (2) or (3) applies, or (iii) in tributes—(i) common stock received in an ex- a transaction in which gain was not recognized change to which subsection (c) (3) applies to under section 305 (a) or section 332, or under a shareholder (with respect to its stock held by section 354 with respect to a reorganization desuch shareholder), without the surrender by such scribed in section 368 (a) (1) (E) or (F), or shareholder of stock in such corporation; or (ii) common stock received in an exchange to which (C) any property acquired by the distributing subsection (c) (3) applies to a shareholder, in corporation in a transaction in which gain was exchange for its common stock; or (iii) preferred not recognized under section 332, unless such stock or common stock received in an exchange property was acquired from a corporation which, to which subsection (c) (3) applies to a share- if it had been a qualified bank holding corporaholder, in exchange for its preferred stock; or tion, could have distributed such property under (iv) securities or preferred or common stock subsection (a) (1) or (b) (1). received in an exchange to which subsection (c) (2) EXCHANGES INVOLVING PROHIBITED PROPERTY. (3) applies to a security holder, in exchange for —If— its securities; and (A) Any qualified bank holding corporation (B) any preferred stock received has substan- exchanges (i) property, which, under subsectially the same terms as the preferred stock ex- tion (a) (1), such corporation could distribute changed, and any securities received have sub- directly to its shareholders or security holders stantially the same terms as the securities ex- without the recognition of gain to such sharechanged, holders or security holders, and other property (except property described in subsection (b) then, except as provided in subsection (f), no gain (1) (B) (i)), for (ii) all of the stock of a secto the shareholder or security holder from the ond corporation created and availed of solely receipt of such stock or such securities or such for the purpose of receiving such property; stock and securities shall be recognized. (B) immediately after the exchange, the qual- (3) NON P^O RATA DISTRIBUTIONS.—Paragraphs ified bank holding corporation distributes all of (1) and (2) shall apply to a distribution whether or such stock in a manner prescribed in subsection not the distribution is pro rata with respect to all (a) (2) (A); and of the shareholders of the distributing qualified bank holding corporation. (C) before such exchange, the Board has certified (with respect to the property exchanged (4) EXCEPTION.—This subsection shall not apply which consists of property which, under subto any distribution by a corporation which has made section (a) (1), such corporation could distribute any distribution pursuant to subsection (a). directly to its shareholders or security holders (5) DISTRIBUTIONS INVOLVING GIFT OR COMPEN- without the recognition of gain) that the exchange SATION.— and distribution are necessary or appropriate to In the case of a distribution to which paragraph effectuate section 4 of the Bank Holding Com- (1) or (2) applies, but which—(A) results in a pany Act of 1956, gift, see section 2501, and following, or (B) has then paragraph (1) shall not apply with respect to the effect of the payment of compensation, see such distribution. section 61 (a) (1). (3) EXCHANGES INVOLVING INTERESTS IN BANKS. (c) PROPERTY ACQUIRED AFTER MAY 15, 1955.— —If— (1) IN GENERAL.—Except as provided in para- (A) any qualified bank holding corporation graphs (2) and (3), subsection (a) or (b) shall exchanges (i) property which, under subsection not apply to— (b) (1), such corporation could distribute di- (A) any property acquired by the distributing rectly to its shareholders or security holders withcorporation after May 15, 1955, unless (i) gain out the recognition of gain to such shareholders Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

451 LAW DEPARTMENT or security holders, and other property (except the expiration of the period permitted under section prohibited property), for (ii) all of the stock 4 (a) of the Bank Holding Company Act of 1956 of a second corporation created and availed of (including any extensions thereof granted to such solely for the purpose of receiving such property; corporation under such section 4 (a)), the corpora- (B) immediately after the exchange, the quali- tion has disposed of all the property the disposition fied bank holding corporation distributes all of of which is necessary or appropriate to effectuate such stock in a manner prescribed in subsection section 4 of such Act (or would have been so nec- (b) (2) (A); and essary or appropriate if the corporation had con- (C) before such exchange, the Board has cer- tinued to be a bank holding company). tified (with respect to the property exchanged (2) FOR SUBSECTION (b).— which consists of property which, under subsec- (A) Subsection (b) shall not apply with retion (b) (1), such corporation could distribute spect to any distribution by any corporation unless directly to its shareholders or security holders the Board certifies that, before the expiration of without the recognition of gain) that—(i) such the period specified in subparagraph (B), the property is all or part of the property by reason corporation has ceased to be a bank holding of which such corporation controls (within the company. meaning of section 2 (a) of the Bank Holding Company Act of 1956) a bank or bank holding (B) The period referred to in subparagraph company, or such property is part of the property (A) is the period which expires 2 years after the by reason of which such corporation did control date of the enactment of this part or 2 years a bank or a bank holding company before any after the date on which the corporation becomes property of the same kind was distributed under a bank holding company, whichever date is later. subsection (b) (1) or exchanged under this para- The Board is authorized, on application by any graph; and (ii) the exchange and distribution corporation, to extend such period from time to are necessary or appropriate to effectuate the time with respect to such corporation for not policies of such Act, more than one year at a time if, in its judgment, such an extension would not be detrimental to then paragraph (1) shall not apply with respect the public interest; except that such period may to such distribution. not in any case be extended beyond the date 5 (d) DISTRIBUTIONS TO AVOID FEDERAL INCOME years after the date of the enactment of this part TAX.— or 5 years after the date on which the corporation (1) PROHIBITED PROPERTY.—Subsection (a) shall becomes a bank holding company, whichever not apply to a distribution if, in connection with date is later. such distribution, the distributing corporation re- (f) CERTAIN EXCHANGES OF SECURITIES.—In the tains, or transfers after May 15, 1955, to any cor- case of an exchange described in subsection (a) (2) poration, property (other than prohibited property) (A) (iv) or subsection (b) (2) (A) (iv), subsection as part of a plan one of the principal purposes of (a) or subsection (b) (as the case may be) shall which is the distribution of the earnings and profits apply only to the extent that the principal amount of of any corporation. the securities received does not exceed the principal (2) BANKING PROPERTY.—Subsection (b) shall amount of the securities exchanged. not apply to a distribution if, in connection with SEC. 1102. SPECIAL RULES. such distribution, the distributing corporation retains, or transfers after May 15, 1955, to any cor- (a) BASIS OF PROPERTY ACQUIRED IN DISTRIBUporation, property (other than property described TIONS.—If, by reason of section 1101, gain is not recin subsection (b) (1) (B) (i)) as part of a plan ognized with respect to the receipt of any property, one of the principal purposes of which is the dis- then, under regulations prescribed by the Secretary tribution of the earnings and profits of any cor- or his delegate— poration. (1) if the property is received by a shareholder (3) CERTAIN CONTRIBUTIONS TO CAPITAL.—In with respect to stock, without the surrender by such the case of a distribution a portion of which is shareholder of stock, the basis of the property reattributable to a transfer which is a contribution ceived and of the stock with respect to which it is to the capital of a corporation, made after May 15, distributed shall, in the distributee's hands, be de- 1955, and prior to the date of the enactment of termined by allocating between such property and this part, if subsection (a) or (b) would apply to such stock the adjusted basis of such stock; or such distribution but for the fact that, under para- (2) if the property is received by a shareholder graph (1) or (2) (as the case may be) of this in exchange for stock or by a security holder in subsection, such contribution to capital is part of exchange for securities, the basis of the property a plan one of the principal purposes of which is received shall, in the distributee's hands, be the to distribute the earnings and profits of any cor- same as the adjusted basis of the stock or securities poration, then, notwithstanding paragraph (1) or exchanged, increased by— (2), subsection (a) or (b) (as the case may be) (A) the amount of the property received which shall apply to that portion of such distribution not was treated as a dividend, and attributable to such contribution to capital, and shall (B) the amount of gain to the taxpayer recnot apply to that portion of such distribution at- ognized on the property received (not including tributable to such contribution to capital. any portion of such gain which was treated as (e) FINAL CERTIFICATION.— a dividend). (1) FOR SUBSECTION (a).—Subsection (a) shall (b) PERIODS OF LIMITATION.—The periods of liminot apply with respect to any distribution by a tation provided in section 6501 (relating to limitations corporation unless the Board certifies that, before on assessment and collection) shall not expire, with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN • MAY 1956 respect to any deficiency (including interest and addi- May 15, 1955, if the Bank Holding Company tions to the tax) resulting solely from the receipt of Act of 1956 had been in effect on such date, or property by shareholders in a distribution which is unless it is a bank holding company determined certified by the Board under subsection (a), (b), or solely by reference to—(i) property acquired (c) of section 1101, until five years after the distribut- by it on or before May 15, 1955, (ii) property ing corporation notifies the Secretary or his delegate acquired by it in a distribution in which gain (in such manner and with such accompanying in- to such corporation with respect to the receipt formation as the Secretary or his delegate may by of such property was not recognized by reason regulations prescribe) that the period (including ex- of subsection (a) or (b) of section 1101, and tensions thereof) prescribed in section 4 (a) of the (hi) property acquired by it in exchange for all Bank Holding Company Act of 1956, or section 1101 of its stock in an exchange described in section (e) (2) (B), whichever is applicable, has expired; 1101 (c) (2) or (3). and such assessment may be made notwithstanding (B) A bank holding company shall not be a any provision of law or rule of law which would qualified bank holding corporation by reason of otherwise prevent such assessment. property described in subparagraph (B) of paragraph (1) or clause (ii) of subparagraph (A) (c) ALLOCATION OF EARNINGS AND PROFITS.— of this paragraph, unless such property was ac- (1) DISTRIBUTION OF STOCK IN A CONTROLLED quired in a distribution with respect to stock, CORPORATION.—In the case of a distribution by a which stock was acquired by such bank holding qualified bank holding corporation under section company—(i) on or before May 15, 1955, (ii) 1101 (a) (1) or (b) (1) of stock in a controlled in a distribution (with respect to stock held by it corporation, proper allocation with respect to the on May 15, 1955, or with respect to stock in earnings and profits of the distributing corporation respect of which all previous applications of this and the controlled corporation shall be made under clause are satisfied) with respect to which gain regulations prescribed by the Secretary or his deleto it was not recognized by reason of subsection gate. (a) or (b) of section 1101, or (iii) in exchange (2) EXCHANGES DESCRIBED IN SECTION 1101 (c) for all of its stock in an exchange described in (2) OR (3).—In the case of any exchange described section 1101 (c) (2) or (3). in section 1101 (c) (2) or (3), proper allocation (C) A corporation shall be treated as a qualiwith respect to the earnings and profits of the cor- fied bank holding corporation only if the Board poration transferring the property and the corpora- certifies that it satisfies the foregoing requirements tion receiving such property shall be made under of this subsection. regulations prescribed by the Secretary or his delegate. (c) PROHIBITED PROPERTY.—For purposes of this part, the term "prohibited property" means, in the (3) DEFINITION OF CONTROLLED CORPORATION.— case of any bank holding company, property (other For purposes of paragraph (1), the term "controlled than nonexempt property) the disposition of which corporation" means a corporation with respect to would be necessary or appropriate to effectuate secwhich at least 80 percent of the total combined tion 4 of the Bank Holding Company Act of 1956 if voting power of all classes of stock entitled to vote such company continued to be a bank holding comand at least 80 percent of the total number of pany beyond the period (including any extensions shares of all other classes of stock is owned by the thereof) specified in subsection (a) of such section distributing qualified bank holding corporation. or in section 1101 (e) (2) (B) of this part, as the (d) ITEMIZATION OF PROPERTY.—In any certifica- case may be. The term "prohibited property" does tion under this part, the Board shall make such speci- not include shares of any company held by a bank fication and itemization of property as may be nec- holding company to the extent that the prohibitions essary to carry out the provisions of this part. of section 4 of the Bank Holding Company Act of 1956 do not apply to the ownership by such bank SEC. 1103. DEFINITIONS. holding company of such property by reason of sub- (a) BANK HOLDING COMPANY.—For purposes of section (c) (5) of such section. this part, the term "bank holding company" has the meaning assigned to such term by section 2 of the (d) NONEXEMPT PROPERTY.—For purposes of this Bank Holding Company Act of 1956. part, the term "nonexempt property" means— (1) obligations (including notes, drafts, bills of (b) QUALIFIED BANK HOLDING CORPORATION.— (1) IN GENERAL.—Except as provided in para- exchange, and bankers' acceptances) having a magraph (2), for purposes of this part the term "quali- turity at the time of issuance of not exceeding 24 months, exclusive of days of grace; fied bank holding corporation" means any corporation (as defined in section 7701 (a) (3)) which is (2) securities issued by or guaranteed as to prina bank holding company and which holds prohibited cipal or interest by a government or subdivision property acquired by it—(A) on or before May thereof or by any instrumentality of a government 15, 1955, (B) in a distribution in which gain to or subdivision; or such corporation with respect to the receipt of such (3) money, and the right to receive money not property was not recognized by reason of subsec- evidenced by a security or obligation (other than a tion (a) or (b) of section 1101, or (C) in exchange security or obligation described in paragraph (1) for all of its stock in an exchange described in sec- or (2)). tion 1101 (c) (2) or (c) (3). (e) BOARD.—For purposes of this part, the term (2) LIMITATIONS.— "Board" means the Board of Governors of the Fed- (A) A bank holding company shall not be a eral Reserve System. qualified bank holding corporation, unless it would have been a bank holding company on (b) The table of parts for subchapter O of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 453 chapter 1 of the Internal Revenue Code of 1954 herein contained constitute a defense to any is amended by adding at the end thereof the action, suit, or proceeding pending or hereafter following: instituted on account of any prohibited antitrust or monopolistic act, action, or conduct. Part VIII. Distributions pursuant to Bank Holding Company Act of 1956 SEPARABILITY OF PROVISIONS (c) The amendments made by this section SEC. 12. If any provision of this Act, or the shall apply with respect to taxable years ending application of such provision to any person or after the date of the enactment of this Act. circumstance, shall be held invalid, the remainder of the Act, and the application of such provision SAVING PROVISION to persons or circumstances other than those to SEC. 11. Nothing herein contained shall be which it is held invalid, shall not be affected interpreted or construed as approving any act, thereby. action, or conduct which is or has been or may be in violation of existing law, nor shall anything Approved May 9, 1956. Current Events and Announcements FEDERAL RESERVE MEETINGS in the United States, by Classes, for those series that are estimated monthly. These tables, together A meeting of the Presidents of the Federal Rewith the special set for selected banking and serve Banks was held in Washington on May 7 monetary statistics for 1955 published in the and 8, 1956, and on May 9 the Presidents met February BULLETIN, will be available in a reprint. with the Board of Governors of the Federal Re- Requests for this reprint should be addressed to the serve System. Division of Administrative Services, Board of On May 9 a meeting of the Federal Open Mar- Governors of the Federal Reserve System, Washket Committee was also held. ington 25, D. C. DATA FOR SUPPLEMENT TO CHART BOOK TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Data for the period September 9, 1955—April 26. 1956 are now available in mimeographed form for Latest BULLETIN Reference the September 1955 edition of the historical sup- Semiannually Issue Page plement to the monthly Federal Reserve Chart Banking offices: Book. Copies may be obtained upon request from Analysis of changes in number of Feb. 1956 180 On, and not on, Federal Reserve Par the Division of Administrative Services, Board of List, number of Feb. 1956 181 Stock Exchange firms, detailed debit and Governors of the Federal Reserve System, Wash- credit balances Mar. 1956 286 ington 25, D. C. Annually Earnings and expenses: Federal Reserve Banks Feb. 1956 178-179 BULLETIN TABLES Member banks: This issue of the BULLETIN includes tables (pages C Fi a r l s e t n h d a a l r f y o e f a y r ear M Oc a t y . 1 1 9 9 5 5 5 6 510 1 -5 1 1 8 8 8 520-523) showing final monthly data for the full Insured commercial banks May 1956 519 Banks and branches, number of, by class year 1955 and selected earlier dates for the Con- and State Apr. 1956 398-399 Operating ratios, member banks June 1955 712-714 solidated Condition Statement for Banks and the Banking and monetary statistics, 1955. ({Jay 1956 520-523 Monetary System and similar data for All Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 15 Industrial production showed little change in early May additional large cutbacks in produc- April at about the level of earlier months this tion occurred. year. Construction activity continued in large Production of nondurable goods was apparently volume. Retail sales declined, with new auto sales maintained in April, following a decline in March down considerably. Wholesale prices of farm which reflected curtailments in the textile, apparel, and industrial commodities continued to rise in rubber, and leather products industries. Output April and early May. Bank loans showed a fur- of minerals showed little change in April. ther substantial gain. CONSTRUCTION INDUSTRIAL PRODUCTION Outlays for new construction in April, at a Industrial production in April, as measured by seasonally adjusted annual rate of $42 billion, the Board's preliminary seasonally adjusted index, were up slightly from March and were about was 142 per cent of the 1947-49 average, as com- the same as a year ago. Value of contract awards pared with the revised March level of 141 and edged upward from the unusually high March with 143 in January and February. total. The number of private housing starts, on Activity in durable goods industries increased a revised seasonally adjusted basis, remained unmoderately in April. Production of electrical and changed at an annual rate of 1.1 million units. nonelectrical machinery showed a large gain, EMPLOYMENT owing partly to settlement of a prolonged work stoppage and partly to continued general ex- Seasonally adjusted employment in nonfarm pansion in output of producers' equipment. Out- establishments reached a record of 50.4 million put of major household goods increased, with in April, with both manufacturing and nonmanuproduction of appliances and television sets up. facturing employment showing some rise. Aver- Steel output was maintained at capacity in April age factory hourly earnings remained at the but in early May declined moderately reflecting March peak of $1.95—about 5 per cent above partly a work stoppage. Auto assemblies, season- a year ago. Unemployment declined by almost ally adjusted, declined further in April, and in 300,000 to 2.6 million, reflecting the usual expansion in construction and other outdoor INDUSTRIAL PRODUCTION activities. 1947-49=100 DISTRIBUTION 140 Seasonally adjusted retail sales showed an over- DURABLE all decline of about 2 per cent in April but re- MANUFACTURES /~\j mained above a year ago. At department stores, 120 sales were maintained in April and early May. XJ Auto dealers' sales of new cars were down significantly in April and stocks continued large; used 140 car stocks remained below year-earlier levels. Seasonally adjusted stocks at department stores *\ _A/ NONDURABLE and most other retail outlets declined in March. 120 * MANUFACTURES COMMODITY PRICES Average wholesale prices of industrial com- 100 ,,! ! I- ,UL modities rose somewhat further from mid-April Federal Reserve indexes, seasonally adjusted. Monthly fig- to mid-May. While prices of copper, copper ures, latest shown are for April. 454 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 455 products, and steel scrap declined from earlier reserves exceeded $500 million. System holdings high levels, some steel mill products were ad- of U. S. Government securities rose around the vanced, synthetic rubber was raised, and in- month-end, when reserve pressures increased, but creases announced earlier for tinplate and tin declined later in May. cans became effective. Recovery in prices of farm products continued. Hog prices rose fur- SECURITY MARKETS ther, and, following an increase in Federal support From mid-April to early May yields on U. S. levels, prices of dairy products advanced. Corn Government securities declined from the record and fats and oils also rose, but winter wheat highs reached just after the April 13 advance in prices declined. the Federal Reserve discount rate. Although yields on intermediate-term bonds remained above BANK CREDIT AND MONEY those on the longest-term issues, spreads were Total loans and investments at banks in leading narrowed. The yield on three-month Treasury cities changed little between early April and early bills declined to a level about 25 basis points May. Further substantial expansion in business below the discount rate. By mid-May, however, loans and continued gains in real estate and conthe bill yield had recovered to about the discount sumer loans were about offset by sales of U. S. rate and yields on some other Treasury securities Government and other securities. Business loans had risen slightly on balance. increased by $500 million, and this rise followed After increasing further during the latter part an unusually sharp expansion in the preceding month associated with business needs for funds of April, yields on corporate and State and local during the mid-March tax period. government bonds stabilized or declined during In the latter part of April and early May, early May. Common stock prices increased durmember bank borrowings from the Federal Re- ing late April and early May and then declined serve averaged over $1 billion and net borrowed sharply in the second week of May. PRICES 1947-49000 130 LOANS AND INVESTMENTS - MEMBI ADING CITIES WHOLESALE Billions of dollars 120 OTHER ^- ^•^* ALLCOMMODITIES FARM PRODUCTS V N"\ - - - 1 1 _ CONSUMER TOTAL LOANS ALL ITEMS ' FOODS"»•». '"s-~-^, 1 , . . 1 1 . . . ,- _,_ 1952 1953 1954 1955 1956 Bureau of Labor Statistics indexes. "Other" wholesale prices exclude processed foods, included in total but not 1952 1953 1954 1955 1956 shown separately. Monthly figures, latest shown: March Federal Reserve data. Weekly figures, latest shown are for for consumer prices, and April for wholesale prices. May 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 459 Reserve Bank discount rates; reserve requirements; margin requirements. 462 Federal Reserve Banks 463 Bank debits; currency in circulation 466 All banks: consolidated statement of monetary system; deposits and currency. 468 All banks, by classes 469 Commercial banks, by classes. . 472 Weekly reporting member banks. 474 Commercial loans; commercial paper and bankers' acceptances 476 Interest rates 477 Security prices; stock market credit. . 478 Savings institutions 479 Federal credit agencies. 480 Federal finance 482 Security issues . 486 Business finance 487 Real estate credit.... . . 489 Short- and intermediate-term consumer credit. 492 Selected indexes on business activity. . 495 Production 496 Employment and earnings. 502 Department stores . 504 Foreign trade 505 Wholesale and consumer prices. . . 506 National product and income series. 508 Member bank earnings, 1955. 510 Banking and monetary statistics, 1955. 520 Tables published in Bulletin, annually or semiannually—list, with references. 453 Index to statistical tables. 551 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. 457 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 MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS I1 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: HELD UNDER REPURCHASE AGREEMENTS A A DISCOUNTS AND ADVANCES I FEDERAL RESERVE FLOAT | 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending Apr. 25. See p. 459. 458 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Cur- Treas- with r F e . s e R r . ve B s, anks reserves e W nd e i e n k g Total B r o o ig u u h t g - t ht r u c H e n h e p d a l u s e r d e r - c v D a o a a i u n n d s n c d - - t e s s Float Total1 s G t o o l c d k r s c o e t i a u n n u n g r c t - - d y - r c t e c u i i n i o n l r c a n - y - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o ig r n - Other c O F o t a . u c h R n - e . t r s Total qu R i e r - ed2 c E e x ss - * agreement Averages of daily figures 1955 Mar. 2 23,604 23,604 490 79724,892 21,716 4,995 29,796 827 575 324 481 95718,642 18,089 553 Mar. 9 23,604 23,604 479 78924,873 21,717 4,995 29,819 828 548 364 476 955 18,596 18,018 578 Mar. 16 23,606 23,604 483 71924,809 21,717 4,995 29,833 817 356 422 358 95718,779 18,149 630 Mar. 23 23,664 23,604 630 1,03225,327 21,718 4,995 29,793 818 887 339 435 96418,804 18,123- 681 Mar. 30 23,604 23,604 745 67725,028 21,719 4,997 29,716 826 1,000 338 490 96418,408 17,918 490 Apr. 6 23,643 23,604 613 65624,918 21,719 4,997 29,831 821 559 344 492 97618,611 18,055 556 Apr. 13 23,682 23,604 662 80125,159 21,669 4,996 29,940 812 325 349 553 97918,868 18,214 654 Apr. 20 23,604 23,604 521 1,03125,175 21,670 4,997 29,793 820 483 419 454 97818,895 18,253 642 Apr. 27 23,604 23,604 544 86125,031 21,671 4,998 29,686 813 541 367 438 97818,877 18,260 617 May 4 23,666 23,613 53 544 74324,971 21,671 4,999 29,767 815 675 360 443 923 1:8 ,6,59 18,201 458 May 11 23,839 23,702 137 374 696 24,924 21,671 4,999 29,859 811 280 363 442 920 18,920 18,176 744 May 18..... 23,687 23,664 23 317 888888 2244,990088 21,672 4,999 29,877 821 310 417 377 924 18,853 18,207 646 May 25 23,513 23,513 427 880 2244,883344 21,673 4,999 29,826 818 437 394 421 93718,673 18,192 481 June 1. 23,603 23,600 612 772 25,001 21,674 5,001 29,961 823 582 400 478 936 18,496 18,063 433 June 23,683 23,683 533 812 25,044 21,675 5,002 30,059 835 440 387 416 93518,648 18,036 612 June 15 23,588 23,588 558 793 24,956 21,676 5,001 30,058 832 304 434 387 94018,678 18,099 579 June 22 23,554 23,554 348 1,137 25,055 21,676 5,001 30,035 818 213 408 278 98118,998 18,301 697 June 29 23,554 23,554 456 789 24,815 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 97118,779 18,047 732 July 20 23,943 23,943 357 1,11825,432 21,680 5,003 30,287 793 416 460 415 970 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 23,982 781 802 25,638 21,682 5,003 30,237 803 638 422 412 90018,910 18,320 590 Aug. 10 24,055 23,983 888 627 25,584 21,682 5,003 30,285 800 646 434 396 88518,824 18,163 661 Aug. 17 23,891 23,891 796 794 25,495 21,682 5,003 30,336 797 507 474 400 91018,757 18,155 602 Aug. 24 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 94618,673 18,100 573 Aug. 31 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 94618,614 18,130 484 Sept. 7 23,826 23,761 865 687 25,401 21,682 5,005 30,436 806 447 379 393 94318,685 18,111 574 Sept. 14 23,813 23,744 918 826 25,577 21,682 5,006 30,520 803 431 419 400 94218,750 18,142 608 Sept. 21 23,564 23,564 768 1,263 25,613 21,683 5,006 30,401 794 579 377 394 99018,767 18,191 576 Sept. 28 23,598 23,587 901 960 25,478 21,683 5,006 30,323 787 693 370 386 99018,618 18,134 484 Oct. 5 23,844 23,727 117 843 816 25,525 21,684 5,007 30,428 791 525 381 390 99918,700 18,189 511 Oct. 12 23,911 23,792 119 909 874 25,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19 24,021 23,916 105 1,041 1,088 26,169 21,685 5,007 30,621 777 534 391 409 1,01019,119 18,494 625 Oct. 26 23,973 23,973 771 985 25,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov. 2 23,995 23,995 943 793 25,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9 24,024 24,024 1,144 776 25,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16 24,068 24,018 50 1,173 013 26,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23 23,888 23,888 816 486 26,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30 24,001 23,903 "98 973 019 26,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7 24,364 24,039 325 935 957 26,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 98918,950 18,488 462 Dec. 21 24,588 24,375 213 747 1,746 27,101 21,689 5,008 31,364 772 401 469 336 1,01019,446 18,792 654 Dec. 28 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. 4. 24,785 24,391 394 584 1,539 26,936 21,690 5,008 31,153 773 356 438 513 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 92019,136 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. 23,423 23,423 822 884400 25,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15 23,349 23,349 976 883322 25,174 21,694 5,010 30,247 800 428 3m77 400 93218,693 18,144 549 Feb. 22 23,389 23,333 56 622 1,33325,360 21,694 5,011 30,210 794 557 366 ,02618,749 18,175 574 Feb. 29 23,435 23,384 51 758 880 25,089 21,695 5,012 30,181 792 542 306 ,02518,596 18,137 459 Mar. 7., 23,518 23,426 92 749 835 25,118 21,695 5,011 30,202 783 461 360 327 ,02318,670 18,137 533 Mar. 14. 23,505 23,410 95 975 812 25,308 21,717 5,011 30,276 779 564 360 346 ,02118,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 ,06919,204 18,587 617 Mar. 28. 23,508 23,495 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 ,06919,028 18,455 573 Apr. 4.. 23,634 23,587 47 986 1,02225,658 21,716 5,017 30,321 784 560 347 444 1,075 18,860 18,322 538 Apr. 11.. 23,521 23,518 1,119 82625,481 21,727 5,016 30,300 78: 508 328 307 1,082 18,917 18,284 633 Apr. 18.. 23,399 23,377 1,109 97325,497 21,741 5,018 30,290 785 i 531 347 313 1,081 18,909^18,299 Apr. 25.. 23,282 23,282 1,060 1,01725,374 21,742 5,019 30,155 782; 569 335 331 1,078 18,884248,299 I Preliminary. For other footnotes see following page. 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 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 U.S. Govt. securities Treas- Cur- with r F es . e R rv . e B s, anks reserves P d e o r a i r t o e d Total B o o u u t g - ht r u c H e n h p e a d u l s e d r e r - v c D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k r s c o e t u i a u n n u r n g r y c t - - d y - r c t e c u i i n i o n l r c a n - y - T h c i u o r n a e r l g s y d a h s s - - T u re ry as- F ei o g r n - Other c O F o a t . u h c R n - e . t r s Total qu R ir e e - d2 c E es x s - 2 right agreement Arerages of daily figures 1955 Apr 23,632 23,604 28 585 83825,070 21 680 4 997 29 807 816 501 370 481 973 18,800 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 23,598 23,596 2 465 878 24,958 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 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 41 872 924 25,525 21,682 5 006 30,420 797 540 386 392 968 18,711 18,148 563 Oct 23,951 23,881 70 895 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 93718,902 18,378 524 Dec 24,602 24,318 284 840 1,389 26,853 21,689 5 008 31,265 111 434 459 394 983 19,240 18,646 594 1956 Jan 23,897 23,824 73 808 1,15225,879 21,692 5 008 30,620 787 356 404 354 921 19,138 18,586 552 Feb 23,401 23,375 26 800 965 25,183 21 694 5 011 30 214 796 480 364 351 973 18,709 18,177 532 Mar 23,522 23,449 73 993 987 25,517 21 711 5 013r30 256 783 532 349 350 1,048 18,924 18,340 584 Apr 23,410 23,393 17 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,067 18,847 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 1 9 9 3 3 9 3 — _j D Un ec e 2 1 , , 4 99 8 8 4 2 1 , , 4 99 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, , 9 2 6 8 3 6 7 5 , , 5 4 9 3 8 4 2,4 2 0 6 9 4 63 3 4 5 39 1 7 5 2 1 5 5 6 1 2 3 5 4 1 6 1 2 1 , , 2 6 9 5 2 3 6 1 , ,8 4 1 4 7 4 5,2 4 0 7 9 5 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 24,034 663 156 967 25,825 23,187 4 812 30,433 1 270 389 550 455 777 19,950 20,520 —570 1953—Dec 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 1954—June 25,037 25,037 37 56725,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 End of month 1955 Apr 23,612 23,604 8 560 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 30 009 828 649 402 413 936 18,221 18,029 192 June 23,607 23,554 53 128 85024,601 21,678 5 002 30 229 812 380 374 448 972 18,066 18,139 —73 July 24,090 23,982 108 754 86425,719 21,682 5 003 30 244 798 623 410 419 910 18,999 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 ios 603 79225,250 21,684 5 006 30,422 787 554 385 379 99018,423 18,212 211 Oct 24,024 24 024 706 683 25 430 21 686 5 008 30 559 776 484 402 396 941 18,565 18,393 172 Nov 24,256 23,991 265 618 883 25,776 21,688 5 008 30,993 778 477 408 412 931 18,474 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 91918,750 18 311 439 Feb 23,482 23,426 56 632 791 24,920 21,695 5,012 30,163 789 554 363 305 1,025 18.428 18,162 266 Mar 23,636 23,587 49 872 1,238 25,761 21,716 5,020 30,339 777 534 354 623 1,069 18^799 18.276 523 Apr 23,345 23,245 100 1,204 74425,307*21,743^5,023*>30,207 *>784 578 330 404 984 18.784^18,280 ^504 Wednesday 1956 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 91718,675 18,207 468 Feb. 15 23,346 23,346 987 94525,293 21,694 5,010 30,224 804 440 379 319 1,026 18,805 18,159 646 Feb 22 23,366 23,338 28 634 1,29225,309 21,695 5,012 30,206 795 561 365 675 1,025 18,389 18,116 273 Feb. 29 23,482 23,426 56 632 79124,920 21,695 5 012 30,163 789 554 363 305 1,025 18,428 18 162 266 Mar. 7 23,517 23,426 91 650 808 24,992 21 696 5 011 30 223 780 452 356 347 1,022 18 518 18 139 379 Mar. 14 23,483 23,410 73 702 924 25,125 21,721 5 012 30 247 788 561 340 351 1,020 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 1,068 18,732 18,621 111 Mar 28 23,604 23,588 16 706 79325,117 21,715 5,015 30,238 787 512 343 316 1,070 18,582 18,445 137 Apr 4 23,609 23,588 21 644 86625,135 21,716 5,016 30,279 788 503 327 302 1 08218 SSfi 18,377 209 Apr 11 23,430 23,430 995 11225 212 21 741 5 018 30 273 787 518 313 307 1,082 18 690 18 294 ^96 Apr. 18 23,360 23,360 803 98225,160 21,741 5,018 30,209 787 444 356 309 1,081 18,735^18,325 P4W Apr. 25 23,252 23,252 857 75724,881 21,742 5,021 30,077 784 571 337 313 1.074 18,487^18,273 P214 r Revised. p 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 dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 461 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 k r l s - Ne c w ity ban C ks hi- b s R c a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a A b e n e m l k r 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—Mar 18,635 4,394 1,141 7,623 5,476 1955—Mar 585 21 -2 62 505 Apr 18,800 4,445 1,122 7,747 5,486 Apr 590 4 74 513 May 18,746 4,407 1,139 7,734 5,465 May 580 23 85 470 June 18,715 4,388 1,135 7,680 5,512 June 569 15 -3 61 496 July 18,825 4,371 1,148 7,759 5,546 July 619 9 8 87 516 Aug 18,728 4,286 1,140 7,737 5,565 Aug 577 10 -1 54 514 Sept 18,711 4,262 1,129 7,738 5,583 Sept 564 14 63 487 Oct 18,870 4,316 1,127 7,823 5,604 Oct 524 1 64 460 Nov 18,902 4,257 1,144 7,840 5,660 Nov 525 14 3 38 470 Dec 19,240 4,432 1,166 7,924 5,716 Dec 594 35 2 60 497 1956—Jan 19,138 4,293 1,178 7,934 5,732 1956—Jan 552 -24 -1 72 505 Feb 18,709 4,196 1,138 7,753 5,623 Feb 533 11 3 66 452 Mar 18,924 4,372 1,137 7,796 5,619 Mar 585 28 2 84 470 Week ending: Week ending: 1956—Mar. 21 19,204 4,454 1,157 7,882 1956—Mar. 21 617 550 Mar. 28 19,028 4,416 1,140 7,835 Mar. 28 572 480 Apr. 4 18,860 4,373 1,077 7,820 Apr. 4 537 442 Apr. 11 18,917 4,298 1,105 7,798 Apr. 11 634 555 Apr. 18 18,909 4,279 1,125 7,826 Apr. 18 ^610 Apr. 25 18,884 4,307 1,101 7,819 5,657 Apr. 25 ^584 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—Mar.. 18,050 4,373 1,143 7,561 4,971 1955—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 ',138 7,649 4,995 May 368 4 26 213 125 June.. 18,146 4,373 ,138 7,619 5,016 June 401 13 40 229 119 July.. 18,205 4,362 ,140 7,673 5,030 July 527 78 33 306 110 Aug.. 18,152 4,277 ,141 7.682 5,052 Aug 765 149 60 395 161 Sept.. 18,148 4,248 ,128 7,675 5,096 Sept 849 141 114 472 122 Oct... 18,345 4,316 ,127 7,759 5,144 Oct 884 151 137 480 116 Nov.. 18,378 4,243 ,142 7,802 5,191 Nov 1,016 279 70 538 129 Dec... 18,646 4,397 ,164 7,865 5,220 Dec 839 197 85 398 159 1956—Jan.. 18,586 4,317 ,179 7,863 5,227 1956—Jan 807 174 82 425 126 Feb.. 18,177 4,186 ,134 7,687 5,170 Feb 799 149 106 402 142 Mar., 18,340 4,344 ,135 7,712 5,149 Mar 993 202 258 382 151 Week ending: Week ending: 1956—Mar. 21 18,587 4,449 ,155 7,822 5,161 1956—Mar. 21 934 265 292 265 112 Mar. 28 18,455 4,388 ,140 7,770 5,157 Mar. 28 1,196 325 383 322 166 Apr. 4 18,322 4,367 ,074 7,733 5,148 Apr. 4 985 126 292 443 124 Apr. 11 18,284 4,292 ,104 7,727 5,161 Apr. 11 1,119 222 252 504 141 Apr. 18 IH,299 4,274 ,123 7,764 ^5,138 Apr. 18 1,109 214 263 481 151 Apr. 25 ^18,299 4,295 ,107 7,756 ^5,141 Apr. 25 1,060 117 282 517 144 Free reserves:2 4 March 1956 1955—Mar 122 3 -133 -151 404 Apr 95 -23 -125 -155 399 Deposits: May 212 19 —25 -128 345 June 168 2 -43 -168 377 Gross demand deposits: July 92 -69 -25 -219 406 Total 114,356 23,563 6,025 44,684 40,085 Aug 188 -139 -61 -341 353 Interbank 12,426 4,032 1,175 5,976 1,242 Sept -285 -127 -114 -409 365 Other 101,931 19,531 4,849 38,707 38,843 Oct -360 -150 -137 -416 344 Net demand deposits 3 . . 99,266 20,901 5,354 38,278 34,732 Nov -491 -265 -67 -500 341 Time deposits 40,616 3,270 1,291 16,434 19,622 Dec 245 -162 -83 -338 338 Demand balances due from domestic banks.. 6,136 98 92 1,978 3,968 1956—Jan 255 -198 -83 -353 379 Feb 266 -138 -103 -336 310 Mar 408 -174 -256 -298 319 March 1955 Week ending: 1956—Mar. 21 317 260 -290 -205 438 Gross demand deposits : Mar. 28 624 298 -383 -257 314 Total 111,833 23,396 6.009 43,544 38,885 Apr. 4 448 120 -290 -356 318 Interbank 12,448 4,007 1,138 6,070 1,232 Apr. 11 485 216 -250 -433 414 Other 99,386 19,388 4,871 37,474 37,653 Apr. 18 209 -261 -419 ?39O Net demand deposits3. . 97,513 20,998 5,388 37,572 33,556 Apr. 25 105 -288 -455 P312 Time deoosits 39,656 3,475 1,314 15,972 18,895 Demand balances due from domestic banks.. 6,219 58 104 1,982 4,075 v Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( S se e c e u s. r e 1 d 3 b a y n d e li 1 g 3 i a b ) l e i paper [Sec. 10(b)] obl ( ig la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston 4 Apr. 13, 1956 314 Apr. 13,1956 334 Apr. 13, 1956 New York. . . 234 Apr. 13, 1956 314 Apr. 13,1956 Apr. 13, 1956 Philadelphia.. 234 Apr. 13, 1956 314 Apr. 13,1956 Apr. 13, 1956 3% Cleveland 234 Apr. 13, 1956 314 Apr. 13,1956 31/2 Nov. 18, 1955 Richmond. . . 234 Apr. 13, 1956 314 Apr. 13,1956 31/2 Nov. 22, 1955 3 Atlanta 234 Apr. 13, 1956 314 Apr. 13,1956 334 Apr. 13, 1956 31/2 C St h . ic L a o g u o is 2 2 3 3 4 4 A A p p r r . . 2 1 0 3 , , 1 1 9 9 5 5 6 6 2 2 1 % /2 1 4 4 A A p p r r . . 2 1 0 3 , , 1 19 9 5 5 6 6 3 3 1 3 / 4 2 A A p p r r . . 2 1 0 3 , , 1 1 9 9 5 5 6 6 3 3 % 14 D S K M a a a i n l n n l s a n F a s e r s a a p n C o c i i l t s i y s c . . o . . 2 23 3 4 4 A A A A p p p p r r r r . . . . 1 1 1 1 3 3 3 3 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 6 2 2 2 2 1 1 i i / / / / 2 2 2 2 3 3 3 3 1 1 1 1 / / 4 4 2 2 A A A A p p p p r r r r . . . . 1 1 1 1 3 3 3 3 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 6 4 3 3 1 3 3 4 4 4 A A A A p p p p r r r r . . . . 1 1 1 1 3 3 3 3 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 6 3 3 3 3 1 1 1 % / / / 2 2 2 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 1 Time deposits 1930_Feb. 7 1942—Oct. 30 21/2 Effective date Central D J M M u e a n a c y r e . . 2 2 1 4 2 0 4 1 1 9 9 4 4 6 8 — — A Ja p n r . . 2 1 5 2 of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e s a c s e e i n r t r d y v v e e C ba o tr n u y k n s banks 1931—May 8 Aug. 13 Oct. 9 1% Oct. 16 1950—Aug. 21 1917—June 21 13 10 7 3 3 2 1932—Feb. 26 1953—Jan. 16 1936—Aug. 16 191/2 15 IO1/2 41/2 June 24 134 1937_Mar. 1 i§* 2* 1214 2* 1954_Feb. 5 1% May 1 14 6 1 1 9 9 3 3 3 4 — _F M O A M e c p a b a t r y r . . . . 2 2 2 0 6 7 3 1 19 9 5 5 6 5 — — A S N A A A e u o p p p p g v r r r t . . . . . . 1 1 1 1 9 8 6 5 5 3 %.... 2 2 2 1 V V 3 % A 4 4 1 1 19 9 9 4 4 3 2 1 8 — — — O S A N A e c u o p p t g v r . t . . . . 2 1 1 3 0 1 4 6 2 2 2 2 2 2 0 4 6 2Y4 2 1 0 7% 1 1 2 4 6 5 6 5 1937_Aug. 27, In effect May 1,1956 234 1948_Feb. 27 22 June 11 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 16,24*.... 26 22 16 m 7V4 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 A ad p v r a . n 2 c 4 e , s 1 s 9 e 4 c 6 u . r ed T b h y e r e a li t g e ib o l f e 1 p p a e p r e r c . ent was continued for discounts of and J A u u n g e . 30 1 , , J 1 u 1 ly * 1 .. * .. . 2 I 0 S14 1 1 4 3 6 5 6 Aug. 16, 18*.... 12 5 Aug. 25 MARGIN REQUIREMENTS 1 Sept. 1 if* [Per cent of market value] 1951—Jan. 11, 16*.... 23 13 6 6 Jan. 25,Feb. 1*. 24 19 14 20 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 May 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 Minimum 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 rnay 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 463 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1956 1956 1955 Apr. 25 Apr. 18 Apr. 11 Apr. 4 Mar. 28 Apr. Mar. Apr. Assets Gold certificate account 20,205,986 20,215,986 20,215,98620,190,988 20,190,988 20,205,98920,190,987 20.138,103 Redemption fund for F. R. notes.. 844,886 837,661 839,876 845,173 845,173 844,885 845,172 847,060 Total gold certificate reserves . 21,050,872 21,053,64721,055,862 21,036,16121,036,16121,050,874 21,036,159 20,985,163 F. R. notes of other Banks 340,899 311,193 298,327 293,260 290,280 294,747 288,742 209,886 Other cash 396,692 382,194 375,585 381,834 388,338 399,717 392,056 393,269 Discounts and advances: For member banks 857,395 803,142 994,639 644,382 705,946 1,204,307 871,673 479,963 For nonmember banks, etc 80,000 Industrial loans 955 876 660 665 682 945 658 670 Acceptances—Bought outright 13,668 14,971 15,001 15,003 14,502 13,167 14,498 17,352 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 363,470 471,070 541,500 699,000 699,000 356,970 699,000 883,244 Certificates—Special Other 10,932. 10,932,699 10,932,699 10,932,699 10,932,699 10,932,699 10,932,699 ,960,141 Notes 9,153; 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 ,959,471 Bonds 2,80i; 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 Total bought outright 23,251,83223,359,43223,429,862 23,587,36223,587,36223,245,332 23.587,362 23.604,606 Held under repurchase agreement. 21,000 16,000 99,600 ' 48,400 7,300 Total U. S. Government securities. 23,251,83223,359,43223,429,862 23,608,36223,603,362 23,344,93223,635,76223,611,906 Total loans and securities 24,123,85024,178,42124,440,16224,268,412 24,324,492 24,563,35124,522,59124,189,891 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items. . 4,603,911 5,257,635 4,284,402 4,205,011 ,433,412 ,977,081 4,396,427 ,927,324 Bank premises 65,388 65,309 64,975 64,330 64,271 65,376 64,311 56,002 Other assets 149,675 134,668 125,465 114,625 118,175 157,382 121,535 151,436 Total assets. 50,731,309 51,383,089 50,644,800 50,363,655 50,655,15150,508,55050,821,843 49,912,993 Liabilities Federal Reserve notes 25,887,13325,983,53526,031,234 26,046,14126,009,34325,970,98926,097,556 25,496,150 Deposits: Member bank reserves 18,487,47618,734,69918,690,25518,585,544 3,582,22618,784,47718,799,47218,495,296 U. S. Treasurer—general account 570,828 443,957 518,488 503,300 511,721 578,350 534,187 812,348 Foreign 337,053 355,686 313,444 326,669 342,652 330,381 354,496 360,066 Other 312,706 308,743 306,638 302,294 316,478 404,166 622,765 489,994 Total deposits. 19,708,063 19,843,085 19,828,825 19,717,807 19,753,07720,097,37420,310,920 20,157,704 Deferred availability cash items 3,846,918 4,275,842 3,512,165 3,338; 3,640,637 3,233,229 3,158,470 3,128,749 Other liabilities and accrued dividends. 17,913 17,715 18,140 17,577 18,364 17,576 16,957 Total liabilities 49,460,02750,120,177 49,390,364 49,120,786 49,420,634 49,319,956 49,584,522 48,799,560 Capital Accounts Capital paid in. 313,595 313,486 313,387 310,266 309,982 313,778 310,001 292,097 Surplus (Section 7). . . . 693,612 693,612 693,612 693,612 693,612 693,612 693,612 660,901 Surplus (Section 13b). . 27,543 27,543 27,543 27.543 27,543 27,543 27,543 27,543 Other capital accounts. 236,532 228,271 219,894 211,448 203,380 153,661 206,165 132,892 Total liabilities and capital accounts. 50,731,309 51,383,08950,644,800 50,363,655 50,655,151 50,508,550 50,821,84349,912,993 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.2 45.9 45.9 46.0 46.0 45.7 45.3 46.0 Contingent liability on acceptances purchased for foreign correspondents 42,930 46,847 42,424 42,353 39,073 42,213 38,793 27,716 Industrial loan commitments 2,445 2,527 2,443 2,438 2,432 2,455 2,455 3,388 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 857, 803,142 994,639 644,382 705,946 1,204,307 871,673 559,963 Within 15 days 850, 797,787 989,389 635,267 696,964 1,194,857 861,522 447,433 16 days to 90 days 6, 5,355 5,250 9,115 8,969 9,450 10,138 72,530 91 days to 1 year 13 13 40,000 Industrial loans—total 955 876 660 665 682 945 658 670 Within 15 days 1 1 1 10 2 11 17 16 days to 90 days 437 374 419 447 356 432 346 362 91 days to 1 year 148 131 161 138 227 141 212 143 Over 1 year to 5 years 370 370 79 79 89 370 89 148 Acceptances—total 13,668 14,971 15,001 15,003 14,502 13,167 14,498 17,352 Within 15 days 3,314 4,567 4,996 5,586 4,623 3,970 3,747 6,504 16 days to 90 days 10,354 10,404 10,005 9,417 9,879 9,197 10,751 10,848 U. S. Government securities—total. 23,251,832 23,359,43223,429,862 23,608,36223,603,362 23,344,932 23,635,762 23 611,906 Within 15 days 62,400 99,700 16,500 45,000 125,100 153,000 59,300 187,794 16 days to 90 days 301,070 371,370 525,000 675,000 589,900 303,570 688,100 ,389,116 91 days to 1 year 19,372 19,372,764 ,372,764 372,764 ,872,764 ,372,764 18,872,764 ,519,398 Over 1 year to 5 years 1,087 087,127 ,087,127 087,127 ,587,127 ,087,127 1,587,127 ,087,127 Over 5 years to 10 years 1,013 013,614 ,013,614 013,614 ,013,614 ,013,614 1 0~1"3 ,6"1 4' ,013,614 Over 10 years 1,414 414,857 ,414,857 414,857 ,414,857 ,414,857 414,857 ,414,857 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1956 [In thousands of dollars] San Item Boston New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco Assets Gold certificate account 998,580 5,459,1631,094,8761,787,3321,209,108 861,464 3,504,938 820,379 390,259 809,975 701,1792,568,736 Redemption fund for F. R. notes 51,587 173,077 58,338 73,717 70,653 52,142 157,135 43,648 23,461 41,039 26,312 73,776 Total gold certificate reserves, 1,050,167 5,632,2401,153,2141,861,0491,279,761 913,606 3,662,073 864,027 413,720 851,014 727,4912,642,512 F. R. notes of other Banks.., 17,498 68,794 27,748 20,041 19,241 68,988 23,072 8,167 5,303 5,520 11,660 18,715 Other cash 29,913 95,618 18,320 30,915 24,186 31,561 59,769 23,913 8,941 12,745 17,380 46,456 Discounts and advances: Secured by U. S. Govt. securities 22,285 238,155 125,295 123,820 45,955 78,409 277,675 41,675 40,765 45,811 57,287 87,100 Other 75 20,000 Industrial loans 300 590 55 Acceptances: Bought outright 13,167 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,277,703 5,850,3391,396,8352,010,5581,431,1921,195,252 4,055,660 970,493 525,0421,007,220 923,8622,601,176 Held under repurchase agreement 99,600 Total loans and securities. .. 1,300,363 6,201,2611,542,720 2,134,3781,477,1471,273,6614,333,3351,012,168 565,8621,053,031 981,149 2,688,276 Due from foreign banks 1 2 2 1 1 3 1 1 1 2 Uncollected cash items 352,012 718,382 288,518 377,025 292,506 311,946 645,513 146,697 96,649 177,882 177,168 392,783 Bank premises 5,515 8,052 4,960 6,558 6,151 4,028 6,007 3,510 3,610 3,914 2,461 10,610 Other assets 8,510 36,268 8,882 13,000 9,214 8,539 27,871 6,050 3,327 6,409 7,266 22,046 Total assets. 2,763,97912,760,6213,044,364 4,442,9683,108,207 2,612,330 8,757,643 2,064,5331,097,413 2,110,5161,924,576,5,821,400 Liabilities F. R. notes 1,548,385 5,934,7751,755,2382,412,4261,965,2831,300,5485,042,305 ,191,761 514,0511,027,176 680,335 2,598,706 Deposits: Member bank reserves 775,967 5,473,900 853,046 ,440,658 783,327 968,0622,984,711 659,255 423,572 856,878 987,1912,577,910 U. S. Treasurer—general account 43,442 45,798 44,745 47,278 39,961 40,962 85,539 40,739 42,539 37,396 44,168 65,783 Foreign 19,234 2 97,592 23,472 29,666 16,626 14,344 45,640 12,388 8,150 12,388 16,626 34,255 Other 2,638 332,298 2,235 6,775 4,699 1,176 40,259 9,885 1,754 1,085 529 833 Total deposits 841,281 5,949,588 931,1481,519,356 842,1491,024,453 3,116,419 719,157 475,094 911,3611,049,1612,718,207 Deferred availability cash items 301,320 542,547 272,244 401,950 237,225 231,937 427,297 106,277 76,816 124,182 135,187 376,247 Other liabilities and accrued dividends 1,927 4,817 923 2,106 764 829 2,864 618 593 681 627 1,615 Total liabilities.. 2,692,91312,431,7272,959,553 4,335,8383,045,4212,557,767 8,588,885 2,017,8131,066,5542,063,4001,865,310 5,694,775 Capital Accounts Capital paid in 16,334 91,218 20,058 29,849 14,326 14,418 41,818 10,763 6,997 12,597 17,046 38,354 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. 10,054 34,530 10,773 13,712 10,099 8,542 23,617 7,787 5,203 7,422 7,066 14,856 Total liabilities and capital accounts 2,763,97912,760,6213,044,364,4,442,968 3,108,2072,612,330 8,757,643 2,064,533\ 1,097,413 2,110,516 1,924,5765,821,400 Reserve ratio 43.9% 47.4% 42.9^ 47.3% 45.6% 39.3% 44.9% 45.2% 41.1 43.9% 42.1% 49.7% Contingent liability on acceptances purchased for foreign correspondents 2,531 311,583! 3,089 3,904 2,188 1,8 6,006 1,630 1,072 1,630 2,188 4,504 Industrial loan commitments.. 245 .. 2,128' 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $30,630,000 participations of other Federal Reserve 2 After deducting $232,764,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 465 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 Apr. 25 Apr. 18 Apr. 11 Apr. 4 Mar. 28 Apr. Mar. Apr. F. R. notes outstanding (issued to Bank) 26,902,288 26,961,898 26,983,356 27,018,952 27,045,645 26,902,686 27,028,277 26,426,938 Collateral held against notes outstanding: Gold certificate account 11,413,00011,413,000 11,413,000 11,413,000 11,413,000 11,413,000 11,413,000 11,008,000 Eligible paper 100,206 74,925 41,850 41,432 88,668 223,781 150,023 188,523 U. S. Government securities 17,035,000 17,035,000 17,035,000 17,035,000 17,035,000 17,035,00017,035,000 17,155,000 Total collateral 28,548,206 28,522,925 28,489,85028,489,432 28,536,668 28,671,78128,598,023 28,351,523 EACH FEDERAL RESERVE BANK ON APRIL 30, 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) 1,601,2816,147,6891,838,599 2,514,164 2',016,1551,364,326 5 123,3791,242,066 564,794 ,050,920 722,9312,716,382 Collateral held: Gold certificate acct.. 640,0002,870,000 725,000 1,070,000 845,000 500,000 2,100,000 450,000 150,000 280,000 283,0001,500,000 Eligible paper 136,295 41,675 45,811 U. S. Govt. securities. 1,200,000 3,600,000 1,200,000,500,000 1,250,0001,000,000 3,100,000 900,000,460,000 800,000 525,0001,500,000 Total collateral 1,840,000 6,470,000 2,061,295 2,570,000 2,095,000 1,500,000 5,200,000 1,391,675 610,000 1,125,811808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n 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 n u s nt ( b a p p m u c r le o o t o t v m e n u e d o - n d t t i ) s ( t a a L m n o o d o u a i u t n n - n g s t 2 ) ( C s a t m o m a o m n e o u d n m u t 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 o u i i n t o n o i i u t 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 o a u A b n v u n d a o t a t d m e m s d r i e e r l t i e a r a o o t a b n i n w u g o g l t d n e s u n e r i t e r a n a t s e r l g o - - 1950 3,698 651,389 4,819 2,632 3,754 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 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 June < 1,390 2,543 394 294 235 July 3,775 824,847 170 489 3,265 1,305 July 1,392 2,544 296 225 211 Aug 3,777 825,161 45 586 3,416 1,392 Aug 1,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2,795 1,230 Sept 1,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 1,224 Oct 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 1,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 1,132 Mar 1,427 2,654 338 253 167 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect April 30. Per cent per annum] [In effect April 30] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta ra g n e t o ee f d in ( b p t y e e r r e b c s e o t n r r t p o a a g w y e a e o b r) f le any f e b c e o o r c m r h o m a w r i g e t e m r d ent Bank On On On loans2 co m m en m ts it- fo P r o r w ti h o i n ch m R a e i - n- co m m en m ts it- 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 3-51/2 1/2-I1/2 Over 95 40-50 40-50 New York 31/2-51/2 £18 i/2-l3/8 Philadelphia 21/2-5 1/2-114 Cleveland 21/2-5 £18 1/2-114 Maximum Rates Financing Institution May Charge Borrower Richmond 21/2-5 1/2-IV4 [Per cent per annum] A K C M St h a t . i l n i n a L c s n n a o a e t g s a u a o i p C s o i l t i y s 3 2 3 3 3- * - - - 5 5 5 5 4 1 i % - / / 5 2 2 3 1 1 1 / 4 / 4 2 2 - - - - 1 1 1 1 3 3 1 3 / / 8 8 / 4 8 23 3- 4 5 - 1 3 / 1 2 4 3-51/2 6 1 1 1 1 3 / / 4 4 4 2 2 - - - - - 1 1 1 1 1 3 1 1 3 3 / 4 / 8 4 / 8 8 I C n o te m re m s i t t m ra e te nt rate. Dallas 3-51/2 1/2-1 VA San Francisco 3-51/2 1/2-13/8 ?£18 1 Schedule of fees and rates established by the Board of Governors on !/2-l3/8 loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board "of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of Vi per cent per annum is made on undisbursed portion. 7 Charge of X/A per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. 5i. Government accounts Without seasonaladjustment 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 centers 1 centers2 City centers 1 centers 2 City centers 1 centers2 1948 J ??7 476 443 216 270 912 513,348 26.9 21.6 16.6 1949 I 206 293 446,224 260,897 499,172 27.9 20.9 15.9 1950 380 112 509 340 298 564 572,208 31.1 22.6 17.2 1951 1,542,554 544 367 336,885 661,302 31.9 24.0 .18.4 1952 . 642 853 597 815 349,904 695,133 34.4 24.1 18.4 1953. ,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 887 lf>6 738 925 390,066 758,375 42.3 25.8 19.2 1955 2 043 548 766 890 431 651 845 007 42.7 27.3 20 4 1955 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 19.8 167,714 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 20.7 167,343 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 '•162,105 57,413 35,143 r69,549 41.1 27.5 21.0 42.2 28.2 21.1 Mar r189 793 73 214 40 132 r76,447 47.2 29.7 20.8 46 0 27 1 20 9 Apr 176,760 65,715 37,763 73,282 45.4 ^30.3 46.1 P Preliminary. r Revised. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 467 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952.. 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955—Mar , 29 800 20,854 1,822 1,196 70 2,021 6,324 9,421 8,946 2,647 5,512 317 457 4 9 Apr 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 5,492 314 454 4 9 May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 30,229 21,312 1,858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 9 July 30,244 21,351 1,865 1,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 Aue 30 317 21,406 I 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 I 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 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Jan 30,228 21,236 1,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 Feb 30,1 <S3 21,227 1,900 1,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 9 Mar ... 30,339 21,419 1,914 1,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] HelcI in the Treasury Currency in circulation * Held by Kind of currency T s M t o a t a 1 n a r 9 l d . 5 i o 3 6 n u 1 g t , , - A g s a o s g l s i d a l e v i c n e a u s r 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 Ma 1 r 9 . 5 3 6 1, Fe 1 b 9 . 5 2 6 9, Ma 1 r 9 . 5 3 5 1, certificates agents Gold 21,716 21,070 2646 Gold certificates 21 070 18 221 2 816 34 34 35 Federal Reserve notes 27 0?8 74 1.219 25,734 25,628 25,269 Treasury currency—total 5,020 12,415 57 392 4,571 4,501 4,495 Standard silver dollars 489 216 35 5 232 231 219 Silver bullion 2 199 2,199 Silver certificates and Treasury notes of 1890.... 32,415 289 2,126 2,072 2,126 Subsidiary silver coin 1,308 16 57 1,235 1,224 1,177 Minor coin 459 2 446 445 426 United States notes 347 2 29 315 311 313 Federal Reserve Bank notes ... . . 153 1 1 151 152 167 National Bank notes 65 (4) 65 65 68 Total—Mar. 31 1956. .. (5) 23 485 111 18 221 4,427 30,339 Feb. 29, 1956 (5) 23,447 789 18,196 4,746 30,163 Mar. 31, 1955 (5) 23,479 819 18,211 4,314 29,800 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. 460. 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. Sec 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 r u e s d e e d m , p in ti c o lu n d e f s u n c d r , e d a i r t e s w co it u h n t t e h d e a T s r e r a e s s u e r r e v r e . of G t o he ld U c n er it ti e f d ic a S te ta s t , es a s p a h y e a re b i l n e bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, 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 c m 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 it d t al, c d u e r a p r n o e d s n i c ts y 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_ D j e u c ne . 3 3 0 1 . . . . . . 2 21 1 , , 7 9 1 2 3 7 4 4 , , 9 9 5 8 9 5 2 2 1 0 0 0 , ,6 9 2 8 8 8 8 8 5 1 , , 7 2 3 1 0 0 1 9 0 9 4 , , 8 8 2 1 7 9 7 7 7 2, , 5 7 2 2 5 8 2 2 5 4 , , 0 9 3 3 7 2 2 2 , , 1 2 5 6 9 5 2 1 0 9 , , 4 59 3 1 9 2 23 2 7 7 , , 6 5 8 1 6 4 2 2 0 1 9 8 , , 3 8 5 8 4 2 1 1 8 8 , , 1 8 6 0 1 6 1955—Mar. 30... 21,700 5,000 207,000 87,100 98,700 73,000 23,600 2,100 21,200 233,700 214,500 19,100 Apr. 27... 21,700 5,000 209,100 87,900 100,100 74,400 23,600 2,100 21,200 235,800 216,900 18,900 May 25... 21,700 5,000 209,100 89,000 99,300 73,700 23,500 2,000 20,900 235,800 216,600 19,200 June 30... 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27... 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31... 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28... 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26... 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30... 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 31... 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25* r. 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29Pr. 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28*\. 21,700 5,000 214,900 101,700 92,500 67,000 23,600 1,900 20,700 241,700 221,600 20,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o d n a i s g e e n i - t n t k s, T h c i r u o n a e r g l 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 k e ia s - l de M p s b a o a u v s n t i i u n k ts g a s 2 l 3 s S S P a y o v s i s t n t e a g m l s p m o D d s a e i e n t - - s d 4 b r C o s e a i n u n u d c t k r e - y - s c a d u d e T r j a m r u o n e s t a d n a t n e l c d d y j p m u D o a d s a d s e t e n i e - - - t d d s b r C o e s a n i u u n d c t r k e - - y s 1929—June 29. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941__Dec. 31. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945_Dec. 31. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 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 2,359 102,451 28,091 126,700 99,500 27,200 1954_June 30. 3,256 811 5,895 875 198,517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,700 27,000 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—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 26,900 Apr. 27. 3,100 800 5,000 600 207,400 76,200 47,200 26,900 2,100104,500 26,700 132,600 105,600 27,000 May 25. 3,200 800 5,500 400 206,700 76,500 47,400 27,100 2,000103,300 26,800 131,700 104,800 26,900 June 30. 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 27,000 July 27. 3,300 800 6,100 500 208,100 77,100 47,700 27,400 2,000103,900 27,100 132,700 105,500 27,200 Aug. 31. 3,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000 103,900 27,300 132,700 105,500 27,200 Sept. 28. 3,200 800 4,500 500 209,700 77,700 48,100 27,700 ,900104,900 27,200 133,300 106,200 27,100 Oct. 26. 3,200 800 4,900 500 211,300 77,900 48,200 27,800 ,900106,100 27,300 132,000 104,800 27,200 Nov. 30., 3,200 800 4,500 500 212,200 77,400 47,700 27,800 ,900106,900 27,900 132,900 105,400 27,500 Dec. 31. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,300 105,800 27,500 1956—Jan. 25*> 3,100 800 2,300 500 214,400 78,400 48,300 28,300 ,900108,900 27,100 133,300 106,O00 27,300 Feb. 29P 3,000 800 4,000 600 211,600 78,800 48,500 28,400 1,800105,600 27,200 132,700 105,400 27,300 Mar. 28P 3,000 800 6,500 500 210,800 79,300 48,800 28,600 1,800104,400 27,200 133,100 105,60027,500 I p Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN * 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 onlv for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 469 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Class of bank Cash lia- capital ber and date Total Loans o G U b o l . i S v g . t a . - O s ri e t t c h ie u e s - r assets2 c b a i a l p i n t i d i t e a s l Total 2 b In a t n e k r- 2 Demand co a u c n - ts ba o n f ks tions ac- Time counts 3 U. S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945_Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1953—Dec. 31 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954—Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14,367 1955—Mar. 30 182,050 87,860 72,980 21,210 40,230 225,660 203,400 14,670 4,070 110,200 74,460 17,410 14,330 June 30 184,253 91,355 71,947 20,951 42,014 229,631 208,850 15,245 5,081 113,034 75,491 17,663 14,309 Aug. 31 186,070 93,940 71,190 20,940 40,610 230,060 207,750 14,570 4,860 112,490 75,830 17,890 14,290 Sept. 28 186,810 95,240 70,680 20,890 41,110 231,230 208,710 14,700 4,220 113,690 76,100 17,930 14,286 Oct. 26 188,490 96,260 71,410 20,820 41,480 233,340 210,450 14,710 4,530 114,910 76,300 18,090 14,269 Nov. 30 189,100 98,650 69,840 20,610 42,470 235,120 211,860 14,780 4,210 116.980 75,890 18,210 14,264 Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,239 76,844 18,112 14,243 1956—Jan. 25^r. . . 189,530 99,600 69,380 20,550 41,170 234,180 211,040 14,550 2,010 117,600 76,880 18,160 14.250 Feb. 29*"\ .. 188,700100,360 67,640 20,700 41,430 233,720 210,130 14,060 3,640 115,140 77,290 18,360 14,230 Mar. 28^ 190,510102,770 67,020 20,720 40,850 234,910 211,140 14,210 6,170 112,930 77.830 18,410 14,229 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945_Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 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—Mar. 30 153,490 72,310 64,180 17,000 39,250 195,700 176,460 14,670 4,070110,150 47,570 14,680 13,803 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 Aug. 31 156,680 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. 28 157,260 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. 26 158,860 79,210 62,860 16,790 40,590 202,410 182,640 14,710 4,530 114,860 48,540 15,300 13,742 Nov. 30 159,390 81,390 61,370 16,630 41,580 204,100 184,020 14.780 4,210 116,930 48,100 15,390 13,737 Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48,715 15,300 13,716 1956—Jan. 25*r... 159,410 81,980 60,900 16,530 40,260 202,730 182,720 14,550 2,010 117,550 48,610 15,340 13.723 Feb. 29»r. . . 158,350 82,540 59,170 16,640 40,530 202,040 181,670 14,060 3,640115,090 48,880 15,510 13:703 Mar. 28? 159,910 84,730 58,540 16,640 39,960 202,980 182,440 14,210 6,170 112,870 49,190 15,550 13.702 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—Mar. 30 129,298 61,766 53,410 14,122 34,344 166,256 149,750 13,941 3,608 93,967 38,234 12,263 6,625 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 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. 26 133,650 67,889 51,897 13,864 35,732 171,983 155,108 13,936 4,109 98,030 39,033 12,774 6,571 Nov. 30 134,029 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. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,783 6,543 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 Mar. 28? 134,582 72,860 48,084 13,638 35,129 172,455 154,870 13,541 5,620 96,197 39,512 13.005 6,521 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. 31 * 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—Mar. 30 28,560 15,550 8,800 4,210 980 29,960 26,940 26,890 2,730 527 June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 Aug. 31 29,390 16,600 8,700 4,090 930 30,720 27,550 27,500 2,790 527 Sept. 28 29,550 16,850 8,660 4,040 920 30,880 27,720 () 27,670 2,820 527 N Oc o t v . . 2 30 6 2 2 9 9 , , 7 6 1 3 0 0 1 1 7 7 , , 2 0 6 5 0 0 8 8 , , 4 5 7 5 0 0 4 3 , , 0 9 3 8 0 0 8 8 9 9 0 0 3 31 0 , , 0 9 2 3 0 0 2 2 7 7 , , 8 8 1 4 0 0 8 2 2 7 7 , , 7 7 9 6 0 0 2 2 , , 8 79 2 0 0 5 5 2 2 7 7 Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,812 527 1956—Jan. 25*>r. . . 30,120 17,620 8,480 4,020 910 31,450 28,320 28,270 2,820 527 Feb. 29^r... 30,350 17,820 8,470 4,060 900 31,680 28,460 8 28,410 2,850 527 Mar. 28^ 30,600 18,040 8,480 4,080 890 31,930 28,700 28,640 2,860 527 (5) * Preliminary. r Revised. 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

