Federal Reserve Bulletin, 1956-07

FEDERAL RESERVE is*-. y , " \ ;r ; ' 6 I i I I I ft § a as July 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 Bank Credit and Money 683 1956 Survey of Consumer Finances: Consumer Indebtedness 690 Law Department 707 Current Events and Announcements 708 National Summary of Business Conditions 709 Financial and Business Statistics, U. S. (Contents on p. 711) 713 International Financial Statistics (Contents on p. 765) 766 Federal Reserve Board Publications 781 Board of Governors and Staff 783 Open Market Committee and Staff; Federal Advisory Council 784 Federal Reserve Banks and Branches 784 Index to Statistical Tables 791 Map of Federal Reserve Districts Inside back cover Volume 42 Number 7 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTINUED STRONG DEMANDS for funds from the private sectors of the economy CHANGES IN IANX LOANS AND INVESTMENTS JANUARY — JUNE have been reflected in bank credit develop- Billions of dollars ments this year. During much of the period the upward pressure on industrial prices that M2 became evident a year ago continued, as — 1955 1956 output in many lines of production pressed 1—1 ™ against capacity. Prices of farm products B advanced from the reduced levels reached at PH U.S. GOVEINMENT •^1 ^H SECURITIES the end of 1955. While automobile pro- LOANS and f^fj duction and residential housing construction CONSUME* ALL OTHEK §• LOANS •• were below earlier peaks, business construction and equipment expenditures rose to new record levels and inventories continued to increase. Heavy demand for funds by business concerns during the first six months of 1956 NOTE.—All commercial banks. In this chart business loans exclude, and consumer loans include, loans to sales finance resulted in a sharp increase in business loans companies; the latter are for a sample of more than 200 large weekly reporting banks. Interbank loans are excluded. Data at commercial banks, particularly in loans for 1956 are preliminary. to the metals producing and using indus- Interest rates, after declining slightly in tries. Bank loans to sales finance companies the first two months of the year, rose in declined, however, and direct loans by banks March and April in response to strong credit to consumers expanded less than last year as demands and pressure on commercial bank repayments on outstanding consumer in- reserves. In April discount rates were stalment credit rose relative to extensions. raised V4 percentage point at ten Federal Growth of real estate credit at banks was Reserve Banks and Vi percentage point also somewhat less than last year. at the Minneapolis and San Francisco Re- Securities issued by corporations and serve Banks. The spread between short- State and local governments exceeded last and long-term rates continued to narrow, year's volume. On the other hand, the and from mid-April to mid-June yields on publicly held debt of the United States Gov- intermediate-term United States Governernment was reduced by a greater amount ment issues exceeded those on long-term than in the first half of 1955, as the Treas- Government securities. ury's cash surplus rose sharply. In meeting Since mid-April, market rates on United the strong private demand for loans, banks States Government securities have declined. continued to sell United States Government Yields on State and local government issecurities in large volume. sues began to decline in early May, but 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN • JULY 1956 those on corporate bonds have remained Over three-fifths of this year's growth, hownear their April peaks. ever, was in business loans, whereas in the Over the first four months of the year, same period last year business loans ac- Federal Reserve open market operations counted for less than half of the increase. largely offset seasonal movements in re- Within the business loan category, loans to serves but also permitted pressure on bank sales finance companies experienced a net resources to increase, with the result that decline this year in contrast with a substanmember banks found it necessary to in- tial increase last year, as shown in the chart. crease their borrowings at the Reserve Business loans, excluding loans to sales fi- Banks. Beginning in May, bank reserve nance companies, rose $2.9 billion in the positions eased somewhat under the influ- first half of this year, compared with $1.4 ence of open market purchases by the Sys- billion in the same period of last year. tem. These changes in bank loans reflect the shift in expansive forces in the economy. BANK LOANS AND INVESTMENTS Business plant and equipment outlays have Outstanding loans at commercial banks rose been the chief expansionary stimulus this about $4 billion in the first half of 1956, year, whereas residential housing construccontinuing an upward movement that has tion and consumer purchases of automobiles been fairly steady since the fall of 1954. and other durable goods were major factors Reductions in bank holdings of United in the growth of demand in 1955. States Government securities exceeded the The $2.9 billion increase in business increase in loans. Other security holdings loans, excluding those to sales finance comdeclined slightly, and total loans and invest- panies, in the first half of 1956 occurred ments are estimated to have decreased about mainly in March and June, when corporate $1 billion during the first six months of needs for funds to meet Federal tax pay- 1956, compared with a reduction of $800 ments on last year's profits added to heavy million a year earlier. demands for cash to finance capital outlays Loans. The estimated $4 billion expan- and additions to inventories. A smaller than sion in loans at commercial banks was al- usual volume of net loan repayments by most as large as that in the first half of 1955. seasonal borrowers such as food processors •USINESS LOANS - CUMULATIVE CHAN6E FROM JUNE Millions of dollort METALS ALL OTHER FOOD PROCESSORS TRADE SALES FINANCE MANUFACTURERS MANUFACTURERS and COMPANIES 4200 COMMODITY DEALERS 1200 - A - 400 y v 1 -400 + - / + O 0 *\ 1954-55 400 ! ! 1 ! 1 S*»t. DM. MUr. June 0... Mar. *.»• Sa*. DM. Mar. J«M NOTE.—Monthly changes in large loans at a sample of more series. All changes are cumulative from the last Wednesday rhan 200 large banks in the weekly reporting member bank of June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

