Federal Reserve Bulletin, 1956-08

FEDERAL RESERVE BULLETIN August 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 Trends in Consumer Goods 793 Survey of Common Trust Funds, 1955 800 1956 Survey of Consumer Finances: Durable Goods and Housing 806 The Balance Sheet of Agriculture, 1956 823 Law Department 833 Current Events and Announcements 840 National Summary of Business Conditions 841 Financial and Business Statistics, U. S. (Contents on p. 843) 845 International Financial Statistics (Contents on p. 899) 900 Federal Reserve Board Publications 915 Board of Governors and Staff 917 Open Market Committee and Staff; Federal Advisory Council 918 Federal Reserve Banks and Branches 918 Index to Statistical Tables 925 Map of Federal Reserve Districts Inside back cover Volume 42 Number 8 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

CONSUMER INCOMES AND DEMANDS have covered significantly to levels somewhat continued to expand this year. Total per- above those a year earlier. Demands for sonal income reached an annual rate of some materials declined during the second $324 billion in June, compared with $306 quarter as world supplies improved and use billion a year earlier. Disposable income in the auto industry decreased. Average after taxes increased about as much over wholesale prices changed little in May and the past twelve months as in the earlier June, but advances of about 7 per cent in phase of the general economic expansion finished steel prices in July and early August from mid-1954 to June 1955. Consumer contributed to a resumption of the rise in buying has increased less than income this industrial prices. year, as shown in the chart, in contrast to the greater rise relative to income last year, CONSUMER TRENDS when purchases of passenger automobiles 1953-55 = 100 were exceptionally large. Instalment credit extensions have shown some reduction from the advanced rates reached in mid-195 5. Repayment of debt has increased further, and consumer buying has been supported to a much smaller extent by instalment HETAIt 5MK credit than in 1955. Consumer prices showed little over-all change in early 1956, but in recent months food prices have increased more than sea- CONSUMER PBICtS sonally and prices of some other goods and of services have continued to edge up. The average level at midyear was 1.6 per cent higher than in mid-195 5. While retail prices of industrial goods 1952 1953 1954 1955 1955 were changing little last year, wholesale NOTE.—Based on Department of Commerce seasonally adprices were generally rising as demands for justed data for income and sales and Bureau of Labor Statistics data for prices. Latest data are estimates for July. industrial commodities expanded and capacity operations were reached in a number of The recent wage settlements in the steel basic industries. industry—ending a work stoppage of more Prospects of further steel price increases than one month—provided for an immediate and of work stoppages added to strong de- increase of 10.5 cents per hour in basic mands for steel mill products this year. wage rates and other benefits estimated to Prices of various other industrial commodi- amount to an additional 10 cents per hour. ties advanced and farm product prices re- Further wage increases and other gains in 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN • AUGUST 1956 each of the next two years are also provided INDUSTRIAL PRODUCTION in the settlements. Wage advances had 1953-55 overoge (or lolgl index - 100 Points been negotiated earlier in some other indus- 40 FINISHID MANUFACTUtfS CONSUMES GOODS: tries, and increases in additional industries TOTAL are in prospect. These wage advances, to- 30 gether with the poststrike upswing in industrial activity now under way, are resulting in substantial increases in manufacturing payrolls. In nonmanufacturing lines, employment 10 and employee earnings showed an acceler- MATHIALS AND PARTS ated growth in the first half of the year, farmers' cash receipts were maintained, and farm wage rates rose. Minimum wage rates 50 under the Fair Labor Standards Act were raised on March 1 from $.75 to $1.00 per hour. 1952 1954 1955 1956 TOTAL AND CONSUMER GOODS OUTPUT NOTE.—Seasonally adjusted indexes of special groupings. Latest data are for July. The leveling off in industrial production in late 1955 at a new record rate of operations generally been maintained since that time, reflected mainly output at near-capacity except for autos—as indicated in the chart limits for a number of basic industrial mate- showing special groupings expressed in rials and curtailments in the auto and resi- terms of points in the total index of indusdential construction industries from excep- trial production. tionally high levels of activity. Consumer Output in industries producing business buying of most goods continued to expand, durable equipment and ordnance increased and stronger demands developed for busi- about 10 per cent from autumn to midyear. ness durable equipment and nonresidential More adequate supplies of certain materials construction. Expansion in these lines took such as steel plate would have permitted place without more substantial price ad- an even more rapid expansion in some lines vances partly because of the readjustments like railroad cars and shipbuilding. The in autos and housing. relatively large rise in April reflected the Throughout this period of redirection of ending of a five-month strike at plants of a resources extending from last autumn to leading electrical equipment manufacturer. June, the Board's index of industrial produc- By the spring of this year, total output tion ranged between 141 and 144 of the of materials and parts, shown on the chart, 1947-49 average; the range was between was reduced by cutbacks in output of origi- 107 and 109 per cent of the 1953-55 aver- nal equipment auto parts, metal stampings, age used in the accompanying chart. Ac- copper mill products, glass, and various tivity in lines manufacturing finished con- rubber and textile products used mainly by sumer goods, which accounted for about the auto industry. Production of lumber, one-third of the total index last autumn, has roofing, and some other materials used in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRENDS IN CONSUMER GOODS 795 residential construction was also at reduced goods and services. In the early part of levels. the 1956 model year, consumer demand for In May steel output was curtailed by work new autos was close to the year-earlier level, stoppages at plants accounting for 4 per cent but below the advanced third-quarter 1955 of capacity, and in late June a major stop- rate. Output rates, although declining from page began that involved an additional 82 the November peak shown on the chart, were per cent of the industry. With steel pro- held considerably above sales in order to duction in July reduced to 15 per cent of accumulate dealers' stocks for the spring capacity and with related curtailments in selling season. By February stocks reached iron and coal mining activity, there was a nearly 900,000 units and were about three- 5 per cent decrease in total industrial ma- fifths larger than a year earlier. terials output. As production of finished consumer goods and of equipment and ord- PASSENGER CARS nance was largely maintained, the total index Per cent of industrial production declined only 4 per - 2*0 cent, or from 141 to 136 per cent of the 1947-49 base period. 200 With steel consumption sustained, after allowing for vacation influences, inventories were reduced in July and early August. Shortages, that existed in some types of steel before the strike, began to spread to other products before full-scale operations were resumed. 80 By mid-August steel production was back to 86 per cent of capacity. Further recovery is indicated this autumn to balance and 40 replenish steel stocks, to facilitate the in- 1952 1953 1955 1956 creased production of new model autos, and to permit various equipment and construc- NOTE.—Consumer prices for new autos based on Bureau of Labor Statistics data; for used cars, advertised prices based tion lines to go ahead with scheduled plans on trade data for low-priced late models, after allowance for depreciation. Latest data are for July. for expansion. The current recovery in total industrial output appears to be not so Sales of new cars showed no seasonal exsharp as that after the two-month steel strike pansion during the important selling seain mid-1952, when output of many goods son, March through June. The number was at less advanced levels and auto assem- sold was more than one-fifth below the blies had been more than halved, as shown corresponding period in 1955, but about the in the accompanying chart. same as in 1953 and 1954. Output was curtailed further in late April, and stocks AUTO MARKETS began to decline in May. By early August Contraction in consumer purchases of new stocks were about one-tenth below the yearpassenger automobiles this year is in con- earlier total. With monthly output schedtrast to increased demands for most other uled to be cut to around 325,000 autos Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN • AUGUST 1956 during the current model change-over pe- of 1955, indicates a shift in buying standriod, dealers' stocks are likely to be reduced ards; the highest priced and the lower priced to relatively low levels. cars generally have shown less reduction in The change-over curtailment in auto pro- sales than medium priced cars. duction will be followed by a more than Demand for used cars this year has been seasonal increase in the fourth quarter to a better maintained than that for new cars. rate within 10 per cent of that in the fourth Sales of used cars during the four months quarter of last year, according to trade re- March-June were only about one-eighth beports. The prospective volume, added to low those a year earlier. During this period the 3.8 million cars assembled by mid- prices of late model cars, after allowance August, suggests a total output for 1956 for depreciation, were rising as