470 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans andinvestments Deposits Total assets— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g t a . . - O se t c h u e - r a C ss a e s t h s2 c b a i a l p i n t i d i t e a s l Total 2 b In a t n e k r- 2 Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions ac- Time counts 3 U. S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9 339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31. . 12 896 4 072 7 265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945_Dec. 31 26 143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,7?? 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_Mar. 30 23 238 12,733 7,918 2,587 7,030 31,013 26,678 5,103 657 18,555 2 363 2,687 20 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 Aug. 31 22,915 13,596 6,959 2,360 6,993 30,595 26,471 5,037 995 18,210 2,229 2,746 18 Sept. 28 22,852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2,256 2,722 18 Oct. 26 ... 23 142 13,868 7,015 2,259 7,022 30,850 26,737 5,048 1,060 18,358 2 271 2,734 18 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. 31 .. 23 583 14 640 6 796 2,148 8,948 33,228 29,378 5,600 756 20,719 "> 3032,745 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 Mar. 28^ 23,563 15,382 5,976 2,205 7,076 31,372 26,951 4,958 1,401 18,210 2,382 2,783 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941_Dec. 31... 2 760 954 1 430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945_Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5 569 2 083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1953—Dec. 31 6 204 2,776 2,856 572 2,115 8,366 7,724 1,387 259 4,837 1,242 566 13 1954_Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1.321 251 4,977 1,295 600 13 1955—Mar. 30 6 056 2,647 2,734 675 1,656 7,761 6,773 1,328 230 3,949 1,266 601 13 June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 1,180 343 4,606 1,303 612 13 Aug. 31. 6,235 2,887 2,637 711 1,875 8,166 7,414 1,222 296 4,616 1,280 621 13 Sept. 28 6 202 2,950 2 543 709 1,889 8,140 7,345 1,218 241 4,590 1,296 616 13 Oct. 26 6 264 2,977 2,581 706 1,930 8,247 7,387 ,200 251 4,635 1,301 619 13 Nov. 30 6,210 3,079 2,430 701 1,956 8.222 7,453 .156 254 4,745 ,298 628 13 Dec. 31 6 542 3,342 2,506 695 2,132 8,720 8,010 ,296 222 5,165 ,327 628 13 1956—Jan. 25? . 6 435 3 239 2 535 661 1 985 8 469 7,749 144 74 5,230 I 301 626 13 Feb. 29^ 6 237 3,097 2,472 668 1,953 8,245 7,397 .160 216 4,731 ,290 631 13 Mar. 28*> 6 446 3,223 2,545 678 1,785 8,282 7,202 1,236 420 4,284 ,262 631 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 1,616 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 1,806 1,967 351 1945_Dec. 31 40 108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 <),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 1 .647 3,322 336 1953—Dec. 31 46 755 22 763 19 559 4 434 15 925 63 547 58,663 7,254 1,504 35,773 14 132 3,984 319 1954_Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 1'5,476 4,300 300 1955—Mar. 30 49 971 24 637 20 062 5 27? 13,909 64 909 58,943 6,292 1,446 35,493 1'> 7124,387 296 June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 1,843 36,459 16-007 4,492 297 Aug. 31 51 293 26,630 19,476 5,187 14,195 66,535 60,415 6,332 1,754 36,345 li5.984 4,543 297 Sept. 28 .... 51,306 27,041 19,137 5,128 14,430 66,765 60,582 6,383 1,522 36,698 15,979 4,571 297 Oct. 26 51 986 27,334 19,526 5,126 14,757 67,782 61,350 6,420 1,477 37,386 16 067 4,625 295 Nov. 30 52,054 28,114 18,892 5,048 15,098 68,214 61,685 6,390 .551 37,757 V5,987 4,650 294 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288 39,835 H5,164 4,641 292 1956—Jan. 25*» 52 058 28 519 18 603 4 936 14,581 67 687 61,299 6,365 509 38,326 Iti 099 4,656 293 Feb. 29P 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 Mar. 28*> 52,104 29,350 17,837 4,917 14,431 67,640 61,144 6,121 2,280 36,528 u5,215 4,759 291 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 ti 258 1,982 6,219 1945_Dec. 31 35 002 5,596 26 999 2 408 10,632 46 059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30. . 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 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 If?,787 4,506 6,326 1955—Mar. 30 . . 50,033 21,749 22,696 5,588 11,749 62,573 57,356 ,218 1,275 35,970 US,893 4,588 6,296 June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 ,283 1,339 36,751 IS),220 4,642 6,283 Aug. 31 51 454 23,178 22 570 5 706 11,955 64,239 58,915 ,220 1,379 36,954 1<),362 4,707 6,261 Sept. 28 51,917 23,486 22,682 5,749 11,977 64,695 59,303 ,232 1,338 37,314 ),419 4,715 6,256 Oct. 26. . .. 52,258 23,710 22,775 5,773 12,023 65,104 59.634 ,268 1,321 37,651 IS),394 4,796 6,245 Nov. 30 52 553 24 136 22 615 5 802 12 081 65 503 59^987 .288 1,161 38,404 tc) 134 4,815 6,234 Dec. 31 52,775 24,379 22,570 5 826 13,342 66,988 61,636 1,523 1,061 39,681 1C),372 4,769 6,220 1956— Jan. 25* 52 561 24 437 22 324 5 800 12 Oil 65 422 59,939 1,321 895 38,339 1C) 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 1<),514 4,819 6,203 Mar. 28*> 52,469 24,905 21,726 5,838 11,837 65,161 59,573 1,226 1,519 37,175 IS),653 4,832 6,199 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $110 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 471 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 -Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Numand ) d f a b t a e nk U.S. Other a C ss a e s t h s 2 bi l l i i a ti - es ca a p c i - tal b o e f r Total Loans o G b o li v g t a . - secu- ca a p n i d tal Total 2 b In a t n e k r - 2 Deirland counts banks tions ac- Time counts3 U. S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 71,759 21 046 6,984 25 788 76 8?0 69,411 10 654 1 762 41 798 15 699 6 844 13,429 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 67,08? 62 381 14 33344 398 190 638 174 697 15 548 4 116 1114? 3 43 610 13739 13,412 1954—Dec. 31 154,115 70,177 68 012 15,976 43,161 ?00 177 182,886 16,376 4 154 11548? 46 874 14 75? 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 14579 13,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208 608 190,512 16,273 3,697 122 149 48 393 14980 13,216 National memberbanks: 1941_Dec. 31 27,571 11,775 12 039 3 806 14 977 43 433 39,458 6 786 1 088 ?3 ?6? 37? 3640 5,117 1945_Dec. 31 69,312 13,975 51,250 4,137 20,114 90 ??0 84,939 9 229 14 013 45 473 16'??4 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 63 819 160 7 391 4,856 1954—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 107741 98,636 8,314 2,849 60 919 26,554 7 714 4,744 Dec. 31 86,152 43,428 33,579 9,144 25,697 113412 103,903 9,317 2,063 65 840 26,683 7,915 4,692 State member banks: 1941_Dec. 31 15,950 6 795 7,500 2,155 8,145 74 688 22,259 3,739 621 n 874 4,0?5 7,746 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 084 44,730 4,411 8,166 168 986 945 1,867 1947_Dec. 31 32,566 \\ 700 19,240 2,125 10,822 879 40,505 3 993 381 068 9'06? 3,'055 1,918 1953—Dec. 31... 40,509 19,931 17,121 3,457 12,903 179 49,510 5,019 1,232 32 206 11,054 3,925 1,887 1954—Dec. 31 43,093 70 538 18 417 4,138 12,414 407 51,401 5 269 1 207 33 177 11,748 4, 1,871 1955—June 30 47,473 74 891 17,870 4,711 13,408 61 945 56,034 6 148 1 807 35 8?3 1?,?56 4,747 1,867 Dec. 31 49,208 77 554 17,118 4,536 15,719 66 00? 59,854 6,549 1 264 39 55Q 48? 4,868 1,851 Insured nonmember commercial banks: 1941_Dec. 31 5,776 3 741 1,509 1,025 2,668 8 708 7,702 129 53 4 V360 959 6,810 1945—Dec. 31. .. 14,639 992 10,584 1,063 4,448 19256 18,119 244 1,560 10635 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 P 366 6,558 1.?71 6,478 1953—Dec. 31 21,396 I 328 9,790 2,278 5,020 26 679 24,555 378 360 15398 8,419 1,925 6,672 1954—Dec. 31 22,536 886 10,215 2,436 5,088 27 911 25,657 393 439 15879 8,947 2,044 6,647 1955_.Tune 30 22,723 385 9,811 2,527 4,388 27 AM 25,082 332 408 15?51 9J090 PI 6,660 Dec. 31 23,829 1110 108 10,081 2,640 5,067 29,220 26,779 408 370 16749 9,252 2,199 6,677 Noninsured nonmember commercial banks: 1941_Dec. 31 1,457 455 761 241 763 2 283 1,872 329 1 753 379 852 1945—Dec. 31 2,211 318 1,693 200 514 2 768 2,452 181 1905 365 779 714 1947_Dec. 314.. . 2,009 474 1,280 255 576 2 643 2,251 363 18 1 39? 478 375 783 1953—Dec. 31 1,891 511 1,045 335 430 2 37? 2,005 407 30 18? 386 370 569 1954—Dec. 31 . . 1,800 492 969 339 397 2,250 1,871 433 18 \\085 335 324 536 1955—June 30 1,776 491 930 355 340 2 172 1,788 448 13 990 337 377 513 Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 039 322 320 499 All nonmember commercial banks: 1941—Dec. 31 3 2,270 1 266 3 431 10,99? 9,573 457 5 504 3,613 1 ?88 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. 314 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 79,051 26 560 784 390 16 580 8 806 ?45 7 241 1954—Dec. 31 24,337 10378 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 10876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,P3 Dec. 31 25,546 11628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 Insured mutual s-ivings banks: 1941—Dec. 31 1,693 64? 629 421 151 958 1,789 789 164 52 1945—Dec. 31 10,846 081 7 160 606 429 JJ4?4 10,363 1? 10 351 1 034 192 1947_Dec. 31 12,683 3 560 8,165 958 675 13,499 12,207 1 2 1? P. 19? 75? 194 1953—Dec. 31 19,252 10 016 6,476 2,760 799 70,334 18,383 2 2 33 18,345 1 819 219 1954—Dec. 31 20,830 11651 6,117 3,062 832 71,981 19,885 3 3 48 19,831 970 218 1955—June 30 2t,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 3 3 49 21,182 2,006 220 Noninsured mutual savings banks: 1941—Dec. 31... 8,687 4,259 3,075 1,353 642 9,846 8,744 t 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947_Dec. 3H 5,957 384 3 813 760 211 6,715 5,556 1 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—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 7,671 6,743 1 6 741 79? 310 Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 1 2 6,947 806 307 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

472 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Loans for U. S. Government obligations Oblipurchasing ^- 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 - Total 2 A c tu a u g r l l r - - i- b o d a s T r e r e n o e r o a s d c c k l a u - r r r it y o i T e i e t r n h o s s g - l R o t e a a e s t n a - e l s O l u o v i d t t a a i n h o i d l n - - e s - s r O l t o h an e s r Total Total Bills C o d c e e f a e r d t b t i e i - n t f D s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p t s d s a i i t i o u o o c i a o n v l a b f n t 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 ness All commercial :s:3 1947_Dec. 31....116,28438,05718,1671,660 8301,220 9,393 5,7231,063 78,226 2,193 7,789 6,034 53,191 5,276 3,729 1953—Dec. 31....145,68767,59327,204 44,,'996655 2,361 1,202 16,69414,4611,666 78,094 5,00410,23712,439 35,713 10,8213,847 1954—Dec. 31....155,91670,61926,8675,200 2,9291,525 18,41814,750 2000 85,297 5,065 5,36114,672 43,861 12,586",729 1955—June 30....155,26475,18328,872 4 2,859 1,613 19,77916,365 2428 80,081 3,220 1,71016,640 41,685 12,785 4,025 Dec. 31....160,88182,60133,,245 4,'4753,2631,774 20. 17,185 "3,'117 78,280 4,219 2,31814,034 41,010 12,6983,990 All insured commercial banks: 1941_Dec. 31.... 49,29021,259 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 9,461 ,331144 3,164 3,606 4,677 2,361 1,181 96,04388,9122,45519,071 16,04551,321 22 3,8733,258 1947_Dec. 31.... 114,27437,58318,012 ,610 8231,190 9,266 5,6541,0"2"8 76,69167,9412,124 7,552 5,91852,334 14 5,129 3",621 1953—Dec. 31.... F43,79667,08227,008822 4;867 2,3441,181 16,56614,3731,629 76,71462,3814,89510,076 12,283 3"5,093 3310, ,746 1954—Dec. 31.... 154,11570,12726,7315,'108 2,9071,501 18,30214,6761,973 83,98868,0124,901 5,279 14,523 43,287 2112, ,624 1955__ D j e un c e . 3 3 0 1 . . . . . . . . 1 1 5 5 9 3 , ,4 1 8 6 8 48 7 2 4 , , 0 6 8 9 1 22 33 8 , , 0 "7" 9 2" 2 9 4 4, , ' 3 3 9 1 6 9 3 2 , \ 22 83 9 4 1 , 1 7 , 4 5 2 8 9 2 0 1 , 9 6 , 9 6 2 611 1 6 7 , , 22 1 88 0 33 4 2 3 , ,0 '4 9 0 1 0 7 7 7 8 , , 0 7 8 9 3 6 6 6 0 2 , , 7 3 6 4 5 2 4 2 , , 1 9 0 9 5 6 2 1 , , 2 66 9 7 2 1 1 6 3 , , 4 8 7 5 9 6 4 4 1 0 , , 1 5 8 0 5 2 1 1 0 51 12 2 , , , 5 4 4 6 9 5 3 3 , , 9 8 0 5 6 3 Member banks, total: 1941—Dec. 31.... .43,521 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 3,090 2,871 1945—Dec. 31.... 107,18322,775 8,949 8553,1333,378 3,455 1,900 104 84,40878,3382,27516,98514,271 44',792 16 3,254 2,815 1947_Dec. 31.... 9?,84632,62816,9621,046 8111,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 45,286 10 4,1993,105 1953—Dec. 31.... 12^,42257,76225,519 3J263 2,3211,06013,020 11',911 518 64,660 5522,6034,095 8,28710,300 29,890 31 8,8713,185 1954—Dec. 31.... 131,60260,25025,007 3,529 2,8811,36314,433 1..2., 1,2.7 1,8_5,8 71,35257,8094,075 4,30712,464 36,944 2010,4493,094 1955—June 30.... 130,78864,31526,894 2,7992,8081,44015,594 13,489 22,,228855 6666,47352,5432,377 1,28113,969 34,903 1310,584 33,346 Dec. 31.... 135,36070,98231,019 2,726 3",1501,56016,391 14,3132,943 6"4,37750,6973,250 1,73811,50834,192 910,4443,236 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,453 ,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 7,231 204 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 16 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 17 2,144 511 577 1,506 ,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 k512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.... 40,108 8,514 3,661 205 4271,503 1,459 404 31,594 29,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 20,196 373 2,358 1,90115,560 3 1,3421,053 1953—Dec. 31.... 46,75522,76310,568 774 308 456 5,453 1,969 19,5591,230 3,357 4,201 10,746 25 3,1961,238 1954—Dec. 31.... 50,73823,98610,624 956 407 622 6,134 4,942 720 26,752 21,7181,326 1,695 4,95413,736 7 3,782',252 1955—June 30.... 50,59625,65411,210 700 444 651 6,603 4,912 954 24,94219,697 503 481 5,77312,937 3 3,916 ,330 Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,500 ,180 23,83718,826 813 657 4,70812,643 5 3,778 ,233 5,916 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,,6 28 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,, 4"0"7" 26,999 630 5,102 4,54416,713 9 1,342 ,067 1947—Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,10817,681 6 2,006 ,262 1953—Dec. 31.... 47,40419,934 4,822 ,204 59 210 7,114 5,441 336 27,470 22,4231,819 3,374 4,28512,940 3,911 ,136 1954—Dec. 31.... 50,46621,442 5,306 2,229 89 220 7,742 5,760 129,024 23,6291,893 1,774 4,73115,228 4,275 ,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 4,458 1,227 Dec. 31.... 52,77524,379 6,290 2,127 189 255 8,723 6,575 573 28,397 22,5701,774 913 5,05614,825 4,581 1,246 All nonmember banks: 3 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 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 40 142 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 49 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30.... 24,49910,876 1,979 1,592 51 173 4,194 2,875 14313,62210,741 843 429 2,672 6,794 2,203 679 Dec. 31.... 25,546 11,628 2,226 1,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2,255 755 1A11 commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. possessions except for one bank in Alaska that cities and individual banks, and by mergers, etc. became a member bank on Apr. 15, 1954. During 1941 three mutual ^Beginning June 30, 1948, figures for various loan items are shown savings banks became members of the Federal Reserve System; these gross (i. e., before deduction of valuation reserves); they do not add to the banks are included in member banks but are not included in all total and are not entirely comparable with prior figures. Total loans insured commercial banks or all commercial banks. Comparability continue to be shown net. of figures for classes of banks is affected somewhat by changes in Federal For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 473 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits i Jvc- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s e s w e R e d a r i r n e v e t v - h r k e e a s s l v C a i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 j m p u o s d a a t e s d n e - i - t d d s 6 m D e I s o n d t - t e i e c p r 5 o b s a i n t F e s k i o g r n - G U o . v S t. . p v s S o i u a l t s i a b n i t o t i d 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 r c c d i t s d - . k i ' - s, p a v n a s i p I t d h d r i n o o t u i d n r p n a c a i e s s l o - - r s , r - , - I b n a t n e k r- P U G S i a o n a n . o s g v S d 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 -a p v n s a p i t I h d d i r n o o t i u d r n p n c a a i e s o s - - l r , s r - , - 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.... n,796 2,216 10,216 87,123 1 ,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1953—Dec. 31.... 19,995 2,512 12,103102,452 i:$,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 6213,559 1954—Dec. 31.... IS,734 2,469 12,202106,540 I:$,511 ,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 3114,576 1955—June 30.... 17,941 2,681 10,529103,221 n,906 ,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 15014,906 Dec. 31.... 18,721 2,682 12,050109,905 I:,512 ,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 All insured commercial banks: 1941—Dec. 31.... n.,396 1,358 8,570 37,845 c),823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... \i ,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... Y',796 2,145 9,736 85,751 1 ,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.... IS>,995 2,482 11,724101,289 i:$,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 5413,239 1954—Dec. 31.... u1,734 2,444 11,854105,471 i:5,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 2114,252 1955—June 30.... Y ,941 2,655 10,241102,247 l ,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 13714,579 Dec. 31.... IS,721 2,656 11,744108,887 I:$,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.... I:>,396 1,087 6,246 33,754 <J.714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 1!5,811 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.... rr,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.... is),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.... uJ.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.... Yj 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.... it1,722 2,019 7,612 92,435 i:$,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. . ),105 93 141 10761 5,595 607 866 319 450 11,282 6 29 778 1 648 1945_Dec. 31.... L015 111 78 15065 5,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,'120 1947_Dec. 31.... 4,639 151 70 16653 5,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1953—Dec. 31.... 4,846 129 70 15901 5,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954_Dec. 31.... tL398 126 67 16500 5,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—June 30.... 4.399 138 87 15859 5,129 [,187 1,131 374 1,252 17300 1,137 57 110 2.114 10 2.715 Dec. 31.... At,431 127 111 16493 -5,364 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.... ,135 32 141 4 349 1,246 40 222 299 85 4,781 11 6 8 1,313 ""3 628 Reserve city banks: 1941_Dec. 31.... i1,060 425 2 590 11 117 *,302 54 491 1 144 286 11 127 104 20 243 4,542 1,967 1945_Dec. 31.... i5,326 494 2 174 22 372 5,307 110 8,221 1763 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.... 3,084 568 2 463 30 986 5,869 219 1,504 2 880 828 32065 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 5,903 303 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.... i• ,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.... • ,993 929 3 900 27 424 1,049 7 432 2 647 528 25 203 17 45 337 14,177 23 2,934 1953—Dec. 31.... 5,780 1,140 4 855 35,029 1,288 12 1,216 4,063 820 31 636 15 153 615 16,921 20 4,194 1954—Dec. 31.... 5,377 1,129 5 057 36,242 1,469 17 1,271 4,263 795 32 736 22 163 799 17,826 11 4,506 1955—June 30.... 5,163 1,217 4 259 35 299 1,249 15 1,339 4,433 831 31 487 19 158 830 18,232 55 4.642 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 nonmembeir 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 Dec. 31 663 4 439 17,470 510 36 382 2,198 265 15324 231 29 475 9,071 22 2,519 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

474 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans* U. S. Government obligations For purchasing or carrying securities Month or date i m T l n a o n v o e a d e n t n a s t s t l s - j i L m u n a s a o v e n t d a e n e d - n s t d t s s - 1 j L us a o t d a e - c d s 1 C i m n a t c o r n d i e i a m d u a r l l - s - - A t c u g u r r l a - i l - a T n o d b d r e o a k l e e r r s s G U T o . o v S t . o . t O he s t e h rs - er e l R o st a e a n a t l s e O l t o h an e s r Total Bills o C d c n t e f a e i e e f d t b r i s i e - n - - t s s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s ob- curiliga- ties tions Total— Leading Cities 1955 Apr 85,763 84,869 41,695 22,517 2,685 1,104 7,528 ,577 34,1421,698 2,033 8,699 21,712 9,032 894 1956 Mar 86,701 85,452 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 86,688 85,432 49,448 27,238 480 2,409 1,294 8,389 10,49327,688 767 640 6,442 19,839 8,296 1,256 Apr 1956 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. 7 86,571 85,349 48,( ,536 541 2,549 1,293 8,287 10,300 28,431 987 611 6,727 20,106 8,263 1,222 Mar. 14 87,588 86,489 49,! ,217 524 2,732 1,229933 8,320 10,350 28,6541,113 865 6,624 20,052 8,249 1,099 Mar. 21 87,006 85,631 49,373 27,266 515 2,436 ,292 8,341 10,37327,995 837 708 6,524 19,926 8,263 1,375 Mar. 28 Apr. 4 86,703 85,454 49,27727,095 483 2,495 1,294 8,34410,420 27,852 750 663 6,541 19,898 8,325 1,249 Apr. 11 86,583 85,447 49,383 2"7",202 481 2,444 1,287 8,37710,44727,696 699 645 6,504 19,848 8,368 1,136 Apr. 18 86,743 85,487 49,504 27,291 479 2,350 1,298 8,412 10,530 2277,695 839 635 6,398 19,823 8,288 1,256 86,724 85,340 49,,628 27,364 478 2,347 1,295 8,42410,57527,509 782 618 6,324 19,785 8,203 1,384 Apr. 25 New York City 1955 23,422 22,817 12,222 7,611 3011,787 428 571 1,728 8,095 548 434 1,823 5,290[ 2,500 605 Apr i 1956 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 23,177 22,373 14,337 9,625 1041,535 490 594 2,221 5,876 247 994 4,557 2,160 804 Apr 1956 22,765 22,033 13,905 9,231 162 ,481 486 570 2,201 5,922 155 36 1,088 4,643 2,206 732 23,238 22,526 14,288 9,556 171 ,509 485 582 2,208 6,041 220 62 1,097 4,662 2,197 712 Mar. 7 23,745 23,197 14,938 9,994 2191,650 486 590 2,224 6,077 216 110 1,084 4,667 2,182 548 Mar. 14 23,464 22,721 14,680 9,963 99',545 487 601 2,213 5,845 149 82 1,015 4,599 2,196 743 Mar. 21 Mar. 28 23,347 22,600 14,474 9,705 921,596 488 596 2,229 5,911 226 84 1,013 4,588 2,215 747 Apr. 4 23,073 22,395 14,371 9,648 137jl,519 491 595 2,213 5,820 211 72 988 4,549 2,204 678 Apr. 11 23,168 22,297 14,271 9,588 95*1,505 493 599 2,224 5,871 258 79 977 4,557 2,155 871 Apr. 18 23,121 22,200 14,233 9,558 93 1,520 487 587 2,220 5,901 294 77 998 4,532 2,066 921 Apr. 25 Outside New York City 1955 Apr 62,341 62,052 29,473 14,906 597 665 6,957 6,84926,0471,150 1,599 6,876 16,422 6,532 289 1956 Mar 63,398 62,833 34,42917,055 524 836 784 7,715 8,11122,338 740 615 5,578 15,405 6,066 565 Apr 63,511 63,059 35,11117,613 479 770 782 7,795 8,27221,812 520 562 5,448 15,282 6,136 452 1956 62,874 62,305 34,00916,713 534 820 783 7,684 8,06722,235 608 527 5,634 15,466 6,061 569 Mar. 7 63,333 62,823 34,36716,980 533 869 786 7,705 8,092 2222,390 767 549 5,630 15,444 6,066 510 Mar. 14 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. 21 63,542 62,910 34,69317,303 511 792 784 7,740 8,160 22,150 626 5,509 15,327 6,067 632 Mar. 28 Apr. 4 63,356 62,854 34,80317,390 482 807 784 7,748 8,19121,941 524 579 5,528 15,310 6,110 502 Apr. 11 63,510 63,052 35,01217,554 480 788 774 7,782 234 21,876 488 573 5,516 15,299 6,164 458 Apr. 18 63,575 63,190 35,23317,703 478 750 784 7,813 306 21,824 581 556 5,421 15,266 6,133 385 Apr. 25 63,603 63,140 35,39517,806 477 734 786 7,837 355 21,608 488 541 5,326 15,253 6,137 463 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 475 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R a r . i e v R n t - h e k . s s C va i a n u s l h t b m a w B a d n e n a i o c s t l - e k h t - s i s c j p m u D o d a s a t s d e e n e i - - - t d d s 1 s p I p u n v c h a n o a a o i e n i d d r r l p r r d s a t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n d i e i - l t - s - s c C h c o f a e e e e i f n t e c f r r c d i t d s k . - i ' s - , G U o . v t S . . s p I p u n c v h a n o a a o e i n i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i t i o u c i o a n v l b a t n d i i e - l t - s - s G P U S i a o n o . a n s g v v d S t s - t a . . l m D t D e i o c s - e - ma F n e d i o g r n - Time B F F a r . n o k m R s .F ot r h o e m rs c C o i a a u t c p a n - - l ts tions tions Total- Leading Cities 1955 Apr 13,689 947 2,528 56,129 57,666 3,948 3,50618,998 1,138 20710,643 1,436 1,388 423 612 8,161 1956 Mar 13,382 958 2,502 56,563 58,432 4,108 1,875 2,90919,391 1,013 19510,249 1,509 1,173 653 860 8,605 13,370 955 2,602 56,306 58,094 4,125 1,964 2,73419,358 1,050 19410,598 1,544 1,197 719 827 8,681 Apr 1956 13,288 917 2,383 56,417 57,701 4,113 1,895 1,72219,354 983 19810,323 1,515 1,168 507 960 8,601 Mar. 7 , 13,389 986 2,552 57,603 60,553 4,020 1,806 1,61419,412 1,010 19510,522 1,516 1,172 574 843 8,599 Mar. 14 13,470 929 2,539 56,500 58,329 4,044 2,048 3,95819,393 1,025 19510,155 1,486 1,174 966 701 8,596 Mar. 21 13,382 998 2,533 55,733 57,147 4,254 1,752 4,34219,406 1,032 195 9,996 1,518 1,177 566 936 8,622 Mar. 28 Apr. 4 13,291 914 2,622 55,392 56,886 4,122 1,814 3,40419,414 1,044 20010,858 1,550 1,179 541 857 8,640 Apr. 11 , 13,417 979 2,664 56,21158,392 4,014 2,014 2,42619,382 1,044 19710,932 1,580 1,178 864 727 8,703 Apr. 18 13,452 957 2,678 56,71358,842 4,083 2,017 2,48319,323 1,055 20010,662 1,527 1,214 722 857 8,684 13,321 969 2,445 56 58,257 4,281 2,009 2,62419,311 1,058 180 9,939 1,521 1,218 747 865 8,698 Apr. 25 New York City 1955 4,398 145 54 15,97716,997 278 908 1,369 2,084 158 55 2,900 1,121 1,077 15 240 2,666 Apr , 1956 4,310 144 16,005 17,319 283 904 898 2,119 107 2,926 1,166 923 106 370 2,749 Mar 4,212 145 15,824 17,044 265 932 867 2,122 117 2,900 1,204 944 361 2,757 Apr , 1956 4,259 139 6115,894 17,010 253 966 484 2,068 89 2,920 1,176 919 23 421 2,752 4,222 148 6616,375 17,989 251 801 442 2,136 114 2,987 1,179 922 18 282 2,752 Mar. 7 4,398 137 5715,971 17,247 303 1,023 1,262 2,115 112 2,946 1,139 924 311 366 2,745 Mar. 14 4,361 154 11515,783 17,030 327 826 1,403 2,157 112 2,850 1,168 926 74 411 2,748 Mar. 21 Mar. 28 4,210 141 9815,630 16,742 271 838 1,116 2,150 117 2,960 1,205 928 4 464 2,757 Apr. 4 4,264 153 9315,745 17,004 290 1,024 776 2,137 117 2,931 1,239 927 169 336 2,757 Apr. 11 4,196 141 6215,895 17,203 241 891 770 2,105 118 2,936 1,189 961 75 340 2,757 Apr. 18 4,179 143 6116,027 17,227 258 977 805 2,097 117 2,774 1,181 959 72 305 2,759 Apr. 25 Outside New York City 1955 Apr 9,291 802 2,474 40,152 40,669 3,670 980 2,13716,914 980 152 7,743 315 311 408 372 5,495 1956 Mar 9,072 814 2,427 40,558 41,113 3,825 971 2,01117,272 906 141 7,323 343 250 547 490 5,856 9,158 810 2,524 40,482 41,050 3,860 1,032 1,86717,236 933 144 7,698 340 253 639 466 5,924 Apr 1956 9,029 778 2,322 40,523 40,691 3,860 929 1,23817,286 894 143 7,403 339 249 484 539 5,849 Mar. 7 9,167 838 2,486 41,228 42,564 3,769 1,005 1,17217,276 896 141 7,535 337 250 556 561 5,847 Mar. 14 9,072 792 2,482 40,529 41,082 3,741 1,025 2,696 17,278 913 141 7,209 347 250 655 335 5,851 Mar. 21 9,021 844 2,418 39,950 40,117 3,927 926 2,939 17,249 920 141 7,146 350 251 492 525 5,874 Mar. 28 Apr. 4 9,081 773 2,524 39,762 40,144 3,851 976 2,288 17,264 927 146j 7,898 345 251 537 393 5,883 Apr. 11 9,153 826 2,571 40,.466 41,388 3,724 990 1,65017,245 927 1431 8,001 341 251 695 391 5,946 Apr. 18 9,256 816 2,616 40,818 4411,639 3,842 1,126 1,71317,218 937 146 7,726 338 253 647 517 5,927 Apr. 25 9,142 826 2,384 40,88141,030 4,023 1,032 1,81917,214 941 143 7,165 340 259 675 560 5,939 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