685 BANK CREDIT AND MONEY and commodity dealers also contributed to pared with $1.1 billion in the same period the record growth in outstanding business last year. loans this year. Real estate loans at commercial banks Metals and metal products companies rose somewhat more than $1 billion in the accounted for more than half of the total first half of 1956. This expansion was growth in business loans in the first half of slightly less than the growth of such loans 1956. Their needs for funds reflected the in the first half of 1955. Net loans outstanding to, and mortgages purchased from, financing of a large increase in output of mortgage lenders by commercial banks have producers' durable equipment as well as been declining this year, whereas such credit some inventory accumulation in anticipawas apparently increasing rapidly in the first tion of the possiblity of higher steel prices half of last year. With residential housing and a work stoppage after midyear. Loans outlays smaller and spending for business outstanding to petroleum, coal, chemical, construction higher, total expenditures for and rubber companies, as well as to other private construction have been about the manufacturing and mining concerns, which same as in the first half of 1955. had increased substantially in the first half Loans to agriculture changed little in the of 1955, rose even more this year. Public first six months of 1956. A year earlier utilities and trade concerns increased their banks reduced such loans by $800 million, net borrowings about the same amount as largely through redemption of Commodity a year earlier. Credit Corporation certificates of interest. In few industries was the demand for This year a decline in Government-guaranbank credit smaller than in the first half of teed loans has been about offset by a sea- 1955. Construction enterprises borrowed sonal increase in production loans. less than a year ago. As noted earlier, sales Investments. With loan demands remainfinance companies repaid bank debt in the ing strong, commercial banks continued to first half of this year—to the extent of more reduce their holdings of United States Govthan $300 million at weekly reporting ernment securities. The estimated decrease banks in contrast with net borrowing of was about $5.0 billion, compared with $5.7 nearly $600 million in the same period last billion in the first half of 1955. Holdings year. These companies placed about $450 of State and local government, corporate, million of short-term finance paper directly and other securities, which had increased with investors, somewhat less than in the $500 million in the first half of 1955, defirst six months of 1955. Loans by sales clined slightly this year. finance companies, both to consumers and The over-all reduction in security holdto businesses, increased only about one- ings of banks in the first six months of 1956 fourth as much as in the first half of last was somewhat more than $5 billion—about year. the same as in the first half of 1955. While Commercial bank lending direct to con- all classes of banks liquidated securities to sumers also reflected the general slowdown meet loan demands and reserve needs, the in the rate of growth of consumer credit. reductions were largest, relatively, at New Consumer loans at banks rose about $900 York and Chicago central reserve city million in the first half of this year, com- banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN • JULY 1956 Liquidation of United States Government security holdings by banks continued to be RESERVES AND I0RR0WINGS Millions of dollars primarily in the shorter term issues, which 2.0 are typically used for reserve adjustment purposes. Nevertheless, the proportion of -A bank-held Government securities maturing EXCESS RESERVES A ^ - 1.0 within one year increased as Treasury notes maturing in 1957 moved into the short-term F BORROWINGS1/. f category. At F. «. BANKS 4 \**S \ | 0 1.0 BANK RESERVE POSITIONS AND FEDERAL RESERVE POLICY L FREE RESERVES The Federal Reserve policy of restraint that characterized the latter half of 1955 continued into the spring months of 1956. As is usual in the first quarter of the year, open market operations were used to absorb ex- 1 1 1 1.0 1952 1953 1955 1956 cess reserves released through the seasonal reduction in demand deposits and in cur- NOTE.—Monthly averages of daily figures for member banks. rency in circulation. The System increased Figures for excess reserves are estimated. Free reserves are excess reserves less borrowings. Latest data shown are for its Government security holdings tempo- June 1956; those for excess reserves are preliminary. rarily in March in connection with heavy April 20 in Federal Reserve Bank discount demands for reserves around the tax pay- rates. These were raised VA percentage ment date, but in general reserve positions point to 23A per cent at ten Reserve Banks were permitted to tighten further. From and Vi percentage point to 3 per cent at the beginning of the year through mid-May, the Minneapolis and San Francisco Banks. the System portfolio of United States Gov- In late May, June, and early July, the ernment securities was reduced about $1.5 System made additions to its holdings of billion, slightly more than in the comparable United States Government securities. The period of 1955. Federal Reserve portfolio of Government With loan demands strong, member securities rose about $660 million in the six banks found it necessary not only to sell weeks ending July 4, compared with $330 securities but also to increase their borrow- million during the same weeks of 1955. ings at the Reserve Banks. Member bank Member bank borrowing declined to about indebtedness rose from an average of $840 $750 million and net borrowed reserves fell million in December to $1.1 billion in April to about $160 million in the second half and early May, when it exceeded excess re- of June. serves by nearly $600 million, compared with about $250 million in December, Janu- DEPOSITS AND CURRENCY ary, and February. Demand deposits and currency in the hands The restraining influence of increased in- of the public declined less than seasonally, debtedness of banks on their lending was but the seasonally adjusted increase was not reinforced by increases on April 13 and so great as in the first half of 1955. On the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 687 other hand, United States Government de- Time and savings deposits at commercial posits increased more than a year ago. and mutual savings banks and the Postal Demand deposits and currency held by Savings System rose $1.7 billion in the first consumers and businesses—demand depos- half of 1956, about the same as a year its adjusted and currency outside the banks earlier but less than in the corresponding —decreased about $5.8 billion, compared periods of 1954 and 1953. Shares in savwith $3.8 billion in the first half of 1955. ings and loan associations appear to have On a seasonally adjusted basis, as shown risen about as much as in the first half of in the chart, demand deposits and currency 1955, when they rose $2.6 billion. Alincreased—about $900 million compared though the rate of personal saving was apwith $2.2 billion a year earlier. Deposits parently higher than a year earlier, a larger of the United States Government rose $1.7 proportion of saving this year represented billion, about $1 billion more than in the repayments of consumer and residential first half of last year. mortgage debt. With economic activity at high levels and interest rates rising during part of the OTHER FINANCIAL DEVELOPMENTS period, the money supply was used more Heavy private demand for funds this year actively. The seasonally adjusted annual has been evident in markets for securities rate of turnover of demand deposits in lead- and mortgages as well as at banks. Treasing centers outside New York City rose to ury debt retirement, however, provided a 24 in the second quarter of 1956 from 22.5 substantial offset to these demands. in the last quarter of 1955, an increase of During the first half of 1956 the United more than 6 per cent. States Government repaid about twice as much debt as in the first half of 1955. As DEMAND DEPOSITS AND CURRENCY a result, other borrowers were able to offer Kit lions of dollort new security issues in greater volume than last year and many financial institutions and - - 140 other holders of Government securities were able to reduce substantially their holdings ADJUSTED FOR SEASONAL VARIATION of these securities without bringing corre- 13S sponding increases in pressures on financial I i \>\ i _lA// f »'l / markets. In other words, increased Gov- A - ernment saving tended to offset the rise - - 130 in private investment outlays. • A'/ \ Treasury finance. The Federal Government usually has a cash surplus in the first - 1M half of the calendar year because of the concentration of tax receipts in that period. i -1 vs. 120 This year the cash surplus was about $12 I9S3 1954 19SS 19S6 billion, almost twice as large as in the first half of 1955. As a result the Treasury was NOTE.—Figures are for the last Wednesday of month and are partly estimated. Demand deposits are for all banks in the able to reduce the publicly held debt $10 United States and exclude U. S. Govt. and interbank deposits and items in process of collection. Currency excludes bank billion, considerably more than in other revault cash. Data for 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN • JULY 1956 cent years. The Treasury's cash balance ing, however, was about one-fifth below the rose $1.7 billion over the six-month period 1954 level, when the volume of revenue to a level of $5.2 billion on June 30. bond issues, particularly those to finance About two-thirds of the Treasury's cash toll highway construction, was unusually surplus was used to retire tax anticipation large. bills and certificates maturing in March and The expansion in real estate mortgage June. There was also some net redemption debt outstanding was somewhat less than of savings bonds and a reduction in the the record $8.4 billion increase in the first outstanding obligations of Government cor- half of 1955. Consumer short- and interporations and agencies. In March the Treas- mediate-term credit outstanding increased ury issued an additional $2.1 billion of 2% about $800 million, compared with $2.3 per cent notes maturing June 15, 1958, and billion a year ago. Although extensions of $7.2 billion of a new 2% per cent certificate instalment credit were slightly larger than maturing February 15, 1957, in exchange last year, repayments rose considerably for $8.5 of maturing 1% per cent notes and more, as a consequence of the sharp increase $1 billion of W2 per cent notes. Cash re- in outstandings in 1955. Extensions of demptions of the maturing issues in this credit on automobiles declined less than exchange were less than $200 million. automobile sales. The proportion of credit Other borrowers. With high and rising sales and the average instalment contract plant and equipment expenditures, growing are somewhat higher and average maturities inventories, and heavy tax obligations, cor- are somewhat longer than in the first half porations issued a record amount of secu- of 1955. rities for new capital in the first half of 1956. They also obtained funds by liquidating a INTEREST RATES considerably larger volume of Government The upward movement in interest rates and securities than in the first half of 1955. In the tendency for shorter term rates to draw the first quarter of this year corporate hold- closer to longer term rates, which began in ings of United States Government securities 1954 and continued throughout most of declined $2.9 billion, compared with $300 1955, was resumed in February 1956. Bemillion in the same period last year. ginning in mid-April, yields on United States The volume of securities issued by cor- Government securities declined, followed in porations other than sales finance companies early May by declines in yields on State and in the first half of 1956 was about one-sixth local government issues. Other yields delarger than a year earlier. Sales finance creased more slowly and toward the end of companies, which reduced bank debt this June most rates were relatively stable. year, issued a little more than $600 million As bank reserve positions tightened in of new securities, about the same as in the March and Federal Reserve discount rates first half of 1955. were advanced in April, yields on Treasury State and local governments, with press- bills and on intermediate-term United States ing requirements to finance school and high- Government securities rose to levels above way construction as well as other public their 1953 peaks. From mid-April to midfacilities, also increased their security offer- June yields on 3- to 5-year Government ings as compared with 1955. Such financ- securities were above those on the long-term Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 689 April was greater for short- and intermedi- INTEREST RATES ate-term than for long-term maturities, and Per cent by mid-June intermediate-term yields re- \ turned to a level below those on long-term ^**\ U. S. GOVERNMENT: _ - 3 issues. With a heavy volume of security -> r I LONG - TERM V^"^ . „-' offerings in the market, yields on high-grade corporate securities declined only slightly, 1* and the spread between these and Treasury ' \ . bonds widened. Yields on lower grade corv DISCOUNT RATE , „" -V* porate bonds continued to edge upward — - \ through June. '. ,' TREASURY BILLS V Rates on prime commercial paper remained stable in the first quarter of 1956, then rose Vx percentage point in April 1 r< and Vs per cent further in late May to 3% STATE AND LOCAL GOVT. per cent—above the average yield on high- Aoo > * grade corporate bonds. In early July rates on commercial paper were reduced V& per- ^-1 '^COMMERCIAL APER centage point. Rates charged by banks on short-term »53 W5S 1956 business loans, which had remained un- NOTE.—Market yield data are weekly averages of daily fig- changed in the first quarter, rose in the secures. Treasury bill rates are market yields on longest bills. Long-term U. S. Govt. yields are on 2Vi per cent bonds. Com- ond quarter following an increase in the mercial paper rate is on prime 4- to 6-month open market paper. Yields on corporate and State and local Aaa bonds are prime rate to 3% per cent in April. Infrom Moody's Investors Service. Latest figures are for week ending July 7. terest rates on savings deposits were raised issues. Yields on long-term Treasury bonds, at a number of banks. Reflecting the inas well as those on high-grade corporate and creased pressure of other demands for long- State and local government bonds, rose less term funds, rates charged by lenders on sharply and remained below their 1953 conventional mortgages also rose and dispeaks, as shown in the chart. counts on Government-underwritten mort- The decline in rates on United States gages increased slightly further over the Government securities beginning in mid- six-month period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19 $6 Survey of Consumer Finances Consumer Indebtedness INCREASED EXPENDITURES of consumers for by underreporting of instalment debt by for houses and durable goods in 1955 were spending units in the Survey.2 The differaccompanied by a sharp rise in consumer ence in the two sets of data emphasizes the debt. Mortgage debt on nonfarm 1- to 4- need for caution in interpreting Survey findfamily houses increased about $13 billion. ings with respect to personal debt. Both the According to Federal Reserve estimates Federal Reserve and the Survey Research based on lender reports, short- and inter- Center of the University of Michigan are mediate-term consumer debt increased $6 conscious of the need for methodological rebillion. Survey of Consumer Finances data search designed to improve Survey findings. do not show any marked changes in the distribution of indebtedness among spending TOTAL CONSUMER INDEBTEDNESS units from early 1955 to early 1956. According to the Survey of Consumer This article presents data from the 1956 Finances, about 63 per cent of all spending Survey of Consumer Finances relating to the units reported some debt other than charge distribution of debt among consumer spendaccounts early in 1956.3 About 9 per cent ing units early this year and provides inowed mortgage debt alone, 17 per cent owed formation on characteristics of debtors and types and amount of their indebtedness.1 It mortgage and personal debt, and 37 per cent owed personal debt alone. Personal debt also presents data on sources of consumer covered by the Survey includes all short- and borrowing and consumers' fixed commitintermediate-term consumer debt other than ments. Primary attention is devoted to charge accounts. As shown in the chart, short- and intermediate-term debt, or permortgage debt was owed by a larger proporsonal debt. Mortgage debt will be discussed in more detail in a subsequent article. tion of spending units in income brackets of The Survey estimate of aggregate instal- $7,500 or more than in lower brackets, ment debt, the main component of personal while personal debt was owed most fredebt, is low relative to an estimate based on 2 A discussion of the differences in the debt aggrelender reports. Much of the difference begates obtained from the two sources and an assesstween the two estimates may be accounted ment of the Survey distributional debt data are presented in the technical appendix at the end of the 1 This is the third of a series of articles presenting article. the results of the 1956 Survey of Consumer Finances 8 A spending unit, as defined in the Survey, consists conducted by the Board of Governors of the Federal of all related persons living together who pool their Reserve System in cooperation with the Survey Re- incomes. Husband and wife and children under 18 search Center of the University of Michigan. Earlier living at home are always considered to be members articles appeared in the March and June BULLETINS. of the same spending unit. Other related persons in The present article was prepared by Alfred P. Johnson the household are separate spending units if they of the Consumer Credit and Finances Section of the earn more than $15 per week and do not pool their Board's Division of Research and Statistics. incomes. 690 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 691 The frequency of both mortgage and per- TYPES OF DEBT, EARLY 1956 sonal debt is closely related to the age and Percentage distribution of spending units family status of the head of the spending unit. About half of all unmarried persons under 45 had some personal debt, but few had mortgage debt. Marriage and the setting up of households are usually accompa- PERSONAL DEBT ONLY nied by expenditures for durable goods. Moreover, after children are born, the pressure for additional housing accommoda- MORTGAGE and tions increases. Debt was reported by more PERSONAL than eight-tenths of all married couples un- MORTGAGE ONLY der 45 with children. More than a third of $3,000 $5,000 $7,500 these indebted couples had both mortgage «,999 7.499 over and personal debt. After children have left the home, there quently in income brackets between $3,000 is somewhat less pressure to incur debt. At and $7,500. this stage of family life most debts incurred in earlier periods tend to have been repaid. Debt was widely distributed among occu- Moreover, a decline in income, particularly pational groups. Variations in the frewhen retirement is reached, may limit the quency and type of debt reflected in part willingness and ability to incur debt. Only income differentials. The skilled and semiabout one-third of the spending units headed skilled group reported debt with greatest by persons 45 or over and without children frequency. About three-fourths of the reported debt of any type. spending units in this group owed some debt, The amount of total indebtedness owed less than one-tenth owed mortgage debt alone, one-fifth owed both mortgage and by different groups of spending units reflects personal debt, and about one-half owed per- the type of debt owed as well as variations in sonal debt alone. About seven of every ten the size of mortgage or personal debt. spending units headed by managerial per- About two-thirds of all mortgage debts outsonnel, professional persons, and unskilled standing exceed $3,000. Spending units and service workers owed some debt. In the rarely have personal debts in excess of managerial and professional groups over $3,000, however, and more than half of all half of those indebted owed mortgage debt, units with such debt owe less than $500. either alone or in combination with personal Total debts of less than $500 were redebt, while only one-sixth of the indebted ported with greatest frequency in income units in the unskilled and service group had brackets under $3,000. On the other hand, such debt. Unskilled and service workers, debts of $5,000 or more were most frequent however, had some type of personal debt among incomes of $7,500 and over. with much greater frequency than either managerial or professional persons. Fewer PERSONAL DEBT than one-third of all spending units headed In early 1956 as in early 1955, about half by retired persons had any debt. of all spending units reported owing per- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN • JULY 1956 sonal debt; such debt excludes charge ac- crease in the use of credit. Survey data counts and mortgage and business debt. indicate that the proportion of spending Amounts owed were also similar in both units that reported purchasing new and used periods. About three-fifths of the debtors cars on credit increased from 40 per cent owed less than $500 and two-fifths owed in 1948 to 60 per cent in 1955. There was larger amounts. Debt size increased pro- also a rise in the use of credit to purchase gressively from the lowest through the high- household appliances and furniture. est income brackets. The median (middle- As in previous years, many of the spendmost) amount of debt of spending units with ing units that reported personal debt also debt ranged from $120 for spending units reported substantial amounts of liquid aswith incomes below $1,000 to about $1,000 sets. About one-third of all indebted for those with incomes of $10,000 or more. spending units had more liquid assets than The total dollar amount of debt accounted debt. Among debtors with incomes below for by spending units in the higher income $3,000, about one-seventh had liquid assets brackets is substantial relative to their nu- greater than debt, while the corresponding merical importance as credit users. fraction of those with incomes of $7,500 or more was one-half. The proportion of spending units reporting personal debt early this year is consid- Instalment debtors. Most of the personal erably larger than in early 1949, as shown debt outstanding is instalment debt. In by Table 1. Spending units in each income early 1956, about 45 per cent of all spendbracket increased their indebtedness over ing units reported owing some debt payable this period. Incomes in 1949 have been ad- in regular weekly or monthly instalments. This type of debt was reported with greatest justed for changes in consumer prices since frequency in the middle or moderately high that time. The increase in indebtedness income brackets. It was reported by more since 1949 has been related to a broadening than one-half of all spending units with inof the market for durable goods and an incomes between $3,000 and $7,500. Only one-third of the spending units with incomes TABLE 1 below $3,000 and two-fifths of those with PERSONAL DEBT WITHIN INCOME GROUPS, 1949 AND 1956 X incomes of $7,500 or more owed instal- [Debtors as a percentage of spending units In group] ment debt. The relatively low frequency of instal- Money income before taxes Early Early in 1955 dollars 2 1956 1949 ment indebtedness of spending units in the lower income brackets reflects in part their All income groups. 54 33 limited ability to service debt. At the other extreme, spending units in the higher income Under $1,000... 35 19 $l,000-$l,999.. 46 27 brackets also use such debt less frequently $2,000-$2,999.. 58 37 $3,000-$3,999.. 57 39 than those in middle income brackets, since $4,000-54,999.. 64 41 they can purchase many types of durable $5,000-$7,499.. 62 39 $7,500 and over. 49 28 goods from current income or by drawing on accumulated liquid assets. 1 Includes all consumer debt except charge accounts and mortgage debt; excludes business debt. Variables other than income are associ- 2 Income in 1955 dollars is obtained by adjusting reported incomes for changes in the Bureau of Labor Statistics consumer price index. ated with the frequency of instalment in- Income refers to total money income before taxes in preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 693 debtedness. These include liquid asset Such credit was relatively more frequent in holdings, number of income receivers, re- the South and West than in the Northeastern gion, race, and age. and North Central areas. Regional differ- In each income bracket, spending units ences in the proportions of spending units without liquid assets or with small holdings that reported debt probably reflect differreported instalment debt much more fre- ences in income as well as other factors. quently than those with moderate or large The largest proportion of spending units holdings. Almost six in ten spending units with instalment debt was in the group without liquid assets reported instalment headed by persons between 25 and 34 years debt, and about seven in ten spending units of age. In this group two in every three had with liquid assets of less than $200 reported such debt. The frequency of indebtedness such debt. The somewhat lower frequency declined steadily as age increased, and only of debt among units without liquid assets reone in ten of the spending units headed by flects in part the large proportion of low persons 65 or older reported instalment income units in the group. Only three in debt. ten spending units with liquid assets of $500 Purpose of instalment debt. Most of the or more reported instalment debt. instalment debt outstanding was incurred in Spending units with only one earner reconnection with purchases of automobiles ported instalment debt less frequently than and other goods. About one-tenth of all those with multiple earners. About 40 per spending units, however, reported instalment cent of the spending units with one income debt not directly associated with the purreceiver reported instalment indebtedness as chase of such goods. compared with 55 per cent for spending In early 1956 about one-fifth of all units with two income receivers. This difspending units reported instalment debt outferential also reflects differences in income, standing on new and used cars. Only about family status, and other factors. one-tenth of the spending units with in- Substantial differences in the use of incomes of less than $3,000 reported automostalment credit were evident by race. Albile debt, less than half the proportion so most six in every ten spending units headed reporting in the other two income brackets by Negroes reported instalment debt as comshown in Table 2 on page 694. More than pared with about four in ten units headed half of the indebted spending units with inby whites. In income brackets below comes below $5,000 reported debts of less $3,000 about one-half of the Negro spendthan $500. Only one-third of the units with ing units reported instalment debt whereas incomes of $5,000 and over reported debts less than one-third of the white spending of less than $500, and over one-third reunits owed such debt. This difference probably reflects in part the larger proportion ported debts of $1,000 or more. of retired persons among the white persons About nine-tenths of the spending units in this income group. More frequent credit that purchased new cars on instalment credit use by Negroes than whites was also evident last year reported that the original amount in income brackets of $3,000 or more. of debt incurred was $1,000 or more, and Variations in the use of consumer instal- somewhat less than one-half reported that ment credit by region were also marked. it amounted to $2,000 or more. About Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN • JULY 1956 TABLE 2 About three-fourths of the debts incurred for the purchase of consumer goods other AMOUNT OF AUTOMOBILE INSTALMENT DEBT EARLY 1956 x than automobiles carried original maturities [Percentage distributionof spending units] of two years or less. Spending units with incomes of less than $3,000 tended to have 1955 money income All before taxes debts with somewhat shorter maturities than Amount of debt inthose with higher incomes. This difference come groups $5,000 reflects in part a tendency for spending units Under $3,000- and $3,000 $4,999 over in lower income brackets to purchase less expensive goods relative to the purchases of No debt 79 90 74 72 middle and upper income groups. Some debt 21 10 26 28 About 5 per cent of all spending units reported debt for house maintenance and $l-$499 10 7 14 9 $500-$999 5 1 6 8 repair. Half of all the units that reported $l,000-$l,999 4 1 4 8 $2,000 and over.... 2 1 2 3 such debt had incomes of $5,000 and over. About four-fifths of the spending units in- All cases 100 100 100 100 debted for this purpose reported amounts 1 Includes outstanding debt on new and used automobiles. outstanding of less than $500. Noninstalment debt. Almost one-fourth of three-fourths of the spending units that all spending units reported noninstalment bought used cars on credit reported original debt, about one-half as many as reported indebt amounting to less than $1,000. stalment debt. Noninstalment debt was re- Data from independent sources suggest ported with less frequency than instalment that liberalization of credit terms facilitated debt by spending units in all income brackets last year's record volume of sales of new except those with incomes below $1,000. automobiles. According to the Survey of About one-half of all spending units with Consumer Finances, about one-fifth of noninstalment debt reported debt for medthe spending units that incurred debt on new ical purposes and about one-fourth reported automobiles during 1955 reported maturdebt for the purpose of purchasing consumer ities of 31-36 months, one-third reported goods. The debt outstanding for medical maturities of 25-30 months, and two-fifths purposes was generally small in amount and reported maturities of 24 months or less. was owed primarily to doctors and dentists. Maturities in excess of 36 months were rare. Loans for the purpose of making down pay- Somewhat less than one-third of all ments on houses were reported infrequently spending units reported owing instalment but were large in size. debt associated with consumer purchases other than automobiles; about one-tenth re- SOURCES OF CONSUMER BORROWING ported having two or more such debts. Of the spending units that reported nonauto- The 1956 Survey for the first time obtained mobile purchase debt, two-thirds reported detailed information on the sources of conindebtedness of less than $200; few spending sumer instalment borrowing. For each units owed nonautomobile debts of $500 or debt, information was obtained identifying more. the lender as one of several types of financial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 695 institutions, a retail outlet, or other creditor. the managerial group reported debts to Separate information for most types of banks. major lenders was obtained. Debts to sales Banks account for a larger proportion of finance and consumer finance companies, loans among spending units that have liquid however, were combined in the Survey.4 assets than among those that do not. Hold- The relative frequency of borrowing from ers of liquid assets, particularly bank dedifferent types of lenders varied with the posits, are more likely to have established spending unit's income, occupation, and banking relations than those without them. liquid asset holdings. The differentials re- The size of liquid asset holdings does not flect, in part, policies and procedures of appear to be significant in this regard. lenders, the existence of established relation- Debt was owed to either sales finance or ships between borrower and lender, the pur- consumer finance companies by about onepose of the loan, the size of the loan, interest fourth of all spending units. Sales finance and other charges, and the type of security companies lend primarily in connection with required. Many spending units were in- purchases of durable goods such as autodebted to two or more types of lenders. mobiles and appliances, while consumer A larger proportion of spending units with finance companies lend for many purposes. instalment debt reported debt to retail outlets than to any other type of lender. More FIXED COMMITMENTS than half of the indebted spending units in Instalment borrowing results in an increase each income bracket below $7,500 reported in the consumer's spendable funds at the some instalment debt to retail outlets, but time of purchase but in most cases involves the proportion declined sharply for incomes a contractual obligation to repay this debt of $7,500 and above. A substantial proporout of future income. Instalment payments tion of this debt was owed to department along with other types of fixed commitments stores or mail-order houses and furniture have an important influence on the spending or household appliance stores for the purand saving of consumers and the adjustment chase of consumer goods other than autoof their expenditures to changing circummobiles. stances. About two-thirds of the indebted spending Instalment debt payments. Two-thirds of units with incomes of $10,000 or more rethe spending units with instalment debt in ported debts to banks as compared with twoearly 1956 had scheduled repayments equal fifths of those with incomes below that to less than 20 per cent of their disposable amount. Banks were the most important income, and most of the remaining third source of borrowing for spending units were obligated to make repayments amountheaded by persons in the managerial, proing to between 20 and 40 per cent of their fessional, and businessman groups. Over income after taxes. In general, the rate of two-thirds of the indebted spending units in repayment in relation to income after taxes tended to be higher for instalment debtors 4 It was believed that consumers could not readily distinguish between these two types of institutions. in the lower income brackets than for those Since the length of the questionnaire did not permit in the middle and upper income groups. the detailed questions necessary to make this distinc- About 5 per cent of the spending units with tion, the reports of these institutions were combined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN • JULY 1956 incomes below $3,000 had debt payments TABLE 3 amounting to 40 per cent or more of their RELATION OF SELECTED REGULAR PAYMENTS TO income after taxes. DISPOSABLE INCOME, EARLY 1956 * Selected regular payments. The 1956 Sur- [Percentage distribution of spending units] vey of Consumer Finances obtained data on Payments as a percentage of Percentage of housing payments as well as instalment debt disposable income spending units payments. Housing payments covered in the Survey include mortgage payments of Zero 29 1-9 9 home-owning spending units and rent paid 10-19 22 by spending units that do not own their 20-39 26 40-59.. 7 homes. These payments do not include 60 and over 4 Not ascertained 3 property taxes and insurance except insofar as they are included in mortgage payments, All cases 100 nor do they include payments for utilities 1 Selected regular payments include mortgage and rent payments unless included in rent. and payments on short- and intermediate-term debt; disposable income is total money income less estimated Federal personal income As shown in Table 3, somewhat less than tax. three-fourths of all spending units had some incomes below $3,000 made payments in fixed claims upon their incomes of the types connection with housing or instalment debt, covered by the Survey. Spending units that whereas about eight-tenths of those with did not report fixed commitments may inincomes from $3,000 to $10,000 and clude those owning their own home without seven-tenths of those with incomes of a mortgage, those living with relatives, and $10,000 or more made such payments. workers for whom housing is provided. Persons in these categories may also have no Almost 90 per cent of the married couples fixed commitments associated with instal- under 45 years of age had fixed commitment credit. Most of the spending units ments of the type covered in the Survey, and that had fixed commitments made regular about 10 per cent made payments exceeding payments amounting to less than 40 per 40 per cent of their income after taxes. cent of their income. Large payments in Among single persons 45 or more and older relation to income were most frequent in married couples without children, only income brackets under $3,000. slightly more than half had regular commit- Only six-tenths of the spending units with ments of these types. TECHNICAL APPENDIX The Survey of Consumer Finances is the degree to which the characteristics of the based on a sample of about 3,000 spending sample may be expected to deviate from units out of an estimated population of 54.2 those of the population as a result of random million spending units. The findings are factors. These errors occur because of the subject to different types of errors which chance variability in results to be expected arise mainly from three sources: sampling, from one sample to another drawn in like nonresponse, and response. fashion from the same population. Types of errors. Sampling errors relate to Nonresponse occurs when respondents se- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 697 lected for inclusion in the sample do not in the total error in Survey estimates can be fact report. Nonresponse arises primarily derived by comparing them with data from from inability to find the prospective re- independent sources. This procedure has spondent at home or to persuade him to the obvious limitation that the independent grant an interview and inability of the re- data may also be subject to error. Morespondent to supply the requested informa- over, to the extent that the two sets of data tion. The magnitude of the error due to this are not strictly comparable in concept and cause depends upon the nonresponse rate coverage, differences will arise apart from and the extent to which spending units that errors of estimate. Finally, comparisons can do not respond differ from those that re- usually be made only for broad aggregates. spond. It should be emphasized that the total error Response errors relate to the extent to in the Survey aggregates inferred from a which information provided by respondents comparison with outside aggregates would differs from "true" information. Errors in almost certainly overstate the errors in proreporting tend to vary with the nature of the portions and medians, the statistics used question. The answer given by a respondent most frequently in Survey analysis. is influenced by his memory of the facts, his The following table compares the Survey understanding of the question, his concep- of Consumer Finances estimate of aggregate tion of what constitutes an "acceptable" an- instalment debt outstanding in early 1956 swer, and other factors. with an estimate for January 31, 1956 In addition to the major sources of error discussed above, Survey estimates may be CONSUMER INSTALMENT DEBT affected by interviewer errors and errors in Estimates based on Survey sample Estimated editing, coding, punching, and tabulating of spending units 1 debt aggregates based on the data. The Survey Research Center, Type Average Sampling Debt lender debt per error of aggregates reports 3 however, takes great care to avoid errors spending average (in billions (in billions unit debt (in of dollars) of dollars) that may arise from any of these sources. (in dollars) dollars) 2 Interviewers are well trained and in most Total 290 30 15.5 27.8 cases experienced. Measures are also taken Automobile 160 20 8.9 14.3 Other consumer to reduce errors that may arise in the proc- purchases 70 14 3.4 6.3 Personal loans 40 (4) 2.1 5.5 essing of data. Since many of the data col- Additions and repairs 20 6 1.1 1.6 lected are related, consistency checks are built into data processing, and most large 2 1 T D h e e b t m o e u a t s s u t r a e n s d o in f g s , a e m ar p ly li n 1 g 9 5 v 6 a . riability have been computed atfthe two sigma level. At this level the chances are 95 out of 100 that errors tend to be detected. average instalment debt estimated in the Survey would differ from the population average by not more than plus or minus the amounts In assessing the reliability of Survey data, shown in the column. 3 Debt outstanding, Jan. 31, 1956. 4 Not available. the effect on the estimates of errors from all sources must be considered. Sampling er- based on lender reports. The estimate based rors can be measured and taken into account on lender reports is prepared by the Federal when using the data. Other types of errors Reserve and published monthly in the BULcannot be so easily quantified. LETIN. The level of the aggregate instalment Comparison of Survey aggregates with inde- debt estimated in this manner by the Federal pendent estimates. Some approximation of Reserve is established by information derived Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN • JULY 1956 from comprehensive benchmark data avail- mized. The lender, however, may misable periodically. Current monthly esti- classify debt or misreport in some other way. mates are extrapolated from the benchmark While the magnitude of particular types estimates on the basis of sample data. The of errors in lender data cannot be ascersample of reporting lenders includes both tained, the total error (plus or minus) in financial institutions and retail outlets and extrapolated estimates as measured by comaccounts for a substantial proportion of parison with comprehensive census data total consumer debt outstanding. has been within a fairly narrow range. As the table shows, the Survey estimate of Even under assumptions most favorable to instalment debt is about $12 billion below the Survey, errors in the lender estimates the estimate based on lender reports. The could account for only a small proportion of relationship between the two estimates this the $12 billion discrepancy between the two year, moreover, is similar to that in other estimates. The explanation for most of the recent years. difference must be sought elsewhere. In comparing the debt aggregates derived Differences in coverage and concept. The from the two sources it should be remem- population from which the Survey sample is bered that both estimates are subject to drawn differs from that covered by the lender errors. Estimates derived from lender re- reports in that it excludes members of the ports are currently being revised on the armed forces living at military reservations, basis of more recent and comprehensive residents in hospitals and other institutions, census data. Preliminary information indi- and residents in hotels and large boarding cates that auto debt will be lower while other houses. These groups undoubtedly have consumer purchase debt will be higher than some instalment debt, probably mainly autothe estimates shown in the table. The net mobile debt, which is included in lender effect on total instalment debt, however, will reports but excluded from the Survey estiprobably not be great. mates. While debt from this source cannot Estimates of instalment debt based on be precisely estimated, it probably amounts lender reports are subject to sampling errors to no more than $1.5 billion. On the other during periods between benchmarks. These hand, Survey data include a small amount of errors, however, cannot be measured since debt owed to individuals and other groups the sample is not drawn on a probability not included in the lender data. basis. The possibility of bias (the tendency With the exception of these differences in to err in one direction) is greater for the population coverage, total instalment debt lender sample than for the Survey sample is defined on a comparable basis in both sets because respondents are not selected ran- of data. There are some differences in the domly. Insofar as is known, however, no classification of components of the total, appreciable bias exists in either the bench- however, particularly with respect to instalmarks or the samples based on lender re- ment cash loans for the purchase of autoports. Reporting may also result in some mobiles, other consumer goods, and home error in the lender estimates. Since most additions and repairs. Such debts are inlenders that report in the sample maintain cluded in the named categories in Survey records of debt outstanding, errors associated estimates but are classified under "personal with memory, for example, should be mini- loans" in the lender estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 699 Sampling errors of Survey estimates. The than in lower income segments. In tabusampling errors of average instalment debt lating data, weights applicable to the major shown on page 697 vary somewhat with the groups of spending units are varied to take purpose of debt. The error, however, is into account differential rates of response. only plus or minus 10 per cent of the aver- This adjustment of weights for nonresponse, age of total instalment debt. In general, however, is based on the assumption that sampling errors account for a relatively members of a weight group tend to resemble small proportion of the discrepancy. More- each other. If a larger proportion of nonover, since sampling errors are equally likely respondents than of respondents were into result in discrepancies in either direction debted or had debts of large amounts, Survey they would not account for the persistent debt aggregates would be understated. In understatement in recent years of Survey view of the relatively low nonresponse rate, estimates of aggregate instalment debt relahowever, spending units that did not respond tive to those based on lender reports. would have to be vastly different with respect Aggregate debt is estimated by multiplyto instalment indebtedness to account for a ing the Survey estimate of average debt per very large proportion of the discrepancy bespending unit by the Survey estimate of total tween the Survey and lender debt estimates. number of spending units. The number of Response errors in the Survey. Respondents spending units is developed from a Bureau reporting debt in the Survey could presumof the Census estimate of "occupied dwellably either overstate or understate the ing units" and a Survey estimate of the averamount outstanding and probably do both. age number of spending units per dwelling The consistent understatement of Survey unit. Thus, in addition to sampling errors debt estimates relative to those based on of average debt per spending unit, estimates lender reports suggests a tendency toward of aggregate debt are subject to sampling systematic understatement of debt by reerrors affecting the estimate of the number spondents. Consideration of other major of spending units. These include both possources of error indicates that in total they sible errors in the Survey estimates of the probably account for only a small proporaverage number of spending units per occution of the discrepancy between Survey estipied dwelling unit, and any errors in the mates and those based on lender reports. Census Bureau estimate of occupied dwell- It is possible, therefore, that inaccurate reing units. porting of debts by consumers accounts for Nonresponse errors. Nonresponse may ina large part of the error in Survey debt estifluence the representativeness of the sample mates. and result in biased estimates, especially if In the 1956 Survey detailed information a large proportion of spending units in the was obtained from respondents on the sample fail to respond. In the Survey of sources of borrowing. The purposes of Consumer Finances, interviews are generally the detailed questioning were (1) to help obtained from about 85 to 90 per cent of all the respondent to recall some debts by respending units resident in the dwelling units ferring specifically to each type of lender, chosen for the sample. The nonresponse and (2) to permit a reconciliation of debt rate is somewhat higher in metropolitan than by type of lender and by purpose with the in rural areas and in upper income segments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN • JULY 1956 data based on lender reports. The compari- SAMPLING ERRORS OF DIFFERENCES1 son shows that the understatement of Survey Differences required for significance (95 per cent probability) in comparisons of percentages derived from successive Surveys of Condebt data was general rather than concen- sumer Finances and from two different sub-groups of the same Survey. trated in terms of debt owed for a particular purpose or to a particular type of lender. Size of sample or group Size of sample or group Understatement of debt by respondents 200 300 500 700 1,000 3,0002 in the Survey could arise in a number of For percentages from about 35 per cent ways. Some of the possible causes of under- to 65 per cent statement are: 200 14 300 13 11 (1) The respondent, who is usually the 500 12 10 9 700... . 11 10 8 head of the spending unit, may report on all 1,000 11 9 8 7 6 3,0002 10 8 7 6 5 4 types of debt that he owes but understate the total amount. This understatement may be For percentages around 20 per cent and 80 per cent unintentional or may reflect the respond- 200 11 ent's unwillingness to admit being heavily 300 10 9 500 9 8 7 indebted. A general feeling toward "over- 700 9 8 7 6 1,000 9 7 6 6 5 indebtedness" as an indication of improvi- 3,0002 8 7 5 5 4 3 dence may well produce a downward bias For percentages around 10 per cent and 90 per cent in Survey debt estimates. (2) Small debts may not be recalled or 300 7 500 6 6 may be regarded as too inconsequential to 700 6 5 4 1 000 6 5 4 4 3,0002 5 4 4 3 2 report. (3) Debt owed by other members of the For percentages around 5 per cent and 95 per cent spending unit may be unknown to the respondent and, therefore, not reported. 5 3 0 0 0 0 4 5 4 700 4 4 3 (4) The respondent, though indebted, 1,000 4 4 3 3 3,0002 4 3 3 2 2 may fail to report consumer debt. This failure may result either from an unwilling- 1 The sampling error does not measure the actual error that is involved in specific Survey measurements. It shows that—except for nonsampling errors, errors in reporting, in interpretation, etc.— ness to admit to debtor status or from a differences larger than those found in the table will arise by chance in only 5 cases in 100. misunderstanding of the questions. 2 Approximate size of annual Survey sample, 1952-56. The extent to which the understatement of debt is due to the failure of the respondent APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS to report any debt and the extent to which it is due to an understatement of the number The chances are 95 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number of percentage points shown below. or amount of his loans is not known. As is shown by the table on page 697, a large part Number of interviews Reported of the discrepancy appears to be accounted percentage 3,0001 1,000 700 500 300 100 for by consumer goods other than automobiles and personal loans. These are areas 50 3 4 5 6 8 14 30 or 70 2 4 5 6 7 13 in which memory error, misunderstanding 20 or 80 2 4 4 5 6 11 10 or 90 2 3 3 4 5 8 5 or 95 2 2 3 4 of the scope of the questions, and lack of information on debts held by other members 1 Approximate size of sample, 1952-56. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 701 of the spending unit may be important. Sampling errors of percentages based on The failure to report the existence of debt Survey information are given in the tables when some was owed would affect the Sur- on page 700. The estimates reflect exvey distributions showing the proportion of tensive computations of data from the spending units with debts and with debts of 1953 and 1954 Surveys of Consumer Fivarious types. Understatement of debt nances. These generalized tables are based would affect primarily distributions of spend- on computation of sampling errors for many ing units by amounts of indebtedness. specific statistics. They are conservative Survey estimates of aggregate repayments rather than average values; the sampling on instalment debt are also low relative to errors of many types of Survey data are those estimated on the basis of lender re- smaller than the values in the tables. ports. The relationship between the two A discussion of the factors affecting samestimates is about the same for aggregate pling errors in the Survey of Consumer Firepayments as for debt. The Survey distribu- nances is available on request from the tional data making use of instalment debt Division of Research and Statistics, Board payments data, therefore, may be subject to of Governors of the Federal Reserve System, the same types of errors as the debt data. Washington 25, D. C. SUPPLEMENTARY TABLE 1 PERSONAL DEBT OF SPENDING UNITS AND FAMILY UNITS, EARLY 1956 [Percentage distribution of units within groups] Amount of personal debt1 1955 money income before taxes Number All No Some of cases cases debt debt $100- $200- $500- $1,000 $l-$99 $199 $499 $999 and over Spending units2 All income groups. 3,014 100 46 54 9 7 14 11 13 Under $1,000 261 100 65 35 16 6 7 3 3 $1,000-$ 1,999.... 331 100 54 46 18 10 11 3 4 $2,000-$2,999 359 100 42 58 11 12 17 12 6 $3,000-$3,999.... 384 100 43 57 9 8 16 13 11 $4,000-$4,999 .... 407 100 36 64 8 8 16 16 16 $5,000-$7,499 703 100 38 62 6 6 15 15 20 $7,500-$9,999 277 100 46 54 2 4 15 12 21 $10,000 and over. 292 100 57 43 2 2 6 10 23 Family units3 All income groups. 2,729 100 44 56 9 7 14 12 14 Under $1,000 218 100 65 35 15 6 8 4 2 $1,000-$ 1,999.... 254 100 51 49 20 12 10 4 3 $2,000-$2,999... . 271 100 41 59 11 12 17 13 6 $3,000-$3,999 315 100 39 61 10 8 18 14 11 $4,000-$4,999.... 349 100 36 64 10 9 16 14 15 $5,000-$7,499.... 698 100 37 63 6 6 16 15 20 $7,500-$9,999 289 100 42 58 3 3 16 13 23 $10,000 and over. 335 100 51 49 2 2 9 11 25 1 Personal debt includes all short- and intermediate-term consumer to meet major expenses. Single-person spending units are included. debt other than charge accounts; excludes mortgage debt and business 3 A family unit includes all persons living in the same dwelling debt. who are related by blood, marriage, or adoption. Single-person 2 A spending unit includes all persons living in the same dwelling families are included. and related by blood, marriage, or adoption, who pool their incomes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN • JULY 1956 SUPPLEMENTARY TABLE 2 TYPE OF DEBT WITHIN SPECIFIED GROUPS, EARLY 1956 [Percentage distribution of spending units] Personal debt only2 Both Group characteristic N of u m ca b s e e r s c A as l e l s d N e o bt S d o e m bt e Mo d o r n e tg b ly a t ge m pe o r a r s t n o g d n ag al e B st o al t m h e in n - t Instal- Nonindebt* and non- ment stalment instalment All spending units 3,014 100 37 63 17 21 1955 money income before taxes: Under $1,000 261 100 63 37 3 3 7 12 12 SI,000-$ 1,999 331 100 48 52 6 3 9 23 11 ?$2,000-$2,999 359 100 38 62 4 9 12 27 10 $3,000-$3,999 384 100 36 64 7 11 15 25 6 $4,000-54,999 407 100 28 72 8 20 12 26 6 $5,000-$7,499 703 100 27 73 11 29 8 22 3 $7,500-$9,999 277 100 24 76 22 29 4 16 5 $10,000 and over 292 100 35 65 22 26 3 10 4 Occupation of head of spending unit: Professional and semiprofessional 313 100 29 71 15 24 19 5 Managerial 183 100 29 71 15 27 6 18 5 Self-employed 262 100 42 58 17 19 4 12 6 Clerical and sales 365 100 40 60 10 18 6 21 5 Skilled and semiskilled 810 100 24 76 8 23 13 27 5 Unskilled and 'service 299 100 31 69 3 10 14 33 9 Farm operator 154 100 50 50 16 6 4 10 14 Retired 269 100 71 29 5 6 3 7 Others 329 100 45 55 7 11 21 Family status:4 Single: Age 18-44 293 100 50 50 2 9 30 Age 45 and over 437 100 68 32 6 2 12 Married: Age 18-44, no children under 18.... 215 100 23 77 13 16 13 27 Age 18-44, children under 18 931 100 15 85 11 29 15 24 Age 45 and over, no children under 18 617 100 53 47 11 11 5 13 Age 45 and over, children under 18. 309 100 26 74 11 23 7 25 Other 212 100 31 69 6 13 12 29 1 Personal debt referred to in this column may be either instalment and divorced persons without children. Married spending units or noninstalment debt, or both. include only those in which both husband and wife are present. 2 For definition of personal debt, see Supplementary Table 1, "Other" spending units include various combinations of adults and note 1. children that do not fall in either single or married group, and spend- 3 Includes spending units headed by protective service workers, ing units for which family status data were not ascertained. Age unemployed persons, students, and housewives. refers to head of spending unit. 4 Single spending units include unmarried, widowed, separated, SUPPLEMENTARY TABLE 3 PERSONAL DEBT BY LIQUID ASSET GROUPS WITHIN INCOME GROUPS, EARLY 1956 ] [Percentage distribution of spending units] Income and liquid assets2 c A as l e l s 100 Income under $3,000 and liquid assets of: Zero ... 100 $1 $499 100 $500 and over 100 Income of $3,000-$4,999 and liquid assets of: Zero 100 $l-$499 100 $500 and over Income of $5,000 and over and liquid assets of: Zero $l-$499 $500 and over 8 888 Amount of personal debt No Some debt debt $100- $200- $500- $1,000 $l-$99 $199 $499 $999 and over 46 54 9 7 14 11 13 40 60 20 14 14 9 3 48 52 14 5 17 8 8 83 17 5 3 5 1 3 18 82 9 9 27 24 13 26 74 6 11 21 15 21 65 35 10 6 5 8 6 16 84 3 3 18 23 37 18 82 4 7 19 18 34 57 43 4 4 11 10 14 1 For definition of personal debt, see Supplementary Table 1, checking accounts, savings accounts in banks, postal savings, and note 1; personal debt and liquid assets as of time of interview, income shares in savings and loan associations and credit unions; currency before taxes in preceding year. is excluded. 2 Liquid assets include all types of U. S. Government bonds, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 703 SUPPLEMENTARY TABLE 4 PERSONAL DEBT-LIQUID ASSET RELATION WITHIN INCOME GROUPS, EARLY 1956 1 [Percentage distribution of spending units] 1955 money income before taxes All Relation spending units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 $9,999 and over Some personal debt: Liquid assets greater than or equal to personal debt 16 2 8 9 11 21 26 25 24 Liquid assets less than personal debt.... 19 6 5 16 21 25 27 25 17 No liquid assets 19 25 32 31 24 18 9 3 2 No personal debt: Some liquid assets 37 34 34 33 39 32 36 47 57 No liquid assets 9 33 21 11 5 4 2 (2) (2) All cases 100 100 100 100 100 100 100 100 100 Number of cases 3,014 261 331 359 384 407 703 277 292 1 For definition of personal debt, sea Supplementary Table 1, note 2. Personal debt and liquid assets as of time of interview, note 1; for types of liquid assets included, see Supplementary Table 3, income for preceding year. 2 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 5 PURPOSE OF NONINSTALMENT DEBT WITHIN INCOME GROUPS, EARLY 1956 * [Percentage distribution of spending units] Purpose of debt 1955 money income Number All No Some before taxes of cases cases debt debt 2 Purchase Additions Down- Au p t u o r m ch o a b s i e le of d a u n r d ables rep a a n ir d s to pay o m n ent M ser e v d i i c c e a s l Other 3 other goods house house All income groups. 3,014 100 77 23 Under $1,000 261 100 78 22 13 5 $l,000-$l,999 331 100 78 22 12 6 $2,000-$2,999.... 359 100 73 27 17 8 $3,000-$3,999.... 384 100 73 27 15 7 $4,000-$4,999.... 407 100 74 26 15 5 $5,000-$7,499.... 703 100 78 22 12 4 $7,500-$9,999.... 277 100 81 19 10 4 $10,000 and over. 292 100 80 20 4 10 1 Excludes charge accounts, instalment debt, mortgage debt, and 3 Includes travel, education, taxes, emergencies (not medical), business debt. consolidation of debt, and other purposes; also includes the 1 per 2 Distribution of spending units by purpose of debt may exceed cent of cases in which purpose was not ascertained. total percentage indebted because some spending units were in debt 4 No cases reported or less than one-half of 1 per cent. for more than one purpose. SUPPLEMENTARY TABLE 6 INSTALMENT DEBT WITHIN INCOME GROUPS, EARLY 1956 1 [Percentage distribution of spending units] Amount of instalment debt Number All No Some 1955 money income before taxes of cases cases debt debt $l-$99 $100- $200- $500- $1,000 $199 $499 $999 and over All income groups. 3,014 100 55 45 12 Under $1,000 261 100 80 20 10 4 1 $1,000-$ 1,999 331 100 66 34 14 7 2 $2,000-$2,999.... 359 100 55 45 8 10 15 4 $3,000-$3,999.... 384 100 51 49 9 9 15 9 7 $4,000-$4,999 407 100 44 56 6 9 14 16 11 $5,000-$7,499 .... 703 100 44 56 5 8 15 17 $7,500-$9,999 277 100 52 48 2 4 13 12 17 $10,000 and over. 292 100 68 32 1 2 6 7 16 1 Excludes charge accounts, single-payment loans, mortgage debt, and business debt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN • JULY 1956 SUPPLEMENTARY TABLE 7 CHARACTERISTICS OF SPENDING UNITS WITH INSTALMENT DEBT, EARLY 1956 * [Percentage distribution of spending units within groups] Group characteristic c A a l se l s d N e o bt S d o e m b e t Group characteristic c A a l se l s d N e o bt S d o e m bt e Liquid assets:2 Region:3 Zero , 100 43 57 North East 100 60 40 $1-$199 , 100 32 68 North Central. 100 62 38 $200-$499 100 46 54 South , 100 49 51 $500 and over 100 73 27 West 100 46 54 Number of income receivers: Age of head of spending unit: One 100 60 40 18-24 100 41 59 Two , 100 45 55 25-34 100 35 65 Three or more 100 42 58 35-44 100 47 53 45-54 100 55 45 Race: 55-64 100 69 31 White.. 100 57 43 65 and over 100 89 11 Negro. 100 41 59 1 Excludes charge accounts, single-payment loans, mortgage debt, England, the Middle Atlantic States, and Delaware; North Central and business debt. includes West North Central and East North Central States; South 2 For types of liquid assets included, see Supplementary Table 3, includes East South Central, West South Central, and South Atlantic note 2. States other than Delaware; West includes Mountain and Pacific 3 Survey regions are defined as follows: North East includes New Coast States. SUPPLEMENTARY TABLE 8 INSTALMENT PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 19561 [Percentage distribution of spending units] Payments as a percentage of disposable income Number All Group characteristic of cases cases Zero 1-9 10-19 20-39 40 and Not ascertained All_spending units 3,014 100 55 15 16 10 1955 money income before taxes: Under $1,000 261 100 80 2 6 4 $l,000-$l,999 331 100 66 10 10 10 $2,000-$2,999 359 100 55 14 13 12 $3,000-$3,999 384 100 51 17 16 13 $4,000-$4,999 407 100 44 18 18 16 $5,000-$7,499 703 100 44 21 23 10 $7,500-$9,999 277 100 52 18 22 6 $10,000 and over 292 100 68 15 13 2 Family status:3 Single: Age 18-44 293 100 60 9 15 Age 45 and over 437 100 84 5 5 Married: Age 18-44, no children under 18 215 100 44 17 22 12 Age 18-44, children under 18 931 100 35 22 24 15 Age 45 and over, no children under 18 617 100 73 9 10 5 Age 45 and over, children under 18.. 309 100 47 22 20 8 Other 212 100 48 19 14 10 Liquid assets:4 Zero 679 100 43 15 19 17 Under $500 816 100 39 20 22 14 $500 and over 1,519 100 73 11 11 3 1 Annual rate of payments at time of interview; income after 3 For definition of family status groups, see Supplementary Table taxes in preceding year. 2, note 4. 2 No cases reported or less than one-half of 1 per cent. 4 For types of liquid assets included, see Supplementary Table 3, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INDEBTEDNESS 705 SUPPLEMENTARY TABLE 9 INSTALMENT DEBT WITHIN SPECIFIED GROUPS BY TYPE OF CREDITOR, EARLY 19561 [Percentage distribution of spending units] Type of creditor Num- No Some ber All instal- instal- Group characteristic ca o s f es cases m de e b n t t d m e e b n t2 t Bank3 F p i c n a o n a m y n - c 4 e Credit o R u e t t l a e i t l 6 d C ea a l r er Other? t a a N s i c n o e e t r d - All spending units 3,014 100 55 45 19 14 23 1955 money income before taxes: Under $1,000 261 100 80 20 5 12 $1,000-$1,999 331 100 66 34 9 20 $2,000-$2,999 359 100 55 45 14 17 25 $3,000-$3,999 384 100 51 49 21 16 29 $4,000-$4,999 407 100 44 56 25 19 26 $5,000-$7,499 703 100 44 56 28 17 30 $7,500-$9,999 277 100 52 48 27 17 19 $10,000 and over 292 100 68 32 21 10 12 Occupation of head of spending unit: Professional and semiprofessional 313 100 53 47 24 11 5 22 Managerial 183 100 53 47 32 10 5 18 Self-employed 262 100 70 30 19 6 1 7 Clerical and sales 365 100 56 44 22 12 3 23 Skilled and semiskilled 810 100 38 62 26 25 5 32 Unskilled and service 299 100 44 56 19 16 4 34 Farm operator 154 100 82 18 2 5 1 11 Retired 269 100 87 13 4 2 8 Other? 329 100 60 40 14 9 23 Liquid assets: * ° Zero 679 100 43 57 17 22 35 1 $1-$199 441 100 32 68 38 23 38 3 $200-$499 375 100 46 54 28 12 26 3 $500-$©99 377 100 56 44 22 12 18 (8) $l,000-$l,999 359 100 72 28 12 6 10 $2,000-$4,999 413 100 77 23 9 6 11 1 $5,000 and over 370 100 89 11 6 2 4 (8) Family status: *l Single: Age 18-44 293 100 60 40 13 16 17 Age 45 and over 437 100 84 16 6 3 Married: Age 18-44, no children under 18 215 100 44 56 26 19 26 Age 18-44, children under 18 931 100 35 65 29 21 37 Age 45 and over, no children under 18 617 100 73 27 11 7 13 Age 45 and over, children under 18 309 100 47 53 26 19 23 Other 212 100 48 52 18 12 34 1 Excludes charge accounts, single-payment loans, mortgage debt, 7 Includes insurance companies (policy loans), relatives and other and business debt. private individuals, doctors, dentists, hospitals, and miscellaneous 2 Distribution of spending units by type of creditor may exceed creditors. total percentage indebted because some spending units were in debt 8 No cases reported or less than one-half of 1 per cent. to more than one type of creditor. 9 Includes spending units headed by protective service workers, 3 Includes commercial and mutual savings banks. unemployed persons, students, and housewives. 4 Includes sales finance and consumer finance companies. 10 For types, of liquid assets included, see Supplementary Table 3, 5 Includes credit unions and employee loan funds. note 2. 6 Includes department stores, mail-order houses, furniture and 11 For definition of family status groups, see Supplementary Table 2, appliance stores, clothing, jewelry, and other retail stores. note 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN • JULY 1956 SUPPLEMENTARY TABLE 10 SELECTED REGULAR PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1956 * [Percentage distribution of spending units ] Regular payments as a percentage of disposable income2 Number All Group characteristic of cases cases Zero 1-9 10-19 20-39 40 and No ta t i a n s e c d er- All spending units 3,014 100 29 22 26 1955 money income before taxes: Under $1,000 261 100 53 2 6 13 25 $l,000-$l,999 331 100 38 9 9 20 22 $2,000-52,999 359 100 32 9 12 29 13 $3,000-$3,999 384 100 27 7 23 30 10 $4,000-$4,999 407 100 21 7 26 31 10 $5,000-$7,499 703 100 18 9 31 34 4 $7,500-$9,999 277 100 16 17 34 29 2 $10,000 and over 292 100 29 23 30 14 2 Occupation of head of spending unit: Professional and semiprofessional.... 313 100 17 12 31 30 6 Managerial 183 100 19 13 25 33 7 Self-employed 262 100 36 13 25 18 6 Clerical and sales 365 100 28 6 26 31 6 Skilled and semiskilled 810 100 18 10 25 34 10 Unskilled and service 299 100 22 11 20 30 14 Farm operator 154 100 52 12 7 8 12 Retired 269 100 58 4 13 14 10 Other* 329 100 33 6 13 21 24 Family status:4 Single: Age 18-44 293 100 38 7 15 26 13 Age 45 and over 437 100 51 3 12 18 14 Married: Age 18-44, no children under 18 215 100 11 11 30 34 11 Age 18-44, children under 18 931 100 10 11 26 38 10 Age 45 and over, no children under 18 617 100 46 10 19 16 7 Age 45 and over, children under 18... 309 100 26 12 29 22 8 Other 212 100 23 19 24 22 1 Selected regular payments include mortgage and rent payments 3 Includes spending units headed by protective service workers, and payments on short- and intermediate-term debt. unemployed persons, students, and housewives. 2 Annual rate of payments at time of interview; income after taxes 4 For definition of family status groups, see Supplementary Tabl~ in preceding year. 2, note 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Purchase of Government Obligations Congress assembled', That section 14 (b) of the by Federal Reserve Banks Federal Reserve Act, as amended (U. S. C, 1952 edition, supp. II, title 12, sec. 355), is amended By Act of Congress approved June 25, 1956 by striking out "July 1, 1956" and inserting in (Public Law 622, 84th Congress), the authority lieu thereof "July 1, 1958" and by striking out of the Federal Reserve Banks under section 14(b) "June 30, 1956" and inserting in lieu thereof of the Federal Reserve Act to purchase and "June 30, 1958". sell direct or fully guaranteed obligations of the United States directly from or to the United Approved June 25, 1956. States, which would have expired on June 30, 1956, was extended until June 30, 1958. The Amendments to Defense Production Act text of the Act is as follows: The Defense Production Act of 1950, section*. 301 of which is the basis for guarantees of loans AN ACT for defense production, which would have ex^ To amend section 14 (b) of the Federal Reserve Act. so as to extend for two additional years the authority of Federal pired June 30, 1956, was amended and con- Reserve banks to purchase United States obligations directly from the Treasury. tinued in force until the close of June 30, 1958, Be it enacted by the Senate and House of Rep- by Act of June 29, 1956 (Public Law 632, 84th, resentatives of the United States of America in Congress). 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Textron Inc., was appointed President of the Fed- Meetings of the Federal Open Market Committee eral Reserve Bank of Chicago to succeed Mr. were held in Washington on June 26 and July Young. Mr. Allen has been serving as a Class C 17, 1956. director and Deputy Chairman at the Federal Reserve Bank of Chicago since January 1, 1956. RESIGNATION OF MR. SPROUL AS PRESIDENT OF THE Prior to becoming President of Campbell, Wyant FEDERAL RESERVE BANK OF NEW YORK AND APand Cannon Foundry Company in 1950, he had POINTMENT OF MR. HAYES AS HIS SUCCESSOR been associated with the National City Bank of Effective as of June 30, 1956, Mr. Allan Sproul re- New York in various capacities for about 24 years. signed as President of the Federal Reserve Bank of New York. He had served as an officer of the Bank ADMISSION OF STATE BANK TO MEMBERSHIP IN THE since joining its staff on March 1, 1930, and as FEDERAL RESERVE SYSTEM President since January 1, 1941. Formerly he The following State bank was admitted to memhad served with the Federal Reserve Bank of San bership in the Federal Reserve System during the Francisco for ten years. period May 16, 1956 to June 15, 1956: Effective August 1, 1956, Mr. Alfred Hayes was Florida appointed President of the Federal Reserve Bank of New York to succeed Mr. Sproul. Mr. Hayes North Miami Beach . Peoples Bank of North has been engaged in banking activities since 1933 Miami Beach and since 1949 he has been serving as the Vice TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY President in charge of the Foreign Department of the New York Trust Company. Latest BULLETIN Reference Semiannually Issue Page RETIREMENT OF MR. YOUNG AS PRESIDENT OF THE Banking offices: FEDERAL RESERVE BANK OF CHICAGO AND AP- Analysis of changes in number of Feb. 1956 180 POINTMENT OF MR. ALLEN AS HIS SUCCESSOR On, and not on, Federal Reserve Par List, number of Feb. 1956 181 Effective March 1, 1956, Mr. C. S. Young retired Stock Exchange firms, detailed debit and credit balances Mar. 1956 286 as President of the Federal Reserve Bank of Chi- Annually cago. Mr. Young was employed by the Federal Earnings and expenses: Reserve Bank in 1921 and had served as an officer Federal Reserve Banks Feb. 1956 178-179 Member banks: since 1930. He had been serving as President Calendar year May 1956 510-518 since March 1, 1941. First half of year Oct. 1955 1188 Insured commercial banks May 1956 519 Effective October 1, 1956, Mr. Carl E. Allen, Banks and branches, number of, by class and State Apr. 1956 398-399 President of Campbell, Wyant and Cannon Foun- Operating ratios, member banks June 1956 650-652 Banking and monetary statistics, 1955.. {** »* 182-188 dry Company, Muskegon, Michigan, a division of 708 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 16 Over-all economic activity in June was main- ing materials industries expanded somewhat furtained at record levels. Industrial production and ther in June. Auto output was maintained at the construction activity were close to earlier highs, reduced May rate and production of household retail sales continued in record volume, and em- durable goods changed little. Activity in the ployment and incomes rose somewhat further. textile, rubber, and leather products industries de- Average wholesale prices of commodities contin- clined somewhat further in June, while output of ued close to the May level in June and early July, apparel, chemicals, and most other nondurable following a steady rise earlier this year. The July goods was maintained or increased slightly. 1 forecast indicated smaller farm crop production this year. Bank loans expanded further. CONSTRUCTION Outlays for new construction in June were at INDUSTRIAL PRODUCTION a seasonally adjusted annual rate of $43.9 bil- The Board's seasonally adjusted index of in- lion, close to the record May total. Value of condustrial production in June was 141 per cent of tract awards declined as residential awards showed the 1947-49 average, compared with 142 in May, a considerable drop from the exceptionally high 143 in April, and 141 in March. Steel production level of the three previous months; contracts declined somewhat further in June, partly reflect- awarded for all other types of construction, howing curtailments in the closing days of the month ever, continued large. Private housing starts deas agreement was not reached on a new labor clined slightly more than usual in June and were contract. Most steel mills were shut down be- at a seasonally adjusted annual rate of close to ginning July 1, and steel output dropped to 13 1.1 million units. per cent of capacity in early July as compared with 93 per cent in June. The cut in iron and steel EMPLOYMENT output and related curtailments in iron ore and Seasonally adjusted employment in nonagricoal mining have apparently reduced the rate of cultural establishments rose slightly in June to a total industrial production in early July by about new peak of 51.4 million, with employment in 4 per cent. construction, finance, service, and State and local Activity in producers' equipment and buildgovernment activities reaching new highs and man- INDUSTRIAL PRODUCTION ufacturing showing some further decline. Aver- 1947-49»100 age hourly earnings at factories rose 2 cents to a new peak of $1.98. Unemployment rose seasonally to 2.9 million, reflecting mainly the influx of student job seekers, and at this level was 250,000 higher than a year earlier. DISTRIBUTION Total retail sales in June remained at their advanced May rate, after seasonal adjustment, and were about 4 per cent above a year ago. Sales at department stores rose slightly in June and early July. With new car sales holding somewhat above the April-May rate, dealer stocks declined .,..1 1 I 15 per cent further in June to a level only 3 per 1953 1954 1955 1956 Federal Reserve indexes, seasonally adjusted, Monthly cent above a year earlier. Used car stocks, alfigures, latest shown are for June. 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN • JULY 1956 ready down from last year, were reduced further all lines. Real estate and consumer loans conin June. tinued to expand. COMMODITY PRICES Between mid-June and mid-July, average borrowings from the Federal Reserve declined to Average wholesale commodity prices changed around $750 million and excess reserves rose little from mid-June to mid-July. Average farm to about $600 million. System holdings of U. S. product prices continued close to the increased Government securities increased over $150 millevel reached in early June, as moderate decreases lion between mid-June and July 11. Expansion in in livestock, wheat, and oilseeds were about offset Reserve Bank float also supplied reserves to banks by sharp advances in fruits and vegetables. Prices but a seasonal outflow of currency into circulaof industrial commodities also changed little. Coption absorbed funds. per and products declined further, but rubber and hides rose somewhat, and some petroleum prod- SECURITY MARKETS ucts and consumer goods were advanced. Steel prices were raised substantially in early July by Except for a sharp but unsustained rise in late several of the steel companies continuing in opera- June, yields on short-term Treasury securities tion during the work stoppage. moved lower from mid-June to mid-July. Rates on commercial and finance company paper were BANK CREDIT AND RESERVES also adjusted downwards. Yields on intermediate- Total loans and investments at banks in lead- term Government issues, on the other hand, flucing cities increased sharply around mid-June when tuated rather widely above mid-June levels. Yields business loans and bank holdings of U. S. Gov- on the longest term Treasury bonds changed little. ernment securities rose, reflecting mainly custom- Yields on State and local government bonds iners' needs for funds to meet June 15 income tax creased during late June and early July, while payments. In late June and early July, total bank yields on corporate bonds were relatively stable. credit declined somewhat. Business loans at city Common stock prices rose and in mid-July were banks rose more than $1 billion during June and close to the early May highs. early July, with increased borrowing in practically RETAIL TRADE INTEREST RATES 1947-49=100 Per cent TOTAL RETAIL SALES — LONG-TERM GOVERNMENT SECURITIES /^ 120 v ,LMM MMIM.M 1 ' ' i I I I I l tA^ F B RANK J/ 140 / V 1 DISCOUNT RATE }/ DEPARTMENT STORES 1 1 N.w York 1 f / > AA . / 1 STOCKS y-/"" 130 \A hi \ /vV TREASURY BILLS _ ^ s' A V >/ SALES — ^,,,„,,,,,, I,,,, i 1... ..... ,.!,,., M ' ' i i i i I.I ITK^ 1 1 1952 1953 1954 1955 1956 Federal Reserve indexes, seasonally adjusted; retail sales based Weekly average market yields for long-term U. S. Governon Department of Commerce data. Monthly figures; latest ment IVi per cent bonds and for longest Treasury bills; latest shown for sales are June, and for stocks, May. shown are for week ending July 4. 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. 713 Reserve Bank discount rates; reserve requirements; margin requirements. 714 Federal Reserve Banks. 717 Bank debits; currency in circulation. 720 All banks: consolidated statement of monetary system; deposits and currency. 722 All banks by classes. 723 Commercial banks, by classes. 726 Weekly reporting member banks. 728 Commercial loans; commercial paper and bankers' acceptances. 730 Interest rates. . 731 Security prices; stock market credit. 732 Savings institutions. 733 Federal credit agencies. 734 Federal finance. 736 Security issues. 740 Business finance . 741 Real estate credit. 743 Short- and intermediate-term consumer credit. 746 Selected indexes on business activity. 749 Production 750 Employment and earnings. 756 Department stores. 758 Foreign trade 759 Wholesale and consumer prices. 760 National product and income series 762 Tables published in BULLETIN, annually or semiannually—list, with references 708 Index to statistical tables. 791 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. 711 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 ot daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 15 t "T V ~ T ECXACV.ECS3S3 KRCES9EEKRVVCE3S f J 35 30 25 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS J 1 0 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 1 HELD UNDER REPURCHASE AGREEMENTS DISCOUNTS AND ADVANCES 1949 T950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending June 27. See p. 713. 712 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 outstandingI Deposits, other than member bank Member bank e W nd e i e n k g T U o . t S a . l G B o r o o i v g u u t h t . g - t h secu r a u c H r e g h n i p t r e a d i e u l s e e d e r e s r - - c v D o a a a n n u d i d s c n - - e ts s Float Total s G to o c ld k T s r o c t e u i r a u n u n r e n r g t y c a - - d y s - - r c C t c e u i i n u i o n l r a c r n - - y - T h c i u o r n a e r l g s y d a h s s - T u r w e ry a it s h r F e . F s e e i R o g r r v . n - e B s, a O nk th s er c O F o a . t u h c R n - e . t r s Total r q e u s R i e r e r e - v d e 2 s c E es x s - 2 ment Averages of daily figures 1955 May 4 23,666 73,613 53 544 743 24,971 ,671 4,999 29,767 815 675 360 443 92318,659 18 458 May 11 23,839 ?,3,70? 137 374 696 24,924 ?1,671 4,999 29,859 811 280 363 442 92018,9?0 18,176 744 May 18 23,687 73,664 23 317 888 24,908 ,67? 4,999 29,877 821 310 417 377 92418,853 18^07 646 May 25 23,513 23,513 427 88024,834 21,673 4,999 29,826 818 437 394 421 93718,673 18,192 481 June 1 23,603 73,600 612 77?25,001 ,674 5,001 29,961 823 582 400 478 93618,496 18063 433 June 8.. 23,683 23,683 533 81225,044 21,675 5,002 30,059 835 440 387 416 93518,648 18,036 612 June 15 23,588 23,588 558 79324,956 21,676 5,001 30,058 832 304 434 387 94018,678 18,099 579 June 22 23,554 23,554 348 1,137 25,055 21,676 5,001 30,035 818 213 408 278 98118,998 18,301 697 June 29 23,554 23 554 456 78924,815 ,677 5,001 30,021 814 323 425 275 98118,653 18,164 489 July 6... 23,703 23,692 11 688 85825,265 21,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13 23,957 ?3,943 14 685 91325,571 71,679 5,003 30,416 803 440 425 419 97118,779 18047 732 J J u u l l y y 2 20 7... 2 24 3 , , 1 9 4 4 0 3 2 2 4 3, ,0 9 3 4 5 3 ""ib's 4 3 3 5 9 7 1,1 9 1 1 8 52 2 5 5 , , 5 4 0 3 6 2 2 2 1 1, ,6 6 8 8 1 0 5 5 , , 0 0 0 0 2 3 3 3 0 0 , , 1 2 5 8 7 7 7 79 9 8 3 4 48 1 0 6 4 43 6 9 0 4 4 1 0 5 3 9 96 7 7 0 1 1 8 8 , , 9 7 4 7 5 4 1 1 8 8 , , 3 2 8 0 6 9 5 5 5 6 9 5 Aug. 3 24,044 73 98? 62 781 80?25,638 ,68? 5,003 30,237 803 638 422 412 90018,910 18,3?0 590 Aug. 10... 24,055 ?3,983 72 888 677 25,584 21,68? 5,003 30,285 800 646 434 396 88518,8?4 18 163 661 Aug. 17 23,891 23,891 796 79425,495 21,682 5,003 30,336 797 507 474 400 91018,757 18,155 602 Aug. 24 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 94618,673 18,100 573 Aug. 31 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 94618,614 18,130 484 Sept. 7 23,826 73 761 65 865 68725,401 ?1,68? 5,005 30,436 806 447 379 393 94318,685 18 574 Sept. 14 23,813 23,744 69 918 82625,577 21,682 5,006 30,520 803 431 419 400 94218,750 18,142 608 Sept. 21 23,564 23,564 ii 768 1,263 25,613 21,683 5,006 30,401 794 579 377 394 99018,767 18,191 576 Sept. 28 23,598 73 587 901 96025,478 ,683 5,006 30,323 787 693 370 386 990 18,618 18,134 484 Ort 5 23,844 73 777 117 843 816 25,525 ?1,684 5,007 30,428 791 525 381 390 99918700 18,189 511 Oct. 12 23,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19 24,021 ?3 916 105 1,041 1,088 26,169 71,685 5,007 30,621 111 534 391 409 1,010 19 119 18,494 625 Oct. 26 23,973 23,973 771 98525,747 21,685 5,009 30,498 11% 496 381 387 1,010 18,891 18,433 458 Nov. 2 23,995 23 995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9 24,024 24 024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16 24,068 ?4 018 50 1,173 101326,272 71686 5,008 30,794 774 613 400 564 938 18 883 18 30? 581 Nov.23 23,888 23 888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 935 19036 18 468 568 Nov.30 24,001 73 903 98 973 1,019 26,012 688 5,008 30,963 781 439 399 398 935 18794 18 381 413 Dec. 1... . 24,364 ?4 039 325 935 957 26,274 ?1 688 5,008 31,070 780 483 424 413 931 8 869 18 411 458 Dec. 14 24,589 ?4 443 146 878 941 26,428 ?1 689 5,007 31,244 786 337 446 372 989 8 950 18 488 462 Dec. 21 24,588 74 375 213 747 174627,101 71 689 5,008 31,364 772 401 469 336 1,010 9 446 18 79? 654 Dec. 28 24,767 74 385 382 753 187^ 27,420 71690 5,008 31,415 114 523 497 410 1,012 9 487 18 804 683 1956 Jan. 4 24,785 74, 391 394 584 153926,936 690 5,008 31,153 773 356 438 513 939 9 464 18 887 577 Jan 11 .. 24,308 ?4, 191 117 801 26,375 21 691 5,008 30,914 782 244 423 334 923 9 453 18 7^5 728 Jan. 18 23,804 ?3,80? 2 922 1 17525,872 21 69? 5,008 30,632 786 360 417 321 920 9 136 18 543 593 Jan. 25 23,517 23,517 815 1 12825,480 21 692 5,009 30,361 793 385 388 318 91919017 18 494 523 Feb. 1 23,416 ?3,414 2 999 81425,248 693 5,009 30,223 798 464 369 343 919 8 834 18 350 484 Feb. 8 23,423 23,423 822 84025,104 21 693 5,010 30,219 796 406 365 331 917 18773 18 230 543 Feb. 15 23,349 23,349 976 83225,174 694 5,010 30,247 800 428 377 400 93218 693 18 144 549 Feb 22 23,389 ?3,333 56 622 1 33325,360 694 5,011 30,210 794 557 362 366 1.026 8 749 18 175 574 Feb. 29 23,435 ?3, 384 51 758 880 25,089 71 695 5,012 30,181 792 542 354 306 ,075 8 596 18 137 459 Mar. 7 23,518 ?3,476 92 749 835 25,118 7,1 695 5,011 30,202 783 461 360 327 ,073 8 670 18 137 533 Mar. 14 23,505 73,410 95 975 81? 25,308 717 5,011 30,276 779 564 360 346 1,021 8 691 18 18? 509 Mar. 21 23,508 73,405 103 934 1797 25,754 71 713 5,013 30,264 783 489 333 336 ,069 9 ?04 18 587 617 Mar. 28 23,508 73,495 13 1,196 94125,661 21 715 5,015 30,249 787 599 341 317 ,069 9 078 18 455 573 Apr. 4 3,634 7,3,587 47 986 1022 25,658 21716 5,017 30,321 784 560 347 444 ,075 8 860 18 3?r? 538 Apr. 11 3,521 ?3,518 3 1,119 87625,481 71 7?7 5,016 30,300 782 508 328 307 ,08? 8 917 18 784 633 Apr. 18 3,399 ?3,377 22 1,109 973 25,497 741 5,018 30,290 785 531 347 313 ,081 8 909 18, 318 591 Apr. 25 3,282 23,282 1,061 101725,374 21,742 5,019 30,155 782 569 335 331 1,078 8,884 18,344 540 May 2 3,299 73,743 56 1,089 86425,266 71 743 5,023 30,181 786 575 338 385 998 8 767 18,359 408 May 9 3,352 ?3,75? 100 1,114 84425,325 71,768 5,025 30,296 781 555 334 321 982 8 848 18 795 553 May 16 3,279 7,3,726 53 1,066 937 25,298 21 769 5,026 30,359 789 563 378 314 980 8,710 18 741 469 May 23 3,210 ?3,700 10 946 1,13925,310 71,770 5,028 30,317 781 594 319 310 980 8,809 18,775 534 May 30 3,412 ?3,359 53 732 835 24,995 21,771 5,032 30,327 785 507 297 328 984 8 569 18 777 342 June 6 3,503 73,406 97 894 906 25,320 78? 5,032 30,505 782 429 305 310 983 8 819 717 602 June 13 3 516 73 4P1 25 747 970 25,251 21 796 5,033 30,542 779 398 332 299 982 8.749 18,733 516 June 20 3,492 23,492 764 1,50725,779 21 \798 5,033 30,541 774 535 331 317 998 9,116 18,495 June 27 3,478 23,452 ""26 756 1,369 5,621 21,799 5,033 30,485 781 570 297 290 1,000 9,030 18,428 Preliminary. For other footnotes see following page. 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 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 T u re ry as- r C en u c r- y Treas- with r F es . e R rv . e B s, anks Other reserves Period Dis- Gold cur- in ury F. R. d o a r te Total B r o o ig u u h t g - t ht u H n e d l e d r c v o a a a n n u d c d n - e t s s Float Totals stock r s o e t i a n n u n g c t- d y - c t c u i i o l r a n - - h c i o n a l g s d h s - Tr u e r a y s- F e o ig r n - Other co a u c- nt; Total qu R i e r - ed2 c E es x s - 2 agreement ••••••a Averages of daily figures 1955 June 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 42 576 940 25,497 21,680 5,003 30,284 801 461 423 423 96218,824 18,205 619 Aug 23,886 23,870 16 803 25,450 21,682 5,004 30,289 801 569 431 398 91818,728 18,152 576 Sept 23,709 23,668 41 872 25,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct 23,951 23,881 70 895 926 25,792 21,685 5,008 30,532 781 509 390 403 1,00018,870 18,345 525 Nov 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 93718,902 18,378 524 Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan 23,897 23,824 808 1,15225,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 Feb 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Mar 23,522 23,449 993 98725,517 21,711 5,013 30,256 783 532 349 350 1,04818,924 18,340 584 Apr 23,410 23,393 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,06718,847 18,320 527 May 23,322 23,262 971 92825,237 21,768 5,028 30,322 785 556 331 322 98218,735 18,268 467 June 23,522 23,486 770 1,206 25,516 21,795 5,033 30,536 779 485 315 304 99118,933 Midyear or year-end 1929—June 216 148 68 1,037 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 2,361 22,737 3,247 11,1(0 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 215,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 535 23,181 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 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,50S 1,172 1952—Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—June 25,037 25,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 Dec 24,932 24,888 44 143 808 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 End of month 1955 June 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 July 24,090 23,982 108 754 864 25,719 21,682 5,003 30,244 798 623 410 419 991100 18,999 18,311 688 Aug 23,761 23,761 470 665 24,911 21,682 5,005 30,317 804 393 387 383 94518,368 18,151 217 Sept 23,834 23,729 105 603 792 25,250 21,684 5,006 30,422 787 554 385 379 990 18,423 18,212 211 Oct 24,024 24,024 706 683 25,430 21,686 5,008 30,559 776 484 402 396 94118,565 18,393 172 Nov 24,256 23,991 265 61S 883 25,776 21,688 5,008 30,993 778- 477 408 412 93118,474 18,417 57 Dec 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 Jan 23,466 23,466 852 786 25,122 21,693 5,009 30,228 797 428 355 349 91918,750 18,311 439 Feb 23,482 23,426 56 632 24,920 21,695 5,012 30,163 789 554 363 305 1,02518,428 18,162 266 Mar 23,636 23,587 49 872 1,238 25,761 21,716 5,020 30,339 777 534 354 623 1,06918,799 18,276 523 Apr 23,345 23,245 100 1,204 ""• 25,307 21,743 5.025 30,210 783 578 330 404 98418,784 18,325 459 May 23,474 23,360 114 1,160 25,377 21,772 5.030 30.513 779 515 307 309 98318,773 18,204 569 June 23,758 23,712 46 232 1,210 25,219*>21,799 5O32 ^30,708 ^776 522 297 313 99218,443n8,442 Wednesday 1956 Apr. 4 23,609 23,588 21 644 866 25,135 21,716 5,016 30,279 788 503 327 302 1,082 18,586 18,377 209 Apr. 11 23,430 23,430 995 772 25,212 21,741 5,018 30,273 787 518 313 307 1,082 18,690 18,294 396 Apr. 18 23,360 23,360 803 982 25,160 21,741 5,018 30,209 787 444 356 309 1,08118,735 18,370 365 Apr. 25 23,252 23,252 857 757 24,881 21,742 5,021 30,077 784 571 337 313 1,074 18,487 18,318 169 May 2 23,382 23,252 130 901 876 25,173 21,743 5,025 30,209 795 585 335 375 98318,661 18,422 239 May 9 23,272 23,252 20 1,003 25,068 21,768 5,025 30,317 792 498 336 322 97918,617 18,250 367 May 16 23,296 23,225 71 656 1,015 24,983 21,769 5,027 30,322 786 564 338 312 97918,477 18,281 196 May 23 23,200 23,200 715 876 24,807 21,771 5,029 30,244 788 636 312 310 98318,334 18,253 81 May 30 23,395 23,360 "35 573 856 24,841 21,771 5,032 30,437 788 434 296 492 98318,215 18,206 9 June 6 23,512 23,492 20 494 939 24,962 21,796 5,032 30,502 789 435 317 297 98218,469 18,236 233 June 13 23,492 23,492 696 030 25,235 21,797 5,033 30,527 782 360 344 283 98118,789 18,274 515 June 20 23,492 23,492 752 454 25,713 21,798 5,033 30,481 776 746 326 283 1,00018,933*>18,549 June 27 23,522 23,492 30 537 127 25,203 21,799 5,032 30,530 785 576 293 290 1,001 18,560^18,397 * 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 715 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 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 c R a e i n r e t v y - k e s C ba o tr n u y k n s - Item and period b m a A b e n e l m r l ks - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o t n r u y k n s - York cago York cago Total reserves held: Excess reserves:2 1955—May 18,746 4,407 1,139 7,734 5,465 1955—May 580 23 1 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 _j 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 Apr 18,847 4,287 1,105 7,814 5,641 Apr 527 -12 1 64 476 May 18,734 4,264 1,119 7,775 5,577 May 467 10 2 49 406 Week ending: Week ending: 1956—May 16 18,710 4,226 1,114 7,796 5,574 1956—May 16 467 5 2 53 407 May 23 18,809 4,264 1,115 7,776 5,654 May 23 534 21 48 465 May 30 18,569 4,236 1,121 7,762 5,451 May 30 343 -14 2 73 287 June 6 18,819 4,291 1,125 7,749 5,654 June 6 602 34 9 79 480 June 13 18,749 4,289 1,109 7,738 5,612 June 13 516 -2 2 82 434 June 20 19,116 4,424 [,139 7,819 5,734 June 20 *>620 10 1 60 June 27 19,030 4,393 1,146 7,798 5,692 June 27 *602 24 2 69 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—May 18,166 4.384 1,138 7,649 4,995 1955—May 368 4 26 213 125 June 18,146 4,373 1,138 7,619 5,016 June 401 13 40 229 119 July 18,205 4,362 1,140 7,673 5,030 July 527 78 33 306 110 Aug 18,152 4.277 1,141 7,682 5,052 Aug 765 149 60 395 161 Sept 18J48 4,248 1,128 7,675 5,096 Sept 849 141 114 472 122 Oct 18,345 4,316 1,127 7,759 5,144 Oct 884 151 137 480 116 Nov 18,378 4,243 1,142 7,802 5,191 Nov 1,016 279 70 538 129 Dec 18,646 4,397 1,164 7,865 5,220 Dec 839 197 85 398 159 1956—Jan 18,586 4,317 1,179 7,863 5,227 1956—Jan 807 174 82 425 126 Feb , 18,177 4,186 1,134 7,687 5,170 Feb 799 149 106 402 142 Mar 18,340 4,344 [,135 7,712 5,149 Mar 993 202 258 382 151 Apr 18,320 4,299 ,106 7,750 5,165 Apr 1,060 155 261 493 151 May 18,268 4,254 1,117 7,726 5,171 May 971 98 155 517 201 Week ending: Week ending : 1956— May 16 18,241 4,221 1,111 7,742 5,167 1956—May 16 1,066 165 186 508 207 May 23 18,275 4,243 [,115 7,728 5,189 May 23 946 73 164 556 153 May 30 18,227 4,250 [,124 7,689 5,164 May 30 732 23 46 414 249 June 6 18,217 4,257 1,116 7,670 5,174 June 6 892 82 127 499 184 June 13 18,233 4,291 1,108 7,656 5,178 June 13 742 9 131 416 186 June 20 '18,495 4,414 1,138 7,758 ^5,185 June 20 764 28 141 448 147 June 27 '18,428 4,369 1,145 7,729 ^5,185 June 27 756 57 84 401 214 Free reserves:2 4 May 1955 1955—May 212 19 -25 -128 345 June 168 2 -43 -168 377 Deposits: July 92 -69 -25 -219 406 Aug -188 -139 -61 -341 353 Gross demand deposits: Sept -285 -127 -114 -409 365 Total 112,672 23,454 6,025 44,137 39,056 Oct -360 -150 -137 -416 344 Interbank 12,208 3,940 1,115 5,957 1,195 Nov -491 -265 -67 -500 341 Other 00,465 19,514 4,910 38,180 37,861 Dec -245 -162 -83 -338 338 Net demand deposits3 . . 98,170 21,074 5,364 38,037 33,695 Time deposits 39,772 3,386 1,304 16,056 19,026 1956—Jan -255 -198 -83 -353 379 Demand balances due Feb - 266 -138 -103 -336 310 from domestic banks.. 6,096 48 110 1,905 4,034 Mar -408 -174 -256 -298 319 Apr -533 -167 -262 -429 325 May -504 -88 -153 -468 205 May 1956 Week ending: 1956—May 16 -599 -160 -184 -455 200 Gross demand deposits: May 23 -412 -52 -164 -508 312 Total 14,067 23,106 5,952 44,796 40,213 May 30 -389 -37 -49 -341 38 Interbank 12,131 3,958 1,121 5,840 1,212 June 6 -290 -48 -118 -420 296 Other 01,936 19,149 4,831 38,956 39,001 June 13 -226 -11 -129 -334 248 Net demand deposits 3. . 98,911 20,451 5,262 38,334 34,863 June 20 P_144 -18 -140 -388 Time deposits 40,829 3,282 1,292 16,510 19,745 June 27 P-154 -33 -82 -332 Demand balances due from domestic banks.. 5,988 66 105 1,902 3,915 » Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand i 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. * Free reserves are excess reserves less borrowings. * 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