market supbetween 140 and 145 per cent of the 1947- plies—originating mainly from trade-ins on 49 average. new cars—were down more than one-eighth Average output levels similar to that for from a year earlier. Dealers' stocks of used automobiles are indicated for original cars declined about one-sixth from February equipment parts and for the various mate- to midyear when they were at the lowest rials used in new auto production. These level for this season of the year since 1952. levels relative to 1947-49 are roughly com- Consumers have continued to borrow parable to those maintained by producers of heavily to finance auto purchases this year. major household goods and for total indus- Sales of new cars on credit have declined trial production over the past year. considerably less than cash sales. Along The decrease in auto output this year with the rise in the proportion of purchases from 7.9 million units in 1955 apparently made with borrowed funds, there has been had its origin in market developments in an increase in the average amount borthat year. The expansion in sales was very rowed, due in part to higher prices of autos. large, influenced by recovery from the 1953- Consequently, the dollar amount of credit 54 recession, by broad styling and engi- extended for auto purchases has decreased neering changes, by liberalization of credit only half as much as unit sales from the terms, and by large discounts from list prices spring and summer of 1955. The earlier and intense sales efforts. expansion in credit extensions led to in- Sales of 1956 models, which were not creased repayments this year and, although greatly changed in design from 1955 models, extensions have continued to exceed repayhave been on about the same credit terms ments, outstanding auto credit has risen at as those in effect after the middle of last a much slower rate. Meanwhile, consumer year. Also, sales since March have been at credit extensions for other purposes have somewhat higher net prices to consumers continued large. than in the same period of 1955. Factory HOUSEHOLD AND OTHER DURABLE GOODS prices and dealers' list prices on the 1956 models were raised about 5 per cent, and Retail sales of goods other than autos have discounts and allowances on trade-ins this generally continued upward in 1956 and in spring and summer have not been signifi- the first half averaged 6 per cent larger than cantly larger than they were last year. This in the year-earlier period. Unfavorable year's sales experience, compared with that shopping weather contributed to some de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRENDS IN CONSUMER GOODS 797 crease in Easter sales, but rising consumer incomes and more widespread sales promo- RETAIL SALES 1953-55.100 tion brought larger volume in the second 120 quarter. The increase more than offset the reduced volume of auto sales, and at mid- ALl STORES . year total retail sales were at a new high, J as the chart shows. 100 Expansion in sales at furniture and appliance retail outlets this year followed an increase of about one-tenth during 1955, which was much less than last year's rise in new auto sales. The continued expansion in household goods sales has occurred despite the effects in these markets of the reduced 60 volume of home construction and auto out- 1952 1953 1955 put. New home building accounts for more than one-fifth of the market for NOTE.—Based on Department of Commerce seasonally adjusted data for dollar value of retail store sales. Latest data major appliances and some other house- are estimates for July. hold goods, and this demand is supplied in equipment reached a new peak in the first part by retail stores. Production of radio four months of this year, then decreased in sets for installation in autos has been sharply May and June to levels moderately below curtailed this year. During 1955 these sets those a year earlier. Output of television accounted for about half of total radio out- sets during the first hah* of the year was put included in the Federal Reserve major about one-tenth less than in the same period household goods index. The number of of 1955. While distributor stocks of teleother radio sets produced in the first six vision sets at midyear were larger than a year months of this year was about one-fourth earlier, factory stocks were smaller and retail larger than in the same period in 1955. sales were rising further. Output of furni- Over-all output of major household goods, ture and floor coverings changed little which account for about 40 per cent of the through July, at a level 5 per cent higher total value of consumer durable goods pro- than a year earlier. duction, reached 145 per cent of the 1947- Except in the case of a few major appli- 49 average by mid-1955. This level was ances, retail prices of household durable about one-fourth larger than in 1954 when goods changed little in the first half of 1956, output and inventories of major household according to Bureau of Labor Statistics data. goods had been curtailed. Following some Retail prices of vacuum cleaners declined replenishment during 1955, both factory 15 per cent, while refrigerator prices deand distributor stocks increased further clined 5 per cent further to a level 15 during the first half of 1956, after the set- per cent below a year earlier. Manufactlement of an extended work stoppage at turers' prices of these appliances changed plants of a major producer of appliances relatively little. In July and early August and television. manufacturers' prices of these and of some Output of major appliances and heating other consumer durable goods were raised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN • AUGUST 1956 Furniture prices at wholesale have SEIECTED KETAIL SUES changed little since late 1955, when they 1953-M • 100 rose 4 per cent. Retail prices, which had 120 declined earlier in 1955, leveled off after 110 midyear and are reported to have changed APPAREl A/ little since then. / J HO DU U R S A E B H L O E LD 100 yyiy^ GOOOS Output of miscellaneous consumer dura- 90 bles declined somewhat last winter reflecting mainly a drop in production of automotive 1 1 •0 replacement parts from an advanced year- 19S4 1955 1954 1954 19SS 1954 end level. Over-all output of these parts NOTE.—Seasonally adjusted Indexes of dollar value based on and of small appliances, luggage, and vari- combinations of department store sales of apparel and major household durable goods and Department of Commerce data ous other home and personal goods sub- for apparel and furniture and appliance stores. Latest data are estimates for July. sequently held steady at an average level about 5 per cent above the corresponding erates, the basis for greater activity in the period in 1955. Reflecting the larger num- textile industry is indicated. ber of cars on the road, shipments of pas- Food markets. Steady expansion over the senger tires to the replacement market aver- past two years in consumer expenditures for aged 3 per cent larger in the first hah* of foods has reflected further growth in popu- 1956 than a year earlier. lation and income, a continuing shift of demand toward the more highly processed NONDURABLE GOODS foods, and—more recently—higher food In markets for such consumer nondurable prices. When consumer expenditures for goods as clothing, gasoline, and general durable goods were rising sharply in late merchandise, seasonally adjusted retail sales 1954 and in 1955, outlays for food apparreached new peaks during the second quarter ently expanded less than in some other peof 1956. Dollar value of sales of fresh and riods of rising incomes. This year, however, processed foods also increased further dur- further income gains have been reflected in ing the first half of the year. somewhat greater expansion in demands for Total output of consumer nondurable foods. Although these demands have been goods has been maintained in 1956. Early accompanied generally by continued growth in the year decreases in output of certain in supplies, retail food prices, which had major apparel items were offset by further declined in 1954 and 1955, rose 4 per cent increases for some other products. The this spring. At midyear such prices averreduced rate of clothing and shoe produc- aged 2 per cent higher than a year earlier. tion and curtailment in auto assemblies Late in 1955 meat output increased more have been the main factors in the decrease than seasonally and was nearly one-tenth in cotton and synthetic textile-mill activity larger than a year earlier, as the chart on this year. In recent months consumer the following page shows. Retail meat buying of apparel reached advanced levels, prices declined about 10 per cent, and as the chart shows. With output of ap- wholesale prices of meat and livestock parel showing recovery by midyear and as dropped substantially more. In the first the preparation for new model autos accel- half of this year meat production showed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRENDS IN CONSUMER GOODS 799 less than the usual seasonal decline, and supplies continued to exceed the rising level CONSUMER FOODS 195355=100 of a year earlier by about 10 per cent. MEATS OTHER FOOD PRICES _ Despite large supplies, retail prices of meats PRODUCTION S^~ FR'1115 AMD / recovered more than seasonally during the VEGETABLES / spring and early summer to levels near those 100 of mid-1955. ALL OTHER Also contributing to this year's rise in average food prices were more than seasonal 1 1 eo increases in prices of fresh fruits and vegeta- 1954 1955 1956 1955 1956 bles. Late frosts delayed and to some extent NOTE.