476 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 Public and Period2 t l o F i b q a o n u a 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 s d a l - 3 l s ch r P l u e c e a e m o b u n t a b r m d i l o c e , , - a r l, Other ( T r w e a s r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it - r y s f p i S c n a o a a n n m l i e c e - s e s u p t ( t t r o i i i a l n o r i n c t n t i s a l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i h p n f l e e l e s r ss c c h l N f a a i n e s e d s g t i e - s c b h r w e a a i e n p n a n e d o l g k k 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 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955 Jan -June. -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 3,206 1956 Tan .. . -113 6 66 48 10 -68 -38 -221 65 -4 -81 -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 Apr -55 1 87 57 18 91 -80 41 -118 28 -21 48 98 Week ending: 1956 Feb 1 . -21 18 33 -3 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 26 49 Apr 4 —29 8 -9 67 4 9 -17 29 -185 3 -26 -146 — 171 Apr 11 -8 8 61 -12 -25 19 -22 -28 48 17 28 85 107 Apr. 18 11 2 32 8 21 48 -31 -15 -5 9 -15 65 89 Apr 25 -28 -18 4 -6 17 15 -11 55 24 -1 -8 44 73 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation eauipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. 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 r n - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1950 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 ,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 Mar 2,191 681 1,510 807 236 187 49 4 29 538 227 182 56 248 93 Apr 2,171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 May 2,335 572 1,763 686 192 143 49 14 26 453 207 188 53 150 88 2,303 572 1,731 655 182 138 44 16 26 431 216 189 40 125 85 July 2,411 593 ,818 650 184 144 40 10 23 433 223 186 41 108 92 Aug 2,359 580 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 1,708 662 189 144 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 1,498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb 2,618 588 2,030 667 184 135 49 14 37 431 263 234 20 43 106 Mar 2,545 560 1,985 660 170 130 40 14 39 436 263 236 18 49 94 * As reported by dealers; includes finance company paper as well ; 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 477 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 th a e r k , , or m 4 m p P - c o a e r o t n i p r o m m c t e h i r - e a 6 s , l - i 3 p d n p - c p l i a a o a r a l t n y p e o c m n c c , e e y - e t r d 6 - - a P a b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s e 1 - t , - M 3 k - a e m t r- on s t o e h c n R u b a n r i t i e l e t l w i s es 9 m i ( - s t t s a o o u x n e a 1 t s b h 2 2 l - e) 3 is - y s t e u o a e r s 5 3 - Annua A l re a a v e a ra n g d e s p , eriod lo A a l n l s 1 1 0 - 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3.5 1954 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 1.87 3.90 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—Apr 1.90 1.73 1.43 1.59 1.620 1.71 2.39 1955—June 3.56 4.92 4.29 3.83 3.33 May 2.00 1.88 1.50 1.45 1.491 1.72 2.40 Sept 3.77 4.98 4.44 3.99 3.56 June 2.00 1.82 1.50 1.41 1.432 1.71 2.42 Dec 3.93 5.01 4.52 4.14 3.75 July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 1956—Mar 3.93 5.05 4.55 4.13 3.74 Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 New York City: Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 1955—June 3.30 4.73 4.18 3.62 3.15 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 Sept 3.54 4.83 4.39 3.87 3.39 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 Dec 3.76 4.86 4.48 4.00 3.64 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 1956—Mar 3.75 4.92 4.49 4.05 3.62 7 Northern & Eastern 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 cities: Feb 3.00 Z. oo 2.38 2.32 2.372 2.38 2.65 1955—June 3.55 4.97 4.29 3.78 3.37 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 Sept 3.76 5.06 4.43 3.99 3.58 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 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 Mar. 31. .. 3.00 0Z . 8oo8 2.38 2.19 2.173 2.42 2.94 cities: Apr. 7... 3.00 2.88 2.38 2.38 2.397 2.68 3.02 1955—June 3.95 4.98 4.34 4.01 3.67 Apr. 14. .. 3.05 2.88 2.38 2.55 2.497 2.78 3.07 Sept 4.11 5.01 4.47 4.07 3.88 Apr. 21... 3.25 2.98 2.50 2.74 2.769 2.93 3.18 Dec 4.17 5.06 4.54 4.22 3.91 Apr. 28... 3.25 3.00 2.50 2.71 2.788 2.92 3.16 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 1 [Per cent per annum] State iind local govt. bonds Corporaite bonds4 Industrial stocks U.S. Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G lig en at e i r o a n l >4 Rev- By r a s t e in e g c s ted gr B ou y ps D pr i i v c i e d e r n a d ti s o / p E r a ic rn e in ra g t s i / o enue Total 5 se O ri l e d s2 s N er e ie w s3 Totals Aaa Baa bonds6 Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 C m o o m n4 - C m o o m ns - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3 15 4.02 4.70 8.75 1955 average .. 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1955—Apr 2 77 2.92 2.50 2.08 3.08 2.79 3.21 3.01 3.49 3.14 3.30 3 17 3 98 4 03 May 2.75 2.91 2.48 2.06 3.07 2.77 3.23 3.04 3.50 3.17 3.32 3.19 3.99 4.05 June 2 76 2.91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3 98 3.71 r8 10 July 2 87 2 96 2.62 2.23 3.17 2.86 3 24 3 06 3.52 3 18 3 32 3 22 3 96 3 63 Aug 2.91 3.02 2.69 2.33 3.22 2.92 3.29 3.11 3.56 3.25 3.36 3.26 4 01 3.76 Sept 2 88 3 00 2.70 2.31 3.24 2.92 3.31 3.13 3.59 3 25 3 40 3 29 4 06 3 76 n 19 Oct 2.82 2.96 2.64 2.25 3.22 2.89 3.30 3.10 3.59 3.23 3.38 3.27 4 04 3.96 Nov 2.85 2.96 2.60 2.20 3.20 2.87 3.29 3.10 3.58 3.22 3.38 3.28 4.01 3.96 Dec 2 88 2.97 2.70 2.29 3.25 2.97 3.33 3.15 3.62 3.26 3.42 3.31 4.05 3.92 r?.9€ 1956 Jan 2.86 2.94 2.69 2.27 3.24 2.91 3.30 3.11 3.60 3.23 3.40 3.28 4.03 4.08 Feb 2 82 2.93 2.63 2.19 3.21 2.89 3.28 3.08 3.58 3.20 3.37 3.26 3.99 3.93 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 7.44' Apr 3.06 3.10 2.84 2.43 3.38 3.07 3.41 3.24 3.68 3.37 3.47 3.38 4.15 3.69 Week ending: 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 Apr 7 3 03 3 07 2.78 2.38 3.33 3.01 3.35 3.16 3 64 3 33 3 42 3 32 4 08 3 65 Apr 14 . 3 06 3 09 2.80 2.38 3.35 3.06 3.39 3.21 3.67 3.36 3.45 3.34 4.11 3.72 Apr 21 3.08 3.13 2.85 2.43 3.40 3.10 3.43 3.27 3.70 3.41 3.49 3.39 4.18 3.74 Apr 28 3.07 3.11 2.91 2.51 3.44 3.12 3.46 3.30 3.72 3.40 3.52 3.45 4.23 3.74 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 sepa- •re 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 2lA 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-p- 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

478 SECURITY MARKETS SECURITY PRICES * 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 n M ici u p - al r p a o te - Manufacturing Trade, th ( o in u- 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 - )4 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Total r D ab u l - e N ra d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - n s a a e i f c n 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 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97 103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297 313 2,578 1955—Apr 96.31 103.43 124.9 115.3 286 322 252 152 287 347 327 365 320 152 277 311 2,689 May. .. 96 53103.66 125 1 114 7 285 320 251 152 289 350 324 372 326 154 280 303 2,163 June 96.37 103.75 123.9 114.5 301 341 259 153 303 370 344 393 336 154 294 314 2,643 July 94.96 102.73 121.4 114.3 315 360 256 156 319 395 366 All 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 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov. 95 46102.73 122 6 113 7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95 07102 62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40 103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94 88102 41 120 3 113 2 347 401 265 159 351 443 412 472 344 160 322 373 2 874 Apr .... 92 93100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 Week ending: Mar. 31 94.08 101.70 118.8 112.6 353 409 269 159 357 453 416 486 351 160 319 380 2,848 Apr. 7 93.31 100.68 118.1 111.9 356 415 270 158 360 459 414 501 346 159 321 379 2,839 Apr. 14 93.00 100.23 117.4 111.6 353 410 266 157 354 450 410 486 344 158 316 369 2,587 Apr. 21 92.63 99.57 116.6 110.8 350 406 271 156 353 448 408 485 348 156 316 364 2,327 Apr. 28 92.90 99.77 115.6 110.6 346 401 275 155 355 452 410 490 353 156 314 366 2,522 1 Monthly and weekly data for U. S. Govt. bond prices and volume 3 The 3V4 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 2% 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, beginning Oct. 1, 1955, those due or callable in 10-20 years. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit i 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 U o s . t T e h S c o e u . r t r G a i t t h l i o - e a v s n t. N N ew e t Y d o e r b k it f S i b r t a m o l c a s k 1 n c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d c s a d t r o e r a y o l i e n th r 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 Cu f s n r t e e o e t mer obligations credit (co c l o . l. 3 5 ) + U S ob e . c l S i u g . r a e G t d i o o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a n G ti o on v s t. se o c O u th r n i e t r ies balances 1952 Dec 1,980 33 1,332 149 648 30 877 727 1953—Dec 2,445 31 1,665 88 780 88 1,074 713 1954 Dec 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Mar 3,732 49 2,652 33 1.080 78 1,861 1 022 Apr 3,785 48 2,704 27 1,081 74 1,988 973 May 3,787 47 2,684 28 1,103 72 2 047 928 3,870 46 2,711 31 1,159 73 2 020 917 July 3,911 45 2,734 29 1,177 77 2,003 918 Aug 3,865 43 2,710 29 1,155 71 1,994 887 Sept 3,966 43 2,805 33 1,161 68 2 056 977 Oct 3,944 40 2,749 29 1,195 71 2,088 920 Nov 3,980 38 2,759 27 1,221 75 2 185 876 Dec 4,030 34 2,791 32 1,239 51 2 246 894 1956 Jan 4,040 36 2,786 37 1,254 41 2 129 905 Feb 3.991 34 2,740 36 1,251 52 2 137 913 Mar 4,038 31 2,786 40 I 252 50 2,127 960 i Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1951 and 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 479 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total 2 U S n ta i t t e e s d St U a lo t . e c a S a l . n 2 d Foreign 2 Total 2 Bonds2 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 1,526 23,124 21,406 1,718 12,906 1,247 2 240 2 245 1950 .... 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2 713 3 088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 End of month: 4 1952 Dec 73,034 12,814 10,195 1,126 1,493 31,286 29,095 2,191 21,245 1,868 2,699 3,122 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Feb.r 85,259 12,476 9,239 1,974 1,263 36,937 34,175 2,762 26,459 2,342 3,141 3,904 Mar 85,627 12,315 9,091 1,964 1,260 37,222 34,449 2,773 26 727 2,367 3 159 3 837 Apr . .. 86,061 12,329 9,105 1,965 1,259 37,362 34,571 2,791 26,949 2,381 3,177 3,863 May 86,515 12,260 9,058 1,956 1,246 37,532 34,745 2,787 27,217 2,407 3,190 3,909 86,967 12,239 9,046 ,957 1,236 37,677 34,848 2,829 27 483 2 420 3 207 3 941 July 87,636 12,292 9,096 ,979 1,217 37,927 35,058 2,869 27,748 2,453 3,230 3,986 Aug 88,087 12 368 9 179 1,979 1,210 37,921 35,046 2 875 28 001 2 471 3 245 4 081 Sept 88,529 12,325 9,129 1,983 1,213 38,123 35,253 2,870 28 250 2,492 3,260 4 079 Oct .... 89,016 12,236 9,027 1,990 1,219 38,385 35,506 2,879 28,563 2,506 3,271 4,055 Nov 89,491 12 096 8 891 1,987 1,218 38,546 35 647 2 899 28 868 2 523 3 283 4 175 Dec 90,219 11,758 8,546 .998 1,214 38,855 35,932 2,923 29 433 2 557 3 293 4 323 1956—Jan 90,842 11 751 8,393 2,125 1,233 39,146 36,216 2,930 29,800 2,568 3 307 4 270 Feb 91,240 11,608 8,236 2,144 1,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 r Revised. 3 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 Beginning with this issue of the BULLETIN, issues of foreign govern- 4 These represent book value of ledger assets. Adjustments for interest ments and their subdivisions (formerly included with "State and local") due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included, in total, in "Other ment (formerly included with "Business securities—bonds") are included assets." with foreign government securities. SAVINGS AND LOAN ASSOCIATIONS 1 [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets End of year Total2 g M ag o e r s t- 3 G U ob o . l v S i t - . . Cash Other 4 S c a a v p i i n ta g l s q E u n a d r t o e f r Total 2 g M ag o e r s t- 3 G U ob o . l S v i t - . . Cash Other 4 S c a a v p i i n ta g l s gations gations 1941 6,049 4,578 107 344 775 4,682 1953__4 26,733 21,962 1,920 1,479 1,297 22,846 1945 8,747 5,376 2,420 450 356 7,365 1954—1 27,658 22,712 1,927 ,618 1,327 23,909 1948 13,028 10,305 1 455 663 501 10,964 2 29,094 23,836 1,959 ,794 [,432 25,170 1949 14,622 11,616 1,462 880 566 12,471 3 30,165 25,065 1,969 ,681 1,379 25,903 1950 16,893 13,657 1 487 924 733 13,992 4 .. 31,736 26,193 2,021 ,980 1,472 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—1P 33,075 27,373 2,203 ,928 1,502 28,482 1953 26 733 21,962 1 920 1,479 1,297 22,846 2v 35,080 29,107 2,287 ,973 1,645 29,963 1954 31,736 26,193 2,021 1,980 1,472 27,334 3P 36,343 30,687 2,340 .612 1.639 30,636 1955P 37,880 31,584 2,381 2,087 1,763 32,305 4P 37,880 31,584 2,381 2,087 1,763 32,305 33 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

480 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 1955 1948 1949 1950 1951 1952 1953 1954 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 6,715 Banks for cooperatives 305 302 345 425 424 377 367 340 322 359 375 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 689 Federal Farm Mortgage Corporation. 80 60 45 34 25 18 13 12 Farmers Home Administration 2 525 523 535 539 596 648 701 774 770 755 681 Rural Electrification Administration. . 999 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 316 2,348 Commodity Credit Corporation 1,293 1,729 782 1,426 3,076 2,981 3,357 2,137 590 2,621 Other agencies 5 9 6 6 5 4 4 1 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 3,205 Federal National Mortgage Assn 199 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 2,641 Home Owners' Loan Corporation3. . 369 231 10 Reconstruction Finance Corporation4 177 168 137 123 115 108 V O e th te e r r a n a s g e A n d ci m es inistration • 22 24 35 169 246 / 30 6 0 0 38 6 3 3 | 40 6 8 7 43 7 0 2 4 7 5 6 6 48 8 0 4 To railroads, total 140 114 110 101 82 79 12 11 13 11 11 Reconstruction Finance Corporation4. 138 112 108 99 80 11 Other agencies 3 3 2 2 2 2 12 11 13 11 11 To other industry, total 310 462 458 488 516 509 420 426 426 706 667 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D O e th p e a r r t a m g e en n c t ie o s f the Treasury > 38 38 58 74 58 1 4 7 0 4 3 6 5 7 3 3 7 5 3 3 34 7 8 8 3 37 2 8 8 3 3 6 0 2 6 To financing institutions, total. 525 445 824 814 864 952 870 704 1,019 1,277 1,419 Federal home loan banks... 515 433 816 806 864 952 868 702 1,017 1,275 1,417 Other agencies 10 12 2 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 8,001 7,968 8,032 8,025 7,988 Export-Import Bank 2,145 2,187 2,226 2,296 2,496 2,833 2,806 2,768 2,774 2,735 2,702 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 3,519 International Cooperation Administration 71,515 1,537 1,624 1,630 1,692 1,722 1,767 All other purposes, total 584 531 779 1,095 763 438 451 474 477 501 Reconstruction Finance Corporation4 190 59 61 50 57 Public Housing Administration 294 297 366 609 919 535 113 119 100 96 93 Other agencies 100 99 105 109 126 171 325 332 374 381 408 Less: Reserve for losses 368 476 185 173 140 203 228 259 494 411 268 Total loans receivable (net). 11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 20,238 Investments: U. S. Government securities, total 1,854 2,047 2,075 2,226 2,421 2,602 2,967 3,187 3,108 2,909 3,236 Banks for cooperatives 43 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 44 74 46 51 60 63 61 60 60 72 63 Production credit corporations 66 39 42 43 43 45 42 42 42 42 42 Federal home loan banks 274 275 199 249 311 387 641 771 661 443 745 Federal Savings and Loan Insurance Corp.. 199 214 193 200 208 217 228 234 241 234 241 Federal Housing Administration 144 188 244 285 316 319 327 344 354 370 381 Federal Deposit Insurance Corporation. . . 1,064 1,205 1,307 1,353 1,437 1,526 1,624 1,692 1,706 1,705 1,720 Other agencies 21 9 1 2 1 1 1 2 2 2 1 Investment in international institutions. 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 133 107 78 44 40 44 45 29 Reconstruction Finance Corporation4. 98 83 66 36 35 47 29 Production credit corporations 29 22 11 5 3 3 3 3 2 Department of the Treasury 42 38 40 23 23 Other agencies 2 2 3 2 3 4 Commodities, supplies, and materials, total. 627 1,549 1,774 1,461 1,280 2,514 3,852 3,612 3,476 4,129 4,356 Commodity Credit Corporation 437 1,376 1,638 1,174 978 2,086 3,302 2,983 2,910 3,518 3,747 Reconstruction Finance Corporation4... 157 142 108 129 172 156 D Ot e h p e a r r t a m ge e n n c t ie o s f the Treasury 32 30 28 159 131 [ 272 470 56 6 4 5 54 1 7 9 59 1 4 7 5 2 8 0 9 Land, structures, and equipment, total 3,060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 ,821 7,799 7,822 P R u e b c l o i n c s H tru o c u t s i i o n n g F A i d n m an i c n e i s C tra o t r i p o o n ration4 1,4 6 4 3 8 0 1,3 6 5 1 2 1 1,2 6 4 0 8 5 1,2 5 5 9 1 4 1,1 1 7 9 3 9 1,0 1 1 7 8 5 8 96 80 64 64 64 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 Federal Maritime Board and Maritime Adm3. 4,834 4,798 4,749 4,807 4,812 4,822 Other agencies9 189 168 206 465 590 561 1,412 1,372 1,137 1,100 1,107 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 2,379 Banks for cooperatives 70 78 110 170 181 150 156 139 123 160 185 Federal intermediate credit banks 480 490 520 674 704 619 640 713 811 821 665 Federal home loan banks 415 204 560 525 445 414 272 139 336 534 958 Federal National Mortgage Assn 570 570 570 570 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CREDIT AGENCIES 481 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Lia in b t i e li r t a i g es e , n o c t y h e it r e m th s an Date, and corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s r t a l i i u o o a n i e a p e m d t s d l e - s s , i - - , - G U s ri e o t . c i S v I e u m n . t s - . v e e n s O t s r t s i e - t t c h ie u e s - r L s e t m u t a q a r r n e u n u e d n i c d s p t - , , - O s a t e h s t - e s r a B t G U u n a o b r . t u n n e e y d a S e d s r d . s - d p , e a O n b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l- r G i U n e o t . s e S v t r t . - . o v in w P a e t t r s n e e i t - r e ly - d All agencies 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 965 ,663 18,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 ,190 21,995 234 1951—Dec. 313 26,744 93114,422 1,461 2,226 3,463 3,358 882 ,369 23,842 329 1952—Dec. 313 29,945 94417,826 1,280 2,421 3,429 3,213 832 ,330 728 26,456 378 1953—Dec. 313 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 ,182 3,818 33,429 434 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 ,068 4,183 35,610 508 1955—Mar. 31 41,996 1,37519,782 3,612 3,187 3,429 7,982 2,629 ,561 4,013 35,848 543 June 30. 40,639 1,24418,927 3,476 3,108 3,430 7,821 2,634 ,840 3,019 3355,171 568 Sept. 30 41,183 1,45619,061 4,129 2,909 3,414 7.799 2,415 2 086 2.013 36 460 583 Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: Banks for cooperatives 450 372 185 231 Federal intermediate credit banks 783 689 665 110 Production credit corporations 45 45 Federal Farm Mortgage Corp 13 12 Department ot Agriculture: Rural Electrification Administration 2,469 2,345 115 2,469 Commodity Credit Corporation 7,329 2,544 3,747 149 865 1,280 6,049 Farmers Home Administration 668 587 (5) 26 1 667 Federal Crop Insurance Corp 17 2 5 13 Federal Home Loan Bank Board: Federal home loan banks 2,231 1,417 745 958 712 -1 562 Federal Savings and Loan Insurance Corp. 250 241 11 239 Housing and Home Finance Agency: Public Housing Administration 313 26 92 64 131 27 285 Federal Housing Administration 629 31 65 381 150 44 185 400 Federal National Mortgage Association... 2,741 81 2,638 () 22 570 33 2,135 Office of the Administrator 756 73 261 386 36 748 Small Business Administration 57 4 51 2 56 Export-Import Bank 2,761 9 2,725 26 71 2,691 Federal Deposit Insurance Corp 1,734 4 (5) 1,720 () 10 94 1,640 Tennessee Valley Authority 2,006 140 1,829 12 41 1,965 Federal Maritime Board and Maritime Adm. 5,507 356 261 4,822 24 147 5,360 Panama Canal Company 464 25 12 421 6 451 Veterans Administration 673 154 481 2 32 664 Department of the Treasury 10,685 100 3,825 3,408 20 3,312 10,676 International Cooperation Administration. . 1,774 2 1,767 5 1,774 All other 950 115 106 504 127 46 904 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 bo for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B r u N e d c e t g t s e . t T P r f e u l r c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f q u e r t u o b o h c a t m l t e a s i l c s l . : 2 B p t e u u e n d x re d g - s i e - t p T P t f e u u e l r n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t - 3 E p p t T q o u a u o b y t a t l h t a 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 a , d b - e s e i s e t c e n n e - , t .) t a r i G n g . N v e f o n u . e v . n b t t d & . y L s ess: O d n c e t a o h b s n e h t - r 4 b E r i o e n q c ( N r p g u a ) r a s e a o y h o t l w s t r . : - 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—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 Sept 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 90 4,964 5,274 904 608 5,570 -606 -722 -87 83 -717 Feb 6,195 1,009 62 7,140 4,950 870 142 5,679 1,462 238 210 3 25 11,313 757 90 11,977 5,399 761 299 5,861 6,116 -3,714 131 -14 -3,831 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u e u N 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 s d n i t u t - t c o R i l c e T i a a c r s t o e i h n o a - n s. i m o s a ( G s g + b N a u e o l r ) a i n e v k g o n t c e t a c f y . t - e i i n & s a n G e v g N c . e o t F . e r n v u e 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 t s e e , T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance ( B F a a a . v b D n a l R k e i e l . s p - osi T t T s a L u r x o i e r n a a y a n s n - d O as n t s h e e t e ts r 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 1,530 19535.... -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955 -4,180 990 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 Semiannual totals: 1953—July-Dec. 5. -8,728 736 -250 -139 -810 9,097 n.a. -94 4,577 346 3,358 873 1954—Jan.-June.. 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 1,055 July-Dec... -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 1,156 1955—Jan.-June. . 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ',471 July-Dec... -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 Monthly: 1955—Mar 3,846 -3 145 51 -56 -4,134 109 -260 5,151 724 3,203 ,224 Apr -1,496 -541 311 29 348 2,601 2 1,250 6,401 814 4,023 ,564 May -919 584 -262 36 -663 824 122 -522 5,880 649 4,054 ,177 June 3,372 925 363 38 -1,032 -3,098 232 336 6,216 380 4,365 ,471 July -2,617 -7 199 27 -254 3,210 -38 595 6,811 624 4,972 ,215 Aug -1,491 775 21 1 -994 725 95 -1,058 5,753 393 4,188 1,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 1,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 1,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 1,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 1,112 1956—Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 1,350 Feb 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 1,288 Mar 5,914 -4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 1,193 * Preliminary. n.a. Not available. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. 3 Consist primarily of (1) intra-Governmental transactions as described 6 Excludes net transactions of Govt. sponsored enterprises, which are in footnote 1, (2) net accruals over payments of interest on savings bonds included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 483 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 e N r i d e p e - g t t e s t O T l r d a - nsfers R a to il : - fu R o n e f d - s B c T u e r o d i e p t - g a t e s l t Individual C ra o ti r o p n o - i ta c E x i x s e e - si t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s .' - ' age road re- Withtrust ret'ment ceipts held i Other i fund acct. Fiscal yr.—1952 61,391 3,569 738 2,302 67,999 18,521 11,359 21,467 8,893 4,562 3,197 2,549 1,565 2,824 19533 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 '2,783 1,580 3,127 1954 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 -3,175 1955 Semiannual totals: 1953—Jan.-June 37,703 2,195 311 2,700 42,910 11,347 8,481 13,773 4,931 2,740 1,637 1,299 810 1,786 July-Dec.3 25,757 1,722 321 395 28,195 11,078 2,593 5,375 5,405 2,083 1,661 '1,512 804 1,476 1954—Jan.-June 38,898 2,815 282 2,982 44,978 10,557 8,154 16,148 4,609 3,342 2,168 -1,271 777 1,651 July-Dec 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 1,480 1955—Jan.-June 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 '1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 Monthly: 1955—Mar 9,741 562 46 741 11,089 1,721 745 6,812 841 628 342 247 139 99 Apr. 3,732 316 19 874 4,941 967 2,190 478 717 341 248 210 122 9 May 4,438 785 80 817 6,119 2,991 602 377 843 879 427 226 143 754 June 10,125 703 52 399 11,279 1,545 1,417 6,201 924 757 435 268 150 125 July 2,765 198 15 110 3,089 884 277 547 796 216 369 231 116 Aug 4,734 912 85 118 5,848 3,004 115 328 867 1,012 522 245 154 977 Sept 5,498 519 60 103 6,180 1,604 1,685 1,100 881 579 331 256 135 Oct 2,692 268 18 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 211 113 1956—Jan 4,684 163 17 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 85 231 7,158 3,732 795 460 846 972 353 212 128 Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 n.a. n.a. Budget expenditures 4 Major national security Agri- Vet- culture Period Total Totals D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l , A en t e o r m gy ic fi a n I f a a n f n a n t i d l c r . s e In e t s e t r- ic e b e s r e f e s a i n r t n v a s e s - n - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - a d - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year: 1952 665,408 43,976 38,897 2,442 1,670 826 5,934 4,863 2,168 1,045 1,264 2,722 1,464 74,274 50,363 43,611 3,954 1,791 216 6,583 4,298 2,426 2,936 1,364 2,612 1,474 19533 67,772 46,904 40,335 3,629 1,895 732 6,470 4,256 2,485 2,557 1,220 909 1,239 1954 64,570 40,626 35,533 2,291 1,857 181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 1955 Semiannual totals: 1955—July-Dec. 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 1955_j A ul u y g 7 5 6 , , 3 2 8 2 2 5 3 3 , , 0 5 4 8 6 3 2 3 , , 6 2 4 5 8 8 1 1 6 3 8 7 1 1 3 3 8 8 9 5 5 5 5 52 9 5 6 4 3 2 6 8 1 2 22 9 3 4 9 3 1 3 9 6 1 7 0 9 6 2 2 5 2 1 9 3 1 6 1 5 7 Sept 5,340 3,512 3,252 93 121 59 533 353 191 295 120 165 111 Oct 5,355 3,293 2,837 280 129 152 548 359 283 362 103 145 109 Nov 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956—Jan 5,274 3,005 2,811 135 245 631 401 297 340 83 168 104 Feb 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 5,399 3,284 2,806 299 146 167 566 400 168 438 85 184 106 p Preliminary. r Revised. n.a. Not available. 4 For a description of components, see the 1957 Budget of the United 1 Corporation and estate and gift taxes are from Internal Revenue States, pp. 1093-1102 and 1164-1165. Service reports prior to July 1953. Excise taxes and nonwithheld indi- 5 Includes stockpiling and defense production expansion not shown vidual taxes for that period are obtained by subtracting Internal Revenue separately. Service data from appropriate monthly Treasury statement totals. 6 Reflects deduction of $857 million to adjust to daily Treasury state- 2 Represents the sum of taxes for old-age insurance, railroad retire- ment basis. ment, and unemployment insurance. 7 Monthly figures not available prior to July 1955. 3 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable End of Total T gr o o t s a s l Special month d gr e o b s t s i d d i e r b e t c 2 t Total Certifi- Bonds Con- T an a d x issues Total Bills c in at d e e s b o t- f Notes Bank Bank bonds Totals b i o n n g d s s i s n a g v s edness eligi- re- notes ble* stricted 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2 5 7 0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257 0 256 9 225 3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec 256.7 256 7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267 4 267 4 226 1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—June 271.3 271.3 226.7 150.4 19.5 18.4 32.0 71.8 8.7 11.9 64.5 58.1 5.1 42.2 Dec 278 8 278 8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—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 (6) 43.6 Feb 280.2 280.1 233.6 163.4 22.3 15.7 43.4 81.9 11.3 59.0 57.7 43.7 Mar 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59.0 57.7 (6) 43.7 Apr 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $467 million on Apr. 30, 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 $8,167 million on Mar. 31, 1956. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in (i g n c g lu u d ar - - trust fundsx Federal Com- Mutual Insur- Other S a t n a d te Individuals Misc. s a e n ti c t e e u s e r ) i d - S i p ss e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o- s fe lo o c v a ts l . S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s s 3 - 1941 Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256 7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259 5 35 9 6 4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10 6 1952—Dec 267 4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec . 275 2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.0 12.7 49.4 16.0 13 2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.4 13.9 49.5 15.5 13.7 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_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 * 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 14.4 274.4 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 o O 14 9 19.8 15 0 50.2 15 4 15 0 Aug 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 Sept 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 Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 24.7 15.8 50.4 16.0 16.0 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 $250 million on Dec. 31, 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 485 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 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 bills2 Certificates—Cont. Treasury notes—Cont, Treasury bonds—Cont. 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 D Fe e b c . . 15 1 , , 1 1 9 9 5 5 6 7 2 2 % % 9 7 , ,2 0 1 8 9 3 A O p ct r . . 1 1 , , 1 1 9 9 6 6 0 0 1 n Y /2 2 2 1 7 9 7 8 A Ju u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... X 2> 2 6 , , 1 7 1 5 5 5 M M a a y y 2 1 4 7 , , 1 1 9 9 5 5 6 6 1 1, , 6 6 0 0 1 0 Treasury notes Apr. 1,1961 iy2 5 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 3 - - 6 6 9 8 . . 2 3 , , 8 7 2 5 5 2 May 31, 1956 1,604 Aug. 15, 1956 2 12,547 Treasury bonds Dec. 15, 1964-69. 3,828 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 O M c a t r . . 15 1 , , 1 1 9 9 5 5 6 7 2 iy % 2 2,9 5 9 5 7 0 S M e a p r t . . 1 1 5 5 , , 1 1 9 95 5 6 6 - - 5 5 9 8 4 .. . . . 2 2 i % /2 1,4 9 4 8 9 2 M M a a r r . . 1 1 5 5 , , 1 1 9 96 6 6 5 - - 7 7 1 0 . . 4 2 , , 7 9 1 5 5 9 Ce J J J J J J J r u u u u u u u ti l l n l l n n f y y y y i e e e c a 2 2 2 2 t 1 1 e 2 6 5 8 1 9 2 s , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 6 6 6 6 6 6 6 3 2 1 1 1 1 1 1 1 , , , , , , , 4 6 6 6 6 6 6 8 0 0 0 0 0 0 6 1 1 0 2 0 0 A A A J O F A O M u e p c u p p c n a b t t r g r r y e . . . . . . . 1 1 1 1 5 1 1 1 1 5 1 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 9 8 8 7 7 9 8 7 7 2 P l 1 P i i i ? i y y % / / / y / 2 2 2 2 2 2 s s 4 4 5 3 , , , , 1 1 3 7 8 3 5 1 1 0 5 9 9 8 2 3 2 1 2 5 2 2 3 4 1 1 9 D J D J D N S J M u u u e e e e o n n a n p c c c v e r e e t . . . . . . 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 5 5 6 5 5 5 5 5 0 8 8 0 8 7 9 9 6 - - - - - - 6 6 5 6 6 5 5 3 9 2 2 9 4 4 . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 1 1 V % 3 i Y 3 y / 4 4 4 4 4 8 2 8 4 2 3 5 3 3 1 , , , , , , , 4 3 2 8 8 2 4 9 9 8 2 6 4 0 7 6 1 2 5 1 8 5 6 5 3 9 7 C Pa o J D J F S n n u u e e a v e n n b p m c e e e . t . r . a t i b 1 1 1 1 1 C l 5 5 5 5 5 e , , , a , , n b 1 1 1 1 1 a 9 o 9 9 9 9 l 9 n 6 6 6 7 5 d 7 L 7 8 7 s - - - - o 7 8 7 7 a 2 3 2 2 . n . . . . . . . . . . . 3 2 2 . 1 . V V 4 3 3 f 2 c 2 3 2 1 1 , , , , , 7 6 8 7 7 0 7 4 1 9 5 6 6 5 6 9 0 June 22, 19563 2*4 2,970 Oct. 1. 1959 11/2 99 Sept. 15, 1961 234 2,239 Investment Series B Nov. 15, 1961 2i/2 11,177 Apr. 1, 1975-80.... 234 11,164 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 477. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES * [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s t 2 - v b e C o r o t n i n 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 AH holders: 1953—June 30 159,675 19,707 15,854 30,425 81,349 12,340 147,335 64,589 32,330 18,677 31,739 1954_jUne 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 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. 31 174,639 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 Feb. 29 174,636 22,315 15,741 43,388 81,906 11,286 163,350 60,633 38,409 31,364 32,944 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 1955_ D ju e n c e . 3 3 0 1 7 7 , , 1 6 6 7 2 6 3 4 3 0 8 47 8 3 1 0 1 4 9 3 3 , , 5 5 4 5 8 6 3 3 , , 4 4 3 3 9 9 4 3 , , 2 7 3 2 7 3 42 7 2 4 3 1 7 9 3 9 4 5 2 0 6 6 2 3, . 0 9 1 4 6 4 1956—Jan. 31 7,948 527 71 357 3,553 3,439 4,509 642 422 418 3,027 Feb. 29 7,985 507 81 421 3,537 3,439 4,546 701 414 404 3,026 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 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,403 3,773 1.014 1,415 Dec. 31 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 1 ;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 Feb. 29 23,482 543 5,937 14,200 2,802 23,482 19,464 1,590 1,014 1,415 Commercial banks: 1953—June 30 51,365 4,411 4,351 10,355 32,066 182 51,183 19,580 18,344 8,772 4,488 1954—June 30 56,199 4,187 4,942 11,423 35,481 165 56,034 17,684 14,624 18,741 4,985 1955_ D ju e n c e . 3 3 0 1 5 5 3 5 , , 9 6 5 6 6 7 2, , 7 5 2 6 1 2 1 1, , 9 4 5 5 1 3 1 1 5 2 , , 3 8 8 5 5 3 3 35 5 , , 4 9 3 4 1 2 1 15 6 7 4 5 5 3 5 , ,5 7 0 9 3 8 7 7, , 7 1 3 8 3 7 2 2 2 1 , , 0 7 0 1 3 2 2 1 1 9 , , 1 4 1 8 0 3 4 5 , , 5 4 7 9 9 4 1956_Jan. 31 52,749 ,839 1,746 12,832 35,175 158 52,591 6,793 21,940 19,333 4,525 Feb. 29 51,916 2,493 1,578 12,589 35,099 157 51,759 6,142 21,692 19,403 4,523 Mutual savings banks: 1953—June 30 8,816 120 87 62 7,232 1,314 7,502 476 464 1,395 5,167 I954—june 30 8,353 98 101 221 6.669 1,265 7,089 294 476 1,389 4,930 .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 Feb. 29 7,893 160 45 324 6,190 1,174 6,719 254 565 1,332 4,568 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 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 Feb. 29 12,299 369 80 863 8,128 2,859 9,440 565 1,485 1,844 5,546 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 1955—June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13.233 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 Feb. 29 71,059 18,243 8,020 14,989 26,150 3,656 67,403 33,506 12,664 7,368 13,866 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. byy tthsees e ninsstittiututitoionnss. . DDaatata aarree coomppelete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust ffudn ds andd F Feddl eraRl Reserve BBkanks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n is e s t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Bonds Mis- Re- tire- State tire- ment Total G U o . v S t . . 3 ag F e e e r n d a c - l y 4 n m a p i n c a u d i l - - Others Total Total o P l f i f u c e l b r y e - d 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 on e e w y 7 p l p c a o o u e n u s l r e e s - - - s m b d et a e o e c n b f . n k t 8 t , s ri e o t c i f e u s - 1939 5,687 2,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11,466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 20,250 10,327 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21.265 9,778 110 3,189 446 7,74J 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26;929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 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—Mar. 2,583 614 540 9 1,420 871 524 346 37 512 1,261 1,190 71 135 Apr.. 1,654 535 429 15 675 475 297 178 54 146 494 444 50 165 May, 4,399 3,020 30 350 2 998 694 465 229 95 209 903 791 112 74 June, 1,915 496 651 4 796 533 190 344 57 206 697 635 62 81 July. 2,487 1,265 470 15 737 583 136 447 53 101 583 514 69 140 Aug. ,656 509 259 887 672 508 164 16 200 654 623 32 216 Sept. ,640 481 407 749 574 304 270 82 93 680 562 118 55 Oct.. ,695 461 926 1,299 1,097 858 239 43 159 1,207 1,125 82 75 Nov. ,850 438 661 719 441 153 289 86 192 631 592 39 73 Dec.. ,934 466 415 1,001 850 334 517 38 113 921 807 114 64 1956—Jan.. ,710 645 407 '621 -529 141 '388 r19 '73 '579 '496 '83 '32 Feb., ,998 544 '709 '744 '478 149 '329 '128 139 '704 '664 '40 '26 Mar. ,771 518 384 861 675 393 282 42 143 790 762 28 56 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u 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 capital 9 secu- capital9 secu- capital9 secu- capital9 secu- capital9 secu- capital9 securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 2 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,561 517 801 73 528 360 2,270 172 1,040 83 1,813 45 1955—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 27 1 103 45 127 Aug. 119 50 36 5 45 158 90 1 90 274 Sept. 167 18 76 6 50 5 208 13 19 10 160 Oct.. 131 4 58 16 50 53 167 1 694 108 Nov. 153 42 74 6 15 4 270 13 40 81 Dec. 316 55 76 5 134 2 270 1 34 1 91 1956—Jan.. '180 '26 '45 '2 '26 1 '63 3 r(10) '263 '2 Feb. '197 '23 '41 1 39 1 '196 r(10) '37 '194 1 Mar. 249 22 48 3 71 10 187 103 132 3 r Revised. of notation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 Represents all issues other than those for retirement of securities. eleemosynary and other nonprofit. 10 Less than $500,000. 6 Estimated net proceeds are equal to estimated gross proceeds less cost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 487 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1954 1955 1950 1951 1952 1953 1954r 1955 2r 3r 1 r 2r 3r 4 Manufacturing Total (200 corps.): Sales 45,78752,94054,51763,34358,11069,441 14,941 13,552 15,22216,599 17,929 16,887 18,026 Profits before taxes 8,176 8,869 7,308 8,375 7 24410 226 1 955 1 578 1 919 2,452 2,767 2 388 2 619 Profits after taxes 4,222 3,548 3,192 3,649 3,825 5,220 994 810 1,106 1,215 1,392 1,206 1,407 Dividends 2,339 2,075 2,073 2,154 2,384 2,826 533 533 788 575 577 659 1,015 Nondurable goods industries (94 corps.): 1 Sales 16,25218,91619,26620,69420,62023,063 5,075 5,059 5,426 5,509 5,742 5,776 6,036 Profits before taxes 2,947 3,447 2,853 3,028 2,753 3,407 701 667 682 801 849 869 Profits after taxes 1,661 1,533 1,392 1,526 1 581 1,915 392 380 422 442 471 483 519 Dividends 977 925 946 972 1,064 1,202 239 243 348 256 260 283 402 Durable goods industries (106 corps.):2 Sales 29,53534,02435,25142,64937 49046,378 9 866 8,493 9 79611,090 12,18711 11111,990 5,229 5,422 4,455 5,346 4,491 6,819 1,254 911 1,237 1,651 1,919 1,518 1,731 Profits after taxes 2,560 2,015 1,800 2,123 2,244 3,305 603 430 684 773 920 723 889 Dividends 1,362 1,149 1,127 1,182 1,320 1,625 294 290 440 319 317 376 613 Selected industries: Foods and kindred products (28 corps.): Sales 4,402 4,909 5,042 5,411 5,476 5,813 1,351 1,353 1,435 1,358 1,462 1,491 1,502 Profits before taxes 532 473 453 465 462 499 131 122 110 99 131 139 129 Profits after taxes 289 227 203 212 224 244 62 59 57 46 63 68 66 Dividends 161 159 154 154 156 160 36 39 46 36 36 39 50 Chemicals and allied products (26 corps.): Sales 4,817 5,882 5,965 6,373 6,182 7,217 1,541 1,517 1,623 1,721 1,811 1,799 1,887 Profits before taxes 1,178 1,490 1,259 1,308 1,153 1,535 281 277 313 366 381 390 399 597 521 486 520 593 782 141 137 174 182 193 198 209 Dividends 467 381 396 417 499 597 102 103 194 114 115 134 234 Petroleum refining (14 corps.): Sales 4,359 5,078 5,411 5,883 6 015 6,556 1,472 1,473 1,562 1,566 1,613 1,632 1,745 Profits before taxes 712 911 728 841 751 854 195 181 152 210 200 218 226 492 560 524 603 567 624 141 140 132 150 147 156 172 Dividends 236 262 283 290 294 317 72 73 77 77 77 80 83 Primary metals and products (39 corps.): Sales 10,44812 50711,56413 75011 52214,927 3 021 2,715 2,874 3,300 3,858 3,746 4,024 Profits before taxes 1,706 2,098 1,147 1,817 1,357 2,375 357 300 400 487 633 582 674 Profits after taxes 857 778 564 790 705 1 194 177 149 231 241 313 290 350 Dividends 378 382 369 377 407 522 91 92 125 114 108 118 181 Machinery (27 corps.): Sales 5 049 6 168 7 077 8 005 7 745 8,110 1 938 1,866 2,024 1,953 2,045 1,977 2,135 Profits before taxes 847 1,000 971 1,011 914 895 239 201 222 229 251 208 207 Profits after taxes 424 365 375 402 465 458 108 102 138 110 120 103 124 208 192 199 237 263 281 64 64 16 67 66 67 81 Automobiles and equipment (15 corps.): Sales 11 96912 70713 03816 61114 13718,825 3 785 2,963 3,850 4,791 5,101 4,246 4,688 Profits before taxes 2,332 1,950 1,982 2,078 1,789 3,023 539 299 510 825 894 589 715 Profits after taxes 1,101 717 709 758 863 1,394 260 126 261 369 418 261 346 679 486 469 469 536 693 114 108 198 109 114 161 309 Public Utility Railroad: Operating revenue 9,473 10,391 10,581 10,664 9,371 10,106 2,335 2,366 2,395 2,305 2,524 2,634 2,643 Profits before taxes 1,385 1,260 1,451 1,404 900 1,342 199 226 319 259 358 370 355 Profits after taxes 784 693 832 871 674 925 136 172 277 175 242 243 265 Dividends 312 328 338 412 379 421 73 74 136 101 90 74 156 Electric power: Operating revenue 5,528 6,058 6,549 7,136 7,610 8,395 1,819 1,831 1,976 2,169 1,999 2,034 2,193 Profits before taxes 1,313 1,482 1,740 1,895 2,049 2,304 487 478 513 636 523 535 594 Profits after taxes 822 814 947 1 030 1 140 1 247 266 264 288 341 296 284 326 Dividends 619 651 725 780 857 930 210 211 224 225 229 229 247 Telephone: Operating revenue 3,342 3,729 4,136 4,525 4,902 5,425 1,210 1,233 1,285 1,298 1,340 1,368 1,419 580 691 787 925 1 050 1 282 262 262 284 306 315 325 336 Profits after taxes 331 341 384 452 525 638 125 141 143 152 156 161 169 276 318 355 412 448 496 111 112 116 118 122 126 130 r Revised. For 1954, revisions are for manufacturing only. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which he 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 are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); Electric power. Figures are for Class A and B electric utilities (which pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 account for about 95 per cent of all electric power operations) and are of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or P be ro fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - t U rib n u d t i e s d - Year or quarter taxes taxes taxes dends profits quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1948 32.8 12.5 20.3 7.2 13.0 1949 26.2 10.4 15.8 7.5 8.3 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1950 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950 ... 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1953 38.3 21.3 17.0 9.3 7.7 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.0 17.1 17.0 10.0 7.0 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 '43.8 '22.0 r21.8 11.2 '10.6 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 22.3 22.2 11.0 11.1 2 2,891 1,484 1,407 1,802 767 1,034 1,089 111 373 4 46.8 23.5 23.3 12.2 11.1 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 1956—U 45.5 22.8 22.7 11.7 11.0 1 Reflects cash transactions only. As contrasted with data shown on p. 486, new issues r Revised. exclude foreign and include investment company offerings, sales of securities held by 1 Preliminary estimates by Council of Economic affiliated companies or RFC, special offerings to employees, and also new stock issues Advisers. and cash proceeds connected with conversions of bonds into stocks. Retirements include NOTE.—Quarterly data are at seasonally adjusted the same types of issues, and also securities retired with internal funds or with proceeds annual rates. of issues for that purpose shown on p. 486. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it i t a n l g Total Cash s G U e t c o i . e u S v s r . t i . - N G U o o . t v S r e e t . s . c 2 e a i n v d a b O a le c th c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v S e t p . s . a 2 a y n a d b l O e ac th c e ts r , F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 3).3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9 3 14 0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954 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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n i tu n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he 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 4 7 4 7 0 3 2 6 1 i 2 1 1950 20.6 7.5 .7 1.1 1.2 3.3 .1 5.7 1951 25.6 10.9 .9 1.5 .5 3.7 5.9 1955—1 5.8 2 4 5 g 2 0 1952 26.5 11.6 1.0 1.4 5 3.9 5 5.6 2 7.0 3 0 .6 1 i 2 3 1953. 28 3 11 9 1 0 1.3 1.6 4 6 7 6 3 3 7 4 3 1 6 1 2 2 5 1954 26.8 11.0 1.0 .9 1.5 4.2 7 6.5 4 8.4 3.8 .7 1.2 2.6 1955 28.7 11.4 1.0 .9 6 4.3 2.0 7.5 19564 34.9 15.0 1.1 1.3 .8 5.0 10.6 1956— H 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. •Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 489 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ^onfarm Farm End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e lt r i c - i f a a l m p i r l o y p a e n rt d ies1 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 c l g d e i e e e c n r s t a e - l d v o I i a t n d h n u d e d a i r - l s s h A o er l l s d l - Total t F u i i n c t n i i s o a a ti l n n - s - O ho e t r h l s d e - r Total t F u i i n c t n i i s o a a ti l n n - - s O h e o t r h l s d 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 ti l n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14 9 31.2 18.4 11.2 7.2 12.9 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? 130.0 99.5 3.1 27.4 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9.1 3.6 5.4 1954—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—MarP 117.3 88.8 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 8.5 3 4 5 1 June27 122.0 92.7 3.0 26.3 113.2 82.2 68.4 13.8 31.0 c20.8 10.2 8.8 3.5 5.3 Sept. P 126.2 96.3 3.0 26 9 117.3 85.6 71.4 14.1 31.7 21 3 10 4 8 9 3 6 5 4 Dec.P 130.0 99.5 3.1 27.4 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9 1 3 6 5 4 1956—Mar.p 133.6 102.5 3.2 28.0 124.3 91.1 76.5 14.6 33.2 22.3 10.9 9.3 3.7 5.6 P Preliminary. c Corrected. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts pPreliminary. through 1948 held by HOLC, since then by FNMA). Other Federal 1 Derived figures, which include negligible amount of farm loans held agencies (amounts small and separate data not readily available currently) by savings and loan associations. are included with individuals and others. 2 Derived figures, which include debt held by Federal land banks and Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Farmers Home Administration. Board, Institute of Life Insurance, Departments of Agriculture and NOTE.—Figures for first three quarters of each year are Federal Reserve Commerce, Federal National Mortgage Association, Veterans Adminisestimates. Financial institutions include commercial banks (including tration, Comptroller of the Currency, and Federal Reserve. nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bankholdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O n fa o t r h n m e - r Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 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 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1954 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 June 19,940 15,128 4,361 3,601 7,166 3,549 1,263 16,173 14,339 4,000 4,976 5,362 1,775 59 Sept 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 1,801 59 Dec 21 004 15 888 4 560 3 711 7 617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 Mar * 21,500 16,240 4,648 3,760 7,832 3,950 1,310 18,045 16,132 4,210 6,155 5,767 1,855 58 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