716 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v l a ig n a c t e io s n s s e c a u n r d ed d b is y c o e u li n g t i s b le o f p a a p n e d r Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l ( k i l g s a a s t t s i e o p c n a u s r r . e o d S f e t b c h . y e 1 U d 3) i . r e S c . t (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— June 30 beginning— Boston Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 New York... Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 Philadelphia.. Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 Cleveland Apr. 13,1956 Apr. 13, 1956 Nov. 18,1955 Richmond... Apr. 13,1956 Apr. 13, 1956 Nov. 22,1955 Atlanta Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 Chicago Apr. 20,1956 Apr. 20, 1956 Apr. 20,1956 St. Louis Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 Minneapolis.. Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 Kansas City.. Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 Dallas Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 San Francisco Apr. 13,1956 Apr. 13, 1956 Apr. 13,1956 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 RATEl MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 1930—Feb. 7 1942—Oct. 30 21A Effective date M M a a r y . 1 2 4 1946—Apr. 25 1 of change C re e s n e t r r v a e l Reserve D Ju e n c e . 2 2 4 0 1948—Jan. 12 ig b c a i n ty ks banks Aug. 13 1931—May 8 Oct. 9 1950—Aug. 21 Oct. 16 1917__June 21 13 10 1953_jan. \s 2 1932—Feb. 26 1936-Aug. 16 19% 15 June 24 1954_Feb. 5 ig 1937—Mar. 1 2234 Apr. 16 May 1 26 1933—Mar. 3 Apr. 7 1955—Apr. 15 1* 1938—Apr. 16 2234 17% May 26 Aug. 5 Oct. 20 Sept. 9 1941—Nov. 1 26 20 Nov. 18 A 1942—Aug. 20 24 1934—Feb. 2 1956—Apr. 13 S O e c p t t . . 1 3 4 2 2 2 0 1937—Aug. 27 In effect July 1,1956 2*4 1948—Feb. 27 22 June 11 24 * Under Sees. 13 and 13a, as described in table above. Sept. 16,24* 26 22 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942- 1949—May 1.5* 24 21 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 30, July 1*. 20 advances secured by eligible paper. Aug. 1, 11* §* 8* Aug. 16,18*.... Aug. 25 MARGIN REQUIREMENTS 1 Sept. 1 £* 11* [Per cent of market value] 1951—Jan. 11, 16* 23 19 Jan. 25, Feb. 1*. 24 20 Feb. 20, Jan. 4, Effec- 1953—July 1, 9*.... 22 19 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16,24*.... 21 1955 1955 1955 July 29, Aug. 1*. 20 In effect July 1, 1956.. 20 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements: 50 60 70 Minimum 13 Regulation U: Maximum 26 For loans by banks on stocks 50 60 70 i Regulations T and U limit the amount of credit that may be extended on'a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. 00 00 Time deposits Central reserve Coun- and Coun- try reserve try banks city bank. banks 7 3 ? 14 6 12 5 5 14 6 6 16 m 7% 15 7 7 14 6 6 13 5 12 5 13 6 6 14 13 5 5 12 12 5 5 10 7 3 3 20 14 6 6 i Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13. 1943-June 30, 1947). •First-of-month or midmonth dates are changes at country banks, and other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 717 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 June 27 June 20 June 13 June 6 May 30 June May June Assets Gold certificate account 20,269,389 20.270,239 203 270,24120,273,986 20,249,988 20,265,39120,249,987 20,156,101 Redemption fund for F. R. notes.. 839,331 841,067 843,132 831,538 834,859j 843,331 834,859 837,567 Total gold certificate reserves. 21,108,720 21,111,306 21,113,373 21,105,524 21,084,847 21,108,722 21,084,846 20,993,668 F. R. notes of other Banks 266,631 278,403 259,303 254,347 249,353 241,478 239,419 173,778 Other cash 349,653 358,935 343,880 342,774 356,091 364,812 353,076 338,642 Discounts and advances: For member banks 537,366 751,578 680,986 489,663 572,690 232,232 1,160,025 74,591 For nonmember banks, etc 15,000 4,000 53,333 Industrial loans 922 876 931 923 930 904 933 460 Acceptances—Bought outright 16,553 15,121 15,902 16,435 16,439 17,903 16,442 15,928 Held under repurchase agreement. 567 U. S. Government securities: Bought outright: 603,270 603,270 603,270 603,270 471,970 823,970 471,970 832,450 Certificates—Special. Other. . 100,9,,32,699 100^^993,2 ,699 10,,, 932,69i9o ^ i ^! 10^91302^,963929,,61909^,91302^^9 3629^9 69910,932,699 8,273,775 Notes 99,1,1, 5533,991133 ,99; 1,155119.91,133 .; 991,1155533.9391133.J 99!. 1593.9,13,3! 99,11955,133,599311,393'' 99,115533,991133 9,153,913 11,645,837 Bonds 2 2 , 8 8 0 0 1 1, 7 7 5 5 0 0! 22,880011,775500 22,880011.775500 ) 228.800117,75500 228,800117,75500! ! 228,800117,75500 2,801,750 2,801,750 Total bought outright 23,491,632 23,491,632 23,491,632 23,491,632i23,360,332 23,712,332 23,360,332 23,553,812 Held under repurchase agreement. 29,900!.... 20,300 34,900! 45,4001 113,400 53,500 Total U. S. Government securities. 23,521,532 23,491,632,23,491,632 23.511.932123,395,232 23,757,732123,473,732,23 Total loans and securities. 24,076,37324,259.207,24,204,45^24,022,95323,985,291 24,009,338124.651,132 23 Due from foreign banks. 22 22: 22; 221 22 22! 22 Uncollected cash items.. 5,032,780 6,434.997| 4,959,695! 4,150.6261 4,220,491 4,706,794 4,190,376 Bank premises 67,725 67.549; 67,026; 66 623 66,622 67,800 66,584 Other assets 213,714 205,055 215,914j 206.697 195,016 217,951 198,032 Total assets. 51,115,618 52,715,474 51,163,664 50,149,566150,157,73350,716,917 50,783,487 49 Liabilities Federal Reserve notes 26,208,485 26,174,035 26,194,765 26,164,998 26, 111,720 26,367,109J26,167,514 25,867,600 Deposits: Member bank reserves 18,559,565 18,932,566 18,789,00518,468,50418,214,63418,442,853 18,773,17118065,674 U. S. Treasurer—general account. 575,507 746,326| 360,018 435,191 434,202 522,403 515,254 380,473 Foreign 293,440 325,523 343,572 317,275 295,534 296,698| 306,646 374,037 Other 290,114 283.127i 282,955 2-9'65,61 492,317 313.442; 308,518 448,169 Total deposits. 19,718,626 20,287,542 19,775,550 19,517,53119,436,68719,575,39619,903,58919,268,353 Deferred availability cash items 3,906,218 4.980,940 3,929,454 3.211. 3,364,574 3,496,753 3.464.323 3,359,871 Other liabilities and accrued dividends i 23,598 22,621 21,981 22; 20,786 15,164 22,000 11,958 Total liabilities. 49,856,927 51,465,138 49,921,750 48,915,999 48,933,767 49,454,422 49.557,426 48,507,782 Capital Accounts Capital paid in 315,611 315,472 315,184 314,967 314,695 315,742| 314,697 295,179 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 693,6121 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 221,925 213,709 205,575 197,445 188,116 225.598 190,209 174,297 Total liabilities and capital accounts. 51,115,618 52,715,474 51,163,664 50,149,566 50,157,733 50,716,917 50,783,487 49,665,702 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 45.4 45.9 46.2 46.3 45.9 45.8 46.5 Contingent liability on acceptances purchased for foreign correspondents 45,356 45,541 45,869 44,888 45,770 44,786 45,290 26,170 Industrial loan commitments 2,577 2,626 2,572 2,580 2,466 2,565 2,571 3,571 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total.... 537. 751,578 695,986 493. 663 572,690 232,232 160,025 127,924 Within 15 days 526! 745,959 690,916 482! 296 560,458 219,204 149,293 68,218 16 days to 90 days 5,619 5,018 Hi293 12,158 13,028 10,658 46,304 91 days to 1 year 52 74 74 74 13,402 Industrial loans—total 922 876 931 923 930 904 933 460 Within 15 days 63 64 1 1 357 11 1 17 16 days to 90 days 80 61 153 168 69 64 68 144 91 days to 1 year 428 401 417 394 144 478 504 156 Over 1 year to 5 years 351 350 360 360 360 351 360 143 Acceptances—total 16553 15,121 15,902 16435 16,439 18,470 16,442 15,928 Within 15 days 5 200 5,781 4,980 4 665 6,064 5,525 5,349 4,605 16 days to 90 days 11353 9,340 10,922 11770 10,375 12,945 11,093 11,323 U. S. Government securities—total, 23,521 532 23,491,632 23,4916,3'"2 23,511 932 23,395,232 23 757,732 23 473,732 23 607,312 Within 15 days 133600 121,300 113,800 112 100 171,100 133,400 152,100 131,500 16 days to 90 days 7,939635 ,922,035 ,929,535 7,951 535 775,835 176,035 7,873,335 ,508,149 91 days to 1 year 11,93269911,932,699 ,932,699 11,932 69911,932,699 11,932,699 [1,932,699 ,765,699 Over 1 year to 5 years 1,087 127 087,127 ,087,127 1,087 127 ,087,127 ,087,127 1,087,127 ,773,493 Over 5 years to 10 years 1,013 614 013,614 ,013,614 1,013 614 ,013,614 ,013,614 1,013,614 ,013,614 Over 10 years 1,414 857 ;414,857 ,414,857 1,414 857 ,414,857 ,414,857 1,414,857 ,414,857 1 No accrued dividends at end-of-June dates. 2 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 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 933,477 5,413,292 1,123,267 1,831,186 1,278,463 883,795 3,623,800 837,921 311,311 850,912 734,1012,443,866 Redemption fund for F. R. notes 54,409 178,446 60,089, 74,804i 63,468 51,197] 155,245 43,073 23,320 40,593 25,985 72,702 Total gold certificate reserves. 987,886 5,591,738 1,183,356 1,905,990 1,341,931 934,992 3,779,045 880,994 334,631 891,505 760,086 2,516,568 F. R. notes of other Banks... 10,253 39,595 20,288 15,934 18,082 57,593 19,908 10,289 8,593 6,344 13,367 21,232 Other cash 25,803 77,830 19,373 36,020 18,444 31,019 54,319 25,093 8,957 12,424 15,441 40,089 Discounts and advances: Secured by U. S. Govt. securities 6,915 45,150 59,687 5,780 12,557 1,150 41,650 2,300 23,856 17,056 1,070 4,950 Other 10,000 Industrial loans 300 552 . 52 Acceptances: Bought outright 17,903 Held under repurchase agreement 567 U. S. Govt. securities: Bought outright 1,303,372 5,967,872 1,424,898 2,050,9511,459,9451,219,264 4,137,138 989,990 535,5901,027,455 942,4232,653,434 Held under repurchase agreement 45,400,. Total loans and securities 1,310,698 6,076,892 1,485,137 2,056,7311,472,502 1,220,414 4,178,788 992,290 569,4981,044,511 943,493 2,658,384 Due from foreign banks 16 1 1 3 1 1 1 1 Uncollected cash items 489,843 870,138 262,688 483,448 373,199 318,016 756,420 171,591 113,960 196,454 216,439 454,598 Bank premises 5,449 8,418 4,916 6,988 6,665 4,010 5,968 3,693 4,166 4,077 2,586 10,864 Other assets 11,667 52,948 12,690 18,787 13,110 11,942 39,745 8,809 4,783 9,282 9,881 24,307 Total assets. 2,841,60012,717,565 2,988,450 4,523,900 3,243,934'2,577,987 8,834,196 2,092,760'1,044,589 2,164,5981,961,294 5,726,044 Liabilitiei F. R. notes 1,595,690 6,037,140 1,759,382 2,459,760 2,000,3261,312,1955,098,9911,181,852 515,1701,044,210 695,592 2,666,801 Deposits: Member bank reserves. 833,555 5,399,957 862,276 1,480,051 807,371 884,006 2,889,220 676,690 371,644 870,061 963,918 2,404,104 U. S. Treasurer—general account , 44,407 67,251 34,583 30,329 41,991 41,239 71,325 28,035 24,246 33,856 32,545 72,596 Foreign 16,756 293,897 20,448 25,844 14,484 12,496 39,760 10,792 7,100 10,792 14,484 29,845 Other 2,852 239,574 9,399 2,733 1,795 938 552 8,057 1,371 44,273 991 907 Total deposits , 897,570 5,800,679 926,7061,538,957 865,641 938,6793,000,857 723,574 403,981 915,6161,012,318 2,550,818 Deferred availability cash items , 272,851 526,863 212,282 410,092 310,347 268,211 548,969 137,391 92,465 154,015 190,737 372,530 Other liabilities 817 5,273 655 1,685 531 566 2,809 483 406 469 369 1,101 Total liabilities 2,766,92812,369,9552,899,025 4,410,494 3,176,845 2,519,6518,651,626 2,043,3001,012,022 2,114,3101,899,016 5,591,250 Capital Accounts Capital paid in 16,365 91,430 20,060 30,008 14,505 14,633 42,189 10,851 7,024 12,693 17,282 38,702 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. 13,629 53,034 15,385 19,829 14,223 12,100 37,058 10,439 6,884 10,498 9,842 22,677 Total liabilities and capital accounts 2,841,60012,717,565 2,988,450 4,523,9003,243,934 2,577,987 8,834,196 2,092,760 1,044,589 2,164,598 1,961,294 5,726,044 Reserve ratio , 39.6% 47.2% 44.1% 47.7% 46.8% 41.5% 46.7% 46.2% 36.4% 45.5% 44.5% 48.2% Contingent liability on acceptances purchased for foreign correspondents. 2,679 312,371 3,269 4,131 2,315 1,998 6,356 1,725 1,135 1,725 2,315 4,767 Industrial loan commitments.. 89 240 108 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $32,415,000 participations of other Federal Reserve 2 After deducting $202,776,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 719 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 June 27 June 20 June 13 June 6 May 30 June May June F. R. notes outstanding (issued to Bank). 27,123,226 28,088,226 27,065,784 27,006,500 26,967,900 27,177,986 26,993,126 26,629,031 Collateral held against notes outstanding: Gold certificate account 11,538,00011,538,000 11,538,000 11,613,000 11,513,000 11,478,000 11,513,000 11,108,000 Eligible paper 86,117 91,720 135,334 135,391! 121,471 79,043 285,021 44,602 U. S. Government securities 16,935,000 16,935,000 16,935,000 16,935,000 16,935,000 16,935,000 16,935,000 17,055,000 Total collateral 28,559,117 28,564,720 28,608,334 28,683,391 28,569,471 28,492,043 28,733,02128,207,602 EACH FEDERAL RESERVE BANK ON JUNE 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 L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,638,2116,192,5951,831,622 2,540,622 2,042,8261,363,263 5 182,8341,233,011 561,776 1,070,503J735,924 2,784,799 Collateral held: Gold certificate acct.. 580,000 2,870,000 650,000 1,070,000 845,000 500,000 2,300,000 450,000150,000 280,000 283,000,1,500,000 Eligible paper 59 ,68—7!' 2,300 17,056 U. S. Govt. securities. 1,200,000 3,600,0001,200,r0w0v0v 1,500,0001,250,0001,000,000 3,000,000 900,~00~0~ 460', 666 800,000 525,000 1,500,000 Total collateral 1,780,000 6,470,0001,909,687 2,570,000 2,095,000 1,500,000 5,300,000 1,352,300 610,000 1,097,056 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o ns unt (a b p p m c u r 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 u o 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 o n f t t i r d u i o i i n t o n o i i t u a c n - n s n n n i t g s s - c i t - ) - ' 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 L t st o a a n n d s g i P n u o t g a e rt e r i a d o n n - a u a o A b n v n u a o t d a d t e m m s r i d e e l r t r i e a a o o t b n a n i w u g o g l t d n e s u e n r i t e r a n a t s e r l g o - - 1950 3,698 651,389 4,819 2,632 3,754 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 ,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 1955 May 3,775 823,754 170 707 3,410 1,586 May ,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 ,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 3,77? 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 Apr 3,779 828,846 45 945 2,455 1,128 Apr 1,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 1,288 May 1,435 2,663 340 256 175 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

720 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GU\RANTEED UNDER REGULATION V» [In effect June 30. Per cent per annum] [In effect June 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 On discounts or Percentage of (percentage of any commitment Federal purchases loan guaranteed interest payable fee charged Reserve by borrower) borrower Bank On On On commit- Portion Re- commitloans 2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia. , Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond... [Per cent per annum] Atlanta Chicago 3-51/2 St. Louis.... (4) Interest rate Minneapolis. . Kansas City.. Commitment rate. Vt Dallas San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F ur e e d m er e a n l t R a e g s e e n rv c e ie s B , an p k u s r s a u c a t n t a s t f o i sc t a h l e ag D e e n f t e s n s o e f t P h r e o d g u u c a t r i a o n n t ee A in c g t 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 VA per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally 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 centersi centers2 City centers1 centers2 City centers * centers2 1948 . . . . J 111 Aid 443 216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 [ 380 112 509,340 298,564 572,208 31.1 22.6 17.2 1951 . I 542 554 544 367 336 885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 I 759 069 632 801 385 831 740,436 36.7 25.6 18.9 1954 .887.366 738,925 390,066 758,375 42.3 25.8 19.2 1955 ... 2 043 548 766 890 431 651 845,007 42.7 27.3 20.4 1955 Apr 158,296 57,634 34,494 66,168 37.3 27.1 19 2 37.9 26.3 19.8 May 167 714 62 211 36 570 68,933 42.7 28.4 20.6 43.8 28.8 21.0 June 177,917 67,634 37,569 72,714 44.7 28.3 20.8 41.4 27.7 20.8 July 161,748 58,904 34,123 68,721 40.7 26.6 20.4 41.7 27.1 20.7 Aug 167 343 58,980 35,863 72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept 168,967 62,550 35,126 71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct 175,779 67,568 35,803 72,409 44.7 26.5 20.3 46.1 27.3 20.3 Nov. 173,190 63,406 36,876 72,908 45.4 29.0 22.0 45.9 28.6 20.9 Dec 200,523 81,027 40,193 79,303 51.3 28.1 21.6 45.4 26.9 20.5 1956—Jan 187 361 69,675 40,718 76,967 45.7 29.5 21.7 45.5 30.1 21.5 Feb 162,105 57,413 35,143 69,549 41.1 27.5 21.0 42.2 28.2 21.1 Mar 189,793 73,214 40,132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr 176 760 65 715 37,763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 May 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 June 186,540 70,733 38,937 76,870 47.0 *28.9 *>21.7 43.5 ^28.3 9 Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. Nora.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 721 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—May 30,009 21,098 1,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 June .. . 30,229 21,312 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 Aug 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept 30,422 21,489 1,887 ,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 Nov 30,993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Jan 30,228 21,236 1,897 ,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 Feb 30,163 21,227 1,900 ,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 ,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr 30 210 21,320 cl,922 c ,241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 9 May 30,513 21,621 1,939 ,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 c Corrected. paper currency shown by denomination by amounts of unassorted cur- 1 Outside Treasury and Federal Reserve Banks. Prior to December rency (not shown separately.) 1 955 the totals shown as in circulation were less than totals of coin and 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Held by Kind of currency T s M t o a t 1 a n a y 9 l d 5 i 3 o 6 n 1 u g , t , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a . a n o n R d r k . s a B F g a . a e n n n R d k t . s s M 1 a 9 y 5 3 6 1, Ap 1 r 9 . 5 3 6 0, M 1 a 9 y 5 3 5 1, certificates agents Gold 21,772 21,118 2653 Gold certificates 21 118 18,269 2,816 34 34 35 Federal Reserve notes 26 993 75 1,065 25,853 25,602 25,419 Treasury currency—total 5,030 32,417 51 353 4,626 4,575 4,555 Standard silver dollars 489 216 32 5 235 233 221 Silver bullion 2 200 2,200 Silver certificates and Treasury notes of 1890. . . 32 417 259 2,158 2,124 2,161 Subsidiary silver coin 1 317 13 51 1,253 1,241 1,192 Minor coin 462 2 9 451 448 430 United States notes 347 2 27 318 315 320 Federal Reserve Bank notes 150 (4) 2 148 149 164 National Bank notes 65 (4) (4) 64 65 67 Total—May 31, 1956 (5) 23 535 779 18 269 4 234 30,513 Apr. 30, 1956 (5) 23,505 783 18,235 4,442 30,210 May 31, 1955 (5) 23,427 828 18,172 4,132 30,009 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. 600. 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 the Federal Reserve Act, or of direct obligations of the United States. * Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasurer of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable 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

722 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t o c e r u a i u e n n u n r a c r g y t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v e a o e r n m c r d n ia - m l ent R F e e o d s b e e l r i r v g a e a l tion O s ther O s ri e t t c h ie u e s - r c l n a T i i a n p e a t o n i t b e i e t — t d t i a s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C c m o a a n a u p n i c e n s i - d t c t t a s . l , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933 -June 30., 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54.564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64.653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31., 20,065 4,339 167.381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43.023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 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_j D Un e e c . 3 3 0 1 . . 2 2 1 1 , , 9 7 2 1 7 3 4 4 , , 9 9 5 8 9 5 2 2 0 1 0 0 , , 6 9 2 8 8 8 8 8 1 5 , . 2 7 1 3 0 0 1 9 0 9 4 , , 8 8 2 1 7 9 7 7 2 7 , , 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 5 3 9 9 1 2 2 2 3 7 7 , , 5 6 1 8 4 6 2 2 0 1 9 8 , , 3 8 5 8 4 2 1 1 8 8 , , 1 8 6 0 1 6 1955—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 20,900 218,100 218,800 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 " 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. 29 v, 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 P, 21,700 5,000 214,900 101,700 92,500 67,000 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25^ 21,700 5,000 214,900 102,600 91,600 66,500 23,300 1,900 20,700 241,700 221,200 20,400 May 3O*5. 21,800 5,000 214,700 103,400 90,800 65,600 23,400 1,900 20,500 241,500 221,200 20,300 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 e g e n i - n t t k s, T h c r u o a e r l s a y d h 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 o m r n c m k e ia s - l dep M s b o a a u s v n i t i t k u n s s g a 2 l s 3 S S P a y v o s i s t n e ta g m l s p m o D d s a e i e n - t - d s4 b r C o s e a i n u n u d c t k r e - y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e d s t e n - e i - - t d d s b r C o e s a n i u u n d c t r k e - y - s 1929 June 29.. 365 204 381 36 54,790 28.611 19,557 8,905 149 22,540 3,639 1933 June 30 . 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939 -Dec. 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1.278 29,793 6,401 1941 -Dec. 31 . 1,498 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945 -Dec. 31.. 2,141 24,608 977 i150,793 48,452 30,135 15,385 2,932 75.851 26,490 1947-Dec. 31. . 1,682 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 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 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97,800 26,900 1953 Dec. 31 . 2,694 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 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 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—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 5001 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 ,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 ,900 106,100 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.. 3,1671 767 4,038 394 216,577 78,378 48,359 28,129 ,890,109,914! 28,285 133,300 105,800 27,500 1956—Jan. 25P. 3,100! 800 2,300 5~~00~ 214,400 78,400 48,300 28,300 ,900| 108,900! 27,100 133,300 106,000 27,300 Feb. 29P. 3,000' 800 4,000 600 211,600 78,800 48,500 28,400 ,800105,600 27,200 132,700 105,400 27,300 Mar. 28^. 3,000 800 6,500 500 210,800 79,300 48,800 28,600 ,800 104,400 27,200 133,100 105,600 27,500 Apr. 25P. 3,000 800 4,400 600 212,400 79,300 48,800 28,700 ,800106,100 27,000 134,400 107,200'27,200 May 30P. 3,000 800 5,800 400 211,200 79,600 49,000 28,900 ,800:104,200; 27,400 133,200 105,70027,500 v Preliminary. NOTE.—For description of statement and back figures, see BULLETTN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt- deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For 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 723 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i v g S t a . . - O se t c h u e - r a C ss a e s t h s 2 c b T a i a l l o p i n i a t i t d i t - a e a l s l Total 2 b In an te k r - 2 Dema O nd ther c c T a o a o p u c i t n - t a t a l s l b N a b u o n e m f r ks tions rities 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. 3M 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—May 25 184,410 89,790 73,740 20,880 39,650 227,410 205,100 14,020 5,130 111,110 74,840 17,630 14,312 June 30 184.253 91.355 71.947 20,951 42.014 229,631 208.850 15,245 5,081 113,034 75,491 17,663 14,309 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* 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 3,640115,140 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 Apr. 25* 190,770103,570 66,490 20,710 40,750 235,070 211,070 14,220 4,110 114,910 77,830 18,580 14,224 May 30* 190,550104,500 65,560 20,490 40,890 235,010 210,890 13,690 5,450113,580 78,170 18,710 14,218 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941_Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14.011 1947_Dec. 31* 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343| 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 36,503 11,590 14,121 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—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 1X],516 15,242 5,078 112.983 48.214 14,906 13,781 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 4J,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* 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* 158,350 82,540 59,170 16,640 40,530 202,040 181,670 14,060 3,640 115,090 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 Apr. 25* 160,040 85,340 58,060 16,640 39,920 203,0701 182,330 14,220 4,110 114,860 49,140 15,710 13,697 May 30* 159,600 86,030 57,170 16,400 40,060 202,780 181,980 13,690 5,450 113,520 49,320 15,820 13,691 All member banks: 1939—Dec. 30 33,941 13,96: 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—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 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 1,693100,360 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 Apr. 25* 134,643 73,386 47,639 13,618 35,101 172,483 154,715 13,541 3,666 98,037 39,471 13,134 6,517 May 30* 134,11 73,930 46,818 13,366 35,279 172,156 154,405 13,044 4,912 96,827 39,622 13,234 6,510 All mutual savings banks: 1939—Dec. 30 10,216 4 92' 3,101 2,188 818 11,852 10,524 10 52' 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 12,92" 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—May 25 28,840 15,940 8,740 4,160 950 30,200 27,110 27,060 2,740 528 June 30 28.990 16,17" 8,675 4,142 989 30,382 27,334 27,277 2,757 528 Oct. 26 29,630 17,050 8,550 4,030 890 30,930 27,810 8 27,760 2,790 527 Nov. 30 29,710 17,260 8,470 3,980 890 31,020 27,840 27,790 2,820 527 Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,812 527 1956—Jan. 25* 30,120 17,620 8,480 4,020 910 31,450 28,320 28,270 2,820 527 Feb. 29* 30,350 17,820 8,470 4,060 900 31,680 28,460 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 Apr. 25* 30,730 18,230 8,430 4,070 830 32,000 28,740 28,690 2,870 527 May 30* 30,950 18,470 8,390 4,090 830 32,230 28,910 60 28,850 2,890, 527 * Preliminary. asset and liability data are not available. Comparability of figures for i All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 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— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l a o p i i n c a t t i d i - a t - e a l s l Total2 b In a t n e k r- 2 Dema O nd ther Time c T a o p t i a ta l l N ba b u o n e m f r ks counts 3 U. S. Other Govt. Central reserve city member banks: New York City: 1 1 9 9 3 4 9 1 — — D D e e c c . . 3 3 1 0 . . . . 1 9 2 , , 3 8 3 9 9 6 4 3 , , 0 2 7 9 2 6 4 7 , ,2 7 6 7 5 2 1 1 , , 5 2 5 7 9 2 6 6, , 6 7 3 0 7 3 1 1 6 9 , , 4 8 1 6 3 2 1 17 4 , , 9 5 3 0 2 7 4 4 , , 2 2 3 0 8 7 8 7 6 4 6 1 9 2 , ,0 4 5 5 1 9 7 8 3 0 6 7 1 1, , 6 5 4 9 8 2 3 3 6 6 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 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—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 5,454 1,131 18,926 2,281 2,715 18 Oct. 26.. 23,142 13,868 7,015 2,259 7,022 30,850 26,737 5,048 1,060 18,358 271 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 2,303 2,745 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 Apr. 25*. 23,201 15,099 6,027 2,075 6,862 30,773 26,499 4,929 805 18,456 2,309 2,793 18 May 30*. 22,918 15,153 5,871 1,894 6,957 30,607 26,388 4,941 1,049 18,103 2,295 2,798 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 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—May 25 . . 6,170 2,698 2,807 665 1,836 8,055 7,321 1,126 296 4,608 1,291 605 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 Oct. 26.. 6,264 2,977 2,581 706 1,930 8,247 7,387 1,200 251 4,635 1,301 619 13 Nov. 30.. 6,210 3,079 2,430 701 1,956 8,222 7,453 1,156 254 4,745 1,298 628 13 Dec. 31.. 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—Jan. 25*>. 6,435 3,239 2,535 661 1 985 8,469 7,749 1,144 74 5,230 1,301 626 13 Feb. 29*. 6,237 3,097 2,472 668 1,953 8,245 7,397 1,160 216 4,731 1,290 631 13 Mar. 28*. 6,446 3,223 2,545 678 1,785 8,282 7,202 1,236 420 4,284 1,262 631 13 Apr. 25*. 6,325 3,383 2,242 700 1,850 8,227 7,208 1,129 228 4,572 1,279 631 13 May 30*. 6,219 3,400 2,124 695 1,903 8,176 7,334 1,094 344 4,613 1,283 636 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,64" 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 14,13: 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 15,476 4,300 300 1955—May 25 50,705 25,114 20,354 5,237 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 5,245 14,696 66,293 60.854 6,545 1,843 36,459 16,007 4,492 297 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 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 1956—Jan. 25* 52,058 28,519 18,603 4,936 14,581 67,687 61,299 6,365 509 38,326 16,099 4,656 293 Feb. 29* 51,600 28,719 17,989 4,892 14,657 67,358 60,756 6,042 1,335 37,208 16,171 4,722 291 Mar. 28* 52,104 29,350 17,837 4,917 14,431 67,640 61,144 6,121 2,280 36,528 16,215 4,759 291 Apr. 25* 52,410 29,753 17,694 4,963 14,578 68,107 61,266 6,236 1,407 37,421 16,202 4,822 290 May 30* 52,057 29,886 17,280 4,891 14,629 67,829 60,959 5,852 2,017 36,803 16,287 4,875 291 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 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 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 10,632 46,059 43,418 1,223 5,465 24,235 12,49- 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 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 11,57 52,689 48,897 1,133 922 31,97^ 14,865 3,532 6,501 1953—Dec. 31 47,404 19,934 22,423 13,268 61,385 56,740 1,315 1,216 36,520 17,69C 4,194 6,389 1954—Dec. 31 50,466 21,442 23,629 13,11" 64,364 59,360 1,508 1,271 37,794 18,78" 4,506 6,326 1955—May 25 50,903 22,353 22,912 11,418 63,118 57,753 1,153 1,420 36,153 19,02' 4,651 6,292 June 30 50,806 22,799 22,321 12,092 63,732 58,594 1,283 1,339 36,75 19,220 4,642 6,283 Oct. 26 52,258 23,710 22,775 12,023 65,104 59,634 1,268 1,321 37,65 19,394 4,796 6,245 Nov. 30 52,553 24,136 22,615 12,08' 65,503 59,987 1,288 1,161 38,404 19,134 4,815 6,234 Dec. 31 52,775 24,379 22,570 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956—Jan. 25* , 52,561 24,437 22,324 12,01 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29* 52,421 24,604 21,970 11,872 65,158 59,594 1,248 1,037 37,795 19,514 4,819 6,203 Mar. 28* 52,469 24,905 21,726 11,83^ 65,161 59,573 1,226 1,519 37,17f 19,65 4,832 6,199 Apr. 25* 52,707 25,15 21,676 11,81 65,376 59,742 1,247 1,226 37,58! 19,68 4,888 6,196 May 30* 52,920 25,49 21,543 5,886 11,791 65,544 59,724 1,157 1,502 37,30* 19,757 4,925 6,188 * 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 725 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 lia- Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i S v g t a . . - O se t c h u e - r a C ss a e s t h s 2 c b a i a l p n it i d t ie a s l Total* b In a t n e k r 2 - Demand c c a o a p u c i n t - a ts l ba b o n e f r ks tions rities ac- Time counts 3 U. S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,429 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 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955—June 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90 220 84,939 9 229 14 013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1953_Dec. 31... . 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 4,856 1954—Dec. 31 88,509 39,712 39,392 9,405 25,662 115 835 105,851 10,714 2 508 66,426 26,202 8,085 4,789 1955_june 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24 688 22,259 3,739 621 13,874 4,025 2,246 J.502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 ,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1953_Dec. 31 40,509 19,931 17,121 3,457 12,903 54 179 49,510 5,019 1 232 32,206 11,054 3,925 1,887 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 ,871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 ,867 Dec. 31 49,208 27,554 17,118 4,536 15,719 66 002 59,854 6,549 1,264 39,559 12,482 4,868 .851 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19 256 18,119 244 1 560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20 691 19,340 266 149 12,366 6,558 1,271 6,478 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26,679 24,555 378 360 15,398 8,419 1,925 6,672 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27 911 25,657 393 439 15 879 8,947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2 283 1,872 329 1291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2 768 2,452 181 1905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1953—Dec. 31 1,891 511 1,045 335 430 2 372 2,005 407 30 1,182 386 320 569 1954—Dec. 31 1,800 492 969 339 397 2 250 1,871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2 172 1,788 448 13 990 337 327 513 Dec. 31 1,716 520 827 370 357 2 126 1,742 370 12 1,039 322 320 499 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31... 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31« 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7 261 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16,580 8,806 2,245 7,241 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955—June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 Inured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 1954 Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 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 < 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 > 5,020 558 350 1947_Dec. 31* 5,957 1,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1953—Dae. 31 6,558 2,910 2,707 941 184 6,796 6,015 2 6,013 740 309 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6,474 2 6,471 774 309 1955 June 30 7 373 3 605 2 677 1,090 180 7,621 6,743 2 6 741 792 310 Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 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

726 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e a n e t n n d a s t s t l s - Total2 C c m o m c i p p k l i o p i n u n e a a e a e m e g d - r r r l - t n - , - - - A c tu u a g r l l r - - i- b p o d L a r T e s u r e n e r o o a r o c c d k s c a l a u - h n - r r a s r i s t y o i T e i f i e t n r o n h o s s g r g - l R o ta a e t n a e l s O l v u o d t t i a a o h i d - l n e s - s r O lo th an e s r Total Total U B . i S ll . s G C o o d c e v e f a e r e d t t b i i e r - n f t D n s - i - - m ir e e N n c o t t te o s blig B a o t n io d n s s G t a e u n e a - d r- S p O s t d s a i i t i g o u c i o o a o b n v a l b a t f n n l d i - i e - l i t s - s - - s O s r e i t t h c i e u e r s ers ness All commer ial banks:3 1947_Dec. 31... 116,28438,05718,167 ,660 8301,220 9,393 5,723 063 78,22669,2212,193 7,789 6,034 53,191 5,,276 3,729 1954 —Dec. 31..., 155,91670,61926,867 5,^20000 2,9291,525 18,41814,7502,000 85,29768,9815,065 5,361 14,672 43,861 12,586 3,729 1955— June 30... 155,26475,18328,872 4,3912,8591,613 19,77916,36512,42880,08163,2713,220 1,710 16 ,685 12,785 ,025 Dec. 31.... 160,88182,60133,245 4,,'447755 "3,263 ,774 20,809 17,185 3,117 78,28061,5924,219 2,318 034 41,010 12,6983,990 1956—Apr. 10*.., 159,39084,40034,,500 4,3302,740 ,770 21,270 17,510 3,600 74,99058,1402,660 1,980 350 40,140 13,060 3,790 All insured commercial banks: 1941_Dec. 31.... 49,29021,259 9,214 ,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31.... 121,80925,765 9,461 1,314 3,1643,606 4,677 2,36111,1_8 1.96,04388,9122,455 19,071 16,045 5"1 ,321 22 3,8733,258 1947—Dec. 31.... 114,27437,58318,0121,610 8231,190 9,266 5,654 1,0"2~8 76,69167,9412,124 7.552 5,918 52,334 14 5,1293,621 1954—Dec. 31.... 154,11570,12726,7315,108 2,9071,50118,30214,676 1,973 83,98868,0124,901 5,279 14, ,287 2112,335522 33,624 1955—June 30.... 153,48874,69228,7294,3192,8341,58919,66116,283 2,400 78,79662,3422,996 1,667 16,479 41,185 1512,5493,906 Dec. 31.... 159,16482,08133,092 4,396 3,2291,74220,69217,104 3,09177,08360,7654,105 2,292 13,856 40,502 1012,4653,853 Member banks, total: 1941-Dec. 31..., 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,007 11,729 3,832 090 21,871 1945-Dec. 31..., 107,18322,775 8,949 855 3,1333,378 3,455 1,900 1,104 84,40878,3382,275 16,985 14,27144,792 16 254 2:,815 1947 -Dec. 31.... 97,846 32,62816,9621,046 8111,065 7,130 4,662 ,21857,9141,987 5,816 4,815 4'"5,286 10 199 3,105 1954-Dec. 31..., 131,60260,25025,0073,—529 2,8811,36314,43312,1271,858 71,35257,8094,075 4,307 12,464 36,944 20 449 3,094 1955—June 30..., 130,78864,31526,894 2,199 2 1,44015,59413,4892,285 66,47352,5432,377 1,281 13,969 34,903 13 584 3i,346 Dec. 31....135.36070,98231,019 2,7263,150 1,56016,39114,313(2,94364.37750.6973,250 1,738 11,508 34,192 9 444 3,236 1956—Apr. 10..., 134,03072,48832,2212,542 2,616 1,56016,73414,556 3,430 61,54247,7021,956 1,428 10,930 33,377 11 802 3,037 New York City:* 1941—Dec. 31..., 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945_Dec. 31... 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1 1 9 9 5 4 4 7 — _ D D e e c c . . 3 3 1 1 . . . . . . 2 2 3 0 , , 8 3 8 9 0 3 1 7 2 , , 1 0 7 3 9 9 5 7 , , 3 2 6 3 1 1 204 2,0 5 4 4 1 5 4 2 3 6 2 7 4 1 6 1 7 1 1,2 5 3 6 2 4 6 3 4 3 4 01 11 3 , , 8 2 4 1 1 41 9 1 , , 3 9 4 72 2 1,0 7 0 8 2 5 6 5 4 9 0 7 1, 5 92 5 4 8 9 6 , , 7 0 7 2 1 6 *"io 1, 6 97 3 7 8 6 5 0 2 4 3 1 1 9 9 5 55 6 — — J A D u p e n r c e . . 1 3 3 0 0 1 . . . . . . . . . , 2 2 2 3 3 3 , , , 5 0 1 8 9 5 3 9 9 1 1 1 4 4 3 , , , 9 0 6 4 1 4 5 6 0 9 7 9 , , , 1 9 5 2 2 9 6 8 2 1' 1 7 1 " 6 2 2 2 1 , , , 1 6 0 4 6 3 4 2 4 4 5 5 1 6 1 1 6 3 5 6 6 7 0 5 7 8 6 1 1 , , , 3 5 5 7 1 0 9 9 6 1 1 , , 3 0 7 0 0 5 1 6 41 8 8 0 . , , 2 9 0 1 4 8 4 3 3 6 7 6 , , , 7 7 0 9 8 0 6 2 0 5 2 5 5 4 3 2 6 7 1 1 8 0 4 2 0 6 1 1 1 , , , 1 0 8 4 2 3 1 4 0 5 4 5 , , , 0 6 2 0 4 6 2 4 2 4 7 2 1 1 1 , , , 6 8 7 0 1 5 9 2 4 4 5 5 3 0 4 9 2 7 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 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 *8 604 1,723 476 219 1956—Apr. 10... 6,324 3,315 2,465 13 201 99 130 283 197 3,009 2,309 28 54 557 1,670 497 203 Reserve city banks 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 lt527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 I459 855 404 31,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 1,59120,196 373 2,358 1,90115,560 3 1,342 1.053 1954—Dec. 31... 50,73823,98610,624 956 407 622 6,134 4,912 720 26,75221,7181,326 1,695 4,95413,736 7 3,7821,252 1955—June 30... 50,59625,65411,210 700 444 651 6,603 5,500 954 24,94219,697 503 481 5,77312,937 3 3,916 1,330 Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,916 180 23.81718,826 813 657 4,70812,643 5 3,7781,233 1956—Apr. 10... 52,14229,35813,615 511 539 689 7,121 5,998 1,354 22,78417,768 417 478 4,50512,364 4 3,829 1,186 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,342 ,067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 229 2266,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1954—Dec. 31... 50,46621,442 5,306 2,229 89 220 7,742 5,760 388 29,02423,6291,893 1,774 4,731 15,228 3 4,275 ,120 1955—June 30... 50,80622,799 5,815 1,980 61 234 8,214 6,366 439 28,00622,3211,261 587 5,55414,916 3 4,458 ,227 Dec. 31... 52,77524,379 6,290 2",127 189 255 8.723 6,575 57328,39722,5701,774 913 5,05614.825 3 4,581 ,246 1956—Apr. 10... 52,40624,871 6,549 2,016 213 260 8,875 6,756 57727,53521,6251,265 814 4,84414,699 3 4,663 ,247 All nonmember banks: 3 1947_Dec. 31... 18,454 5,432 1,205 614 20 156 2266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 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... 25,54611,628 2,226 1,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2,255 755 e Partly estimated. Figures have been rounded to nearest $10 million. Reserve membership, insurance status, and the reserve classifications of *All commercial banks in the United States. These figures exclude cities and individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that ^Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all continue to be shown net. insured commercial banks or all commercial banks. Comparability For other footnotes see opposite page. of figures for classes of banks is affected somewhat by changes in Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 727 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits u _ Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s e s w e R e d a r r i n e e v t v - r h e k e a s s l v C a i a n u s l h t b m a w a d n e n o i c s t k - e t h i s s c s j m u po s d a a t e d s n e - i - t d d s 6 m D e I s n o d t - t e i e c p r 5 o b s a i n F t e s i k o g r n - G U o . v S t . . p v s S o i u a t l s a i b n i t o t d i d e c n i s a - s l c C c h o a f e e i f e n e f r r c i d t s d - k i ' - s, p a v n s a p i I d h d n r o t u i d r n p c a a i e o s - l - , r s r - , - I b n a t n er k - P U G S i a o n . a n o g S s v 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 - s i s - p a v n s a p i I h d d r n o t i u d r n p c a a i o e s - l - , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s etc. tions tions All commercial banks: 3 1947—Dec. 31.... 17,796 2,216 10.216 87.123 11,362 1,430 1,343 6.799 A2,581 84,987 240 111 866 34,383 65 10,059 1954_Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 5,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529103,221 11,906 1,577 5,078 10,278 J.154 99,550 1,759 368 2,435 45,410 150 14,906 Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 J.904 109,011 1,585 356 2,340 46,019 159 15,300 1956—Apr. 10«... 18,490 2,840 10,620105,750 12,200 1,630 3,890 9,870 -*,030 102,130 1,440 340 2,470 46,4401,540 15,710 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1 1 9 9 4 4 5 7 _ -D D e e c c . . 3 3 1 1 . . . . . . . . 1 1 5 7 , , 8 7 1 9 0 6 2 1 , , 1 82 4 9 5 1 9 1 , , 7 0 3 7 6 5 7 85 4 , , 7 7 5 2 1 2 1 1 2 1 , , 5 2 6 3 6 6 1 1 , , 2 3 4 7 8 9 23 1, , 3 7 2 4 5 0 5 6 , , 0 6 9 92 8 fA A 2 2, , 5 5 5 8 9 5 7 8 2 3 , , 5 7 9 2 3 3 7 5 0 4 1 11 0 1 3 4 8 9 2 6 6 2 3 9 3 , , 2 9 7 4 7 6 21 6 5 1 9 8, . 6 7 7 3 1 4 1954-Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 J.176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241102,247 11,801 1,534 5,064 10,150 J, 131 98,712 1,459 368 2,374 45,135 137 14,579 Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 $,879 108,131 1,367 356 2,282 45,756 145 14,980 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947-Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1.375 1,176 5.504 A2,401 72,704 50 105 693 27,542 54 8,464 1954-Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 A2,964 88,859 1,475 334 1,966 35,650 15 12,210 1955—June 30.... 17,942 2,017 6,704 87,207 11,482 1,531 4,656 8,117 A2,919 85,706 1,449 338 1,968 36,504 115 12,461 Dec 11.... 18.722 2,019 7.612 92,435 13,002 1,511 3.327 8.075 1.638 93,687 1,353 327 1,865 36,972 137 12,783 1956—Apr. 10.... 18,487 2,127 6,720 89,145 11,757 1,603 3,486 7,780 2,781 87,647 1,207 315 1,992 37,275 1,440 13,145 New York City:* 1941_Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 i95 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1954—Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—June 30.... 4,399 138 87 15,859 3,129 1,187 1,131 374 1,252 17,300 1,137 57 110 2.114 10 2,715 Dec. 31.... 4,431 127 111 16.493 3,364 1.151 756 302 .498 18,919 1.085 59 72 2,171 1 2,745 1956—Apr. 10.... 4,145 145 91 15,811 2,883 1,242 820 280 ,209 16,955 942 54 104 2,220 297 2,783 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 ,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 1954 Dec. 31.... 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—June 30.... 1,021 28 127 4,024 1,125 39 343 288 79 4,238 16 6 10 1,287 612 Dec. 31.... 1,135 32 141 4,349 .246 40 222 299 85 4,781 11 6 8 1.313 3 628 1956—Apr. 10.... 1,107 31 98 3,892 1,200 37 217 255 71 4,144 9 4 8 1,268 271 631 Reserve city banks: 1941 Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945 Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 10 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 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 31.757 6,903 303 1,288 1.048 \,035 ^5.752 239 106 941 15.117 82 4,641 1956—Apr. 10.... 7,659 666 2,088 32,641 6,327 308 1,332 2,856 732 33,536 238 107 974 15,147 669 4,823 Country banks: 1941 Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 2J9 8,500 30 31 146 6,082 4 1,982 1945 Dec. 31.... 4,527 796 4,665 23,595 ,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947 Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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 .488 17 1,061 4.425 1,020 14,235 18 157 844 18.371 52 4,769 1956—Apr. 10.... 5,576 1,284 4,443 36,800 1,348 16 1,116 4,390 769 33,012 17 150 906 18,640 203 4,908 All nonmember banks:3 1947 —Dec. 31 544 3,947 13 595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 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 13 844 100 30 468 8,929 35 2 448 Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 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