—Price Indexes based on Bureau of Labor Statistics data. Seasonally adjusted index of meat output based on reduced harvests of potatoes and other veg- Department of Agriculture data for commercial slaughter. Latest data: June for prices; second quarter for output. etables and fruits. Increased demands for other foods—mainly dairy products, poul- prices of farm products from the reduced try, and eggs—have been accompanied by levels reached at the end of 1955. In July larger market supplies and average prices of prices received by farmers were up 10 per these products have changed little, as the cent from December and were 3 per cent chart shows. above the mid-July 1955 level. Supplies Expanding consumer demands for foods, of meats are not expected to expand so along with revisions in Federal agricultural much this autumn as a year earlier, and programs that affect both domestic and ex- Federal agricultural price support levels port trends, have been reflected in a rise in generally are not being further reduced. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Common Trust Funds,1955 THE ANNUAL SURVEY OF COMMON Common trust funds of the kind embraced TRUST FUNDS, of which this is the first, is in this Survey are established and maintained part of a program instituted by the Board in conformity with the rules and regulations of Governors to provide information con- contained in Section 17 of Regulation F of cerning the uses made of principal accumu- the Board of Governors of the Federal Relations of savings. Common trust funds, serve System. This Section was promulas special mediums for investment of trust gated December 31, 1937, coincident with funds in the care of banking institutions, re- the related provisions of the Internal Revecently have had a rapid growth that portends nue Code dealing with tax exemption of their future importance in this general area. such funds. Basic authority for the estab- The term common trust fund means an lishment of common trust funds has been investment "pool" operated and maintained enacted in all States except Iowa, and in the by a bank or trust company exclusively for District of Columbia. Funds are now opthe purpose of combining the funds of many erated in 36 of these jurisdictions. accounts held in a fiduciary capacity and This Survey covers all common trust funds created and used for true fiduciary purposes.1 for general investment operated by banks There are two basic types of common and trust companies in the continental trust funds, legal and discretionary. A legal United States administered under subsection fund is restricted to investments prescribed (c) of Section 17 of Regulation F, and by State law or by a State authority as legal which had been in operation for at least 12 for the investment of trust funds. A discre- months on January 31, 1956. There are tionary fund is not limited to a legal list of 198 such funds operated by 162 banks and investments, but is one that permits full in- trust companies. The Survey attained comvestment discretion to the trustee. Either plete coverage of all of these funds. a legal or a discretionary fund may be diver- All statistics for 1955 cover a 12-month sified in its holdings or may be a special fund period; the reporting period is not identical limited to one type or class of investment. for all funds, however, because of variations in fiscal years and related valuation dates. NOTE.—This article was prepared by Robt. L. Hill The terminal date was in October 1955 in of the Board's Division of Bank Operations with the 35 per cent of the funds, November 1955 collaboration of the Division of Examinations. 1 As defined by Sec. 584(a), Internal Revenue Code in 25 per cent, December 1955 in 14 per of 1954, the term "common trust fund" means a fund cent, and January 1956 in 26 per cent. maintained by a bank or trust company "(1) exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its INVESTMENTS HELD capacity as a trustee, executor, administrator, or The combined market value of the assets of guardian; and (2) in conformity with the rules and regulations, prevailing from time to time, of the Board the 198 common trust funds included in the of Governors of the Federal Reserve System pertain- Survey increased from $1,596 million in ing to the collective investment of trust funds by national banks." 1954 to $1,857 million in 1955, as shown 800 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMON TRUST FUNDS 801 TABLE 1 INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1954-55 [Dollar amounts in millions] Holdings, at Holdings, at beginning of period Cost of Proceeds end of period purchases from sales Investment2 and and At As per- other redemp- At As permarket centage acqui- tions market centage value of total sitions value of total Total investments (including principal cash) $1,595.7 100.0 $356.1 $221.6 $1,856.5 100.0 Bonds, notes and certificates total 632.9 39.6 210.5 125.5 708.4 38.2 U. S. Govt.—total 317.9 19.9 100.3 94.0 320.5 17.3 Marketable, maturing: One year or less 3.3 .2 24.1 23.5 5.0 .3 After one year 123.8 7.7 61.1 44.9 136.1 7.3 Nonmarketable 190.8 12.0 15.1 25.6 179.4 9.7 State and political subdivision 25.6 1.6 9.0 3.0 31.2 1.7 Domestic corporate—total 273.5 17.1 92.2 24.0 336.9 18.1 Industrial 74.1 4.6 18.9 9.8 82.0 4.4 Public utilities . .. 131.0 8.2 42.5 7.3 163.9 8.8 Railroad 41.0 2.6 10.3 3.5 47.1 2.5 Other . 27.4 1.7 20.5 3.4 44.0 2.4 Other* 15.9 1.0 9.0 4.6 19.9 1.1 Preferred stocks—total 190.2 11.9 49.4 26.0 213.7 11.5 Industrial 96.1 6.0 28.7 16.7 107.7 5.8 Public utilities 75.6 4.7 15.2 3.7 87.6 4.7 Railroad 5.5 .4 1.5 2.2 4.9 .3 Financial. 4.3 .3 2.3 .8 5.8 .3 Trade 7.9 .5 1.5 2.3 7.1 .4 Other .7 .2 .2 .7 Common stocks—total 747.7 46.9 86.7 66.1 904.3 48.7 Industrial 450.0 28.2 49.5 42.7 561.4 30.2 Public utilities 158.1 9.9 21.4 7.4 187.1 10.1 Railroad 10.8 .7 1.8 .6 13.8 .7 Financial 85.3 5.4 8.5 9.7 92.3 5.0 Trade 38 4 2.4 4.9 5.4 43.8 2.4 Other 5.2 .3 .7 .4 5.9 .3 Other investments 4 14.4 .9 9.5 3.9 20.0 1.1 Principal cash 10.5 .7 10.2 .5 1 Survey of 198 common trust funds operated under Sec. 17(c) of securities received. Stock rights held at beginning or end of reporting Regulation F of Board of Governors. Data are for 12-month periods period are included in appropriate investment category at market with terminal dates for individual funds ranging from Oct. 31, 1955 value. Proceeds from sales of such rights are included in proceeds through Jan. 31, 1956. Excludes funds in operation less than 12 from sales of securities during period. Details may not add to totals months. because of rounding. 2 Nonmarketable U. S. Government securities are valued at cost 3 Quasi-government agencies, and Canadian government and and other holdings at market value. Purchases are shown at cost corporations. and sales at proceeds realized. Conversions and exchanges of secu- 4 Mortgages, savings deposits, and savings and loan shares. rities are treated as sales of securities surrendered and purchases of in Table 1. About half of the increase re- than in the previous year, but the proportion sulted from an inflow of new participations of the total portfolio invested in bonds deand the remainder from appreciation in clined from 40 to 38 per cent. Preferred market value of investments and realized stocks were approximately 12 per cent of capital gains. total investments in both years and other The composition of total investments of investments (mortgages and savings dethe funds did not change significantly during posits) were 1 per cent. Cash holdings the report year. Common stock holdings changed little at $10 million. of $904 million in 1955 were 49 per cent Diversified discretionary funds. Total asof the total value as compared to 47 per cent sets of the 138 diversified discretionary in 1954. Bond holdings of $708 million, funds covered by the Survey amounted to 80 about half of which were United States Gov- per cent of all common trust funds at the ernment securities, were $76 million larger end of the 1955 reporting period. They in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN • AUGUST 1956 creased $208 million during the year, of vey amounted to $285 million or 15 per which $96 million was from new participa- cent of all common trust fund assets. Of tions and $112 million from appreciation in the $34 million increase during 1955, $23 market value of investments and realized million was from new participations and $ 11 capital gains. Details are given in Table 2. million from appreciation in market value of Common stock holdings in 1955 were 53 investments and realized capital gains. Bond per cent of total investments for this group, holdings represented approximately half of and they ranged from 15 to 90 per cent of the investments of this type of fund, and inthe portfolios of individual funds. Bond dividual holdings ranged from 20 to 71 per holdings were 35 per cent of aggregate hold- cent. Common stock holdings were 32 per ings and individual ratios ranged from a low cent of total holdings, and holdings of indiof 1 per cent to a high of 77 per cent. In- vidual funds were in a relatively narrow vestments in preferred stocks remained ap- range between 16 and 37 per cent. Preproximately 11 per cent of total assets, and ferred stock holdings represented 16 per individual ratios in 1955 portfolios ranged cent of total investments of this group, with from zero to 42 per cent. Other invest- individual fund ratios ranging from zero to ments (mortgages and savings deposits) 48 per cent. Only a few funds held mortamounted to less than 1 per cent of group gages and savings deposits. holdings and were held by only a few funds. Special funds. A bank or trust company Diversified legal funds. Total assets of the operating either a legal or a discretionary 42 diversified legal funds covered by the Sur- fund may, by plan or institutional policy, TABLE 2 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1954-55 x [In millions of dollars] Special funds Diversified Diversified All funds discretionary legal funds Investment2 funds Discretionary Legal 1955 1954 Change 1955 1954 Change 1955 1954 Change 1955 1954Change 1955 1954 Change Total.. 