490 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6 442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4 466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,620 6,107 971 1,843 3,293 513 29,433 27,166 6,410 6,075 14,681 2,267 1955 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 2,197 536 503 77 140 286 33 28,001 25,787 6,244 5,468 14,075 2,214 Sept 513 485 80 127 278 28 28,250 26,025 6,260 5,573 14,192 2,225 Oct 578 535 76 160 299 43 28,563 26,320 6,289 5,692 14,339 2,243 Nov... 545 514 86 155 273 31 28,868 26,613 6,328 5,808 14,477 2,255 Dec 857 811 150 296 365 46 29,433 27,166 6,410 6,075 14,681 2,267 1956 Jan 646 595 105 208 282 51 29,800 27,526 6,463 6 251 14 812 2 274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14 946 2'303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i s N c tr o e u n w c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C o ve n o n a n - l - 2 Y m e o a n r th or N b u e m r - Total i in S lo g a s a v n - & I c a n o n s m c ur - e - C m c o i e a m r l - - M s i u n a t g v u s - al tion assns. panies banks banks 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 Mar 1,026 386 427 27,373 1,235 4,963 21,175 Mar.. 343 2,455 928 174 458 134 Apr 1,016 380 430 Apr... 328 2,357 900 165 456 136 May.... 1,069 395 470 May.. 344 2,483 950 163 482 153 June.... 1,157 418 536 29,107 1,287 5,336 22,484 June.. 360 2,636 1,024 174 516 171 July 1,054 371 494 July.. 335 2,463 953 161 472 168 Aug 1,171 416 553 Aug.. 366 2,697 1,060 163 521 179 Sept 1,012 342 503 30,687 1,356 '^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 'i,"409 24^263 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 Mar 908 331 386 32,529 1,456 6,136 24,937 Mar.. 309 2,271 816 152 468 128 1 Includes loans for other purposes (for repair, additions and alterations, i Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 491 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 underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y o g p e r e t s - i p l m o r i o a m e n v n - e s t 2 - TotaP p e N r r t o e i w e p s - i p e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1948 3 341 1,434 684 609 614 1 881 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 1 823 890 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 1955— Mar 324 109 160 9 46 532 345 186 1954 75.7 32.1 12.8 19.3 43.6 Apr 294 93 151 5 45 515 319 195 1955P 88.4 38.9 14.3 24.6 49.5 May 284 93 136 3 51 548 341 207 333 107 163 5 58 553 348 204 1954_Sept 72.6 30.5 12.6 17.9 42.1 July ... 283 92 138 3 50 520 332 187 Dec 75.7 32.1 12.8 19.3 43.6 Aug 350 113 166 4 67 617 386 230 Sent 347 113 162 9 64 590 378 211 1955—Mar.P.... 78.5 33.5 13.2 20.3 45.0 Oct 338 113 160 2 63 717 461 255 June*>.... 82.2 35.3 13.5 21.8 46.9 Nov 345 122 154 11 59 755 511 243 Sept.p.... 85.6 37.0 13.9 23.1 48.6 Dec 326 118 144 10 55 620 413 206 Dec.p 88.4 38.9 14.3 24.6 49.5 1956—Jan 335 133 148 1 53 569 403 166 1956—Mar.*.... 91.1 40.2 14.7 25.5 50.9 Feb 287 114 127 5 41 535 372 162 Mar 298 105 127 18 48 467 331 136 P Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. loans in amounts of more than $1,000 need be secured. Sources.—Home Loan Bank Board, Federal Hous- NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed ing Administration, Veterans Administration, and loans, gross amount of loans closed. Figures do not take account of principal repayments Federal Reserve. on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total FH in A - - g V u A ar - - d u i n s - - Total S te h r o m r t i - L te o r n m g 2 sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 1948 199 188 11 198 227 1948 360 280 515 257 258 1949 828 403 A1% 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 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 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—Apr 2,545 855 1,690 58 11 215 1955—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 ,699 15 116 July 152 107 1,061 748 313 2,573 876 1,696 19 104 156 30 1,187 822 365 SeDt . . . 2,564 871 .691 11 105 Sept 115 27 1,275 885 390 Oct 2,587 891 1,695 42 83 Oct 90 21 1,344 932 412 Nov 2,596 896 1,700 27 80 Nov 60 40 1,364 875 489 Dec 2,615 901 1,714 30 0 76 Dec 109 56 1,417 991 426 195<J Jan 2,623 901 1,722 22 1 75 1956—Jan 42 213 1,246 833 413 Feb 2,642 907 1,736 35 0 66 Feb 13 78 1,181 770 411 Mar 2,657 909 1,748 28 0 62 Mar 24 67 1,138 730 408 Apr 2,665 907 1,758 23 1 68 Apr 42 53 1,127 709 418 l Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o u h e d m e r r s e i r 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 o y n m a g n l e s e n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3 006 1,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 J.601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 ,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 ,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 1,757 1955 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 1,819 32,471 24,914 12,561 5,639 1,562 5,152 7,557 2,686 3,040 1,831 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 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 1,829 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 .634 5,384 7,812 2,757 3,285 1,770 Dec .. 36,225 27,895 14,312 6,435 i',641 5,507 8,330 2,776 3,797 1,757 1956—Jan 35,599 27,769 14,314 6.318 1,610 5,527 7,830 2,715 3,355 [,760 Feb 35,272 27,784 14,397 6,209 1,599 5,579 7,488 2,729 2 974 785 Mar 35,536 27,964 14,565 6,137 1,599 5,663 7,572 2,839 2,933 1,800 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. tions ; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of year or month i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e s - c s e u C n r i e o d n it s Other Total D s m t e o p r e a e n r s t t i - F st t u u o r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b e to r il 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 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 24,149 20,718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 June , 24,914 21,432 9,495 7,747 1,434 2,756 3,482 1,160 851 279 481 711 July 25,476 21,980 9,656 8,087 1,458 2,779 3 496 1,155 856 281 501 703 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 ,556 2,916 3 723 1 251 909 284 550 729 Dec 27,895 23,863 10,347 8,938 1,580 2,998 4,032 1,423 956 297 556 800 1956—Jan 27,769 23,862 10,360 8,936 1,565 3,001 3.907 1,374 925 288 556 764 Feb. 27,784 23,979 10,398 8,964 ,589 3,028 3 805 1 341 909 281 559 715 Mar 27,964 24,244 10,521 9,037 1,618 3,068 3,720 1,284 894 276 564 702 i Includes mail-order houses. 2 Represents automobile paper only; other instalment credit held by automobile dealers is included with other retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 493 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o i n z d d n a a s i - r - l s P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m p o h n e d e e - r r s r m R iz l o o a e a d n a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 1,990 1,378 232 216 164 1948 3,529 575 753 794 568 839 1949 2,950 2,425 303 83 139 1949 4,439 849 946 ,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 ,456 834 1,037 1951 3,769 3,183 241 70 275 1951 5,771 1,135 1,311 ,315 888 1,122 1952 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 ,751 ,137 1,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 ,078 ,317 1,521 1954 6,421 5,563 351 81 426 1954 8,633 2,198 1,645 ,839 ,275 ',676 1955 8,938 7,939 416 85 498 1955 10,347 2,976 2,099 ,099 ,279 ,894 1955—Mar 6,808 5,945 348 76 439 1955—Mar. 8,844 2,309 1,751 ,846 ,201 ,737 Apr 7,077 6,207 348 76 446 Apr. 9,020 2,371 1,818 ,842 ,205 ,784 May 7,390 6,512 353 77 448 May 9,228 2,466 1,880 ,865 ,211 ,806 June 1,141 6,857 361 78 451 June 9,495 2,591 1,940 ,897 ,223 ,844 July 8,087 7,180 372 78 457 July. 9,656 2,656 1,995 ,921 ,231 ,853 Aug 8,422 7,496 384 80 462 Aug. 9,871 2,765 2,041 ,950 ,243 ,872 Sept 8,667 7,729 392 81 465 Sept. 10,060 2,842 2,088 ,986 ,259 ,885 Oct 8,771 7,822 398 82 469 Oct.. 10,145 2,901 2,090 2,009 ,273 ,872 Nov 8,825 7,860 403 83 479 Nov. 10,227 2,935 2,087 2,052 ,275 ,878 Dec 8,938 7,939 416 85 498 Dec. 10,347 2,976 2,099 2,099 ,279 ,894 1956—Jan 8,936 7,939 412 84 501 1956—Jan.. 10,360 2,977 2,107 2,109 ,256 1,911 Feb 8,964 7,963 412 83 506 Feb., 10,398 3,011 2,124 2,099 ,245 1,919 Mar 9,037 8,026 412 82 517 Mar. 10,521 3,059 2,167 2,110 ,243 1,942 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 l o o a e a d a 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 s o o e e t t d n a n 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 stores i 1941 957 122 36 14 785 1945 ... . 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1948 1,573 189 99 59 1,226 1941 3,087 693 152 275 1,370 597 1949 1,858 240 137 89 1,392 1945 3,203 674 72 290 1,322 845 1950 2,237 330 182 115 1,610 1951 2,537 358 209 132 1,838 1948 5,443 1,261 184 575 2 138 1 285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 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 U720 1955 Mar 3,961 628 344 253 2,736 1954 7,658 2,085 335 764 2,754 1,720 Apr 4,030 649 353 253 2,775 1955 8,330 2,393 383 825 2,972 1,757 May 4,100 670 363 258 2,809 June 4,190 692 380 261 2,857 1955—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 U787 Aue 4,312 722 401 266 2,923 May 7,419 2,199 390 532 2,479 1,819 Sept 4,374 732 410 271 2,961 June. 7,557 2,303 383 518 2,522 1,831 Oct 4,408 736 417 272 2,983 July 7,420 2,268 327 474 2,517 1,834 Nov 4,472 740 429 276 3,027 7,481 2,277 352 475 2,544 1,833 Dec 4,578 742 444 277 3,115 Sept. 7,594 2,273 384 519 2,589 1,829 Oct... 7,677 2,311 355 562 2,656 1,793 1956—Jan 4,566 735 446 270 3,115 Nov 7,812 2,348 409 618 2,667 1,770 Feb 4,617 740 452 271 3,154 Dec 8,330 2,393 383 825 2,972 1,757 Mar 4,686 749 459 274 3,204 1956—Jan 7,830 2,392 323 676 2,679 1,760 Feb 7,488 2,387 342 571 2,403 1,785 NOTE.—Institutions included are consumer finance companies (oper- Mar 7,572 2,437 402 555 2,378 1,800 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

494 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe l r o s a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7 285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 1955 37,172 31,744 17,748 13 832 9,075 8,308 1,320 1,295 9,029 8,309 WITHOUT SEASONAL ADJUSTMENT 1955—Mar 3,159 2,693 1,569 J .157 708 713 99 119 783 704 3,089 2,550 J .512 1,083 703 690 106 102 768 675 May . .. 3,206 2,570 1,616 1,113 741 678 121 109 728 670 June 3,443 2,678 1,766 1,190 766 682 125 109 786 697 July 3,131 2,569 1,594 1,117 711 674 111 103 715 675 Aug . ... . 3,436 2,757 1,745 1,236 793 707 130 111 768 703 Sept 3,241 2,697 1,592 1,210 783 697 128 106 738 684 Oct 3,051 2,787 ,417 ,251 785 716 126 110 723 710 Nov . . . • 3,103 2,819 ,341 1,264 850 710 124 117 788 728 Dec 3,508 2,860 1,369 1,229 1,090 712 111 104 938 815 1956_jan 2,724 2,850 ,248 ,246 643 760 86 117 747 727 Feb 2,769 2,754 1,296 I 213 627 736 95 106 751 699 Mar 3,114 2,934 1,450 1,282 687 759 106 106 871 787 SEASONALLY ADJUSTED* 1955—Mar 3,045 2,562 [,479 1,096 744 683 109 116 713 667 Apr 3,027 2,552 1,411 1,093 738 672 110 109 768 678 May 3,103 2,635 1,525 1,139 738 687 117 123 723 686 3,179 2,612 1,589 1,166 757 678 110 108 723 660 July 3,136 2,611 1,519 1,133 794 706 108 101 715 671 Aug 3,211 2,713 1,566 1,197 773 718 114 104 758 694 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 in 1956—Jan 3,211 2,939 1,451 1,275 823 770 111 111 P26 783 Feb 3,192 2,845 1,473 1,266 751 735 123 103 845 741 Mar . 2,988 2,790 I 360 I 215 719 726 116 103 793 746 •Includes adjustment for differences in trading days. stalment credit extended and repaid are based on information from ac- NOTE.—Back figures by months for the period 1940-52, together with counting records of retail outlets and financial institutions and include a discussion of the composition and characteristics of the data and a all charges incurred under the instalment contract. Renewals and description of the methods used to derive the estimates, are shown in the refinancing of loans, repurchases and resales of instalment paper, and cer- BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are tain other transactions may increase the amount of both credit extended shown in the BULLETIN for November 1954, p. 1212. Estimates of in- and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe fr r o 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 t o a r f r g e p e s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts Item year Month Depart- Furni- h H o o ld u s a e p - - Depart- Mar. Feb. Jan. Mar. Feb. Jan. ment ture pliance ment 1956 1956 1956 1956 1956 1956 stores stores stores stores Ne T t o s t a a l l es: +l +3 -40 +3 + 10 +7 1955— A M p a r r . . , 1 1 5 5 1 1 3 2 9 9 4 4 8 4 Cash sales 0 -43 + 1 + 10 + 1 May. 15 12 9 45 Credit sales: June. 15 12 9 46 Instalment +8 +2 -41 +4 +9 +9 July. 14 12 9 43 Charge account +7 -31 +4 + 14 +6 Aug. 14 13 9 46 Sept. 15 12 9 45 Accounts receivable, end of Oct.. 15 12 10 47 month: Nov. 15 12 10 47 Total -2 -2 -5 +8 +9 +9 Dec.. 15 11 9 46 -2 -2 -3 +7 +7 +7 Charge accounts -3 -3 -10 + 13 + 12 + 12 1956—Jan.. 14 12 9 43 Feb.. 14 11 9 44 Inventories, end of month, Mar. 16 12 9 47 at retail value +5 +3 0 +6 +8 +9 * 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 495 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p u h s y t s r i i c a a l l p v r o o l d u u m c e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) i Depart- Wholeor Y m e o ar nth Total Tot M al anu r D a fa b u c l - e ture N r s a d o b u n - le - M er i a n ls - Total R d t e e ia s n l i - - o A th l e l r N p m t a c e u l g o u m e o r r l n n a y i - - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r ls s - F i l n c 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 t e u a r n s e e i t * ) l p s C r u i o m ce n e s - r 2 m p c r s o o i a c d m l e e it 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 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69 3 66.2 29.9 76 35 59 4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943.... 127 133 162 103 87 37 24 45 96 3 121.4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101 6 102.8 105.1 104 104 102 8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114 4 110.1 1954 125 127 137 116 111 215 232 204 110 4 101.8 137 7 86 111 114 8 110 3 1955 P139 *140 *155 P126 P122 261 280 248 112.9 105.6 152.9 P95 119 114.5 1955 Feb 133 135 134 147 121 123 260 295 238 110.8 102.5 102.3 144.4 92 113 114.3 110.4 Mar 135 138 136 148 124 121 260 291 239 111.5 103.5 103.3 146.6 93 115 114.3 110.0 Apr 136 138 138 151 126 119 253 286 230 111.8 104.6 103.6 146.7 93 119 114.2 110.5 May 138 138 140 153 127 121 245 280 221 112.6 105.8 104.1 150.1 96 117 114.2 109.9 June 139 139 141 155 128 122 253 290 228 113.2 106.7 105.8 152.1 94 114 114.4 110.3 July 139 130 141 155 126 120 257 296 231 113.5 106.1 104.7 151.0 95 124 114.7 110.5 140 139 142 158 125 121 259 278 246 113.7 106.1 107.2 154.6 96 118 114.5 110.9 Sept 142 142 144 160 128 123 250 256 246 113.9 106.4 108.1 158.7 96 121 114.9 111.7 Oct ... 143 147 145 161 129 123 260 252 266 114.2 107.3 108.7 161.2 98 122 114.9 111.6 Nov 143 145 145 161 130 125 270 252 282 114.6 108.4 109.1 163.9 99 122 115.0 111.2 Dec 144 142 146 161 130 129 301 273 319 114.8 108.3 108.9 163.9 101 123 114.7 111.3 1956 Jan 143 143 145 160 129 131 300 290 306 115.0 107.8 107.3 159.2 103 124 114.6 111.9 Feb 143 144 144 158 '130 r130 306 318 298 r115.0 107.1 r106.9 157.9 100 119 114.6 112.4 IVtar • . 141 143 142 157 128 130 287 317 267 114.8 106.6 106.4 158.3 100 ^121 114.7 112.8 Apr *>142 *143 *144 »159 »128 *130 »115.2*106.8^105.9 456.8 *100 422 113.7 • Estimated. P Preliminary. ' Revised. and consumer prices are compiled by the Bureau of Labor Statistics. •Average per working day. Nonagricultural employment covers employees only and excludes personi 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 a 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

496 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-4? Annual 1955 1956 pro- Industry portion 1954 1955* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 135 136 138 139 139 140 142 143 143 144 143 143 141 MANUFACTURES—TOTAL 90.02 127 141 136 138 140 141 141 142 144 145 145 146 145 144 142 Durable Manufactures—Total 45.17 137 155 148 151 153 155 155 158 160 161 161 161 160 158 157 Primary metals 6.70 108 140 136 138 140 143 134 139 146 148 149 150 148 148 145 Metal fabricating 28.52 150 165 160 162 163 164 166 168 770 173 172 172 170 168 167 Fabricated metal products 5.73 123 134 129 130 134 135 135 137 141 142 139 138 136 134 132 Machinery 13.68 142 155 147 151 153 155 158 159 161 164 162 163 164 162 162 Nonelectrical machinery 9.04 125 135 126 131 134 136 138 140 141 143 143 144 146 147 146 Electrical machinery 4.64 177 194 190 191 189 192 197 196 199 205 198 199 197 192 191 Transportation equipment 7.54 175 203 200 202 202 198 202 203 205 208 212 212 205 201 198 Instruments and related products. 1.29 140 149 143 143 142 149 151 153 155 156 158 159 160 161 160 Clay, glass, and lumber products.., 5.91 123 138 135 136 138 143 138 140 141 141 139 139 140 139 137 Stone, clay, and glass products. 2.82 131 149 143 146 149 153 152 155 155 153 156 154 154 155 156 Lumber and products 3.09 115 127 127 127 128 133 125 127 127 130 124 126 128 124 121 Furniture and misc. manufactures. 4.04 121 132 126 127 132 136 134 137 137 136 136 137 135 134 133 Furniture and fixtures 1.64 106 119 112 113 117 121 122 124 125 124 123 123 122 120 120 Miscellaneous manufactures... 2.40 131 141 136 136 142 145 143 145 145 145 145 146 144 143 141 Nondurable Manufactures—Total. ... 44.85 116 126 124 126 127 128 126 125 128 129 130 130 129 r130 128 Textiles and apparel 11.87 100 109 101 109 110 no 109 109 111 112 113 112 111 107 Textile mill products 6.32 95 107 104 107 106 107 106 107 107 109 110 109 108 107 Apparel and allied products. 5.55 105 113 111 112 114 114 112 112 116 116 117 116 113 108 Rubber and leather products. 3.20 104 122 122 123 125 127 120 119 121 124 122 125 '126 727 L R e u a b t b h e e r r p a r n o d d u p c ro ts ducts 1 1 . . 4 7 7 3 1 9 1 5 5 1 1 4 0 3 5 1 10 4 5 0 1 10 4 5 4 1 10 4 5 7 1 1 4 0 9 7 1 1 3 0 7 6 1 1 3 0 8 2 1 10 4 4 2 1 10 4 5 7 1 10 4 1 7 1 1 0 4 8 4 1 1 4 0 7 8 1 11 4 2 2 ios* Paper and printing 8.93 125 137 134 135 138 139 139 138 140 141 141 140 141 140 140 Paper and allied products. 3.46 134 152 147 151 156 156 155 153 157 156 157 159 159 157 157 Printing and publishing... 5.47 120 127 125 125 126 128 128 128 130 131 130 128 130 129 129 Chemical and petroleum products. 9.34 142 159 154 156 159 161 160 160 163 162 164 166 165 166 755 Chemicals and allied products . 6.84 148 167 161 163 168 170 170 168 173 171 173 175 173 174 175 Petroleum and coal products.. 2.50 125 135 134 136 134 136 134 135 135 137 139 141 142 143 143 Foods, beverages, and tobacco 11.51 106 109 107 109 108 109 108 107 107 HI HI 113 111 112 110 Food and beverage manufactures. 10.73 106 109 107 109 108 109 108 108 108 111 112 113 111 112 110 Tobacco manufactures .78 103 105 107 103 109 109 101 100 100 105 104 107 109 107 MINERALS—TOTAL. 9.98 111 122 121 119 121 122 120 121 123 123 125 129 131 130 130 Mineral fuels 8.35 113 123 121 121 121 122 123 122 122 123 125 130 132 131 130 Coal 2.68 67 80 72 72 81 86 87 82 80 80 80 87 87 88 86 Anthracite .36 52 48 45 41 42 43 53 41 50 42 47 58 62 55 50 Bituminous coal 2.32 70 85 76 77 87 92 92 89 84 86 85 92 91 94 92 Crude oil and natural gas. 5.67 134 143 145 143 139 139 139 141 141 143 147 151 153 151 150 Metal, stone, and earth minerals. 1.63 106 120 123 114 120 123 109 117 126 126 123 129 729 729 Metal mining .82 90 110 113 100 111 117 88 105 119 120 112 121 120 119 Stone and earth minerals .81 123 130 132 129 129 129 130 130 133 131 135 137 138 140 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 00.00 125 139 138 138 138 139 130 139 142 147 145 142 143 144 143 MANUFACTURES—TOTAL 90.02 127 141 140 140 140 141 132 140 144 150 148 143 144 146 145 Durable Manufactures—Total 45.17 137 155 154 155 155 155 146 153 157 164 163 161 160 161 161 Primary metals 6.70 108 140 142 144 143 144 122 132 143 149 149 147 151 152 153 Ferrous metals 5.03 105 138 138 143 143 141 125 132 142 148 147 145 149 149 149 Pig iron and steel 3.51 108 144 144 147 149 146 132 140 149 153 154 153 158 158 159 Pig iron , .37 101 134 131 134 138 137 129 134 140 141 140 141 143 143 145 Steel 3.05 109 146 146 148 151 147 133 141 150 154 156 154 159 159 160 Carbon steel 2.62 108 141 143 145 148 144 130 136 144 149 150 149 153 153 155 Alloy steel .43 115 171 165 171 169 169 147 168 186 188 189 182 197 199 192 Ferrous castings and forgings 1.52 97 124 124 133 128 129 108 114 125 137 131 128 128 130 128 Iron and steel castings 1.29 95 123 123 132 127 127 108 114 123 135 129 126 125 128 126 Steel forgings .23 106 133 132 140 132 139 108 115 133 148 141 141 143 142 142 p Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 497 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 120 146 155 148 144 154 112 132 147 153 154 153 160 162 Primary nonferrous metals .38 147 164 169 166 166 167 127 150 173 171 173 175 176 182 Copper smelting .09 101 122 134 133 132 130 49 95 139 136 130 128 133 139 Copper refining .06 109 123 133 124 133 133 50 97 142 126 136 143 134 141 Lead .04 105 103 112 115 101 110 53 82 116 119 121 112 117 120 Zinc .10 101 120 122 118 118 119 116 116 117 122 123 127 '127 126 Aluminum .09 244 261 256 257 258 259 261 263 265 265 272 277 279 287 Secondary nonferrous metals .13 105 123 133 124 123 121 100 118 130 135 130 125 Nonferrous shapes and castings 1.16 113 142 153 144 139 154 108 127 141 149 150 148 "158 159 159 Copper mill shapes .63 100 114 133 114 110 128 75 91 110 114 118 120 134 132 129 Aluminum mill shapes .20 154 208 202 204 209 228 188 215 218 222 219 210 226 225 241 Nonferrous castings , .33 114 156 163 168 155 158 124 144 154 173 169 164 163 170 Metal Fabricating 28.52 150 165 165 166 165 163 157 162 165 173 174 173 172 172 172 Fabricated metal products 5.73 123 134 130 131 134 135 130 139 141 145 139 137 135 134 134 Structural metal parts , 2.68 126 136 131 132 136 136 132 137 141 144 145 144 140 -"138 138 Stampings and misc. metal products..., 2.12 117 130 129 129 131 128 125 126 129 134 138 137 131 126 Tin cans .30 131 142 111 126 143 149 168 203 192 197 95 102 109 127 Furnaces, gas ranges, and heaters , .63 90 111 108 107 105 117 89 128 142 134 117 92 109 r110 Machinery 13.68 142 155 154 152 151 153 142 153 161 169 164 164 167 168 168 Nonelectrical machinery 9.04 125 135 132 134 135 137 131 131 137 141 141 147 149 152 154 Farm and industrial machinery 8.13 121 130 124 126 129 131 128 129 131 136 138 143 144 r145 146 Farm machinery 1.02 79 91 94 95 95 95 92 87 69 92 94 97 98 '96 94 Industrial and commercial machinery, 7.11 127 135 128 131 134 136 133 135 140 142 144 150 150 152 153 Machine tools and presses .68 160 163 152 154 157 161 160 165 168 170 178 190 190 r194 195 Laundry and refrigeration appliances.., .69 114 144 164 161 155 157 116 113 147 141 130 141 164 173 183 Electrical machinery 4.64 177 194 195 189 181 184 165 194 207 223 208 197 201 199 197 Electrical apparatus and parts 3.23 160 174 169 171 175 176 169 170 175 188 180 184 184 184 185 Radio and television sets .74 214 242 261 228 190 192 143 254 289 315 280 225 240 233 218 Transportation equipment 7.54 175 203 209 213 209 200 197 192 185 200 216 214 206 '205 204 Autos, trucks, and parts 4.80 109 153 163 171 165 151 147 137 122 144 167 159 147 143 141 Autos 1.50 131 190 215 223 205 184 195 166 130 153 212 193 173 164 163 Trucks .66 92 115 104 137 132 134 126 106 102 106 122 122 113 125 130 Light trucks .22 95 114 109 148 139 124 119 93 106 121 128 106 101 109 104 Medium trucks .19 59 69 67 89 88 81 81 65 53 50 73 67 67 71 68 Heavy trucks .14 133 172 141 193 192 220 203 167 138 138 172 216 194 227 258 Truck trailers .07 130 183 170 185 176 205 174 192 199 202 199 192 173 187 190 Auto and truck parts 2.58 101 141 148 150 150 137 125 129 122 149 153 150 141 135 Aircraft and parts 1.30 474 481 479 472 469 466 469 469 484 490 500 516 517 '521 Shipbuilding and repair .81 112 115 115 117 115 118 114 117 117 115 109 111 110 111 113 Railroad equipment .53 39 42 35 38 47 41 37 45 45 50 48 51 54 60 66 Railroad cars 29 33 40 57 .35 30 26 28 39 29 22 32 30 38 36 49 Instruments and related products 140 159 160 161 1.29 149 145 144 142 149 147 150 155 158 161 161 Clay, Glass, and Lumber Products. . 123 140 132 135 5.91 138 133 137 139 146 133 145 147 149 132 135 Stone, clay, and glass products 2.82 131 149 140 146 149 155 149 158 158 161 157 153 150 150 152 Glass and pottery products 1.09 118 134 131 132 132 136 124 138 137 144 143 141 141 141 140 Flat glass and vitreous products .60 131 155 149 150 152 154 139 152 161 164 169 172 168 163 163 Flat and other glass .47 133 156 152 152 152 154 136 153 163 167 172 174 171 166 163 Glass containers .26 117 126 124 125 123 138 130 143 127 133 119 111 121 130 130 Home glassware and pottery .23 85 91 93 95 89 88 76 95 86 102 101 96 91 96 93 Cement .32 135 148 132 151 159 163 161 164 164 164 151 136 126 123 Structural clay products .35 111 127 119 121 125 134 128 138 140 138 137 130 129 132 i35* Brick .12 113 131 121 127 132 146 134 146 151 142 141 122 122 124 132 Clay firebrick, pipe, and tile .20 111 127 120 120 122 128 126 134 134 137 136 137 136 '139 140 Concrete and plaster products .48 161 180 165 174 184 190 191 195 196 192 186 181 175 '177 182 Misc. stone and earth manufactures .58 140 166 155 160 164 170 167 174 175 177 176 176 171 171 171 Lumber and products 3.09 115 127 126 129 129 137 118 133 136 138 124 113 116 121 120 Lumber 2.05 106 112 109 115 116 122 108 119 121 122 106 98 100 104 105 Millwork and plywood .60 161 197 210 201 195 207 160 198 209 213 201 173 189 201 193 Millwork .39 123 144 155 148 139 151 121 148 155 160 143 110 114 128 118 Softwood plywood .12 222 284 298 288 285 299 224 279 295 299 295 278 313 321 316 Wood containers .29 88 90 91 89 91 94 85 86 90 93 92 94 90 '91 91 Furniture and Misc. Manufacturing 4.04 121 132 128 125 127 131 125 134 140 144 142 140 133 136 134 Furniture and fixtures 1.64 106 119 114 111 113 116 113 123 111 128 128 128 122 123 122 Household furniture 1.10 106 120 116 113 114 118 114 124 129 131 131 130 124 r125 123 Fixtures and office furniture .54 107 115 109 107 111 114 111 121 123 123 121 122 119 119 120 Miscellaneous manufactures 2.40 131 141 137 135 137 141 133 142 149 154 152 149 141 145 143 Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955? Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 116 126 125 124 124 127 117 128 130 135 132 125 128 131 130 Textiles and Apparel 11.87 100 109 115 113 110 108 93 112 109 114 114 106 113 119 115 Textile mill products 6.32 95 107 109 109 108 106 91 108 106 111 111 105 111 115 111 Cotton and synthetic fabrics. 3.72 100 113 118 118 116 110 96 115 111 117 118 110 119 123 118 Cotton consumption 2.30 97 103 105 103 104 100 84 106 103 109 109 101 110 112 108 Synthetic fabrics .97 108 137 147 154 146 135 133 134 132 133 135 131 135 141 134 Fabric finishing .45 93 100 106 107 103 92 67 106 87 109 110 92 111 118 Wool textiles .97 66 79 74 79 83 85 73 79 80 85 83 80 83 84 '85' Wool apparel yarns .16 76 85 82 89 91 84 80 90 80 90 86 78 94 '97 89 Wool fabrics .75 64 78 72 77 82 86 72 77 80 84 83 82 80 81 84 Knit goods 1.15 106 110 110 108 108 113 98 113 114 119 116 107 107 114 110 Hosiery .65 108 106 111 109 103 108 85 104 106 113 108 99 106 114 105 Full-fashioned hosiery. . .45 113 110 118 116 108 111 86 107 107 114 109 100 107 117 110 Seamless hosiery .20 97 99 96 93 92 102 82 99 101 110 106 96 102 108 93 Knit garments .50 103 115 108 106 113 119 116 123 125 126 125 118 110 115 117 Floor coverings i .48 Woven carpets .31 71 79 86 85 71 81 44 72 85 89 84 83 93 90 Apparel and allied products 5.55 105 113 123 117 113 110 95 116 111 117 117 107 117 124 120 Men's outerwear 1.78 103 111 113 118 119 107 84 120 109 117 116 102 119 124 118 Men's suits and coats .73 83 92 88 92 105 92 59 110 91 95 94 84 99 99 99 Men's suits .50 82 90 91 90 100 86 55 102 84 93 95 86 103 103 101 Men's outercoats .13 67 77 55 76 101 92 60 115 99 82 69 55 55 59 67 Shirts and work clothing... .99 116 123 130 135 127 117 98 126 119 130 131 113 132 141 130 Women's outerwear 1.85 109 116 143 129 116 114 98 117 108 113 113 98 118 132 127 Women's suits and coats... .76 129 134 165 109 96 123 129 145 129 139 143 119 145 155 135 Misc. apparel and allied mfrs.. 1.92 103 111 112 103 104 108 103 112 117 122 122 119 113 117 114 Rubber and Leather Products . 3.20 122 128 124 121 126 105 119 124 130 122 119 127 133 127 Rubber products 1.47 115 143 146 147 146 151 121 133 144 155 150 139 148 148 Tires and tubes .70 105 131 133 128 135 146 127 116 128 140 138 120 129 134 Auto tires .40 110 140 145 140 150 161 138 125 135 143 140 121 131 135 Truck and bus tires .30 99 120 117 113 116 126 111 104 119 136 134 118 126 132 Miscellaneous rubber products. .77 124 154 158 164 155 155 115 148 158 170 161 156 165 160 Leather and products 1.73 95 105 113 105 100 105 92 108 107 109 99 102 109 120 112 Leather .44 87 92 94 95 93 95 74 90 90 97 95 95 93 102 Cattlehide leathers .29 92 99 101 102 99 101 79 96 98 105 102 103 99 109 Skin leathers .15 75 79 80 82 80 83 63 77 74 82 81 80 79 89 Shoes and slippers2 .90 Miscellaneous leather products. .39 90 99 103 92 89 96 97 104 104 106 105 104 98 104 98 Paper and Printing 8.93 137 137 137 137 138 128 135 141 147 144 137 138 141 144 Paper and allied products 3.46 134 152 152 154 153 156 139 155 157 167 159 146 157 162 163 Pulp and paper 1.76 132 149 150 148 151 154 135 151 150 158 156 144 158 163 161 Wood pulp .51 148 169 170 169 171 175 156 173 169 179 178 164 181 185 183 Paper and board 1.25 125 140 142 140 143 145 126 141 143 150 147 136 149 154 152 Printing paper .22 118 127 133 127 128 130 112 127 130 132 133 127 137 144 141 Fine paper .14 120 133 134 131 148 138 107 122 134 140 136 129 144 142 150 Coarse paper .20 119 129 134 130 129 130 117 126 128 137 132 125 137 145 139 Miscellaneous paper .18 137 158 153 160 158 159 148 156 156 176 167 154 172 169 166 Paperboard .41 130 149 149 147 151 158 133 155 153 160 161 144 159 163 159 Building paper and board. .10 124 137 141 139 142 142 133 151 145 142 137 124 127 139 148 Converted paper products 1.70 136 156 153 159 154 158 144 159 165 177 161 149 156 162 165 Shipping containers .51 133 155 153 156 154 159 141 160 167 175 160 149 147 157 165 Sanitary paper products .11 145 158 152 166 152 154 153 152 156 180 163 148 179 173 163 Printing and publishing 5.47 120 127 128 127 127 127 121 123 131 135 135 130 126 128 131 Newsprint consumption 1.85 119 128 132 134 135 131 112 116 132 142 143 126 119 127 134 Job printing and periodicals. 3.62 121 127 125 124 124 125 125 127 131 131 131 133 129 129 130 Chemical and Petroleum Products 9.34 142 159 157 156 156 157 152 157 162 166 168 167 168 170 Chemicals and allied products 6.84 148 167 166 165 165 165 158 163 111 176 178 177 177 180 Industrial chemicals 2.54 153 184 184 182 182 185 176 182 190 192 197 197 200 202 202 Basic inorganic chemicals .57 157 180 184 180 185 179 159 166 179 188 195 194 197 r203 204 Industrial organic chemicals 1.97 152 186 184 182 182 186 181 187 194 192 198 198 r200 202 202 Plastics materials .24 184 242 243 247 244 246 207 234 264 261 268 253 '261 264 Synthetic rubber .11 136 213 202 202 211 208 211 217 222 230 243 233 241 249 243* Synthetic fibers .59 152 186 196 189 178 184 177 184 191 188 197 196 198 198 194 Miscellaneous organic chemicals 1.03 146 169 160 161 166 171 174 175 176 175 178 183 183 185 187 Vegetable and animal oils .64 118 124 117 108 109 105 99 103 122 156 165 148 152 157 141 Vegetable oils .48 113 117 111 99 98 93 87 90 115 157 162 144 147 150 134 Grease and tallow .16 133 145 136 134 142 143 133 145 144 154 174 159 168 175 162 Soap and allied products .71 108 110 108 108 105 103 79 104 126 130 118 115 104 109 108 Paints .66 116 125 119 122 125 131 130 130 126 127 126 126 123 125 125 Fertilizers .23 122 125 177 176 154 109 91 90 115 118 114 118 122 131 169 * Preliminary. *• Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 499 INDUSTRIAL PRODUCTION-Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955^ Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 125 135 133 132 131 136 134 138 136 138 140 141 143 143 P141 PetPreotlreoulme uamn rde fcionailn gproducts 1.97 133 142 139 136 135 140 141 143 141 143 148 152 154 151 P148 Gasoline 1.04 141 152 143 144 146 152 156 157 155 157 158 161 158 155 P155 Automotive gasoline .98 136 147 140 140 141 146 151 151 149 151 153 156 153 151 .06 221 233 205 212 226 246 247 252 247 252 236 247 '242 231 Fuel oil .56 128 138 142 129 128 133 131 133 132 134 141 149 160 158 149 Distillate fuel oil .30 158 175 181 163 161 173 167 172 172 171 178 187 204 203 Residual fuel oil .26 93 94 97 91 91 88 89 89 87 92 99 105 110 105 Kerosene .10 110 107 117 102 97 88 94 95 91 101 112 129 126 126 Lubricating oil .17 108 114 110 124 113 118 108 116 111 111 126 112 119 115 Coke .26 84 104 102 104 105 103 101 104 107 108 110 111 111 111 111 Asphalt roofing and siding .15 103 110 110 131 124 144 114 142 131 131 97 57 66 100 Foods, Beverages, and Tobacco 11.51 106 109 100 101 105 112 110 117 121 123 114 104 102 102 103 Food and beverage manufactures 10.73 106 109 100 101 104 112 111 111 122 124 114 105 102 102 10? Food manufactures 8.49 107 109 100 100 102 108 109 118 125 125 118 109 106 104 102 Meat products... 1.48 117 128 128 118 114 114 104 118 129 143 150 152 153 r140 Beef. .46 135 142 134 133 138 147 137 151 155 154 146 140 158 145 14^ Pork .83 103 116 121 106 98 93 83 96 111 133 148 154 146 '133 1?9 Dairy products .69 106 107 104 117 140 145 132 120 101 88 83 84 91 99 109 Butter .14 110 105 104 119 143 139 116 90 84 88 83 94 104 107 114 Natural cheese .07 116 116 113 133 164 165 130 113 102 90 87 92 96 103 116 Concentrated milk . . . .19 94 97 100 116 143 138 107 94 82 75 71 79 85 94 106 Ice cream .28 104 109 100 107 122 139 153 151 118 93 86 76 84 93 10? Canned and frozen foods 1.13 112 118 74 81 87 110 142 198 201 161 114 95 85 83 82 Grain-mill products 1.16 107 105 101 102 104 110 110 106 108 111 102 100 100 98 98 Wheat flour .46 81 83 83 79 76 80 80 77 83 96 86 84 85 81 84 Cereals and feeds .70 124 119 113 116 122 129 130 125 124 122 112 110 in 109 108 1.64 97 97 95 94 97 100 100 98 99 100 99 99 95 95 94 Sugar .27 117 115 67 64 64 71 73 81 111 247 261 182 87 57 Cane sugar .11 106 113 110 101 102 108 121 128 129 130 103 112 109 102 Beet sugar .. .13 121 111 24 27 28 35 26 36 90 340 393 236 63 14 Confectionery .71 99 101 96 93 78 86 65 79 140 134 129 91 112 115 97 Miscellaneous food preparations 1.41 105 106 101 103 106 110 113 111 109 108 104 101 99 102 10? Beverages 2.24 103 107 101 107 113 127 121 114 111 118 102 91 87 r96 104 .54 Alcoholic beverages 1.70 98 102 100 106 107 117 106 104 102 117 105 OO 84 94 Beer and ale 1.02 99 101 101 113 120 126 122 118 97 88 77 81 86 92 Liquor distilling .17 68 77 66 68 58 58 40 46 83 157 129 95 75 75 Liquor bottling .37 102 109 109 104 96 120 99 94 118 154 146 96 79 102 Tobacco manufactures .78 103 105 105 99 109 U6 92 112 107 114 107 88 107 105 Cigarettes .46 106 109 108 102 115 121 99 117 109 117 108 91 112 107 Cigars .17 105 104 106 99 105 111 82 110 111 118 113 87 103 109 MINERALS—TOTAL 9.98 111 122 118 119 122 121 119 124 126 127 126 127 128 r127 126 8.35 113 123 121 120 120 118 119 122 123 125 128 131 133 131 129 Coal 2.68 67 80 71 72 11 74 11 82 83 88 87 91 91 88 86 Anthracite .36 52 48 41 39 43 46 42 39 53 51 51 54 61 55 46 2.32 70 85 76 77 83 78 82 89 88 93 93 97 95 94 92 Crude oil and natural gas 5.67 134 143 145 143 139 139 139 141 142 143 147 151 153 151 Oil and gas extraction 4.82 128 137 139 138 133 132 132 133 135 137 142 146 147 147 P146 Crude oil 4.12 122 131 132 132 128 127 127 128 129 131 134 137 138 138 P138 Natural gas .34 172 185 194 183 170 173 165 167 176 181 196 209 Natural gas liquids .36 160 169 169 161 157 157 159 163 170 174 183 186 186 187 Oil and gas well drilling .85 167 175 175 174 175 177 178 187 180 175 173 177 185 173 Metal, Stone, and Earth Minerals 1.63 106 120 104 114 132 138 120 132 141 137 120 106 106 108 109 Metal mining .82 90 110 86 101 131 141 104 126 141 136 105 83 '87 r90 90 I N r o o n n f e o r r r e ous metal mining . . 3 4 3 9 9 8 4 4 1 1 1 0 3 8 1 4 1 1 7 1 7 1 9 5 1 1 5 1 2 7 1 11 7 6 9 1 6 6 2 8 1 9 7 0 9 1 1 8 1 1 4 1 1 6 1 5 6 1 9 1 2 4 1 4 0 4 8 '1 4 1 2 8 1 4 1 9 8 Copper mining .24 103 123 133 132 135 133 50 96 134 137 135 127 r140 138 .09 80 84 91 87 88 87 79 78 82 84 79 82 r81 86 Zinc mining. .06 75 81 85 83 86 84 81 79 81 80 77 74 80 85 Stone and earth minerals .81 123 130 122 128 133 134 135 139 141 139 135 129 124 r126 128 » Preliminary. r Revised. group in addition to the groups shown. Certain types of combat materiel 1 Publication suspended pending revision for the period 1952 to date. are included in major group totals but not in individual indexes for autos, 2 Publication suspended pending adjustment to revised Census produc- farm machinery, and some other products, as discussed in the BULLETIN tion figures for the period 1950 to date. for December 1953, pp. 1269-1271. NOTE.—A number of groups and subgroups include individual series For description and back figures, see BULLETIN for December 1953, not published separately, and metal fabricating contains the ordnance pp. 1247-1293 and pp. 1298-1328, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1955 1956 Product proportion 1954 1955 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED CONSUMER DURABLES —TOTAL 100.00 116 147 142 145 145 144 150 151 154 152 151 149 143 137 133 69.72 125 164 161 164 163 160 169 169 172 168 167 163 156 148 143 Autos 32.10 131 190 192 192 190 173 188 189 195 194 196 187 171 158 148 M^aior household goods 36.13 122 144 136 141 141 151 155 155 156 148 143 144 146 141 140 Furniture and floor coverings 15.32 101 116 109 110 113 117 117 121 123 121 121 121 120 119 117 Household furniture . 11.31 106 120 114 115 118 122 121 125 127 126 126 125 124 123 121 Floor coverings * 4.01 Aonliances and heaters 15.60 iii 138 133 142 142 145 146 143 147 137 134 143 iso 146 M^ R R aj e a o f n r r g ig a e p e s r p a l . t i i a . o n n c e a s ppliances 1 4 2 1 . . . 9 6 8 8 0 8 1 17 1 29 5 4 1 1 1 5 0 4 1 0 2 1 1 9 4 3 7 1 4 1 1 1 5 4 0 8 9 1 1 1 1 0 5 4 5 8 8 1 1 1 4 6 2 9 3 2 1 1 1 1 6 5 9 1 4 1 1 9 6 5 8 0 0 1 1 9 6 5 8 6 3 1 1 9 6 4 5 2 7 1 1 9 4 4 0 6 1 1 1 1 5 0 5 1 4 2 1 1 1 5 1 4 5 3 0 1 1 1 4 1 5 5 0 0 Laundry appliances 2.51 148 193 172 199 188 163 193 206 205 187 200 227 242 221 206 Heating apparatus 3.72 97 120 131 121 125 132 121 119 126 108 111 115 134 133 Radio and television sets 5.21 214 242 222 226 222 269 290 294 279 259 235 216 207 194 186 Radio sets 3.42 52 77 71 65 68 66 76 70 72 95 103 101 72 66 62 Television sets 1.79 522 558 512 532 516 658 698 720 676 572 486 436 465 439 423 Other Consumer Durables 30.28 95 106 100 100 103 106 106 107 111 114 114 114 113 111 108 Auto parts and tires 14.00 91 102 95 97 100 102 101 101 107 108 108 112 113 106 103 Misc home and personal goods . 16.28 99 109 103 103 105 109 111 112 115 118 119 117 114 115 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 116 147 155 156 147 144 137 139 136 146 159 148 144 143 142 69.72 125 164 179 181 167 160 152 152 145 157 177 165 159 157 157 32.10 131 190 215 223 205 184 195 166 130 153 212 193 173 164 163 36.13 122 144 151 146 136 141 115 141 159 162 150 142 150 153 155 Furniture and floor coverings 15.32 101 116 114 111 109 113 105 117 124 127 124 125 120 123 121 Household furniture 11.31 106 120 116 113 114 118 114 124 129 131 131 130 124 125 123 4.01 Appliances and heaters 15.60 iii 138 151 152 145 152 116 127 151 145 131 130 148 156 Miajor appliances 11.88 142 163 165 156 160 120 122 149 144 133 140 161 169 Ranges 2.60 115 100 110 106 100 117 76 91 107 105 97 99 115 118 Refrigeration appliances 4.98 17294 151 179 194 183 191 144 116 143 131 113 130 157 165 Laundry appliances 2.51 148 193 201 193 181 168 131 181 219 218 220 222 235 252 '237* Heating apparatus 3.72 97 120 114 113 113 128 103 142 159 148 125 97 109 113 Radio and television sets 5.21 214 242 260 228 189 192 143 254 289 315 279 224 239 233 218 Radio sets . 3.42 52 77 80 74 75 65 49 62 68 99 105 96 72 72 70 Television sets 1.79 522 558 604 521 408 434 321 619 710 726 612 470 559 540 499 30.28 95 106 99 99 102 106 103 110 115 120 117 111 109 110 108 Auto parts and tires 14.00 91 102 92 95 100 105 102 107 113 115 108 104 107 101 100 Misc home and personal goods 16.28 99 109 105 103 103 106 103 112 116 124 124 118 111 117 114 r Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Business Other Year or month Total Total d R en e t s i i a - l Total In tr d i u al s- m C e o r m ci - al P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2 264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2 131 793 3 344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 111 2 272 881 3 670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5 160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10 901 1,388 2 820 854 5 839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6 097 1954 37,577 25,768 13,496 8,583 2,030 2,212 4,341 3,689 11,809 1,030 3,750 704 6 325 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 I955 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 3,565 2,545 ,420 817 198 245 374 308 1,020 118 339 53 510 July 3,566 2,578 ,435 831 205 253 373 312 988 113 338 50 487 Aue 3,568 2,591 ,433 852 207 272 373 306 977 110 334 48 485 Sept 3,573 2,599 ,422 871 209 290 372 306 974 112 327 44 491 Oct 3,526 2,551 ,374 874 212 291 371 303 <m 117 332 43 483 Nov 3,518 2,517 ,345 860 218 272 370 312 ,001 111 357 43 490 Dec 3,489 2,486 ,326 852 222 261 369 308 1,003 118 367 45 473 1956 Jan 3,462 2,439 ,286 852 217 266 369 301 [ 023 101 378 46 498 Feb p 3,454 2,439 ,265 871 221 281 369 303 1,015 104 364 45 502 Mar.? 3,461 2,460 ,264 888 228 290 370 308 1,001 99 357 51 494 Aprp 3,499 2,491 271 904 241 293 370 316 I 008 103 350 52 503 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 501 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 By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14 501 4 409 10 092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9 629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 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 l955_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 2,255 757 1,498 951 163 228 181 270 461 July 2,272 761 1,511 959 146 288 231 227 420 Aug 1,895 549 1,346 835 170 215 153 144 378 Sept 2,035 621 1,414 733 201 197 163 148 593 Oct 1,863 551 1,312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec 1,921 730 1,190 711 148 197 237 144 483 1956—Jan 1,858 675 1,183 694 158 16t 190 153 503 Feb 1,860 598 1,262 799 171 183 145 131 430 Mar 2,382 638 1,744 1,105 267 206 226 183 395 Apr 2,421 745 1,677 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] Federa1 Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y a Dallas 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 Mar 2,135 121 297 160 221 198 245 368 148 90 137 150 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 Mar 2,382 136 355 138 261 172 276 504 138 78 138 185 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten* Metro- metro- Total politan politan Public Year or month areas areas Total family fam 2- ily M fam ul i t l i y - Total FHA VA 1948 932 n.a. n.a. 914 763 46 104 18 393 291 102 1949 ... 1,025 n.a n.a. 989 792 35 162 36 466 361 105 1950 1,396 n.a. n.a. 1,352 1,151 42 159 44 686 486 200 1951 1,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 1,127 n.a. n.a. 1,069 939 46 84 58 420 279 141 1953 1,104 n.a. n.a. 1,068 933 42 94 36 407 252 155 1954 1,221 897 324 1,202 1,077 34 90 19 585 277 308 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1955 Apr 132 97 35 131 120 3 8 2 61 26 35 May 138 100 38 135 122 3 10 3 66 28 38 135 99 36 131 121 3 8 3 72 32 40 JUly 123 88 34 122 113 3 6 1 63 26 37 Aug 125 92 33 122 112 3 8 2 68 27 41 Sept 115 84 31 114 104 2 7 1 58 25 r34 Oct 106 77 29 105 95 2 7 54 19 35 Nov 89 65 25 88 80 2 6 1 45 17 28 Dec 76 55 21 74 66 2 5 3 38 16 22 1956 Jan 75 r54 21 '74 66 2 5 1 36 13 23 Feb 56 22 P77 n.a. n.a. n.a. 31 13 17 Mar 69 27 n.a. n.a. n.a. 38 17 2J Apr P106 75 31 P105 n.a. n.a. n.a. Pl 45 19 26 P Preliminary. r Revised. n.a. Not available. figures are based on field office reports of first compliance inspecti ons; 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