728 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Total Loans Month or date i m n l a o n v e a d e n n s t s t s - j i m u n a s a v e t n d e e n d - s d t t s - 1 j L us o a t d a e - n d s 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 u g r l r a - i l - G T a U n o o . d v S b t . d . r e o O a k t l e h e r r e s s j G U T o . o v S t . o . t O he th rs er e l R s o e t a a a n t l s e O l t o h an e s r Total Bills o C d c t e f a e i e f d t b r i i e - n - - t 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- se- ob- seliga- curi- liga- curitions ties tions ties Total— Leading Cities 1955 June. 85,415 84,42 43,082 23,110 2,719 1,178 7,794 9,00332,6161,100 95: 9,154 21,410 8,723 994 1956 May 86,282 85,083 50,04 27,558 475 2,416 1,283 8,47110,69527,026 675 566 6,130 19,655 8,016 1,199 June 86,870 85,480 50,76028,029 469 2,465 1,268 8,56010,82426,775 690 510 6,056 19,519 7,945 1,390 1956 May 2. 86,56 85,448 49,95327,583 470 2,412 1,298 8,43010,618 27,357 753 588 6,258 19,758 8,138 1,119 May 9. 85,943 84,887 49,94227,558 47! 2,378 1,281 8,45710,65!26,939 572 568 6,125 19,674 8,006 1,056 M M M a a a y y y 2 3 1 3 0 6 . . . , 8 8 8 6 6 6 , , , 0 4 4 5 2 2 4 2 2 8 8 8 5 4 5 , , , 2 1 7 4 1 2 1 5 4 4 5 5 9 0 0 , , , 9 2 1 4 0 6 3 0 7 2 2 2 7 7 7 , , , 3 6 7 0 1 2 7 5 6 4 4 47 7 7 7 8 7 2 2 2 , , , 3 4 4 6 3 9 3 5 2 1 1 1 , , , 2 2 2 7 7 8 7 8 0 8 8 8 , , , 5 4 4 7 0 9 1 3 4 1 1 1 0 0 0 , , , 7 7 7 5 4 1 6 3 0 2 2 2 6 6 7 , , , 8 8 0 7 7 8 3 7 2 6 7 6 7 3 3 9 6 4 5 5 5 4 4 7 4 9 8 6 6 6 , , , 0 1 0 2 5 9 1 0 5 1 1 1 9 9 9 , , , 5 6 6 9 0 4 9 0 7 7 7 7 , , , 9 9 9 5 9 9 1 5 2 1 1 1 , , , 1 3 3 8 3 0 1 0 7 June 6.. 86,182 84,726 50,06027,498 473 2,430 1,273 8,50810,73226,719 629 517 6,035 19,538 7,947 1,456 June 13.. 86,599 85,236 50,48327,775 483 2,452 1,259 8,54710,82126,745 651 543 6,031 19,520 8,008 1,363 June 20.. 87,618 86,336 51,35428,453 463 2,598 1,269 8,58210,84627,055 796 622 6,123 19,514 7,927 1,282 June 27.. 87,081 85,622 51,14428,389 456 2,380 1,271 8,60610,89926,582 683 358 6,036 19,5«5 7,896 1,459 New York City 1955 June 23,257 22,694 12,696 7,890 1971,875 12 458 629 1,853 7,703 442 158 1,860 5,243 2,295 563 1956 May. 22,835 22,098 14,388 9,605 1421,559 479 587 2,247 5,781 220 990 4,501 1,929 737 June., 23,311 22,435 14,790 9,981 1821,559 469 591 2,238 5,751 238 1,000 4,422 1,894 876 1956 May 2. 23,035 22,374 14,415 9,680 1381,530 489 586 2,225 5,928 300 70 1,002 4,556 2,031 661 May 9. 22,634 22,019 14,362 9,615 1001,568 478 591 2,242 5,735 154 68 980 4,533 ',922 615 May 16. 22,799 22,088 14,384 9,651 1391,512 479 588 2,247 5,796 258 70 955 4,513 ,908 711 May 23. 22,873 22,073 14,472 9,591 1911,595 478 588 2,262 5,697 175 67 1,002 4,453 ,904 800 May 30. 22,837 21,937 14,307 9,487 1431,589 473 581 2,263 5,748 214 76 1,012 4,446 ,882 900 June 6.. 22,972 22,024 14,464 9,687 1231,585 473 585 2,241 5,674 203 60 988 4,423 ,886 948 June 13.. 23,121 22,229 14,640 9,832 1991,547 465 590 2,237 5,684 200 73 992 4,419 ,905 892 June 20.. 23,686 22,896 15,101 0,209 2851,541 468 597 2,231 5,900 304 161 1,011 4,424 ,895 790 June 27.. 23,468 22,594 14,955 0,195 1191,561 471 594 2,244 5,748 246 71 1,010 4,421 ,891 874 Outside New York City 1955 June 62,158 61,727 30,386 15,220 647 708 7,165 7,15024,913 658 794 7,294 16,167 6,428 431 1956 May 63,447 62,985 35,653 7,953 474 715 782 7,884 8,44821,245 455 496 5,140 15,154 6,087 462 June 63,559 63,045 35,970 8,048 468 724 777 7,969 8,58621,024 452 419 5,056 15,097 6,051 514 1956 63,532 63,074 35,538 7,903 469 744 787 7,844 8,39321,429 453 518 5,256 15,202 6,107 458 May 2 63,309 62,868 35,580 7,943 472 710 781 7,866 8,41021,204 418 500 5,145 15,141 6,084 441 May 9 63,623 63,153 35,783 8,075 476 712 777 7,883 8,46321,286 478 508 5,166 15,134 6,084 470 May 16 63,549 63,042 35,771 8,024 477 706 780 7,906 8,48121,180 459 482 5,093 15,146 6,091 507 May 23 63,217 62,787 35,593 7,820 476 703 782 7,922 8,49321,125 465 468 5,038 15,154 6,069 430 May 30 June 6 63,210 62,702 35,596 7,811 472 722 778 7,923 8,491 21,045 426 457 5,047 15,115 6,061 508 June 13 63,478 63,007 35,843 7,943 482 706 772 7,957 8,58421,061 451 470 5,039 15,101 6,103 471 June 20 63,932 63,440 36,253 8,244 462 772 779 7,985 8,615 21,155 492 461 5,112 15,090 6,032 492 June 27 63,613 63,028 36,189 8,194 455 700 777 8,012 8,65520,834 437 287 5,626 15,084 6,005 585 I 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 729 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R a r . i v e R n t - h e k . s s C va i a n u s l h t b m a w B a d n e n a i o c s t l e k - h t - i s s c j p m u D o s a d a t d s e e e n i - - - d t d s * s p I p u n v c h a n o a a o e i n i d r d r 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 a b t n d i i e l t - - s - s c C h c o a f e e e e i f n t e c f r r c d i t d s k . - i ' s - , G U o .S vt . . s p p I u n c v h a n o a a o e n i i d r r d l p r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l a b t n i d i e l t - - s - s G P U S i a o o . a n s n v v g t d t - s a S . l . m D t D i e o c s - e - man F e d i o g r n - Time B F F a r . n o R k m s . F ot r h o e m rs c C o i a t u a c a p n - l - ts tions tions Total— Leading Cities 1955 June 13,683 948 2,522 56,67858,305 4,201 2,110 2,695 19,094 1,096 21510,267 1,477 1,411 401 729 8,260 1956 May 13,258 941 2,396 55,484 57,2344,393 2,008 3,531 19,347 1,053 179 9,937 1,517 1,236 634 823 ,749 13,402 975 2,51656,432 58,549 4,231 1,932 2,835 19,572 1,033 17710,278 1,477 1,293 466 1,018 ,780 June 1956 13,412 895 2,42155,896 57,224 4,632 2,161 3,34319,304 1,072 17910,235 1,517 1,212 792 666 ,735 May 2 13,344 948 21,,2"9'4 555,55956,694 4,339 1,823 2,998 19,334 1,050 18010,064 1,519 1,211 852 672 ,742 May 9 13,204 917 ,555 541,99957,943 4,315 1,969 3,84819,352 1,049 18010,362 1,526 1,234 556 844 ,748 May 16 13,197 966 2,359 55,4445 65,6988 4,231 2,246 3,79719,368 1,054 180 9,561 1,522 1,262 590 982 :,756 May 23 13,133 980 2,350 55,52157,319 4,451 1,841 3,66919,378 1,041 177 9,464 1,498 1,262 381 949 1,764 May 30 June 6 13,180 925 2,34155,64157,057 4,230 1,871 2,614 19,492 1,049 17610,241 1,493 1,262 365 1,104 i,780 June 13 13,570 1,003 2,57156,974 60,050 4,128 1,870 2,190 19,548 1,027 17510,363 1,482 1,273 529 984 1,775 June 20 13,573 967 2,54156,905 59,128 4,200 2,106 3,116 19,596 1,025 17710,335 1,463 1,309 637 965 i,778 13,283 1,003 2,61156,210 57,960 4,367 1,882 3,42019,652 1,031 17610,171 1,468 1,327 343 1,017 ,787 June 27 New York City 1955 4,470 141 4716,18817,379 321 1,093 838 2,059 140 56 2,943 1,152 1,107 405 2,678 June 1956 4,109 139 15,41016,661 362 1,029 1,068 2,092 104 2,829 1,182 982 307 2,769 May 4,234 144 15,97817,313 305 897 800 2,211 84 2,900 1,160 1,018 382 2,770 June 1956 4,292 136 15,58316,682 484 1,111 1,098 2,079 118 2,944 1,189 955 364 2,771 4,068 141 15,39716,429 329 886 948 2,085 102 2,756 1,179 955 282 2,771 May 2 4,025 132 15,13216,659 312 903 1,155 2,100 100 2,940 1,188 981 289 2,771 May 9 4,119 139 15,50516,726 330 1,309 1,086 2,099 101 2,759 1,185 1,011 292 2,765 May 16 4,040 148 15,43516,810 355 938 1,053 2,098 97 2,747 1,170 1,009 305 2,765 May 23 May 30 4,163 141 15,74216,839 297 950 742 2,173 2,867 1,160 1,009 357 2,770 June 6 4,392 149 16,23417,823 280 842 571 2,229 2,892 1,151 1,015 363 2,771 June 13 4,180 137 16,15417,454 327 955 824 2,224 2,912 1,165 1,017 117 392 2,769 June 20 4,198 148 15,78217,135 318 841 1,064 2,216 2,929 1,164 1,032 414 2,768 June 27 Outside New York City 1955 June 9,213 807 2,475 40,490 40,926 3,8 1,017 1,857 17,035 956 159 7,324 325 304 370 324 5,582 1956 May 9,149 802 2,328 40,074 40,5734,031 979 2,46317,255 949 143 7.108 335 254 614 516 5,980 9,168 831 2,460 40,454 41,236 3,926 1,035 2,03517,361 949 142 7,378 317 275 437 636 6,010 June 1956 9,120 759 2,354 40,313 40,5424,148 1,050 2,245 17,225 954 143 7,291 328 257 749 302 5,964 May 2 9,276 807 2,24140,162 40,265 4,010 937 2,050 17,249 948 144 7,308 340 256 818 390 5,971 May 9 9,179 785 2,47239,867 41,284 4,003 1,066 2,693 17,252 949 144 7,422 338 253 547 555 5,977 May 16 9,078 827 2,279 39,,939 40,262 3,901 937 2,711 17,269 953 144 6,802 337 251 580 690 5,991 May 23 9,093 832 2,296 40,086 40,509 4,096 903 2,616 17,280 944 141 6,717 328 253 379 644 5,999 May 30 June 6 9,017 784 2,28939,899 40,218 3,933 921 1,872 17,319 951 140 7,374 333 253 365 747 6,010 June 13 9,178 854 2,513 40J40 4422,227 3,848 1,028 1,619 17,319 949 140 7,471 331 258 529 621 6,004 June 20 9,393 830 2,483 40,75141,674 3,873 1,151 2,292 17,372 948 142 7,423 298 292 520 573 6,009 June 27 9,085 855 2,555 40,428 4"0,825 4,049 1,041 2,356 17,436 949 141 7,242 304 295 343 603 6,019 i Demand deposits other than interbank and U. S. Govt.v 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

730 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period 2 t l o F i b q a o a n u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r e c e n o t t t d a d s a l - l 3 s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e a s r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o b r i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i a e n p i n a n n e d o g l g k d l ' r e l l t — y rubber banks* J953—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—Jaii.-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 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 1956—Apr -55 1 87 57 18 91 -80 41 -118 28 -21 48 98 May -81 38 53 -7 32 20 -107 -101 -44 33 103 -62 -57 June 25 62 396 170 106 -35 -96 59 222 24 86 1,019 1,082 Week ending: 1956—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 May 2 -2 16 61 -6 14 30 -12 30 45 4 40 220 219 May 9 -10 14 53 -1 15 7 -17 -45 -76 14 7 -39 -25 May 16 -24 24 88 25 17 9 -37 -8 -9 10 57 152 168 May 23 -35 3 3 -16 -14 -18 -53 4 7 -124 -111 May 30 -11 -14 -151 -10 -14 -12 -24 -26 -8 i -271 -308 June 6 -20 7 29 159 34 4 -25 -43 26 2 21 195 191 June 13 16 18 114 24 29 -52 -21 -27 77 16 36 230 277 June 20 25 26 215 -13 48 22 -26 242 105 8 13 664 678 June 27 4 11 37 -5 -9 -24 -112 13 -3 16 -70 -64 iData for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. 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 Heldby: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- nth ports ports Dollar points in: Total through ly yjta- into from exdealers *( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta 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 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955—May 2,335 572 1,763 686 192 143 49 14 26 453 207 188 53 150 88 June 2,303 572 1,731 655 182 138 44 16 26 431 216 189 40 125 85 July 2,411 593 1,818 650 184 144 40 10 23 433 223 186 41 108 92 Aue 2 359 580 1 779 655 186 142 44 14 27 427 220 182 41 111 101 Sept 2,245 564 [,681 671 190 147 43 21 27 433 253 189 33 108 87 Oct 2,255 547 1,708 662 189 144 45 16 26 430 258 201 33 82 87 Nov 2 283 542 I 741 642 187 134 52 17 27 410 259 205 20 73 86 Dec 2,008 510 .498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 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 Apr . 2 514 508 2 006 628 146 108 39 13 42 427 235 240 10 43 100 May 2,607 515 2,092 650 157 113 44 16 45 431 245 259 9 33 104 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with Other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 731 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) nance securities (taxable) 2 Prime com- Prime All mo Y w n e e t a h e r k , , or m 4 m p - c o a e o t n p r o m c t e i h r - a 6 s , l - i 3 p d p p - l i a t a r a l o y p e c n c . e e y t 6 r d - - a a b d c n e a a c 9 c r n y e 0 s e k p s ' s 1 - t , - M 3 k - a e m t r- ont o h n R b a n i t e l e l w s 9 i m s - s t o o u n e 1 t s h 2 3 - 3 is - y s t e u o a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod loans 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3.5 1954 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 [.87 1.90 1.931 2.07 2.56 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 .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_june 2.00 1.82 1.50 1.41 1.432 1.71 2.42 1955—Sept 3.77 4.98 4.44 3.99 3.56 July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 Dec 3.93 5.01 4.52 4.14 3.75 Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 1956—Mar. . 3.93 5.05 4.55 4.13 3.74 Sept 2.54 2.28 I2.08 2.07 2.086 2.14 2.72 June 4.14 5.18 4.69 4.34 3.97 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 New York City: Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 1955 Sept 3.54 4.83 4.39 3.87 3.39 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 Dec 3.76 4.86 4.48 4 00 3.64 1956 Mar 3.75 4.92 4.49 4.05 3.62 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 June .. 3.97 5.00 4 61 4.23 3.86 Feb 3.00 2.88 >.38 2.32 2.372 2.38 2.65 7 Northern & Eastern Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 cities: Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 1955—Sept 3.76 5.06 4.43 3.99 3.58 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 Dec 3.95 5.08 4.52 4.16 3.79 June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 1956—Mar 3.93 5.11 4.55 4.10 3.78 June 4.15 5.26 4.74 4.32 4.01 Week ending: 11 Southern & Western June 2... 3.38 3.00 2.50 2.55 2.573 2.74 2.91 cities: June 9... 3.38 3.00 2.50 2.53 2.562 2.82 2.92 1955 Sept 4.11 5.01 4.47 4.07 3.88 June 16... 3.38 3.00 2.50 2.51 2.581 2.72 2.85 Dec 4.17 5.06 4.54 4.22 3.91 June 23... 3.38 3.00 2.40 2.41 2.430 2.60 2.83 1956—Mar 4.19 5.09 4.58 4.20 3.94 June 30... 3.38 3.00 2.38 2.48 2.535 2.60 2.90 June 4.38 5.23 4.71 4.42 4.15 1 Averages of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 4 C C o o n n s s i i s s t t s s o o f f s c e e l r e t c if te ic d a t n e o s te o f a n in d d b eb o t n e d d n i e ss s u s e a s. nd selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt. bonds Corporate bonds4 Industrial stocks U. S. Govt. bonds Ye o a r r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By r a s t e in le g c s ted 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 i r n a g t s io / enue Total 5 Old New bonds' Indus- Rail- Public Pre- Com- Comseries2 series3 Totals Aaa Baa Aaa Baa trial road utility ferred 7 mon4 mon8 Number of issues 3-7 1-2 20 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1955_june 2.76 2.91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3.21 3.98 3.71 8.10 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 7.19 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 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 7.12 Apr 3.05 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 May 2.93 3.03 2.83 2.46 3.37 3.06 3.46 3.28 3.73 3.40 3.53 3.44 4.22 3.97 June 2.89 2.98 2.72 2.34 3.25 3.02 3.46 3.27 3.75 3.39 3.55 3.44 4.17 3.82 Week ending: June 2 2.87 2.99 2.77 2.42 3.31 3.03 3.46 3.27 3.74 3.39 3.54 3.44 4.23 3.96 June 9 2.87 2.98 2.74 2.38 3.28 3.02 3.46 3.27 3.75 3.39 3.56 3.44 4.18 3.96 June 16 2.87 2.97 2.70 2.33 3.23 3.00 3.46 3.26 3.75 3.39 3.56 3.44 4.17 3.89 June 23 2.88 2.98 2.70 2.32 3.24 3.01 3.46 3.26 3.75 3.39 3.56 3.44 4.17 3.84 June 30 2.92 3.00 2.72 2.34 3.24 3.03 3.47 3.27 3.77 3.40 3.55 3.46 4.17 3.82 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 8 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. 1955, the 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 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 - 2 N ri s e e e s w - * g ( r h a i d g e h ) - 4 g ( r h a i d g e h ) - 4 Total t d I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total 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 n n c r i v e - d c - e, M in i g n- s s h a a o n r f e d s s ] Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1953 average 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97 103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297 313 2,578 1955_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 94.51 101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40 103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94.88 102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,874 Apr 92 86100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2,420 June 95.03 102.22 119.2 110.5 341 397 257 154 341 434 393 471 328 155 300 352 1,771 Week ending: June 2 95.23 102.09 118 6 110.5 335 387 256 153 338 428 387 467 325 155 298 346 2,170 June 9 95.18 102.28 119.0 110.5 336 390 254 154 334 423 383 460 321 154 296 345 1,976 June 16 95 25102 42 119 5 110 6 341 397 258 154 343 436 393 475 331 155 301 358 1 775 June 23 95.09 102.27 119.3 110.4 341 397 259 154 344 438 396 475 331 155 300 358 1,599 June 30 94.56 101.92 119.0 110.6 345 403 258 155 347 442 404 All 332 156 303 354 1,800 1 Monthly and weekly data for U. S. Govt. bond prices and volume 1, 1955, those due or callable in 10-20 years. of trading are averages of daily figures; for other series monthly and 3 The 3V4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 weekly data are based on figures for one day each week—weekly closing per cent bond of February 1995. prices for common stocks (Securities and Exchange Commission) and 4 Prices derived from average yields, as computed by Standard and Wednesday closing prices for all others. Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Series composed of fully taxable, marketable 2l/i per cent bonds due 5 Average daily volume of trading in stocks on the New York Stock or first callable after 12 years through Sept. 30, 1955, and, beginning Oct. Exchange for a five and one-half hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit i E W nd e d o n f e s m d o ay n 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 et Y d o e r b k it f S i b r t a m o l c a s k 1 n c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d s c a d t r o e r a y o l i e n th r g s e ) r s s f e o c ( r u t h r p i a u t n i r e - s2 Money borrowed Cu f s n r t e e o e t mer obligations credit (co c l o . l. 3 5) + U S ob . e c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v ns t. se o cu O th r n i e t r ies balances 1952—Dec 1,980 33 1,332 149 648 30 877 727 1953—Dec 2,445 31 1,665 88 780 88 1,074 713 1954—Dec 3,436 41 2,388 65 1.048 69 1,529 1,019 1955—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 ,177 77 2,003 918 Aug 3,865 43 2,710 29 ,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 1,252 50 2,127 960 Apr 4,043 33 2,788 40 1,255 44 2,145 896 May 4,047 38 2,810 40 1,237 42 2,186 870 1 Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 733 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d St U at o . e c S a a . n l d Foreign 2 Total Bonds 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 ,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64 020 16 118 13 459 ,152 ,507 25,351 23,248 2,103 16 102 1 445 2 413 2 591 1951 68,278 13,760 11,009 ,170 ,581 28,111 25,890 2,221 19,314 1,631 2 590 2 872 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78 533 12,537 9,829 ,298 ,410 34,438 31,865 2,573 23 322 2 020 2 914 3 302 1954 84,486 12,262 9,070 ,846 ,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 I 126 ,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 ,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 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Apr r86,065 r12,330 9,105 1,965 ,260 r37,363 r34,570 r2,793 26 949 r2,382 3 177 r3 864 May 86,515 12,260 9,058 1,956 ,246 37,532 34,745 2,787 27.217 2,407 3,190 3,909 June 86,967 12,239 9 046 1,957 ,236 37,677 34,848 2,829 27 481 2 420 3 207 3 941 July 87,636 12,292 9,096 ,979 ,217 37,927 35,058 2,869 27,748 2,453 3,230 3,986 Aug... . . . 88,087 12 368 9 179 1 979 ,210 37,921 35,046 2 875 28 001 2 471 3 245 4 081 Sept 88,529 12,325 9,129 1,983 ,213 38,123 35,253 2,870 28 250 2 492 3 260 4 079 Oct 89,016 12,236 9,027 1,990 ,219 38,385 35,506 2,879 28.563 2,506 3,271 4,055 Nov 89 491 12,096 8 891 1,987 ,218 38,546 35,647 2 899 28 868 2 523 3 283 4 175 Dec 90,219 11,758 8,546 .998 ,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 ,233 39,146 36,216 2,930 29,800 2,568 3 307 4 270 Feb 91,240 11,608 8,236 2,144 ,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar 91 543 11,415 8 045 2 153 ,217 39.570 36,593 2 977 30 383 2 609 3 345 4 221 Apr 92,025 11,439 8,085 2,153 ,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 r Revised. an amortized basis and stocks at end-of-year market value. 1 Figures are for all life insurance comoanies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions 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. assets." 3 These represent annual statement asset values, with bonds carried on SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets End of year Total 2 g M ag o e rt s - 3 G U ob o .S l v i . t - . Cash Other* S c a a v p i i n ta g l s q E u n a d r t o e f r Total 2 g M a o ge rt s - 3 G U ob o . l v S i t - . . Cash Other* S c a a v p i i n ta g l s gations gations 1941 6,049 4,578 107 344 775 4,682 1954—i 27,658 22,712 1,927 1,618 1,327 23,909 1945 .... 8,747 5,376 2,420 450 356 7,365 2 29,094 23,836 1,959 1,794 1,432 25,170 3 30,165 25,065 1,969 1,681 1,379 25,903 1948 13,028 10,305 1,455 663 501 10,964 4 31,736 26,193 2,021 1,980 1,472 27 334 1949 .... 14,622 11,616 1,462 880 566 12,471 1950 16,893 13,657 1,487 924 733 13,992 1955—1P 33,075 27,373 2,203 1,928 1,502 28,482 1951 19,222 15,564 1,603 1,066 899 16,107 2v 35,080 29,107 2,287 1,973 1,645 29,963 1952 22,660 18,396 1,787 1,289 1,108 19,195 3P 36,343 30,687 2,340 1,612 1,639 30.636 1953 26,733 21,962 1,920 1,479 1,297 22,846 4*> 37,880 31,584 2,381 2 087 1 763 32 305 1954 31,736 26,193 2,021 1,980 1,472 27,334 1955* 37,880 31,584 2,381 2,087 1,763 32,305 1956— \P 39,049 32,529 2,615 1,999 1,842 33,446 » 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

734 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 2,316 2,348 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 2,621 Other agencies 5 9 7 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 3 6 0 0 0 3 6 8 3 3 40 6 8 7 43 7 0 2 45 7 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 77 Other agencies 3 3 2 2 2 2 12 11 13 11 11 To other industry, total 310 462 458 488 516 509 420 426 426 705 667 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D Ot e h 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 3 7 4 8 8 3 3 2 7 8 8 3 3 0 6 6 2 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 8 0) 2 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 584 484 531 779 1,095 763 438 451 474 477 501 Reconstruction Finance Corporation4 190 88 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 8,927 9,061 0,238 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 2 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 88 78 44 40 Reconstruction Finance Corporation4. 98 83 71 66 36 35 47 44 45 29 29 Production credit corporations 29 22 16 11 5 3 3 3 3 2 D O e th p e a r r t a m ge e n n c t ie o s f the Treasury 2 1 1 42 2 38 3 40 2 23 3 23 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 C Re o c m o m ns o t d ru it c y t io C n r e F d i i n t a C n o c r e p o C r o at r i p o o n ration4... 4 1 3 5 7 7 1,3 1 7 4 6 2 1,6 1 3 0 8 8 1,1 1 7 2 4 9 9 1 7 7 8 2 2,0 1 8 5 6 6 3,302 2,983 2,910 3,518 3,747 D O e th 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 r I 272 47 8 0 0 5 6 6 5 4 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 7,821 7,799 7,822 Public Housing Administration 1,448 1,352 1,248 1,251 1,173 1,018 8 96 80 64 64 64 Reconstruction Finance Corporation4 630 611 605 594 199 175 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 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 735 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency itemsl Liabilities, other than interagency items Com- Invest- Bonds, notes, U.S. Primodi- ments Land, and deben- Govt. vately Date, and corporation or agency Loans ties, struc- tures payable inter- owned Other Other inter- Total Cash c a e b i l v e - m p r a l i a n i a e t d l e s s - , G U s r e i o t . c i S v u e . t - s O s ri e t t c h ie u e s - r e m a q n e u n d ip t - s a e s t - s a G U n b u t . e y S a e . r d - Other li i a ti b e i s l- est est All agencies 1948 Dec. 31 718 630 11 692 627 1 854 518 3,060 337 38 965 1,663 18,886 166 1949 Dec 31 ?3,733 441 1?,733 1,549 047 3,49? 2,962 509 28 772 1,7?021,030 183 1950 Dec. 31 ?4 635 642 13 1,774 075 3 473 2,945 499 23 1,190 1,19321,995 234 1951 Dec 313 . ?6,744 931 14,4?? 1,461 3,463 3,358 88? 43 1,369 1,16123 842 329 1952 Dec 313 ?9 945 94417,8?6 1,280 4?1 3,4?9 3,213 83? 53 1,330 1,7?826,456 378 1953 Dec. 31 3 38 937 190 19,883 2,514 60? 3,425 8,062 1 ?61 75 1,182 3,81833,429 434 1954—Dec. 31 41,403 ,371 19,348 3,852 967 3 437, 8,046 387 33 1,068 4,18'i 35,610 508 1955 Mar. 31 41 996 ,375 19,787 3,612 3 187 3 479 7,982 ? 6?9 31 1,561 4,01335,848 543 June 30 40,639 1,24418,9?7 3,476 3 108 3,430 7,821 634 41 1,840 3,01935 171 568 Sept 30 ,183 ,456 19 061 4,129 909 3,414 7,799 ? 415 43 2,086 ?,01336 460 583 Dec. 31 45,304 .338?0,?38 4,356 3 ?36 3,414 7,822 4 900 44 2,379 ?,70339,583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: Banks for cooperatives .... 450 30 372 43 5 185 2 231 31 Federal intermediate credit banks 783 21 689 63 q 665 g 110 Production credit corporations . • ... 45 (5) 42 2 (5) 45 Federal Farm Mortgage Corp 13 1 12 12 (5> Department or Agriculture: Rural Electrification Administration 469 9 0 345 115 2 469 (Commodity Credit Corporation .... 7,329 24 2,544 3,747 149 865 ,280 6,049 Farmers Home Administration 668 54 587 1 26 1 667 Federal Crop Insurance Corp .. 17 15 2 5 13 Federal Home Loan Bank Board: Federal home loan banks ..•• 2,231 62 1,417 745 2 5 958 712 -1 562 Federal Savinss and Loan Insurance Coro 250 241 8 11 239 Housing and Home Finance Agency: Public Housing Administration .... 313 26 92 64 131 27 285 Federal Housins Administration 629 31 65 381 1 1 150 44 185 400 Federal National Mortgage Association •. 81 ,638 (5) 22 570 33 2,135 3 Office of the Administrator .... '756 73 261 386 36 8 748 Small Business Administration . 57 4 51 2 56 ExDort-Imoort Bank 2,761 9 2,725 (5) 26 2,691 Federal Deposit Insurance Corp .. 734 4 1 720 (5) 10 94 1 640 Tennessee Valley Authority 2,006 140 26 1,829 12 41 1,965 Federal Maritime Board and Maritime Adm 5,507 356 261 44 [5) 4,822 24 147 5,360 Panama Canal Comoanv 464 25 12 421 6 13 451 Veterans Administration 673 154 481 3 3^ 9 664 Department of the Treasury 10,685 100 3,825 20 3 408 20 3,312 8 10,676 1774 1767 1,774 All other 950 115 106 504 127 98 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 b« for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS lOn basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars J 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 r P 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 r e t o u b h o c t a l t m e a i s l c l . s : 2 B p t u e u e n d x r d g e - s e i- t p T P t f e u u e l r n u x r n u d e - s d s s : i t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a o u y b t t a h t l a s i l e l c s . : t p p f o r u a t o h o ( b y r m - e t li s ) c , . , ( c c ( o r - d d r r I e ) e i e n a r , a d b - e s i s e n e c t e - , t a in G g N v e o n . e v . t b t L . y & ess: O d n c e a t o h b s n e h t - * r b E 7 i o n q c N r _ a g u r e s a o h o t T l w r s: - & agen.) tr. funds 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—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 Mar 11,313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4,082 871 96 4,854 5,387 1,006 386 6,008 -1,154 -545 -364 15 -197 Mayp 5,050 1,605 74 6,577 5,467 669 136 6,000 577 1,036 1,031 110 -105 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) Deposits in Period s B d u u ( N e r o f d p e i r c g l t u i e t s t ac d l T f a c e u r t u o f n u i i r m o c s d i n t t u- t c o R i l c T e i a a c r s t o e i h n o a n - s. i m s o a ( G s + b g N u a e o l ) r a i n e v g k o n t c t a e f c . y - t e i i & s a n n G e g N v c e t o F . r e . n v e u ( t b c t d - s y . y ) t . I d n ( p e d g - c c u i r r ) o r r b o e , r e e a i s l c a n i 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 o e a r u ' s n s - t Balance ( B F a a a v . b n a R l k e il . s - T T a L u r x o e r a a a y n s n - d O as n t s h e e t e t r s tions 6 funds 6 debt funds) Accts. Fiscal yr.—1952 -4,017 3,490 -401 114 -3,456 3,883 -388 6,969 333 5,106 ,530 19535... -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 ,467 1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955... -4,180 990 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 Semiannual totals: 1953—July-Dec, s -8,728 736 -250 -139 -810 9,097 n.a. -94 4,577 346 3,358 873 1954—Jan.-June. 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 ,055 July-Dec.. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec.. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 Monthly: 1955—May... -919 584 -262 36 -663 824 122 -522 5,880 649 4,054 ,177 J J u u l n y e . . . . . . . -2 3 , , 6 3 1 7 7 2 925 7 3 1 6 9 3 9 3 2 8 7 -1 - , 2 0 5 3 4 2 -3 3 , , 0 2 9 1 8 0 - 2 3 3 8 2 5 3 9 3 5 6 6 6, , 8 2 1 1 1 6 6 3 2 8 4 0 4 4 , ,3 9 6 7 5 2 , , 4 2 7 1 1 5 Aug.... -1,491 775 21 1 -994 725 95 -1,058 5,753 393 4,188 ,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 ,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 ,158 Nov.... -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 ,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 ,112 1956—Jan.... -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 ,350 Feb.. . . 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 ,288 Mar 5,914 -4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 ,193 Apr -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 ,353 May... -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 1,151 * 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. 42 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 737 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts ) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r i d e e p g - t t e s t O t T a ru g l r d s a e - t nsfe r rs e R r t o ' t a m a o i d l : e - nt f c u R e r o n i e e p d f - - t s s B c T u e r o d i e p t g - a t e l s t W he I i l n t d h d - i ivid O ua th l er i C ra o ti r o p n o - * ta c E x i x s e e - si t p m a E l x o 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 f l e r r s n e . ' - ' fund acct. Fiscal yr.—1952 61,391 3,569 738 2,302 67,999 18,521 11,359 21,467 8,893 4,562 3,197 2,549 1,565 2,824 19533 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1954 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,175 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 -May 4,438 785 817 6,119 2,991 602 377 843 879 427 226 143 754 June 10,125 703 399 11,279 1,545 1,417 6,201 924 757 435 268 150 125 July 2,765 198 110 3,089 884 277 547 796 216 369 231 116 Aug 4,734 912 118 5,848 3,004 115 328 867 1,012 522 245 154 977 Sept 5,498 519 103 6,180 1,604 1,685 1,100 881 579 331 256 135 Oct 2,692 268 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 54 5,337 1,768 350 1,449 766 395 609 211 113 1956— Jan 4,684 163 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 231 7,158 3,732 795 460 846 972 353 212 128 1,005 Mar 11,313 512 620 12,499 1,893 769 8,109 826 572 330 246 137 Apr 4,082 567 897 5,562 810 2,555 509 750 586 352 239 126 May 5,050 973 993 7,107 3,356 865 492 877 1,067 450 Budget expenditures4 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 f a n n a n t i d l c r . s e In e t s e t r- ic e b e s r f e e s a i r n t n a v s e s n - - ' d w L a a e n b lf 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 a r - 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 2,826 5,934 4,863 2,168 1,045 1,264 2,722 1,464 74,274 50,363 43,611 3,954 1,791 2,216 6,583 4,298 2,426 2,936 1,364 2,612 1,474 19533 67,772 46,904 40,335 3,629 [ ,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1954 64,570 40,626 35,533 2,291 1,857 2,181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 1955 Semiannual totals: 1955—July-Dec. 7 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 I 1,137 940 Monthly: 1955—July?. 5,382 3,046 648 168 138 55 596 361 294 336 79 251 365 Aug.. 6,225 3,583 258 137 138 95 525 428 223 919 106 229 117 Sept.. 5,340 3,512 252 93 121 59 533 353 191 295 120 165 111 Oct... 5,355 3,293 837 280 129 152 548 359 283 362 103 145 109 Nov.. 5,172 3,109 830 101 128 154 548 423 185 323 115 192 122 Dec.. 5,651 3,451 090 178 143 124 598 406 171 539 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 Mar 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 M 5,467 3,433 2,918 307 152 199 565 432 191 287 100 137 121 p Preliminary. 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 vi iual 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