1,856.5 1,595.7 260.8 1,487.3 1,279.7 207.6 284.5250.8 33.8 76.8 58.8 18.1 7.9 6.4 1.4 Bonds, notes, and certificates 708.4 632.9 75.5 520.7 468.0 52.7 142.1126.5 15.6 39.8 33.1 6.6 5.9 5.3 .6 U. S. Govt 320.5 317.9 2.6 237.0 235.2 1.8 71.9 71.5 .4 9.3 8.8 .6 2 ^ 2.5 2 State and political subdivision 31.2 25.6 5.6 18.6 15.6 3.0 4.2 4.1 2 6.6 4.8 1.8 1.8 1 .1 .7 Domestic corporate 336.9 273.5 63.4 250.1 206.0 44.0 62.8 49.1 13^6 22.6 17.1 5.5 1.5 1.3 Other 19.9 15.9 4.0 15.0 11.2 3.8 3.2 1.8 1.4 1.2 2.4 -1.2 .4 .5 (3) Stocks 1,117.9 937.9 180.1 948.1 795.0 153.1 135.6117.6 18.1 32.7 24.1 8.6 1.5 1.1 .3 Preferred 213.7 190.2 23.5 166.3 148.8 17.5 45.6 39 9 5 6 9 3 5 1.0 1.1 Common 904.3 156.6 781.9 646.2 135.6 90.1 77.6 12.4 31.9 23.8 8.0 .5 747.7 Other investments 20.0 5.6 12.3 9.3 3.0 4.1 3.1 .9 3.5 2.0 1.5 2 Principal cash 10.2 14.4 -.4 6.2 7.5 -1.2 2.7 3.6 o. .84-.5 1.4 •2 10.5 Factors affecting change during year: Net additions to principal funds 134.2 96.2 22.5 13 9 1.6 Appreciation in market value of investments 102.0 90.5 8.0 3 6 Realized capital gains 24.6 20.8 3.2 .6 (3) 1 See Table 1, note 1. 4 Results from reporting instructions providing that securities 2 See Table 1, note 2. purchased but not paid for are included in investment holdings and 3 Less than $50,000. as a deduction from principal cash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMON TRUST FUNDS 803 limit investments to one type or class, for in bonds, 30 per cent in common stocks, 12 example, exclusively common stocks. In per cent in preferred stocks, and 2 per cent this study, these funds have been grouped in mortgages and savings deposits. As under the classification of special funds. shown in Table 1, purchases exceeded sales Ten of the 18 special funds held only in all major categories. fixed income investments (bonds or bonds and preferred stocks); the balance held only GROWTH AND DISTRIBUTION common stocks except that small amounts The size of common trust funds varies of Government securities were held as tem- widely, as shown in Table 3. There was a porary investments or to supplement cash general increase in size from 1954 to 1955; requirements to meet withdrawals. As a however, four funds, two diversified and group, these funds held 5 per cent of the two special, decreased in size during the total assets of all common trust funds. year. The largest fund included in the Survey had total assets valued at just under INVESTMENT ACTIVITY $100 million at the end of 1955; at the other Gross security transactions (purchases, sales, extreme, the smallest fund had only $145,and redemptions) of all common trust funds 000. Both were diversified discretionary totaled $578 million during the report year. funds. None of the legal or special funds Activity or turnover of bonds was over had as much as $25 million in total assets. 2Vi times as great as that of common stocks The number of common trust funds has and slightly greater than that of preferred increased rapidly in recent years, partly bestocks.2 Activity in bonds was affected to cause of the increase in the number of States a considerable extent by the practice of usthat have only recently passed enabling leging United States Government securities as islation.3 Only 40 of the present funds were a temporary investment and as a supplement in existence at the end of 1946, as shown in to cash holdings. Table 4. In the following three years the Approximately 63 per cent of the new number nearly doubled and since then there money flowing into common trust funds has been an average of 24 new funds a year. during the report period is estimated to have The 198 funds included in this Survey been invested in bonds, 15 per cent in comwere operated by 162 banks, as summarized mon stocks, 17 per cent in preferred stocks, in Table 5. A number of banks operated and 4 per cent in mortgages and savings detwo or more funds, usually a legal and a posits. This distribution is based on the asdiscretionary fund. The largest number of sumption that the amount by which purcommon trust funds operated by one bank chases in each class of securities exceeded was four (two diversified discretionary and sales represented investment of new money, two diversified legal funds); this was the reand that all other transactions were switches sult of a merger of two banks. At the end between or within the various classes. Of of 1955, State member banks operated the these other transactions, 56 per cent were largest number of funds with assets totaling $1,266 million, national banks operated 2 For this purpose, activity or turnover, of bonds funds with assets amounting to $373 million, for example, is measured by dividing the average of gross purchases and gross sales of bonds by the aver- and nonmember banks operated funds with age of bond holdings at the beginning and end of assets totaling $217 million. the report period. 3 Years of enabling legislation are shown in Table 7. Geographically, 83 per cent of the dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN • AUGUST 1956 cretionary and all of the legal funds in the almost half was in the Boston, New York, Survey were in States east of the Mississippi and Philadelphia Federal Reserve Districts, River. Dollarwise, this area held 69 per as shown in Table 6. New York State had cent of the common trust funds, of which the largest number, 35 funds, Pennsylvania TABLE 3 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1954-55 a [Dollar amounts in millions] All funds Divers, discret. funds Divers legalfunds Special funds Size of fund (Total assets, 1955 1954 1955 1954 1955 1954 1955 1954 in millions of dollars) 2 No. of Total No. of Total No. of Total No. of Total No. of Total No. of Total No. of Total No. of Total funds assets funds assets funds assets funds assets funds assets funds assets funds assets funds assets All funds 198 $1,856.5 198 $1,595.7 138 $1,487. 138 $1,279.7 42 $784 5 4? $750 8 18 $84 7 18 $65,2 Under 1 29 20.1 49 28.0 14 9.7 30 18.0 7 7 10 5 4 8 5 7 9 4 6 32 44.1 27 39.8 24 33.9 19 27.9 6 7 8 7 10 9 2 7 4 1 0 2-5 51 171.3 50 167.7 37 121.9 35 115.9 11 M 9 10 15 8 3 11 5 5 15 9 5-10 33 231.6 24 167.9 26 189.9 20 140.5 5 30 3 20.7 2 116 1 6 7 10-25 35 552.2 35 556.1 19 295. 1 21 341.3 13 7010 1? 177 8 3 54 1 2 170 25 50 13 458 2 9 336.9 13 458. ? 9 336.9 50-100 5 379.1 4 299.2 5 379. 4 299.2 i See Table 1, note 1 2 See Table 1, note 2. TABLE 4 TABLE 5 STARTING DATES OF THE 198 REPORTING COMMON TRUST FUNDS AND THEIR INVESTMENT COMMON TRUST FUNDS HOLDINGS, BY CLASS OF BANK1 Discretionary Legal Market value of holdings3 Year Total Special Special Class of bank N fu o. n d o s f b N a o n . k o s2 f (I o n f m do i l l l li a o r n s) s D si i f v ie e d r- i i m F n n i v c e x e o n e s m t d t s - e C s m t o o o m c n k - D si i f v ie e d r- i i m F n n i v c e x e o n e s m t d t s - e C s m t o o o m c n k - 1955 1954 All banks, total 198 162 1,857 1,596 Diversified discretionary. 138 134 1,487 1,280 Total.... 198 138 6 7 42 4 1 Diversified legal 42 41 285 251 Special 18 18 85 65 19551.... 1 1954 24 14 1 1 6 1 1 State member banks, total. 85 61 1,266 ,121 1953 33 23 3 2 5 Diversified discretionary. 55 53 994 881 1952 20 12 2 5 1 Diversified legal 27 26 257 231 1951 20 15 1 4 Special 3 3 15 9 1950 22 12 10 National banks, total 79 72 373 298 1949 14 13 1 Diversified discretionary. . 62 60 318 253 1948 8 7 1 Diversified legal 11 11 21 14 1947 16 12 3 Special 6 6 34 31 1946 3 2 1 Insured nonmember banks, 1945 11 9 2 total 19 17 28 22 1944 7 4 1 2 Diversified discretionary.. 10 10 20 16 1943 1 1 Diversified legal 3 3 4 3 1942 4 3 1 Special 6 6 4 3 1941 5 5 Noninsured nonmember 1940 6 4 1 1 banks, total 15 12 189 156 1939 2 1 Diversified discretionary. . 11 11 155 131 1938 Diversified legal 1 1 3 3 1937 1 1 Special 3 3 31 22 1 At least 17 other discretionary funds and one legal fund are 1 See Table 1, note I. known to have begun operation in 1955 but were excluded from the 2 Details do not add to total because some banks operate two or Survey because they had been in operation less than 12 months on more funds. Jan. 31, 1956. 3 See Table 1, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMON TRUST FUNDS 805 was second with 31, and Massachusetts York second with $412 million, and Masthird with 16, as shown in Table 7. These sachusetts third with $167 million. These three States had 41 per cent of the total three States accounted for 62 per cent of all number of funds. In dollar size, Pennsyl- assets of common trust funds included in the vania ranked first with $565 million, New Survey. TABLE 6 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1955' [Dollar amounts in millions Number of funds Bonds, notes, and certificates Stocks R F d e e is d s t e e r r i r c v a t e l Total D di i s v c e r r e s t , . D le iv g e a r l s. D cr i e s S - t. pec L ia e l gal ho T ld o i t n a g l s2 Total G U o . v S t . . S s p a d u t o n i a b v l d t . - . e C p a o o te r r - - o A th l e l r Total fe P r r r e e - d C m o o m n - i O nv th e e s r t. P c c i r a p i s n a h - l All districts. .. 198 138 42 13 5 $1,856.5 $708.4$320.5$31.2 $336.9$19.9 $1,117.9 $213.7$904.3$20.0 $10.2 Boston 24 24 219.5 75.3 41.5 8 31.0 2.8 142.9 10.6 132 4 6 7 New York.... 40 21 19 428.2 206.3 70.7 130.7 4.8 217.0 25.8 191.2 1.2 3.7 Philadelphia.. 29 14 14 i 505.9 152.0 96.6 32.9 6.3 351 5 114 2 237 3 2 3 Cleveland 17 8 6 2 l 179.7 75.7 27.8 1126..72 32.5 2.7 101.9 27.5 74.4 2.1 Richmond.... 23 17 2 3 132.0 44.4 21.6 1.2 21.0 .6 77.1 10.4 66.7 9.9 .6 Atlanta 15 12 2 42 8 15.7 5.8 .2 9.6 25 8 7 1 18 8 2 Chicago 15 13 1 79.4 36.8 16.2 .2 19.5 .9 42.4 5.2 37.2 .1 St Louis 10 7 3 107.8 44.2 12.4 .2 31.6 62.7 1.9 60.9 i.4 4-.5 Minneapolis... 3 2 l 11.9 5.7 2.0 3.7 6.2 .4 5.8 Kansas City... 9 7 2 30.8 9.6 5.6 ""5* 2.5 1.0 16.5 2.4 14.0 4.4 Dallas 5 5 19.0 6.0 3.3 2.7 12 3 2 5 9 8 5 2 San Francisco. 8 8 99.5 36.7 16.8 19.1 .8 61.6 5.6 55.9 .9 .3 1 See Table 1, note 1. 3 Less than $50,000. 2 See Table 1, note 2. 4 See Table 2, note 4. TABLE 7 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1955 * Number of funds Number of funds State, with year of State, with year of legalization of common Special legalization of common Special trust funds trust funds Total Divers. Divers. Total Divers, Divers, discret. legal Dis- discret. legal Discret. Legal cret. Legal 33 States, incl. D. C.2 198 138 42 13 5 Missouri (1940)3 7 4 3 Nebraska (1953) 1 Alabama (1943) 2 2 New Jersey (1945) 6 2 4 California (1947) 4 4 New York (1937) 35 17 18 Colorado (1947) 4 2 2 Connecticut (1943) 9 9 North Carolina (1939) 5 3 2 Ohio (1943) 7 6 1 Delaware (1935) 3 3 Oklahoma (1949) 2 2 Dist. of Columbia (1949)... 