502 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 T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed1 Not in the population force Unem- labor force Total ployed 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 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 48,979 117,318 69,692 66,696 64,016 56,335 7,681 2,679 47 626 July 117,404 70,429 67,465 64,994 57,291 7,704 2,471 46,975 Aug 117,517 70,695 67,726 65,488 57,952 7,536 2,237 46,823 Sept 117,634 69,853 66,882 64,733 56,858 7,875 2 149 47 781 Oct 117,749 70,250 67,292 65,161 57,256 7,905 2,131 47,499 Nov 117,864 70,164 67,206 64,807 57,887 6 920 2 398 47 701 Dec 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48 457 1956 Jan 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 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 Apr 118,367 69,434 66,555 63,990 57,603 6,387 2,564 48,933 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information on the labor force status of the population, 2 Estimates beginning 1954 are based on an improved sample cov- relating to persons 14 years of age and over, is obtained through interering a larger number of areas and are, therefore, not strictly compar- views of households on a sample basis. Data through June 1955 relate able with earlier data. to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5 650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 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 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 Sept 49,835 16,691 754 2,537 4,135 10,824 2,223 5,705 6 966 Oct 49,950 16 822 751 2,512 4,116 10,801 2,227 5,730 6 991 Nov. 50,135 16,962 750 2,493 4,132 10,868 2,224 5,719 6 987 Dec 50,228 16,967 750 2,487 4,154 10,946 2,230 5,714 6 980 1956 Jan 50,287 16,907 747 2,519 4,138 10,994 2,236 5 717 7 029 Feb '50,292 r16,856 752 r2,557 r4,136 r10,974 2,249 5,723 7 045 M^ar .. 50 210 16 798 750 2,565 4,133 10 930 2,252 5 726 7 056 Apr . 50,377 16,849 759 2,550 4,134 11,034 2,256 5,739 7,056 WITHOUT SEASONAL ADJUSTMENT 1955 Apr 48,643 16,255 739 2,399 3,939 10,549 2,161 5,674 6 927 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 4,089 10,833 2,214 5,603 7,020 Feb r49,551 r16,823 748 r2,263 r4,088 r10,732 2,227 5 609 7 061 Mar 49,783 16,769 750 2,329 4,112 10,835 2,241 5,640 7 107 Apr 50,002 16,728 755 2,445 4,127 10,843 2,256 5,739 7,109 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 April 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 503 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 12,934 13,250 13,181 13,211 12,816 13,224 13,157 13,097 Durable goods 7,443 '7,684 7,618 7,637 7,457 '7,698 7,645 7,654 Ordnance and accessories 91 81 81 80 91 81 81 80 Lumber and wood products 658 '676 654 648 651 '646 634 642 Furniture and fixtures 298 '311 311 314 297 '317 314 312 Stone, clay, and glass products 448 467 468 467 450 462 468 469 Primary metal products 1,076 1,152 1,152 1,159 1,076 1,158 1,158 1,159 Fabricated metal products 864 '870 863 865 868 '879 872 869 Machinery except electrical 1,147 1,241 1,247 1,250 1,164 1,260 1,266 1,269 Electrical machinery 804 '843 835 861 804 '851 843 861 Transportation equipment 1,462 1,431 1,399 1,381 1,462 1,431 1,399 1,381 Instruments and related products 217 225 225 226 218 226 226 227 Misc. manufacturing industries 378 387 383 386 376 387 385 384 Nondurable goods 5,491 '5,566 5,563 5,574 5,359 5,526 5,512 5,443 Food and kindred products 1,113 1,104 1,116 1,115 1,011 1,005 1,010 1,013 Tobacco manufactures 90 92 89 88 80 80 78 Textile-mill products 983 973 972 974 983 982 974 Apparel and other finished textiles 1,073 1,111 1,097 1,095 1,057 1,150 1,135 1,079 Paper and allied products 441 452 454 457 441 454 456 457 Printing, publishing and allied products 519 '534 535 541 516 '531 535 538 Chemical and allied products 546 '558 562 566 551 '561 570 572 Products of petroleum and coal 175 171 173 173 173 169 171 171 Rubber products 212 227 225 226 211 228 225 225 Leather and leather products 339 '344 340 339 337 '353 348 337 ••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 April 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 74.96 78.17 78.78 78.39 40.3 40.5 40.4 40.2 1.86 1.93 1.95 1.95 Durable goods 81.58 84.05 84.46 84.66 41.2 41.0 41.0 40.9 1.98 2.05 2.06 2.07 Ordnance and accessories 82.42 88.19 88.58 88.18 40.6 41.6 41.2 41.4 2.03 2.12 2.15 2.13 Lumber and wood products 67.06 '66.80 68.11 68.38 40.4 '40.0 39.6 39.3 1.66 1.67 .72 1.74 Furniture and fixtures 64.48 67.82 68.64 66.57 40.3 41.1 41.1 40.1 1.60 1.65 .67 1.66 Stone, clay, and glass products 75.17 '77.90 78.31 79.32 41.3 '41.0 41.0 41.1 1.82 '1.90 .91 1.93 Primary metal industries 89.40 '95.35 95.35 95.17 41.2 '41.1 41.1 41.2 2.17 '2.32 2.32 2.31 Fabricated metal products 80.34 '83.02 83.23 82.82 41.2 41.1 41.0 40.8 1.95 '2.02 2.03 2.03 Machinery except electrical 85.70 92.44 92.01 92.43 41.6 42.6 42.4 42.4 2.06 2.17 2.17 2.18 Electrical machinery 75.52 78.36 78.76 79.37 40.6 40.6 40.6 40.7 1.86 1.93 .94 1.95 Transportation equipment 92.62 '89.78 90.50 91.30 42.1 '39.9 40.4 40.4 2.20 '2.25 2.24 2.26 Instruments and related products 75.76 80.36 80.57 81.77 40.3 41.0 40.9 41.3 1.88 1.96 .97 1.98 Miscellaneous manufacturing industries... 65.76 '69.43 69.66 70.30 40.1 '40.6 40.5 40.4 1.64 1.71 .72 1.74 Nondurable goods 65.91 69.65 70.49 69.60 39.0 39.8 39.6 39.1 1.69 1.75 .78 1.78 Food and kindred products 70.12 '74.48 75.11 74.00 40.3 '40.7 40.6 40.0 1.74 '1.83 .85 1.85 Tobacco manufactures 50.60 '51.01 55.57 56.24 36.4 '36.7 37.8 38.0 1.39 1.39 .47 1.48 Textile-mill products 53.02 57.51 57.06 56.06 38.7 40.5 39.9 39.2 1.37 1.42 .43 1.43 Apparel and other finished products 46.99 51.61 52.62 50.90 35.6 37.4 36.8 36.1 1.32 1.38 .43 1.41 Paper and allied products 76.93 79.66 81.46 80.89 42.5 42.6 43.1 42.8 1.81 1.87 .89 1.89 Printing, publishing and allied products... 89.71 91.87 93.12 93.27 38.5 38.6 38.8 38.7 2.33 2.38 2.40 2.41 Chemicals and allied products 81.36 '84.67 84.46 84.87 41.3 '41.3 41.2 41.2 1.97 2.05 2.05 2.06 Products of petroleum and coal 95.94 r100.12103.57 103.57 41.0 '40.7 41.1 41.1 2.34 2.46 2.52 2.52 Rubber products 86.53 85.81 84.93 84.32 41.8 40.1 39.5 39.4 2.07 2.14 2.15 2.14 Leather and leather products 51.24 '57.67 57.07 55.05 36.6 39.5 38.3 36.7 1.40 1.46 1.49 1.50 *• Revised. NOTE.—Data are for production and related workers. Figures for April 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 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 v d e- SALESi 1948 104 102 103 104 105 1949 98 99 98 100 98 1950 105 103 101 106 105 1951 109 105 105 109 no 1952 110 104 101 109 no 1953 112 105 102 111 113 1954 111 107 104 109 105 1955 119 112 107 117 115 SEASONALLY ADJUSTED 1955 Mar 115 107 106 112 107 Apr 119 108 102 115 116 May 117 111 103 115 113 June •• . • 114 107 104 114 108 July 124 114 108 121 124 118 107 106 114 114 SeDt 121 112 108 120 116 Oct 122 114 109 120 120 Nov 122 116 no 121 118 Dec 123 114 no 112 119 1956 Jan 124 111 114 120 117 Feb 119 111 105 118 116 Mar P\21 102 107 116 116 WITHOUT SEASONAL ADJUSTMENT 1955—Mar 100 90 93 102 93 Apr 114 108 99 109 112 May 116 111 101 114 no no 107 100 107 104 July 98 82 77 90 96 Aus 105 86 82 92 104 Sept 123 120 111 124 116 Oct 128 115 116 125 125 Nov 148 141 139 159 147 Dec 212 206 194 213 205 1956—Jan 95 87 90 90 91 Feb 93 r84 85 91 90 Mar 91 98 111 106 STOCKS i 1948 107 105 105 107 107 1949 99 100 97 99 100 1950 109 109 105 108 106 1951 128 124 124 127 128 1952 118 111 113 113 111 1953 126 116 116 119 118 1954 122 117 114 116 114 1955 127 122 115 122 117 SEASONALLY ADJUSTED 1955—Mar 124 119 113 118 113 Apr 124 121 113 116 113 May 123 120 111 119 113 127 124 115 124 116 July 127 121 116 125 Aug 129 122 117 122 Sept 129 124 116 126 Oct 129 123 117 126 Nov 131 123 119 128 Dec 134 126 121 131 1956 Jan 137 124 122 132 Feb . . . 138 128 124 131 Mar 127 122 131 WITHOUT SEASONAL ADJUSTMENT 1955—Mar 127 122 116 122 Apr 129 125 119 124 May 127 123 115 124 121 115 108 116 July 119 109 105 112 126 118 114 117 Sept 135 127 123 132 Oct 145 139 132 144 Nov 148 144 136 147 Dec 119 117 no 116 1956 Jan 122 113 108 115 Feb 131 120 116 126 Mar H39 129 125 135 OO 00 00 O Rich- At- Chi- St. Minne- mond lanta cago Louis apolis 103 103 104 104 104 100 101 97 98 98 105 109 104 104 105 113 115 108 107 104 118 124 106 110 104 121 126 111 112 104 121 129 109 112 105 130 142 118 121 108 129 133 113 116 108 126 142 119 122 107 128 137 117 120 107 123 136 114 108 103 136 152 122 132 111 134 143 115 120 107 134 140 118 119 112 132 148 120 122 109 134 142 121 124 no 132 147 121 125 no 138 147 120 126 116 129 143 112 122 108 2>137 123 112 111 129 r97 101 88 125 141 114 118 108 129 134 116 120 108 118 121 112 106 95 107 122 96 102 89 112 129 103 109 102 138 136 123 122 119 140 154 126 135 126 164 165 147 149 126 237 255 204 208 180 95 113 91 95 83 96 114 87 95 84 »125 108 95 no 105 108 108 107 101 102 97 100 99 113 120 108 106 104 133 140 125 125 116 130 136 112 114 107 143 146 122 124 115 139 141 120 116 115 146 152 121 124 121 144 150 120 117 116 144 149 120 120 113 139 148 122 121 117 143 151 124 126 123 145 148 121 126 119 145 154 123 126 123 150 156 121 123 122 152 156 120 129 125 119 154 159 123 130 128 124 157 156 127 133 132 123 160 158 131 138 133 124 162 164 131 137 132 122 159 128 132 130 117 149 156 122 124 119 119 153 155 123 126 117 146 150 123 121 no 139 142 116 116 109 142 139 114 116 114 148 150 120 126 123 155 163 127 133 133 168 170 137 145 135 167 180 142 147 no 131 137 115 120 110 143 146 118 120 119 150 162 124 130 126 164 130 140 00 00 NO Kansas San City Dallas F c r i a sc n o - 103 105 104 99 102 98 108 113 105 111 117 109 113 124 114 112 125 115 115 127 114 124 138 122 120 137 119 126 142 120 120 134 118 118 132 118 136 145 123 124 139 122 127 131 126 125 138 126 124 136 125 124 147 123 123 144 129 117 139 124 126 144 128 104 122 97 123 136 112 119 133 116 113 120 113 111 123 107 117 129 118 127 131 123 131 146 126 142 155 145 211 247 217 93 114 100 92 111 97 112 134 109 no 108 107 100 101 100 111 112 110 130 132 131 121 126 126 133 138 134 126 132 125 135 143 133 133 142 130 131 137 128 132 137 126 136 143 130 134 143 131 136 145 138 135 146 137 141 147 134 142 149 137 143 159 141 148 158 149 148 158 146 137 147 130 136 144 133 135 139 136 131 133 131 115 129 136 130 120 134 144 133 128 140 155 142 136 152 162 153 142 157 165 151 118 129 143 118 122 133 140 131 127 143 153 136 134 H63 P Preliminary. r 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 505 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 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 ( r N 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 c R ei e p - ts month) month) (end of for ifr o»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 l.l 3.8 1.0 1950 average 376 ,012 495 391 401 2.8 .4 4.2 l.l 1951 average 391 ,202 460 390 379 3.2 .3 4.4 1.0 1952 average 397 ,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 406 ,163 421 408 401 3.0 .1 4.1 L.O 1954 average 409 ,140 388 410 412 3.0 1.0 4.0 1.0 1955 average 435 ,189 445 441 446 2.9 1.1 4.0 1.0 1955—Mar.. '393 r],195 '370 '480 '435 3.0 0.9 4.0 1.2 Apr... 413 ,216 308 439 380 2.9 0.7 3.7 L.l May., 404 ,189 307 377 376 2.9 0.8 3.7 ).9 June.. 390 ,122 449 323 465 2.9 .2 4.0 I).8 July.. 324 ,090 554 292 397 3.4 .7 5.1 ().9 Aug.. 382 ,157 550 449 445 3.0 .4 4.5 1.2 Sept.. 426 ,244 576 513 539 2.9 .4 4.3 1.2 Oct... 473 .350 581 579 584 2.9 .2 4.1 1.2 Nov.. 546 i;4i5 487 611 517 2.6 0.9 3.5 l.l Dec... 817 1,139 357 541 411 1.4 0.4 1.8 0.7 1956—Jan... 348 1,133 435 342 420 3.3 1.3 4.5 1.0 Feb... 332 1,205 450 404 419 3.6 1.4 5.0 1.2 Mar.* 429 ],271 401 495 446 3.0 ().9 3.9 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 exports i Mer m ch i a li n ta d r i y se -a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1,093 1,168 1,278 923 1,083 1,196 833 871 1 073 Feb 1,183 '1,238 1,357 999 1,143 ^1,267 809 850 *>1 049 Mar 1,126 '1,344 H,574 923 1.251 «1,469 865 1,019 el.149 Apr 1,426 '1,264 1,259 rl,170 957 '871 M^ay 1 402 rl 325 1 137 rl 194 829 958 1,475 1,319 1,115 1 191 947 936 July 1,290 '1,269 1,023 '1,141 822 885 Aug 1 156 1 235 956 1 107 825 960 Sept . 1,115 '1,255 962 '1 156 780 945 Oct 1 270 1 396 1 166 1 277 767 1 010 Nov 1,252 '1,320 1,167 '1,247 840 '1,065 Dec 1 320 '1 403 1 222 '1 319 943 rl 014 Jan -IVIar 3,402 3,750 2>4,209 2,845 3,477 *3,932 2,507 2,740 "3,271 « Estimated. 2 Department of Defense shipments of grant-aid military equipment » Preliminary. and supplies under the Mutual Security Program. ' Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 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 Mar . . .. 114.3 110.8 119.6 130.0 110.3 126.2 104.6 117.9 103.2 127.3 127.0 113.5 106 6 119.8 Apr 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June .. 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 July 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106.3 120.3 Aus 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 Sent 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 Mar 114.7 109.0 120.7 131.6 111.7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p r l x t e e d - d s - l - l H s p e u a k a r i c n o i t d n h t d d e s s e s - , r ,p l t F o i m e a i g n u w r n h i a e g d a e t - l l - r , s , C p a i u a l h r c l n c o a e i d t e l d m s s d - - p R u a b r u c n o e b t d d r s - - w p L u a b r u o n c o e m o t d d r s d - - p p P a u a l a r u l c n o p i l e t d d p e s d - r , ,M m p u a r e e n c o t t t d a d a s l - l s p c M m a u t e r h i n c o v r i o a t y n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d e s a n d e s e r - i- -e s N t r t m t m a u a r o l l r i u e s l n a n i c — - c - l - - b b e m o b a T r a t e a n f c t o r v g l d c - e s 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 10*1.9 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 Mar 110.0 92.1 101.6 115.6 95.3 92.2 108.5 106.8 138.0 121.4 116.8 131.9 126 1 115 1 121 9 121 6 95 6 Apr 110.5 94.2 102.5 115.7 95.0 93.2 107.4 107.1 138.3 122.4 117.4 132.9 126.3 115.1 122 3 121.6 94.0 May 109.9 91.2 102.1 115.5 95.0 92.9 107.0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127 1 115 2 123 7 121 6 89 1 July 110.5 89.5 103.1 116.5 95.3 93.7 106.4 106.0 143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 90.8 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121.7 89.8 Sept 111.7 89.3 101.5 118.5 95.4 94.0 108.0 106.0 151.7 125.7 120.5 141.9 130 0 116 4 126 4 121 7 90 3 Oct 111.6 86.8 100.2 119.0 95.4 95.3 108.0 106.5 147.8 125.4 122.8 142 A 131 4 116 9 126 8 121 7 91 5 Nov 111.2 84.1 98.8 119.4 95.6 96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125 2 121 7 88.0 Dec 111.3 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 r112.4 86.0 99.0 r120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 r145 1r131 9 rI 18 2r127 1 121 7 r88 7 Mar 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 127.9 126.8 146.3 134.7 118.2 127.6 121.7 oo 9 oo .A r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 507 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce. 104.4 105.0 98.2 106.5 Grains , 92.2 81.5 82.9 84.5 Paperboard 125.7 130.7 130.7 130.6 Livestock and poultry 79.9 63.0 67.7 67.5 Converted paper and paperboard... 111.5 119.9 120.6 122.7 Plant and animal fibers.. 102.9 101.9 105.7 105.5 Building paper and board 129.7 133.3 133.3 133.3 Fluid milk , 90.5 93.9 94.0 90.7 Eggs 82.2 85.9 81.3 85.0 Metals and Metal Products: Hay and seeds 93.1 78.9 80.4 82.5 Other farm products 143.0 139.7 145.8 143.7 Iron and steel , 136.2 149.4 149.1 149.2 Nonferrous metals 134.3 156.6 157.1 161.5 Processed Foods: Metal containers 131.6 137.9 137.9 137.9 Hardware 144.4 151.5 151.6 152.8 Cereal and bakery products 116.5 115.1 115.4 115.4 Plumbing equipment 123.0 133.1 133.1 133.1 Meats, poultry, and fish 83.3 75.7 76.1 74.6 Heating equipment 113.6 117.3 117.1 117.1 Dairy products and ice cream 107.2 106.1 106.1 106.1 Fabricated structural metal products 117.9 128.7 128.8 129.8 Canned, frozen fruits, and vegetables 104.8 108.1 108.9 108.6 Fabricated nonstructural metal Sugar and confectionery 110.8 109.4 109.3 109.6 products 125.9 132.2 -132.5 132.7 Packaged beverage materials 180.4 176.6 183.8 192.8 Other processed foods 100.8 98.1 97.7 97.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.5 126.8 126.8 126.2 Cotton products 90.8 93.8 r94.3 94.1 Construction machinery and equip- Wool products 106.1 102.6 102.7 102.1 ment 133.8 143.2 143.5 143.6 Synthetic textiles 87.5 84.2 r84.8 84.4 Metal working machinery 136.9 150.7 151.2 151.6 Silk products 121.1 120.5 119.5 119.5 General purpose machinery and Apparel 98.3 99.5 99.5 99.7 equipment 130.4 141.4 141.7 142.4 Other textile products. 76.6 71.4 71.6 72.0 Miscellaneous machinery 126.8 133.6 133.7 134.0 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.4 132.4 133.2 133.6 Motor vehicles 121.5 126.7 127.5 129.0 Hides and skins 50.7 56.6 58.2 58.3 Leather 82.1 89.5 89.9 90.9 Furniture and Other Household Dura- Footwear 111.5 115.7 115.8 116.5 bles: Other leather products. 95.7 97.7 '98.1 98.0 Household furniture 112.7 117.4 117.3 117.5 Fuel, Power, and Lighting Materials: Commercial furniture 128.6 137.3 138.3 138 Floor covering 124.4 130.5 130.5 130 Coal 105.1 109.9 109.9 110.1 Household appliances 107.2 105.6 '105.7 105 Coke 132.4 145.4 145.4 145.4 Radio 94.7 89.7 r89.7 89.7 Gas 116.6 121.1 122.0 122.0 Television 68.8 69.7 '69.9 69.9 Electricity 99.5 94.3 94.3 94.3 Other household durable goods 132.0 138.6 139.2 139.3 Petroleum and products. 111.7 117.2 117.5 116.8 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass , 123.9 131.1 131.1 131.1 Industrial chemicals 117.5 120.0 119.9 120.0 Concrete ingredients 124.1 129.7 129.9 130.0 Prepared paint 114.0 117.0 119.1 119.1 Concrete products , 118.2 121.1 121.1 121.1 Paint materials 95.9 98.6 100.4 101.4 Structural clay products , 136.5 145.3 145.6 145.9 Drugs, Pharmaceuticals, cosmetics.. 93.1 92.6 '92.0 91.9 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils, inedible 55.4 55.6 54.4 55.0 Prepared asphalt roofing , 98.8 99.6 99.6 104.9 Mixed fertilizers 108.9 108.2 108.2 107.9 Other nonmetallic minerals , 119.2 122.1 123.0 121.4 Fertilizer materials 113.6 113.1 113.0 113.0 Other chemicals and products 107.6 102.3 102.3 102.3 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 142.8 160.0 153.5 149.4 Cigars 103.7 104.2 104.2 104.2 Tires and tubes 142.3 151.8 151.8 151.8 Other tobacco products 121.4 122.5 122.5 122.5 Other rubber products. 130.3 137.8 137.9 137.9 Alcoholic beverages 114.7 114.7 114.7 114.7 Nonalcoholic beverages 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber.. 121.8 127.6 128.2 129.8 Millwork. 128.7 129.2 129.1 128.9 Toys, sporting goods, small arms. .. 113.2 115.8 115.8 115.8 Plywood.. 104.8 107.5 107.5 107.5 Manufactured animal feeds 83.0 69.9 68.2 67.2 Notions and accessories 92.3 92.5 92.5 93.8 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 103.1 104.4 r104.8 104.8 Other miscellaneous 120.6 123.9 123.3 123.1 Woodpulp.. 110.0 116.8 116.8 116.8 Wastepaper. 89.4 133.9 142.6 142.6 Paper 128.0 134.6 135.0 136.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 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 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 Gross national product 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 375.3 384.8 392.0 397.3 398.6 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.5 25.5 27.8 30.0 32.3 31.2 31.9 32.7 33.5 34.1 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.3 31.9 31.1 31.7 32.2 32.6 33.2 Plus: B S t S u a s u t i i b n s s t e i i s c d s a i e l t s r d a i l n s e s c s f r s e e r p c u a p n r a r c y e y m nt e n su ts rplus of gov- . . 6 3 . . 7 9 . . 4 5 . . 8 2 1 1. . 3 0 1. . 2 7 1 1 . . 3 2 - 1 .8 .2 '- 1 .4 .2 1 . . 7 2 - 1 .2 .2 1.2 -1 1 . . 7 2 1.2 ernment enterprises .0 .1 .2 .2 -.4 -.1 .5 .4 .6 .5 .3 Equals: National income 87.8 40.2 104.7 240.0 277.0 289.5 303.6 299.7 '322.6 320.7 325.7 332.2 311.4 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.1 39.9 36.9 37.2 33.8 '41.8 39.6 42.2 41.9 43.6 Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.6 11.0 10.5 10.8 11.2 11.4 12.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 -.1 .0 .0 .1 .4 -.6 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.8 15.0 16.0 15.9 16.2 15.7 15.9 16.7 Net interest paid by government 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.0 5.1 5.0 5.0 5.0 5.1 Dividends 5.8 2. 4.5 9.2 9.1 9.0 9.3 10.0 11.2 10.2 10.7 11.0 12.2 11.7 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 96.3 227.1 255.3 271.1 286.2 287.6 303.3 293.6 300.5 306.1 311.5 313.6 Less: Personal tax and related payments 2.6 1.5 3.3 20.9 29.3 34.4 35.8 32.8 33.9 32.6 33.4 34.4 35.4 36.6 Federal 1.3 .5 2.0 18.2 26.3 31.2 32.4 29. 30.0 28.8 29.5 30.4 31.3 32.4 1.4 1.3 2.7 3.4 3.7 4.0 4.1 4.2 State and local 1.0 3.0 3.2 3.9 3.8 3.9 83.1 93.0 206.1 250.4 254.8 271.7 276.0 277.0 Equals: Disposable personal income 45.7 226.1 236.7 269.4 261.0 267.1 79.0 81.9 194.0 230.6 236.5 255.7 257.2 258.8 Less: Personal consumption expenditures.... 46.4 208.3 218.3 252.3 245.8 250.5 4.2 11.1 12.1 19.8 18.3 16.0 18.8 18.2 Equals: Personal saving -.6 17.7 18.4 17.1 15.3 16.6 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1955 1956 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 '322.6 311.4 320.7 325.7 322.2 Compensation of employees . 51.1 29.5 64.8 154.3 180.4 195.3 209.2 207.9 221.3 213.1 219.5 224.3 228.0 230.1 Wages and salariesl 50.4 29.0 62.1 146.5 170.9 185.1 198.5 196.2 208.5 200.8 207.0 211.3 214.7 216.6 Private 45.5 23.9 51.9 124.3 142.1 152.2 164.7 162.4 173.2 166.5 171.7 175.6 178.8 180.3 Military .3 .3 1.9 5.0 8.7 10.5 10.3 9.5 9. 9. 9.3 9.1 9.0 8.9 Government civilian 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.2 25.3 25.9 26.6 26.9 27.4 Supplements to wages and salaries .7 .5 2.7 7.8 9.5 10.2 10.8 11.7 12.8 12.2 12.5 13.0 13.2 13.5 Proprietors' and rental income2 20.2 7.6 20.9 44.6 49.9 49.9 48.4 48.4 r48.9 48.8 48.7 48.8 49.5 49.3 Business and professional 8.8 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 26.6 27.1 27.6 28.0 28.1 Farm 6.0 2.4 6.5 13.3 16.0 14.3 12.3 12.0 11.0 11.5 11.0 10.6 10.8 10.3 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 10.8 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 37.2 33.8 r41.8 39.6 42.2 41.9 43.6 Corporate profits before tax 9.6 .2 17.0 40.0 41.2 35.9 38.3 34.0 r43.8 40.9 43.0 44.5 46 Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 21.3 17.1 20.5 21.6 22.3 23 Corporate profits after tax 8.3 -.4 9.4 22.1 18.7 16.1 17.0 17.0 r21.8 20.4 21.4 22.2 23 Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.1 -.2 -2.0 -1.3 -2 -3.1 -2.7 !>Iet interest 6.4 5.0 4.5 5.9 6.8 7.4 9.5 10.5 9.9 10.3 10.7 11.2 11.6 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 509 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 1 2 3 4 1 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 375.3 384.8 392.0 397.3 398.6 79.0 46.4 81.9 194.0 208.3 218.3 230.6 236.5 252.3 245.8 250.5 255.7 257.2 258.8 Durable goods . 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.3 35.3 34.4 35.1 36.9 34.8 33,9 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.0 118.9 120.9 125.9 122.4 125.3 127.0 128.8 129.9 32.1 20.7 29.0 65.0 70.1 75.7 81.8 86.4 91.2 89.0 90.2 91.8 93.6 95.1 16.2 1.4 18.1 51.2 56.9 49.6 51.4 47.2 59.3 54.1 60.1 60.5 63.2 62.4 Residential nonfarm.. . 8 3 . . 7 6 1. . 4 5 6 3 . . 6 5 2 1 2 2 . . 7 6 2 1 3 1 . . 3 0 2 1 3 1 . . 7 1 2 1 5 1 . . 8 9 2 1 7 3 . . 8 5 3 1 2 6 . . 4 6 3 1 1 6 . . 2 1 3 1 2 6 . . 6 9 3 1 3 7 . . 2 2 3 1 2 6 . . 3 2 3 1 1 5 . . 6 3 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.3 15.8 15.1 15.7 16.0 16 2 16 3 5.9 1.6 6.9 21.1 23.2 23.1 24.4 22.3 23.8 21.5 23.2 24 9 25.5 26.8 Change in business inventories 1.7 -1.6 4.5 7.4 10.4 2.8 1.2 -2.9 3.2 1.5 4.3 2.4 5.3 4.0 Nonfarm only 1.8 -1.4 4.0 6.4 9.0 2.1 1.9 -3.2 3.0 1.5 4.2 2.0 5.1 4.0 Net foreign investment .8 .2 1.1 -2 2 .2 -.2 -2.0 _ 3 — 4 — 4 — 7 o _ 3 0 Government purchases of goods and services 8.5 8.0 24.8 42.0 62.8 77.5 84.5 77.0 75.9 75.8 74.9 75.8 77.2 77.4 Federal 1.3 2.0 16.9 22.1 41.0 54.3 59.5 49.2 45.8 46.4 45.2 45.5 46 3 45 7 N Ot a h ti e o r nal security 2.0 { f 1 3 3 . .8 2 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 1 . . 5 2 4 5 0 . . 2 4 4 5 0 . . 2 6 4 5 1 . . 5 0 4 5 0 . . 2 8 .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 29.4 29.7 30.2 31.0 31.7 ^Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month1 in s P c o e o n r m a - l e Total p d m i C r n u o o s g o d t d m r u i i i n t e c - y - s - D i u n i tr s t d i i t e u v ri s s e b - - S in e tr d r i v e u i s s c - e G m er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c e a i o n e n m t t d o al e rs 3 ' i i n n s p a c t o e e o n n r r m d a e - s l e t m T p r e f a a e n y n r t - s s - ^ b c i s a u n o o n f t s n o c i c u o t i r e r a r n 5 i - l - s i a n g N t c u r o o i r c m a n u l - e l" * 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 1954 287.6 196.2 84.2 52.3 25.9 33.8 6.6 48.4 24.7 16.2 4.5 271.9 1955 303.2 208.5 90.5 55.1 27.6 35.3 7.0 48.9 26.8 17.2 5.2 288.4 1955—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 308 7 213.3 92.8 56.4 28.2 35.9 7.1 49.3 27.4 16.9 5.3 294.4 Nov 311.5 215.3 94.0 56.8 28.5 36.0 7.1 49.7 27.6 17.1 5.3 296.6 Dec 314.3 215.8 94.1 56.9 28.7 36.1 7.2 49.4 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 313.3 216.3 94.0 57.3 28.7 36.3 7.2 49.3 28.4 17.8 5.7 299.0 Mar? 314.9 217.3 94.5 57.5 28.9 36.4 7.3 49.3 28.7 18.0 5.7 300.9 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 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. <s 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