738 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 E m n o d n t o h f T d g e r o o b t s a t* s l d T g d i r e o r o b e t s a t c s l 2 t Total Certifi- Bonds C ve o r n t- - T an a d x S i p ss e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s n i s o n a t g v e s - s ble4 stricted 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950 Dec 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—June 271.3 271.3 226.7 150.4 19.5 18.4 32.0 71.8 8.7 11.9 64.5 58.1 5.1 42.2 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 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 Sect 277.5 277.5 231,0 159.5 20.8 9.0 47.7 81.9 11.5 60.0 58.3 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 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 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 (•) 43.9 1956—Jan 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 43.6 Feb 280.2 280.1 233.6 163.4 22.3 15.7 43.4 81.9 11.3 59.0 57.7 (? 43.7 Mar 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59.0 57.7 43.7 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 May 276.8 276.7 229.6 159.6 20.8 20.8 36 1 81.9 11.1 58.9 57.7 44.3 June 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 45.1 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $463 million on June 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. * Includes amounts held by Govt. agencies and trust funds, which * Less than $50 million. aggregated $8,198 million on May 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 l u ud ar - - trust funds * Federal Com- Mutual Insur- Other State Individuals Misc. a se 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 i p on o s - g l o o v ca 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 ^ - 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 14.4 50.0 13.6 13 9 1955 Apr 276.7 41.7 7.2 227.8 23.6 65.8 8.8 15.0 20.1 14.6 50.2 15.2 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 15.4 14.4 June 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 18.8 14.7 50.2 15.1 14.4 July 277.6 43.3 7.3 227.0 24.1 63.8 8.8 14.9 19.8 14.9 50.2 15 5 15 0 Aug 278.4 44.2 7.3 226.8 23.8 62.7 8.8 15.0 20.8 14.9 50.3 15.6 15 0 Sept 277.5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 20.6 14.9 50.2 15.9 15.1 Oct 279.9 43.7 7.4 228.8 24.0 62.7 8 6 14.9 22.3 15.0 50 2 15 8 15 3 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 23.2 15.0 50.2 15 5 15 4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.4 15.1 50.2 15.3 15.6 1956—Jan 280.1 43.6 8.1 228.4 23.5 60.5 8.5 14.2 25.2 15.3 50.3 15.2 15.7 Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 25.8 15.4 50.4 15.3 16.0 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 23.2 15.5 50.4 15 4 16 0 Apr 275.8 43.4 8.2 224.3 23.3 58.4 8.5 13.6 23.3 15.5 50.4 15.2 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 739 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 1956 i [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 Treasury n<totes Treasury bonds Treasury bonds—Cont. July 5,1956 1,600 Aug. 15., 1956 2 12,388 Mar. 15, 1956-58.. .2i£ 1,449 June 15, 1964-69...2 3,752 July 12, 1956 1,601 Oct. 1, 1956 li/2 550 Sept. 15, 1956-59 3.. 234 982 Dec. 15, 1964-69... 2 3,828 July 19, 1956 1,600 Mar. 15i, 1957 2% 2,997 Sept. 15, 1956-59... 2V4 3,821 Mar. 15, 1965-70.. .2 4,714 July 26, 1956 1,602 Apr. , 1957 IV2 531 Mar. 15, 1957-59.. .2% 927 Mar. 15, 1966-71... 2 2,958 Aug. 2, 1956 1,600 May 15,, 1957 iy8 4,155 June 15, 1958 2Yg 4,245 June 15, 1967-72... 2 1,875 Aug. 9, 1956 1,601 Aug. 15,, 1957 2 3,792 June 15, 1958-634.. iy4 919 Sept. 15, 1967-72... 21 2,716 Aug. 16, 1956 1,601 Oct. , 1957 P/2 824 Dec. 15, 1958 2% 2,368 Dec. 15, 1967-72... 2 3,796 A A u u g g . . 2 30 3 , , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 0 0 A Ju p n r e . 15: , , 1 1 9 9 5 5 8 8 2 n % /2 4,3 3 9 8 2 3 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 9 9 - - 6 6 2 2 . . . . . . 2 2 * 1 4 4 5 3 , , 2 4 7 6 4 3 J F u e n b e . 1 1 5 5 , , 1 1 9 9 9 7 5 8-83... 3 2 1 , , 7 60 4 6 5 Sept. 6, 1956 1,602 Oct. , 1958 \VL 121 Nov. 15, 1960 21/s 3,806 Sept. 13, 1956 1,602 Feb. ', 1959 1% 5,102 Dec. 15, 1960-65 4.. 234 1,485 Panama Canal Loan 3 50 Sept. 20, 1956 1,600 Apr. , 1959 IVi 119 Sept. 15, 1961 2% 2,239 Sept. 27, 1956 1,601 Oct. . 1959 IV2 99 Nov. 15, 1961 2Vi 11,177 Convertible bonds Apr. , 1960 IVi 198 Aug. 15, 1963 2i/l 6,755 Investment Series B Certificates Oct. , 1960 IV2 278 June 15, 1962-67... 2l/2 2,115 Apr. 1, 1975-80.... 2% 11,098 Dec. 1,1956 2% 9,083 Apr. , 1961 n/2 23 Dec. 15, 1963-68... 2 Vi 2,824 Feb. 15, 1957 2% 7,219 1 Direct public issues. 3 Called for redemption; partially tax-exempt. •* Sold on discount basis.See table on Money Market Rates, p. 731. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s t 2 - v b e C o r o t n i n d b - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r rs 10 All holders: 1953 June 30 .... 159,675 19,707 15,854 30,425 81,349 12,340 147,335 64,589 32,330 18,677 31,739 I954—junc 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 Mar 31 70 759 20,813 20,759 36.036 81 902 11 248 159 510 57 669 37 538 31,363 32.941 Apr. 30 170,723 20,811 20,759 36,093 81,896 11,164 159,559 58,195 37,066 31,363 32,935 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 I954—June 30 . 6,985 46 41 64 3,395 3,439 3,546 107 205 494 2,740 1955 June 30 7,162 40 8 119 3,556 3,439 3.723 74 199 506 2.944 Dec 31 7 676 338 47 304 3 548 3 439 4 237 422 373 426 3 016 1956—Mar 31 8 032 366 216 504 3 529 3 418 4 614 720 470 404 3 021 Apr. 30 8,034 304 229 561 3,547 3,393 4,641 700 500 410 3,031 Federal Reserve Banks: I953 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 ">4 785 20 742 1 614 1 ;oi4 1 415 1956—Mar. 31 23 6"*6 734 10,941 9,159 2,802 23 636 19,620 1 587 1,014 1 415 Apr. 30 23,345 403 10,955 9,185 2,802 23,345 19,829 1,087 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 June 30 55 667 2,721 1,453 15,385 35,942 164 55 503 7,187 21 712 21,110 5 494 Dec. 31 53,956 3.562 1,951 12,853 35,431 157 53,798 7,733 22,003 19,483 4,579 1956 Mar. 31 50 791 1,875 1.668 12,146 34,944 158 50 633 5,801 21 010 19,166 4 655 Apr 30 50,943 2,280 1,584 11,996 34,926 158 50,785 6,044 20,950 19,218 4,573 Mutual savings banks: 1953 June 30 8.816 120 87 62 7,232 1,314 7,502 476 464 1,395 5,167 1954 June 30 8 353 98 101 221 6.669 1,265 7 089 294 476 1,389 4 930 1955 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—Mar. 31 7,901 135 39 364 6,192 1,170 6,731 254 578 1,339 4 560 Apr 30 7,851 131 38 372 6,148 1,161 6,690 255 572 1,333 4,530 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 Mar 31 12 023 226 83 814 8,055 2,845 9 178 472 1,385 1.846 5 474 Apr. 30 12,001 347 76 798 7,984 2,796 9,204 579 1,361 1,839 5 425 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 U 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 Mar 31 68 376 17,477 7,813 13,049 26,380 3 657 64 720 30,802 12 508 7.594 H 81* Apr 30 68,550 17,346 7,877 13,181 26,490 3,656 64,894 30,788 12,595 7,549 13,962 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, allissuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n is e s t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 ag F e e e r n a d c l - y * S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l l o i f u c e n l b r y d e - d s p v l P a a t r c e i e l - y d f s e P t r o r r c e e k - d C s m t o o o m c n k - Total m N on ew ey 7 p l M p c a o o u e n u s i l r s e e s - - - - s m b d e t R i t a e o r e c e n b f e n . - k t - 8 t , s m r t i e i o t r e c i f e e n u - s t - 1939 5,687 ? 33? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11466 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 10,3?7 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 45,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 iL606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4',006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6.531 226 363 486 1952 26,929 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 f5,180 537 664 1953 28,824 13957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 (5,780 709 1,875 1955 26,772 9,6?8 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1955—May 4,382 3,0?0 30 350 2 981 675 465 96 210 886 774 112 74 June 1,919 496 651 4 768 504 186 319 58 206 687 611 76 64 July .. 2,504 ?65 470 17 753 589 136 453 53 111 597 526 70 143 Aug 1,638 509 259 9 870 655 491 163 15 200 644 614 30 208 Sept 1 627 481 407 3 736 560 301 259 82 94 670 559 111 52 Oct 2 646 461 926 9 1 250 1 046 858 188 43 161 I 074 88 71 Nov 1,840 438 661 33 '708 '431 155 275 85 193 632 '590 42 62 Dec 1 913 466 415 51 980 835 336 499 39 107 900 793 108 63 1956 Jan 1 710 645 407 38 621 529 141 388 19 73 579 496 83 32 Feb ... . 1,998 544 709 744 478 149 329 128 139 704 664 40 26 Mar 1,787 518 401 9 861 675 393 42 143 790 762 28 56 Apr 1,772 453 60 '391 58 811 572 340 232 31 209 746 674 72 48 May 2,035 451 471 1 1,112 914 686 228 65 134 1,070 1,044 26 22 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 a u n s d Transportation Public utility Communication a R nd ea f l i n e a st n a 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" secu- capital" secu- capital" secu- capital" secu- capital" secu- capital" securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 > 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 4S) 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 4 449 66 1952 3,712 >61 512 24 758 225 2,539 88 747 e 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 \ 1.536 24 1954 2,044 190 831 93 501 270 2,675 990 651 6() 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 T1 1,812 56 1955—May 351 52 49 1 55 231 16 24 (9 177 4 June 155 8 109 9 55 3 260 11 32 3:> 76 1 July 214 40 63 (9) 29 1 103 45 (9 143 (9) 115 55 37 4 45 141 84 6 91 272 2 Sept 166 19 68 4 50 4 208 13 19 1C) 158 3 Oct 85 1 56 14 54 52 166 1 694 107 3 Nov 149 32 70 6 17 4 268 12 40 oo 8 Dec 287 54 79 4 130 1 269 2 35 \ 100 (9) 1956—Jan 180 26 45 2 26 1 63 2 3 (9) 263 2 Feb 197 23 41 1 39 1 196 (9) 37 (9) 194 Mar 249 22 48 3 71 10 187 ' 1 103 r1 132 3 Apr 265 45 23 1 47 1 246 1 15 151 1 May 469 17 43 1 88 2 305 83 I 82 2 f Revised. of flotation, 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- « 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. * Issues not guaranteed. debt was incurred. s Represents foreign government, International Bank, and domestic 9 Less than $500,000. eleemosynary and other nonprofit. 1 o Represents all issues other than those for retirement of securities 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 741 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] AnnuaI totals Quarterly totals Industry 1954 1955 1956 1950 1951 1952 1953 1954 1955 3 4 1 2 3 4 1 Manufacturing Total (200 corps.): Sales 45,7875?,,940 ^4, 51763 34358,11069,443 13,55? 15,222 16,599 17,929 16,887 18,028 18 100 profits before taxes 8,176 8.869 7,308 8,375 7,244 10, 1 578 1,919 2,452 2 767 2 388 2 619 2 598 Profits after taxes 4 3,548 3, 19? 3 649 3,825 5,221 810 1,106 1,215 1,392 1,206 1 408 1 282 ,339 075 7 073 2,154 2,3«4 8?7 533 788 575 577 659 1,015 704 Nondurable goods industries (94 corps.):1 Sales 16 18,916 19,?66 70 69420,620?3,065 5,059 5,426 5,509 5,742 5,776 6 037 6 094 Profits before taxes . 2,947 3,447 2,853 3,028 2,753 3,408 667 682 801 849 869 889 900 Profits after taxes ,661 1,533 1,39? 1 5?6 1,581 916 380 422 442 471 483 520 495 977 9?,5 946 972 1,064 1' ?43 348 256 260 283 402 290 Durable goods industries (106 corps.):2 Sales ... ?9,53534,0?4 35, 4? 649 37,49046,378 8,493 9,796 11,090 12,187 11,111 11 99012 006 5 4??. 4,455 346 4,491 6 818 911 1,237 1,651 1,919 1,518 1 730 1 699 Profits after taxes . ... .... .560 015 800 2,244 305 430 684 773 920 723 888 787 Dividends 1,36? j' 149 1, 1,18?, 1,320 1'6? 5 ?90 440 319 317 376 613 414 Selected industries: Foods and kindred products (28 corps.): Sales 4,40? 4,909 5,04? 5,411 5,476 5,813 353 1 435 1,358 1 462 1 491 1 502 1 531 Profits before taxes 53? 473 453 465 462 499 1?? 110 99 131 139 129 123 Profits after taxes .. .... 289 227 203 212 224 245 59 57 46 63 68 68 55 Dividends 161 159 154 154 156 160 39 46 36 36 39 50 37 Chemicals and allied products (26 corps.): Sales 4,817 5,88? 5,965 6,373 6,182 7, 1 517 1 623 1,721 1 811 1 799 1 891 1 879 ,178 1,490 ?59 308 1,153 535 777 313 366 381 390 399 385 Profits after taxes . . ..... 597 521 486 520 593 782 137 174 182 193 198 209 195 Dividends 467 381 396 417 499 597 103 194 114 115 134 234 138 Petroleum refining (14 corps.): Sales . 4,359 5,078 5,411 5,883 6,015 6,556 ],473 1 562 1,566 1 613 1 632 1 745 1 764 71? 911 7?8 841 751 854 181 152 210 200 218 226 248 Profits after taxes 492 560 524 603 567 624 140 132 150 147 156 172 174 ?36 ?83 ?90 294 317 73 77 77 77 80 83 82 Primary metals and products (39 corps.): Sales . 10,448 1? 507 11,564 13 750 11,522 14,9?7 715 2 874 3,300 3 858 3 746 4 024 4 162 ,706 7,098 147 817 1,357 7,375 300 400 487 633 582 674 692 Profits after taxes 857 778 564 790 705 1,194 149 231 241 313 290 350 343 378 382 369 377 407 92 125 114 108 118 182 141 Machinery (27 corps.): Sales 049 6,168 7,077 8,005 7,745 8,110 1 866 2 024 1,953 2 045 1 977 2 135 2 168 847 000 971 011 914 894 222 229 251 208 206 200 Profits after taxes 424 365 375 402 465 458 102 138 110 120 103 124 75 Dividends . „ 208 192 199 237 263 281 64 76 67 66 67 81 78 Automobiles and equipment (15 corps.): Sales ,969 12,70713,03816,61114,137 18,825 2,963 3,850 4,791 5,101 4,246 4,688 4,578 ,33? 1,950 1,98? 7,078 1,789 0?3 9Q9 510 825 894 589 715 690 Profits after taxes 1,101 717 709 758 863 1,394 126 261 369 418 261 346 312 Dividends . 679 486 469 469 536 693 108 198 109 114 161 309 162 Public Utility Railroad: 9,473 10,39110,58110,664 9,371 10 106 ,366 2,395 2,305 2 524 2,634 2,643 2 535 Profits before taxes .... 1,385 1,260 1,451 1,404 900 1 342 226 319 259 358 370 355 252 Profits after taxes ... 784 693 832 871 674 925 172 277 175 242 243 265 164 Dividends 31? 3?8 338 41? 379 74 136 101 90 74 156 111 Electric power: Operating revenue 5,528 6,058 6,549 7 136 7,610 8 395 1,831 1,976 2,169 1,999 2,034 2,193 2,422 Profits before taxes 1 313 148? 1740 1 895 2,049 304 478 513 636 523 535 594 710 Profits after taxes 822 814 947 1030 1,140 1247 264 288 341 296 284 326 374 Dividends 619 651 725 780 857 930 211 224 225 229 229 247 247 Telephone: Operating reven ue 3,34? 3 7?9 4 136 4 5?5 4,902 54? 5 1 1.285 1,298 1,340 1,368 1,419 1 439 Profits before taxes 580 691 787 9?5 1,050 *">&> 284 306 315 325 336 339 Profits after taxes . .... 331 341 384 452 525 638 141 143 152 156 161 169 169 Dividends 276 318 355 412 448 496 112 116 118 122 126 ,30 132 1 Includes 26 companies in groups not shown separately, as follows: quarterly figures on operating revenue and profits before taxes are partly textile mill products (10); paper and allied products (15); miscellaneous (1). estimated by the Federal Reserve to include affiliated nonelectric opera- 2 Includes 25 companies in groups not shown separately, as follows: tions. building materials (12); transportation equipment other than automobile Telephone. Revenues and profits are for telephone operations of the (6); and miscellaneous (7). Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divi- CDmpany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the Bun ETTN for March 1942 (public utilities); and p. 90$ obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s - d Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 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 5,68? ?JOS 3,577 3,366 666 ? 700 1953' 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 33.2 16.8 16.4 10.0 6.4 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1955r 42.7 21.5 21.1 11.2 10.0 1954 11,694 5,629 6,065 7,83? 4,033 3,799 3,862 1,596 ?,?65 1955 12,595 5,372 7,223 7,712 3,199 4,513 4,883 2,173 2,710 1954—4 ' 35.2 17.8 17.4 10.3 7.1 1955 1 . 3,014 1,295 1,719 681 702 979 1,333 593 740 1955—1r 39.7 20.0 19.7 10.4 9.3 2 2,891 1,484 1,407 l] 802 767 1,034 1,089 717 373 2r 41.1 20.7 20.3 10.7 9.6 3 2,895 1,427 1,468 818 9?3 915 1 057 504 5S3 3r 43.5 22.0 21.5 11.0 10.5 4 3,795 1,165 2,630 2,'391 806 1,585 1,404 359 1,046 4r 46.4 23.4 23.0 12.1 10.9 1956 1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 1956—1'" 43.7 22.1 21.6 11.8 9.8 1 Reflects cash transactions only. As contrasted with data shown on p. 740, new issues r Revised. exclude foreign and include offerings of open-end investment companies, sal es of securities NOTE.—Quarterly data are at seasonally adjusted held by affiliated companies or RFC, special offerings to employees, and also new stock annual rates. issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 740. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS * [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts E o n r d q o u f a r y t e e a r r w c o ap rk it i a n l g Total Cash s G U ec o . u v S r t i . . - receivable I t n o v ri e e n s - Other Total payable F in e c t d a o e x m ra e l Other ties G U o . v S t . . 2 Other G U o . v S t. . 2 Other bi l l i i a ti - es 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 i 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 1956—1 105.6 205.4 29.6 20.5 2.3 77.0 72.8 3.2 99.8 2.3 61.0 15.3 21.2 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 i m o n n i - - s Other 2 Quarter Total fa m a i c n n t i u n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 road Other ing 1948 22.1 9.1 .9 1.3 1.3 2.5 1.7 5.2 1955_1 .. . 5.8 2.4 .5 .8 2.0 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 2 7 0 3 0 6 1 i 2 3 1950 20.6 7.5 .7 1.1 ? 3.3 1.1 5.7 3 7.4 3.1 .6 1 2 2 5 1951 25.6 10.9 .9 1.5 .5 3.7 1.3 5.9 4 . . 8.4 3.8 .7 1.2 2.6 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 6 4.6 1.7 6.3 1956—1 7.5 3.2 7 9 2 6 1954 26.8 11.0 1.0 .9 1.5 4.2 7 6.5 24 9.1 4.3 .8 1.4 2.7 1955 28.7 11.4 1.0 .9 .6 4.3 2.6 7.5 34. .. 9 2 4 4 8 1 4 2 6 19564 34.9 15.0 1.1 1.3 .8 5.0 10.6 l Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. * Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 743 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ^onfarm Farm E o n r d q o u f a r y t e e a r r h A 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 h n r s t O e a o - d l l t d h e e v o r r I i a s t d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t f F u a i i n c m t n i i s o a a t i i l l n n - y s - ho O h u e o t s h r l e s d e s - r c T o o m t M a m l u e lt r i c t - F u i i f a n i c a t n l i s i m o a a t p i l n n i - r l s - o y p a e O n h rt d e o t i r h e l s d s e - r * h e A o r l s l d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s* 1941 37 6 20 7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8 1 4 8 6 4 1 5 4 9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7 4 4 8 4 8 1 3 3 4 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5 3 1 9 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 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—Mar* 117.3 88 o 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20 4 9 9 8 5 3 4 5 1 Junep 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 Sent 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 ^Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Home Loan Bank NOTE.—Figures for first three quarters of each year are Federal Reserve Board, Institute of Life Insurance, Departments of Agriculture and estimates. Financial institutions include commercial banks (including Commerce, Federal National Mortgage Association, Veterans Adminisnondeposit trust companies but not trust departments), mutual savings tration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1948 10 897 8,066 1,957 874 5,806 4,758 1 015 34 1949 11 644 8 676 2,060 909 6 705 5 569 1 099 37 1950 13 664 10,431 2,264 968 8,261 7,054 I 164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 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 ,150 14,415 12,665 3,725 3,900 5,040 1,695 55 Dec 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955—Mar 19,125 14,535 4,205 3,450 6,880 3,385 1,205 15,560 13-745 3,895 4,600 5,250 1,758 57 19,940 15,128 4,361 3,601 7,166 3,549 ,763 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 .297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956—Mar.p 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 v Preliminary. banking statistics. March and September figures are Federal Reserve 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- Sources.—All-bank series prepared by Federal Deposit Insurance ber figures are Federal Reserve estimates based on data from Member Corporation from data supplied by Federal and State bank supervisory 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

744 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 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 Sent 513 485 80 127 278 28 28,250 26,025 6 260 5 573 14 192 2,225 Oct 578 535 76 160 299 43 28,563 26,320 6,289 5,692 14,339 2,243 Nov 545 514 86 155 273 31 28,868 26,613 6,328 5,808 14,477 2,255 Dec 857 811 150 296 365 46 29,433 27,166 6,410 6,075 14,681 2,267 1956 Jan 646 595 105 208 282 51 29,800 27,526 6 463 6 251 14 812 2 274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28 301 6 535 6 571 15 195 2 350 May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 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 s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g V n u t A e a e r - - d ti C o v n e o n a n - l - 2 Y m e o a n r th or N b u e m r - Total i i a n S l s o g a s s a v n n - s & . p I c a n a o n s n m u c i e e r - - s C b m c a o i n e m a r k l - - s M b s i a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941., 1,628 4,732 1,490 404 1,166 218 1945.... 1,913 181 1,358 5,376 1945. 1,639 5,650 2,017 250 1,097 217 1948.... 3,607 1,046 1,710 10,305 563 2,397 7,345 1948. 2,535 11,882 3,629 1,016 2,664 745 1949.... 3,636 1,083 1,559 11,616 717 2,586 8,313 1949. 2,488 11,828 3,646 1,046 2,446 750 1950.... 5,237 1,767 2,246 13,657 848 2,973 9,836 1950. 3,032 16,179 5,060 1,618 3,365 1,064 1951.... 5,250 1,657 2,357 15,564 866 3,133 11,565 1951. 2,878 16,405 5,295 1,615 3,370 1,013 1952.... 6,617 2,105 2,955 18,396 904 3,394 14,098 1952. 3,028 18,018 6,452 1,420 3,600 1,137 1953.... 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1953. 3,164 19,747 7,365 1,480 3,680 1,327 1954.... 8,969 3,076 3,846 26,193 1,172 4,721 20,300 1954. 3,458 22,974 8,312 1,768 4,239 1,501 1955.... 11,432 4,041 5,241 31,584 1,409 5,912 24,263 1955. 3,913 28,484 10,452 1,932 5,617 1,858 1955 1955 May.... ,069 395 470 May 344 2,483 950 163 482 153 June ,157 418 536 29,107 1,287 5,336 22,484 June 360 2,636 1,024 174 516 171 July.... ,054 371 494 July 335 2,463 953 161 472 168 Aug ,171 416 553 Aug 366 2,697 1,060 163 521 179 Sept ,012 342 503 30,687 1,356 5,653 23,678 Sept 342 2,522 946 155 505 168 Oct 880 303 426 Oct 326 2,387 835 153 505 167 Nov 782 261 385 Nov 314 2,316 765 152 499 171 Dec 746 253 351 3U584 * i ,* 409 "5,912 24;263 293 2,188 700 156 457 166 Dec 1956 1956 Jan 712 251 316 275 2,059 665 148 435 131 Feb 778 284 333 JFaenb., 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 \m 932 359 388 Apr 303 2,269 827 148 470 128 May 986 356 434 May 324 2,434 872 159 508 152 1 Includes loans for other purposes (for repair, additions and alterations, 1 Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 745 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages Government- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e t s - i l p m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o er f r Total underwritten t C io o 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 t952 3,113 969 974 322 848 2,719 t 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—Vfay 284 93 136 3 51 548 341 207 1954 75 7 32 1 12 8 19 3 43 6 June 333 107 163 5 58 553 348 204 1955* 88 4 38 9 14 3 24 6 49 5 July 283 92 138 3 50 520 332 187 Aug * 350 113 166 4 67 617 386 230 1954_Sept 72.6 30.7 12.6 18.1 41.9 S O e c p t t 3 3 4 3 7 8 1 1 1 1 3 3 1 1 6 6 2 0 9 2 6 6 4 3 7 5 1 9 7 0 4 3 6 7 1 8 2 2 1 5 1 5 Dec.... 75.7 32.1 12.8 19.3 43.6 Nov 345 122 154 11 59 755 511 243 1955—Mar. *... 78.5 33.5 13.2 20.3 45.0 Dec , 326 118 144 10 55 620 413 206 June**... 82.2 35.3 13.5 21.8 46.9 Sept. P .... 85.6 37.0 13.9 23.1 48.6 1956 J F a e n b . 2 3 8 3 7 5 1 1 3 1 3 4 1 1 2 4 7 8 5 1 4 5 1 3 5 53 7 5 0 4 3 0 7 3 2 1 1 6 6 2 6 Dec.* 88.4 38.9 14.3 24.6 49.5 Mar.. 298 105 127 18 48 468 331 136 1956—Mar.P.... 91.1 40.2 14.7 25.5 50.9 Apr 253 87 116 4 46 493 333 159 May 270 87 123 2 59 469 307 162 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 holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L t o e n r g m - 2 1945 278 213 195 176 19 1948.. 199 188 11 198 227 1948...... 360 280 515 257 258 1949 828 403 425 672 20 824 1949. . 256 337 433 231 202 1950 1,347 169 1,178 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 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 ,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 ,714 411 62 76 1955 1,251 702 1,417 991 426 1955—May 2,562 860 ,702 39 7 163 1955—June 237 42 ,017 715 302 June . . 2,567 867 ,700 21 3 127 July. 152 107 ,061 748 313 July 2,567 868 ,699 15 1 116 Aug. 156 30 ,187 822 365 Aug 2,573 876 ,696 19 1 104 Sept. 115 27 ,275 885 390 Sept 2,564 871 ,693 11 1 105 Oct.. 90 21 ,344 932 412 Oct 2,587 891 ,695 42 1 83 Nov. 60 40 ,364 875 489 Nov 2,596 896 ,700 27 1 80 Dec. 109 56 ,417 991 426 Dec . 2,615 901 ,714 30 0 76 1956—Jan.. 42 213 ,246 413 1956 Jan .. 2,623 901 ,722 22 1 75 Feb. 13 78 ,181 770 411 Feb 2,642 907 ,736 35 0 66 Mar. 24 67 ,138 730 408 Mar 2,657 90$ ,748 28 0 62 Apr. 42 53 ,127 709 418 Apr 2.665 907 ,758 23 1 68 May 44 48 ,123 697 427 May 2,677 907 ,769 25 81 June 99 49 1,173 730 443 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary Secured loans, amortized quarterly, having maturities of more than ma S r o k u e r t, c e s . p — ec F ia e l d e a r s a s l i s N ta a n t c i e o , n a a n l d M m o a rt n g a a g g e e m A en ss t o a c n ia d t i l o i n q . uidation. on S e o y \u/f e r* a cz r ie T. b — h u t t Ht tt n o r o mt t r e\t m mL o ro» r r e a/= n* t h tB a h n aa nn t k e f n pB n y o e av a rp r da s .r . c Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 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 h u e d e m r s r i er e a r n R n l d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1.285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 ,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955 36,225 27,895 14,312 6,435 ,641 5,507 8,330 2,776 3,797 1,757 1955—May 31,568 24,149 11,985 5,555 1,546 5,063 7,419 2,589 3,011 L ,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 1,834 33,636 26,155 13,547 5,762 ,589 5,257 7,481 2,629 3,019 1,833 Sent 34,293 26,699 13,929 5,848 ,611 5,311 7,594 2,657 3,108 1,829 Oct 34,640 26,963 14,095 5,917 ,627 5,324 7,677 2,666 3,218 ,793 Nov 35,059 27,247 14,172 6,057 ,634 5,384 7,812 2,757 3,285 ,770 Dec 36,225 27,895 14,312 6,435 ,641 5,507 8,330 2,776 3,797 ,757 1956 Jan 35,599 27,769 14,314 6.318 ,610 5,527 7,830 2,715 3,355 ,760 Feb 35,272 27,784 14,397 6,209 ,599 5,579 7,488 2,729 2 974 785 Mar 35,536 27,964 14,565 6,137 ,599 5,663 7,572 2,839 2 933 800 Apr . 35,962 28,260 14,706 6,183 ,611 5,760 7,702 2,876 2,996 830 May 36,574 28,591 14,876 6,244 ,642 5,829 7,983 2,981 3,135 ,867 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 c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a n e r t s t ! - F s t t u o u r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A e o a u l b t e o i r l - e s2 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 May 24,149 20,718 9,228 7,390 1,395 2,705 3,431 1,150 842 277 457 705 24,914 21,432 9,495 1,141 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 I 155 856 281 501 703 Aug 26,155 22,605 9,871 8,422 1.495 2,817 3,550 1,167 871 284 523 705 Sept 26,699 23,101 10,060 8,667 ,528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 ,547 2,861 3 639 I 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 ,580 2,998 4,032 1,423 956 297 556 800 1956—Jan 27,769 23,862 10,360 8,936 ,565 3,001 3.907 1,374 925 288 556 764 Feb 27,784 23,979 10,^98 8,964 ,589 3,028 3 805 I 341 909 281 559 715 Mar 27,964 24,244 10,521 9,037 .618 3,068 3,720 284 894 276 564 702 Apr 28,260 24,557 10,717 9,093 1.647 3,100 3,703 1.286 885 271 569 692 May 28,591 24,866 10,874 9,170 1,680 3,142 3,725 1,297 882 273 575 698 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 747 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 o n a p o i n z d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m R i o l z e a o d a p n a t e a d i n r i o s 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 1,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,769 3,183 241 70 275 1951 5 771 1,135 1,311 1,315 888 1,122 1952 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,421 5,563 351 81 426 1954 8 633 2,198 1,645 1,839 1,275 1,676 1955 8,938 7,939 416 85 498 1955 10,347 2,976 2,099 2,099 1,279 1,894 1955—May 7,390 6,512 353 77 448 1955 May 9,228 2,466 1,880 1,865 1,211 1,806 June 7,747 6,857 361 78 451 June 9,495 2,591 1,940 1,897 1,223 1,844 July. 8,087 7,180 372 78 457 July 9 656 2 656 1,995 1,921 1,231 1,853 Aug. 8,422 7,496 384 80 462 Aug 9,871 2,765 2,041 1,950 1,243 1,872 Sept. 8,667 7,729 392 81 465 Sept 10.060 2,842 2,088 1,986 1,259 1,885 Oct.. 8,771 7,822 398 82 469 Oct 10 145 2 901 2,090 2,009 1,273 1,872 Nov. 8,825 7,860 403 83 479 Nov 10 227 2,935 2,087 2,052 1,275 1,878 Dec. 8,938 7,939 416 85 498 Dec 10,347 2,976 2,099 2,099 1,279 1,894 1956—Jan.. 8,936 7,939 412 84 501 1956 Jan 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 1,245 1,919 Mar. 9,037 8,026 412 82 517 Mar 10 521 3,059 2,167 2,110 1,243 1,942 Apr. 9,093 8,074 412 82 525 Apr 10,717 3,104 2,200 2,175 [,252 1.986 May 9,170 8,146 411 81 532 May 10,874 3,157 2,228 2,213 1,273 2,003 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 t o m o p h n d e e e - r r s r m R iz l o o a e a d 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 E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n a n a - i l t l t - C m c m ( o i s e a m i e r n l - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n ( c - t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e 1939 789 81 24 15 669 banks stores* 1941 957 122 36 14 785 1945 .. 731 54 20 14 643 1939 . . 2,719 625 162 236 1,178 518 1948 . 1 573 189 99 59 1,226 1941 3,087 693 152 275 1,370 597 1949 1,858 240 137 89 1,392 1945 3,203 674 72 290 1,322 845 1950 2,237 330 182 115 1,610 1951 2 537 358 209 132 1,838 1948 5,443 1,261 184 575 2,138 1,285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 1,376 1953 3 613 573 337 249 2,454 1950 6,323 1,576 245 641 2,365 1,496 1954 3,881 596 340 260 2,685 1951 6,631 1,684 250 685 2,411 1,601 1955 4,578 742 444 277 3,115 1952 7,143 1,844 250 730 2,612 1,707 1953 7,350 1,899 320 748 2,663 1,720 1955—May 4,100 670 363 258 2,809 1954 7,658 2,085 335 764 2,754 1,720 June 4,190 692 380 261 2,857 1955 . . . 8,330 2,393 383 825 2,972 1,757 July 4,237 706 388 261 2,882 Aug 4 312 722 401 266 2,923 1955—May 7,419 2,199 390 532 2,479 1,819 Sept 4,374 732 410 271 2,961 June 7,557 2,303 383 518 2,522 1,831 Oct . . 4 408 736 417 272 2,983 July 7,420 2,268 327 474 2,517 1,834 Nov 4,472 740 429 276 3,027 Aug 7,481 2,277 352 475 2,544 1,833 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 Apr 4,747 759 462 277 3,249 1956—Jan 7,830 2,392 323 676 2,679 1,760 May 4,822 770 470 288 3,294 Feb 7,488 2,387 342 571 2,403 1,785 Mar 7,572 2,437 402 555 2,378 1,800 Apr 7,702 2,471 405 548 2,448 1,830 NOTE.—Institutions included are consumer finance companies (oper- May 7,983 2,516 465 560 2,575 1,867 ating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. i Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 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 ti o 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—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 [,594 1.117 711 674 111 103 715 675 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 1,341 1,264 850 710 124 117 788 728 Dec 3,508 2,860 [,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 ,296 1,213 627 736 95 106 751 699 Mar 3,114 2,934 .450 ,282 687 759 106 106 871 787 Apr 3,163 2,867 .406 265 780 714 123 111 854 757 May 3,281 2,950 1,475 ,305 812 751 141 110 853 784 SEASONALLY ADJUSTED* 1955 May 3,103 2,635 1,525 ,139 738 687 117 123 723 686 June 3,179 2,612 1,589 ,166 757 678 110 108 723 660 July 3,136 2,611 1,519 ,133 794 706 108 101 715 671 Aug 3,211 2,713 1,566 ,197 773 718 114 104 758 694 Sept 3,290 2,691 1,620 ,175 759 694 120 108 791 714 Oct 3,075 2,11A J.474 ,233 724 718 112 106 765 717 Nov 3,185 2,830 ,435 ,281 805 698 118 117 827 734 Dec 3,185 2,141 1,503 1,228 792 690 118 102 772 727 1956 Jan 3,211 2,939 ,451 ,275 823 770 111 111 826 783 Feb 3,192 2,845 ,473 ,266 751 735 123 103 845 741 Mar 2,988 2,790 ,360 ,215 719 726 116 103 793 746 3,227 2.987 .358 ,328 849 744 133 124 887 7Q1 May 3,051 2,904 131 284 116 732 129 117 815 771 3 •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 RECEIVABLEi Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge f m r P o o e m r n c t e h c n o t o y r a f e r g a e p e s r r p c e o h c 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 M 19 a 5 y 6 A 19 p 5 r 6 . M 19 a 5 r 6 . M 19 a 5 y 6 A 19 p 5 r 6 . M 19 a 5 r 6 . Month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1955—May 15 12 9 45 Total + 12 + 1 + 5 + 3 + 1 + 3 June 15 12 9 46 Cash sales + 14 0 0 + 1 0 + 1 July. 14 12 9 43 Credit sales: Aug. 14 13 9 46 Instalment + 12 +2 + 8 + 3 0 +4 Sept. 15 12 9 45 Charge account + 12 0 2 + 10 +4 +4 O No ct v . . . 1 1 5 5 1 1 2 2 1 1 0 0 4 4 7 7 Accounts receivable, end of Dec. 15 11 9 46 month: Total 0 -1 2 + 6 + 8 + 8 1956—Jan.. 14 12 9 43 Instalment 0 -1 2 + 5 +6 +7 Feb.. 14 11 Q 44 Charge accounts + 1 + 1 -3 + 10 + 12 + 13 Mar. 16 12 9 47 Apr., 15 12 9 43 Inventories, end of month, May, 15 12 9 46 at retail value 2 +2 + 5 + 5 + 3 +6 1 Collections during month as percentage of accounts outstanding at beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS ACTIVITY 749 SELECTED BUSINESS INDEXES {Indexes, 1947-49=• 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y st s r i i c a a l l p v r o o l d u u m c e t ) i * on aw C a o c r n d o s e n t d t r r u a ( c c v t t a i s o lu n e)1 Employment and payrolls2 or Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n - le - M era in 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 o e r r l n a n y i - - - - l t - pr E o M m d m u a p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r l s s - F i l n c r o e a g a i r s d g - * - ht D v s ( m s r e a a t e p l o l e t e u a a r n s e e r i t * l ) t- p s C r u i o m ce n e s - r 2 m p W c r s o o i a h c d m l o e e i l t s - e 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 31 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 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114 8 no * 1955 139 140 155 126 122 261 280 248 114 2 105 5 152 5 '95 119 114 5 110 7 1955 Apr 136 138 138 151 126 119 253 286 230 112.9 104.7 103.6 146.6 93 119 114.2 110.5 May 138 138 140 153 127 121 245 280 221 113.7 105.6 104.1 150.0 96 117 114 2 109 9 June .. .... 139 139 141 155 128 122 253 290 228 114.5 106.3 105.7 152.0 94 114 114 4 110 3 July 139 130 141 155 126 120 257 296 231 114.7 106.1 104.6 150.9 95 124 114.7 110.5 Aug 140 139 142 158 125 121 259 278 246 115.0 106.2 107.2 154.6 96 118 114 5 110 9 Sept 142 142 144 160 128 123 250 256 246 115.3 106.2 108.1 158.6 96 121 114.9 111.7 Oct 143 147 145 161 129 123 260 252 266 115.7 107.1 108.7 161.1 98 122 114 9 111 6 Nov 143 145 145 161 130 125 270 252 282 116.0 108.2 109.0 163.8 99 122 115.0 111.2 Dec 144 142 146 161 130 129 301 273 319 116.5 108.3 108.7 163.7 101 123 114 7 111 3 1956 Jan 143 143 145 160 129 131 300 290 306 116.8 108.0 107.2 159.1 103 124 114.6 111.9 Feb 143 144 144 158 130 131 306 318 298 116.9 107.2 106.8 157.7 100 118 114 6 112 4 Mar 141 143 142 156 127 130 287 317 267 116.7 106.4 106.1 157.9 100 122 114.7 112.8 Apr 143 144 144 r159 129 r130 277 315 252 ^117.3r107.1 106.0 158.2 99 122 114 9 r113 6 May 142 141 143 157 129 130 257 286 237 117.5 106.8 105.3 156.0 98 122 115.4 r114.4 June P141 *141 ?142 *>156 »128 ?130 P117.6»106.1^105.5 •158.3 *95 •123 114.2 • Estimated. P Preliminary. T Revised. Nonagricuitural employment covers employees only and excludes person- •Average per working day. nel in the armed forces. The figures on employment and payrolls ini Three-month moving average, based on F. W. Dodge Corporation corporate revisions to first-quarter 1955 bench-mark levels. The condata. A description of the index may be obtained from the Division of sumer price index is the revised series, reflecting, beginning January Research and Statistics. 1953, the inclusion of some new series and revised weights: prior to 8 The indexes of employment and oavrolls, wholesale commodity prices, January 1953, indexes are based on the "interim adjusted" and "old" and consumer prices are compiled by the Bureau of Labor Statistics. indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1955 1956 Industry portion 1954 1955 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 138 139 139 140 142 143 143 144 143 143 141 143 142 MANUFACTURES—TOTAL 90.02 127 141 140 141 141 142 144 145 145 146 145 144 142 144 143 Durable Manufactures—Total 45.17 137 155 153 155 155 158 160 161 161 161 160 158 156 r159 157 Primary metals. 6.70 108 140 140 143 134 139 146 148 149 150 148 148 145 145 142 Metal fabricating 28.52 150 165 163 164 766 168 770 775 772 172 770 168 766 777 167 Fabricated metal products 5.73 123 134 134 135 135 137 141 142 139 138 136 134 132 135 130 Machinery 13.68 142 155 153 155 158 159 161 164 162 163 164 162 162 171 168 Nonelectrical machinery 9.04 125 135 134 136 138 140 141 143 143 144 146 147 147 151 149 Electrical machinery 4.64 177 194 189 192 197 196 199 205 198 199 197 192 191 -208 206 Transportation equipment 7.54 175 203 202 198 202 203 205 208 212 212 205 202 197 194 188 Instruments and related products 1.29 140 149 142 149 151 153 155 156 158 159 160 161 160 163 164 Clay, glass, and lumber products 5.91 123 138 137 143 138 140 141 141 759 759 140 759 757 759 140 Stone, clay, and glass products 2.82 131 149 149 153 152 155 155 153 156 154 154 155 156 158 160 Lumber and products 3.09 115 127 125 133 125 127 127 130 124 126 128 124 121 122 121 Furniture and misc. manufactures 4.04 121 132 132 136 134 757 757 756 756 757 755 134 752 134 135 Furniture and fixtures 1.64 106 119 117 121 122 124 125 124 123 123 122 120 120 121 121 Miscellaneous manufactures 2.40 131 141 142 145 143 145 145 145 145 146 144 143 141 142 145 Nondurable Manufactures—Total.,.. 44.85 116 126 128 126 225 128 129 130 129 130 127 129 129 Textiles and apparel 11.87 100 109 110 110 109 709 111 112 775 112 111 112 107 108 107 Textile mill products 6.32 95 107 106 107 106 107 107 109 110 109 108 109 106 106 103 Apparel and allied products 5.55 105 113 114 114 112 112 116 116 117 116 113 114 108 109 111 Ru R bb u e b r b e a r n d p r l o ea d t u h c e t r s products 3 1 . . 2 4 0 7 1 11 0 5 4 1 1 2 4 2 3 1 1 2 4 5 7 7 1 2 4 7 9 7 1 2 3 0 7 7 1 7 3 9 8 7 1 2 4 7 2 1 1 2 4 4 7 7 1 2 4 2 7 7 1 2 4 5 4 7 1 2 4 6 7 7 1 2 4 5 0 - 7 1 7 3 9 5 rU 1 9 35 777 Leather and products 1.73 95 105 105 107 106 102 104 105 101 108 108 112 105 -106 Paper and printing 8.93 125 137 138 139 139 755 740 141 141 140 141 140 140 143 142 Paper and allied products 3.46 134 152 156 156 155 153 157 156 157 159 159 157 157 160 160 Printing and publishing 5.47 120 127 126 128 128 128 130 131 130 128 130 130 129 131 131 Chemical and petroleum products 9.34 142 159 159 757 760 760 765 762 164 766 765 766 766 '767 169 Chemicals and allied products 6.84 148 167 168 170 170 168 173 171 173 175 173 174 174 -178 180 Petroleum and coal products 2.50 125 135 134 136 134 135 135 137 139 141 142 143 144 -139 140 Foods, beverages, and tobacco 11.51 106 109 108 109 705 707 707 777 777 775 777 772 770 772 77/ Food and beverage manufactures 10.73 106 109 108 109 108 108 108 111 112 113 111 112 111 113 111 Tobacco manufactures .78 103 105 109 109 101 100 100 105 104 107 109 107 107 107 MINERALS—TOTAL 9.98 111 122 121 122 120 121 123 123 125 129 131 131 130 -130 130 Mineral fuels 8.35 113 123 121 722 725 722 722 725 725 750 752 757 -757 750 75/ Coal 2.68 67 80 81 86 87 82 80 80 80 87 87 88 86 86 89 Anthracite .36 52 48 42 43 53 41 50 42 47 58 62 55 50 55 41 Bituminous coal 2.32 70 85 87 92 92 89 84 86 85 92 91 94 92 91 96 Crude oil and natural gas 5.67 134 143 139 139 139 141 141 143 147 151 153 151 151 -151 150 Metal, stone, ana earth minerals 1.63 106 720 120 123 709 777 726 726 124 725 729 750 750 -725 126 Metal mining .82 90 110 111 117 88 105 119 120 114 112 121 121 120 -118 112 Stone and earth minerals .81 123 130 129 129 130 130 133 131 134 135 137 138 139 -139 140 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 00.00 125 139 138 139 130 139 142 147 145 142 143 144 143 144 141 MANUFACTURES—TOTAL 90.02 127 141 140 141 132 140 144 150 148 143 144 146 145 146 142 Durable Manufactures—Total 45.17 137 155 155 155 146 153 157 164 163 161 160 161 161 -162 157 Primary metals 6.70 108 140 143 144 122 132 143 149 149 147 151 152 152 151 145 Ferrous metals 5.03 105 138 143 141 125 132 142 148 147 145 149 149 149 149 143 Pig iron and steel 3.51 108 144 149 146 132 140 149 153 154 153 158 158 159 158 152 Pig iron .37 101 134 138 137 129 134 140 141 140 141 143 143 145 145 140 Steel 3.05 109 146 151 147 133 141 150 154 156 154 159 159 160 159 154 Carbon steel 2.62 108 141 148 144 130 136 144 149 150 149 153 153 155 155 149 Alloy steel .43 115 171 169 169 147 168 186 188 189 182 197 199 192 181 182 Ferrous castings and forgings 1.52 97 124 128 129 108 114 125 137 131 128 128 130 128 129 121 Iron and steel castings 1.29 95 123 127 127 108 114 123 135 129 126 125 128 126 -127 120 Steel forgings .23 106 133 132 139 108 115 133 148 141 141 143 142 142 -141 129 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 751 INDUSTRIAL PRODUCTION—Continued TFederal Reserve indexes, 1947-49 average= 1001 19 p 4 r 7 o- -49 a A v n e n ra u g a e l 1955 1956 Industry portion 1954 1955 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 120 146 144 154 112 132 147 153 154 153 159 161 161 157 152 Primary nonferrous metals .38 147 164 166 167 127 150 173 171 173 175 172 176 181 183 180 Copper smelting .09 101 122 132 130 49 95 139 136 130 128 132 133 139 139 141 Copper refining .06 109 123 133 133 50 97 142 126 136 143 122 134 141 142 140 Lead .04 105 103 101 110 53 82 116 119 121 112 114 117 120 121 106 Zinc .10 101 120 118 119 116 116 117 122 123 127 124 126 '125 125 111 Aluminum .09 244 261 258 259 261 263 265 265 272 277 276 279 287 294 296 Secondary nonferrous metals .13 105 123 123 121 100 118 130 135 130 125 131 134 124 Nonferrous shapes and castings 1.16 113 142 139 154 108 127 141 149 150 148 158 159 158 152 147 Copper mill shapes .63 100 114 110 128 75 91 110 114 118 120 134 132 129 120 114 Aluminum mill shapes .20 154 208 209 228 188 215 218 222 219 210 226 225 241 '242 228 Nonferrous castings .33 114 156 155 158 124 144 173 169 164 163 170 166 160 Metal Fabricating 28.52 150 165 165 163 157 162 165 173 174 173 172 172 172 174 167 Fabricated metal products 5.73 123 134 134 135 130 139 142 145 139 137 135 134 134 136 130 Structural metal parts 2.68 126 136 136 136 132 137 141 144 145 144 140 138 138 140 137 Stampings and misc. metal products.... 2.12 117 130 131 128 125 126 129 134 138 137 131 129 126 125 120 Tin cans .30 131 142 143 149 168 203 192 197 95 102 109 116 127 189 120 Furnaces, gas ranges, and heaters .63 90 111 105 117 89 128 142 134 117 92 109 110 115 106 Machinery 13.68 142 155 151 142 153 161 169 164 164 167 168 168 172 167 Nonelectrical machinery 9.04 125 135 135 137 131 131 137 141 141 147 149 152 154 154 151 Farm and industrial machinery 8.13 121 130 129 131 128 129 131 136 138 143 144 145 146 148 147 Farm machinery 1.02 79 91 95 95 92 87 69 92 94 97 98 95 94 92 89 Industrial and commercial machinery. 7.11 127 135 134 136 133 135 140 142 144 150 150 153 154 156 155 Machine tools and presses .68 160 163 157 161 160 165 168 170 178 190 190 195 196 197 197 Laundry and refrigeration appliances... .69 114 144 155 157 116 113 147 141 130 141 164 173 183 175 146 Electrical machinery 4.64 177 194 181 184 165 194 207 223 208 197 201 200 196 '206 198 Electrical apparatus and parts 3.23 160 174 175 176 169 170 175 188 180 184 184 184 184 r202 200 Radio and television sets .74 214 242 190 192 143 254 289 315 280 225 240 233 218 209 185 Transportation equipment 7.54 175 203 209 200 197 192 185 200 216 214 206 205 203 r201 193 Autos, trucks, and parts 4.80 109 153 165 151 147 137 122 144 167 159 147 143 139 136 120 Autos 1.50 131 190 205 184 195 166 130 153 212 193 173 164 163 162 127 Trucks .66 92 115 132 134 126 106 102 106 122 122 113 125 130 131 116 Light trucks .22 95 114 139 124 119 93 106 121 128 106 101 109 104 102 89 Medium trucks .19 59 69 88 81 81 65 53 50 73 67 67 71 68 69 58 Heavy trucks .14 133 172 192 220 203 167 138 138 172 216 194 227 258 265 237 Truck trailers .07 130 183 176 205 174 192 199 202 199 192 173 187 191 195 184 Auto and truck parts 2.58 101 141 150 137 125 129 122 149 153 150 141 135 128 122 Aircraft and parts 1.30 474 481 469 466 469 469 484 490 500 516 517 521 513 r516 520' Shipbuilding and repair .81 112 115 115 118 114 117 117 115 109 111 111 118 122 122 126 Railroad equipment .53 39 42 47 41 37 45 45 50 48 51 54 60 66 68 69 Railroad cars 40 61 .35 29 30 39 29 22 32 30 38 33 36 49 57 60 Instruments and related products 160 164 1.29 140 149 142 149 147 150 155 158 159 161 161 161 164 Clay, Glass, and Lumber Products.. 132 142 5.91 123 138 139 146 133 145 147 149 140 132 135 135 142 Stone, clay, and glass products 2.82 131 149 149 155 149 158 158 161 157 153 150 150 153 158 160 Glass and pottery products 1.09 118 134 132 136 124 138 137 144 143 141 141 141 140 143 141 Flat glass and vitreous products .60 131 155 152 154 139 152 161 164 169 172 168 163 163 166 164 Flat and other glass .47 133 156 152 154 136 153 163 167 172 174 171 167 163 165 163 Glass containers .26 117 126 123 138 130 143 127 133 119 111 121 130 130 135 136 Home glassware and pottery .23 85 91 89 88 76 95 86 102 101 96 91 96 93 r92 89 Cement .32 135 148 159 163 161 164 164 164 151 136 126 123 137 159 Structural clay products .35 111 127 125 134 128 138 140 138 137 130 129 132 137 138 i40* Brick .12 113 131 132 146 134 146 151 142 141 122 122 124 132 140 145 Clay firebrick, pipe, and tile .20 111 127 122 128 126 134 134 137 136 137 136 139 142 138 138 Concrete and plaster products .48 161 180 184 190 191 195 196 192 186 181 175 177 181 192 201 Misc. stone and earth manufactures .58 140 166 164 170 167 174 175 177 176 176 171 171 171 172 171 Lumber and products 3.09 115 127 129 137 118 133 136 138 124 113 116 121 119 126 124 Lumber 2.05 106 112 116 122 108 119 121 122 106 98 100 104 105 112 Millwork and plywood .60 161 197 195 207 160 198 209 213 201 173 189 201 193 199 187 Millwork .39 123 144 139 151 121 148 155 160 143 110 114 128 118 123 124 Softwood plywood .12 222 284 285 299 224 279 295 299 295 278 313 321 316 324 290 Wood containers .29 90 91 94 85 86 90 93 92 94 90 91 91 '92 92 Furniture and Misc. Manufacturing 4.04 121 132 127 131 125 134 140 144 142 140 133 136 134 132 130 Furniture and fixtures 1.64 106 119 113 116 113 123 127 128 128 128 122 123 122 119 116 Household furniture 1.10 106 120 114 118 114 124 129 131 131 130 124 125 123 118 115 Fixtures and office furniture .54 107 115 111 114 111 121 123 123 121 122 119 119 120 120 119 Miscellaneous manufactures 2.40 131 141 137 141 133 142 149 154 152 149 141 145 142 141 140 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] 1947-49 Annual 1955 1956 pro- average Industry portion 1954 1955 May June July Aug. Sept. Oct. Nov. Dec. Jan Feb. Mar. | Apr. i May WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 116 126 124 127 117 128 130 135 132 125 128 131 130 129 127 Textiles and Apparel 11.87 100 109 110 108 93 112 109 114 114 106 113 107 Textile mill products 6.32 95 107 108 106 91 108 106 111 111 105 111 115 110 108 105 Cotton and synthetic fabrics. 3.72 100 113 116 110 96 115 111 117 118 110 119 123 115 112 109 Cotton consumption 2.30 97 103 104 100 84 106 103 109 109 101 110 112 108 107 105 Synthetic fabrics .97 108 137 146 135 133 134 132 133 135 131 135 141 132 119 108 Fabric finishing .45 93 100 103 92 67 106 87 109 110 92 111 118 98 103 108 Wool textiles .97 66 79 83 85 73 79 80 85 83 80 83 84 85 89 Wool apparel yarns .16 76 85 91 84 80 90 80 90 86 78 94 97 89 97 "97* Wool fabrics .75 64 78 82 86 72 77 80 84 83 82 80 81 84 87 89 Knit goods 1.15 106 110 108 113 98 113 114 119 116 107 107 114 110 110 108 Hosiery .65 108 106 103 108 85 104 106 113 108 99 106 114 105 105 99 Full-fashioned hosiery. . .45 113 110 108 111 86 107 107 114 109 100 107 117 110 112 102 Seamless hosiery .20 97 99 92 102 82 99 101 110 106 96 102 108 93 90 91 Knit garments .50 103 115 113 119 116 123 125 126 125 118 110 115 116 116 119 Floor coverings i 48 Woven carpets .31 79 81 72 85 89 77 84 83 93 91 89 79 Apparel and allied products 5.55 105 113 113 110 95 116 111 117 117 107 117 124 120 114 109 Men's outerwear 1.78 103 111 119 107 84 120 109 117 116 102 119 124 118 119 121 Men's suits and coats .73 83 92 105 92 59 110 91 95 94 84 99 99 99 103 107 Men's suits .50 82 90 100 86 55 102 84 93 95 86 103 103 101 99 100 Men's outercoats .13 67 77 101 92 60 115 99 82 69 55 55 59 67 92 110 Shirts and work clothing .99 116 123 127 117 98 126 119 130 131 113 132 141 130 129 129 Women's outerwear 1.85 109 116 116 114 98 117 108 113 113 98 118 132 127 115 104 Women's suits and coats .76 129 134 96 123 129 145 129 139 143 119 145 155 135 95 90 Misc. apparel and allied mfrs 1.92 103 111 104 108 103 112 122 122 119 113 117 114 '108 104 Rubber and Leather Products . 3.20 104 122 121 126 105 130 122 119 727 132 125 120 114 Rubber products 1.47 115 143 146 151 121 133 144 155 150 139 149 146 140 137 Tires and tubes .70 105 131 135 146 127 116 128 140 138 120 129 134 130 133 Auto tires .40 110 140 150 161 138 125 135 143 140 121 131 135 131 135 Truck and bus tires .30 99 120 116 126 111 104 119 136 134 118 126 132 130 130 Miscellaneous rubber products. .77 124 154 155 155 115 K8 158 170 161 156 167 157 149 142 Leather and products 1.73 95 105 100 105 92 108 107 109 99 102 109 120 112 106 98 Leather .44 8*7 92 93 95 74 90 90 97 95 95 93 103 95 96 Cattlehide leathers .29 92 99 99 101 79 96 98 105 102 103 100 109 102 103 Skin leathers .15 75 79 80 83 63 77 74 82 81 80 90 80 82 Shoes and slippers2 .90 Miscellaneous leather products. .39 90 99 89 96 97 104 104 106 105 104 98 103 98 91 89 Paper and Printing 8.93 125 137 137 138 135 141 147 138 141 144 143 Paper and allied products 3.46 134 152 153 156 139 155 157 167 159 146 157 162 163 165 160 Pulp and paper 1.76 132 149 151 154 135 151 150 158 156 144 158 163 161 163 162 Wood pulp .51 148 169 171 175 156 173 169 179 178 164 181 185 183 184 187 Paper and board 1.25 125 140 143 145 126 141 143 150 147 136 149 154 153 154 152 Printing paper .22 118 127 128 130 112 127 130 132 133 127 137 144 141 142 142 Fine paper .14 120 133 148 138 107 122 134 140 136 129 144 142 152 153 148 Coarse paper .20 119 129 129 130 117 126 128 137 132 125 137 145 140 142 139 Miscellaneous paper .18 137 158 158 159 148 156 156 176 167 154 172 169 170 177 168 Paperboard .41 130 149 151 158 133 155 153 160 161 144 159 163 159 161 161 Building paper and board. .10 124 137 142 142 133 151 145 142 137 124 127 139 148 141 141 Converted paper products 1.70 136 156 154 158 144 159 165 177 161 149 156 162 165 168 157 Shipping containers .51 133 155 154 159 141 160 167 175 160 149 147 157 165 162 154 Sanitary paper products .11 145 158 152 154 153 152 156 180 163 148 179 173 163 484 168 Printing and publishing 5.47 120 127 127 127 121 123 131 135 135 130 126 128 132 134 132 Newsprint consumption 1.85 119 128 135 131 112 116 132 142 143 126 119 127 134 141 140 Job printing and periodicals. 3.62 121 127 124 125 125 127 131 131 131 133 129 129 131 130 129 Chemical and Petroleum Products 9.34 159 156 152 157 162 166 168 170 169 •767 166 Chemicals and allied products 6.84 148 167 165 165 158 163 171 176 178 177 177 179 179 179 176 Industrial chemicals 2.54 153 184 182 185 176 182 190 192 197 197 199 201 201 200 197 Basic inorganic chemicals .57 157 180 185 179 159 166 179 188 195 194 197 203 204 201 195 Industrial organic chemicals 1.97 152 186 182 186 181 187 194 192 198 193 200 201 200 200 197 Plastics materials .24 184 242 244 246 207 234 264 261 268 253 261 264 '264 266 Synthetic rubber .11 136 213 211 208 211 217 222 230 243 233 241 249 243 244 241* Synthetic fibers .59 152 186 178 184 177 184 191 188 197 196 195 194 191 182 174 Miscellaneous organic chemicals. 1.03 146 169 166 171 174 175 176 175 178 183 183 185 187 189 191 Vegetable and animal oils .64 118 124 109 105 99 122 156 165 148 152 157 141 133 123 Vegetable oils .48 113 117 98 93 87 115 157 162 144 147 150 134 123 110 Grease and tallow .16 133 145 142 143 133 145 144 154 174 159 168 175 162 163 163 Soap and allied products .71 108 110 105 103 79 104 126 130 118 115 104 109 108 111 106 Paints .66 116 125 125 131 130 130 126 127 126 126 123 125 125 124 125 Fertilizers .23 122 125 154 109 91 90 115 118 114 118 122 131 168 188 161 1 Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 753 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947^49 average = 100] I9 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1955 1956 Industry portion 1954 1955 May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 125 135 131 136 134 138 136 138 140 141 143 143 142 135 P1 37 Petroleum and coal products 1.97 133 142 135 140 141 143 141 143 148 152 154 151 148 142 P144 Gasoline .... 1.04 141 152 146 152 156 157 155 157 158 161 158 155 155 150 Automotive gasoline .98 136 147 141 146 151 151 149 151 153 156 153 151 150 144 Aviation gasoline .06 221 233 226 246 247 252 247 252 236 247 242 231 r242 254 Fuel oil .56 128 138 128 133 131 133 132 134 141 149 160 158 149 140 p)40 Distillate fuel oil .30 158 175 161 173 167 172 172 171 178 187 204 203 192 182 Residual fuel oil .26 93 94 91 88 89 89 87 92 99 105 110 105 99 92 Kerosene .10 110 107 97 88 94 95 91 101 \n 129 126 126 112 98 Lubricating oil .17 108 114 in 118 108 116 111 111 126 112 119 115 119 126 Coke .26 84 104 105 103 101 104 107 108 110 111 111 111 111 110 108 Asphalt roofing and siding .15 103 110 124 144 114 142 131 131 97 57 66 100 127 86 109 Foods Beverages and Tobacco 11.51 106 109 105 112 110 117 121 123 114 104 102 102 103 no5 108 Pood and beverase manufactures . 10.73 106 109 104 112 111 117 122 124 114 105 102 102 103 105 108 Food manufactures 8.49 107 109 102 108 109 118 125 125 118 109 106 104 102 103 105 1.48 117 128 114 114 104 118 129 143 150 152 153 140 136 131 121 Beef .46 135 142 138 147 137 151 155 154 146 140 158 145 142 150 147 Pork .83 103 116 98 93 83 96 111 133 148 154 146 133 129 117 103 Dairy products .69 106 107 140 145 132 120 101 88 83 84 91 99 109 121 136 Butter .14 110 105 143 139 116 90 84 88 83 94 104 107 114 128 131 Natural cheese .07 116 116 164 165 130 113 102 90 87 92 96 103 116 132 153 Concentrated milk .19 94 97 143 138 107 94 82 75 71 79 85 94 106 123 140 Ice cream .28 104 109 122 139 153 151 118 93 86 76 84 93 102 109 175 Canned and frozen foods 1.13 112 118 87 110 142 198 201 161 114 95 85 83 82 85 95 Grain-mill products 1.16 107 105 104 110 110 106 108 111 102 100 100 98 99 r97 98 Wheat flour .46 81 83 76 80 80 77 83 96 86 84 85 81 84 79 77 Cereals and feeds .... .70 124 119 122 129 130 125 124 122 112 110 lit 109 109 109 11? Bakery products 1.64 97 97 97 100 100 98 99 100 99 99 95 95 94 r95 97 Sugar .27 117 115 64 71 73 81 111 247 261 182 87 57 59 68 Cane sugar .11 106 113 102 108 121 128 129 130 103 112 109 102 109 123 Beet sugar. .13 121 111 28 35 26 36 90 340 393 236 63 14 11 16 Confectionery .. . .71 99 101 78 86 65 79 140 134 129 91 112 115 97 98 90 Miscellaneous food preparations 1.41 105 106 106 110 113 111 109 108 104 101 99 102 103 102 108 Beverages 2.24 103 107 113 127 121 114 111 118 102 91 87 96 105 '112 119 Bottled soft drinks .54 Alcoholic beverages 1.70 98 10?. 107 117 106 104 102 117 105 88 84 94 105 111 Beer and ale . 1.02 99 101 120 126 122 118 97 88 77 81 86 92 103 111 Liquor distilling .17 68 77 58 58 40 46 83 157 129 95 75 75 82 80 Liquor bottling .37 102 109 96 120 99 94 118 154 146 96 79 102 113 122 Tobacco manufactures .78 103 105 109 116 92 112 107 114 107 88 107 105 105 103 Cigarettes .46 106 109 115 121 99 117 109 117 108 91 112 107 109 106 Cigars .17 105 104 105 111 82 110 111 118 113 87 103 109 104 105 MINERALS—TOT AL 9.98 111 122 122 121 119 124 126 127 126 127 129 127 127 130 131 Mineral Fuels ,. 8.35 113 123 120 118 119 122 123 125 128 131 133 131 130 130 729 Coal 2.68 67 80 77 74 11 82 83 88 87 91 91 88 86 86 85 .36 52 48 43 46 42 39 53 51 51 54 61 55 46 53 47 2.32 70 85 83 78 82 89 88 93 93 97 95 94 92 91 91 Crude oil and natural gas . . 5.67 134 143 139 139 139 141 142 143 147 151 153 151 151 151 P150 4.82 128 137 133 132 132 133 135 137 142 146 147 147 148 145 P142 Crude oil 4.12 122 131 128 127 127 128 129 131 134 137 138 138 139 137 P136 Natural izas .34 172 185 170 173 165 167 176 181 196 209 219 214 210 Natural gas liquids .36 160 169 157 157 159 163 170 174 183 186 186 187 186 178 .85 167 175 175 177 178 187 180 175 173 177 185 173 171 188 Metal, Stone, and Earth Minerals 1.63 106 120 132 138 120 132 141 137 120 106 106 108 109 r128 138 .82 90 110 131 141 104 126 141 136 105 83 87 91 91 119 .33 84 113 152 179 168 179 181 165 92 44 42 49 46 108 145 .49 94 108 117 116 62 90 114 116 114 108 118 119 122 126 Copper mining .24 103 123 135 133 50 96 134 137 135 127 140 138 140 147 .09 80 84 88 87 79 78 82 84 79 82 81 88 91 93 .06 75 81 86 84 81 79 81 80 77 74 80 86 90 r9{ .81 123 130 133 134 135 139 141 139 135 129 124 126 128 138 144 P Preliminary. r Revised. group in addition to the groups shown. Certain types of combat materiel 1 Publication suspended pending revision for the period 1952 to date. are included in major group totals but not in individual indexes for autos, 2 Publication suspended pending adjustment to revised Census produc- farm machinery, and some other products, as discussed in the BULLETIN tion figures for the period 1950 to date. for December 1953, pp. 1269-1271. NOTE.—A number of groups and subgroups include individual series For description and back figures, see BULLETIN for December 1953, not published separately, and metal fabricating contains the ordnance pp. 1247-1293 and pp. 1298-1328, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Rsserve indexes, 1947-49 average = 100] Annual 1947-49 average 1955 1956 Product proportion 1954 1955 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED CONSUMER DURABLES-TOTAL. 100.00 116 147 145 144 150 151 154 152 151 149 143 137 132 133 125 Major Durables 125 164 163 160 169 169 172 168 167 163 156 148 143 142 131 Autos 131 190 190 173 188 189 195 194 196 187 171 158 148 142 119 Major household goods 122 144 141 151 155 155 156 148 143 144 146 141 141 145 143 Fu H rn o i u tu se re h o a l n d d f f u lo r o n r i t c u o r v e e , r . in ,. g , s ,. . 1 1 0 0 1 6 1 1 2 1 0 6 U 11 8 3 1 1 1 2 7 2 1 12 1 1 7 1 1 2 2 1 5 1 12 2 3 7 1 1 2 2 1 6 1 1 2 2 1 6 1 1 2 2 1 5 1 1 2 2 0 4 1 1 2 1 3 9 1 12 17 1 1 12 1 1 6 1 1 1 2 7 0 Floor coverings i. 4 Appliances and heaters 111 138 142 145 146 143 147 137 134 143 150 146 149 151 Major appliances 115 142 148 149 154 150 153 147 141 152 155 150 151 160 150 Ranges 79 100 105 122 119 98 98 95 90 104 113 110 111 110 Refrigeration appliances. 124 151 158 163 161 160 166 162 146 151 140 145 153 160 i53* Laundry appliances 148 193 188 163 193 206 205 187 200 227 242 221 206 222 202 Heating apparatus 97 120 125 132 121 119 126 108 111 115 134 133 139 122 Radio and television sets 214 242 222 269 290 294 279 259 235 216 207 194 186 207 218' Radio sets 52 77 68 66 76 70 72 95 103 101 72 66 62 55 61 Television sets 522 558 516 658 698 720 676 572 486 436 465 439 423 496 517 Other Consumer Durables 30.28 95 106 103 106 106 107 111 114 114 114 113 111 109 110 110 Auto parts and tires 14.00 91 102 100 102 101 101 107 108 108 112 113 106 104 '105 Misc. home and personal goods. 16.28 99 109 105 109 111 112 115 118 119 117 114 115 112 r114 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 147 144 137 139 136 146 159 148 144 143 143 141 124 Major Durables 69.72 125 164 167 160 152 152 145 157 177 165 159 157 157 154 131 Autos 32.10 131 190 205 184 195 166 130 153 212 193 173 164 163 162 127 Major household goods 36.13 122 144 136 141 115 141 159 162 150 142 150 153 155 150 136 Furniture and floor coverings. 15.32 101 116 109 113 105 117 124 127 124 125 120 123 121 117 113 Household furniture 11.31 106 120 114 118 114 124 129 131 131 130 124 125 123 118 115 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 145 152 116 127 151 145 131 130 148 156 168 162 Major appliances 11.88 115 142 156 160 120 122 149 144 133 140 161 169 183 178 152 Ranges 2.60 79 100 100 117 76 91 107 105 97 99 115 118 125 115 Refrigeration appliances.. 4.98 124 151 183 191 144 116 143 131 113 130 157 165 194 197 "173* Laundry appliances 2.51 148 193 181 168 131 181 219 218 220 222 235 252 237 222 176 Heating apparatus 3.72 97 120 113 128 103 142 159 148 125 97 109 113 121 113 Radio and television sets 5.21 214 242 189 192 143 254 289 315 279 224 239 233 218 209 i84* Radio sets 3.42 52 77 75 65 49 62 68 99 105 96 72 72 70 63 67 Television sets 1.79 522 558 408 434 321 619 710 726 612 470 559 540 499 486 409 Other Consumer Durables 30.28 95 106 102 106 103 110 115 120 117 111 109 110 108 109 109 Auto parts and tires 14.00 91 102 100 105 102 107 113 115 108 104 107 101 101 '103 in' Misc. home and personal goods. 16.28 99 109 103 106 103 112 116 124 124 118 111 116 115 114 •• Revised. carpets, appliances, heating apparatus, radio sets, and television sets may i Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total Indu B s u - sine C s o s m- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r trial mercial utility tial 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2 264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3 174 7 000 177 2 272 881 3 670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5 160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6,097 1954 37,782 25,853 13,496 8,583 2,030 2,212 4,341 3,774 11 929 1 030 3 870 704 6 325 1955 42,991 30,572 16,595 10,046 2,399 3,043 4,604 3,931 12,419 1,297 4,520 593 6 009 1955_June 3,608 2,578 1,420 833 198 245 390 325 1 030 116 350 53 511 July 3,598 2,607 1,435 843 205 253 385 329 991 114 343 50 484 AUK 3,638 2,620 1,433 864 207 272 385 323 1,018 112 376 46 484 Sept 3,623 2,629 1,422 883 209 290 384 324 QQ4 114 345 43 492 Oct 3,598 2,594 1,375 896 213 292 391 323 1,004 118 363 43 480 Nov 3,601 2,551 1,342 879 217 273 389 330 ,050 111 403 43 493 Dec 3,580 2,519 1,322 870 219 262 389 327 1,061 108 432 46 475 1956—Jan. r3,618 r2,506 1,286 r899 217 266 r416 321 [ 112 100 467 48 497 Feb r3,625 r2,522 1,279 r920 220 282 r418 323 I 103 103 443 48 509 Mar '3,585 '2,531 '1,268 '938 228 291 '419 325 1,054 96 411 51 496 A M p a r y p p 3 3 , , 6 6 5 7 8 9 2 2 , , 5 5 6 5 3 2 1 1 , , 2 2 7 5 6 6 9 9 5 5 9 4 2 2 5 4 7 2 2 2 7 9 9 3 4 4 2 1 3 9 3 3 3 3 7 3 I 1 ,1 0 2 9 7 5 1 11 0 8 4 4 4 3 4 8 3 6 5 0 3 5 50 0 6 0 Junep 3,660 2,540 1,242 964 268 273 423 334 I 120 118 433 59 510 *> Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 755 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION (Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership r type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1948 . 9,430 3,107 6,323 3,608 840 975 725 1.127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14 501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1.958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1955_June 2,255 757 1,498 951 163 228 181 270 461 July 2,272 761 1,511 959 146 288 231 227 420 1,895 549 1,346 835 170 215 153 144 378 Sent 2,035 621 1,414 733 201 197 163 148 593 Oct 1,863 551 1,312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec. 1,921 730 1,190 711 148 197 237 144 483 1956 Jan 1,858 675 1,183 694 158 161 190 153 503 Feb 1,860 598 1,262 799 171 183 145 131 430 Mar 2 382 638 1,744 1,105 267 206 226 183 395 Apr 2,421 745 1,677 1,144 196 210 203 213 456 May 2 480 714 1,766 1,129 159 217 202 242 531 June 2,198 732 1,466 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States cast 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 as Dallas 1955 Mar 2,135 121 297 160 221 198 245 368 148 90 137 150 Apr 2,322 126 306 119 212 266 272 492 119 73 181 157 May 2,185 131 331 107 259 182 211 477 101 97 120 168 1956—Mar 2,382 136 355 138 261 172 276 504 138 78 138 185 Apr. 2,421 145 442 145 295 194 263 436 135 89 92 184 May . 2,480 148 369 119 276 202 317 487 131 115 99 216 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten * Year or month Total p M o a e l r i e t t r a a o s n - p m a o e r l e t i r t a a o s n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1948 932 n.a. n.a. 914 763 46 104 18 393 291 102 1949 1,025 n.a. n.a. 989 792 35 162 36 466 361 105 1950 1,396 n.a. n.a. 1,352 1,151 42 159 44 686 486 200 1951 1,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 1,127 n.a. n.a. 1,069 939 46 84 58 420 279 141 1953 1,104 n.a. n.a. 1,068 933 42 94 36 407 252 155 1954 1,221 897 324 1,202 1,077 34 90 19 585 277 308 1955 1.329 976 353 1,310 1,190 33 87 20 670 277 393 1955—June 135 99 36 131 121 3 8 3 72 32 40 July 123 88 34 122 113 3 6 1 63 26 37 Aue .. 125 92 33 122 112 3 8 2 68 27 41 Sept 115 84 31 114 104 2 7 1 59 25 34 Oct 106 77 29 105 95 2 7 1 54 19 35 Nov 89 65 25 88 80 2 6 1 45 17 28 Dec 76 55 21 74 66 2 5 3 38 16 22 1956 Jan 75 54 21 74 66 2 5 1 36 13 23 Feb 78 56 22 77 69 2 6 1 30 13 17 Mar 99 r72 27 94 84 3 7 2 38 17 21 Apr P106 75 31 P105 n.a. n.a. n.a. Pl 46 20 26 May P108 77 31 *107 n.a. n.a. n.a. Pi 47 20 27 *>104 75 29 *>102 n.a. n.a. n.a. P2 45 19 26 P Preliminary. r Revised. n.a. Not available. figures are based on field office reports of first compliance inspections l 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