4 2 2 Oregon (1951) 1 Florida (1941) 4 3 Georgia (1943) 5 5 Pennsylvania (1939) 31 11 16 2 2 Tennessee (1953) 6 4 2 Illinois (1943) 5 5 Texas (1947) 5 5 Indiana (1937) 3 2 1 Utah (1951) 1 1 Kentucky (1938) 2 2 Maine (1951) 2 2 Vermont (1933) 1 1 Virginia (1944) 7 6 1 Maryland (1945) 6 5 1 Washington (1943) 2 2 Massachusetts (1941) 16 16 West Virginia (1943) 1 1 Michigan (1941) 4 4 Wisconsin (1943) 4 3 Minnesota (1937) 3 2 i 1 1 See Table 1, note 1. 3 By court decision; legislation was enacted in 1955. 2 Arizona, Arkansas, and South Carolina also have funds, excluded from this Survey, which began operation in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19$6 Survey of Consumer Finances Durable Goods and Housing CONSUMER EXPENDITURES for durable Purchases. About 11 per cent of all spendgoods and houses increased sharply from ing units purchased new cars in 1955, com- 1954 to 1955. Both new and used car pur- pared with about 8 per cent in 1954 and 10 chases reached new records, and the aver- per cent in 1950, the previous record. The age price paid for new cars rose substanti- proportion of purchasers that reported payally. Purchases of most other durable goods ing $3,000 or more increased from 30 per and houses also increased to approach or cent in 1954 to 42 per cent in 1955. The exceed earlier records. Data from the 1956 median (middlemost) and the mean (aver- Survey of Consumer Finances suggest that age) price rose nearly 10 per cent. The rise the increased expenditures were widely dis- probably reflected mainly an increase in the tributed among various groups in the popu- importance of higher priced models and lation.1 extra equipment, since prices of comparable models were about the same in both years. AUTOMOBILES To some extent the increase in prices paid About 6.1 million consumer spending units for new cars was offset by higher trade-in purchased new automobiles and 9.4 million allowances. About 84 per cent of all new purchased used automobiles in 1955, ac- car purchasers reported trading in a car, and cording to Survey of Consumer Finances another 4 per cent reported a sale at the time data. Purchases covered exclude those by of purchase. The average trade-in allowance transients, residents of institutions, and per- increased somewhat from 1954 to 1955, sonnel living on military bases, as well as despite a decline in market prices of used businesses and governments. The average cars. Even after larger allowances for cars price reported for new cars reached a new traded in, however, the net outlay of all high, while that for used cars apparently spending units buying new cars rose subdeclined slightly. stantially. More than 40 per cent of all purchasers made net outlays of $2,000 or more in 1955, compared with 30 per cent in 1954. 1 This is the fourth of a series of articles presenting the results of the 1956 Survey of Consumer Finances Median net outlay rose from $1,670 to conducted by the Board of Governors of the Federal $1,840 and mean net outlay from $1,730 to Reserve System in cooperation with the Survey Research Center of the University of Michigan. Earlier $1,900. articles appeared in the March, June, and July BULLE- Nearly 15 per cent of the new cars pur- TINS. The present article was prepared by Mona E. Dingle of the Consumer Credit and Finances Section chased in 1955 were 1956 models, which of the Board's Division of Research and Statistics. were introduced in the fall, and almost all E. Scott Maynes directed the work on the 1956 Survey at the Survey Research Center. of the rest were 1955 models. Somewhat 806 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 807 less than one-half of the cars traded in for the used car purchasers either traded in or new cars had been produced in 1950, 1951, sold a car at the time of purchase. Oneor 1952, about one-third after 1952, and fourth of such purchasers had not owned a one-sixth prior to 1950. More than one- car at the beginning of the year. Most of third of the cars traded in on new cars in the automobiles traded in for used cars had 1955 had been purchased second-hand. been purchased second-hand. In addition to new car purchasers who Models produced in 1950-52 accounted sold or traded in cars at the time of pur- for about 40 per cent of used car purchases chase, some purchasers either retained cars in 1955, more recent models for less than already owned or disposed of them at some 25 per cent, and pre-1950 models for about other time during the year. About 95 per 35 per cent. About 70 per cent of all the cent of all new car purchasers during 1955 cars traded in for used cars, however, were had owned one or more automobiles at the produced prior to 1950, and 25 per cent beginning of the year. were prewar models. Apparently many of The basis for a record volume of trans- the older models traded in were scrapped actions in used cars was supplied by the 5.3 by the dealers. million automobiles traded in for new cars, Characteristics of purchasers. The fretogether with those traded in by spending quency of automobile purchases and their units purchasing more recent models of used distribution between new and used autocars. About 17 per cent of all spending mobiles varied with the income and age of units reported purchasing used cars during the spending unit and the region of the coun- 1955. Data from other sources suggest that try. As shown in Table 1, purchases were Survey data do not account fully for trans- considerably more frequent in the middle actions in used cars, even after allowance for the fact that some spending units purchased TABLE 1 more than one such car during the year. AUTOMOBILE PURCHASERS WITHIN INCOME Prices paid for used cars declined slightly GROUPS, 1955 on the average in 1955. The proportion of [Percentage distribution of spendingI units] spending units reporting prices of less than Money income before taxes $1,000 increased from 65 to 70 per cent, Type of purchase but the proportion reporting prices of $ 1,500 and method of $7,500 or more also increased. The median price financing Under $3,000- $5,000- and $3,000 $4,999 $7,499 over declined from $700 to $600, but the mean price declined only slightly. The divergent No purchase 84 69 66 59 movement of these measures reflects a Purchase 16 31 34 41 greater relative decline in prices of older cars New car: than of more recent models and some in- Cash 1 2 5 17 Credit1 2 6 11 13 crease in the share of more recent models Used car: in 1955 transactions. Cash 5 8 7 5 Credit1 8 15 11 5 Trade-ins and sales were considerably less frequent for used car purchasers than for All cases 100 100 100 100 new car purchasers. Only 53 per cent of 1 Includes instalment and other borrowing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN • AUGUST 1956 and upper income brackets than among biles for the first time are presumably not lower income spending units. The major in a position to finance the purchase of a difference between the middle and the new car. upper income groups was in the relative Financing of purchases. About three-fifths frequency of new and used car purchases. of both new and used car purchasers in 1955 Among spending units with incomes of reported some use of instalment or other $7,500 or more, about three-fourths of the credit. The proportion of credit purchases purchases were new cars and one-fourth reported was similar to that in other recent were used cars, while among those with in- years, although considerably larger than in comes from $3,000 to $5,000 the propor- any postwar year prior to 1952. The intions were reversed. Spending units with crease in the number of automobile purincomes of $7,500 or more accounted for chases in 1955, however, was accompanied about two-fifths of all new car purchases. by a substantial rise in the number of credit purchases and the volume of debt outstand- AUTOMOBILE PURCHASERS, 1955 ing. One-sixth of all spending units in- Per cent of spending units curred debt in connection with automobile purchases. - 60 About 20 per cent of the credit purchasers of new automobiles and 30 per cent of the credit purchasers of used automobiles in 1955 reported incurring debt equal to 80 per cent or more of the nominal purchase price. The lower percentage for new car purchasers may be attributed in part to the large trade-in allowances that they received. Indebtedness 18-24 25-34 35-44 45-54 55-64 reported generally includes finance charges The frequency of automobile purchases and in some cases insurance charges, as well was highest in the youngest age bracket and as that part of the purchase price which is declined steadily as age increased, as shown not covered by the trade-in or cash payment. by the chart. About 44 per cent of all Purchases of the cheapest used cars least spending units headed by persons from 18 frequently involved the use of credit. Only to 24 years old purchased automobiles, com- about two-fifths of used cars costing less pared with only 12 per cent of those headed than $500 were financed through the use of by persons 65 and over. The proportion of credit, compared with about three-fourths of all purchases accounted for by new car pur- those costing $1,000 or more. Not only do chases, however, increased with age. Only the less expensive cars require relatively one-seventh of the cars purchased by spend- small net outlays, but it is more difficult to ing units in the youngest age bracket were obtain financing for such cars from financial new cars, compared with nearly one-half of institutions. The most expensive new cars, those purchased by all spending units headed which were bought most frequently by the by persons 35 years of age or older. Many upper income groups, were also financed young purchasers who are buying automo- somewhat less frequently through the use of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 809 credit than medium-priced cars. AUTOMOBILE OWNERSHIP, EARLY 