510 MEMBER BANK EARNINGS, 1955 EARNINGS OF ALL MEMBER BANKS, BY£CLASSES [Amounts in thousands of dollars] All member banks1 n m b a e t a A m i n o l k b l n s e a r l m b S e a A t m n a l k t b l e s er cit C y e m nt e r m al b r e e r s e b r a v n e ks m R b e e c a s m i n e ty k r b v s e e r C m b o e a u m n n k b t s r e y r New York Chicago 1952 1953 1954 1955 Year 1955 Earnings 4,119,649 4,590,236 4,826,113 5,342,589 3,425,236 1,917,353 866,548 208,703 2,094,761 2,172,578 Interest and dividends on securities: U. S. Govt 929,307 1,011,000 1,066,379 1,118,106 754,880 363,226 156,184 56,709 419,979 485,235 Other 234,528 251,777 272,808 295,606 194,962 100,644 50,928 15,414 112,486 116,778 Interest and discount on loans. 2,269,944 2,591,483 2,662,168 3,021,843 1,948,178 1,073,665 475,573 103,266 1,196,560 1,246,443 Other charges on loans 35,936 40,538 49,079 61,362 39,651 21,711 8,250 1,399 35,214 16,499 Service charges on deposits. .. 197,734 218,831 252,266 274,024 188,068 85,956 20,377 2,169 112,599 138,879 Other charges, fees, etc 82,871 92,324 102,484 109,755 65,263 44,492 20,523 2,091 39,958 47,183 Trust department 194,430 207,218 235,655 266,992 102,996 163,996 88,016 22,033 103,132 53,811 Other current earnings 174,901 177,065 185,274 194,902 131,238 63,664 46,697 5,623 74,833 67,750 Expenses 2,501,091 2,781,518 2,998,535 3,265,126 2,097,243 1,167,883 471,505 110,987 1,274,185 1,408,449 Salaries—officers 408,330 447,142 478,877 511,736 333,902 177,834 59,719 15,577 169,376 267,063 Salaries and wages—others. . . 835,300 924,348 983,820 1,059,667 652,274 407,393 192,971 40,333 435,128 391,234 Directors' fees, etc 21,514 23,714 25,541 27,189 18,264 8,925 1,729 296 4,818 20,345 Interest on time deposits 364,503 424,738 493,649 543,122 372,331 170,791 42,524 16,520 230,031 254,048 Interest on borrowed money.. 19,825 22,657 7,985 21,942 12,413 9,529 6,581 1,952 9,955 3,455 Taxes other than income 117,659 125,192 140,162 148,987 101,267 47,720 13,986 5,116 65,694 64,191 Recurring depreciation 60,064 67,047 75,626 86,837 59,357 27,480 7,303 1,105 29,416 49,013 Other current expenses 673,896 746,681 792,874 865,647 547,435 318,212 146,693 30,088 329,767 359,100 Net current earnings before income taxes 1,618,558 1,808,718 1,827,578 2,077,463 1,327,993 749,470 395,042 97,716 820,576 764,129 Recoveries, transfers from reserves, and profits 125,008 132,274 551,971 212,508 134,917 77,591 47,582 12,380 90,516 62,031 On securities: Recoveries 9,954 9,847 11,709 18,317 13,651 4,666 1,101 4,123 7,463 5,630 Transfers from reserves 19,646 25,877 43,142 37,547 29,235 8,312 9,755 1,278 19,462 7,052 Profits on securities 29,047 34,603 374,610 50,668 35,769 14,899 6,921 5,480 25,349 12,918 On loans: Recoveries 16,966 23,158 27,353 20,741 14,574 6,167 5,501 410 3,779 11,050 Transfers from reserves 24,734 15,729 54,558 47,728 18,822 28,906 17,084 257 18,992 11,396 All other 24,660 23,060 40,599 37,508 22,866 14,642 7,221 831 15,471 13,985 Losses, charge-offs, and transfers to reserves 306,381 383,477 479,263 613,959 376,341 237,618 123,597 26,625 240,186 223,551 On securities: Losses and charge-offs 83,851 139,880 58,549 195,493 121,980 73,513 41,423 12,180 70,180 71,710 Transfers to reserves 27,040 48,299 118,857 63,086 36,312 26,774 5,209 2,645 45,604 9,628 On loans: Losses and charge-offs 15,652 20,416 17,771 17,843 14,197 3,646 3,202 18 1,119 13,504 Transfers to reserves 132,896 111,976 196,140 265,632 158,141 107,491 66,285 7,411 94,666 97,270 All other 46,942 62,906 87,946 71,904 45,711; 26,193 7,478 4,371 28,617 31,439 Profits before income taxes 1,437,185 1,557,515 1,900,286 1,676,013 1,086,569 589,444 319,027 83,470 670,906 602,609 Taxes on net income 607,850 692,252 804,188 690,770 444,863 245,907 132,510 34,112 278,177 245,971 Federal 578,682 660,206 762,686 655,361 427,249 228,112 118,110 34,112 266,305 236,834 State 29,168 32,045 41,502 35,410 17,614 17,796 14,400 11,872 9,138 Net profits 829,335 865,263 1,096,099 985,242 641,706 343,536 186,518 49,358 392,729 356,637 Cash dividends declared 390,430 418,652 456,145 500,941 309,075 191,866 123,909 20,887 201,840 154,305 On preferred stock2 2,310 1,955 2,030 1,730 203 1,527 53 68 239 1,370 On common stock 388,121 416,697 454,116 499,211 308,872 190,339 123,856 20,819 201,601 152,935 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 4,308 767 2,936 2,719 2,107 612 1,648 603 468 On loans 28,088 28,930 34,682 33,589 24,704 8,885 3,867 1,154 14,159 14,410 Losses charged to reserves (not included in losses above): On securities 24,642 33,926 15,247 65,502 30,753 34,749 8,051 1,096 48,244 8,111 On loans 54,938 74,494 74,746 75,669 54,446 21,223 16,669 857 25,815 32,327 Loans 51,169,000 56,142,000 57,513,000 64,651,000 13,219,000 2,845,000 25,872,000 22,715,000 U. S. Govt. securities 51,811,000 51,091,000 54,485,000 53,453,000 () 7,746,000 2,764,000 20,071,000 22,871,000 Other securities 11,557,000 11,923,000 12,844,000 13,876,000 (3) 2,370,000 684,000 5,169,000 5,652,000 Cash assets 35,564,000 35,608,000 35,774,000 36,047,000 (3) 7,308,000 1,893,000 144,697,00012,149,000 Other assets 1,977,000 2,049,000 2,306,000 2,620,000 (3) 724,000 52,000 1,030,000 814,000 Total assets 152,079,000156,813,000162,921,000 170,646,000 31,368,000 8,238,000 66,839,000 64,201,000 Time deposits 32,120,000 34,647,000 38,053,000 39,983,000 3,431,000 1,312,000 16,113,00019,126,000 Total deposits 138,398,000142,380,000148,198,000 15544,464,000 27,242,000 7,464,000 60,847,000 •588,911,000 Total capital accounts 10,480,000 11,043,000 11,724,000 12,499,000 2,744,000 611,000 4,483,000 4,661,000 Number of officers 52,652 54,639 56,541 58,623 39,941 18,682 4,080 1,005 16,540 36,998 Number of employees 300,868 315,972 323,945 342,181 213,960 128,221 50,842 10,882 136,857 143,600 Number of banks 6,798 6,743 6,660 6,543 4,692 1,851 18 13 292 6,220 For footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1955 511 EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 267,048 1,316,838 292,700 429,455 250,296 275,169 765,305 189,058 148,403 236,885 288,345 883,089 Interest and dividends on securities: U. S. Govt 45,663 243,688 54,965 104,633 53,904 57,738 217,495 42,855 32,260 53,944 51,000 159,963 Other 11,860 77,144 19,515 27,153 10,403 15,599 45,580 10,824 7,408 12,961 14,622 42,537 Interest and discount on loans. 150,717 741,831 171,014 229,642 145,558 154,701 393,608 112,307 83,860 135,386 179,351 523,869 Other charges on loans 1,163 12,125 2,130 3,719 1,618 2,260 6,184 1,155 1,494 1,407 5,265 22,841 Service charges on deposits 15,915 52,248 10,786 18,701 14,421 16,661 35,099 7,532 9,260 14,277 12,874 66,250 Other charges, fees, etc 6,367 28,960 3,783 6,667 6,955 8,878 13,622 3,883 5,787 3,980 4,319 16.555 Trust department 23,273 100,441 21,791 22,908 10,422 8,064 33,758 5,553 3,807 5,474 5,769 25,732 Other current earnings 12,090 60,400 8,716 16,032 7,016 11,269 19,961 4,948 4,527 9,456 15,145 25,342 Expenses 166,852 782,454 179,688 261,095 154,322 173,627 466,723 112,865 92,796 139,382 173,762 561,560 Salaries—officers 27,465 104,317 28,559 38,013 27,856 29,371 74,025 22,032 18,782 30,800 35,360 75,158 Salaries and wages—others.... 56,493 286,315 58,176 78,360 47,177 52,546 151,129 32,989 26,144 40,329 47,171 182,840 Directors' fees, etc 1,652 5,051 3,218 2,408 1,871 1,650 3,710 1,587 978 1,689 1,810 1,565 Interest on time deposits 18,325 108,876 25,462 49,559 25,311 21,686 81,255 15,215 15,131 16,884 17,332 148,088 Interest on borrowed money... 874 7,760 1,398 1,259 919 1,255 3,299 898 1,105 1,045 760 1,371 Taxes other than income 6,862 25,127 8,378 20,485 6,879 9,352 21,713 5,663 3,229 4,714 15,210 21,375 Recurring depreciation 5,217 16,904 5,447 7,308 5,374 6,396 11,185 2,987 2,223 3,987 6,432 13,377 Other current expenses 49,965 228,105 49,050 63,704 38,936 51,372 120,408 31,495 25,204 39,935 49,687 117,786 Net current earnings before income taxes 100,196 534,383 113,012 168,360 95,975 101,541 298,583 76,193 55,607 97,503 114,583 321,529 Recoveries, transfers from reserves, and profits 19,356 64,670 7,592 19,927 8,275 8,200 37,141 7,163 5,299 6,587 8,950 19,349 On securities: Recoveries 507 1,613 453 2,321 277 260 6,954 1,287 1,268 1,111 266 2,001 Transfers from reserves 4,127 12,272 476 3,790 974 1,278 7,268 1,681 583 348 1,770 2,982 Profits on securities 7,569 9,682 2,217 5,460 2,258 2,703 9,555 1,972 1,399 1,754 966 5,132 On loans: Recoveries 917 7,921 780 803 685 603 1,130 439 1,351 1,854 2,204 2,056 Transfers from reserves 3,797 23,306 1,805 5,364 2,336 2,120 4,644 1,308 239 392 1,145 1,271 All other 2,440 9,876 1,862 2,189 1,745 1,236 7,589 477 460 1,129 2,599 5,907 Losses, charge-offs, and transfers to reserves 40,587 176,028 34,204 49,064 25,744 29,287 98,198 21,643 13,120 22,843 29,356 73,884 On securities: Losses and charge-offs 14,113 51,760 7,925 12,622 9,822 11,756 40,638 9,404 4,915 7,471 6,292 18,777 Transfers to reserves 2,722 10,181 2,037 10,265 2,641 3,080 10,012 2,814 523 1,224 370 17,217 On loans: Losses and charge-offs 369 4,359 443 1,041 651 576 1,192 634 1,133 2,903 3,557 986 Transfers to reserves 15,331 96,401 16,257 20,135 9,247 11,395 33,101 6,448 5,431 8,361 15,892 27,633 All other 8,052 13,327 7,542 5,003 3,383 2,481 13,256 2,344 1,118 2,884 3,245 9,272 Profits before income taxes. 78,965 423,025 86,400 139,223 78,505 80,454 237,525 61,712 47,786 81,248 94,177 266,993 Taxes on net income. 32,005 171,286 33,633 55,438 33,410 32,902 95,206 24,603 19,851 34,766 39,303 118,369 Federal 27,277 153,783 33,633 55,438 33,063 32,337 95,015 24,257 18,162 33,496 39,244 109,657 State 4,72f 17,503 347 565 191 346 1,689 1,270 59 8,712 Net profits 46,960 251,739 52,767 83,785 45,096 47,552 142,320 37,110 27,936 46,481 54,874 148,624 Cash dividends declared. 26,857 154,865 32,387 36,480 20,886 18,623 54,291 15,610 12,481 16,644 26,771 85,046 On preferred stock 2. . 15 1,393 20 14 11 213 34 5 26 On common stock 26,842 153,472 32,367 ' 3*6,486 20,873 18,612 54,078 15,576 12,476 ' '1*6,644 26,77 i 85,020 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities. 1,887 35 130 12 19 14 5 126 67 424 On loans , 1,061 6,991 1,420 2,097 858 1,237 4,512 1,697 886 2,399 2,559 7,871 Losses charged to reserves (not included in losses above): On securities 714 15,881 2,535 15,556 2,334 1,913 6,860 2,062 16 606 47 16,978 On loans 4,276 23,948 5,404 3,383 2,371 3,418 6,987 2,147 1,903 4,275 5,125 12,433 L U o . a S n . s Govt. securities. 2 3 , , 2 2 0 0 9 5 , , 0 0 0 0 0 0 1 1 1 8 , , 8 3 7 6 1 1 , , 0 0 0 0 0 0 2 3 , , 5 5 8 0 9 4 , , 0 0 0 0 0 04 4 , 9 9 6 1 5 8, 0 0 0 0 0 02,821,000 2,921, , 0 0 0 0 0 01 8 0 , , 5 3 8 0 9 6 , , 0 00 0 0 0 2 2 , , 0 3 3 4 7 5 , , 0 0 0 0 0 0 1 1 , , 4 6 9 2 3 2 , , 0 0 0 0 0 0 2 2 , , 6 6 1 0 0 7 , , 0 0 0 00 02 , 3 4 , 4 63 0 2 0 , 0 00 0 01 7 0 , , 5 1 5 2 5 5 , , 0 0 0 0 0 0 Other securities 640,000 3,626,000 865,000 ,, 513,000 707,000 2,247,000 488,000 361,000 644,000 555,000 2,028,000 C O a th sh er a a s s s s e e ts ts 1, 1 5 4 5 0 6 , , 0 0 0 0 0 0 9, 9 3 0 7 3 5 , , 0 0 0 0 0 01, 1 7 3 3 5 9 , , 0 0 0 0 0 0 2 1 , , 7 2 1 0 9 1 , , 0 0 0 0 0 01,7 1 4 1 4 4 , , 0 00 0 0 0 2,0 1 06 2 68 6 8, , ^0 0 00 0 00 0 5, 2 5 4 2 0 7 , , 0 0 0 0 0 0 [1,4 6 3 6 7 , , 0 0 0 0 0 0 99 4 11 6 22 , ,, 0 00 0 00 0 00 2,30 6 33 9 33 , ,, 0 00 0 00 0 00 2, 1 5 8 8 4 7 , , 0 0 0 0 0 04,3 4 4 2 9 3 , , 0 0 0 0 0 0 174,000 Total assets. 7,750,000 44,137,000 8,833,00013,977,000 7,738,000 8,655,000 26,910,000 6,372,000 4,434,000 7,964,0009,398,000 24,480,000 Time deposits 1,405,000 7,959,0002,285,000 4,020,000 ,780,000 1,560,000 7,391,000 1,203,000 1,132,000 ,082,000 1,240,000 8,926,000 Total deposits 6,,993377,,000000 3188,,990077,,000000 "7 ,,889955,,000000 122,,667733,,000000 7,049,000 7",,996655,,000000 244,,779988,,000000 "5,825,000 4,,004488,,000000 7,325,000 8,,665500,,000000 2122,,339922,,000000 Total capital accounts. 667,000 3,659,000 803,000 1,108,000 567,000 564,000 1,714,000 455,000 295,000 549,000 653,000 1,465,000 Number of officers 3,199 9,305 3,721 4,403 3,590 3,522 7,638 3,045 2,583 4,238 4,418 8,961 Number of employees. 20,831 82,570 19,912 25,581 17,228 19,412 47,685 12,484 9,664 14,593 16,936 55,285 Number of banks 304 626 563 615 473 379 1,025 492 473 750 634 209 1 Includes figures for all banks that were members of the Federal Data may not add to totals because of rounding. Reserve System at the end of the year (including those becoming members 2 Includes interest on capital notes and debentures. during the year whose returns may cover operations for only part of the 3 Not available on the 13-month basis used for all member banks. See year); and in addition includes appropriate adjustments for member Note on following page. banks in operation during part of the year but not at the end of the year. For other footnote see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 MEMBER BANK EARNINGS, 1955 EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 91,494 58,045 119,921 245,307 107,988 110,523 235,490 88,776 47,989 114,503 140,723 734,003 Interest and dividends on securities: U. S. Govt 13,892 9,181 15,096 57,311 23,200 21,419 73,257 17,600 8,506 25,016 21,896 133,606 Other 3,611 3,374 7,864 16,855 4,350 6,327 12,978 4,858 2,481 6,492 6,562 36,735 Interest and discount on loans. 50,277 35,451 72,428 126,418 59,241 62,584 117,924 54,464 28,583 66,283 88,832 434,074 Other charges on loans 555 621 1,090 2,704 678 1,370 2,553 610 594 565 4,626 19,247 Service charges on deposits 2,817 3,759 3,875 9,680 6,330 4,884 14,504 2,737 2,016 4,648 2,838 54,511 Other charges, fees, etc 3,464 1,067 1,599 3,852 3,835 3,976 4,538 1,703 1,001 1,271 1,574 12,079- Trust departments 12,004 1,489 14,013 19,047 6,895 4,438 5,471 4,584 3,030 4,545 4,641 22,976 Other current earnings 4,873 3,102 3,957 9,441 3,460 5,525 4,265 2,220 1,779 5,684 9,754 20,775 Expenses 49,612 39,866 71,346 144,890 66,036 68,444 148,567 50,611 29,235 63,492 79,773 462,314 Salaries—officers 7,985 4,465 10,018 17,154 10,789 9,605 18,278 7,730 4,237 9,694 11,356 58,064 Salaries and wages—others 19,325 13,469 28,659 49,197 23,534 21,667 54,713 17,485 11,150 21,611 21,679 152,641 Directors' fees, etc 171 273 444 466 471 391 677 225 106 306 317 972 Interest on time deposits 1,915 8,129 3,470 25,945 7,957 7,160 23,555 5,443 2,901 6,983 10,147 126,425 Interest on borrowed money... 406 286 1,036 1,075 590 909 1,110 776 990 875 628 1,276 Taxes other than income 1,929 1,053 3,317 11,358 3,255 4,696 6,874 2,302 654 2,201 9,141 18,916 Recurring depreciation 1,236 681 1,224 3,301 1,881 1,955 3,427 990 347 1,753 2,811 9,811 Other current expenses 16,645 11,510 23,180 36,394 17,560 22,063 39,933 15,659 8,852 20,069 23,694 94,209 Net current earnings before income taxes 41,882 18,179 48,575 100,418 41,952 42,079 86,922 38,165 18,754 51,012 60,950 271,689 Recoveries, transfers from reserves, and profits 13,742 3,574 3,826 14,247 5,985 4,896 15,924 5,262 2,011 2,381 3,220 15,450 On securities: Recoveries 22 34 26 1,603 184 83 1,945 1,088 645 193 1,640" Transfers from reserves 3,111 286 400 3,058 805 655 5,521 1,450 422 274 852 2,629 Profits on securities 6,335 783 1,248 4,215 1,554 1,826 1,623 1,409 230 1,274 438 4,413 On loans: Recoveries 326 6 233 198 162 222 134 40 519 154 128 1,659 Transfers from reserves 2,793 2,013 1,389 4,382 2,091 1,715 2,668 1,143 11 3 50 735 All other 1,154 452 530 791 1,189 395 4,033 132 184 484 1,753 4,374 Losses, charge-offs, and transfers to reserves 18,860 8,376 16,954 31,180 13,666 14,241 37,676 13,075 5,004 10,246 12372 58,537 On securities: Losses and charge-offs 7,086 999 3,172 6,315 4,183 6,274 14,427 5,754 2,891 4,397 2,521 12,163 Transfers to reserves 1,844 2,071 1,756 9,486 2,255 2,863 5,963 2,316 144 437 16,469 On loans: Losses and charge-offs 11 150 6 5 254 20 280 171 60 161 Transfers to reserves , 7,062 4,772 7,836 12,903 5,020 4,604 12,373 3,932 1,432 4,393 8,621 21,718- All other 2,868 524 4,186 2,326 2,203 496 4,659 1,054 848 1,170 8,026 258 Profits before income taxes. 36,764 13,377 35,446 83,486 34,271 32,734 65,170 30,352 43,147 51,799 228,602 15,760 Taxes on net income. 14,305 5,096 12,923 32,375 14,272 13,490 23.522 11,844 19,852 22,949 101,072 Federal 11,697 4,522 12,923 32,375 14,150 13,327 23,481 11,672 6,476 19,151 22,949 94,154 State 2,608 575 122 162 41 173 5,903 701 6,9 IS Net profits 22,459 8,289 22,523 51,110 20,000 19,244 41,647 18,508 572 23,294 28,850 127,53a Cash dividends declared. 12,130 5,395 15,690 23,072 9,962 8,371 14,352 8,502 9,285 8,031 16,027 75,649 On preferred stock 2. . 194 40 5 On common stock.... ' '1*2, i 36 5,201 ' V5,690 23,072 9,962 "8,37 i 14,312 8',502 44,,666600 " 8,03 i ' 'l6,027 75,644 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 28 25 101 1 13 122 67 247 On loans , 166 312 790 1,035 203 520 1,622 1,113 707 810 6,793 Losses charged to reserves (not included in losses above): On securities 3,857 2,337 14,438 2,091 1,835 5,339 1,701 28 16,617 On loans 1,754 632 2,876 1,420 684 1,366 2,453 986 303 1,718 1,260 10,364 Loans 1,252,000 731,000 1,649,000 2,976,000 1,310,000 1,325,000 2,551,0001,314,000 630,000 ,473,0002,052,000 8,608,000 U. S. Govt. securities. 678,000 455,000 734,000 2,754,0001,101,000 1~,079,000 3,424,000 869,000 407,000 ,231,000 ,059,000 6,280,000 Other securities 189,000 149,000 338,000 714,000 216,000 266,000 677,000 213,000 124,000 326,000 194,000 1,763,000 Cash assets 619,000 348,000 890,000 1,748,000 866,000 950,000 1,882,000 816,000 398,0001,154,0001,339,000 3,686,000 Other assets 58,000 26,000 64,000 109,000 56,000 51,000 85,000 38,000 16,000 41,000 122,000 365,000 Total assets. 2,797,000 1,709,000 3,676,000 8,300,000 3,549,000 3,671,000 8,619,000 3,250,000 ,575,000 4,225,000 4,766,000 20,703,000 Time deposits 220,000 469,000 363,000 1,956,000 592,000 522,000 2,532,000 412,000 201,000 470,000 714,000 7,663,000 Total deposits 2,458,000 1,560,000 3,,226644,^00000 7,485,000 3,235,000 3,362,000 8',,000077,,000000 2,,994455,,0000001,403,000 3,875,000 4,350,00018,903,000 Total capital accounts. 265,000 118,000 320,000 669,000 239,000 231,000 467,000 231,000 108,000 279,000 338,000 ,217,000 Number of officers 770 381 830 1,359 982 925 1,459 746 389 959 957 6,783 Number of employees. 6,760 4,299 8,938 14,585 8,074 7,774 16,915 6,459 3,606 7,229 7,172 45,046 Number of banks 10 22 27 21 19 41 27 28 * Not including central reserve city banks. with other banks (including reserves balances), and cash items in process NOTE.—The figures of assets, deposits, and capital accounts are aver- of collection. Total capital accounts are comprised of the aggregate ages of the amounts reported for the call dates at the beginning, middle, book value of capital stock, capital notes and debentures, surplus, unand end of each year, plus the last-Wednesday-of-the-month figures for divided profits, reserves for contingencies, and other capital reserves. the 10 intervening months. The number of officers, employees, and banks For other footnotes see preceding page. are as of the end of the year. Cash assets are comprised of cash, balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1955 513 EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district 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 Fra S n a c n isco Earnings 175,554 392,245 172,778 184,148 142,308 164,646 321,113 100,282 100,413 122,382 147,622 149,086 Interest and dividends on securities: U. S. Govt 31,771 78,323 39,869 47,322 30,704 36,319 87,529 25,255 23,754 28,928 29,104 26,357 Other 8,250 22,841 11,651 10,298 6,053 9,272 17,189 5,966 4,928 6,469 8,060 5,802 Interest and discount on loans. 100,440 230,806 98,587 103,224 86,316 92,117 172,418 57,843 55,276 69,102 90,519 89,795 Other charges on loans 607 3,254 1,040 1,015 940 890 2,232 545 901 843 639 3,594 Service charges on deposits.... 13,098 28,112 6,910 9,021 8,092 11,777 18,426 4,795 7,244 9,629 10,036 11,739 Other charges, fees, etc 2,903 7,370 2,185 2,815 3,120 4,902 6,993 2,180 4,786 2,710 2,745 4,476 Trust department 11,268 10,937 7,778 3,862 3,527 3,627 6,254 970 111 929 1,128 2,756 Other current earnings 7,217 10,602 4,759 6,591 3,556 5,744 10,073 2,729 2,748 3,772 5,392 4,568 JJExpenses 117,240 271,084 108,342 116,206 88,286 105,184 207,169 62,254 63,561 75,890 93,989 99,247 Salaries—officers 19,480 40,133 18,541 20,858 17,067 19,766 40,170 14,301 14,545 21,106 24,004 17,094 Salaries and wages—others 37,168 79,875 29,518 29,162 23,643 30,879 56,082 15,504 14,994 18,718 25,492 30,200 Directors' fees, etc 1,481 3,049 2,774 1,942 1,400 1,259 2,737 1,362 872 1,383 1,493 593 Interest on time deposits 16,410 58,223 21,992 23,614 17,353 14,526 41,180 9,772 12,230 9,901 7,185 21,663 Interest on borrowed money... 468 894 362 184 330 347 238 123 115 170 132 95 Taxes other than income 4,933 10,088 5,062 9,127 3,624 4,656 9,723 3,360 2,576 2,513 6,069 2,459 Recurring depreciation 3,980 8,920 4,224 4,007 3,493 4,441 6,653 1,997 1,877 2,234 3,621 3,566 Other current expenses 33,320 69,902 25,870 27,310 21,376 29,309 50,388 15,836 16,353 19,866 25,993 23,577 Net current earnings before income taxes 58,315 121,162 64,437 67,942 54,022 59,462 113,945 38,028 36,853 46,491 53,633 49,839 Recoveries, transfers from reserves, and profits 5,614 13,515 3,767 5,680 2,290 3,304 8,838 1,900 3,289 4,206 5,729 3,900 vOn securities: Recoveries 485 478 426 718 93 177 887 198 623 918 266 361 Transfers from reserves 1,016 2,231 76 732 169 623 469 231 161 74 918 353 Profits on securities 1,234 1,978 969 1,245 704 877 2,452 563 1,169 480 528 720 On loans: Recoveries 591 2,414 547 604 524 381 586 399 832 1,700 2,076 397 Transfers from reserves 1,004 4,210 416 982 246 405 1,719 166 228 389 1,095 536 All other 1,285 2,203 1,332 1,398 555 841 2,724 344 276 646 846 1,534 Losses, charge-offs, and transfers to reserves 21,728 44,055 17,250 17,885 12,079 15,047 33,897 8,568 8,116 12,596 16,984 15,347 On securities: Losses and charge-offs 7,02i 9,338 4,754 6,307 5,639 5,482 14,031 3,650 2,024 3,073 3,771 6,614 Transfers to reserves 878 2,902 281 778 387 217 1,404 498 379 787 370 747 On loans: Losses and charge-offs 369 1,145 439 891 645 571 921 615 853 2,732 3,497 825 Transfers to reserves 8,269 25,345 8,421 7,232 4,228 6,792 13,316 2,516 4,000 3,967 7,271 5,915 All other 5,184 5,326 3,356 2,677 1,180 1,985 1,289 860 2,036 2,075 1,246 4,225 Profits before income taxes. 42,201 90,621 50,954 55,737 44,234 47,720 31,360 32,026 38,101 42,378 38,391 88,885 Taxes on net income. 17,700 33,680 20,710 23,063 19,138 19,413 12,759 13,375 14,914 16,353 17,297 Federal 15,580 31,151 20,710 23,063 18,913 19,010 37,571 12,585 12,259 14,345 16,295 15,503 State 2,120 2,529 225 403 37,421 174 1,117 569 59 1,793 Net profits 24,501 56,941 30,244 32,674 25,096 28,308 150 18,602 18,651 23,187 26,025 21,095 51,314 Cash dividends declared.. . 14,727 25,561 16,697 13,408 10,925 10,252 19,052 7,108 7,821 8,613 10,744 9,397 On preferred stock 2 15 1,146 20 14 11 105 34 5 21 On common stock 14,712 24,415 16,677 ' 1*3,468 10,911 10,241 18,947 7,074 7,816 8,613 ' Yo',744 9,376 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 212 10 30 12 18 1 5 4 177 On loans 895 2,813 631 1,062 655 717 1,737 584 798 1,692 1,749 1,078 Losses charged to reserves (not included in losses above): On securities 714 3,974 198 1,118 243 78 425 361 14 578 47 361 On loans 2,523 6,646 2,528 1,963 1,687 2,052 3,676 1,161 1,600 2,557 3,865 2,070 Loans 1,953,000 4,411,0001,855,000 1,942,0001,511,0001,596,000 3,193,0001,031,000 991,0001,135,0001,580,000 1,517,000 U. S. Govt. securities. 1,531,000 3,669,0001,855,000 2,211,0001,444,0001,754,000 4,118,0001,168,0001,086,0001,379,0001,382,000 1,275,000 Other securities 451,000 1,107,000 527,000 487,000 297,000 441,000 887,000 275,000 236,000 318,000 361,000 265,000 Cash assets 937,000 1,719,000 849,000 971,000 878,0001,118,000 1,752,000 621,000 515,000 880,0001,248,000 663,000 Other assets 82,000 153,000 72,000 65,000 59,000 75,000 104,000 28,000 30,000 27,000 61,000 58,000 Total assets. 4,954,00011,060,000 5,158,000 5,676,000 4,188,000 4,984,00010,053,000 3,122,0002,859,000 3,739,000 4,632,000 3,777,000 Time deposits 1,185,000 4,059,0001,922,000 2,063,0001,188,0001,038,000 3,547,000 792,000 931,000 612,000 525,000 1,263,000 Total deposits 4,480,00010,104,000 ',631,000 5,188,000 3,814,000 4,603,000 9,328,000 2,,888800,,0000002,,664455,,000000 3,,445500,,000000 4,330000,,000000 3,488,000 Total capital accounts. 402,000 796,000 482,000 440,000 328,000 332,000 636,000 224,000 187,000 270,000 315,000 247,000 Number of officers 2,429 4,844 2,891 3,044 2,608 2,597 5,174 2,299 2,194 3,279 3,461 2,178 Number of employees. 14,071 27,429 10,974 10,996 9,154 11,638 19,888 6,025 6,058 7,364 9,764 10,239 Number of banks 295 598 555 593 446 358 941 473 464 709 607 181 For footnotes see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 MEMBER BANK EARNINGS, 1955 EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total 1 Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more 5,288,518 62,123 258,345 325,109 510,026 382,544 406,135 1,252,831 2,091,404 Interest and dividends on securities: U. S. Govt 1,109,563 13,945 61,716 76,188 118,568 87,946 88,232 260,245 402,722 Other 293,709 2,806 14,735 19,967 28,691 20 875 20 311 58,829 127 494 Interest and discount on loans 3,002,879 38,815 154,345 188,431 284,541 210,501 228,372 705,934 1,191,941 Other charges on loans 60,868 226 839 1,858 4,271 3,597 3,672 11,447 34,958 Service charges on deposits . . .. 271,154 3,200 14,631 21,709 37,145 27,457 25,550 58,417 83,047 Other charges fees etc 108,946 1,938 6,055 7,216 11,549 7,299 7,828 25,291 41,770 Trust department 251,142 46 626 2,356 10,024 10,913 16,582 78,722 131,873 Other current earnings 190,255 1,147 5,397 7,384 15,236 13,956 15,589 53,947 77,599 Expenses 3,227,153 40,856 167,685 211,480 336,105 249,196 260,094 775,487 1,186,251 Salaries—officers 505,594 14,368 45,757 46,561 61,649 41 433 40 314 109,377 146,138 Salaries and wages others 1,046,134 6,144 33,349 50,964 93,927 75,617 83,026 265,688 437,420 Directors' fees etc . . .... 26,833 1,253 4,915 4,432 4,792 2 357 1 986 3,983 3 117 Interest on time deposits 539,406 6,679 32,270 41,156 62,001 43 210 39 584 108,089 206,418 21,911 47 227 253 583 916 1,314 6,557 12,015 Taxes other than income 147,819 1,935 7,844 9,939 14,992 11 517 11 781 37 212 52 600 Recurring depreciation 85,926 1,240 5,874 7,715 12,294 8 561 7 934 19,785 22,522 Other current expenses. 853,529 9,192 37,449 50,461 85,868 65,586 74,155 224,797 306,020 Net current earnings before income taxes 2,061,365 21,266 90,661 113,629 173,922 133,348 146,042 477,345 905,153 Recoveries, transfers from reserves, and profits 209,030 1,836 6,032 7,574 11,881 10,552 13,895 54,749 102,512 On securities: Recoveries 18,264 112 524 821 1,881 1,095 1,769 3.758 8,304 Transfers from reserves 36,883 7 136 368 1,400 1,553 922i 14411 18,086 Profits on securities . . 50,458 185 1,221 1,912 3,150 2,537 3,141 11,460 26,852 On loans: Recoveries 20,526 1 238 2 669 2,145 1,690 896 884 3,174 7 830 Transfers from reserves 47,164 109 406 1,004 1,104 2 291 3 889 9,708 28 652 All other 35,736 186 1,076 1,324 2,656 2,180 3,290 12,239 12 787 Losses, charge-offs, and transfers to reserves 609,444 4,770 19,272 29,286 48,473 39,814 47,796 161,613 258,421 On securities: Losses and charge-offs 193,042 559 5,313 9,661 17,658 15,829 16,618 51,731 75 673 Transfers to reserves 63,082 67 449 931 1,510 2,083 3,469 19,919 34,656 On loans: Losses and charge-offs 17,640 2,388 4,089 3,443 2,209 591 559 1,000 3,362 Transfers to reserves 264,387 1,166 6,539 11,322 20,328 17 383 20 858 65,215 121 577 All other 71,294 590 2,882 3,929 6,769 3,929 6,293 23,748 23,153 Profits before income taxes 1,660,951 18,333 77,421 91,917 137,329 104,085 112,140 370,481 749,245 Taxes on net income 683,793 5,385 25,519 34,905 58,579 44,852 48,649 159,849 306,056 Federal 648,914 5 168 24 658 33,800 56 664 43 721 46 760 153,508 284 636 State 34,880 217 861 1,106 1,915 1,131 1,889 6,341 21,420 Net profits 977,158 12,948 51,902 57,012 78,751 59,234 63,491 210,632 443,189 Cash dividends declared 496,130 4,977 19,748 22,411 32,850 25,503 28,205 105,630 256,807 On preferred stock 2 1,724 3 30 52 147 60 183 1,244 4 On common stock 494,406 4,973 19,718 22,359 32,703 25 443 28 022 104,386 256 803 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,723 22 52 37 23 66 602 1 921 On loans 33,048 386 2,044 2,809 3,434 1,933 2,653 6,001 13,788 Losses charged to reserves (not included in losses above): On securities 65,502 2 123 222 1,549 1,629 3,113 13,948 44 914 On loans 75,016 815 3,863 5,202 7,085 4,588 6,559 13,569 33,336 Loans 70,924,935 652,705 2,784,677 3,473,308 5,530,006 4,379,324 4,903,944 16,685,370 32,515,601 U S Govt securities . . 50,533,070 647,509 2,868,252 3,550,038 5,560,612 4,142,808 4,110,583 11,887,718 17,765,550 Other securities 13,647,599 123 359 711,372 1,005,013 1,467,282 1 058 144 1 040 700 2 797 815 5 443 914 Cash assets 41,316,435 418,140 1,667,063 2,050,089 3,179,311 2,560,821 2,960 96410,552 32917 927 718 Other assets 2,627,035 13,686 74,523 108,877 207,698 170,185 178,899 609,743 1,263,424 Total assets 179,049,074 1,855,399 8,105,887 10,187,325 15,944,909 12,311,282 13,195,09042,532 97574 916 207 Time deposits 40,411,873 478,506 2,400,673 3,152,543 5,023,251 3,453,103 3 156,627 8 122 72114 624 449 Total deposits 163,464,114 1,665,449 7,393,125 9,367,824 14,708,253 11,393,453 12,208,150 39,214,473 67,513,387 Total capital accounts 12,723,669 184,858 681,467 766,687 1,117,751 797,544 842,016 2,786,118 5,547,228 Number of officers 58,305 3,427 8,353 6,999 7,724 4,644 4,178 10,196 12,784 Number of employees 339,960 3,314 14,338 19,802 34,532 27,030 29,249 87,921 123,774 Number of banks . 6,501 1,245 2,232 1,329 965 332 177 179 42 1 Totals are for banks operating during the entire year, except three 2 Includes interest on capital notes and debentures. trust companies having no deposits; the totals also include appropriate NOTE.—The figures for assets, deposits, capital accounts, number of adjustments for banks in operation during part of the year but not at officers and employees, and number of banks are as of the end of the the end of the year because of conversions and consolidations with year. See note on second preceding page regarding the composition of member banks. cash assets and total capital accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1955 515 EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city member Reserve banks city Country member member banks banks New York Chicago 1952 1953 1954 1955 Year 1955 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 15.4 16.4 15.6 16.6 14.4 16.0 18.3 16.4 Profits before income taxes 14.1 16.2 13.4 11.6 13.7 15.0 12.9 Net profits 7.8 9.3 7.9 6.8 8.1 7.7 Cash dividends declared 3.8 3.9 4.0 4.5 3.4 4.5 3.3 Percentage of total assets: Total earnings 2.71 2.93 2.96 3.13 2.76 2.53 3.13 3.38 Net curr nt earnings before income taxes 1.06 1.15 1.12 1.22 1.26 1.19 1.23 1.19 Net profits .55 .55 .67 .58 .59 .60 .59 .56 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 22.5 22.0 22.1 20.9 18.0 27.2 20.0 22.3 Other securities 5.7 5.5 5.7 5.6 5.9 7.4 5.4 5.4 Earnings on loans 56.0 57.3 56.2 57.7 55.8 50.1 58.8 58.1 Service charges on deposit accounts 4.8 4.8 5.2 5.1 2.4 1.0 5.4 6.4 Other current earnings 11.0 10.4 10.8 10.7 17.9 14.3 10.4 7.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.2 29.9 30.3 29.4 29.2 26.8 28.8 30.3 Interest on time deposits 8.8 9.3 10.2 10.2 4.9 7.9 11.0 11.7 Other current expenses 21.6 21.5 18.5 21.0 22.8 21.7 21.4 20.3 Total expenses 62.1 61.1 53.2 60.8 64.8 60.7 60.6 54.4 Net current earnings before income taxes 37.9 38.9 46.8 39.2 35.2 39.3 39.4 45.6 Net losses including transfers (or recoveries and profits, +) 4.4 5.4 + 1.5 7.5 6.8 7.2 7.5 Taxes on net income 14.8 15.1 16.7 13.0 15.3 16.4 13.3 11.3 Net profits 20.1 18.9 22.7 18.4 21.5 23.6 18.7 16.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 1.79 1.98 1.96 2.09 2.02 2.05 2.09 2.12 Interest and dividends on other securities 2.03 2.11 2.12 2.13 2.15 2.25 2.18 2.07 Net losses (or recoveries and profits, +)i .10 .20 + .47 .28 .39 .11 .34 .21 Return on loans: Earnings on loans 4.51 4.69 4.71 4.77 3.66 3.68 4.76 5.56 Net losses (or recoveries, -f-) 1 .05 .08 .05 .06 .08 + .02 .03 .09 Distribution of assets: Percentage of total assets: U. S. Govt. securities 34.1 32.6 33.4 31.3 24.7 33.6 30.0 35.6 Other securities 7.6 7.6 7.9 8.1 7.6 8.3 7.7 8.8 Loans 33.6 35.8 35.3 37.9 42.1 34.5 38.7 35.4 Cash assets 23.4 22.7 22.0 21.1 23.3 23.0 22.0 18.9 Other assets 1.3 1.3 1.4 1.6 2.3 .6 1.6 1.3 Other ratios: Total capital accounts to: Total assets 6.9 7.0 7.2 7.3 8.7 7.4 6.7 7.3 Total assets less U. S. Govt. securities and cash assets . . 16.2 15.8 16.1 15.4 16.8 17.1 14.0 16.0 Total deposits 7.6 7.8 7.9 8.1 10.1 8.2 7.4 7.9 Time to total deposits 23.2 24.3 25.7 25.9 12.6 17.6- 26.5 32.5 Interest on time deposits to time deposits 1.13 1.23 1.30 1.36 1.24 1.26 1.43 1.33 Number of banks 6,798 6,743 6,660 6,543 18 13 292 6,220 i "Net losses" is the excess of (a) actual losses charged against net profits on aggregates presented here, the experience of those banks in each group plus losses charged against valuation reserves over (b) actual recoveries whose figures are largest have a much greater influence than that of the and profits credited to net profits plus recoveries credited to valuation many banks with smaller figures. (For example, the 220 largest member reserves; "net recoveries and profits" is the reverse. Transfers to and banks have total earnings which, combined, are larger than those of all from valuation reserves are excluded. the other member banks, numbering about 6,300.) Ratios based on ag- NOTE.—The ratios in this and the following three tables were computed gregates show combined results for the banking system as a whole, and, from the dollar aggregates shown in preceding tables. Many of these broadly speaking, are the more significant for purposes of general analyses ratios vary substantially from the average of individual bank ratios, of credit and monetary problems, while averages of individual ratios which will be published in a subsequent issue, in which each bank's are useful primarily to those interested in studying the financial results figures—regardless of size or amount—are weighted equally and in general of operations of individual banks. have an equally important influence on the result. In the ratios based Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 MEMBER BANK EARNINGS, 1955 EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 15.0 14.6 14.1 15.2 16.9 18.0 17.4 16.7 18.8 17.8 17.5 21.9 Profits before income taxes 11.8 11.6 10.8 12.6 13.8 14.3 13.9 13.6 16.2 14.8 14.4 18.2 Net profits 7.0 6.9 6 6 7.6 8.0 8.4 8.3 8.2 9.5 8.5 8.4 10 1 Cash dividends declared 4.0 4.2 4.0 3.3 3.7 3.3 3.2 3.4 4.2 3.0 4.1 5.8 Percentage of total assets: Total earnings 3.45 2.98 3.31 3.07 3.23 3.18 2.84 2.97 3.35 2.97 3.07 3.61 Net current earnings before income taxes. 1.29 1.21 1.28 1.20 1.24 1.17 1.11 1.20 1.25 1.22 1.22 1.31 Net profits . ... .61 .57 .60 .60 .58 .55 .53 .58 .63 .58 .58 .61 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 17.1 18.5 18.8 24.4 21.5 21.0 28.4 22.7 21.7 22.8 17.7 18.1 Other securities 4.4 5.8 6.7 6.3 4.2 5.7 6.0 5.7 5.0 5.5 5.1 4.8 Earnings on loans 56.9 57.3 59.1 54.3 58.8 57.0 52.2 60.0 57.5 57.7 64.0 61.9 Service charges on deposit accounts 6.0 4.0 3.7 4.4 5.8 6.1 4.6 4.0 6.2 6.0 4.5 7.5 Other current earnings 15.6 14.4 11.7 10.6 9.7 10.2 8.8 7.6 9.6 8.0 8.7 7.7 Total earnings. . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.. .. . . .. 31.4 29.6 29.6 27.1 30.0 29.8 29.4 29.1 30.3 30.0 28.6 29.2 Interest on time deposits 6.9 8.3 8.7 11.5 10.1 7.9 10.6 8.0 10.2 7.1 6.0 16.8 Other current expenses 24.2 21.5 23.1 22.2 21.6 25.4 21.0 22.6 22.0 21.7 25.7 17.6 Total expenses 62.5 59.4 61.4 60.8 61.7 63.1 61.0 59.7 62.5 58.8 60.3 63.6 Net current earnings before income taxes 37.5 40 6 38 6 39.2 38 3 36.9 39.0 40.3 37.5 41.2 39.7 36.4 Net losses including transfers (or recoveries and profits, -f-) 7.9 8.5 9.1 6.8 7.0 7.7 8.0 7.7 5.3 6.9 7.1 6.2 Taxes on net income 12.0 13.0 11.5 12.9 13.3 11.9 12.4 13.0 13.4 14.7 13.6 13.4 Net profits 17.6 19.1 18.0 19.5 18.0 17.3 18.6 19.6 18.8 19.6 19.0 16.8 Rates of returns on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.07 2.05 2.12 2.11 2.12 2.04 2.11 2.10 2.16 2.07 2.09 2.12 Interest and dividends on other securities. 1.85 2.13 2.26 ' 2.26 2.03 2.21 2.03 2.22 2.05 2.01 2.63 2.10 Net losses1 . .24 .35 .22 .33 .31 .30 .25 .32 .12 .16 .17 .29 Return on loans:l Earnings on loans 4.74 4.11 4.94 4.75 5.22 5.37 4.65 4.84 5.26 5.25 5.08 5.40 Net losses 1 .08 .07 .10 .03 .05 .07 .03 .03 .05 .11 .11 .03 Distribution of assets: Percentage of total assets: U. S. Govt. securities 28 5 26.9 29.3 35.5 32.9 32.7 38.3 32.0 33.7 32.8 26.0 30.9- Other securities. . 8.3 8.2 9.8 8.6 6.6 8.2 8.4 7.7 8.1 8.1 5.9 8.3 Loans 41.3 41.6 39.7 35.2 36.5 33.7 31.9 36.8 36.6 32.7 38.6 41.3 Cash assets ... 20 1 21 2 19 7 19 5 22 5 23 9 20 5 22 5 20.6 25 5 27 5 17 8 Other assets 1.8 2.1 1.5 1.2 1.5 1.5 .9 1.0 1.0 .9 2.0 1.7 Other ratios: Total capital accounts to: Total assets .. 8.6 8.3 9.1 7.9 7.3 6.5 6.4 7.1 6.7 6.9 6.9 6.0 Total assets less U. S. Govt. securities and cash assets.... 16 7 16.0 17 8 17.6 16 4 15 0 15 5 15.7 14.5 16 5 14 9 11 6 Total deposits 9.6 9.4 10.2 8.7 8.0 7.1 6.9 7.8 7.3 7.5 7.5 6.5 Time to total deposits . . .. 20.3 20.5 28 9 31.7 25 3 19.6 29 8 20.7 28.0 14 8 14 3 39 9 Interest on time deposits to time deposits... 1.30 1.37 1.11 1.23 1.42 1.39 1.10 1.26 1.34 1.56 1.40 1.66 Number of banks 304 626 563 615 473 379 1,025 492 473 750 634 209 1 "Net losses" is the excess of (a) actual losses charged against net valuation reserves; "net recoveries" is the reverse. Transfers to and profits plus losses charged against valuation reserves over (b) actual from valuation reserves are excluded. recoveries and profits credited to net profits plus recoveries credited to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1955 517 EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 15.8 15.4 15.2 15.0 17.6 18.2 18.6 16.5 17.4 18.3 18.0 22.3 Profits before income taxes 13.9 11.3 11.1 12.5 14.3 14.2 14.0 13.1 14.6 15.5 15.3 18.8 Net profits 8.5 7.0 7.0 7.6 8.4 8.3 8.9 8.0 8.6 8.3 8.5 10.5 Cash dividends declared 4.S 4.6 4.9 3.4 4.2 3.6 3.1 3.7 4.3 2.9 4.7 6.2 Percentage of total assets: Total earnings 3.27 3.40 3.26 2.96 3.04 3.01 2.73 2.73 3.05 2.71 2.95 3.55 Net current earnings before income taxes. 1.50 1.06 1.32 1.21 1.18 1.15 1.01 1.17 1.19 1.21 1.28 1.31 Net profits .80 .48 .61 .62 .56 .52 .48 .57 .59 .55 .61 .62 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 15.2 15.8 12.6 23.4 21.5 19.4 31.1 19.8 17.7 21.8 15.6 18.2 Other securities 3.9 5.8 6.6 6.9 4.0 5.7 5.5 5.5 5.2 5.7 4.7 5.0 Earnings on loans 55.6 62.1 61.3 52.6 55.5 57.9 51.2 62.0 60.8 58.4 66.4 61.8 Service charges on deposit accounts 3.1 6.5 3.2 3.9 5.9 4.4 6.2 3.1 4.2 4.1 2.0 7.4 Other current earnings 22.2 9.8 16.3 13.2 13.1 12.6 6.0 9.6 12.1 10.0 11.3 7.6 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.8 30.9 32.3 27.0 31.8 28.3 31.0 28.4 32.1 27.3 23.5 28.7 Interest on time deposits 2.1 14.0 2.9 10.6 7.4 6.5 10.0 6.1 6.0 6.1 7.2 17.2 Other current expenses 22.3 23.8 24.3 21.5 22.0 27.1 22.1 22.5 22.8 22.0 26.0 17.1 Total expenses 54.2 68.7 59.5 59.1 61.2 61.9 63.1 57.0 60.9 55.4 56.7 63.0 Net current earnings before income taxes 45.8 31.3 40.5 40.9 38.8 38.1 36.9 43.0 39.1 44.6 43.3 37.0 Net losses including transfers (or recoveries and profits, +) 5.6 8.2 10.9 6.9 7.1 8.5 9.2 8.8 6.3 6.9 6.5 5.9 Taxes on net income 15.7 8.8 10.8 13.2 13.2 12.2 10.0 13.4 13.5 17.4 16.3 13.7 Net profits 24.5 14.3 18.8 20.8 18.5 17.4 17.7 20.8 19.3 20.3 20.5 17.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.05 2.02 2.06 2.08 2.11 1.99 2.14 2.03 2.09 2.03 2.07 2.13 Interest and dividends on other securities. 1.91 2.26 2.33 2.36 2.01 2.38 1.92 2.28 2.00 1.99 3.38 2.08 Net losses1 .08 .66 .39 .43 .34 .46 .39 .46 .38 .18 .16 .28 Return on loans: Earnings on loans 4.06 4.93 4.46 4.34 4.57 4.83 4.72 4.19 4.63 4.54 4.55 5.27 Net losses (or recoveries, +)1 2 .10 .04 .11 .01 .02 .05 .04 + .01 + .0 .07 .02 .02 Distribution of assets: Percentage of total assets: U. S. Govt. securities 24.2 26.6 20.0 33.2 31.0 29.4 39.7 26.7 25.8 29.1 22.2 30.3 Other securities 6.8 8.7 9.2 8.6 6.1 7.2 7.9 6.6 7.9 7.7 4.1 8.5 Loans 44.8 42.8 44.9 35.9 36.9 36.1 29.6 40.4 40.0 34.9 43.1 41.6 Cash assets 22.1 20.4 24.2 21.0 24.4 25.9 21.8 25.1 25.3 27.3 28.1 17.8 Other assets 2.1 1.5 1.7 1.3 1.6 1.4 1.0 1.2 1.0 1.0 2.5 1.8 Other ratios: Total capital accounts to: Total assets 9.5 6.9 8.7 6.7 6.3 5.4 7.1 6.9 6.6 7.1 5.9 Total assets less U. S. Govt. securities and cash assets 17.7 13.0 15.6 17.6 15.1 14.1 14.1 14.8 14.0 15.2 14.3 11.3 Total deposits 10.8 7.6 9.8 8.9 7.4 6.9 5.8 7.8 7.7 7.2 7.8 6.4 Time to total deposits 9.0 30.0 11.1 26.1 18.3 15.5 31.6 14.0 14.3 12.1 16.4 40.5 Interest on time deposits to time deposits .87 1.73 .96 1.33 1.34 1.37 .93 1.32 1.44 1.49 1.42 1.65 Number of banks 10 22 27 21 71 19 41 27 28 * Not including central reserve city banks. valuation reserves; "net recoveries and profits" is the reverse. Transfers 1 "Net losses" is the excess of (a) actual losses charged against net to and from valuation reserves are excluded. profits plus losses charged against valuation reserves over (b) actual 2 Ratios of less than .005 are shown as .0. recoveries and profits credited to net profits plus recoveries credited to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 MEMBER BANK EARNINGS, 1955 EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed "as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 14.5 15.2 13.4 15.4 16.5 17.9 17.9 17.0 19.7 17.2 17.0 20.2 Profit before income taxes 10.5 11.4 10.6 12.7 13.5 14.4 14.0 14.0 17.1 14.1 13.5 15.5 Net profits .... . . 6.1 7.2 6.3 7.4 7.7 8.5 8.1 8.3 10.0 8.6 8.3 8.5 Cash dividends declared 3.7 3.2 3.5 3.0 3.3 3.1 3.0 3.2 4.2 3.2 3.4 3.8 Percentage of total assets: Total earnings 3.54 3.55 3.35 3.24 3.40 3.30 3.19 3.21 3.51 3.27 3.19 3.95 Net current earnings before income taxes. 1.18 1.10 1.25 1.20 1.29 1.19 1.13 1.22 1.29 1.24 1.16 1.32 Net profits .49 .51 .59 .58 .60 .57 .51 .60 .65 .62 .56 .56 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt securities 18.1 20.0 23.1 25.7 21.6 22.1 27.3 25.2 23.7 23.6 19.7 17.7 Other securities 4.7 5.8 6.7 5.6 4.2 5.6 5.3 5.9 4.9 5.3 5.5 3.9 Earnings on loans 57.5 59.7 57.7 56.6 61.3 56.5 54.4 58 2 55 9 57.1 61.7 62.6 Service charge on deposit accounts 7.5 7.1 4.0 4.9 5.7 7.1 5.7 4.8 7.2 7.9 6.8 7.9 Other current earnings 12.2 7.4 8.5 7.2 7.2 8.7 7.3 5.9 8.3 6.1 6.3 7.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages , 32.3 30.6 27.8 27.2 28.6 30.8 30.0 29.7 29.4 32.5 33.5 31.7 Interest on time deposits 9.3 14.8 12.7 12.8 12.2 8.8 12.8 9.8 12.2 8.1 4.9 14.6 Other current expenses 25.2 23.7 22.2 23.1 21.2 24.3 21.7 22.6 21.7 21.4 25.3 20.3 Total expenses 66.8 64.5 66.6 69.1 62.7 63.1 62.0 63.9 62.1 63.3 62.0 63.7 Net current earnings before income taxes . ... 33.2 35.5 33.4 30.9 37.3 36.9 38.0 36.1 37 9 36 7 38.0 36.3 Net losses including transfers (or recoveries and profits -f) 9.1 7.8 7.8 6.7 6.9 7.1 7.8 6 7 4 8 6.9 7.6 7.7 Taxes on net income 10.1 8.6 12.0 12.5 13.5 11.8 11.7 12 7 13.3 12.2 11.1 11.6 Net profits 14.0 14.5 17.5 17.7 17.6 17.2 16.0 18.5 18.6 18.9 17.6 14.1 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.08 2.13 2.15 2.14 2.13 2.07 2.13 2.16 2.19 2.10 2.11 2.07 Interest and dividends on other securities. 1.83 2.06 2.21 2.11 2.04 2.10 1.94 2.17 2.09 2.03 2.23 2.19 Net losses1 .30 .22 .15 .20 .29 .21 .22 .23 .02 .13 .17 .37 Return on loans: Earnings on loans 5.17 5.31 5.37 5.37 5.77 5.83 5.47 5.66 5.67 6.16 5.77 6.16 Net losses * .07 .06 .10 .06 .08 .10 .07 .08 .08 .17 .22 .09 Distribution of assets: Percentage of total assets: U S Govt securities 30.9 33.2 36.0 39.0 34.5 35.2 41.0 37.4 38.0 36.9 29.8 33.8 Other securities 9.1 10.0 10.2 8.6 7.1 8.9 8.8 8.8 8.3 8.5 7.8 7.0 Loans 39.4 39.9 36.0 34.2 36 1 32 0 31 8 33 0 34 7 30 4 34 1 40.2 Cash assets 18.9 15.5 16.4 17.1 20.9 22.4 17.4 19.9 18.0 23.5 27.0 17.5 Other assets 1.7 1.4 1.4 1.1 1.4 1.5 1.0 .9 1.0 .7 1.3 1.5 Other ratios: Total capital accounts to: Total assets 8.1 7.2 9.3 7.8 7.8 6.7 6.3 7.2 6.5 7.2 6.8 6.5 Total assets less U. S. Govt. securities and cash assets 16.2 14.0 19.6 17.6 17.6 15.7 15.2 16.8 14.9 18.2 15.7 13.4 Total deposits 9.0 7.9 10.4 8.5 8.6 7.2 6.8 7.8 7.1 7.8 7.3 7.1 Time to total deposits 26.5 40.2 41.5 39.8 31.1 22.6 38.0 27.5 35.2 17.7 12.2 36.2 Interest on time deposits to time deposits... 1.38 1.43 1.14 1.14 1.46 1.40 1.16 1.23 1.31 1.62 1.37 1.72 Number of banks 295 598 555 593 446 358 941 473 464 709 607 181 1 "Net losses" is the excess of (a) actual losses charged against net valuation reserves; "net recoveries and profits" is the reverse. Transfers profits plus losses charged against valuation reserves over (b) actual to and from valuation reserves are excluded. recoveries and profits credited to net profits plus recoveries credited to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS 1955 519 EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1952-55 [Amounts in thousands of dollars] Banks not members of All insured commercial banks 1 Federal Reserve System Item 1952 1953 1954 1955 1952 1953 1954 1955 Earnings . 4,931,688 5,483,954 5,773,787 6,377,705 812,634 894,387 948,458 1,035,960 Interest and dividends on securities: U. S. Govt 1,099,059 1,206,965 1,272,731 1,333,690 170,023 196,261 206,658 215,895 Other 276,993 297,739 324,823 351,041 42,498 45,997 52,083 55,504 Interest and discount on loans 2,742,100 3,107,885 3,205,894 3,625,528 472,429 516,720 544,082 604,089 Other charges on loans 42,295 47,850 57,550 71,048 6,361 7,314 8,474 9,690 Service charges on deposits 244,696 271,444 311,806 339,975 46,962 52,613 59,540 65,951 Other charges, fees, etc 121,868 132,978 144,140 155,004 39,003 40,661 41,664 45,260 Trust department 204,967 217,996 246,223 281,841 10,539 10,781 10,603 14,886 Other current earnings 199,713 201,101 210,621 219,579 24,820 24,044 25,355 24,685 Expenses 3,028,575 3,375,552 3,638,087 3,960,173 528,002 594,593 640,177 695,736 Salaries—officers 530,035 582,405 622,862 666,152 121,770 135,335 144,077 154,506 Salaries and wages—others 965,197 1,069,890 1,139,013 1,229,756 129,948 145,597 155,260 170,161 Directors' fees, etc 30,871 34,591 37,197 39,563 9,362 10,882 11,662 12,380 Interest on time deposits 458,059 534,493 618,341 678,237 93,866 110,097 125,056 135,533 Interest on borrowed money 20,921 24,171 8,556 23,093 1,096 1,514 571 1,151 Taxes other than income 139,290 148,783 166,452 176,840 21,645 23,606 26,306 27,872 Recurring depreciation 74,953 84,085 94,720 108,306 14,892 17.042 19,099 21.473 Other current expenses 809,252 897,137 ; 158,146 950,945 1,038,228 135,426 172,661 Net current earnings before income taxes 1,903,112 2,108,398 299,790 308,281 2,135,700 2,417,533 284,631 340,225 Recoveries, transfers from reserves, and profits.. 144,146 152,373 20,101 79,533 On securities: 631,496 239,598 19,139 27,094 Recoveries 11,191 11,454 20,586 1,608 3,203 2,270 Transfers from reserves 20,492 27,545 14,912 39,930 1,237 1,668 17,413 2,383 Profits on securities 33,806 38,865 60,555 57,085 846 4,264 41,915 6,418 On loans: 416,520 4,759 Recoveries 22,004 28,423 34,014 27,379 5,038 5,265 6,664 6,640 Transfers from reserves 27,330 18,292 57,965 50,899 2,596 2,563 3,407 3,171 All other 29,324 27,794 47,530 43,722 4,665 4,734 6,931 6,214 Losses, charge-offs, and transfers to reserves.... 362,444 448,323 552,606 707,155 56,065 64,854 73,346 93,200 On securities: Losses and charge-offs 97,512 155,969 66,670 221,232 13,662 16,096 8,122 25,741 Transfers to reserves 29,531 54,160 126,173 67,276 2,491 5,861 7,316 4,190 On loans: Losses and charge-offs 23,637 31,774 29,269 28,159 7,985 11,358 11,498 10,316 Transfers to reserves 154,510 132,127 222,998 303,600 21,614 20,151 26,858 37,968 All other 57,253 74,291 107,497 86,886 10,312 11,387 19,553 14,984 Profits before income taxes 1,684,813 1,812,451 2,214,591 1,949,976 247,704 255,040 314,469 274,118 Taxes on net income 694,883 786,490 907,560 793,737 87,033 94,238 103,378 102,974 Federal 662,277 750,796 862,065 753,883 83,595 90,590 99,385 98,528 State 32,606 35,693 45,495 39,855 3,438 3,648 3,993 4,446 Net profits 989,931 1,025,963 1,307,032 1,156,240 160,672 160,804 211,091 171,146 Cash dividends declared 441,971 473,866 516,977 566,124 51,541 55,214 60,862 65,214 On preferred stock2 3,675 2,979 2,912 2,581 1,365 1,024 882 851 On common stock 438,298 470,888 514,066 563,543 50,177 54,191 59,980 64,363 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 4,355 2,232 3,154 3,146 47 1,465 218 427 On loans 31,508 33,612 40,384 39,794 3,420 4,682 5,702 6,205 Losses charged to reserves (not included in losses above): On securities 25,598 38,480 15,841 68,140 956 4,554 594 2.638 On loans 64,607 89,186 89,495 88,417 9,669 14,692 14,749 12,748 Loans 59,999,743 65,213,144 148,039 75,800,688 8,299,177 9,083,796 9,752,81810,627,054 U. S. Govt. securities 61,065,059 60,868,295 372,065 63,808,049 9,194,638 9,652,460 9,876,64810,137,424 Other securities 13,562,462 14,082,070 209,165 16,294,075 2,053,320 2,195,092 2,385,813 2,578,832 Cash assets 42,952,808 43,192,523 976,798 43,510,745 4,771,055 4,827,446 4,919,537 4,916,121 Other assets 2,223,391 2,329,251 633,547 2,918,119 237,903 260,710 287,041 317,900 Total assets 179,803,463185,685,283193,339,614202,331,676 24,556,093 26,019,504 27,221,857 28,577,331 Time deposits 39,817,653 43,047,556 46,842,306 49,311,341 7,575,491 8,228,876 8,846,025 9,267,152 Total deposits 165,031,495170,075,888176,865,497184,734,223322 2122,613,72782 823,923,316 2144,998,746 2.66,198,434 Total capital accounts 2,270,913 12,941,478 13,761,339 14,631,680 1,770,932 1,894,427 2,018,722 2,149,634 Number of officers 76,754 79,574 82,167 84,931 24,113 24,947 25,642 26,323 Number of employees 358,325 376,750 386,625 408,791 57,475 60,797 62,702 66,638 Number of banks 13,439 13,43: 13,323 13,237 6,644 6,692 6,667 6,698 1 Excludes three mutual savings banks and for 1954 and 1955 a non- 2 Includes interest on capital notes and debentures. insured nondeposit trust company; these are State member banks of the NOTE.—The figures of assets, deposits, and capital accounts are averages Federal Reserve System and are included in member banks figures on of the amounts reported for call dates at the beginning, middle, and end preceding pages. of each year. The number of officers, employees, and banks are as of the end of each year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabihties and Capital Total Bank credit assets, net- Treas- Total ury U. S.Government obligations liabil- Capital Date cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net savings Banks banks 1929—June 29 4 037 2 019 58 642 41,082 5,741 5,499 216 26 11,819 64 698 55,776 8,922 1933_june 30... . 4 031 2 286 42,148 ,957 10,328 8,199 1,998 131 ,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 77,157 23,105 19,417 2,484 1,204 ,302 75,171 68,359 6,812 1941—Dec 31 22 737 3 247 64 653 ,605 29 049 25,511 2,254 1,284 ,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 ,577 191,785 180,806 10,979 1947_Dec. 31 22 754 4 562 160,832 43 073 107,086 81,199 22,559 3,328 1(1,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60 366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31. 22 695 4 709 181,323 67,597 97,808 71,343 23,801 2,664 ,918 208,727 193,410 15,317 1952—June 30 23 346 4 754 182,980 69 71? 96,266 70,783 22,906 2,577 17,002 211,080 194,960 16,120 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_ D ju e n c e . 3 3 0 1 . 2 2 2 2 4 0 6 3 3 0 4 4 8 8 9 5 4 4 1 19 9 9 0 , , 7 2 9 7 1 7 7 8 7 0 , , 0 4 7 8 1 6 1 9 0 5 0 , , 3 9 5 3 0 5 7 6 2 8 , , 6 1 1 0 0 8 2 2 5 4 , , 9 7 1 4 6 6 2 2, , 4 4 0 9 9 6 1 1 8 7, ,3 8 7 5 0 6 2 22 1 6 7 , , 7 5 1 9 5 4 2 20 0 9 0 , , 1 3 7 6 5 0 1 17 7 , , 5 2 3 3 8 4 1954—June 30 21 927 4 959 200 628 81,210 99 827 72 525 25,037 2,265 591 227 514 209,354 18,161 Dec 31 21 713 4 985 210,988 85,730 104,819 77,728 24,932 2,159 7(1,439 237,686 218,882 18,806 1955—Jan. 26 21,700 5,000 209,600 85,200 103,600 77,800 23,700 2,100 20,900 236,300 217,500 18,800 Feb. 23 . 21 700 5 000 208,200 85,800 101,400 75,600 23,700 2,100 71,000 234,900 216,000 18,900 Mar. 30 21 700 5 000 207,000 87,100 98,700 73,000 23,600 2,100 71,200 233,700 214,500 19,100 Apr. 27 21 700 5,000 209,100 87 900 100,100 74,400 23,600 2,100 71,200 235,800 216,900 18,900 May 25 . 21 700 5 000 209,100 89,000 99,300 73,700 23,500 2,000 7(1,900 235,800 216,600 19,200 June 30 21 678 5 002 209,872 91 349 97,572 71,947 23,607 2,018 7(1,951 236,552 217,595 18,956 July 27 21,700 5,000 211,400 9? 000 98,600 72,400 24,100 2,000 7(1,900 238,100 218,800 19,300 Aug. 31.. . 21 700 5 000 211,100 93,200 96,900 71,200 23,800 2,000 7(1,900 237,800 218,200 19,600 Sept. 28 21 700 5,000 211,900 94 600 96,400 70,700 23,700 2,000 7(1,900 238,600 218,800 19,800 Oct. 26 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 7(1,800 240,700 220,700 20,000 Nov. 30 . 21 700 5 000 214,400 97,800 96,000 69,800 24,300 1,900 7(1,600 241,100 221,200 19,900 Dec. 31 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 Foreign Date bank At Time deposits2 Total Dede- Treas- com- At De- Cur- demand mand Curposits, ury mercial F. R. Total mand rency deposits de- rency net cash and Banks Com- Mutual Postal de- out- adjusted posits outhold- savings Total mercial savingsSavings posits 4 side and ad- side ings banks banks banks 3 System banks currency justed banks 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 21i656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30 1 217 2,409 846 634 63,953 27,059 15,258 10,523 1,278 ,793 6,401 1941—Dec. 3i 1 498 2 215 1 895 867 76 336 27 729 15 884 10,532 1 313 38 999 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 PI 26 476 111 100 85 20C 25 900 1950—Dec. 30 2,518 1,293 2,989 668 176, 917 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1951—Dec. 31.. .. 2 279 1 270 3,615 747 185, 999 61 450 37 859 20,887 2 704 98 934 26 315 120 100 94,400 25,700 1952—June 30 2,319 1,283 6,121 333 184, 904 63,676 39,302 21,755 2,619 94 26,474 123,600 97,400 26,200 Dec. 31 2 501 1,270 5,259 389 194, 801 65,799 40,666 22,586 2 547 101^508 27,494 124 700 97,800 26,900 1953—June 30 2,467 1,259 3,942 132 192, 560 68,293 42,245 23,589 2,459 96,898 27,369 126,100 98,800 27,300 Dec. 31 2 694 761 4,457 346 200, 917 70,375 43 659 24,358 2,359 107451 28 091 126 700 99,500 27,200 1954_june 30 3,256 811 5,895 875 198, 517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,700 27,000 Dec. 31. . 3,329 796 4,510 563 209, 684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—Jan. 26 3,200 800 3,800 400 209, 700 75,400 46,800 26,500 2,100 107,000 26,800 131,200 104,200 27,000 Feb. 23 . 3,100 800 4,600 600 206, 900 75,700 47,000 26,600 2,100 104,500 26,800 131,200 104,300 26,900 Mar. 30 3 200 800 4,400 900 205, 300 76 200 47 200 26 900 2 100 102400 26 700 131 500 104 600 26 900 Apr. 27 3,100 800 5,000 600 207, 400 76,200 47,200 26,900 2,100 104,500 26,700 132,600 105,600 27,000 May 25... . 3,200 800 5,500 400 206, 700 76,500 47,400 27,100 2,000 103,300 26,800 131,700 104,800 26,900 June 30 3,247 812 5,418 380 207, 738 77,129 47,846 27,277 2,007 103,234 27,375 131,900 104,900 27,000 July 27 3,300 800 6,100 500 208, 100 77,100 47,700 27,400 2,000 103,900 27,100 132,700 105,500 27,200 Aug. 31. . 3,100 800 5,200 400 208, 600 77,400 48,000 27,500 2,000 103,900 27,300 132,700 105,500 27,200 Sept. 28 3,200 800 4,500 500 209, 700 77,700 48,100 27,700 1,900 104,900 27,200 133,300 106,200 27,100 Oct. 26 3 200 800 4,900 500 211, 300 77 900 48 200 27 800 1 900 106 100 27 300 132 000 104 800 27 200 Nov. 30 3,200 800 4,500 500 212, 700 77,400 47 700 27 800 1 900 106 900 27 900 132 900 105 400 27,500 Dec. 31. .. 3,167 767 4,038 394 216, 577 78,378 48,359 28,129 1,890 109,914 28,285 133,300 105,800 27,500 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund). slightly from the description in the BULLETIN article: stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury are netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits 5 Seasonally adjusted series begin in 1947 and are available only for and currency shown in the monthly Chart Book excludes foreign bank delast Wednesday of the month. For back figures, see BULLETIN for posits, net, and Treasury cash. Except on call dates, figures are rounded March 1955, pp. 252-255, and this table in subsequent issues. to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 521 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other U.S. Cash lia- Total Num- Class of bank Govt. Other assets 2 bilities capital ber and date Total Loans obliga- secu- and Inter- Demand ac- of tions rities capital Total 2 bank 2 counts banks ac- Time counts 3 U. S. Other Govt. All banks: 1939—Dec. 30. . 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32 516 25,852 8,194 15,035 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826- 1945—Dec. 31. . 140,227 30,362101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 314. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30.. 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,65a 1951—Dec. 31. . 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 3,362 108,282 59,025 14,623 14,618 1952—June 30. . 157,528 69,742 70,783 17,002 41,667 201,793 184,130 13,513 5,839 103,409 61,369 15,039 14,599 Dec. 31.. 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944 111,690 63,598 15,367 14,575 1953—June 30.. 163,082 77,117 68,108 17,856 42,023 207,758 189,159 13,600 3,636 105,752 66,170 15,791 14,537 Dec. 31. . 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954—June 30. . 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594 107,043 71,371 16,664 14,465 Dec. 31.. 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,511 17,270 14,367 1955—Jan. 26.. 184,340 85,710 77,770 20,860 42,110 229,780 208,140 15,230 3,470 115,760 73,680 17,340 14,360 Feb. 23. . 183,100 86,500 75,580 21,020 41,460 227,930 205,900 14,550 4,260 113,170 73,920 17,440 14,351 Mar. 30. . 182,050 87,860 72,980 21,210 40,230 225,660 203,400 14,670 4,070 110,200 74,460 17,410 14,33a Apr. 27. . 184,210 88,640 74,390 21,180 40,850 228,550 206,480 14,570 4,610 112,760 74,540 17,490 14,314 May 25. . 184,410 89,790 73,740 20,880 39,650 227,410 205,100 14,020 130 111,110 74,840 17,630 14,312 June 30.. 184,253 91,355 71,947 20,951 42,014 229,631 208,850 15,245 081 113,034 75,491 17,663 14,309 July 27. . 186,190 92,930 72,410 20,850 40,720 230,240 207,900 14,490 ,740 112,240 75,430 17,750 14,303 Aug. 31. . 186,070 93,940 71,190 20.940 40,610 230,060 207,750 14,570 ,860 112,490 75,830 17,890 14,290 Sept. 28. . 186,810 95,240 70,680 20;890 41,110 231,230 208,710 14,700 ,220 113,690 76,100 17,930 14,286 Oct. 26. . 188,490 96,260 71,410 20,820 41,480 233,340 210,450 14,710 ,530 114,910 76,300 18,090 14,269 Nov. 30. . 189,100 98,650 69,840 20,610 42,470 235,120 211,860 14,780 ,210 116,980 75,890 18,210 14,264 Dec. 31. . 190,780 100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,238 76,844 18,112 14,243 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 105921 30,241 8,950 14,011 1947—Dec. 31*. 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 1951—Dec. 31. . 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 3,359 108,259 38,137 12,216 14,089* 1952—June 30. . 134,437 59,233 61,178 14,026 40,702 177,415 162,348 13,512 5,837 103,385 39,614 12,601 14,070 Dec. 31. . 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 41,012 12,888 14,046 1953—June 30.. 137,957 65,025 58,644 14,287 41,156 181,425 165,531 13,598 3,634 105,718 42,581 13,275 14,009 Dec. 31.. 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13,981 1954—June 30. . 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 5,591 106,996 45,983 14,038 13,937 Dec. 31.. 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 47,209 14,576 13,840 1955—Jan. 26. . 156,250 70,550 69,000 16,700 41,080 200,270 181,590 15,230 3,470 115,710 47,180 14,650 13,833 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 Mar. 30. . 153,490 72,310 64,180 17,000 39,250 195,700 176,460 14,670 4,070 110,150 47,570 14,680 13,803 Apr. 27. . 155,540 72,920 65,630 16,990 39,920 198,540 179,500 14,570 4,610 112,710 47,610 14,770 13,786 May 25. . 155,570 73,850 65,000 16,720 38,700 197,210 177,990 14,020 5,130 111,060 47,780 14,890 13,784 June 30.. 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,242 5,078 112,983 48,214 14,906 13,781 July 27. . 156,990 76,570 63,700 16,720 39,790 199,710 180,470 14,490 5,740 112,190 48,050 14,980 13,776 Aug. 31 . . 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. 28. . 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. 26. . 158,860 79,210 62,860 16,790 40,590 202,410 182,640 14,710 4,530 114,860 48,540 15,300 13,742 Nov. 30. . 159,390 81,390 61,370 16,630 41,580 204,100 184,020 14,780 4,210 116,930 48,100 15,390 13,737 Dec. 31. . 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709 123,187 48,715 15,300 13,716 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 1951—Dec. 31.. 112,247 49,561 51,621 11,065 39,252 153,439 141,015 14,425 3,101 92,867 30,623 10,218 6,840 1952—June 30. . 113,502 50,526 51,261 11,715 36,046 151,540 138,769 12,812 5,439 88,730 31,788 10,526 6,815 Dec. 31. . 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—June 30. . 115,789 55,613 48,318 11,858 36,467 154,258 140,830 12,933 3,378 90,401 34,117 11,070 6,765 Dec. 31.. 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—June 30.. 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 5,165 91,454 36,900 11,709 6,721 Dec. 31. . 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955—Jan. 26. . 131,809 60,138 57,788 13,883 35,990 170,404 154,421 14,468 3,028 99,003 37,922 12,261 6,651 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 Mar. 30. . 129,298 61,766 53,410 14,122 34,344 166,256 149,750 13,941 3,608 93,967 38,234 12,263 6,625 Apr. 27. . 131,191 62,329 54,767 14,095 34,979 168,891 152,638 13,853 4,170 96,343 38,272 12,348 6,613 May 25. . 131,035 63,111 54,083 13,841 34,074 167,702 151,282 13,320 4,624 94,928 38,410 12,446 6,619 June 30.. 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6,611 July 27. . 132,331 65,647 52,838 13,846 35,152 170,058 153,657 13,744 5,264 95,996 38,653 12,517 6,603 Aug. 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. 26.. 133,650 67,889 51,897 13,864 35,732 171,983 155,108 13,936 4,109 98,030 39,033 12,774 6,571 Nov. 30. . 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. 31.. 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327 105,400 39,165 12,783 6,543 For footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 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 io 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 s 2 c b c o a i a l u l a p i i n c a n t i - d i - t t e a s s l 3 Total2 b In a t n e k r - 2 u. D s e . ma O nd ther Time capital ba b o n e f r ks Govt. All mutual savings banks 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 3H. . . 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 3 23 20,888 2,407 529 1952—June 30 23,091 10,509 9,606 2,976 966 24,378 21,782 2 24 21,755 2,438 529 Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 3 30 22,586 2,479 529 1953—June 30 25,124 12,091 9,464 3,569 867 26,333 23,628 2 35 23,589 2,516 528 Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 3 35 24,358 2,559 528 1954—June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 47 25,388 2,626 528 Dec. 31 27, f" 14,998 8,748 4,123 1,026 29,276 26,359 4 50 26,302 2,694 527 1955—Jan. 26 28,090 15,160 8,770 4,160 1,030 29,510 26,550 () =5) 50 26,500 2,690 527 Feb. 23 28,280 15,320 8,780 4,180 990 29,680 26,660 50 26,610 2,710 527 Mar. 30 28,560 15,550 8,800 4,210 980 29,960 26,940 8 5) 50 26,890 2,730 527 Apr. 27 28,670 15,720 8,760 190 930 30,010 26,980 50 26,930 2,720 528 May 25 28,840 15,940 8,740 160 950 30,200 27,110 5 50 27,060 2,740 528 June 30 28.990 16,172 8,675 4; 142 989 30,382 27,334 () 3 51 27,277 2,757 528 July 27 29,200 16,360 8,710 4,130 930 30,530 27,430 50 27,380 2,770 527 Aug. 31 29,390 16,600 8,700 4,090 930 30,720 27,550 5) 50 27,500 2,790 527 Sept. 28 29,550 16,850 8,660 4,040 920 30,880 27,720 5) 50 27,670 2,820 527 Oct. 26 29,630 17,050 8,550 4,030 890 30,930 27,810 50 27,760 2,790 527 Nov. 30 29,710 17,260 8,470 3,980 890 31,020 27,840 50 27,790 2,820 527 Dec. 31 29,i 17,456 8,460 3,982 965 31,274 28,187 4 51 28,129 2,812 527 Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941__Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 858 19,490 1,679 2,425 22 1952—June 30 21,710 11,268 8,212 2,231 8,135 30,365 26,745 4,639 1,651 18,659 1,795 2,460 22 Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 1,143 19,361 1,840 2,505 22 1953—June 30 20,452 11,883 6,639 1,930 7,879 28,814 25,244 4,578 887 17,849 1,930 2,544 22 Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,895 2,150 2,572 22 1954—June 30 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,516 1,378 18,114 2,216 2,630 22 Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—Jan. 26 23,778 12,046 9,161 2,571 7,625 32,157 27,910 5,236 489 19,840 2,345 2,818 21 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 Mar. 30 23,238 12,733 7,918 2,587 7,030 31,013 26,678 5,103 657 18,555 2,363 2,687 20 Apr. 27 23,717 12,977 8,281 2,459 6,673 31,179 27,103 5,136 1,160 18,496 2,311 2,697 18 May 25 23,257 12,946 8,010 2,301 6,668 30,646 26,464 4,982 1,178 18,027 2,277 2,717 18 June 30.... 23,099 13,016 7,782 2,300 7,748 31,559 27,791 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 1,471 18,131 2,187 2,716 18 Aug. 31 22,915 13,596 6,959 2,360 6,993 30,595 26,471 995 18,210 2,229 2,746 18 Sept. 28 22,852 13,716 6,782 2,354 7,104 30,631 26,495 696 18,446 2,256 2,722 18 Oct. 26 23,142 13,868 7,015 2,259 7,022 30,850 26,737 1,060 18,358 2,271 2,734 18 Nov. 30 23,212 14,536 6,546 2,130 7,591 31,568 27,229 879 18,888 2,296 2,759 18 Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31.... 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 ,103 490 13 1951—Dec. 31.... 5,731 2,468 2,711 552 2,196 7,972 7,402 ,307 242 4,710 ,143 513 13 1952—June 30 5,664 2,380 2,721 563 1,899 7,610 027 ,182 306 4,375 ,164 530 13 Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7; 686 ,350 343 4,789 ,205 541 13 1953—June 30 5,627 2,552 2,529 546 2,058 7,729 7,119 ,216 201 4,495 ,207 551 13 Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 ,387 259 4,836 ,242 566 13 1954—June 30 5,975 2,589 2,825 561 2,036 8,064 7,419 ,340 410 4,403 ,267 583 13 Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 ,321 251 4,977 ,295 600 13 1955—Jan. 26.... 6,490 2,610 3,218 662 1,931 8,481 7,693 ,214 188 4,987 ,304 597 13 Feb. 23 6,364 2,656 3,044 664 1,952 8,369 7,573 ,171 263 4,840 ,299 595 13 Mar. 30 6,056 2,647 2,734 675 1,656 7,761 6,773 ,328 230 3,949 ,266 601 13 Apr. 27 6,194 2,645 2,861 688 1,894 8,144 7,374 ,155 256 4,670 ,293 602 13 May 25 6,170 2,698 2,807 665 1,836 8,055 7,321 ,126 296 4,608 ,291 605 13 June 30.... 6,288 2,846 2,742 699 1,763 8,102 7,431 ,180 343 4,606 ,303 612 13 July 27 6,276 2,862 2,712 702 1,844 8,171 7,408 ,163 382 4,577 ,286 613 13 Aug. 31 6,235 2,887 2,637 711 1,875 8,166 7,414 ,222 296 4,616 ,280 621 13 Sept. 28.... 6,202 2,950 2,543 709 1,889 8,140 7,345 ,218 241 4,590 ,296 616 13 Oct. 26 6,264 2,977 2,581 706 1,930 8,247 7,387 ,200 251 4,635 ,301 619 13 Nov. 30 6,210 3,079 2,430 701 1,956 8,222 7,453 ,156 254 4,745 ,298 628 13 Dec. 31.... 6,542 3,342 2,506 695 2,132 8,720 8,010 ,296 222 5,165 ,327 628 13 For footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 523 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 U.S. Cash lia- Total Num- Class of bank Gqvt. Other assets 2 bilities capital ber and date Total Loans obliga- secu- and Inter- Demand of tions rities capital Total 2 bank 2 banks ac- Time counts 3 U. S. Other Govt. Reserve city member banks: 1939_Dec. 30 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 7,105 6,46^ 1.776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 8,514 29,552 2,042 11.286 51,898 49.085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 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 17,906 19,084 3,69: 13,998 55,369 51,437 6,448 976 32,366 11,647 ,322 336 1951—Dec. 31 19,651 19.194 3.849 15,199 58,654 54,466 6,976 1,124 34,094 12.272 .521 321 1952—June 30 19,745 19,123 4,223 13,925 57,799 53,425 5,908 2.097 32,666 12,754 ,663 319 Dec. 31 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 13,261 .745 319 1953—June 30 22,150 17,756 4,446 14,447 59,587 54,861 6,066 1.358 33,694 13,743 ,874 321 Dec. 31 22.763 19,559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 ,984 319 1954_june 30 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2.015 34,058 14,957 4,124 310 Dec. 31 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—Jan. 26 50,857 23,993 21,687 5,177 14,201 66,085 60,268 6,679 1,111 36,979 15,499 4,310 298 Feb. 23 50.362 24,264 20,870 5,228 14,260 65,642 59,685 6,217 1,604 36,298 15,566 4,348 297 Mar. 30 49,971 24,637 20,062 5,272 13,909 64,909 58,943 6,292 1,446 35,493 15,712 4,387 296 Apr. 27 50,807 24,758 20,730 14,458 66,317 60,233 6,346 1,520 36,635 15,732 4,434 297 May 25 50,705 25,114 20,354 14,152 65.883 59,744 6,059 1,730 36,140 15,815 4,473 296 June 30 50,596 25,654 19,697 14,696 66,293 60,854 6,545 1,843 36,459 16,007 4,492 297 July 27 51,338 26,193 19,954 14,484 66,845 60,723 6,234 1,891 36,659 15,939 4,510 298 Aug. 31 51,293 26,630 19,476 14,195 66,535 60,415 6,332 1,754 36,345 15.984 4,543 297 Sept. 28 51,306 27,041 19,137 14,430 66,765 60,582 6,383 1,522 36,698 15,979 4,571 297 Oct. 26 51.986 27.334 19,526 14,757 67,782 61,350 6,420 1,477 37,386 16,067 4,625 295 Nov. 30 52,054 28,114 18,892 15,098 68,214 61,685 6,390 1,551 37,757 15,987 4,650 294 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288 39,835 16,164 4,641 292 Country member banks: 1939—Dec. 30 10,224 4,768 3.159 2,297 4,i 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 .223 5,465 24,235 12,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44.443 ,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 ,133 922 31,977 14,865 3,532 6,501 1951—Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,288 ,309 876 34,572 15,530 ,760 6,484 1952—June 30 43,037 17,133 21.206 4,698 12,087 55,766 51,571 ,083 1,384 33,029 16,075 3,873 6,461 Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 ,301 1,267 36,022 16,585 3,970 6,444 1953—June 30 45,359 19,028 21,394 4,936 12,083 58,12r 53,606 ,073 932 34,363 17,237 4,101 6,409 Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 ,315 1,216 36,519 17,690 4,194 6,389 1954—June 30 47,474 20,537 21,779 5,158 12,506 60,745 55,943 ,241 1,362 34,880 18,460 4,372 6,376 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 ,508 1,271 37,794 18,787 4,506 6,326 1955—Jan. 26 50,684 21,489 23,722 5,473 12,233 63,681 58,550 ,339 1,240 37,197 18.774 4.536 6,319 Feb. 23 50,496 21,649 23,317 5,530 12,152 63,419 58,229 ,247 1,258 36,897 18,827 4,569 6,312 Mar. 30 50,033 21,749 22,696 5,588 11,749 62,573 57,356 ,218 1,275 35,970 18,893 4,588 6,296 Apr. 27 50,473 21,949 22,895 5,629 11,954 63,251 57,928 ,216 1,234 36,542 18,936 4,615 6,285 May 25 50,903 22,353 22,912 5,638 11,418 63,118 57,753 ,153 1,420 36,153 19,027 4.651 6,292 June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 ,283 1,339 36,751 19,220 4,642 6,283 July 27 51,272 22,974 22,615 5,683 11,845 63,943 58,599 ,209 1,520 36,629 19,241 678 6,274 Aug. 31 51,454 23,178 22,570 5,706 11,955 64,239 58,915 ,220 1,379 36,954 19,362 4,707 6,261 Sept. 28 51,917 23,486 22,682 5,749 11,977 64,695 59,303 ,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 ,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 ,288 1.161 38,404 19,134 4,815 6;234 Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 ,523 1,061 39,681 19,372 4.769 6,220 1 All banks in the United States. All banks comprise all commercial 2 Beginning June 30, 1942, excludes reciprocal balances, which on banks and all mutual savings banks. All commercial banks comprise Dec. 31, 1942, aggregated $513 million at all member banks and $525 all nonmember commercial banks and all member banks, including one million at all insured commercial banks. bank in Alaska that became a member bank on Apr. 15, 1954, and a 3 Includes other assets and liabilities not shown separately. noninsured State member nondeposit trust company, but excluding three 4 Beginning with Dec. 31, 1947, the all-bank series was revised as anmutual savings banks that became members in 1941. Stock savings nounced in November 1947 by the Federal bank supervisory agencies. banks and nondeposit trust companies are included with commercial At that time a net of 115 noninsured nonmember commercial banks banks. Number of banks includes a few noninsured banks for which with total loans and investments of about $110 million was added, and asset and liability data are not available. Comparability of figures for 8 banks with total loans and investments of $34 million were transferred classes of banks is affected somewhat by changes in Federal Reserve from noninsured mutual savings to nonmember commercial banks. membership, insurance status, and the reserve classifications of cities 5 Less than $5 million. and individual banks, and by mergers, etc. 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