756 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons Civilian labor force Year or month i p T n o s o t p t i a u tu l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Employed 1 U pl n o e y m ed - l N ab o o t r i n f o t r h c e e In nonagricul- In Total tural industries agriculture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 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—June. 117,318 69,692 66,696 64,016 56,335 7,681 2,679 47,626 July. 117,404 70,429 67,465 64,994 57,291 7,704 2,471 46,975 Aug., 117,517 70,695 67,726 65,488 57,952 7,536 2,237 46,823 Sept. 117,634 69,853 66,882 64,733 56,858 7,875 2,149 47,781 Oct.. 117,749 70,250 67,292 65,161 57,256 7,905 2,131 47,499 Nov. 117,864 70,164 67,206 64,807 57,887 6,920 2,398 47,701 Dec, 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48,457 1956—Jan.. 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 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 May. 118,537 70,711 67,846 65,238 58,092 7,146 2,608 47,826 June, 118,632 72,274 69,430 66,503 58,627 7,876 2,927 46,357 1 Includes self-employed, unpaid family, and domestic service workers. views of households on a sample basis. Monthly data through June 1955 NOTE.—Information on the labor force status of the population, relate to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day; relating to persons 14 years of age and over, is obtained through inter- annual data are averages of monthly figures. 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 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 49,950 16,557 770 2,780 4,056 10,803 2,215 5,854 6,915 SEASONALLY ADJUSTED 1955—June 50,073 16,649 779 2,815 4,066 10,784 2,209 5,849 6,922 July 50,193 16,648 776 2,834 4,082 10,841 2,219 5,871 6,922 Aug 50,315 16,677 771 2,833 4,105 10,873 2,232 5,878 6,946 Sept 50,448 16,683 780 2,852 4,111 10,902 2,248 5,883 6,983 Oct 50,594 16,810 778 2,833 4,110 10,921 2,252 5,886 7,004 Nov 50,745 16,941 779 2,822 4,128 10,953 2,249 5,913 6,960 Dec 50,948 16,975 779 2,827 4,136 11,020 2,254 5,942 7,015 1956—Jan 51,080 16,944 777 2,876 4,145 11,083 2,261 5,952 7,042 Feb 51,127 16,879 780 2,924 4,131 11,105 2,273 5,967 7,068 Mar 51,057 16,804 783 2,966 4,127 11,027 2,276 5,979 7,095 Apr '51,327 '16,918 '798 '3,003 '4,128 '11,120 '2,278 '5,979 '7,103 May 51,389 16,892 799 3,055 4,142 11.099 2,290 5,978 7,134 June 51,437 16,828 805 3,111 4,148 11,099 2,303 5,994 7.149 WITHOUT SEASONAL ADJUSTMENT 1955—June 50,165 16,577 783 2,928 4,083 10,715 2,231 5,937 6,911 July 50,074 16,477 772 3,032 4,113 10,707 2,263 988 6,722 Aug 50,484 16,820 779 3,088 4,136 10,713 2,265 996 6,687 Sept 50,992 16,919 784 3,094 4,148 10,902 2,248 971 6,926 Oct 51,125 17,006 778 3,031 4,121 10,990 2,241 915 7,043 Nov 51,262 17,052 783 2,921 4,139 11,213 2,238 883 033 Dec 51,996 17,027 783 2,756 4,161 11,849 2,243 853 324 1956—Jan 50,284 16,842 777 2,588 4,083 10,920 2,238 5,803 033 Feb 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 084 Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 122 Apr '50,848 '16,769 '790 '2,853 '4,121 '10.928 '2.278 '5,979 '7,130 May 51,131 16,698 791 3,040 4,139 10,974 2.290 6.038 7,161 June 51,542 16,757 809 3,235 4,165 11,028 2,326 6,084 7,138 r Revised. NOTE.—Data include all full- and part-time employees who worked for June 1956 are preliminary. The series for recent years were revised during, or received pay for, the pay period ending nearest the 15th of the by the Bureau of Labor Statistics in June 1956 to first-quarter 1955;benchmonth. Proprietors, self-employed persons, domestic servants, unpaid mark levels indicated by data from government social insurance programs. family workers, and members of the armed forces are excluded. Figures Back data may be obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 757 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 June Apr. May June June Apr. May June fotal 13,150 13,251 13,216 13,125 13,078 13,114 13,030 13,052 Durable goods 7,614 r7,675 7,627 7,563 7,622 '7,674 7,607 7,569 Ordnance and accessories 94 84 84 84 94 84 84 84 Lumber and wood products 693 '658 658 647 717 '642 661 670 Furniture and fixtures 312 317 319 320 303 315 311 310 467 478 481 482 469 478 481 484 Primary metal products 1 101 1 136 1,125 1,120 1,101 rl,136 1,119 1.120 904 895 883 874 899 895 879 870 Machinery except electrical 1,181 'I,273 1,271 1,259 1,193 1,292 1,284 1,272 Electrical machinery 819 '874 879 860 811 '874 870 851 1,416 1,332 1,292 1,283 1,416 1,332 1,292 1.283 Instruments and related products... 226 '230 232 231 225 '231 231 230 Misc. manufacturing industries 401 398 403 403 395 394 395 397 Nondurable goods 5,536 '5,576 5,589 5,562 5,456 '5,440 5,423 5,483 Food and kindred products 1,112 1,116 1,123 1,129 1,095 1,023 1,051 1,111 Tobacco manufactures 94 91 92 90 82 79 80 79 Textile-mill products 975 '971 968 959 975 '971 963 959 Apparel and other finished textiles.. 1,091 1,090 1,102 1,086 1,047 1.068 1,047 1.043 Paper and allied products 452 465 467 465 452 460 462 465 Printing publishing and allied products 527 550 549 552 527 547 546 552 Chemical and allied products 551 '563 563 562 543 '569 560 554 Products of petroleum and coal 174 173 171 172 177 '171 172 175 Rubber products 217 222 217 211 217 219 216 211 343 335 337 336 341 332 325 334 ' Revised. The series for recent years were revised by the Bureau of Labor Statistics NOTE.—Data cover production and related workers only (full- and part- in June 1956 to first-quarter 1955 bench-mark levels indicated by data time) who worked during, or received pay for, the pay period ending from government social insurance programs. Back data may be obtained nearest the 15th of the month. Figures for June 1956 are preliminary. from the Bureau of Labor Statistics. 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 June Apr. May June June Apr. May June June Apr. May June Total 76.11 78.99 78.40 79.40 40.7 40.3 40.0 40.1 1.87 1.96 1.96 1.98 Durable goods 81.58 85.49 84.66 85.48 41.2 41.1 40.7 40.9 1.98 2.08 2.08 2.09 Ordnance and accessories 83.44 '90.29 90.71 91.08 40.9 '41.8 41.8 41.4 2.04 2.16 2.17 2.20 Lumber and wood products 71.90 '70.22 71.60 74.12 41.8 '39.9 40.0 40.5 1.72 1.76 1.79 1.83 Furniture and fixtures 66.98 '67.13 66.47 67.20 41.6 '40.2 39.8 40.0 1.61 1.67 1.67 1.68 Stone, clay, and glass products 77.52 79.32 79.71 80.12 41.9 41.1 41.3 41.3 1.85 1.93 1.93 1.94 Primary metal industries 91.30 96.00 95.53 95.71 41.5 41.2 41.0 40.9 2.20 2.33 2.33 2.34 Fabricated metal products 80.95 83.84 83.03 84.05 41.3 41.1 40.7 41.0 1.96 2.04 2.04 2.05 Machinery except electrical 87.57 92.65 91.78 92.64 42.1 42.5 42.1 42.3 2.08 2.18 2.18 2.19 Electrical machinery 75.92 '80.36 79.77 79.79 40.6 '41.0 40.7 40.5 1.87 1.96 1.96 1.97 Transportation equipment 88.26 '91.76 89.04 92.06 40.3 '40.6 39.4 40.2 2.19 2.26 2.26 2.29 Instruments and related products 77.93 '81.38 81.18 80.60 40.8 '41.1 41.0 40.5 1.91 1.98 1.98 1.99 Miscellaneous manufacturing industries... 66.83 70.47 69.77 69.25 40.5 40.5 40.1 39.8 1.65 1.74 1.74 1.74 Nondurable goods 67.83 70.17 70.38 70.77 39.9 39.2 39.1 1.70 1.79 1.80 1.81 Food and kindred products 71.38 74.37 75.11 76.63 41.5 40.2 40.6 1.72 1.85 1.85 1.86 Tobacco manufactures 55.16 '56.47 58.35 59.34 39.4 '37.9 38.9 1.40 1.49 1.50 1.51 Textile-mill products 54.92 56.20 56.02 55.34 39.8 39.3 38.9 1.38 1.43 1.44 1.43 Apparel and other finished products 48.68 '51.77 50.69 50.77 36.6 '36.2 35.7 1.33 1.43 1.42 1.43 Paper and allied products 78.69 '81.32 80.98 81.79 43.0 '42.8 42.4 42.6 1.83 1.90 1.91 1.92 Printing, publishing and allied products... 91.18 '93.51 93.41 93.07 38.8 38.8 38.6 38. 2.35 '2.41 2.42 2.43 Chemicals and allied products 82.80 '85.28 86.11 86.73 41.4 '41.2 41.2 41.3 2.00 2.07 2.09 2.10 Products of petroleum and coal 97.23 104.65 103.22 101.85 41.2 41.2 40.8 40.1 2.36 2.54 2.53 2.54 Rubber products 88.83 '85.79 86.18 83.46 42.3 '39.9 39.9 39.0 2.10 2.15 2.16 2.14 Leather and leather products 53.44 54.90 54.90 56.25 37.9 36.6 36.6 37.5 1.41 1.50 1.50 1.50 I ' Revised. note to table above. Back data are available from the Bureau of Labor NOTE.—Data are for production and related workers. Figures for Statistics. June 1956 are preliminary. Data for recent years revised as indicated in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average^ 100] Federal Reserve district Year or month United States Boston Y N o e r w k a p P d h h e i i a l l - - C la le n v d e- R m i o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 119 112 107 117 115 130 142 118 121 108 124 138 122 SEASONALLY ADJUSTED 1955—May 117 111 '104 115 113 128 137 117 120 107 120 '136 '119 June , 114 107 104 114 108 123 136 114 108 103 118 132 118 July 124 114 108 121 124 136 152 122 132 111 136 145 123 Aug , 118 107 106 114 114 134 143 115 120 107 124 139 122 Sept , 121 112 108 120 116 134 140 118 119 112 127 131 126 Oct 122 114 109 120 120 132 148 120 122 109 125 138 126 Nov 122 116 110 121 118 134 142 121 124 110 124 136 125 Dec 123 114 110 122 119 132 147 121 125 110 124 147 123 1956—Jan 124 111 114 120 117 138 147 120 126 116 123 144 129 Feb 118 111 105 118 116 129 143 112 122 108 117 139 124 Mar 122 102 107 116 116 137 143 124 128 112 126 144 128 Apr 122 111 104 121 120 131 144 117 123 '112 124 144 131 May 2*122 112 110 121 118 2*135 146 120 129 111 125 145 122 WITHOUT SEASONAL ADJUSTMENT 1955—May 116 111 '102 114 110 '130 '135 116 120 '109 119 '135 '117 June 110 107 100 107 104 118 121 112 106 95 113 120 113 July 98 82 77 90 96 107 122 96 102 89 111 123 107 Aug , 105 86 82 92 104 112 129 103 109 102 117 129 118 Sept 123 120 111 124 116 138 136 123 122 119 127 131 123 Oct 128 115 116 125 125 140 154 126 135 126 131 146 126 Nov 148 141 139 159 147 164 165 147 149 126 142 155 145 Dec 212 206 194 213 205 237 255 204 208 180 211 247 217 1956—Jan 95 87 90 90 91 95 113 91 95 83 93 114 100 Feb 92 84 85 91 90 96 114 87 95 84 92 111 97 Mar 111 91 98 111 106 125 146 109 115 95 112 134 110 Apr 113 106 97 109 109 122 136 110 115 '109 117 132 '117 May P121 112 108 120 114 143 118 129 112 124 143 120 STOCKS i 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 127 122 115 122 117 146 152 121 124 121 135 143 133 SEASONALLY ADJUSTED 1955-May '124 120 '113 119 113 '140 148 '123 121 117 '133 '141 '127 June 127 124 115 124 116 143 151 124 126 123 136 143 130 July 127 121 116 125 118 145 148 121 126 119 134 143 131 Aug , 129 122 117 122 118 145 154 123 126 123 136 145 138 Sept 129 124 116 126 118 150 156 121 123 122 135 146 137 Oct 129 123 117 126 119 152 156 120 129 125 141 147 134 Nov 131 123 119 128 119 154 159 123 130 128 142 149 137 Dec 134 126 121 131 124 157 156 127 133 132 143 159 141 1956—Jan 137 124 122 132 123 '161 158 131 138 133 148 158 149 Feb 138 128 124 131 124 '163 164 131 137 132 148 158 146 Mar 135 127 122 130 122 159 162 128 132 130 148 156 142 Apr 136 128 124 131 123 157 165 131 136 '128 145 154 143 May 2*134 128 123 130 121 2*156 160 130 135 126 2*143 2*154 2*138 WITHOUT SEASONAL ADJUSTMENT 1955—May '128 123 '117 124 117 '147 150 '124 121 118 '136 '142 '137 June 121 115 108 116 110 139 142 116 116 116 131 133 131 July 119 109 105 112 109 142 139 114 116 115 129 136 130 Aug 126 118 114 117 114 148 150 120 126 120 134 144 133 Sept 135 127 123 132 123 155 163 127 133 128 140 155 142 Oct 145 139 132 144 133 168 170 137 145 136 152 162 153 Nov 148 144 136 147 135 167 180 142 147 142 157 165 151 Dec 119 117 110 116 110 131 137 115 120 118 129 143 118 1956—Jan '123 113 108 115 110 '144 146 118 120 122 133 140 131 Feb 131 120 116 126 119 '152 162 124 130 127 143 153 136 Mar 139 129 125 134 126 164 169 130 140 134 153 162 142 Apr 142 133 130 140 129 168 172 134 143 '133 151 162 149 May 132 127 135 126 2*165 161 131 135 128 2*145 2*155 2*148 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 averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 759 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o o l n t e r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i m ( o s e O t r o n i a d n d u n n e g t t d r - h o s - ) f i m c ( e t R o f o i o n p e t r t t a - s h l ) 2 m o ( r N t o d f o o e n e t w r t r a h s l ) 3 Stocks s o O t r i a d n u n e g t d r - s - o S s o r t p t i a d o u n l n e u c g t d - r s k s - s ce R i e p - ts Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 925 373 358 358 2.7 1.1 3.8 1.0 1950, 376 1,012 495 391 401 2.8 1.4 4.2 i | 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 All 408 401 3.0 1.1 4.1 0 1954 409 1,140 388 410 412 3.0 1.0 4.0 0 1955 435 1,189 445 441 446 2.9 1.1 4.0 1.0 Month: 1955—May r405 '1.196 r310 r385 r384 r3.0 0.8 3.7 r1.0 June 390 1,122 449 323 465 2.9 1.2 4.0 0.8 July 324 1,090 554 292 397 3.4 1.7 5.1 0-9 382 1,157 550 449 445 3.0 1.4 4.5 i 2 Sept 426 1,244 576 513 539 2.9 1.4 4.3 .2 Oct 473 [,350 581 579 584 2.9 1.2 4.1 Nov 546 1,415 487 611 517 2.6 0.9 3.5 i j Dec 817 1,139 357 541 411 1.4 0.4 1.8 () 7 1956—Jan 348 ,133 435 342 420 3.3 1.3 4.5 .0 Feb 332 ,205 450 404 419 3.6 1.4 5.0 Mar 429 1,271 401 495 446 3.0 0.9 3.9 1 2 Aor . 385 ,314 336 428 363 3.4 0.9 4 3 I l May39 438 276 345 400 409 2.9 0.8 3.7 ( 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 * Mer m ch i a li n ta d r i y se -a e id x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1.093 J .168 1,280 923 1.083 1,198 833 871 rl,073 Feb 1,183 ,238 1,358 999 1,143 1,269 809 850 '1,043 Mar I 126 ,344 rl 578 923 .251 rl 473 865 1,019 rl,101 Apr 1,426 ,264 1,507 1,259 1,170 1,395 957 871 P990 May 1,402 ,325 P\ 698 1,137 1,194 v\ 514 829 958 «l,084 June . I 475 319 1 115 [ 191 947 937 July 1,290 1,269 1,023 ,141 822 885 Auc ... 1,156 ,235 956 1,107 825 960 Sept I 115 I 255 962 L 156 780 945 Oct 270 1 396 1,166 1,277 767 1,009 Nov . . .. 1 252 I 320 1 167 I 247 840 l,0f«5 Dec 1,320 I 403 1,222 ,319 943 1,007 Jan.-May 6,230 (3,339 ^7,421 5,241 5,841 ^6,849 4,293 4,569 '5,291 • Estimated. 2 Department of Defense shipments of grant-aid military equipment * Preliminary. and supplies under the Mutual Security Program. r Revised. 3 General imports including imports for immediate consumption plus i Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a 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- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100 9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955—May 114.2 111.1 119.4 130.3 110.9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 July 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106.3 120.3 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111.2 125.2 103.6 119.8 104.6 125 3 128.2 116.6 106.7 120.6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128.5 129.8 117.5 106.8 120.6 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 1956 Jan 114.6 109.2 120.6 131.4 111 7 129.5 102.0 121.2 104.1 126 8 130.7 118.5 107 3 120.8 Feb 114.6 108.8 120.7 131.5 111.7 130.0 102.5 121.4 104.6 126.9 130.9 118.9 107.5 120.9 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 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104 8 126 4 131.6 119.5 108 2 121.4 May 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 126.9 131.9 119.6 108.2 121.5 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 th or m c t A o o ie m l d s l i - - p F u r a c o r t m d s - P f e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p r l x t e d - e d s - l - l H s p e u k a a r i c n o i t d n h t d d e s s e - s , r ,p t F o m e a u w r n a i e d e a - l r l , s , C p a i u a h l r c l c n o a e i t e d l d m s s d - - p R u a b r u c n o e b t d d r s - - L p w u a b r u o c n o e m o t d d r s d - - p p P a u a a l r u l c n o p i l t e d e d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c M m u a t e r h i n c o r v i o a y t d n d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d n e s a e d s e r - i- -e s N t r t m m t a u a r o l l i r u e l s n n a i - c — c - l - - n c M e e o l i l s u a - s - 1948 104.4 107.3 106. 103.4 104.4 102.1 107. 102.1 102.9 103.9 100.9 101.4 101.7 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 98.9 98.5 104.8 106.6 103.1 104.4 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 120.5 100.9 110.3 108.6 105.3 106.9 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 148.0 119.6 122.8 119.0 114.1 113.6 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 134.0 116.5 123.0 121.5 112.0 113.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 125.0 116. 126.9 123.0 114.2 118.2 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 126.9 116.3 128.0 124.6 115.4 120.9 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 143.8 119.3 136.6 128.4 115.9 124.2 92.0 1955 May 109.9 91.2 102.1 115.5 95.0 92.9 107.0 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127.1 115.2 123.7 121.6 89.1 July 110.5 89.5 103. 116.5 95.3 93.7 106.4 106.0 143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 90.8 Aug 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121.7 89.8 Sept 111.7 89.3 101.5 118.5 95.4 94.0 108.0 106.0 151.7 125.7 120.5 141.9 130.0 116.4 126.4 121.7 90.3 Oct 111.6 86.8 100.2 119.0 95.4 95.3 108.0 106.5 147.8 125.4 122.8 142.4 131.4 116.9 126.8 121.7 91.5 Nov 111.2 84.1 98.8 119.4 95.6 96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7 88.0 Dec 111.3 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 Fob 112.4 86.0 99.0 120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127.1 121.7 88.7 Mar 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 146.5 134.7 118.1 127.9 121.7 88.2 Apr. 113.6 88.0 r100.4 r121.6 '95.1 '100.6 r110.6 106.9 145.0 128.5 r127.4 '147.7 135.7 118.0 128.6 121.7 92.1 May 114.3 90.9 102.4 121.7 94.9 100.1 111.0 106.9 143.5 128.2 127.3 146.7 136.1 118.1 128.6 121.7 96.0 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 761 WHOLESALE PRICES, BY GROUPS OF COMMODITIES-Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 118.7 106.5 101.8 111.8 Grains 92 4 84 5 89 5 90 5 Paperboard . .. 126.0 130.6 134.5 136.2 Livestock and poultry 78 4 67.5 70.8 74.4 Converted paper and paperboard.... 111.7 122.7 123.3 123.2 Plant and animal fibers 103 4 105 5 105 8 105 9 Building paper and board 129 7 133 3 138 1 138 1 Fluid milk 87 4 90 5 r89 9 92 9 Eggs 71.5 85.0 79.9 80.2 Metals and Metal Products: Hay and seeds . 88.7 82.5 86.7 90.1 Other farm products 138 3 143 7 143.4 144 4 Iron and steel 135.6 149.4 151.0 150.8 Nonferrous metals 137.8 162.0 163.2 159.8 Processed Foods: Metal containers 131.4 137.9 137.9 141.2 Hardware 144.4 152.8 153.9 154.0 Cereal and bakery products 118.3 115.4 115.6 115.5 Plumbing equipment 123.3 133.1 133.9 134.8 Meats, poultry, and fish 85.7 74.6 79.3 82.1 Heating equipment 113.5 117.1 117.3 117.2 Dairy products and ice cream 104.0 106.1 105.9 108.0 Fabricated structural metal products. 118.8 129.8 131.6 129 A Canned, frozen fruits, and vegetables. 104.1 108.6 109.0 109.2 Fabricated nonstructural metal Sugar and confectionery 110.3 109.6 105.3 109.6 125.8 132.7 132.6 132.6 Packaged beverage materials 179.8 192.8 187.4 187.4 Other processed foods 101.2 97.4 97.8 97.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.5 126.1 126.1 126.5 Cotton products 90.3 94.1 93.7 93.1 Construction machinery and equip- Wool products 106 1 102 1 102 5 102 9 ment 134.3 143.5 144.8 146.5 Synthetic textiles 86.9 84.5 r80.6 80.3 Metal working machinery . 139.5 151.9 153.8 154.4 Silk products 123.2 119.5 121.0 125.0 General purpose machinery and Apparel 98 0 99 7 r99 5 99 4 equipment 131 2 142.6 144 0 145.4 Other textile products. ... 76.4 72.0 71.1 70.3 Miscellaneous machinery. 127.1 134.0 134.3 135.1 Electrical machinery and equip- Hides, Skins, and Leather Products: 126.5 133.6 135.6 135.6 Motor vehicles 122.0 129.0 129.1 129.1 Hides and skins 53.3 58.3 r61.9 59.3 Leather 85.0 90.9 94.6 92.9 Furniture and Other Household Dura- Footwear 111.4 116.5 119.9 120.0 bles: Other leather products 95.0 98.3 '98.9 99.3 Household furniture 113.1 117.5 117.8 118.1 Fuel, Power, and Lighting Materials: Commercial furniture 128.6 138.3 138.5 138.5 Floor covering 125.1 130.5 130.5 130.5 Coal 100 4 110.1 111.9 Household appliances 106.5 105.3 105.2 105.0 Coke 133.4 145.4 145.4 145.4 Radio 94.7 89.7 89.7 89.6 Gas 111 1 122 7 117 5 117 5 Television 69.0 69.9 69.5 69.3 Electricity 97.8 94.3 '93.2 93.2 Other household durable goods 131.9 139.2 139.1 139.2 Petroleum and products 111.5 116.8 117.5 118.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.9 131.1 131.1 131.1 Industrial chemicals 117 6 120 0 120 9 120 8 Concrete ingredients 124.7 130.0 130 0 130.1 Prepared paint 114 8 119.1 119.1 119.1 Concrete products 118.2 121.1 121.7 121.7 Paint materials 97 0 101 4 101 6 101 2 Structural clay products 137.0 145 9 146 0 146.1 Drugs, Pharmaceuticals, cosmetics... 93.2 91.9 91.9 92.0 Gypsum products. . 122.1 127.1 127.1 127.1 Fats and oils, inedible 53.2 55.0 r58.1 60.3 105.8 106.5 111.9 111.9 Mixed fertilizers 108 8 107 9 108 1 107 9 Other nonmetallic minerals 121.0 122.3 123.4 122.8 Fertilizer materials 113.1 112.8 112.4 109.1 Other chemicals and products 107.6 102.3 102.4 102.4 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 142 4 149 4 144 2 139 5 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 130.4 137.9 137.9 136.7 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 124 2 129 9 130 6 130 5 Millwork 129 3 128 9 128 9 129 1 Toys, sporting goods, small arms.... 113.2 115.7 115.8 115.8 Plywood 105 6 107 5 106 9 104 4 Manufactured animal feeds. . 75 0 67 2 74 4 81.8 Notions and accessories 92.9 93.9 95.4 95.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 103.0 104.8 105.0 105.0 120.8 123.1 123.1 123.1 Woodpuip 113 8 116 8 118 0 118 0 Wastepaper 92.7 142.6 127.4 116.4 Paper 128.9 136.2 136.2 136.2 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 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 r 1929 1933 1941 1950 1951 1952 ' 1953' 1954 ' 1955' Gross national product 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 377.3 387.4 396.8 401.9 403.4 Less: Capital consumption allowances 8 6 7.2 9.0 20.5 23.5 23.9 26.5 28.8 31.3 30.3 31.1 31.7 32.2 32.9 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.2 32.5 31.4 32.4 32.8 33.4 33.7 Business transfer payments .6 .7 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4! 1.4 1.4 1.4 Statistical discrepancy .3 .9 .4 .2 1.3 2.0 2.6 1.8 1.8 3.0 1.2 2.7 1.1 Plus: Subsidies less current surplus of gov- .6 ernment enterprises -.1 .0 .1 .2 .2 -.1 -.4 -.2 .3 .2 .7 .1 .7 .2 Equals: National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 311.3 321.9 328.3 334.9 334.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35. 39.9 36.9 36.0 32.9 40.9 38.5 40.2 41.6 43.4 40.9 Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.7 11.1 10.6 10.9 11.3 11.4 12.1 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 -.1 .0 .0 .1 .5 -.6 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.9 15.0 16.1 15.9 16.2 16.0 16.3 16.9 Net interest paid by government 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.2 5.2 5.2 5.2 5.3 5.4 Dividends 5.8 2. 4.5 9.2 9.1 9.0 9.3 10.0 11.2 10.4 10.7 11.0 12.1 11.8 Business transfer payments .6 .7 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Equals: Personal income 85.8 47.2 96.3 227.1 255.3 271.8 286.0 287.3 306.1 295.1 303.8 309.6 314.6 317.5 Less: Personal tax and related payments.... 2.6 7.5 3.3 20.9 29.3 34.4 35.8 32.9 35.5 34.5 35.3 35.9 36.3: 37.3 Federal 1.3 .5 2.0 18.2 26.3 31.2 32.4 29.1 31.3 30.4 31.2 31.7 32.0: 32.9 1.4 1.3 2.7 3.0 3.2 3.4 3.8 4.2 4.1 4.1 4.2 4.31 4.4 State and local 1.0 83.1 93.0 206.1 226.1 237.4 250.2 254.4 270.6 260.6 268.5 273.8 278.4 280.2 Equals: Disposable personal income 45.7 79.0 81.9 194.0 208.3 218.3 230.5 236.5 254.0 246.7 251.8 257.8 259.5 261.7 Less: Personal consumption expenditures... 46.4 4.2 11.1 12.1 17.7 19.0 19.7 17.91 16.6 13.9i 16.7 15.9 18.8 18.6 Equals: Personal saving -.6 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [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' National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 311.3 321.9 328.3 334.4 334.9 Compensation of employees 51.1 29.5 64.8 154.3 180.4 195.1 208.1 206.9 223.2 213.9 221.6 226.8 230.3 233.0 Wages and salariesl 50.4 29.0 62.1 146.5 170.9 184.9 197.3 195.5 210.4 201.6 209.0 213.6 217.0 219.4 Private 45.5 23.9 51.9 124.3 142. 152.0 163.5 161.2 174.5 166.7 172.9 177.5 180.5 182.5 Military .3 .3 1.9 5.0 8.7 10.5 10.3 10.0 9.8 9.7 10.0 9.8 9.7 9.6 Government civilian 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.1 25.3 26.1 26.4 26.8 27.3 Supplements to wages and salaries .5 2.7 7.8 9.5 10.2 10.8 11.4 12.2 12.6 13.2 13.3 13.6 Proprietors* and rental income2 20.2 7.6 20.9 44.6 49.9 50.8 49.3 48.9 49.1 48.6 49.5 49.0 49.3 49.5 Business and professional 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 26.5 27.1 27.7 28.0' 28.2 Farm 6.0 2.4 6.5 13.3 16.0 15.1 13.3 12.5 11.7 11.8 12.2 11.3 11.4 11.5 Rental income of persons 5.4 2.0 3.5 8.5 9.1 9.9 10.2 10.5 10.1 10.3 10.2 10.0 9.8 9.8 Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 38.5 40.2 41.6 43.4 40.9 Corporate profits before tax 9.6 .2 77.0 40.0 41.2 35.9 37.0 33.2 42.7 39.7 41.1 43.5 46.4 43.7 Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 20.3 16.8 21.5 20.0 20.7 22.0 23.4 22.1 Corporate profits after tax 8.3 -.4 9.4 22.1 18.7 16.1 16.7 16.4 21.1 19.7 20.3 21.5 23.0 21.6 Inventory valuation adjustment .5 -2.1 -2.5 -4.9 -1.3 1.0 -1.0 -.3 -1.7 -1.2 -.9 -1.9 -3.0 -2.8 Net interest 6.4 5.0 4.5 5.9 6.8 7.4 8.7 9.7 10.8 10.4 10.6 11.0 11.3 11.5 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 763 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955r 1956 r 1929 1933 1941 1950 1951 1952' 1953 r 1954 r 1955 r 1 2 3 4 1 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 377.3 387.4 396.8 401.9 403.4 79.0 46.4 81.9 194.0 208.3 218.3 230.5 236.5 254.0 246.7 251.8 257.8 259.5 261.7 Durable goods 9.2 3.5 9.7 28 6 27 1 26.6 29.8 29.4 35.7 34.7 35.3 37.2 35.4 34.8 37.7 22.3 43.2 100.4 111.1 116.1 119.1 120.9 126.2 122.5 125.3 127.6 129.2 130.5 32.1 20.7 29.0 65.0 70.1 75.6 81.7 86.3 92.1 89.5 91.2 92.9 94.9 96.4 16.2 1.4 18.1 51.2 56.9 49.8 50.3 48.0 60.6 54.7 60.2 62.3 65.1 63.1 New construction 1 .. .. 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.9 32.7 57.5 32.9 33.5 33.0 32.6 Residential, nonfarm 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 16.1 16.9 17.2 16.2 15.3 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.4 16.1 15.3 16.0 16.4 16.8 17.3 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23.1 24.3 22.4 23.7 21.3 22.4 25.0 25.9 26.4 Change in business inventories 1.7 -1.6 4.5 7.4 10.4 3.0 .3 -2.3 4.2 1.9 4.9 3.7 6.1 4.1 1.8 -1.4 4.0 6.4 9.0 2.1 .9 -2.7 3.8 1.4 4.5 3.4 5.9 4.2 1.1 -.4 -.9 .1 .8 .2 -2.2 .2 -.2 -2.0 -.4 -.5 .2 -.8 Government purchases of goods and 24.8 76.3 76.2 78.5 Federal 81..35 28..00 16.9 2422..10 4612..08 5747..35 5894..54 4786..95 4766..78 46.8 46.3 7466..65 7478..21 46.4 N O a th ti e o r nal security '•i 2.0 1 ( 1 3 3 . . 2 8 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . . 8 8 5 8 1 . . 4 5 4 6 3 . . 3 0 4 5 1 . . 9 2 4 5 1 . . 4 8 4 5 1 . . 5 3 4 5 1 . . 8 3 4 7 0 . . 1 6 4 6 0 . . 3 5 Less: Government sales 2 .0 .0 3 4 4 .4 4 4 4 4 4 5 4 State and local 7.2 6.0 7.8 19.9 21.8 23.2 24.9 27.6 30.1 29.5 29.9 29.9 30.9 32.1 r Revised. 2 Consists of sales abroad and domestic sales of surplus consumption 1 Includes expenditures for crude petroleum and natural gas drilling. goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month 1 in s P o c e o n r m a - l e Total W p a d m i C g r n u o o e g s o d d t m a r i u i i n t n e - c y - d s - sa D l i a u n i t s r r t d y i i t e u v r i s s e d b - i - sbu S i r n e s tr r e d i v m e u i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n o m t t d o a - e l r s 3 ' i i n n d s D p a t c o e e i e n o n n v r r d m d a e - i- l s s e t m T p r e f a a e n y n r t - s s - 4 p b e c i s a u r o n L o n f s t n s e o c i o c u o t s i r n e r a r s n 5 i a - l - s l i a n g N t c u r o o i r c a n m u l - l e - 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 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 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' 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953r 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954r 287.3 195.5 83.6 51.8 25.8 34.3 6.3 48.9 24.9 16.4 4.6 271.4 1955r 306.1 210.4 90.9 55.4 28.2 35.9 7.0 49.1 27.3 17.6 5.2 290.9 1955—May' 304.3 208.8 90.8 54.7 27.9 35.4 6.9 49.7 26.5 17.6 5.2 288.6 Juner 306.0 210.5 91.4 55.3 28.1 35.7 7.0 49.4 26.7 17.6 5.2 290.4 July'' 309.2 214.5 92.1 56.1 28.6 37.7 7.1 48.5 26.9 17.5 5.3 294.7 Aug. r 308.7 213.4 92.1 56.5 28.7 36.1 7.1 49.0 27.1 17.4 5.3 293.8 Sept. r 311.0 214.7 92.8 56.9 28.7 36.3 7.2 49.4 27.6 17.4 5.3 295.9 Oct.'' 311.6 215.3 93.3 56.7 28.9 36.4 7.2 49.1 27.9 17.4 5.3 296.9 Nov.r 314.5 217.2 94.2 57.3 29.3 36.4 7.2 49.6 28.1 17.7 5.3 299.4 Dec.r 317.5 218.2 94.5 57.6 29.4 36.7 7.3 49.2 30.2 18.0 5.4 302.8 1956—Jan. r 316.7 219.0 94.8 57.9 29.5 36.8 7.3 49.4 28.5 18.2 5.7 301.6 Feb.'" 317.1 218.9 94.7 57.9 29.5 36.8 7.2 49.7 28.7 18.3 5.7 301.5 Mar.r 318.6 220.3 95.1 58.4 29.6 37.2 7.2 49.5 28.8 18.5 5.7 304.0 Apr. r 321.7 222.9 96.8 59.1 29.8 37.2 7.2 49.7 29.1 18.6 5.8 306.8 M 323.0 223.3 96.8 59.1 30.0 37.4 7.2 50.3 29.3 18.7 5.8 307.8 P Preliminary. r Revised. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 766 Gold production 770 Net gold purchases and gold stock of the United States. 771 Reported gold reserves of central banks and governments. 772 Estimated foreign gold reserves and dollar holdings 773 International Bank and Monetary Fund. 774 Central banks 774 Money rates in foreign countries. 779 Foreign exchange rates. . 780 Index to statistical tables. 791 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. 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 ENTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a i a - l - Official France m R F a e e n d p y . . , Italy S l w a e n r it - d z- U K d n i o i n t m g ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions2 and Officials of private 1952—Dec. 31.... 1.585 8,961 4,654 343 551 309 642 818 1,093 3,755 1,421 1,613 1.837 336 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955—May 31.... 1,875 11,178 6,711 766 1,408 638 672 664 1,577 5,724 1,275 1,989 1,885 305 June 30.... 1,854 11,263 6,776 785 1,397 646 685 689 1,588 5,790 1,269 1,920 1,983 301 July 31.... 1,861 11,281 6,658 835 1,418 676 703 623 1,560 5,815 1,302 1,897 1,968 299 Aug. 31.... 1,859 11,189 6,552 915 1,420 702 679 561 1,567 5,844 1,180 1,854 1.994 316 Sept. 30.... 1,844 11,496 6,806 980 1,425 759 684 575 1,562 5,986 1,179 1,916 2,085 329 Oct. 31.... 1,825 11,748 6,890 1,017 1,424 813 709 645 1,557 6,166 1,138 1,948 2,157 340 Nov. 30.... 1,823 11,823 6,964 1,069 1,431 810 747 645 1,489 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 11,874 6,986 1,066 1,458 785 741 657 1,561 6,268 1,088 1,952 2,213 353 Feb. 29.... 1,876 11,993 7,048 1,035 1,467 798 739 679 1,596 6,314 1,089 2,001 2,238 353 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 Apr. 30*... 1,978 12,491 7,314 '867 1,524 812 742 111 1,821 6,544 1,207 2,156 2,268 316 May 31*... ,999 12,497 7,416 907 1,580 830 709 751 1,676 6,453 1,269 2,157 2,294 324 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u e r y - Y sla u v g i o a - o A th ll er 1952 Dec. 31 1.093 91 124 70 29 47 203 110 57 6 19 91 8 12 224 1953—Dec. 31 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—May 31 1,577 272 103 64 40 131 195 68 94 8 101 114 10 9 368 June 30 1,588 269 107 54 38 127 202 71 94 8 109 119 12 11 367 July 31 1,560 273 99 56 40 125 202 68 101 8 113 129 9 8 328 Aug. 31 1,567 283 104 60 42 126 190 66 106 8 119 141 10 10 303 Sept. 30 1,562 280 104 64 41 134 199 68 112 8 120 147 9 9 267 Oct. 31 1,557 279 105 54 46 141 183 72 120 8 117 149 9 11 263 Nov. 30 1,489 270 98 64 44 159 173 68 125 8 112 149 9 9 200 Dec. 31 1,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956 Jan 31 1,561 254 113 64 45 200 183 63 127 8 102 154 12 11 226 Feb 29 1,596 253 115 69 46 188 183 49 128 8 103 160 13 9 273 Mar 31* 1,617 252 126 71 45 183 193 50 132 8 99 171 10 13 266 Apr. 3 0* ,821 246 123 71 49 184 223 51 134 7 102 167 10 5 447 May 31*> ,676 242 107 67 49 182 227 51 135 7 96 162 8 8 334 Table lb. Latin America Neth- Date A L m i a c t a e i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e c n b n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e u n d n r e r d i - d s e i s t - s l a P p i R m c u a e b n o a - - - f , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1952—Dec. 31 ,613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec. 31 ,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—May 31 1,989 167 28 129 95 91 254 67 51 372 45 74 82 48 68 285 133 June 30 1,920 157 28 120 94 102 245 71 51 341 42 84 83 50 64 261 129 July 31 1,897 165 26 118 89 103 241 71 51 327 44 80 89 45 61 253 134 Aug. 31 1,854 174 25 126 75 106 231 71 47 321 43 85 86 39 60 234 132 Sept. 30 1,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct. 31 ,948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30 1,946 153 24 149 75 120 255 66 41 379 42 87 92 22 63 261 117 Dec. 31 1,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—Jan. 31 l,952 138 28 156 79 133 227 65 51 399 49 81 90 34 69 239 113 Feb. 29 >,001 143 28 192 80 133 223 65 58 407 49 78 93 43 74 213 124 Mar. 31* 1,114 140 27 215 101 136 238 71 64 419 51 82 94 46 73 224 134 Apr. 30* >,156 128 27 193 87 147 245 64 70 416 53 89 87 46 74 296 133 May 31* >,157 120 25 198 91 139 251 65 68 384 56 93 83 44 66 339 136 * Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 767 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 mosa rea, Phil- and Union Total M C a h n a i d i n n a - H K o on n g g India I n n e d si o a - Iran Israel Japan p R u li e b c - - pines T la h n a d i- Other Total A tr u a s l - ia C g B o i e a n l n g - o A E t n g ia g y n l p o - - S A o f o r u f i t c h a Other land of* Sudan 1952—Dec. 31 1,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—May 31 1,885 70 61 93 100 52 43 720 106 249 129 261 305 70 43 48 34 110 June 30 1,983 71 60 97 115 52 41 757 108 252 130 299 301 64 43 50 30 114 July 31 1,968 72 62 78 108 48 43 774 106 258 121 298 299 70 42 45 33 109 Aug. 31 1,994 72 60 73 110 42 55 808 102 261 122 290 316 75 46 47 37 112 Sept. 30 2,085 72 58 92 120 36 46 865 100 253 123 321 329 72 44 60 37 116 Oct. 31 2,157 75 57 90 127 42 46 914 95 247 125 339 340 74 45 70 34 116 Nov. 30 2,217 76 57 89 145 37 49 952 91 254 129 339 344 75 44 71 35 120 Dec. 31 2,186 75 55 73 174 37 53 901 88 252 138 340 360 75 42 72 53 119 1956—Jan. 31 2,213 77 55 70 159 33 57 926 85 261 144 344 353 75 42 71 43 121 Feb. 29 2,238 77 56 69 164 23 61 944 83 262 149 349 353 78 42 70 35 128 Mar. 31*.... 2,277 76 57 83 152 28 55 964 89 268 151 353 358 76 43 68 43 128 Apr. 30*.... 2,268 75 58 75 129 25 48 998 93 274 146 347 316 58 43 65 32 118 May 31*\... 2,294 76 55 64 120 32 49 1,012 92 276 143 375 324 58 40 62 37 126 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania .2 .2 .2 n.a. Afghanistan 4.0 2.7 5.1 n.a. 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 Cambodia n.a. n.a. 13.1 Czechoslovakia6 .6 .6 .7 .7 Ceylon 13.9 17.1 18^8 n.a. Eastern Germany n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10.0 14.7 Estonia 1.9 1.9 1.9 n.a. Jordan .6 .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. n.a. .1 n.a. Iceland 3.7 7.5 8.9 4.8 Lebanon 19.3 23.9 16.5 18.0 Ireland, Republic of. 12.6 14.1 14.3 n.a. Pakistan 14.4 9.7 3.8 5.7 Latvia 1.3 1.3 1.0 1.0 Palestine .1 .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 62.3 Trieste 4.1 2.5 2.2 1.4 U. S. S. R.« 1.7 2.0 1.8 .7 All other: British dependencies 1.6 1.6 1.4 2.4 Other Latin America: Ethiopia and Eritrea 3.5 9.1 18.0 23.7 British dependencies 14.6 18.0 19.0 16.6 French dependencies 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland 1.1 .3 n.a. Ecuador 23.7 17.7 21.2 14.9 Liberia 10.3 11.8 5i6 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 Nicaragua 13.4 16.0 10.3 12.8 Spanish dependencies .2 .2 .5 .7 Paraguay 5.0 6.0 3.6 3.6 Tangier 26.7 36.1 35.7 33.5 P Preliminary, 4 Through 1952, reported by banks in the Second (New York) Federal n.a. Not available. Reserve District only. 1 Short-term liabilities reported in these statistics represent principally 5 Except where noted, these data are based on reports by banks in the deposits and U. S. Govt. obligations maturing in not more than one year Second (New York) Federal Reserve District only and represent a partial from their date of issue, held by banking institutions in the United States; breakdown of the amounts shown in the "other" categories in Tables small amounts of bankers' acceptances and commercial paper and of la-lc. For each date the Second District reported at least 90 per cent of liabilities payable in foreign currencies are also included. the total amount in the "other" categories. 2 Includes International Bank for Reconstruction and Development, 6 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other international NOTE.—Statistics on international capital transactions of the United organizations. Excludes Bank for International Settlements, reported States are based on reports by banks, bankers, brokers, and dealers. under Other Europe. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of 3 Represents funds held with banks and bankers in the United States that issue), tables reflect changes in reporting forms and instructions made (and in accounts with the U. S. Treasury) by foreign central banks and by as of Mar. 31, 1954, as well as changes in content, selection, and arrangeforeign central governments and their agencies (including official pur- ment of material published. For discontinued tables and data reported chasing missions, trade and shipping missions, diplomatic and consular under previous instructions, see BULLETIN for May 1954, pp. 540-545. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France R m e G F a p e e . n r d y - . o , f Italy S l w e a i r n t - z d - U K d n i i o n t m g e - d E O u t r h o e p r e Eu To r t o a p l e C a a d n a - A L m a i e t c i r a n - Asia ot A h l e l r 1952—Dec. 31... 1,049 32 27 18 7 30 98 212 62 662 90 22 1953—Dec. 31 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 J 1R7 14 70 20 16 173 109 402 76 728 143 37 1955—Apr. 30 ,380 8 79 23 17 96 127 351 104 697 190 38 May 31. ,415 10 77 26 19 98 135 367 108 686 213 41 June 30... . ,450 10 84 28 19 91 143 374 122 672 239 43 July 31 ,416 12 80 26 19 70 154 361 118 655 240 42 Aug. 31.. ,429 10 74 30 20 74 151 359 112 683 236 39 Sept. 30 ,406 11 69 27 21 76 152 356 115 642 252 42 Oct 31 ,428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30... ,473 12 81 30 24 74 163 383 131 670 239 49 Dec. 31 ,549 12 88 30 26 109 158 423 144 706 233 43 1956_Jan. 31 .503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29 ,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31? ,511 15 92 36 29 69 162 403 132 699 232 44 Apr. 30p. . . ,529 15 100 32 28 69 164 408 124 718 232 46 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 De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u av g i o a - o A th l e l r 1 1952—Dec. 31 98 16 2 4 2 11 39 1953—Dec. 31 88 13 6 9 1 24 16 1954—Dec. 31 109 20 10 16 2 4 41 1955—Apr. 30 127 18 7 4 15 3 4 62 May 31 135 18 7 4 15 2 4 67 June 30 143 15 7 3 13 2 5 80 July 31 154 14 7 3 12 2 8 89 Aug. 31 151 12 9 3 12 3 6 88 Sept. 30 152 11 8 3 13 4 6 92 Oct. 31 159 13 9 3 13 4 7 93 Nov. 30 163 15 9 4 11 5 7 92 Dec. 31 158 16 13 4 11 9 5 78 1956—Jan. 31 158 18 13 3 12 9 74 Feb. 29 157 18 11 4 13 9 69 Mar. 31 P 162 20 10 4 15 9 70 Apr. 30^J 164 24 7 4 17 10 68 Table 2b. Latin America Neth- Date A L m a i e t c r i a - n Ar t g in en a - l B i o vi - a Brazil Chile l C b o o i m - a - Cuba p m i D R u i c o e b n a - - - - n G m u a a l t a e- M i e c x o - I l W a n a e e n d n r s i d d - t e s s l a p P i R u m a c e b n a - - - . of Peru v S a E a d l l o - r U gu r a u- y V z e u n el e a - A O L m a th t e i e n r r » lic Surinam 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—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. 31 696 7 4 63 11 150 82 5 5 157 1 16 32 6 20 101 34 Feb. 29 718 10 3 66 19 151 81 5 5 163 2 20 31 7 20 102 34 Mar. 31^ 699 12 4 60 6 160 80 4 6 152 3 19 30 7 13 108 35 Apr. 30^ 718 11 3 62 7 167 85 4 7 154 2 18 30 6 12 112 36 9 Preliminary. maturity of more than one year reported by U. S. banking institutions l Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $670 million on Apr. 30, 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 institution?? 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 office? 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