1956 The proportion of automobile purchasers Per cent of spending units 100 using credit varied with income, liquid asset holdings, and family status. As shown by Table 1 on page 807, the largest proportion of purchasers using credit was among spending units with incomes from $3,000 to $7,500. Within each income group, purchasers reporting a large amount of liquid assets used credit much less frequently than those reporting a smaller amount or none. Young married couples financed automobile purchases through the use of credit more frequently than other groups.2 ALL INCOMES Automobile ownership. Production and 1955 MONEY INCOME BEFORE TAXES sale of new automobiles in 1955 was offset such automobiles that were more than 3 only in part by scrappage of older automoyears old remained larger than in the period biles. It is estimated that the stock of auto- 1951-53, but the proportion that were more mobiles increased almost 4 million units. than 7 years old was substantially smaller. Data from the Survey of Consumer Finances The frequency of automobile ownership suggest that consumers accounted for a increases as income increases, as shown by sizable part of the increase. Both the prothe chart. While more than three-fourths portion of spending units owning automoof spending units in all income brackets exbiles and the average number of automobiles cept that below $3,000 own automobiles, owned per spending unit apparently conownership of two or more automobiles is tinued to increase during 1955. Early this heavily concentrated in the upper income year about 70 per cent of all spending units groups. One-fourth of all spending units owned at least one automobile, and 9 per with incomes of $7,500 or more own two or cent owned two or more. The correspondmore automobiles. ing proportions in 1949 were 51 per cent Automobile ownership is most frequent and 3 per cent. relatively among spending units headed by The large volume of new cars purchased persons between 25 and 44 years old, and in 1955, together with the scrappage of some within this age group married couples own of the older automobiles, resulted in a deautomobiles more frequently than single percrease in the average age of automobiles sons. Almost 90 per cent of all couples unowned by consumers. The proportion of der 45 have at least one automobile. The largest increase in ownership in recent years, however, has been among young unmarried 2 For a more detailed discussion of the characterpersons. Ownership of two or more autoistics of spending units with debt on automobiles and other durable goods, the amount and terms of their mobiles is most frequent among married debt, and an evaluation of Survey debt data, see the couples with children. article on consumer indebtedness in the July BUL- LETIN. The proportion of spending units owning Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN • AUGUST 1956 automobiles is smaller in the North East new low of $250 in 1955. Prices paid for than in other regions. The difference per- refrigerators also declined slightly, while sists within income groups. Automobile those for washing machines showed little ownership is also somewhat less frequent in change. The median amount spent by purthe South than in the West or North Central chasers for furniture rose about 10 per cent areas, but differences are minor within in- to $225. come groups. The less frequent ownership The proportion of purchasers of furniture in the North East is probably associated and major household appliances that reprimarily with the high degree of urbaniza- ported the use of instalment credit remained tion and developed public transportation about the same in 1955 as in other recent systems, while that in the South apparently years. About 44 per cent of all spending reflects primarily the lower level of income. units buying one or more items financed all purchases through the use of instalment FURNITURE AND APPLIANCES credit, and an additional 9 per cent financed Consumer expenditures for furniture and some of their purchases through the use of household appliances rose in 1955 but more such credit. About one-half of all purmoderately than those for automobiles. Purchases of each of the major items covered chases of most major items increased, while were financed by instalment credit. Spendprices changed little. ing units making large expenditures used About 45 per cent of all spending units, credit more frequently than those making or almost 25 million spending units, resmall expenditures. ported buying one or more items of furniture Both the frequency of purchases of furor a major household appliance during 1955. niture and household appliances and the This was more than 1 million in excess of the average size of expenditures increased as innumber that reported such purchases in come increased. About 60 per cent of all 1954. Among major items, purchases of spending units with incomes of $7,500 or furniture were reported by 18 per cent of all more purchased one or more of the items spending units, television sets by 15 per cent, covered, compared with only about 30 per and refrigerators and washing machines each cent of those with incomes of less than by about 8 per cent. $3,000. More than one-third of all pur- Purchases of furniture and household apchasers with incomes of $7,500 or more pliances typically involved relatively modspent $500 or more on the items included. erate outlays. Almost 80 per cent of all The greatest differences in the frequency purchasers of furniture and household appliances made expenditures totaling less of purchases of individual items by income than $500 before allowance for trade-ins, groups were in furniture and miscellaneous and only 5 per cent spent $1,000 or more. items. Television sets were purchased by The median expenditure for such items re- somewhat more than one-sixth of the spendported by spending units purchasing one or ing units in all income groups except those more is estimated at $290, about the same below $2,000. Despite the larger amounts as in each of the preceding three years. spent for furniture and household appliances The median expenditure reported for tele- by spending units in the upper income vision sets declined nearly 10 per cent to a groups, purchasers in these groups used Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 811 credit less frequently than those in the lower of furniture earlier and make expenditures and middle income groups. only for replacements or for purchases of As shown by Table 2, purchases of fur- new or improved items. niture and household appliances were most frequent relatively for young married cou- HOUSING ples and least frequent for unmarried per- According to data from the Survey of Consons. The average number of purchases and sumer Finances, about 5 per cent of all nonaverage total expenditures were relatively farm spending units purchased houses last large for the former group. Young married year. Almost two-thirds of the purchases couples also made use of credit in financing consisted of existing houses and slightly expenditures for household goods more fre- more than one-third of new houses. About quently than other groups. This group in- one-half of all purchasers had owned a house cludes spending units that are establishing prior to the 1955 purchase. As in other households for the first time and those that recent years, approximately 85 per cent of are expanding housing facilities as their fam- all purchasers incurred mortgage debt. ilies increase. Many of them are looking Somewhat more than 30 per cent of all forward to higher incomes in the future. houses purchased in 1955 cost the purchaser Unmarried persons frequently live with rela- $12,500 or more, and about the same protives or in furnished quarters, while older portion cost less than $7,500. The median couples have typically acquired major items price reported was about $10,000 and the mean about $11,200. Reported costs of purchase were slightly lower than in 1952 TABLE 2 but remained substantially higher than in EXPENDITURES ON SELECTED DURABLE GOODS, 1955 * earlier years. Because of the small number [Percentage of spending units within groups] of purchases covered each year and the wide Gross expenditure3 range within which prices fall, data on aver- All age purchase price are subject to a particu- Age and family status purchasers2 Under $200- $500 larly large sampling error. and $200 $499 over Purchasers of houses. Spending units headed by persons 25 to 34 years of age pur- All spending units 45 13 21 9 chased houses most frequently and those Single: headed by persons 45 or over least fre- Under 45 21 8 8 5 45 and over 24 13 7 3 quently. Among spending units headed by Married:4 persons under 45 years of age, most of the Under 45, no children. 63 12 32 16 purchasers were married couples, and pur- Under 45, children under 18 58 12 28 15 chases were more frequent on the part of 45 and over, children under 18 51 14 28 8 those with children than those without. 45 and over, no chil- Within the younger age groups, spending dren 43 16 20 6 units containing veterans continued to pur- 1 Includes furniture and major household appliances. chase houses more frequently than those 2 Includes purchasers for whom amount of expenditure was not ascertained. without veterans. This difference probably 3 Before allowance for trade-in. 4 Age refers to head of spending unit. Includes only spending reflects not only the availability of VAunits in which both husband and wife are present. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN • AUGUST 1956 guaranteed loans on favorable terms but also that own their own homes has increased differences in family status and sex. A dis- from 43 per cent in 1948 to 52 per cent in proportionately large number of spending 1956. The number of nonfarm home ownunits headed by young nonveterans prob- ers has increased from 17 to 26 million. ably consists of unmarried women. Spend- The proportion of spending units living with ing units headed by veterans under 45 ac- relatives declined by almost one-half, from counted for almost one-half of all house pur- 15 to 8 per cent, and there was a decline chases in 1955. from 38 to 34 per cent in the proportion House purchases were most frequent renting their living quarters. In each recent among spending units with incomes from year, about 5 per cent of the spending units $5,000 to $7,500. Some apparent reduc- have neither owned a home nor paid rent; tion in frequency of purchase at incomes of these probably include principally spending $7,500 or more may have reflected in part units headed by workers for whom housing the already large proportion of owners in is provided. If spending units living in hotels the upper income groups. The higher in- and large rooming houses, in institutions of come groups were more important relatively various kinds, and on military bases were in the market for new houses than in the included in Survey tabulations, the propormarket for existing houses. Spending units tion of spending units either renting quarters with incomes of $5,000 or more accounted or living in quarters that they neither own for about 70 per cent of all purchases of nor rent would be higher. new houses and about 50 per cent of all The decrease in the proportion of spendpurchases of existing houses. ing units living with relatives in recent years Housing status. Large-scale production has in part merely relieved crowding due to and sale of houses in recent years have been wartime and immediate postwar conditions. accompanied by a large increase in the num- As the number of housing units available for ber of home owners. As shown by the chart, purchase and rent has increased, many the proportion of all nonf arm spending units spending units have set up separate households. A tendency for young persons to establish separate households more fre- HOUSING STATUS Per cent of nonfarm spending units quently and at an earlier age may be associated with higher incomes, veterans' benefits, earlier marriages, and movement of more young unmarried persons away from home. Many questions relating to home ownership lend themselves better to consideration on a family basis than on a spending unit 40 basis. In the following discussion all related spending units living in the same household - 20 are considered as a single family unit. Early in 1956 about 57 per cent of all nonfarm families covered by the Survey owned their 1956 1954 1952 1950 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 813 own homes, and 35 per cent rented a house in 1956. About 30 per cent of those with or an apartment. The remainder either debt owed $7,500 or more and the same rented rooms in private households or lived proportion owed less than $3,000. The in quarters that they neither owned nor median amount of debt was $5,000 and the rented. median ratio of debt to house value was All respondents owning homes were about 50 per cent. The large number of asked to estimate their present market value. house purchases since the war, together with Slightly more than 10 per cent of all non- liberal credit terms, has been accompanied by an increase in both the proportion of farm families valued their homes at $20,000 homes on which debt is outstanding and the or more, and about the same proportion proportion with a relatively high ratio of valued them at less than $5,000. The medebt to house value. dian estimated value was about $10,000 and Almost two-thirds of all houses valued the mean value about $11,700. from $12,500 to $20,000 were mortgaged, The relative frequency of home ownership compared with only slightly more than oneand of renting varies with the income and fourth of those valued at less than $7,500 other characteristics of the family and its and about one-half of those valued at location. About three-fourths of all nonfarm $20,000 or more. Houses with relatively families with incomes of $7,500 or more low estimated values may have been owned own their own homes, compared with fewer by the same owner for a considerable period than one-half of those with incomes below of time and the mortgage paid off. As $3,000. The median value of homes owned noted earlier, the most expensive houses increases steadily with income. Home owntend to be owned by high income families. ership increases with age and in each age Mortgage indebtedness is most frequent bracket is more frequent for married couples among home owners with incomes from than for single persons. About 70 per cent $5,000 to $10,000. About two-thirds of of nonf arm couples 45 or over own homes. all home owners in this income range have About one-half of the families in cities of some mortgage debt, compared with only 50,000 or more own their homes, compared about one-fifth of those with incomes below with about two-thirds of the nonfarm fam- $3,000. As already noted, home ownership ilies in smaller communities and in the open is relatively infrequent in the lowest income country. Home ownership is considerably brackets, and a large proportion of home less frequent in the North East than in other owners in these brackets probably consists regions of the country for families with in- of families headed by retired persons who comes below $5,000, but there is little dif- purchased homes or accumulated financial ference in the frequency of ownership in the assets when incomes were higher. Among higher income brackets. These differences families with incomes of $10,000 or more, reflect in part differences in the availability mortgage debt is somewhat less frequent of rental housing and in the cost and con- than among those with incomes from $5,000 venience of sites available for purchase. to $10,000, but about one-third of the Mortgage debt. About 50 per cent of all debtors owe $10,000 or more. nonfarm home owners reported some mort- The frequency and amount of mortgage gage debt outstanding on their homes early debt and its ratio to house value vary with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN • AUGUST 1956 the age of the head of the family and the some debt, and more than half of such debts length of the period during which the family are equal to at least 50 per cent of the value has owned the house. Slightly more than of the house. The differential in the freone-third of all nonfarm owners purchased quency and amount of indebtedness by age their present houses prior to 1946, about the groups reflects in part the longer average same proportion from 1946 to 1952, and period in which older families have lived in somewhat less than one-third after 1952. their present homes, but it is also found About 80 per cent of all owners that puramong recent house purchasers. Many older chased their homes in 1953 or later had couples can finance current purchases in mortgage debt early in 1956, compared with whole or in part through equities built up in only about 20 per cent of those that purhomes formerly owned. Moreover, older chased their homes before 1946. couples may find it difficult to obtain mort- Only slightly more than 30 per cent of all gage financing on liberal terms. Among nonfarm home owners 45 or more years of younger purchasers, families containing vetage have mortgage debt, and nearly half of erans are more frequently in debt and in the debtors owe debt equal to less than 30 per cent of their house value. Approxi- debt for a larger proportion of the house mately 75 per cent of owners under 45 have value than those without veterans. TECHNICAL NOTE Results of the 1956 Survey of Consumer The spending unit containing the owner or Finances are based on 3,014 interviews dur- lessee of the dwelling is the primary spending January and February in 2,672 dwell- ing unit. Children 18 years or more of age ing units. These dwelling units are located and other relatives who earn more than $ 15 in the 12 largest metropolitan areas and in per week and who do not pool their incomes 54 additional sampling areas chosen to rep- with that of the primary spending unit are resent a cross section of the population living classified as related secondary spending in private households in the continental units. Spending units composed of persons United States. Transients, residents of in- in the dwelling unit who are not related to stitutions, and persons living on military res- members of the primary spending unit are ervations are not represented. designated as unrelated secondary spending Within dwellings, interviews are con- units. ducted with each spending unit. A spend- Since the spending unit includes those ing unit is defined as all persons living in the persons, and only those persons, who make same dwelling, and related by blood, mar- joint financial decisions, it is the unit most riage, or adoption, who pool their incomes frequently used in tabulations of Survey to meet their major expenses. A husband financial data. Some Survey data, however, and wife living together are always included notably those on housing, are presented for in the same spending unit even though they family units. A family unit is defined as all do not pool their separate incomes. All persons living in the same dwelling who are children under 18 years of age are included related by blood, marriage, or adoption. in the spending unit of their closest relative. Survey family units include individuals liv- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 815 ing alone as well as groups of related per- and family units in the population covered sons. To obtain data on a family basis, in- by the Surveys. formation for related secondary spending As shown by the table, it is estimated that units is combined with that for the primary there were about 55.0 million spending units spending units to which they are related and and 50.4 million family units in the United with which they live. The head of the pri- States early in 1956. Spending units had mary spending unit is considered to be the increased almost 1 million and family units head of the family. The number of family more than 1 million since early 1955. units is equal to the number of primary Census data showed a considerable increase spending units plus the number of unrelated in the number of households from early secondary spending units. 