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 526 Gold production 530 Net gold purchases and gold stock of the United States 531 Reported gold reserves of central banks and governments. 532 Estimated foreign gold reserves and dollar holdings. 533 International Bank and Monetary Fund. 534 Central banks 534 Money rates in foreign countries. 539 Foreign exchange rates. . 540 Index to statistical tables. . 551 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. 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total i"oreign In- countries Ger- Date t t i e i n o r s n n t a i a - - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g 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 [,093 3,755 1,421 1,613 ,837 336 1953—Dec. 31.... ,629 10,019 5,667 429 899 466 674 709 1,558 4,734 ,296 1,768 ,896 326 1954_Dec. 31.... ,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955—Mar.31.... ,813 10,915 6,508 750 1,411 611 650 637 1,591 5,650 1,321 1,795 ,860 290 Apr. 30.... ,821 11,067 6,633 671 1,405 629 658 677 1,660 5,698 1,319 1,899 1,852 298 May 31.... ,875 11,178 6,711 766 1,408 638 672 664 1,577 5,724 1,275 [,989 ,885 305 June 30.... ,854 11,263 6,776 785 1,397 646 685 689 1,588 5,790 [,269 1,920 ,983 301 July 31.... ,861 11,281 6,658 835 1,418 676 '703 623 r1,560 5,815 1,302 1,897 ,968 299 Aug. 31.... ,859 11,189 6,552 915 1,420 702 679 561 1,567 5,844 1,180 1,854 ,994 316 Sept.30.... ,844 11,496 6,806 980 1,425 759 684 575 1,562 5,986 ,179 1,916 2,085 329 Oct. 31.... ,825 11,748 6,890 1,017 1,424 813 709 645 1,557 6,166 1,138 1,948 2,157 340 Nov.30.... .823 rl1,823 r6,964 1,069 1,431 810 747 645 r ,489 '6,190 1,125 1,946 2,217 344 Dec. 31.... 1,881 11,719 6,953 1,081 1,454 785 757 548 1,516 6,141 1,032 2,000 2,186 360 1956—Jan. 31*>... 1,867 11,849 6,975 1,066 1,458 784 736 657 1,560 6,260 1,076 1,948 2,213 353 Feb. 29P... 1,876 11,988 7,045 1,032 1,467 799 738 675 1,596 6,307 1,088 2,001 2,238 354 Mar. 31*>... 1,894 12,459 7,391 1,122 1,487 806 733 766 1,617 6,532 1,178 2,114 2,277 358 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia 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—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. . r1,560 273 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 ,557 279 105 54 46 141 183 72 120 8 Nov. 30 r ,489 270 98 64 44 r159 173 68 125 8 Dec 31 ... ,516 261 108 60 49 176 164 79 132 1956 Jan 31^ . ... ,560 254 113 64 45 199 183 63 127 Feb. 29? .596 253 115 69 46 187 183 49 128 Mar 31^ 1,617 252 126 71 45 183 193 50 132 00 OOCC Spain Swe- Tur- Yugo- A1J den key slavia other 19 91 8 12 224 36 117 14 7 388 71 141 8 9 363 93 121 10 8 362 99 118 11 9 405 101 114 10 9 368 109 119 12 11 367 113 '129 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 8 99 171 10 13 266 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 p m D i R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R m u c a e b n o a - - - f , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1952 Dec. 31. J fin 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec. 31 ,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Mar. 31 ,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. . [ 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. 30 046 153 24 149 75 120 255 66 41 379 42 87 92 22 63 261 117 Dec. 31 . 2 000 138 26 143 95 131 253 65 45 414 47 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 Mar. 31? 2,114 140 27 215 101 136 238 71 64 419 51 82 94 46 73 224 134 Preliminary. r Revised. 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. 527 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Egypt Date Total m M C a h o n a i s d i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s T la h n a d i- Other Total A tr u a s l - ia C g B o i e n a l- n go A E t a n g i n a g y d n l p o - - U S A o f n o r u i f i o t c h n a Other land Of4 Sudan 1952—Dec. 31 ,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 ,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 ,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—Mar. 31 ,860 70 61 87 98 40 45 714 97 254 132 262 290 57 44 54 33 102 Apr. 30 ,852 69 59 84 96 47 45 709 98 249 130 266 298 60 44 54 36 103 May 31 ,885 70 61 93 100 52 43 720 106 249 129 261 305 70 43 48 34 110 June 30 ,983 71 60 97 115 52 41 757 108 252 130 299 301 64 43 50 30 114 July 31 ,968 72 62 78 108 48 43 774 106 258 121 298 299 70 42 45 33 109 Aug. 31 72 60 73 110 42 55 808 102 261 122 290 316 75 46 47 37 112 Sept. 30 >[085 72 58 92 120 36 46 865 100 253 123 321 329 72 44 60 37 116 Oct. 31 >,157 75 57 90 127 42 46 914 95 247 125 339 340 74 45 70 34 116 Nov. 30 >,217 76 57 89 145 37 49 952 91 254 129 339 344 75 44 71 35 120 Dec. 31 >,186 75 55 73 174 37 53 901 88 252 138 340 360 75 42 72 53 119 1956—Jan. 31?.... >,213 78 54 70 159 33 57 926 85 261 144 344 353 75 42 72 42 121 Feb. 29^.... >,238 77 56 69 164 23 61 944 83 262 149 349 354 78 42 70 35 130 Mar. 31*\... >,277 76 57 83 152 28 55 964 89 268 151 353 358 76 43 68 43 128 Table Id. Supplementary Areas and Countries3 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. 4.0 2.7 5.1 n.a. Azores 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 n.a. n.a. .2 10.1 Czechoslovakia^ ... .. . .6 .6 .7 .7 Ceylon ... 13.9 17.1 18.8 n.a. n.a. 1.2 1.3 14.1 13.8 10.0 14.7 1.9 1.9 1.9 n.a. .6 .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. n.a. .1 n.a. Iceland 3.7 7.5 8.9 4.8 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 .1 .1 .1 n.a. Lithuania 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 Poland^ 3.4 2.2 2.1 2 5 Viet-Nam n a n a 8 1 65 3 Trieste 4.1 2.5 2.2 1.4 U. S. S. R.6 1.7 2.0 1.8 .7 All other: 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 1.1 .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 Portuguese dependencies 6.3 5.0 8.3 5.3 13.4 16.0 10.3 12.8 .2 .2 .7 Paraguay ... 5.0 6.0 3.6 3.6 Tangier . . 26.7 36.1 35> 33.5 * 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

528 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o 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 Rep. of 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_Feb. 28. 1,368 12 80 22 22 116 143 394 105 671 160 38 Mar. 31 .. 1,366 7 74 23 '18 119 140 "381 91 "687 170 37 Apr. 30 1,380 8 79 23 "17 96 127 "351 104 "697 190 38 May 31 1,415 10 77 26 rl9 98 135 "367 108 "686 213 41 June 30 1,450 10 84 28 19 91 143 '374 122 "672 239 43 July 31 1,416 12 80 26 "19 70 154 "361 118 "655 240 42 Aug. 31 1,429 10 74 30 20 74 151 359 112 "683 236 39 Sept. 30 "1,406 11 69 27 21 76 152 356 115 "642 252 42 Oct. 31 1,428 11 71 30 25 65 159 360 123 "656 243 45 Nov 30 1,473 12 81 30 24 74 163 383 131 670 239 49 Dec. 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Jan. 31? 1,509 11 93 32 26 70 158 390 130 700 246 42 Feb. 29* 1,519 14 93 28 27 67 157 387 135 722 236 39 Table 2a. Other Europe Date E O ur th o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u av g i o a - o A th l e l r 1952—Dec. 31.. 98 16 2 (2) 4 11 39 9 1953—Dec. 31., 88 13 6 9 24 16 5 1954—Dec. 31., 109 20 10 16 4 41 1 1955—Feb. 28., 143 19 9 18 4 67 6 Mar. 31.. 140 19 7 19 3 68 4 Apr. 30.. 127 18 7 15 4 62 4 May 31.. 135 18 7 15 4 67 4 June 30., 143 15 7 13 5 80 3 July 31.. 154 14 7 12 8 89 2 Aug. 31., 151 12 9 12 6 88 Sept. 30., 152 11 8 13 6 92 1 Oct. 31. 159 13 9 13 7 93 Nov. 30.. 163 15 9 11 7 92 Dec. 31., 158 16 13 11 5 78 1956—Jan. 31* 158 18 13 12 5 74 4 Feb. 29*. 157 18 11 12 8 69 6 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 o ia - - Cuba m p D i R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R m c u a e b n a o - - - , 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 - O A L i a m t c h t a i e e n r r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31. 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Feb. 28 671 6 2 249 12 90 48 4 4 111 2 15 15 7 7 76 24 Mar. 31 '687 5 3 220 19 88 65 4 4 128 1 18 15 6 8 "80 24 Apr. 30 "697 5 3 221 13 97 69 4 4 125 1 18 16 6 7 "82 25 May 31 "686 6 3 189 11 116 71 4 5 122 2 20 16 5 7 "84 27 June 30 "672 8 3 153 15 132 65 4 4 125 3 18 16 5 6 "85 32 July 31 "655 6 3 137 17 125 60 4 4 133 4 15 18 6 5 "86 32 Aug. 31 "683 6 3 133 15 132 71 4 4 141 1 15 "21 6 10 91 32 Sept. 30 "642 6 3 107 7 127 71 4 4 146 1 13 "20 6 5 90 32 Oct. 31 "656 6 3 91 8 122 87 4 4 151 2 14 "22 6 12 "91 34 Nov. 30 670 8 4 64 20 128 90 4 5 160 2 14 27 9 12 91 34 Dec. 31....... 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Jan. 31*...... 700 7 4 63 11 148 87 5 5 157 1 18 30 6 18 104 34 Feb. 29*., 722 13 3 66 19 151 81 5 5 164 2 19 31 7 20 102 34 *> Preliminary. " Revised. maturity of more than one year reported by U. S. banking institutions 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $662 million on Feb. 29, 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. 529 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Contimwd [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 d n l p o - - A U S f n o o r i u i f o c t a n h Othct land Sudan 1952—Dec. 31 90 10 1 4 1 10 15 13 8 3 25 22 10 6 1 2 4 1953—Dec. 31 115 8 3 4 1 14 23 26 6 6 25 25 8 6 (2) 2 1954—Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955_Feb. 28 160 8 3 4 19 8 60 9 11 36 38 12 6 1 8 11 Mar. 31 170 8 4 5 8 16 8 60 10 12 47 37 11 6 1 7 12 Apr. 30 190 8 5 5 19 7 70 13 15 48 38 11 5 1 6 15 May 31 213 8 5 4 if 19 7 87 18 17 48 41 11 5 2 8 15 June 30 239 8 3 4 20 8 92 15 20 69 43 10 5 3 7 17 July 31 240 8 4 4 21 8 105 17 13 61 42 10 5 1 7 19 Aug. 31 236 8 4 4 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 1 20 9 110 17 8 71 42 11 5 1 6 18 Oct. 31 243 8 4 5 1 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30 239 8 4 5 1 18 9 107 19 8 62 49 13 5 2 10 19 Dec. 31 233 8 3 5 1 18 10 103 19 8 57 43 11 5 8 17 1956—Jan. 31? 246 9 4 6 3 17 11 97 20 8 71 42 13 5 3 8 13 Feb. 29^ 236 8 5 5 1 19 11 93 16 9 69 39 11 5 2 7 13 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES' [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r 1952 534 231 302 850 838 13 495 677 -182 294 330 —36 1953 646 728 -82 802 731 70 543 622 -79 310 303 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 809 532 1,886 1,730 156 693 509 184 664 878 -214 1955—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 17 176 158 19 70 34 36 69 101 -33 July 48 24 24 167 139 28 60 r36 '23 55 75 -20 r184 24 r159 135 116 19 40 26 14 54 73 — 19 SeDt 45 33 12 180 154 26 37 41 -4 71 82 -11 Oct 21 30 -8 154 141 13 46 34 12 58 61 —3 Nov 35 38 -4 121 141 -20 38 37 1 57 55 Dec 132 86 46 148 145 42 57 -15 58 63 -5 1956 Jan *» 34 34 147 135 12 60 139 -79 61 53 8 Feb.*1 21 44 -~23 140 127 13 22 42 -20 56 61 -6 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Inter- Total many, Switzer- United Other Total Latin All Year or month national foreign France Federal Italy land King- Europe Europe Canada Amer- Asia other insti- coun- Repub- dom ica tutions tries lic of 1952 15 300 5 (2) (2) 51 70 —16 111 192 5 —9 2 1953 23 -34 -42 (2) 57 71 -24 62 -121 25 1954 78 72 17 (2) j 73 70 -20 139 -187 113 3 1955 -21 709 -2 9 -7 147 96 88 332 265 76 29 1955_Feb 10 133 1 —5 15 22 20 53 76 3 8 Mar i 33 1 20 — 2 -4 16 -5 6 I Apr. 9 2 3 4 1 8 -5 4 #2) May 166 — 1 2 (2) -1 41 39 80 78 6 (2) I 1 15 1 I (2) 9 15 -1 24 -9 -2 1 July 3 49 (2) (2) 16 13 9 48 -2 1 1 | 3 r176 (2) 28 -1 n r36 132 7 (2) 1 Sept 1 36 2 1 1 19 -9 13 26 -10 13 6 Oct 1 4 2 3 8 8 2 -7 8 — 5 1 (2) Nov (2) -24 (2) (2) -7 -4 3 -7 -20 (2) i Dec 47 -14 2 8 -3 4 -5 41 7 1956 Jan » . 1 11 ( ) 10 2 5 11 c 4 1 i? Feb p 1 -11 (2) 1 -5 -10 4 -9 6 -7 (2) » Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 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 1 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 ll er Date Deposits U. S. Govt. Misceltutions tries ica securities 2 laneous 3 1952 -118 -100 20 -141 25 -10 6 1954_Dec. 31 490 2,908 105 1953 -61 -11 96 -138 35 -30 26 1954 — 164 -137 - 9 — 133 33 — 34 7 1955—Apr. 30 360 3,137 137 1955 -27 -4 -46 74 24 -49 -7 May 31 402 3,264 141 June 30 374 3,295 139 1955_Feb.... 11 23 -8 35 2 -4 -2 July 31 410 3,288 135 Mar.... -3 0) -4 6 -2 -1 1 Aug. 31 387 3,373 141 Apr.... -8 6 0) -2 0) Sept. 30 385 3,463 142 May... -4 0) 1 -4 1 -2 5 Oct. 31 402 3,506 138 June... 0) -21 21 5 -2 2 Nov. 30 408 3,558 137 July.... 13 -8 26 2 -3 r 5 Dec. 31 402 3,543 126 Aug.... -101 -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 0) Mar. 31 354 3,791 136 Dec... -2 -18 17 -7 4 -8 -23 Apr. 30 330 3,717 153 1956—Jan.*... -5 -66 12 -75 2 -5 C1) 1956—Apr. 4 327 3,792 139 Feb.?. . -13 -13 -5 -9 3 -2 1 Apr. 11 313 3,797 144 Apr. 18 356 3,779 149 Apr. 25 337 3,795 150 " Preliminary. r Revised. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and 'or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production month U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - B A W r f i r t e i i c s s t a h B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India $l**15Hi grains ojfgold Hofine: i. 6'., 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 18.4 23.8 13.1 66.2 159.1 13.3 7.3 36.7 6.8 1955 —Feb 67.9 38.8 1.6 2.2 1.2 4.8 12.3 1.8 1.1 .3 .6 2.7 .5 Mar .... 73 3 42.3 2.2 1.2 5.4 13.0 1.6 1.2 .5 .6 3.3 .6 Apr 71.4 41.7 6 2.2 1.3 5.0 12.9 1.3 1.1 .4 .7 2.8 .5 May 73.1 42.8 6 2.1 1.1 5.3 13.4 .9 .9 .5 .8 3.0 .6 73.1 42.7 2.2 1.0 5.6 13.0 .8 1.2 .2 .8 3.5 .6 July 72.9 43.7 6 2.2 1.0 4.1 13.5 1.0 .8 .3 .8 3.1 .6 74.7 44.4 6 2.2 .9 5.9 13.5 .6 1.1 .4 .7 2.8 .6 Sept 43 6 6 2.2 1.1 7.0 13.8 1 0 1 3 .7 3.1 5 Oct 43.8 2.0 1.0 6.8 13.8 1.2 .7 3.1 .6 Nov 43 3 s 1 9 .8 6.3 13.6 6 3 3 6 Dec 42.9 1.5 (2) 1.1 5.0 13.3 .8 .6 3 4 6 1956 Tan 43 4 .1 1.2 4 8 13 0 1.9 .7 5 Feb 42.9 .1 4.6 12.4 .7 .5 1 Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from 2 Less than $50,000. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of U. S. Bureau of Mines. figures through 1954 are from the U. S. Bureau of the Mint and figures for Production reported monthly: reports from individual countries except 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 531 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1954 1955 1948 1949 1950 1951 1952 1953 1954 1955 O De c c t . .- M Jan ar .- . A Ju p n r e .- S Ju e l p y t - . O De c c t . .- Continental Western Europe: Belgium.... 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 France 15.8 -84.8 -20.0 -67.5 -22.5 -45.0 Germany (Fed. Rep. of) "-io'.o "-i30'.6 -225! 6 -10.0 "-36!6 -10.0 Netherlands "*46'.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 '-i6!6 "-5!6 Sweden 3.0 -22.9 -32.0 -20.0 -15.0 -15.0 "-40.0 -38.0 -15.0 "*22!5 -65.0 -15.5 -7.5 Bank for Intl. Settlements.... -5.6 -34.3 -65.3 -30.4 (2) -94.3 -20.0 -8.4 Other .... 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 -2.9 (2) 3.5 1.5 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -73.7 -37.5 -41.5 1.5 Sterling Area: United Kingdom 734.3 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 498.6 195.7 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 -.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 15.5 7.0 -10.0 17.5 -22.8 -3.5 Cuba -10.0 -10.0 28.2 -20.0 Mexico 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 11.0 Venezuela . .. .... -108.0 -50.0 -.9 — 30 0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 1.9 3.4 -.1 -.i -.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 «-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 8.7 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. «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 r G e n a d o s l - d o f s T to y o c e t k a a r l ) 1 I i n n s g c to o r t e o c ld a t k a se l i e m x g ( N o ) p p o e r o l o d t r r t t , g m c o c o r E r l a r e d e r a a a i : k r n s s d - e e e - d e , - p D ti r c o t o i m o d g n o u e l c s d - - Month ( T 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 li ) I i n n s g c to o r t e o c ld a t k a s l e i e m g x N o p o p e r o l o d t r r t t , g m c o c o r E r l a r e d e r a a a : k i r n s s d e - e e - d e , - p D ti r c o t o i m o g d n o u e l c s d - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—Apr... 21,671 21,724 -39.4 2.5 -41.8 5.0 1944 20,619 20,631-1,349.8 -845.4 -459.8 35.8 May.. 21,674 21,727 2.9 4.5 -1.0 5.3 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 June.. 21,678 21,730 3.1 3.8 -.9 5.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 July... 21,682 21,734 4.4 1.6 -.1 4.1 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Aug... 21,682 21,732 -2.2 3.6 -2.9 5.9 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Sept... 21,684 21,745 12.7 4.4 10.6 7.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Oct.... 21,686 21,747 2.0 10.4 -7.1 6.8 Nov 21,688 21,751 3.9 31.9 -27.0 6.3 1950 22,706 22,820-1,743.3 -371.3 -1,352.4 80.1 Dec. 21,690 21,753 1.9 26.7 -23.8 5.0 1951 22,695 22,873 52.7 -549.0 617.6 66.3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 1956—Jan.. 21,693 21,755 2.5 11.4 -8.2 4.8 1953 22,030 22,091-1,161.9 2.2 -1,170.8 69.0 Feb.. 21,695 21,757 2.1 18.6 -15.7 4.6 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Mar.. 21,716 21,765 7.7 11.5 -2.9 5.0 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 Apr.. n1,743 P21,792 416.9 (3) v Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 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 $6,951.1 million on Apr. 30, 1956. •cription 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