INTX CAPITAL TRANSACTIONS OF THE U. S. 769 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia For- Date mosa and Total China Mainland 1952 —Dec 31 90 10 1953 -Dec. 31. 115 ft 1954 -Dec. 31 143 1955 Apr 30 .... 190 May 31 ..... 213 June 30 . . 239 July 31 240 Aug. 31 236 Sept 30 252 Oct 31 243 Nov. 30 239 Dec 31 . 233 1956—Jan. 31 246 Feb 29 .. . 236 Mar 31* 232 Apr. 30^ 232 OO OOOOOOOC H K o o n n g g India I n n e d s o ia - Iran Israel Japan ip P p h in il e - s T la h n a d i- 1 4 1 10 15 13 8 3 3 4 1 14 23 26 6 6 3 5 1 16 11 50 7 6 5 5 19 7 70 13 15 5 4 19 7 87 18 17 3 4 20 8 92 15 20 4 4 21 8 105 17 13 8 4 4 22 10 108 15 11 8 4 4 20 9 110 17 8 8 4 5 19 9 107 17 6 8 4 5 18 9 107 19 8 8 3 5 18 10 103 19 9 4 6 17 11 97 20 8 5 5 19 11 93 16 8 5 7 20 10 96 12 8 5 6 20 10 100 9 OO OO All other Egypt Bel- and Union Other Total t A ra u l s ia - C g o ia n n go A E n g g y l p o - - So o u f th Other tian Africa Sudan 25 22 10 6 1 2 4 25 25 8 6 (2) 2 8 36 37 14 6 6 10 48 38 11 5 1 6 15 48 41 11 5 2 8 15 69 43 10 5 3 7 17 61 42 10 5 1 7 19 53 39 9 5 2 7 17 71 42 11 5 1 6 18 67 45 11 5 2 11 16 62 49 13 5 2 10 19 57 43 11 5 1 8 17 71 41 13 5 2 8 13 9 69 39 11 5 2 7 13 9 64 44 12 5 2 7 18 9 64 46 12 6 2 8 19 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES a [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 h al 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 h al a e e s t s e p s ( u , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1955—Apr 48 45 4 135 130 5 49 46 4 48 58 — 10 May . 249 142 107 148 133 15 45 27 18 55 77 — 22 June 14 17 -3 176 158 19 70 34 36 69 101 — 33 July 48 24 24 167 139 28 60 36 23 55 75 -20 184 24 159 135 116 19 40 26 14 54 73 -19 Sept 45 36 9 180 154 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 2 Dec 132 86 46 148 145 3 42 57 -15 58 63 — 5 1956 Jan 34 34 i 185 135 50 60 139 -79 61 53 8 Feb 30 44 -14 136 123 13 35 42 -8 56 64 -7 Mar v 207 445 -238 171 209 -38 28 38 -10 73 97 — 24 Apr.p 47 10 37 184 164 19 38 26 12 69 87 -17 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 o 2 1953 23 -34 -42 (2) 57 71 -24 62 -121 25 (2) — 1 1954 78 72 17 0) — 1 73 70 -20 139 -187 113 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1955 Apr (2) 9 2 (2) -2 3 4 1 8 -5 4 1 (2) May -44 166 1 2 (2) -1 41 39 80 78 6 (2) 1 June 1 15 1 1 (2) 9 15 -1 24 -9 -2 (2) July 3 49 (2) 26 13 9 48 -2 1 1 1 3 176 1 (2) 28 -1 7 36 132 7 1 Sept 1 33 2 1 a1 19 -9 10 23 -10 13 6 1 Oct 1 4 2 3 8 2 -7 8 -5 1 Nov -24 n -4 3 -7 -20 2 ( 2^ Dec 2 47 -14 1 8 -3 4 -5 41 7 3 1 1956 Jan 1 49 18 6 12 35 7 5 2 1 Feb 1 1 1 -5 -9 13 6 -7 — 1 -2 -274 -139 -1 23 -28 -30 -174 -86 (2) -13 j Apr p 56 3 1 44 7 55 -4 2 1 Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 tutions tries 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—June 30 374 3,295 139 1955 -27 -4 -46 74 24 -49 -7 A Ju u ly g . 3 3 1 1 4 3 1 8 0 7 3 3 , , 2 3 8 7 8 3 1 1 3 4 5 1 1955— M A a p y r. . . . . . . - - 2 4 - 0 4 ) -8 1 -4 6 - - 2 2 ms S N O e c o p t v . t . . 3 3 3 0 1 0 4 4 3 0 0 8 8 2 5 3 3 3 , , , 4 5 5 6 0 5 3 6 8 1 1 1 3 3 4 8 7 2 J J u u l n y e . . . . . . . -1 0 0 ) 1 4 3 -2 -8 1 2 2 6 1 2 5 - - 2 3 -5 2 Dec. 31 402 3,543 126 A S N O e u o c p g v t t . . . . . . . . . . . . - - 1 - 3 2 2 1 - - 6 3 1 5 1 -7 9 8 i -6 6 3 3 2 2 3 1 - - - - 1 4 3 3 1 C 0 2 3 ) 1) 1956— A F M Ja e p n a b r r . . . . 2 3 3 3 9 1 0 1 3 3 3 3 5 6 5 3 5 3 4 0 3 3 3 3 , , , , 7 7 7 7 9 9 2 1 1 3 4 7 1 1 1 1 3 2 3 5 6 2 2 3 Dec.... -2 -18 17 -7 4 -8 -23 May 31 307 3,751 155 1956—Jan.... -5 -66 12 -75 1 -5 0) June 30 297 3,629 158 A F M p e a T b r . . P . P . . . . . . . - - - 1 3 6 5 - -2 1 0 2 2 - - - 5 7 5 - - 1 7 6 8 2 3 1 - - - 3 3 2 4 1 1956— J J J u u u n n n e e e 2 1 0 6 3 3 3 3 1 2 4 7 5 4 3 3 3 , , , 7 7 7 2 2 0 6 9 3 1 1 1 5 5 5 5 5 4 June 27 293 3,702 159 Preliminary, i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and or bonds. 3 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 i - a B A W r f i r t e i i c s s a t h B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia tra- India $1=15% I grains if gold 9/iofine: i.e., an ounee 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 4 3 7 3 36 7 6 8 1955 Apr 71.4 41.7 1.6 2.2 1.3 5.0 12.9 1.3 1.1 .4 .7 2.8 .5 M^ay 73.1 42.8 6 2.1 1 5.3 13.4 .9 .9 .5 .8 3 0 6 June 73.1 42.7 5 2.2 0 5.6 13.0 .8 1.2 .2 .8 3.5 6 July 72.9 43.7 6 2.2 0 4.1 13.5 1.0 .8 .3 .8 3.1 .6 Aug 74.7 44.4 6 2.2 .9 5.9 13.5 .6 1.1 .4 .7 2.8 .6 Sept . ... 76.2 43.6 6 2.2 1 7.0 13.8 1.0 1.3 .3 .7 3.1 5 Oct 43.8 5 2.0 0 6.8 13.8 1.2 3 7 3 1 6 Nov 43.3 5 1.9 .8 6.3 13.6 1.1 .4 .6 3 3 6 Dec 42 9 S 1.1 5 0 13 3 8 2 6 3 4 1956 jan 43.4 1.6 .1 1.2 4.8 13.0 1.9 .7 2 9 5 Feb 42.9 .1 4.6 12.4 1.2 .7 2 7 5 Mar 45.4 1.8 5 0 13.5 1 2 7 6 Apr 45.2 4.7 12.9. .6 .6 i 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 771 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 1955 1956 1948 1949 1950 1951 1952 1953 1954 1955 Jan- Apr.- July- Oct.- Jan- Mar. June Sept. Dec. Mar. Continental Western Europe: 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 -33.8 Germany (Fed. Rep. of) " —io!6"-i3o!6 -225! 6 -10.0 -10.0 Netherlands '•'46!7 "-23*.5 '"-7918 "-4!5 -100.0 -65.0 63.0 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 -5.0 Sweden 3.0 -22.9 -32.0 -20.0 -15.0 ...... Switzerland "-4O.6 -38.0 -15.0 "*22'.5 -65.0 -15.5 Bank for Intl. Settlements "-5!6 -34.3 -65.3 -30.4 -94.3 -20.0 Other 4.8 3-123.4 -16.4 -29.7 -?7.3 -17.5 2.6 5.0 (2) 3.5 i.5 1.0 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -37.5 -41.5 1.5 -32.8 Sterling Area: United Kingdom 734.3 446.3-1,020.0 469.9 440.0 -480.0 -50.0 Union of South Africa 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.5 -.5 -.1 -.1 (2) Total 1,232.9 645.2-1,003.4 525.6 451.2 -480.5 -50.5 -.1 -.1 (2) (2) 3.4 -100.0 -10.0 7.2 Latin America: 114.1 -49.9 -49.9 -20.0 -84.8 Colombia 15.5 7.0 -10.0 17.5 -22.8 -3.5 Cuba -10.0 -10.0 28.2 -20.0 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 11.0 -108.0 -50.0 -.9 -30.0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 3 4 -.1 — .1 _ i 2 Total 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 3.4 -.1 10.9 -.1 -.2 Asia -4.1 <-55.4 3-38.9 5-53.7 -6.7 -5.7 -9.9 -2.2 -2.2 Bastern Europe 1.0 -6.2 13.7 13.1 4U other 6.9 .4 «-44.2 6-76.0 (2) -.4 -2.7 -2.7 (?) 725.0 Grand total 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 -36.9 -41.7 1.4 5.2 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. 6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T (e r u G n e r a d y o s l - d o f s T to y o c e t k a a r l ) * I i n n s g c t r o o t e o l c a d t k a se l 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 l r ( a r e d e r - a a a : k i ) r s n s - e d e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u 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 t r o o t e o l c a d t k a se l i e m g x N ( o p o p - e r ) l o o d t r r t t , g m c o c o r E l r ( a r e d e r - a a a : k i ) r s n s e - d e e - d e , - D p ti r c o t o i m o g d n o u e l c s d - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—June 21,678 21,730 3.1 3.8 -.9 5.6 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 July 21,682 21,734 4.4 1.6 -.1 4.1 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Aug. 21,682 21,732 -2.2 3.6 -2.9 5.9 1946 20,529 20,706 623.1 311.5 465.4 51.2 Sept 21,684 21,745 12.7 4.4 10.6 7.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Oct 21,686 21,747 2.0 10.4 -7.1 6.8 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Nov 21,688 21,751 3.9 31.9 -27.0 6.3 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Dec 21,690 21,753 1.9 26.7 -23.8 5.0 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1956—Jan 21,693 21,755 2.5 11.4 -8.2 4.8 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Feb 21,695 21,757 2.1 18.6 -15.7 4.6 1952 23,187 23.252 379.8 684.3 -304.8 67.4 Mar 21,716 21,765 7.7 11.5 -2.9 5.0 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 Apr 21,743 21,792 '27.4 9.9 16.9 4.7 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 May 21,772 21,821 28.3 25.3 1.8 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 June v21,799 ?21,868 *47.6 (3) 429.9 (3) v Preliminary. 'Revised. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,919.4 million on June 30, 1956L scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)i Treasury Total 2 1949—Dec r35,38O 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec '35,810 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951 Dec. .. . '35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec r36,260 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec r36,680 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954 Dec .. . '37,340 21,713 21,793 371 778 3 322 J.ORO 42 186 31 23 1955 May 21,674 21,727 371 848 0) 322 1,111 43 186 31 23 Tune r37,720 21,678 21,730 371 839 (3) 322 1,112 42 186 31 23 July 21 682 21,734 371 845 (3) 322 I 122 42 186 31 23 S A. e U p 2 t ...... r37 870 2 2 1 1 , , 6 6 8 8 2 4 2 21 1 , , 7 7 4 3 5 2 3 3 7 7 1 1 8 8 5 7 0 7 « (3) 3 3 2 2 2 2 1 1, , 1 1 4 3 1 4 4 4 2 2 1 1 8 8 6 6 3 3 1 1 2 2 3 3 Oct 21,686 21,747 371 920 (') 322 1,150 42 181 31 2i D No e v c r37,970 2 2 1 1 , , 6 6 8 9 8 0 2 2 1 1, , 7 7 5 5 1 3 3 3 7 7 1 1 9 92 2 9 2 0) 3 3 2 2 3 3 1 1, , 1 1 4 4 1 7 4 4 4 2 1 1 4 3 1 6 3 3 1 1 2 2 3 3 (3) 1956 Jan 21,693 21,755 371 942 323 1,136 44 136 31 23 Feb 21 695 21,757 371 955 323 I 129 42 136 31 23 Mar *>38 140 21 716 21,765 371 953 323 1,127 41 136 31 23 Apr 21,743 21,792 371 970 323 1,113 43 136 31 23 May 21,772 21,821 958 323 1,107 136 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 81 138 346 62 796 45 38 35 1955—May 174 576 740 27 247 81 138 346 77 804 45 38 35 174 576 758 27 247 81 138 346 78 804 45 38 35 July 174 576 776 27 247 81 138 346 78 804 45 48 35 AUK 174 576 802 27 247 81 138 346 130 804 45 48 35 Sept 174 576 825 27 247 81 138 346 141 804 45 48 35 Oct 174 576 849 27 247 81 138 352 142 836 45 48 35 Nov . 174 576 868 27 247 81 138 356 142 856 45 48 35 Dec 174 861 920 27 247 81 138 352 142 865 45 48 35 1955 Jan 174 861 950 27 247 81 138 352 163 865 45 48 Feb 174 861 989 27 247 81 I 3S 352 163 872 45 48 Mar 174 861 1 000 27 247 138 875 45 48 Apr 174 861 1 033 27 247 138 877 45 48 May 174 861 1,053 247 138 864 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 d 5 - U gu r a u y - V zu e e n l e a - M I t n a o r t n y l. e- B S a I e n n t k t t l l e . f - or Fund ments 1949 Dec 178 17 128 85 70 1.504 118 154 1 688 178 373 1 451 68 1950—Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 494 167 1951 Dec 265 26 190 51 152 ,452 113 151 2,335 221 373 530 115 1952—Dec 286 29 170 51 184 ,411 113 143 1,846 207 373 692 196 1953 Dec ... 361 29 176 54 218 ,459 113 143 2 518 227 373 702 193 1954—Dec 429 29 199 56 265 ,513 113 144 2,762 227 403 740 196 1955 May 438 29 207 56 263 ,473 113 144 2,686 227 403 745 207 June 436 29 212 56 264 ,485 113 144 2,680 227 403 745 2W July 422 29 215 56 264 ,495 112 144 2,544 227 403 ,747 227 Aus 425 29 212 56 264 ,501 112 144 2,457 227 403 I 751 226 Sept 427 28 214 56 264 ,513 112 144 2,345 216 403 751 215 Oct 428 28 211 56 270 ,535 112 144 2,297 216 403 I 751 208 Nov 428 28 213 56 278 560 112 144 2 283 216 403 I 756 234 Dec 428 28 212 56 276 ,597 112 144 2,120 216 403 ROR 217 1956—Jan 431 28 211 56 278 ,593 112 144 2.149 216 403 1 811 193 Feb 431 28 216 56 272 ,592 112 144 2,210 216 403 1,811 183 M!ar 431 28 212 56 273 608 144 2 277 216 403 1 786 197 Apr 436 28 210 56 269 .606 144 2,328 216 403 1 761 190 May 435 28 217 56 266 144 2,369 216 216 P Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- * 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 s 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 "Msmbsr Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 773 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1954 Mar. 3I, 1955 June 3(), 1955 Sept. 30, 1955 Dec. 31, 1955 Mar. 31, 1956* 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 329 12 331 12 325 12 341 12 322 to 313 TO Belgium-Luxembourg (and Belgian Congo).. '1,044 10 '1,090 9 '1,111 10 '1,149 10 '1,201 10 1,244 12 Denmark 102 7 100 7 85 6 95 7 91 7 102 6 Finland 72 3 69 3 69 5 73 5 84 5 80 5 France (and dependencies)' 1,328 161 1,362 161 1,397 160 1,593 161 21,986 151 2,027 6 Germany (Federal Republic of) 1,999 2,125 2,155 3 2,250 5 2,374 8 2,487 8 124 141 138 (3) 145 187 194 Italy 925 957 992 2 1,105 1,137 1,158 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,089 26 1,072 41 1,074 41 1,100 44 1,143 22 Norway 148 6 109 14 116 36 113 53 124 95 60 Portugal (and dependencies) 560 570 571 581 601 605 Spain (and dependencies) 188 3 209 3 225 237 221 3 216 Sweden . 406 1 386 1 383 411 (3) 429 (3) 444 (3) Switzerland 2,185 38 2,149 42 2,170 2,197 44 2,354 44 2,341 70 Turkey 152 154 156 153 153 154 Other* 947 4 1,016 2 1,242 4 1,273 2 856 6 981 5 Total '11,627 260 '11,857 285 '12,207 324 '12,790 345 '13,220 343 13 584 209 Sterling Area: United Kingdom 3,190 216 3,137 249 3,139 280 2,800 286 2,598 282 2,816 242 United Kingdom dependencies 103 4 103 4 102 4 100 11 88 91 U Australia 186 194 204 210 219 220 India ^34 I 334 1 344 1 339 1 320 3*0 1 Union of South Afnca 232 236 1 242 t 25! 2*5 1 255 1 Other '178 3 '184 3 '184 3 '194 3 '202 198 Total '4,223 225 '4,188 258 '4,215 289 '3,894 302 ' 3,692 295 3,910 255 Canada 2,616 93 2,418 182 2,381 262 2,320 397 2 173 437 2,305 369 Latin America: Argentina 531 (3) 523 (3) 528 536 (3) 509 511 (3) B B o ra li z v il ia 44 3 2 2 (3} 41 2 7 6 (3 2 ) 44 2 2 8 2 46 2 9 6 2 46 2 6 6 2 53 2 8 7 2 Chile 112 118 1 136 1 129 (3) 139 (3) 144 i C C D o u o l b m o a m in b ic ia a n Repu . blic 4 3 2 0 72 3 8 124 4 1 2 7 8 5 0 3 149 4 1 3 8 8 3 1 8 149 4 1 2 8 8 2 3 4 1 ( 6 3 9 > 2 3 1 8 77 7 9 169 2 3 2 7 84 2 4 1 ( ( 6 3) 3 7 ) Guatemala 62 72 78 70 72 91 Mexico . . .. . 391 (4 427 (4 419 (4 481 4 556 5582 4 Panama Republic of. 74 1 79 1 84 2 85 1 86 1 82 (3) Peru 118 114 118 124 0) 127 129 (3) El Salvador 59 72 79 61 52 74 Urusuav 317 1 308 1 291 277 1 281 289 1 Venezuela 597 3 591 3 664 3 662 3 668 3 627 3 Other 135 10 140 11 138 12 140 14 124 15 148 14 Total 3,673 146 3,565 172 3,707 174 3,749 194 3 789 195 3,922 192 Asia: Indonesia ... 181 179 15 196 15 201 15 2^5 15 233 Iran 169 (3) 178 190 174 175 166 (3) Japan 851 3 841 3 884 3 992 3 1 029 4 1,092 4 Philippines ... 266 6 264 6 263 6 266 6 268 6 285 6 Thailand 216 (3) 245 1 243 1 23S 1 250 1 263 1 Other '521 '552 5 '602 3 '621 3 '644 4 661 5 Total '2,224 16 '2,259 30 '2,378 28 '2,489 28 '2,621 30 2,700 16 Eastern Europe** 309 6 309 6 311 7 307 7 308 7 294 6 All other: Egypt 221 228 224 234 246 242 Other 68 72 84 1 87 79 1 93 Total 289 300 (3) 308 1 321 325 1 335 1 Total foreign countries '24,961 746 '24,896 933 '25,507 1,085 '25,870 1,274 '26,128 1,308 27,050 1,048 3,510 354 3,557 362 3,599 317 3,595 320 3,689 321 3,680 319 Grand total '28,471 1,100 '28,453 1,295 '29,106 1,402 '29,465 1,594 '29,817 1,629 30,730 1,367 » Preliminary. ' Revised. 7 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 reports of security transac- 5 Includes latest available figure (Feb. 29) for Mexican gold reserves. tions. For back figures see BULLETIN for March 1956, pp. 304-305. 6 Excludes gold reserves of the U. S. S. R. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1955 Item 1956 1955 Item 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 securitiesl.... 947 966 977 996 1,001 United States 1,708 1,633 1,643 1,609 1,567 Effective loans2 1,959 1,936 1,837 1,796 1,694 Other 4,403 4,540 4,656 4,691 4,73* Other assets3 40 37 36 52 35 Unpaid member subscriptions 815 815 805 798 799 IBRD bonds outstanding 850 849 849 852 838 Member subscriptions 8,751 8,751 88,863 88,853 «8,853 Undisbursed loans 485 494 429 456 386 Accumulated net income -14 -12 -11 -11 -10 Other liabilities 10 9 10 11 Reserves 216 205 193! 1841 174 Capital 1,810 1,810 1,810 1,806 1,806 Cumulative net drawings on the Fund Loans by country, May 31, 1956 Country * 1956 1955 Outstanding Area and member country4 Apr. Mar. Apr. Prin- Dis- Recipal bursed paid Sold Total to Brazil 66 66 66 others5 Burma 15 15 Chile 13 13 13 Colombia.... 25 25 25 Continental W. Europe, total. 1,021 875 169 706 74 Indonesia.... 15 15 15 Belgium and Luxembourg.. 118 109 6 104 23 Philippines... 15 10 France 268 255 12 244 19 Turkey 15 15 20 Italy 90 41 41 6 United States 10-340 10-393 10-484 Netherlands 221 221 137 84 19 Norway 75 50 50 Other 249 199 183 Footnotes to tables on international institutions: * Currencies include demand obligations held in lieu of deposits. Sterling area, total 713 557 44 513 67 2 Represents principal of authorized loans, less loans not yet effective, Australia 259 244 3 241 21 repayments, the net amount outstanding on loans sold or agreed to be India 125 75 19 57 10 sold to others, and exchange adjustment. Pakistan 77 47 4 43 5 3 Excludes uncalled portions of capital subscriptions. Union of S. Africa 135 110 11 99 15 4 Loans to dependencies are included with member. Other 117 80 7 73 16 5 Includes also effective loans agreed to be sold but not yet disbursed- 6 Includes $81 million in loans not yet effective. Latin America, total 637 432 35 398 28 7 Includes $153 million not guaranteed by the Bank Brazil 194 154 7 147 3 8 Includes $125 million subscription of withdrawing member (Czect Colombia 95 59 11 49 3 oslovakia). Mexico 141 111 6 105 10 9 Countries shown are those with cumulative net drawings of $10 mil- 207 108 11 97 12 lion or more on the latest date. Other 10 Represents sales of U. S. dollars by Fund to member countries for 118 63 62 10 local currencies, less repurchases of such currencies with dollars. Asia (excl. Sterling area) 7 Africa (excl. Sterling area). .. 62,496 1,936 250 1,686 7179 Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note 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 n c s a - e t d s s - Se ti c e u s ri- ci t r i c o u n l 1 a- Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d i t u a a ! 1948 Dec. 29 .2 K325.0 3.9 32.2 16.7 401.1 1,293.1 314.5 11.7 17.4 92 A 18.1 1949 Dec 28 . .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951 —Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 ?952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 5954 Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955 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 ,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 ,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 ,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 17.6 Nov. 30 .4 ,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 ,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956—Jan. 25 .4 ,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 ,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 ,875.0 2.2 34.1 22.1 294.2 ,841.3 243.3 11.1 3.2 76.5 18.5 Apr. 25 .4 .875.0 2.0 33.4 30.3 270.4 1,842.0 225.9 12.8 3.1 76.4 17. * May 30 .4 1,900.0 2.0 29.1 15.3 294.6 1,871.3 231.6 11.4 3.1 77.0 18.0 For footnotes see opno*»*e pase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 775 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 3l Liabilities Date Dominion and provin- Sterling cial govt. securities Deposits Other U a n n it d ed O as t s h e e ts r circ N u o la te tion 1ab a i n li d ties d S o t l a l t a e r s s S t h e o rm rt- Other Ch b a a r n te k r s ed Do g m o i v n t i . on Other capita] 1948—Dec. 31 .4 1,233.'7 119 A 45.4 1.289.1 547. 98.1 81 0 43 1 1949_Dec. 31 74.1 1,781.' 227.8 42.5 1,307.4 541. 7 30.7 126.9 119 2 1950—Dec. 30 111.4 1,229. 712.5 297.1 1,367.4 578. 6 24.7 207 1 172 6 1951—Dec. 31 117.8 1,141. 1,049.3 135.2 1,464.2 619. 0 94.9 66 1 200 0 1952—Dec. 31 77.1 1,459. 767.2 77.3 1,561.2 626. 6 16.2 44.5 132 9 1953 Dec. 31 54.9 1,376.(s 893.7 112.0 1,599.1 623. 9 51.5 29 5 133 1 1954—Dec. 31 54.2 1,361.. 871.1 114.1 1,623.5 529. 6 56.3 30.5 161 0 1955— June 30 55.8 1,451.1 834.9 121.5 1,618.8 577. 0 71.3 36 5 160 4 July 30 59.6 1,233.'* 1,032.4 134.9 1,651.8 532. 9 52.9 45.2 177 5 Aug. 31 57.7 1,185..? 1,149.3 73.2 1,653.9 538. 7 59.5 38 1 175 2 Sept. 30 60.6 1,103..?, 1,196.5 156.6 1,665.8 565. 7 63.4 29 1 192 8 Oct. 31 566 1,318.s 991.2 158.3 1,674.2 580. 7 62.4 34.5 173 0 Nov. 30 52.9 1,326.? 1,060.2 141.3 1,684.0 562. 6 128.3 45 2 160 4 Dec. 31 57 4 1,283.f* 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207 5 1956—Jan. 31 54.4 1,091.s ,146,0 119.2 1,648.7 528. 4 76.1 42 1 115 7 Feb. 29 56.5 1,065.6 1,143.3 108.2 1,641.1 493. 6 60.8 35.0 143 0 Mar. 31 58.8 965.( ,285.0 95.0 1,677.2 506. 48.1 31.4 141 9 Apr. 30 52.3 764. ,538.1 121.4 1,686.3 564. 9 54.1 30 6 140 0 May 31 67.2 l,065.< ,190.2 131.3 1,706.1 542. 8 30.2 29.9 145.3 ]Jank of France (billions of francs) Assets Liabilities Date Advances to Foreign Domestic bills Government Other Note Deposits l O ia t b h i e l r - Gold ex- assets circula- ities change m O a p r e k n et Special Other Current Other tion Go m v e e n rn t - Others ca a p n i d tal 1948—Dec. 30 65.2 (4) 97.4 8.( 238.6 150.9 558.0 57.6 c)87,6 .8 171.8 16.2 1949—Dec. 29 62.3 137.7 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. 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951_Dec. 27 191.4 28.3 234.9 32.() 741.3 160.0 481.0 190.8 1,1341.6 176.8 41.3 1952 Dec. 31 200.2 31.1 274.0 57.() 937.5 172.0 480.0 159.7 123.5 (4) 138.6 49 3 1953—Dec. 31 201.3 15.4 292.5 61. 891.6 200.0 679.8 170.0 2,J10.5 (4) 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48. <) 1,130.2 195.0 617.6 277.2 2,538.5 j 157.8 67.9 1955—June 30 201.3 183.9 245.5 16.'\ 1.054.8 190.0 579.4 355.6 2,<S29.9 (4) 138.6 58.3 July 28 201.3 200.1 247.6 11 '1 ,061.9 190.0 579.8 355.5 ? (542.8 .1 145.3 59 3 Aug. 25 201.3 200.2 190.0 7..5 1,042.9 190.0 579.3 371.6 2,'588.5 .1 125.3 68.9 Sept. 29 201.3 200.2 235.8 14.<) 1,076.6 190.0 557.9 409.8 2,<592.5 .1 138.2 55.7 Oct. 27 201.3 200.2 245.4 30.() ,060.8 190.0 545.2 429.9 ? (591.4 139.0 72 4 Nov. 24 201.3 200.2 209.0 43.:I 1,037.8 190.0 536.4 417.8 ?,,(547.6 (4) 120.6 67.5 Dec 29 301.2 200.2 226.7 45.:I 1,194.7 190 0 539.8 336.8 ? i$20.0 (4) 142 9 71 8 1956 Jan. 26 301.2 197.9 184.5 34.:\ 1,198.1 183.0 533.3 325.9 2,'741.1 143.5 73.6 Feb. 23 301.2 178.5 197.5 27.'7 1,189.2 183.0 539.5 302.7 2,'741.5 .1 116.8 60.9 Mar. 29 301 2 178.6 237.7 19.. 1,334.5 183,0 519.6 316.1 7 i$76.7 156.3 57 2 Apr 26 301.2 162.6 269.4 14.(S ,274.0 183.0 518.1 331.4 ? i$34.4 (4) 148 1 71 8 May 31 301.2 152.0 214.7 ) ,314.4 183.0 518.8 5368.4 2A$61.9 . 1 135.9 62.5 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item May Apr. Mar. May May Apr. Mar. May Central Bank of the Argentine Republic *r ommonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 1,623 1,623 >,623 1,623 Gold and foreign exchange 266 25S 270 375 Other gold and foreign exchange.. —649 -392 -254 1,069 Checks and bills of other banks.... 8 c 8 5,449 4,704 ,682 4,067 Securities (incl. Govt. and Treas- Rediscounts and loans to banks... 92,468 93,288 89,829 74,490 ury bills) 517 504I- 560 455 Other assets 427 417 370 374 116 12(i 119 86 Currencv circulation 37 285 37,084 V ,078 31,419 Note circulation 372 38" 384 363 Deposits—Nationalized... 52,503 53,476 52,624 44,436 Deposits of Trading Banks: Other sicht oblieations 3 303 3 134 ,791 664 Special 265 28* 300 296 Other liabilities and canita' 6*227 5 946 759 5 105 Other.... 46 21 37 25 Other liabilities and capital.. 224 20*I 235 239 Footnotes to central bank table on this and opposite page: 5 Includes advance of 180.5 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