532 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.)! Treasury Total 2 1949—Dec 35,400 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950__Dec 35,830 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951 Dec 35 970 22 695 22 873 268 621 23 317 850 45 311 31 22 1952 Dec 36,290 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,710 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954—Dec 37,350 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955 Mar 37,500 21,719 21,763 371 824 (3) 322 1,097 43 85 186 31 23 A M p a r y , 2 2 1 1 ,6 6 7 7 1 4 2 21 1 ,7 7 2 2 4 7 3 3 7 7 1 1 8 84 3 8 9 o(3)) 3 3 2 2 2 2 1 1 , 1 1 0 1 3 1 4 4 3 3 1 1 8 8 6 6 3 3 1 1 2 2 3 3 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 [,122 42 186 31 23 Aug 21,682 21,732 371 850 322 1,134 42 186 31 23 Sent 37,880 21,684 21,745 371 877 (3) 322 1,141 42 186 31 23 Oct. ... 21,686 21,747 371 920 (3) 322 1,150 42 181 31 23 Nov 21 688 21 751 371 922 323 I 147 42 141 31 23 Dec ^37 980 21,690 21,753 371 929 323 1,141 44 136 31 23 1956—Jan 21 693 21 755 371 942 323 I 136 44 136 31 23 Feb * 21 695 21 757 371 955 323 1 129 4^ 136 31 23 Mar 21,716 21,765 953 323 127 43 136 31 23 Germany, E m n o d n t o h f Egypt France4 R F e e p d u e b ra li l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1949 Dec .. 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec. 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 174 576 626 27 247 138 346 62 796 45 38 35 1955 Mar 174 576 714 27 247 138 346 64 798 45 38 35 Apr 174 576 722 27 247 138 346 65 800 45 38 35 May 174 576 740 27 247 138 346 77 804 45 38 35 June .. ' 174 576 758 27 247 138 346 78 804 45 38 35 July 174 576 776 27 247 138 346 78 804 45 48 35 Aug 174 576 802 27 247 138 346 130 804 45 48 35 Sept 174 576 825 27 247 138 346 141 804 45 48 35 Oct 174 576 849 27 247 138 352 142 836 45 48 35 Nov 174 576 868 27 247 138 356 142 856 45 48 35 Dec 174 861 920 247 138 1S2 142 865 45 48 35 1956 Jan 174 861 950 247 138 865 45 48 Feb 174 861 989 247 138 872 45 48 Mar 174 861 1,000 875 45 48 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e s - d g U u r a u y - V zu e e n l e a - M I ta n o r t n y l e . - B S a I e n n t k t t l l e . f - or Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 1,688 178 373 1.451 68 1950 Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951 Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 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 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 I 744 204 May 438 29 207 56 263 1,473 113 144 2,686 227 403 1,745 207 June 436 29 212 56 264 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 I 747 227 Aug. 425 29 212 56 264 1,501 112 144 2,457 227 403 1.751 226 Sept 427 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 2J6 403 1,811 193 Feb 431 28 216 56 272 1,592 112 144 2,210 216 403 1 811 183 Mar 28 212 56 273 1,608 144 2,277 216 403 197 » Preliminary. 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 533 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 12 322 10 Belgium-Luxembourg (and Belgian Congo).. 1,098 9 1,039 10 1,087 9 1,108 10 1,146 10 1,199 10 Denmark 127 6 102 7 100 7 85 6 95 '7 91 7 Finland 64 1 72 3 69 3 69 5 73 5 84 5 France (and dependencies) * .. 1,049 158 1,328 161 1,362 161 1,397 160 1,593 161 21,986 151 Germany (Federal Republic of) 1,225 1,999 2,125 2,155 3 2,250 5 2,374 8 Greece... 112 124 141 138 145 187 Italy 812 9 925 10 957 5 992 2 1,105 1,137 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 ( 580 601 Spain (and dependencies) 150 3 188 209 225 J 237 221 3 Sweden. . . . . .. 335 1 406 1 386 1 383 411 429 Switzerland 2 133 41 2,185 38 2,149 42 2 170 2,197 44 2 354 44 Turkey... 157 152 154 156 153 ' 153 Other** 887 4 947 '4 1,016 '""r2 1,242 4 1,273 856 10 Total 10,082 252 11,622 260 11,854 285 12,204 324 12,786 '348 13,218 347 Sterling Area: United Kingdom 3,009 232 3,190 216 3,137 249 3,139 280 2,800 286 2,598 282 United Kingdom dependencies 108 '4 103 '4 103 '4 102 '4 100 '11 88 11 346 1 334 1 334 1 344 1 339 1 320 1 Union of South Africa 214 1 232 1 236 1 242 1 251 1 265 Other 373 3 381 3 395 3 405 3 421 3 438 Total 4,050 '241 4,240 '225 4,205 '258 4,232 '289 3,911 '302 3,709 295 Canada . . 2,292 227 2,616 93 2,418 182 2,381 262 2,320 397 2,173 437 Latm America: Argentina . . 501 2 531 523 528 536 509 Bolivia 40 32 26 $ 28 26 (J 26 Brazil 423 2 442 2 417 442 2 469 466 2 Chile 121 1 112 1 118 1 136 1 129 139 Colombia 236 308 183 188 184 217 Cuba 527 43 423 124 420 149 431 149 423 169 389 169 Dominican Republic. . .. 51 72 75 83 82 77 Guatemala 65 62 72 78 70 72 (3} Mexico 341 4 391 4 427 4 419 4 481 4 556 4 Panama, Republic of. 90 1 74 1 79 1 84 2 85 1 86 1 P E e l r S u alvador . 1 5 0 6 4 1 5 1 9 8 (3? 1 7 1 2 4 (3) 1 7 1 9 8 (3) 1 6 2 1 4 1 5 2 2 7 Uruguay 337 1 317 308 1 291 277 1 281 i 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 181 169 178 190 174 175 Japan .. 951 851 3 841 3 884 3 992 1,029 4 Philippines 304 8 266 6 264 6 263 6 266 6 268 6 Thailand.... 281 236 245 1 243 1 235 I 250 1 Other 401 '7 520 '7 551 '5 601 3 620 '3 643 4 Total 2,302 '17 2,223 '16 2,258 '30 2,377 28 2,488 '28 2,620 30 Eastern Europe ^ , 306 6 309 6 309 6 311 7 307 7 308 7 All other: Egypt 217 221 228 224 234 246 Other 67 68 72 (3) 84 '1 87 1 79 Total 284 2 289 300 (3) 308 '1 321 1 325 (3) 22,933 806 24,972 746 24,909 933 25,520 1,085 25,882 '1,277 26,142 1,311 International6 3,331 285 3,510 '354 3,557 362 3,599 317 3 595 320 3 689 321 Grand total 26,264 1,091 28,482 '1,100 28,466 1,295 29,119 1,402 29,477 '1,597 29,831 1,632 ' Revised. 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 total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by 4 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reoorts of security transac- 5 Excludes gold reserves of the U. S. S. R. tions. For back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 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 1956 1955 Item Item Jan. Oct. July Apr. Jan Mar. Dec. Sept. June Mar. Gold 1,811 1,751 1,747 1,744 1,744 Dollar deposits and U. S. securities 425 428 440 464 485 Currencies: i Other currencies and securities1... 947 966 977 996 1,001 United States 1,708 1,633 1,643 1,609 1,567 Effective Ioans2 1,959 1,936 1,837 1,796 1,694 Other 4,403 4,540 4,656 4,691 4,734 Other assets3 40 37 36 52 35 Unpaid member subscriptions 815 815 805 798 798 IBRD bonds outstanding 850 849 849 852 838 Member subscriptions 8,751 8,751 88,863 88,853 88,853 Undisbursed loans , 485 494 429 456 386 Accumulated net income -14 -12 -11 -11 -10 Other liabilities , 10 9 9 10 11 Reserves 216 205 193 184 174 Capital3 1,810 1,810 1,810 1,806 1,806 Cumulative net drawings Quota on the Fund Loans by country, Mar. 31, 1956 Country 9 Paid 1956 1955 Outstanding Total in Area and member country 4 gold Feb. Jan. Feb. Prin- Discipal bursed paid Sold Total to Brazil 150 38 66 66 66 otherss Chile 50 9 13 13 13 Colombia 50 13 25 25 25 France 525 108 45 45 105 Continental W. Europe, total 981 867 164 703 75 India 400 28 13 13 53 Belgium and Luxembourg. 118 109 5 104 23 Indonesia 110 16 15 15 15 France 268 255 10 245 20 Philippines... 15 4 10 10 Italy 90 37 37 6 Turkey 43 11 15 15 20 Netherlands 221 221 135 86 20 United States 2,750 688 10-378 io-386 10-515 Other 284 244 14 230 6 Sterling area, total 693 543 40 503 66 Footnotes to tables on international institutions: Australia 259 240 3 237 21 1 Currencies include demand obligations held in lieu of deposits. India 125 71 18 53 10 2 Represents principal of authorized loans, less loans not yet effective, Pakistan 77 42 4 37 5 repayments, the net amount outstanding on loans sold or agreed to be Union of S. Africa 135 110 7 103 16 sold to others, and exchange adjustment. Other 97 80 7 73 14 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies are included with member. Latin America, total 632 416 32 384 28 5 Includes also effective loans agreed to be sold but not yet disbursed. Brazil 194 153 7 146 3 6 Includes $52 million in loans not yet effective. Colombia 95 57 49 3 7 Includes $150 million not guaranteed by the Bank. Mexico 141 110 104 10 8 Includes $125 million subscription of withdrawing member (Czech- 97 86 12 oslovakia). Other 201 9 Countries shown are those with cumulative net drawings of $10 mil- 62 61 lion or more on the latest date. Asia (excl. Sterling area) 118 10 Represents sales of U. S. dollars by Fund to member countries for 7 local currencies, less repurchases of such currencies with dollars. Africa (excl. Sterling area).. 9 62,432 1,895 237 1,658 7178 Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets 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 c n s a e - t d s s - Se ti c e u s ri- tion1 Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 1948 Dec 29 .2 J.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 1,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec. 31 .4 ,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec 30 .4 1,675 0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954 Dec. 29 .4 ,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Aor 27 .4 ,750.0 2.4 18.8 18.0 319.2 1,731.5 253.9 18.6 4.6 63.6 17.8 May 25 .4 1,775.0 2.4 23.1 11.8 307.2 1,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 1,825.0 2.4 42.7 5.7 301.6 1,782.7 246.6 14.2 .5 72.9 18.2 July 27 .4 1,875.0 2.4 14.5 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug. 31 .4 1,825.0 2.4 43.1 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept. 28 .4 .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 [.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 Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 1,841.3 243.3 11.1 3.2 76.5 18.5 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 535 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date Sterling Do c m ia i l n g io o n v t. a s n e d c u p ri r t o ie v s in- Deposits Other U d S o a n t l a n i l t t a d e e r s d s S t h er o m rt- Other O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other l c a a b a p i n l i i d t t a ie l s 1948—Dec. 31 .4 1.233.7 779.1 45.4 1.289.1 547 3 98.1 81.0 43.1 1949—Dec. 31. . 74.1 1,781.4 227.8 42.5 1,307.4 541 7 30.7 126.9 119.2 1950—Dec. 30 111.4 1,229.3 712.5 297.1 1,367.4 578 6 24.7 207.1 172 6 1951—Dec. 31 117.8 1,141.8 1,049.3 135.2 [,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—Apr. 30 59.0 1,385.5 808.4 123.6 1,579.3 570 7 50.8 40.5 135.2 May 31. .. 52.3 1,357.6 817.5 87.1 ,597.7 516 9 50.6 35.6 113.7 June 30 55.8 1,451.9 834.9 121.5 1,618.8 577 0 71.3 36 5 160 4 July 30 59.6 1,233.4 1,032.4 134.9 ,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 1,326.2 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 1,146.0 119.2 ,648.7 528 4 76.1 42.1 115.7 Feb 29 56.5 n65.6 1,143.3 108.2 ,641.1 493 6 60.8 35.0 143.0 Mar. 31 58.8 965.9 1,285.0 95.0 .677.2 506 1 48.1 31.4 141.9 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 nt ernm 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 n t l e a- Go m v e e n D rn t e - pos O its ther3 c O l a i 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 =? 6 238 6 150.9 558.0 57.6 <J87.6 .8 171.8 16 2 1949—Dec. 29 62.3 61 9 137.7 28.5 335.7 157.9 561.0 112.7 1 278.2 1.2 159.0 19.4 1950—Dec. 28 182,8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741 3 160.0 481.0 190.8 lj 341.6 (4) 176.8 41 3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 123.5 (4) 138.6 49.3 1953 Dec. 31 201.3 15.4 292.5 6 1 891 6 200.0 679.8 170.0 2 HO.5 (4) 144.9 56 3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130,2 195.0 617.6 277.2 2*538.5 157.8 67.9 1955—Apr. 28 201.3 122.0 200.2 28.5 1.113,4 190.0 546.7 336.3 ? 544.1 139.9 54.4 May 26 201.3 153.0 210.4 26.5 ,028,5 190.0 584.9 334.4 2 523.4 (4) 140.8 64.8 June 30 201.3 183.9 245.5 16.4 ,054.8 190.0 579.4 355.6 2\(S29.9 (4) 138.6 58.3 July 28 201.3 200.1 247.6 1 .3 ,061.9 190.0 579.8 355.5 2,(342.8 1 145.3 59.3 Aug. 25 201.3 200.2 190.0 7.5 ,042.9 190.0 579.3 371.6 7 '588.5 .1 125.3 68.9 Sept. 29 201.3 200.2 235.8 14.9 ,076.6 190.0 557.9 409.8 ? t>92.5 .1 138.2 55.7 Oct. 27 201.3 200.2 245.4 3() 0 ,060.8 190.0 545.2 429.9 2,1591.4 .1 139.0 72.4 Nov. 24 .. 201.3 200.2 209.0 4'\.2 037 8 190,0 536.4 417.8 2,647.6 (4) 120.6 67 5 Dec. 29 301.2 200.2 226.7 4*> 2 ,194 7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—Jan. 26 .. . 301.2 197.9 184.5 M\ 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 rl 7 189 183.0 539.5 302.7 2,741.5 . 1 116.8 60.9 Mar. 29 301.2 178.6 237.7 is.5 .334.5 183.0 519.6 5316.1 2,876.7 156.3 57.2 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. 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 foreign exchange 270 286 298 395 Other gold and foreign exchange.. -254 -426 -436 1,195 Checks and bills of other banks.... 8 9 5 8 5,682 5,613 5,004 4,265 Securities (incl. Govt. and Treas- Rediscounts and loans to banks... 89,829 85,928 85,208 72,770 ury bills). 560 522 510 443 Other assets 370 488 440 Other assets 119 116 82 100 37 078 36 895 37 072 31,489 Note circulation . 384 374 372 360 Deposits—Nationalized •. 52,624 48,710 47,043 43,340 Deposits of Trading Banks: 1,791 1,937 2Ml 543 Special 300 300 265 296 5 759 5 685 4,921 Other 37 30 35 37 Other liabilities and capital... 235 228 222 252 Footnotes to central bank table on this and opposite page: 5 Includes advance of 181.1 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (February 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 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 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,743 1,743 1,743 556 Fund) 217 206 207 197 Foreign exchange (net) 6,847 6,969 6,927 8,352 Net claim on Intl. Fund1 13 13 13 13 Loans and discounts 5,625 5,500 5,686 5,170 Loans and discounts 62 59 55 67 Claim against Government 1,617 1,412 1,431 1,774 Credits to Government 76 72 56 72 Other assets 832 929 1,081 378 Other assets 81 79 80 78 Note circulation 12,882 12,614 12,681 12,062 Note circulation 437 424 417 431 Deposits—Banks 496 636 853 1,860 Deposits 271 245 224 266 Other 544 561 590 613 Other liabilities and capital 21 20 20 20 Blocked 1,388 1,413 1,434 1,695National Bank of Czechoslovakia2 Other liabilities and capital 1,355 1,329 1,309 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 Gold 47,638 47,749 47,097 41,203 Foreign exchange 769 740 742 693 Foreign claims and balances (net). 11,194 10,307 10,965 12,535 Loans and discounts 182 139 235 239 Loans and discounts 4,220 4,985 6,585 7,920 Securities 495 505 514 474 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,100 3,104 3,104 3,144 Govt. securities 7,498 7,247 3,775 7,994 Other assets 971 1,154 894 480 Other assets 5,311 5,122 4,987 4,935 Note circulation 2,149 2,075 2,097 1,973 Note circulation 105,005104,249,103,247 104,039 Deposits—Government 1,697 1,669 1,604 1,298 Deposits—Demand 1,869 2,109 1,462 2,176 Other 1,501 1,676 1,570 1,630 ECA 49 49 56 96 Other liabilities and capital 238 290 287 198 Other liabilities and capital 3,599 3,665 3,305 2,937 OCentral Bank of the Dominican Re- Central Bank of Bolivia—Monetary (Oct. public (thousands of pesos): dept. (millions of bolivianos): 1955)= Gold 12,526 12,526 12,076 12,076 Gold at home and abroad 498 495 Foreign exchange (net) 17,301 16,151 17,712 12,818 Foreign exchange (net) 356 778 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 45,083 26,370 Loans and discounts 2,500 2,750 4,060 3,957 Govt. securities , 2,505 2,505 Govt. securities 8,360 8,360 8,560 8,890 Other assets 955 965 Other assets 16,278 14,802 14,861 14,448 Note circulation 36,542 21,882 Note circulation 47,658 46,698 47,904 41,002 Deposits 8,858 5,045 Demand deposits 7,989 6,634 8,159 10,004 Other liabilities and capital 3,996 4,186 Other liabilities and capital 2,568 2,507 2,456 2,434 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 674 657 648 566 Gold 344 344 344 343 Govt. securities 37 34 18 18 Foreign exchange (net) -102 -68 -45 83 Other assets 17 4 6 5 Net claim on Intl. Fund1 19 19 19 19 Currency in circulation 416 409 414 380 Credits—Government 484 485 491 403 Deposits—Government 125 104 45 61 Other 220 216 225 208 Banks 95 134 98 Other assets 242 243 238 212 Other liabilities and capital , 86 79 50 Note circulation 617 612 612 629 Central Bank of Chile (millions of Demand deposits—Private banks. 183 198 213 206 pesos): Other 142 162 166 201 Gold 7,901 7,037 5,872 5,746 Other liabilities and capital 265 266 281 232 Foreign exchange (net) 782 839 2,317 1,694 NJrational Bank of Egypt (millions of Discounts for member banks 6,031 6,246 5,767 4,047 pounds): Loans to Government 16,153 16,153 16,153 15,885 Gold 61 61 61 61 Other loans and discounts 20,747 18,964 18,061 11,724 Foreign assets3 129 136 142 179 Other assets 10,295 8,837 8,709 3,665 Egyptian Govt. securities , 97 85 92 105 Note circulation 47,839 43,932 42,146 30,550 Clearing and other accounts (net). -8 -10 -9 o Deposits—Bank 5,740 5,674 5,550 3,568 Loans and discounts 24 23 23 22 Other 1,942 2,054 2,106 2,322 Other assets 1 1 2 2 Other liabilities and capital 6,387 6,416 7,077 6,320 Note circulation 176 173 174 173 Bank of the Republic of Colombia (mil- Deposits—Government 20 13 23 94 lions of pesos): Other 92 93 98 75 Gold and foreign exchange 256 256 281 24< Other liabilities and capital , 17 17 17 18 Net claim on Intl. Fund1. 24 24 24 24 O:entral Reserve Bank of El Salvador Loans and discounts 517 488 485 645 (thousands of colones): Govt. loans and securities 501 489 491 334 Gold 70,833 70,898 70,973 71,568 Other assets 111 108 101 149 Foreign exchange (net) , 55,572 52,084 34,464 65,839 Note circulation 678 674 684 625 Net claim on Intl. Fund1 , 1,571 1,571 1,571 1,569 Deposits 552 518 53 603 Loans and discounts 55,890 55,381 66,970 30,462 Other liabilities and capital 178 174 167 17: Govt. debt and securities 14,557 16,216 15,554 15,939 Central Bank of Costa Rica (millions Other assets 6,760 6,749 6,721 6,686 of colones): Note circulation 103,751104,213100,697 99,861 Gold 12 12 1 1 Deposits 91,465 88,817 85,235 83,319 Foreign exchange 113 111 100 118 Other liabilities and capital 9,968 9,868 10,322 8,882 Net claim on Intl. Fund1 7 7 Bank of Finland (millions of markkaa): Loans and discounts 78 81 78 Gold 7,849 7,849 7,849 6,909 Securities 7 7 8 6 Foreign assets and liabilities (net). 26,453 27,538 27,996 '34,994 Other assets 24 24 24 26 Loans and discounts 39,336 40,596 34,671 r15,787 Note circulation 158 158 155 159 Securities—Government 18,750 20,000 20,000 20,000 Demand deposits 48 50 49 56 Other 1,851 1,888 1,901 2,157 Other liabilities and capital 35 34 34 32 Other assets 10,420 9,954 9,675 2,010 National Bank of Cuba (millions of Note circulation 54,252 53,870 50,539 48,746 pesos): Deposits 26,767 30,260 28,400 20,209 Gold 136 136 136 186 Other liabilities and capital 23,641 23,696 23,153 12,902 Foreign exchange (net) 145 124 115 105 r Revised. c Corrected. *Latest month available. 3 Includes foreign government securities formerly shown with Egyptian 1 This figure represents the amount of the country's subscription to the Govt. securities. 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 537 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Bank of German States 4 (millions of Sank of Israel (thousands of pounds): German marks): Gold 2,053 2,050 2,045 2,025 Gold 4 707 4 3 2 qqs? Foreign exchange 17573104,286 95 069 70,785 Foreign exchanse q 464 q 314 q 771 8 610 Clearing accounts (net) 7,500 6,925 7 73? 434 5 057 4 445 4 111 2 192 Loans and discounts . 18 540 17 628 907 4,6?? Loans to Government 4 037 4 765 4, 163 4,385 Advances to Government 21,120 77 900 Other assets q77 1 PR 98? 955 Other Govt. accounts 31,348 74 687 14 13 444 13 358 12 477 Govt. securities 46 097 132,632 137 588 142,170 R^nosits Government 4 793 4 533 3 Other assets 35 377 17,272 17 089 15,958 3 415 3 407 3 406 3,094 Notes and coin in circulation 707 931 193,631 188,170 171 863 Other 755 735 537 Deposits—Government 3 159 27,276 78 587 ? 150 Other liabilities and capital 1 691 1 677 1 807 Other 01 865 99,650 95 533 50,609 Bank of Greece (millions of drachmae): Other liabilities and capital 14 125 12,706 11,728 373 Gold and foreign exchange (net).. 5,490 5,937 5,950 5,295 Bank of Italy (billions of lire): 134 133 133 180 Gold 4 4 4 4 6 575 551 f, 918 g 577 Foreign exchange 70 70 70 69 Other 416 4 611 567 4 435 Advances to Treasury 567 567 567 ^67 Other assets - 1J678 7S5 1 773 1 317 Loans and discounts 477 424 403 378 Note circulation 4 999 4 941 4 871 3 773 Govt. securities 418 408 418 36? 810 820 805 j 154 Other assets 886 975 80? Reconstruction and Note circulation 1 564 1,529 547 1 434 relief accts 7 161 7 146 7 640 7 054 Deposits—Government 25 77 48 Other . 4 719 4 180 4 538 3 745 Demand 83 80 84 61 Other liabilities and capital 1005 1,429 1,038 4,077 Other 566 586 645 502 Bank of Guatemala (thousands of Other liabilities and capital 137 138 138 137 quetzales): Bank of Japan (billions of yen): Gold 27 27 227 Bullion (6) (6) Foreign exchange (net) 35 913 17 306 Advances to Government 1 1 -> Gold contribution to Intl. Fund... 1 750 1 750 Loans and discounts 37 32 40 777 Rediscounts and advances 6 907 10 317 Govt. securities 561 465 483 48? Other assets 39 749 36 395 Other assets 753 251 744 117 Circulation Notes 53 774 49 773 Note circulation 569 583 Coin . . . 3 919 3 772 138 43 57 181 Deposits—Government 6 817 9 Other 56 63 67 71 Banks 77 051 13 920 Other liabilities 84 76 71 91 Other liabilities and capital 7.4499 15 757 Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve7 1803 1,824 1754 1 539 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc . . 5 407 5,571 5 344 3 763 Issue department * Bills and discounts 385 341 374 779 Gold at home and abroad.... 400 400 400 400 Other assets 335 327 306 785 Foreicn securities 6 564 (y 672 671 468 Note circulation 4 956 4 820 4 790 4 153 Indian Govt securities 6 788 032 5 884 5 039 Demand liabilities ? 755 2,478 777 7 00? Rupee coin . . .. 1032 l 050 1066 1022 Other liabilities and capital 719 767 712 710 Note circulation 14666 140?9 13791 12771Netherlands Bank (millions of Banking department: guilders): Notes of issue department 118 126 230 159 Gold 3 315 3,302 3 275 3 023 Balances abroad 897 677 670 831 Silver (including subsidiary coin). . 24 33 41 Bills discounted 122 42 49 104 Foreign assets (net) 1 380 1,422 1452 1489 Loans to Government 36 Loans and discounts . ... 38 35 3? ?8 Other assets . . . 1 451 .. 208 1 089 189 Govt. debt and securities 440 442 453 800 Deposits .. 1 993 53<? 1 548 1 890 Other assets 394 409 398 443 Other liabilities and capital.... 595 552 508 399 Note circulation—Old 78 Bank Indonesia (millions of rupiahs): New 3 851 3,876 3 877 3,527 Gold and foreign exchange (net).. 1 516 ! 710 1 863 1 406 Deposits—Government 321 302 334 583 7?8 919 314 ECA 490 490 653 Advances to Government 7,968 7 626 8 282 8 885 Other 704 751 730 766 Other assets 445 460 314 Other liabilities and capital 775 223 770 743 Note circulation 7 607 7 737 7 47S Reserve Bank of New Zealand (thou- Deposits—ECA 448 448 495 495 sands of pounds): Other 1 677 551 1 709 2 184 Gold 6,162 6 167 6 161 Other liabilities and capital 872 853 833 813 Foreign exchange reserve 31,418 21 447 45,128 Bank Melli Iran 5 (millions of rials) Loans and discounts 29,192 35 526 31,358 Gold 4 747 4 740 4 747 4 747 Advances to State or State un- 244 244 244 dertakings 50 610 53 133 50 536 Gold contribution to Intl. Fund... 282 282 282 282 Investments 41,279 41,278 33,479 7 187 7 187 7 187 7 187 Other assets 1,731 1 301 1755 Govt. loans and discounts 11,988 161 10307 11771 Note circulation 68,882 69,966 69,865 Other loans and discounts 4,977 4 651 5 319 3 789 Demand deposits 81,343 79,198 88,963 Securities 444 4P Other liabilities and capital 10,166 9 687 9 588 Other assets 7 988 7 780 3 2 Bank of Norway (millions of kroner): 11 157 10 053 10 012 11286 Gold 209 210 ?09 ?03 Deposits—Government 4,193 4,225 4 232 3,462 Foreign assets (net) -110 — 144 -99 -398 Banks 1400 1475 1778 1765 Clearing accounts (net) -70 -42 -55 -S| Other 17 097 P 057 848 11 365 Loans and discounts 133 124 120 61 Other liabilities and capital 3,510 3,191 3,266 3,540 Securities 89 90 91 8? Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds) Other assets 111 110 100 58 Gold 7 646 7 646 2 646 2 646 Note circulation 3 3,079 3 107 3 130 Sterling funds 70,458 69,278 69,603 71,339 Deposits—Government 1,477 1,359 1,196 957 Note circulation 73,104 CJI,924 72,249 73 Banks 339 491 650 628 FOA 88 106 106 165 Other liabilities and capital 855 859 852 625 4 Includes figures for the nine Land Central Banks. 7 Includes gold, silver, and foreign exchange forming required reserve 3 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

538 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 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 601 598 612 584 Issue department: Foreign assets , , 934 958 929 924 Gold at home and abroad*.... 114 114 114 81 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 894 894 844 428 Swedish Govt. securities and ad- Pakistan Govt. securities.... 1,224 1,224 1,224 1,459 vances to National Debt Office' 3,603 3,630 3,693 2,777 Govt. of India securities.... 275 275 275 221 Other domestic bills and advances, 44 25 24 203 India currency 431 431 431 300 Other assets 1,646 1,056 1,095 1,055 Rupee coin 69 69 72 47 Note circulation 5,073 4,777 5,047 4,756 Notes in circulation 2,898 2,917 2,867 2,440 Demand deposits—Government., 213 396 287 129 Banking department: Other , 111 351 277 96 Notes of issue department 109 90 93 95 Other liabilities and capital 959 872 871 691 Bills discounted 2 6 Swiss National Bank (millions of Loans to Government 19 37 "•"43 francs): Other assets 563 574 527 396 Gold 6,731 6,665 6,667 6,259 Deposits. 557 566 536 434 Foreign exchange 590 618 582 561 Other liabilities and capital.... 115 120 127 100 Loans and discounts 127 128 141 112 Central Bank of Paraguay (millions of Other assets 90 91 90 95 guaranies): Note circulation 5,263 5,126 5,130 5,105 Gold 4 4 4 Sight liabilities 2,067 2,163 2,142 1,727 Foreign exchange (net) 42 67 18 Other liabilities and capital 209 213 208 196 Net claim on Intl. Fund2 8 8 8Central Bank of the Republic of Turkey Loans and discounts ,421 1,429 777 (millions of pounds) : Govt. loans and securities 380 382 459 Gold 402 402 402 402 Other assets 213 138 104 Foreign exchange and foreign Note and coin issue 890 908 646 clearings 208 201 204 198 Deposits—Government 210 204 172 Loans and discounts 3,527 3,465 3,442 2,898 Other 178 200 139 Securities 29 30 30 30 Other liabilities and capital 789 717 413 Other assets 139 156 158 96 Central Reserve Bank of Peru (millions Note circulation 1,986 1,948 1,913 1,575 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 481 617 Other 1,590 1,600 1,616 1,401 Net claim on Intl. Fund2 67 67 Other liabilities and capital 575 552 552 494 Loans and discounts to banks.... 840 508 Banks ooff tthhee RReepublic of Uruguay (mil- Loans to Government 992 1,108 lions of pesos): Other assets. 193 64 Gold 327 327 344 Note circulation 1,865 1,726 Silver 10 10 Deposits 440 500 Advances to State and Govt. Other liabilities and capital 269 138 bodies 242 219 144 Central Bank of the Philippines Other loans and discounts 484 478 441 (millions of pesos): Other assets 648 643 720 Gold 33 32 20 Note circulation 530 493 496 Foreign exchange 330 322 343 Deposits—Government 180 165 151 Net claim on Intl. Fund2 10 10 30 Other 343 348 328 Loans 39 25 31 Other liabilities and capital 657 671 683 Domestic securities 374 392 290 O'entral Bank of Venezuela (millions Other assets 156 157 150 of bolivares): Circulation—Notes 626 610 615 Gold 1,234 1,234 1,234 1,233 Coin 86 86 86 Foreign exchange (net) 262 277 289 170 Demand deposits 156 175 117 Other assets 110 115 121 137 Other liabilities and capital 73 67 46 Note circulation 1,087 1,084 1,091 1,054 Bank of Portugal (millions of escudos): Deposits 300 257 277 282 Gold 5,627 5,584 Other liabilities and capital 219 284 275, 204 Foreign exchange (net) 13,548 13,238 N[iational Bank of Federal People's Re- Loans and discounts 883 853 public of Yugoslavia (billions of Advances to Government 1,377 1,398 dinars): Other assets 1,333 1,086 Gold 5 5 4 Note circulation 10,695 10,068 Gold contribution to Intl. Fund. .. 2 2 2 Demand deposits—Government. . 1,648 1,655 Foreign assets 60 59 44 ECA 117 26 Loans (short-term) 787 779 701 Other 7,768 8,220 Govt. debt (net) 36 9 -11 Other liabilities and capital 2,540 2,189 Other assets 26 27 33 South African Reserve Bank (millions Notes and coin in circulation 83 83 86 of pounds): Demand deposits 159 169 164 Gold 75 76 75 Foreign liabilities 123 121 95 Foreign bills 36 34 38 Long-term liabilities (net) 421 409 366 Other bills and loans 52 32 21 Other liabilities and capital 130 63 Other assets 64 61 55 59 Bank for International Settlements Note circulation 107 105 106 102 (millions of Swiss gold francs): Deposits 101 80 67 100 Gold in bars 602 561 592 626 Other liabilities and capital 18 18 17 18 Cash on hand and with banks 57 55 53 73 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 616 616 615 ances (at cost) 481 465 389 333 Silver 322 321 321 323 Time funds at interest 99 102 125 225 Govt. loans and securities 15,798 15,889 15,573 15,929 Sundry bills and investments 448 443 428 Other loans and discounts 36,316 35,285 35,789 27,332 Funds invested in Germany 297 297 297 392 Other assets 49,925 43,356 43,987 36,004 Other assets 2 2 1 1 Note circulation 45,811 45,289 45,314 41,986 Demand deposits—Gold 552 485 467 453 Deposits—Government 3,524 4,323 5,581 4,392 Other 911 919 899 '979 Other 8,432 7,227 6,818 3,308 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 45,211 38,628 38,573 30,515 Other liabilities and capital 294 293 291 286 r Revised. 3 Includes small amount of nongovernment bonds. 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per 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. Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 539 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per gnrmm] 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 e r y - 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 c o h a f C lo e n y- Japan* P p h in il e ip s - In effect Dec. 31,1953 .. 4.0 2.75 4.0 3.5 3.5 12.0 2.5 2.5 4.0 2.75 3.0 3.5 2.0 1.5 4.0 3.0 6.57 2.0 1954—jan 10.0 Feb 3.25 Mar 1.5 Apr 3.5 May 3.0 3.0 3.5 5.0 2.5 July 3.75 Nov 4 0 Dec 3.0 1955_jan 9.0 3.5 Feb 3.5 4.5 1.5 Apr 3.75 May 4.5 5.5 4.5 July 5.0 Aug 3.0 3.5 2.0 8.03 Sept 6 0 4.5 Oct 2.25 7.0 Nov 5.0 2.75 1956—Feb 3 0 5 5 Mar 4.5 Apr 3 0 In effect Apr. 30, 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 3.0 7.0 4.5 2.5 8.03 1.5 Other selected central banks—Rates in effect on April 30, 1956 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 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.: LatinAm.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Thailand.... 7.0 Feb. 1945 El Salvador 2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 India2 3.25 Mar. 1956 Latin America: Mexico 4.5 June 1942 Switzerland.... 1.5 Nov. 1936 Indonesia^... 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] Switzer- Canada United Kingdom France Netherlands Sweden land Month 3 T m re b o a il s n l u t s h ry s* 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 t r s 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 1.50 1954 Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 3^-5% 1.50 1955 Apr 1.23 1.00 3.83 3.81 3.17 2.50 3.23 1.04 .58 [.50 iMay . ... 1.24 .75 3.94 3.92 3.33 2.50 3.27 1.49 .90 4lA-6Vi 1.50 June 1.36 1.08 3.99 3.97 3.21 2.50 3.19 .91 .62 1.50 July 1.43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 1.50 Aug ... 1.62 1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 41A-6VL 1.50 Sept 1.79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 4V4-6lA 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^-6 Vi 1.50 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 41/4-6V$ 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 [.50 F M e a b r . 2 2 . . 5 6 1 2 2 2 . . 3 5 4 6 4 5 . . 7 3 7 4 4 5 . . 6 1 9 8 4 3 . . 1 6 7 8 2 3 . . 9 5 8 0 3.05 1 1 . . 5 3 3 2 1 1 . . 0 0 0 0 4 4V V 44- -6 6 1 y /22 1 1 . . 5 5 0 0 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

540 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- British (dollar) Year or month Prefer- (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a s l i l a l a a y r - ) Basic ential Free Official Free 1950 26.571 13.333 8.289 223.15 1.9908 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 L.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 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 25.556 33.226 222.47 3.8580 .9911 32.639 100.474 Nov 5.556 3.095 223.22 3 8550 9955 32 753 100 047 Dec 5.556 2.806 223.32 3,8580 1.9986 32.764 100.048 1956 Jan 5.556 2.587 223.63 3.8580 2.0001 32.819 100.122 Feb . 5 556 2.386 223.62 3.8580 2 0000 32 816 100.080 Mar 5.556 2.454 223.50 3.8580 2 0023 32 798 100 122 Apr . 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 Year or month C (r e u y p l e o e n ) (k m D r e a o n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) M (p e e x s i o c ) o 1950 20.850 14.494 .2858 23 838 20 870 11.570 1951 20.849 14.491 .4354 .2856 23 838 20.869 280.38 11.564 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953 21.046 .4354 .2856 21 049 281 27 11 607 1954 21.017 .4354 .2856 23 838 21.020 280 87 9.052 1955 20.894 .4354 .2856 23.765 20.894 279.13 8.006 1955 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 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 A.U2 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 Apr 21.024 .4354 .2855 " 23.716 21.024 280.77 8.006 Year or month ( e g N r u l e i a l t n d h d e - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n l u s i e o b p ) l - ic (e P s g c o a u r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r w r l a a i n n tz c 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_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 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 AuR 26.127 275.91 14.008 49.677 3.4900 277.62 19.333 23.331 278.66 Sent 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 Apr 26.124 277.99 14.008 49.677 3.4900 279.72 19.333 23.335 280.77 1 Annual averages based on quotations through Oct. 27, 1955; monthly 2 Official rate. The basic and preferential rates were discontinued and averages for October for these rates were the same as those for Sep- the new official rate of 18 pesos per U. S. dollar became effective Oct. tember. 28, 1955. 3 New free market rate, based on quotations beginning Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The material listed below may be obtained from States and countries listed under Federal Rethe Division of Administrative Services, Board of serve Bulletin on this page, single copies 60 cents Governors of the Federal Reserve System, Wash- each or in quantities of 10 or more for single ington 25, D. C. Where a charge is indicated, shipment 50 cents each; elsewhere 70 cents per remittance should be made payable to the order copy. of the Board of Governors of the Federal Reserve FLOW OF FUNDS IN THE UNITED STATES, 1939-53. System. A more complete list, including periodic A new accounting record designed to picture releases and reprints, appeared on pages 1410the flow of funds through the major sectors of 1413 of the December 1955 Bulletin. the national economy. December 1955. 390 THE FEDERAL RESERVE SYSTEM—PURPOSES AND pages. $2.75 per copy. FUNCTIONS. November 1955. 224 pages. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- ANNUAL REPORT of the BOARD OF GOVERNORS OF INGS AND THEIR USE IN ECONOMIC ANALYSIS. THE FEDERAL RESERVE SYSTEM. Issued each January 1952. 175 pages. 25 cents per copy; year. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its A STATISTICAL STUDY OF REGULATION V LOANS. possessions, Bolivia, Canada, Chile, Colombia, September 1950. 74 pages. 25 cents per copy; Costa Rica, Cuba, Dominican Republic, Ecua- in quantities of 10 or more copies for single dor, Guatemala, Haiti, Republic of Honduras, shipment, 15 cents each. Mexico, Nicaragua, Panama, Paraguay, Peru, BANKING AND MONETARY STATISTICS. Statistics of El Salvador, Uruguay, and Venezuela is $6.00 banking, monetary, and other financial developper annum or 60 cents per copy; elsewhere ments. November 1943. 979 pages. $1.50 $7.00 per annum or 70 cents per copy. Group per copy. No charge for individual sections subscriptions in the United States for 10 or (unbound). more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing FEDERAL RESERVE CHARTS ON BANK CREDIT, provisions of certain other statutes affecting the MONEY RATES, AND BUSINESS. Issued monthly. Federal Reserve System. 372 pages. $1.00 per Annual subscription includes one issue of Hiscopy. torical Supplement listed on this page. Subscription price in the United States and the RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Recountries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities serve System (with Amendments). September of 10 or more of a particular issue for single 1946. 31 pages. shipment; elsewhere $7.00 per annum or 70 REGULATIONS OF THE BOARD OF GOVERNORS OF cents per copy. THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements HISTORICAL SUPPLEMENT TO FEDERAL RESERVE thereto. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- ADMINISTRATIVE INTERPRETATIONS OF REGULAnual subscription to monthly chart book in- TION F—SECTION 17—COMMON TRUST FUNDS. cludes one issue of Supplement. In the United 9 pages. 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN • MAY 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 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED 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- REVISION OF CONSUMER CREDIT STATISTICS. April TIN. 52 pages. (Also, similar Surveys are 1953. 19 pages. available for most earlier years from 1947, 1948, 1949, 1950, 1951, 1952, 1953, and 1954 •DETAILED DESCRIPTION OF SOURCES AND METH- BULLETINS) ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS ESTIMATES OF CONSUMER INSTALMENT CREDIT (supplementary details for item listed above), EXTENDED AND REPAID, 1929-1939. June 1955. April 1953. 25 pages. 8 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May FINANCING OF LARGE CORPORATIONS IN 1954. 1953. 5 pages. June 1955. 8 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN SELECTED LIQUID ASSET HOLDINGS OF INDIVID- AMERICA. May 1953. 6 pages. UALS AND BUSINESSES. July 1955. 2 pages. (Also, similar article from July 1954 BULLE- WARTIME AND POSTWAR CREDIT DEMANDS OF TIN) LARGE CORPORATIONS. July 1953. 12 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- DEPARTMENT STORE SALES AND STOCKS, BY COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- MAJOR DEPARTMENTS (Revised Indexes). No- ber 1955. 40 pages. vember 1953. 65 pages. BALANCE OF INTERNATIONAL PAYMENTS IN 1954- 55. October 1955. 8 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December MONETARY POLICY AND THE REAL ESTATE MAR- 1953. 96 pages. KETS. December 1955. 6 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- BANKING AND MONETARY STATISTICS, 1955. (Se- STALMENT CREDIT. January 1954. 14 pages. lected series of banking and monetary statistics for 1955 only) February and May 1956. 12 NEW INDEXES OF OUTPUT OF CONSUMER DUR- pages. ABLE GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN) BANK CREDIT AND MONEY. February 1956. 9 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- THE 1957 BUDGET. February 1956. 11 pages. tember 1954. 10 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. March RECENT FINANCIAL CHANGES IN WESTERN GER- 1956. 11 pages. (Also, similar reprint from MANY. October 1954. 10 pages. March 1955 BULLETIN) WORLD TRADE AND PRODUCTION IN 1953-54. Oc- 1956 SURVEY OF CONSUMER FINANCES. Prelimitober 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 GERALD M. CONKLING, Assistant Director CLARKE L. FAUVER, Assistant Secretary JOHN R. FARRELL, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director HOWARDH.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 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN • MAY 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 545 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Allan Sproul, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert G. Rouse V. Willis H. H. Kimball 1. 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

546 FEDERAL RESERVE BULLETIN • MAY 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 547 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

548 FEDERAL RESERVE BULLETIN • MAY 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Conthmed 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. Heidei 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 549 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E, J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents 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 Los Angeles Branch Seattle Branch Portland Branch O. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN • MAY 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', 476, 477 Demand deposits—Continued Agricultural loans of commercial banks, 472 Banks, by classes, 469, 475, 521 Agriculture, Govt. agency loans, 480, 481 Type of holder, at commercial banks, 473 Assets and liabilities {See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 505 Banks and the monetary system, consoli- Sales and stocks, 495, 504 dated, 468, 520 Deposits {See also specific types of deposits): Corporate, current, 488 Adjusted, and currency, 468, 520 Domestic banks, by classes, 469, 472, 474, 521 Banks, by classes, 469, 473, 475, 521 Federal Reserve Banks, 463, 464 Federal Reserve Banks, 463, 464, 530 Foreign central banks, 534 Postal savings, 468, 520 Govt. corporations and credit agencies, by type Turnover of, 466 and agency, 480, 481 Deposits, reserves, and borrowings, by class of mem- Automobiles: ber bank, 461 Consumer instalment credit, 492, 493, 494 Discount rates, 462, 539 Production index, 497, 500 Discounts and advances by Federal Reserve Banks, 459, 463 Bankers' balances, 473, 475 Dividends, corporate, 487, 488 {See also Foreign liabilities and claims reported Dollar assets, foreign, 530, 533 by banks) Dwelling units started, 501 Banking and monetary statistics for 1955, 520 Banks and the monetary system, consolidated state- Earnings and expenses: ment, 468, 520 Insured commercial banks, 519 Bonds {See also U. S. Govt. securities): Member banks, 510 New issues, 486, 488 Earnings and hours, manufacturing industries, 495, Prices and yields, 477, 478 503 Brokers and dealers in securities, bank Employment, 495, 503 loans to, 472, 474 Export-Import Bank, loans, etc., 480, 481 Business expenditures on new plant and equipment, 488 Farm mortgage loans, 480, 489, 490 Business indexes, 495 Federal credit agencies {See Govt. agencies) Business loans {See Commercial and industrial loans) Federal Deposit Insurance Corporation, Capital accounts: assets, etc., 480, 481 Banks, by classes, 469, 473, 475, 521 Federal finance: Federal Reserve Banks, 463, 464 Cash transactions, 482 Carloadings, 495 Receipts and expenditures, 483 Central banks, foreign, 532, 534, 539 Treasurer's balance, 482 Coins, circulation of, 467 Federal home loan banks, loans, etc. 480, 481, 491 Commercial banks: Federal Housing Administration, loans, etc., 480, 481, Assets and liabilities, 469, 472, 521 489, 490, 491 Consumer loans held, by type, 493 Federal National Mortgage Association, Number, by classes, 469, 521 loans, etc., 480, 481, 491 Real estate mortgages held, by type, 489 Federal Reserve Banks: Commercial and industrial loans: Condition statement, 463, 464 Commercial banks, 472 U. S. Govt. securities held by, 459, 463, 464, Weekly reporting member banks, 474, 476 484, 485 Commercial paper, 476, 477 Federal Reserve credit, 459, 463, 464 Commodity Credit Corporation, loans, etc., 480, 481 Federal Reserve notes, 463, 464, 465, 467 Condition statements {See Assets and liabilities) Finance company paper, 476, 477 Construction, 495, 500, 501 Foreign central banks, 532, 534, 539 Consumer credit: Foreign deposits in U. S. banks, 459, 463, 464, 468, Instalment credit, 492, 493, 494 473, 475, 520 Major parts, 492 Foreign exchange rates, 540 Noninstalment credit, by holder, 493 Foreign liabilities and claims reported by banks, 526, Ratio of collections to accounts receivable, 494 528, 530 Consumer durable goods output indexes, 500 Foreign trade, 505 Consumer price indexes, 495, 506 Consumption expenditures, 508, 509 Gold: Corporate sales, profits, taxes, and dividends, 487, 488 Earmarked, 531 Corporate security issues, 486, 488 Net purchases by U. S., 531 Corporate security prices and yields, 477, 478 Production, 530, 531 Cost of living {See Consumer price indexes) Reserves of central banks and governments, 532 Currency in circulation, 459, 467 Reserves of foreign countries and international Customer credit, stock market, 478 institutions, 533 Stock, 459, 468, 520, 531 Debits to deposit accounts, 466 Gold certificates, 463, 464, 465, 467 Demand deposits: Govt. agencies, assets and liabilities, by type and Adjusted, banks and the monetary system, 468, agency, 480, 481 520 Govt. debt {See U. S. Govt. securities) Adjusted, commercial banks, by classes, 473 Gross national product, 508, 509 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN • MAY 1956 Home owners, Govt. agency loans, 480, 481 Production, 495, 496, 500 Hours and earnings, manufacturing industries, 495, Profits, corporate, 487, 488 503 Real estate loans: Industrial advances by Federal Reserve Banks, 463, Commercial banks, 472, 474, 489 464, 465, 466 Type of mortgage holder, 489, 490, 491 Industrial production indexes, 495, 496, 500 Type of property mortgaged, 489, 490, 491 Instalment loans, 492, 493, 494 Regulation V, loan guarantees, 465, 466 Insurance companies, 479, 484, 485, 490 Reserve requirements, member banks, 462 Insured commercial banks, 471, 472, 519 Reserves: Interbank deposits, 469, 473, 475, 521 Commercial banks, 473 Interest rates: Federal Reserve Banks, 463, 464 Bond yields, 477 Foreign central banks and governments, 532 Business loans by banks, 477 Foreign countries and international institu- Federal Reserve rates, 462, 466 tions, 533 Foreign countries, 539 Member banks, 459, 461, 463, 464, 473, 475 Open market, 477, 539 Residential mortgage loans, 489, 490, 491 Regulation V loans, 466 Sales finance companies, consumer loans of, 492, 493 Stock yields, 477 Savings, 508 International capital transactions of the U. S., 526 Savings deposits {See Time deposits) International financial institutions, 532, 533, 534 Savings institutions, principal assets, 479 Inventories, 509 Savings and loan associations, 479, 490 Investments {See also specific types of investments): Securities, international transactions, 529, 530 Banks, by classes, 469, 472, 474, 521 Security issues, 486, 488 Federal Reserve Banks, 463, 464 Silver coin and silver certificates, 467 Govt. agencies, etc., 480, 481 State member banks, 471, 510 Life insurance companies, 479 State and municipal securities: Savings and loan associations, 479 New issues, 486 Prices and yields, 477, 478 Labor force, 502 States and political subdivisions: Loans, {See also specific types of loans): Deposits of, 473, 475 Banks, by classes, 469, 472, 474, 521 Holdings of U. S. Govt. securities, 484 Federal Reserve Banks, 459, 461, 463, 464, 465, Ownership of obligations of, 472, 479 466 Stock market credit, 478 Govt. agencies, etc., 480, 481 Stocks: Insurance companies, 479, 490 New issues, 486 Savings and loan associations, 479, 490 Prices and yields, 477, 478 Loans insured or guaranteed, 465, 489, 490, 491 Tax receipts, Federal, 483 Manufacturers, production indexes, 495, 496, 500 Time deposits, 461, 468, 469, 473, 475, 520, 521 Margin requirements, 462 Treasurer's account balance, 482 Member banks: Treasury cash, 459, 468, 520 Assets and liabilities, by classes, 469, 472, 521 Treasury currency, 459, 467, 468, 520 Borrowings at Federal Reserve Banks, 459, 461 Treasury deposits, 459, 463, 464, 482 Deposits and reserves, by classes, 461 Earnings and expenses, 510 Unemployment, 502 Number, by classes, 469, 521 U. S. Govt. balances: Reserve requirements, by classes, 462 Commercial bank holdings, by classes, 473, 475 Reserves and related items, 459 Consolidated monetary statement, 468, 520 Weekly reporting series, 474 Treasury deposits at Federal Reserve Banks, 459, Minerals, production indexes, 495, 496 463, 464, 482 Money rates {See Interest rates) U. S. Govt. securities: Mortgages {See Real estate loans) Bank holdings, 468, 469, 472, 474, 484, 485, Mutual savings banks, 468, 469, 471, 484, 485, 489, 520, 521 520, 522 Federal Reserve Bank holdings, 459, 463, 464, 484, 485 National banks, 471, 510 Foreign and international holdings, 533 National income, 508 International transactions, 529 National security expenditures, 483, 509 New issues, gross proceeds, 486 Nonmember banks, 463, 471, 472, 519 Outstanding, by type of security, 484, 485 Ownership of, 484, 485 Prices and yields, 477, 478 Payrolls, manufacturing, index, 495 United States notes, outstanding and in circula- Personal income, 509 tion, 467 Postal Savings System, 468, 520 Prices: Veterans Administration, loans, etc., 480, 481, 489, Consumer, 495, 506 490 Security, 478 Wholesale commodity, 495, 506 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(p THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis J] 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