776 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 May Apr. Mar, May May Apr. Mar. May Austrian National Bank (millions of National Bank of Cuba—Cont, schillings): Foreign exchange (Stabilization Gold 1,744 1,744 1,743 556 Fund) 241 230 217 209 Foreign exchange (net) 6,950 6,830 6,847 7,955 Net claim on Intl. Fund* 13 13 13 13 Loans and discounts 5,729 5,692 5,625 5,263 Loans and discounts 38 50 62 60 Claim against Government 1,506 1,717 1,617 1,811 Credits to Government 109 96 76 56 Other assets.. 860 828 83f 375 Other assets 77 79 81 85 Note circulation 12,913 12,824 12,88: 12,226 Note circulation 433 438 437 430 Deposits—Banks 552 639 496 1,537 Deposits 307 296 271 271 Other 469 519 544 538 Other liabilities and capital 23 2 21 21 Blocked 1,416 1,406 1,388 1,660National Bank of Czechoslovakia2 Other liabilities and capital 1,438 1,424 1,355 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold.. 68 68 68 68 Gold , 47,919 48,499 47,638 42,390 Foreign exchange 741 795 769 661 L Fo o r a e n i s g n a n c d la i d m is s c o a u n n d t s balances (net). 1 5 0 , , 1 6 6 4 5 3 1 3 1 , , 3 19 8 5 r 1 4 1 , , 2 1 2 9 0 4 1 7 1 , , 3 6 9 6 5 6 S L e o c a u n r s i ti a e n s d discounts 4 1 9 1 1 6 4 1 9 8 1 4 1 9 8 5 2 4 2 7 0 5 8 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,097 3,099 3,100 3,144 Govt. securities 8,432 7,808 7,498 6,657 Other assets 865 561 971 831 Other assets 5,486 5,250 5,311 4,873 Note circulation , 2,099 2,102 2,149 1,973 Note circulation 107,194105,126105,005 103,096 Deposits—Government 1,330 1,294 1,697 1,314 Deposits—Demand 1,424 1,880 1,869 1,378 Other 1,710 1,560 1,501 1,856 ECA 40 48 49 76 Other liabilities and capital , 240 240 238 243 Other liabilities and capital 3,648 3,748 3,599 3,092 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary (Dec. public (thousands of pesos): dept. (millions of bolivianos): 1955)" Gold. 12,526 12,526 12,526 12,076 Gold at home and abroad 502 497 Foreign exchange (net) , 16,541 14,836 17,301 12,762 Foreign exchange (net) 1,206 982 Net claim on Intl. Fund1 , 1,250 1,250 1,250 1,250 Loans and discounts 52,886 26,085 Loans and discounts 3,000 2,500 2,500 3,975 Govt. securities 2,505 2,505 Govt. securities 8,360 8,360 8,360 8,890 Other assets 993 1,001 Other assets 17,911 16,545 16,278 14,597 Note circulation 42,364 25,992 Note circulation 46,156 45,522 47,658 41,172 Deposits 11,573 226 Demand deposits 10,693 7,864 7,989 9,803 Other liabilities and capital 4,155 4,851 Other liabilities and capital 2,740 2,631 2,568 2,575 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 695 690 674 588 Gold 344 344 344 343 Govt. securities 18 24 37 23 Foreign exchange (net). . -104 -108 -102 45 Other assets 10 6 17 5 Net claim on Intl. Fundi 19 19 19 19 Currency in circulation 454 423 416 379 Credits—Government 514 504 484 395 Deposits—Government 83 128 125 82 Other , 245 223 220 220 Banks 109 86 98 102 Other assets 227 249 242! 257 Other liabilities and capital 77 83 52 Note circulation 623 611 617 648 Central Bank of Chile (millions of Demand deposits—Private banks 189 191 183 219 pesos): Other 147 139 142 160 Gold 8,063 7,901 5,750 Other liabilities and capital 286 290 265 253 Foreign exchange (net) 637 645 782 1,708National Bank of Egypt (millions of Discounts for member banks 4,250 2,976 6,031 3,716 pounds): Loans to Government 16,153 16,153 16,153 15,885 Gold 61 61 61 61 Other loans and discounts 21,422 22,052 20,747 13,462 Foreign assets3 , 120 125 129 178 Other assets 20,233 16,291 10,295 5,007 Egyptian Govt. securities 101 94 97 72 Note circulation 52,326 49,931 47,839 33,365 Clearing and other accounts (net). -6 -7 -8 -12 Deposits—Bank 6,846 7,192 5,740 5,520 Loans and discounts 23 23 24 18 Other 1,700 2,608 1,942 1,570 Other assets 2 2 2 Other liabilities and capital 10,812 6,449 6,387 5,073 Note circulation 166 172 176J 174 Bank of the Republic of Colombia (mil- Deposits—Government 37 32 20; 46 lions of pesos): Other 78 76 92! 79 Gold and foreign exchange 277 276 256 243 Other liabilities and capital ..... 18 17 17 19 Net claim on Intl. Fund * 24 24 24 24Central Reserve Bank of El Salvador Loans and discounts 514 464 517 595 (thousands of colones): Govt. loans and securities 495 496 501 473 Gold 70,699 70,777 70,833 71,431 Other assets 114 111 111 126 Foreign exchange (net) 57,461 56,929 55,572 68,398 Note circulation 685 669 678 613 Net claim on Intl. Fundi 1,573 1,573 1,571 1,569 Deposits 570 537 552 658 Loans and discounts 53,386 53,297 55,890 35,443 Other liabilities and capital 169 167 178 191 Govt. debt and securities 12,940 13,642 14,557 13,205 Central Bank of Costa Rica (millions Other assets 6,985 7,180 6,760 7,179 of colones): Note circulation 94,983 98,634'103,751 93,927 Gold 12 12 12 12 Deposits 97,468 94,691191,465 94,111 Foreign exchange 97 106 113 135 Other liabilities and capital 10,592 10,072 9,968 9,187 Net claim on Intl. Fund* 7 7 7 7Bank of Finland (millions of markkaa): Loans and discounts 93 86 78 67 Gold 7,849 7,849 7,849 6,882 Securities 6 7 7 5 Foreign assets and liabilities (net).. 19,405 23,103 26,453 '32,346 Other assets 26 27 24 27 Loans and discounts 48,375;45,087! 39,336 '21,117 Note circulation 150 154 158 154 Securities—Government 18,750 18,750 18,750 20,000 Demand deposits 54 56 48 66 Other 2,048i 1,814 1,851 2,102 Other liabilities and capital 36 35 35 33 Other assets 12,259* 10,836 10,420 1,983 National Bank of Cuba (millions of Note circulation 57,361 54,951 54,252 51,344 pesos): Deposits 8,453 27,269 26,767 16,807 Gold 136 136 136 186 Other liabilities and capital 42,871 25,220 23,641 16,279 Foreign exchange (net) 150 153 145 114 r Revised. •Latest month available. 3 Includes foreign government securities formerly shown with Egyptian 1 This figure represents the amount of the country's subscription to the Govt. securities. Fund less the bank's local currency liability to the Fund. * For last available reports for Czechoslovakia and Hungary (March and fro N m O T of E fi . c — ia A l l r l e f p ig o u rt r s e s o , f i n in c d lu iv d i i d n u g a l g o b l a d n k a s n d a n fo d r e a i r g e n a s e x o c f h t a h n e g e la , s a t r r e e p c o o r m t p d i a le t d e February 1950, respectively) see BULLETIN for September 1950, pp. of the month. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 777 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item May Apr. Mar. May May Apr. Mar. May Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,057 2,054 2,053 2,025 Gold 4.421 4,337 4,202 ,106 Foreign exchange 125,814124,490117,523 92,595 Foreign exchange 10,066 9,652 9,464 ,723 Clearing accounts (net) 11,152 048 7,500 6,728 Loans and discounts 4,284 4,870 5,052 ,736 Loans and discounts 20,509 ,592 18,540 4,457 Loans to Government 4.145 4,121 4,032 ,110 Advances to Government 26,178 ,908 23,648 Other assets 937 870 922 956 Other Govt. accounts 42,371 172 Note circulation 14, r 13,882!14,089 ,686 Govt. securities 141,428139,812146,092 127,542 Deposits—Government 4,530 4,492l 4,293 ,243 Other assets 21,871 21,891 35,372 14,653 Banks . 3,363 3,666! 3,415 ,784 Notes and coin in circulation... 205,104 204,782 207,931 175,790 Other 7 73 245; 255 224 Deposits—Government 33,691 31,658 3,159 11,871 Other liabilities and capital.... 1,573 1,567 1,621 ,693 Other 137,089128,970101,865 71,299 Bank of Greece (millions of drachmae) Other liabilities and capital.... 15,497 14,558 14,125 12,689 Gold and foreign exchange (net) 5,576 5,490 ,341Bank of Italy (billions of lire): Loans and discounts 148 134 119 Gold 4 4 4 4 Advances—Government 6,472 6,525 ,470 Foreign exchange 70 70 70 69 Other 4,487 4,416 ,688 Advances to Treasury 567 567 567 567 Other assets 1,758 1,628 ,436 Loans and discounts 419 436 422 367 Note circulation 5,329 4,999 ,866 Govt. securities 410 408 418 362 Deposits—Government 793 810 ,022 Other assets 866 845 892 805 Reconstruction and Note circulation 1,544 1,531 1,564 1,420 relief accts 7,161 ,296 Deposits—Government 22 25 23 50 Other... 4,219 ,592 Demand 83 79 83 64 Other liabilities and capital. . . 1,327 1,005 ,277 Other 545 552 566 503 Bank of Guatemala (thousands of Other liabilities and capital.... 142 144 137 135 quetzales): Bank of Japan (billions of yen): Gold 27,241 27,241 Bullion () () Foreign exchange (net) 39,267 35,913 Advances to Government Gold contribution to Intl. Fund. .. 1,250 1,250 Loans and discounts 32 28 37 224 Rediscounts and advances 4,140 6,907 Govt. securities 508 521 561 408 Other assets 36,645 39,749 Other assets 224 243 253 104 Circulation—Notes 52,129 53,774 Note circulation 561 585 575 522 Coin 3,913 3,919 Deposits—Government 86 64 138 63 Deposits—Government 5,920 6,817 Other 36 59 56 70 Banks 24,170 22,051 Other liabilities 81 84 84 83 Other liabilities and capital 22,410 24,499 Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve? 1,807 1,775 1,803 1,513 Reserve Bank of India (millions of "Authorized" holdings of secu rupees): rities, etc 5,274 5,407 4,178 Issue department: Bills and discounts 475 380 385 565 Gold at home and abroad 400 400 400 400 Other assets 382 334 335 502 Foreign securities 6,814 6,814 6,564 i,620 Note circulation 4,686 4,763 4,956 4,160 Indian Govt. securities 6,988 6,987 6,788 ,337 Demand liabilities 2,541 2,335 2,255 1,893 Rupee coin 1,049 1,072 1,032 ,044 Other liabilities and capital. . . 711 696 719 706 Note circulation 15,061 15,050 14,666 ,161Netherlands Bank (millions of Banking department: guilders): Notes of issue department... . 190 223 118 240 Gold 3,271 3,322 ,315 3,046 Balances abroad. 307 442 897 485 Silver (including subsidiary coin). 6 11 24 22 Bills discounted 89 124 122 112 Foreign assets (net) 1,361 1,401 ,380 1,477 Loans to Government 22 18 8 Loans and discounts 43 84 38 65 Other assets 1,327 1,324 1,451 ,070 Govt. debt and securities 440 440 440 801 Deposits 1,296 1,536 1,993 ,400 Other assets 376 353 394 432 Other liabilities and capital. . 639 595 595 514 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New 4,006 4,106 3,851 3,720 Gold and foreign exchange (net) 984 1,231 1,516 1,365 Deposits—Government 125 177 321 647 Loans and discounts 1,141 920 728 298 ECA 466 466 490 612 Advances to Government 8,107 7,880 7,968 9',689 Other 704 669 704 605 Other assets 407 394 39" 312 Other liabilities and capital. . 195 194 225 230 Note circulation 7,878 7,564 7,607 8,075 Re-serve Bank of New Zealand (thou- Deposits—ECA 411 448 448 495 sands of pounds): Other 1,421 1,530 1,677 2,272 Gold 6,162 6,162 6,161 Other liabilities and capital. . . 929 882 872 822 Foreign exchange reserve 36,757 28,715 47,919 Bank Melli Iran5 (millions of rials): Loans and discounts 38,014 33,930 31,257 Gold 4,242 4,242 4,242 ,242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 20,588 50,789 16,548 Gold contribution to Intl. Fund. 28 282 28: 282 Investments 38,279 38,279 33,265 Govt.-secured debt 7,187 7,187 7,187 ,187 Other assets 1,742 2,108 1,439 Govt. loans and discounts 11,890 11,545 11,988 ,493 Note circulation 70,330 70,224 69,944 Other loans and discounts.... 5,079 4,916 4,977 ,257 Demand deposits 60,441 79,219 56,757 Securities 449 449 449 411 Other liabilities and capital.... 10,770 10,541 9,888 Other assets 3,158 3,342 2,988 ,223Bank of Norway (millions of kroner) Note circulation 10,229 10,033 11,15" ,227 Gold 208 209 209 203 Deposits—Government 4,781 4,239 4,193 ,188 Foreign assets (net) -64 -87 -110 -181 Banks 1,050 1,231 1,400 ,296 Clearing accounts (net) -70 -74 -70 -33 Other 13,468 13,316 12,09" ,824 Loans and discounts 165 136 133 102 Other liabilities and capital.... 3,00: 3,390 3,510 ,805 Securities 80 84 89 83 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds): Other assets 94 104 111 73 Gold 2,646 2,646 2,646 ,646 Note circulation 3,063 3,096 3,150 3,070 Sterling funds 68,537 69,792 70,458 ,032 Deposits—Government 1,526 1,453 1,477 1,367 Note circulation 71,18." 72,438 73,104 ,678 Banks 392 389 339 449 FOA 90 88 88 '143 Other liabilities and capital 892 855 r762 4 Includes figures for the nine Land Central Banks. 7 Includes gold, silver, and foreign exchange forming required reserve 5 Items for issue and banking departments consolidated. (25 per cent) against notes and other demand liabilities. 6 Holdings in each month were 448 million yen. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 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 May Apr. Mar. May May Apr. Mar. May State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 585 593 601 580 Issue department: Foreign assets , 85: 925 934 849 Gold at home and abroad1.... 114 114 114 81 Net claim on Intl. Fund3 129 129 12 129 Sterling securities 91 914 894 43: Swedish Govt. securities and ad- Pakistan Govt. securities 1,204 1,205 1,224 1,455 vances to National Debt Office < 3,591 3,791 3,603 2,783 Goyt. of India securities. 276 275 275 221 Other domestic bills and advances. 17" 23 44 327 India currency 430 431 431 300 Other assets 1,003 1,019 1,646 1,015 Rupee coin 68 69 69 45 Note circulation 4,968 5,130 5,073 4.792 Notes in circulation 2,875 2,882 2,898 2,441 Demand deposits—Government.. 231 202 213 105 Banking department: Other 81 168 111 102 Notes of issue department 131 126 109 92 Other liabilities and capital 1,058 980 959 684 Bills discounted Swiss National Bank (millions of Loans to Government 50 francs): Other assets 58' 570 563 31 Gold 6,684 6,754 6,731 6,150 Deposits 574 575 55' 347 Foreign exchange 557 581 590 604 Other liabilities and capital 144 121 115 108 Loans and discounts 145 132 127 113 Central Bank of Paraguay (millions of Other assets 93 90 86 guaranies): Note circulation 5,166 5,205 5,263 5,073 Gold 11 211 4 Sight liabilities 2,105 2,141 2,067 1,680 Foreign exchange (net). .. 77 116 10 Other liabilities and capital 218 213 209 199 Net claim on Intl. Fund 3. 23 23 8Central Bank of the Republic of Turkey Loans and discounts 1,428 1,421 959 (millions of pounds): Govt. loans and securities 384 384 501 Gold 402 402 402 402 Other assets 208 175 211 Foreign exchange and foreign Note and coin issue 949 884 784 clearings 206 207 208 179 Deposits—Government 230 200 195 Loans and discounts 3,515 3,473 3,527 2,918 Other 182 186 150 Securities 29 29 29 29 Other liabilities and capital 769 860 563 Other assets 144 142 139 96 Central Reserve Bank of Peru (millions Note circulation 2,005 1,955 1,986 1,602 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 517 430 600 Other 1,560 1,561 1,590 1,391 Net claim on Intl. Fund 3 67 67 67 Other liabilities and capital 577 583 575 478 Loans and discounts to banks... 832 852 504 BanJkc ooff tthhee R Ree]public of Uruguay (mil- Loans to Government 1,064 1,086 1,093 lions of pesos): Other assets 195 208 111 Gold 327 344 Note circulation 1,962 1,922 1,769 Silver 10 11 Deposits 437 434 420 Advances to State and Govt. Other liabilities and capital 276 286 185 bodies 242 137 Central Bank of the Philippines Other loans and discounts 484 453 (millions of pesos): Other assets 648 772 Gold 36 35 33 22 Note circulation 530 474 Foreign exchange 391 377 340 337 Deposits—Government 180 150 Net claim on Intl. Fund3 10 30 Other 343 333 Loans 53 52 52 28 Other liabilities and capital 657 759 Domestic securities 386 378 375 302 Centtrraall Bank of Venezuela (millions Other assets 134 133 162 163 of bolivares): Circulation—Notes 647 642 638 597 Gold 1,234 1,234 1,234 1,233 Coin 86 86 86 87 Foreign exchange (net) 659 458 262 478 Demand deposits 186 171 172 152 Other assets 141 128 110 138 Other liabilities and capital 80 77 75 46 Note circulation 1,064 1,063 1,087 1,040 Bank of Portugal (millions of escudos): Deposits 323 328 300 271 Gold 5,724 5,711 5,526 Other liabilities and capital 647 428 219 538 Foreign exchange (net) , 13,720 13,720 13,080 Natiiional Bank of Federal People's Re- Loans and discounts , 957 985 823 public of Yugoslavia (billions of Advances to Government 1,380 1,381 1,405 dinars): Other assets 1,420 1,385 1,063 Gold 5 5 5 5 Note circulation 10,497 10,687 9,966 Gold contribution to Intl. Fund... 2 2 2 2 Demand deposits—Government., 1,575 1,402 1,679 Foreign assets 63 60 60 48 ECA 81 81 95 Loans (short-term) 839 820 798 694 Other 8,484 8,450 7,995 Govt. debt (net) 21 27 34 13 Other liabilities and capital , 2,565 2,561 2,162 Other assets 27 28 23 33 South African Reserve Bank (millions Notes and coin in circulation 77 89 80 84 of pounds): Demand deposits 160 158 158 177 Gold 77 74 75 73 Foreign liabilities 124 123 122 97 Foreign bills 26 31 36 42 Long-term liabilities (net) 439 432 432 360 Other bills and loans , 31 40 52 25 Other liabilities and capital 156 140 130 76 Other assets 58 58 64 54 Bank for International Settlements Note circulation , 108 107 107 103 (millions of Swiss gold francs): Deposits 66 77 101 73 Gold in bars 660 581 602 633 Other liabilities and capital 19 19 18 18 Cash on hand and with banks.... 59 54 57 91 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 615 ances (at cost) 545 481 384 Silver 323 321 322 323 Time funds at interest 95 92 99 209 Govt. loans and securities 16,113 15,880 15,798 14,735 Sundry bills and investments 437 483 448 382 Other loans and discounts 37,463 36,873 36,316 27,414 Funds invested in Germany 297 297 297 297 Other assets 49,129 48,050 49,925 37,153 Other assets 1 2 1 Note circulation 46,059 46,253 45,811 42,093 Demand deposits—Gold 623 597 552 453 Deposits—Government 4,256 3,465 3,524 3,403 Other 945 1,254 911 , 028 Other 9,386 9,395 8,432 3,610 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 43,943 42,628 45,211 31,135 Other liabilities and capital 297 295 294 288 r Revised. 3 This figure represents the amount of the country's subscription to the 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per Fund less the bank's local currency liability to the Fund. troy ounce of fine gold. 4 Includes small amount of nongovernment bonds. 2 On Mar. 1, 1956, gold revalued from 0.0423177 to 0.0148112 grams of NOTE.—All figures, including gold and foreign exchange, are compiled fine gold per guarani. from official reports of individual banks and are as of the last report date of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 779 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1953 Month effective A tr u ia s- g B iu e m l- m De a n rk - France m G a e n r- y Greece N la e e n r t d - h s - N w o a r y - Spain S d w en e- T k u ey r- U K d n i o n i m t g e - d C ad a a n- N Z la e e n a w d - U S A o n fr u . i o t c h f a 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 4.6 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 Sent 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 5.5 10.0 June 6.6 In effect June 30, 1956.. 5.0 3.0 5.5 3.0 5.5 10.0 3.0 3.5 3.75 3.75 6.0 5.5 3.0 7.0 4.5 2.5 8.03 1.5 Other selected central banks—Rates in effect on June 30, 1956 A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Thailand 7.0 Feb. 1945 El Salvador 2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 India* 3.25 Mar. 1956 Latin America: Mexico 4.5 June 1942 Switzerland.... 1.5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Colombia*... 4.0 July 1933 Peru* 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa Rica*.. 3.0 Apr. 1939 Venezuela... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either mestic commercial transactions (rate shown is for advances on commercial discounts or makes advances against eligible commercial paper and/or paper and miscellaneous collateral); India—3.5 per cent for discounts and government securities for commercial banks or brokers. For countries for advances on government securities (rate shown is for advances on comwith more than one rate applicable to such discounts or advances, the mercial paper); Indonesia—various rates dependent on type of paper, colrate shown is the one at which the largest proportion of central bank lateral, commodity involved, etc.; Colombia—3 per cent for agricultural credit operations is understood to be transacted. In certain cases other paper and for loans on products in bonded warehouses; Costa Rica—5 per rates for these countries are given in the following footnote. cent for paper related to commercial transactions (rate shown is for 2 Discounts or advances at other rates include: Japan—various rates agricultural and industrial paper); El Salvador—2 per cent for agricultural dependent on type of paper or transaction and extent of borrowing from paper; and Peru—4 per cent for agricultural, industrial, and mining paper. central bank, including 7.3 per cent for discount of paper related to do- OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month 3 T m re b o a il n s l u t s h r s y * D m a d o y a n - y e to y - * 3 B a a m a c n c n o k e c n p e e t r t s h - s s ' 3 T r m e b a o il s n l u s t r h y s D m a d o y a n - y t e o y - a B d ll e a o p n o w o k n a s e n i 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 t t o s hs d P is r r c i a v o t a e u t n e t 1953 Dec J.R8 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 1.50 1955 June 1.36 1.08 3.99 3.97 3.21 2.50 3.19 .91 .62 4»4-6Vi 1.50 July 1.43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 4#-6$ 1.50 1.62 1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 4#-6& 1.50 Sept .79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 414-6V£ 1.50 Oct 2.07 1.95 4.16 4.07 3.32 2.50 3,02 .94 .57 AVA-6YI 1.50 Nov 2.38 2.19 4.21 4.10 3.28 2.50 3 06 .75 ,50 41/J-6Vi 1.50 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 4*4-6 Vi 1.50 1956 Jan 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 4%-6% 1.50 Feb 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 1.00 414-61/i 1.50 Mar 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 4^-6% 1.50 Apr 2.83 2.65 5.27 5.11 4.05 3.50 3.21 1.59 1.23 4i/i-6 Vi 1.50 May 2.84 2.66 5.14 4.95 4.13 3.50 1.76 1.25 4tf-6% 1.50 l Bassd on average yield of weekly tenders during the month. * Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 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 .9908 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 .9859 32.849 94.939 1952 20.000 13.333 7.163 222.63 .9878 32.601 102.149 1953 20.000 13.333 7.198 224 12 3.8580 2.0009 32.595 101.650 1954 20.000 13.333 7,198 223.80 3.8580 .9975 32.641 102.724 1955 120.000 U3.333 17.183 222.41 3.8580 .9905 32.624 101.401 1955—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 8580 9955 32.753 100 047 Dec. 5.556 2.806 223.32 3 8580 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 May. 5.556 2.657 223.71 3.8580 2.0029 32.700 100.803 June. 5.556 2.872 223.28 3.8580 2.0032 32.608 101.476 Year or month C (r e u y p l e o e n ) (k m D r e o a n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) M (p e e x s i o c ) o 1950.. 20.850 14.494 .2858 23.838 20.870 11.570 1951., 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952., 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953., 21.046 .4354 .2856 21.049 281.27 11.607 1954. 21.017 .4354 .2856 "23". 838" 21.020 280.87 9.052 1955. 20.894 .4354 .2856 23.765 20.894 279.13 8.006 1955—June.. 20 877 4354 .2856 23.733 20.877 278.98 8.006 July.. 20.847 .4354 .2856 23.732 20 847 278.50 8.006 Aug.. 20.861 4354 .2856 23.729 20.861 278.67 8 006 Sept.. 20.852 4354 .2856 23.726 20.852 278.58 8 006 Oct... 20.907 .4354 .2855 23.724 20.907 279.21 8.006 Nov.. 20.979 .4354 .2855 23.721 20 979 280.15 8.006 Dec... 20.988 .4354 .2854 23.719 20.988 280.26 8.006 1956—Jan... 21.019 .4354 .2854 23.719 21.019 280.66 8.006 Feb.. 21.017 .4354 .2855 23.717 21.017 280.64 8 006 Mar.. 21.004 .4354 .2855 23.716 21.004 280.49 8.006 Aor.. 21 024 .4354 .2855 23.716 21.024 280.77 8.006 May. 21.022 .4354 .2855 23.729 21.022 280.76 8.006 June. 20.977 .4354 .2855 23.797 20.977 280.22 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n l u s i e o b p ) l - ic (e P s g c o a u r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n t c z d ) - ( U K p 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— June, 26.228 276.22 14.008 49.677 3.4900 277.94 19.333 23.335 278.98 July. 26.166 275.74 14.008 49 677 3.4900 277.45 19.333 23.332 278.49 Aug. 26,127 275.91 14 008 49.677 3.4900 277.62 19.333 23.331 278.66 Sept. 26.148 275.82 14.008 49.677 3.4900 277.54 19.333 23.334 278.58 Oct.. 26.213 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279 20 Nov. 26.211 211.11 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 4900 279.61 19.333 23.335 280.66 Feb.. 26.123 277.87 14.008 49.677 4900 279.60 19.333 23.335 280.64 Mar. 26.107 277.72 14.008 49.677 4900 279.45 19.333 23.335 280.49 Anr.. 26.125 277.99 14.008 49 677 4900 279.72 19.333 23.335 280.77 May 26.110 277.98 14.008 49.677 4900 279.71 19.333 23.332 280.76 June, 26.106 277.44 14.008 49.677 3.4900 279.17 19.333 23.334 280.22 i 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

Federal Reserve Board Publications 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 new accounting record designed to picture the flow of funds through the major sectors of THE FEDERAL RESERVE SYSTEM—PURPOSES AND the national economy. December 1955. 390 FUNCTIONS. November 1955. 224 pages. pages. $2.75 per copy. ANNUAL REPORT of the BOARD OF GOVERNORS OF THE DEVELOPMENT OF BANK DEBITS AND CLEAR- THE FEDERAL RESERVE SYSTEM. Issued each INGS AND THEIR USE IN ECONOMIC ANALYSIS. year. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE BULLETIN. Issued monthly. shipment, 15 cents each. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, A STATISTICAL STUDY OF REGULATION V LOANS. Costa Rica, Cuba, Dominican Republic, Ecua- September 1950. 74 pages. 25 cents per copy; dor, Guatemala, Haiti, Republic of Honduras, in quantities of 10 or more copies for single Mexico, Nicaragua, Panama, Paraguay, Peru, shipment, 15 cents each. El Salvador, Uruguay, and Venezuela is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum or 60 cents per copy; elsewhere banking, monetary, and other financial develop- $7.00 per annum or 70 cents per copy. Group ments. November 1943. 979 pages. $1.50 subscriptions in the United States for 10 or per copy. No charge for individual sections more copies to one address, 50 cents per copy (unbound). 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, MONEY RATES, AND BUSINESS. Issued monthly. provisions of certain other statutes affecting the Annual subscription includes one issue of His- Federal Reserve System. 372 pages. $1.00 per torical Supplement listed on this page. Sub- copy. scription price in the United States and the RULES OF ORGANIZATION AND RULES OF PROCEcountries listed above is $6.00 per annum, 60 DURE—Board of Governors of the Federal Recents 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. 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • JULY 1956 REPRINTS UNITED STATES BANKS AND FOREIGN TRADE FI- (From Federal Reserve Bulletin unless preceded by NANCING. April 1955. 11 pages. an asterisk) BANKERS' ACCEPTANCE FINANCING IN THE UNITED THE MONETARY SYSTEM OF THE UNITED STATES, STATES. May 1955. 13 pages. February 1953. 16 pages. ESTIMATES OF CONSUMER INSTALMENT CREDIT INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 EXTENDED AND REPAID, 1929-1939. June 1955. 8 pages. pages. REVISION OF CONSUMER CREDIT STATISTICS. April A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1953. 19 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. BALANCE OF INTERNATIONAL PAYMENTS IN 1954- 55. October 1955. 8 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- MONETARY POLICY AND THE REAL ESTATE MAR- MEDIATE-TERM CONSUMER CREDIT STATISTICS KETS. December 1955. 6 pages. (supplementary details for item listed above), April 1953. 25 pages. BANKING AND MONETARY STATISTICS, 1955. (Selected series of banking and monetary statistics FEDERAL RESERVE BANK RESPONSIBILITIES. May for 1955 only) February and May 1956. 12 1953. 5 pages. pages. (Similar reprint of 1954 data, Febru- UNITED STATES POSTWAR INVESTMENT IN LATIN ary and May 1955 BULLETINS). AMERICA. May 1953. 6 pages. THE 1957 BUDGET. February 1956. 11 pages. DEPARTMENT STORE SALES AND STOCKS, BY INTERNATIONAL GOLD AND DOLLAR FLOWS. March MAJOR DEPARTMENTS (Revised Indexes) No- 1956. 11 pages. (Also, similar reprint from. vember 1953. 65 pages. March 1955 BULLETIN) FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December 1956 SURVEY OF CONSUMER FINANCES. Prelimi- 1953. 96 pages. nary Findings. March 1956. 3 pages. The Financial Position of Consumers. June 1956. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- 14 pages. Consumer Indebtedness. July 1956. STALMENT CREDIT. January 1954. 14 pages. 17 pages. (Other articles on the 1956 Survey NEW INDEXES OF OUTPUT OF CONSUMER DUR- will appear in later issues of the BULLETIN.) ABLE GOODS. May 1954. 15 pages. Similar Surveys are available for earlier years from 1952, 1953, 1954, and 1955 BULLETINS. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND- INDUSTRIAL PURPOSES. Business Loans of RECENT FINANCIAL CHANGES IN WESTERN GER- Member Banks. April 1956. 14 pages. Credit MANY. October 1954. 10 pages. Lines and Minimum Balance Requirements. WORLD TRADE AND PRODUCTION IN 1953-54. Oc- June 1956. 7 pages. (Other articles on this. tober 1954. 10 pages. Survey will appear in later issues of the BUL- LETIN.) Reprints on a similar Survey are avail- USE OF MONETARY INSTRUMENTS SINCE MIDable from March, May, June, July, and August 1952. December 1954. 8 pages. 1947 BULLETINS. DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint SEASONAL ADJUSTMENT FACTORS FOR DEMAND from June 1955 BULLETIN.) DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. BANK CREDIT AND MONEY. July 1956. 7 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,y4mytotf 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 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • JULY 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON A. L. MILLS, JR. M. S. SZYMCZAK J. A. ERICKSON O. S. POWELL WILLIAM F. TREIBER DELOS C. JOHNS J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON WINFIELD W. RIEFLER, Secretary FRANKLIN L. PARSONS, Associate Economist ELLIOTT THURSTON, Assistant Secretary H. V. ROELSE, Associate Economist GEORGE B. VEST, General Counsel PARKER B. 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 1. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrey Milton P. Higgins J. A. Erickson, President Alfred C. Neal, First Vice President Vice Presidents D. H. Angney E. O. Latham O. A. Schlaikjei 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 1. 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 785 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President-elect* William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert G. Rouse V. Willis H. H. Kimball I. B. Smith, in charge R. B. Wiltse A. Phelan of Buffalo Branch J. H. Wurts BUFFALO BRANCH—BOARD OF DIRECTORS Leland B. Bryan Ralph F. Peo Robert C. Tait, Robert L. Davis John W. Remington Chairman Charles H. Diefendorf Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurff Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Charles Z. Hardwick Alexander E. Walker Joseph B. Hall Edison Hobstetter Frank J. Welch J. Brenner Root W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen J. W. Kossin, in charge of Martin Morrison Roger R. Clouse Pittsburgh Branch H. E. J. Smith R. G. Johnson, in charge of A. H. Laning Paul C. Stetzelberger Cincinnati Branch CINCINNATI BRANCH—BOARD OF DIRECTORS * Leonard M. Campbell Bernard H. Geyer Ivan Jett Roger Drackett Anthony Haswell, Chairman William A. Mitchell W. Bay Irvine PITTSBURGH BRANCH—BOARD OF DIRECTORS John H. Lucas Sumner E. Nichols John C. Warner Douglas M. Moorhead Albert L. Rasmussen Irving W. Wilson Henry A. Roemer, Jr., Chairman * See page 708. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • JULY 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, Tames G. Garner Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 787 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. Beau champ, 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 Victor M. Longstreet, in charge Fred Burton, in charge of of Memphis Branch of Louisville Branch Little Rock Branch Geo. E. Kroner H. H. Weigel Dale M. Lewis J. C. Wotawa 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 * See page 708. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

FEDERAL RESERVE BANKS AND BRANCHES 789 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 L 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

790 FEDERAL RESERVE BULLETIN • JULY 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', 730, 731 Department stores: Agricultural loans of commercial banks, 726 Merchandising data, 759 Agriculture, Govt. agency loans, 734, 735 Sales and stocks, 749, 758 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 722 Banks and the monetary system, consolidated, Banks, by classes, 723, 727, 729 722 Federal Reserve Banks, 717, 718, 770 Corporate, current, 742 Postal savings, 722 Domestic banks, by classes, 723, 726, 728 Turnover of, 720 Federal Reserve Banks, 717',718 Deposits, reserves, and borrowing, by class of mem- Foreign central banks, 774 ber bank, 715 Govt. corporations and credit agencies, by type Discount rates, 716, 779 and agency, 734, 735 Discounts and advances by Federal Reserve Automobiles: Banks, 713, 717 Consumer instalment credit, 746, 747, 748 Dividends, corporate, 741, 742 Production index, 751, 754 Dollar assets, foreign, 770, 773 Dwelling units started, 755 Bankers' balances, 727, 729 (See also Foreign liabilities and claims reported by Earnings and hours, manufacturing industries, banks) 749, 757 Banks and the monetary system, consolidated state- Employment, 749, 757 ment, 722 Export-Import Bank, loans, etc., 734, 735 Bonds (See also U. S. Govt. securities): New issues, 740, 742 Farm mortgage loans, 734, 743, 744 Prices and yields, 731, 732 Federal credit agencies (See Govt. agencies) Brokers and dealers in securities, bank Federal Deposit Insurance Corporation, loans to, 726, 728 assets, etc., 734, 735 Business expenditures on new plant and equip- Federal finance: ment, 742 Cash transactions, 736 Business indexes, 749 Receipts and expenditures, 737 Business loans (See Commercial and industrial loans) Treasurer's balance, 736 Federal home loan banks, loans, etc., 734, 735, 745 Capital accounts: Federal Housing Administration, loans, etc., 734, 735, Banks, by classes, 723, 727, 729 743, 744, 745 Federal Reserve Banks, 717, 718 Federal National Mortgage Association, loans, Carloadings, 749 etc., 734, 735, 745 Central banks, foreign, 772, 774, 779 Federal Reserve Banks: Coins, circulation of, 721 Condition statement, 717, 718 Commercial banks: U. S. Govt. securities held by, 713, 717, 718, Assets and liabilities, 723, 726 738, 739 Consumer loans held, by type, 747 Federal Reserve credit, 713, 717, 718 Number, by classes, 723 Federal Reserve notes, 717, 718, 719, 721 Real estate mortgages held, by type, 743 Finance company paper, 730, 731 Commercial and industrial loans: Foreign central banks, 772, 774, 779 Commercial banks, 726 Foreign deposits in U. S. banks, 713, 717, 718, 722, Weekly reporting member banks, 728, 730 727, 729 Commercial paper, 730, 731 Foreign exchange rates, 780 Commodity Credit Corporation, loans, etc, 734, 735 Foreign liabilities and claims reported by Condition statements (See Assets and liabilities) banks, 766, 768, 770 Construction, 749, 754, 755 Foreign trade, 759 Consumer credit: Gold: Instalment credit, 746, 747, 748 Earmarked, 771 Major parts, 746 Net purchases by U. S. 771 Noninstalment credit, by holder, 747 Production, 770, 771 Ratio of collections to accounts receivable, 748 Reserves of central banks and governments, 772 Consumer durable goods output indexes, 754 Reserves of foreign countries and international Consumer price indexes, 749, 760 institutions, 773 Consumption expenditures, 762, 763 Stock, 713, 722, 771 Corporate sales, profits, taxes, and dividends, 741, 742 Gold certificates, 717, 718, 719, 721 Corporate security issues, 740, 742 Govt. agencies, assets and liabilities, by type and Corporate security prices and yields, 731, 732 agency, 734, 735 Cost of living (See Consumer price indexes) Govt. debt (See U. S. Govt. securities) Currency in circulation, 713, 721 Gross national product, 762, 763 Customer credit, stock market, 732 Home owners, Govt. agency loans, 734, 735 Debits to deposit accounts, 720 Hours and earnings, manufacturing indus- Demand deposits: tries, 749, 757 Adjusted, banks and the monetary system, 722 Adjusted, commercial banks, by classes, 727 Industrial advances by Federal Reserve Banks, 717, Banks, by classes, 723, 729 718, 719, 720 Type of holder, at commercial banks, 727 Industrial production indexes, 749, 750, 754 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN • JULY 1956 Instalment loans, 746, 747, 748 Real estate loans—Continued Insurance companies, 733, 738, 739, 744 Type of mortgage holder, 743, 744, 745 Insured commercial banks, 725, 726 Type of property mortgaged, 743, 744, 745 Interbank deposits, 723, 727, 729 Regulatian V, loan guarantees, 719, 720 Interest rates: Reserve requirements, member banks, 716 Bond yields, 731 Reserves: Business loans by banks, 731 Commercial banks, 727 Federal Reserve rates, 716, 720 Federal Reserve Banks, 717, 718 Foreign countries, 779 Foreign central banks and governments, 772 Open market, 731, 779 Foreign countries and international institu- Regulation V loans, 720 tions, 773 Stock yields, 731 Member banks, 713, 715, 717, 718, 727, 729 International capital transactions of the U. S., 766 Residential mortgage loans, 743, 744, 745 International financial institutions, 772, 773, 774 Inventories, 763 Sales finance companies, consumer loans of, 746, 747 Investments (See also specific types of investments): Savings, 762 Banks, by classes, 723, 726, 728 Savings deposits (See Time deposits) Federal Reserve Banks: 717, 718 Savings institutions, principal assets, 733 Govt. agencies, etc., 734, 735 Savings and loan associations, 733, 744 Life insurance companies, 733 Securities, international transactions, 769, 770 Savings and loan associations, 733 Security issues, 740, 742 Silver coin and silver certificates, 721 Labor force, 756 State member banks, 725 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 723, 726, 728 New issues, 740 Federal Reserve Banks, 713, 715, 717, 718, 719, Prices and yields, 731, 732 720 States and political subdivisions: Govt. agencies, etc., 734, 735 Deposits of, 727, 729 Insurance companies, 733, 744 Holdings of U. S. Govt. securities, 738 Savings and loan associations, 733, 744 Ownership of obligations of, 726, 733 Loans insured or guaranteed, 719, 743, 744, 745 Stock market credit, 732 Stocks: Manufacturers, production indexes, 749, 750, 754 New issues, 740 Margin requirements, 716 Prices and yields, 731, 732 Member banks: Assets and liabilities, by classes, 723, 726 Tax receipts, Federal, 737 Borrowings at Federal Reserve Banks, 713, 715 Time deposits, 715, 722, 723, 727, 729 Deposits and reserves, by classes, 715 Treasurer's account balance, 736 Number, by classes, 723 Treasury cash, 713, 722 Reserve requirements, by classes, 716 Treasury currency, 713, 721, 722 Reserves and related items, 713 Treasury deposits, 713, 717, 718, 736 Weekly reporting series, 728 Unemployment, 756 Minerals, production indexes, 749, 750 U. S. Govt. balances: Money rates (See Interest rates) Commercial bank holdings, by classes, 727, 729 Mortgages (See Real estate loans) Consolidated monetary statement, 722 Mutual savings banks, 722, 723, 725, 738, 739, 743 Treasury deposits at Federal Reserve Banks, 713, 717, 718, 736 National banks, 725 U. S. Govt. securities: National income, 762 Bank holdings, 722, 723, 726, 728, 738, 739 National security expenditures, 737, 763 Federal Reserve Bank holdings, 713, 717, 718, Nonmember banks, 717, 725, 726 738, 739 Foreign and international holdings, 773 Payrolls, manufacturing, index, 749 International transactions, 769 Personal income, 763 New issues, gross proceeds, 740 Postal Savings System. 722 Outstanding, by type of security, 738, 739 Prices: Ownership of, 738, 739 Consumer, 749, 760 Prices and yields, 731, 732 Security, 732 United States notes, outstanding and in circula- Wholesale commodity, 749, 760 tion, 721 Production, 749, 750, 754 Profits, corporate, 741, 742 Veterans Administration, loans, etc., 734, 735, 743, 744 Real estate loans: Commercial banks, 726, 728, 743 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM °) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I ) Minneapolis^, 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