1955 to 1956. As in most other postwar Estimates of the total number of spend- years, Survey data showed a decline in the ing units in the population covered by the proportion of related secondary spending Survey are derived by multiplying the num- units. The indicated decline during 1955, ber of occupied dwelling units, or house- however, may have been accounted for in holds, estimated from Census data by the part by improvement in sampling techniques. average number of spending units per dwell- Although Survey of Consumer Finances ing unit included in the Survey sample. The data are adjusted to Census Bureau estinumber of family units is estimated in a sim- mates of the number of households, every ilar manner. Both the estimated number of effort is made to account for all dwelling dwelling units and the average number of units in the areas sampled in order to insure spending units and family units per dwelling that the sample chosen is representative. In unit are subject to sampling error. The the past the estimated number of dwelling accompanying table shows the estimated units obtained by self-expansion of the number of dwelling units, spending units, Survey sample has been smaller than the Census estimate. This year special efforts SPENDING UNITS AND FAMILY UNITS IN SURVEY were made to obtain fuller coverage in the POPULATION Survey. In some places the usual method of [Estimated number, in millions] interviewer prelisting of dwelling units was Year of Survey supplemented by the use of city directory Type of unit 1956 '1955 1954 1953 1952 listings or by interviews at every address within limited areas. Efforts were also made a. Primary spending unit l ( i e n q g u a u l n s i t) occupied dwel- 48.7 47.6 46.8 46.2 45.4 to improve the quality of the prelisting b. Related secondary spend- process itself. ing unit 4.6 5.0 5.4 5.9 5.8 c. Unrelated secondary spend- The number of dwelling units estimated ing unit 1.7 1.6 1.8 1.8 by expanding the Survey of Consumer Fi- Family (a plus c) 50.4 49.2 48.5 48.0 47.2 nances sample increased in relation to the Spending unit (a plus b plus c) i 55.0 54.2 54.0 53.9 53.0 Census Bureau estimate from 1955 to 1956. Since it is believed that the households l Estimates of the number of spending units, which depend upon the ratio of primary spending units to all spending units, are sub- covered this year but missed in earlier years ,ect to sampling error. The size of the sampling error is such that there is one chance in 20 that the estimates shown m the table are included a particularly large proportion of above or below the true figure by one million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN • AUGUST 1956 single person households, the increased sample to have that characteristic by the esticoverage may have accounted in part for the mated total number of units. Estimates of decline in the estimated number and propor- aggregate assets, debt, expenditures, and tion of secondary spending units. Thus, the other variables are obtained by multiplying increase in spending units and family units, the mean amount derived from the sample but particularly the former, may have been by the number of units. All 1955 data in understated in relation to the change in the the foregoing article are based on the estinumber of households. mate of 55.0 million spending units and 50.4 Aggregative data are obtained for the popmillion family units. Data in earlier articles ulation covered by the Survey of Consumer in this series were based on a preliminary Finances by multiplying data on proportions estimate of 54.2 million spending units and and means obtained in the Survey by the 49.8 million family units. estimated total number of spending units or family units. Estimates of the number of A more detailed description of Survey units with given characteristics are obtained methods was published in the Federal Reby multiplying the proportion shown by the serve BULLETIN for July 1950. SUPPLEMENTARY TABLE 1 PURCHASES OF CONSUMER DURABLE GOODS Esti- Expenditure 3 Esti- Percent- mated Percent- mated Type of purchase1 sp a u e g n n e i d t o s in f g s n p u e m o n f d b i e n r g m E a s t t e i- d Type of purchase1 sp a u e g n n e i d t o s in f g s n p u e m o n f d b i e n r g e M x tu p e r d e e n i 3 a d n i pur- units Median Mean total pur- units chasing2 (In mil- (In chasing (In millions) billions) lions) Automobile: Furniture: 1955 28 1 15.5 $1,370 $1,630 $25.1 1955 18.0 9.9 $225 1954 23 8 12 9 1 200 1 460 18 6 1954 16 3 8 8 205 1953 23.6 12.7 1,500 1,600 20.2 1953 16.4 8.9 200 New automobile: Television set: 1955 11.0 6.1 2,780 2,940 17.8 1955 15.3 8.4 250 1954 7 9 4.3 2,550 2,720 11.7 1954 14 3 r7 8 275 1953 9.1 4.9 2,500 2,650 13.0 1953 14.2 7.7 300 Used automobile: Refrigerator: 1955 17.1 9.4 600 780 7.3 1955 7.7 4.2 260 1954 15.9 8.6 700 800 6.9 1954 6.3 3.4 280 1953 .. 14.5 7.8 900 920 7.2 1953.. 8.7 4.7 280 Furniture or major house- Washing machine: hold appliance:4 1955 8.4 4.6 205 1955 45.1 24.8 290 365 9.1 1954 8.3 4.5 200 1954 43.3 23.4 300 375 8.8 1953.. 6 5 3 5 200 1953 42,8 23.1 300 410 9.5 r Revised. 3 Before deduction for trade-in. 1 Includes both new and used items except where otherwise specified. 4 Includes purchasers of items listed in opposite column and of 2 For automobiles, refers to spending units that purchased during other major household appliances. the given year and still owned at time of interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 817 SUPPLEMENTARY TABLE 2 AUTOMOBILE PURCHASERS WITHIN VARIOUS GROUPS [Purchasers as a percentage of spending units] New Used New Used automobile automobile automobile automobile Group characteristic Group characteristic 1955 1954 1955 1954 1955 1954 1955 1954 All spending units 11 8 17 16 Occupation of head: Professional and semiprofessional 18 14 13 16 Money income before taxes: Managerial 22 17 19 11 Under $1,000 (0 2 8 3 Self-employed 22 15 12 13 $1,000-51,999 1 2 13 14 Clerical and sales 15 9 15 14 $2,000-$2,999 7 4 20 17 Skilled and semiskilled 12 7 26 22 $3,OOO-$3,999 6 4 20 22 Unskilled and service 4 4 14 21 $4,000-$4,999 9 8 27 17 Farm operator 7 9 16 10 $5,000-$7,499 16 13 18 20 Retired 7 3 6 7 $7,500-$9,999 26 14 12 16 $10,000 and over 36 28 8 8 Age of head: 18-24 6 6 38 28 Region:2 25-34 13 10 24 22 North East 10 6 13 14 35-44 16 11 18 18 North Central 12 8 17 16 45-54 11 8 15 14 South 12 10 19 16 55-64 9 7 9 9 West 11 8 22 19 65 and over 6 2 6 4 1 No cases reported or less than one-half of 1 per cent. includes East South Central, West South Central, and South Atlantic 2 Survey regions are defined as follows: North East includes New States other than Delaware; West includes Mountain and Pacific England, the Middle Atlantic States, and Delaware; North Central Coast States. includes West North Central and East North Central States; South SUPPLEMENTARY TABLE 3 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS [Percentage distribution of purchasers] Price Type of purchase and amount 1955 New automobile: Under $1,500 $1 500-$l 999 4 $2 000 $2 499 25 $2 500-$2 999 28 $3 000 $3 499 22 $3 500 and over 20 Not ascertained 1 All cases 100 Median $2 780 Mean $2,940 Number of cases 387 Used automobile: Under $250 21 $250 $499 $500-$749 $750-$999 $1 000 $1 499 $1 500-$l 999 $2 000 and over Not ascertained All cases Median Mean Number of cases 00 OOW Net outlay i 1954 1953 1952 1955 1954 1953 1952 (2) (2) 1 26 40 42 r50 6 7 5 32 28 28 22 40 39 40 22 16 18 15 23 30 26 12 8 7 5 18 14 18 4 5 2 2 12 9 8 3 1 1 2 1 1 2 2 2 4 100 100 100 100 100 100 100 $2 550 $2 500 $2 500 $1 840 $1 670 $1 590 $1 430 $2,720 $2,650 $2,680 $1,900 $1,730 $1,660 $1,560 294 305 245 387 294 305 245 2 1 0 5 \ 29 3•53-5 (/ 2 22 7 2 2 0 6 2 1 4 5 2 1 2 9 16 18 '18 21 16 14 24 { 13 r13 16 17 12 18 25 20 11 12 14 '15 8 8 12 15 4 3 6 r6 6 3 6 6 2 1 1 r2 4 6 3 2 3 7 3 3 100 100 100 100 100 100 100 100 $600 $700 $900 $850 $470 $500 $600 $600 $780 $800 $920 $950 $610 $600 $640 $700 482 474 409 405 482 474 409 405 r Revised. 1 After deduction for trade-in or sale of automobile. 2 No cases reported or less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN • AUGUST 1956 SUPPLEMENTARY TABLE 4 TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE PURCHASES [Percentage distribution of purchasers] Buyers of new and used cars Buyers of new cars Buyers of used cars Type of transaction 1955 1954 1953 1955 1954 1953 1955 1954 1953 Traded in a car 62 62 63 84 83 82 48 51 51 Sold a car 5 5 6 4 3 4 5 7 7 Neither 32 32 30 12 14 14 46 41 41 Not ascertained 1 1 1 0) 0) 0) 1 1 All cases 100 100 100 100 100 100 100 100 100 Number of cases 869 768 714 387 294 305 482 474 409 1 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 5 AMOUNTS EXPENDED FOR FURNITURE AND MAJOR HOUSEHOLD APPLIANCES [Percentage distribution of spending units] Amount 1955 1954 1953 1952 1951 1950 1949 1948 1947 Zero 55 57 57 61 58 58 61 61 64 Under $100 5 6 5 5 6 6 7 8 9 $100-$199 . 8 7 7 6 3 6 7 7 8 $200 $299 11 9 8 8 10 10 8 7 6 $300 $499 11 12 11 11 11 11 9 8 6 $500-$749 5 5 6 5 4 5 4 4 3 $750-$999 2 2 2 1 5 2 2 1 1 $1 000 and over 2 2 3 2 2 1 2 3 2 Not ascertained 1 1 1 1 1 1 0) 1 1 All cases 100 100 100 100 100 100 100 100 100 Number of cases 3,014 3,119 3,000 3,097 2,820 3,415 3,512 3,510 3,562 SUPPLEMENTARY TABLE 6 PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN VARIOUS GROUPS [Purchasers as a percentage of spending units] A p n u y r c t h yp as e e o l f Tele s v e i t sion W m a a s c h h i i n n g e Refrigerator Furniture Group characteristic 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 All spending units 45 43 15 14 16 Money income before taxes: Under $1,000 25 24 4 5 $l,000-$l,999 30 31 4 6 11 $2,000-$2,999 42 36 19 13 6 5 10 11 $3,000-$3,999 49 46 20 18 8 8 7 19 15 $4,000-$4,999 50 47 17 17 10 9 10 21 17 $5,000-$7,499 52 55 17 19 12 13 24 22 $7,500-$9,999 57 56 18 18 10 11 30 24 $10,000 and over 61 57 18 16 13 30 28 Family status: Single: Age 18-44 21 23 11 12 Age 45 and over 24 7 6 Married: 2 Age 18-44, no children under 18 ... 63 51 25 13 10 12 14 11 30 27 Age 18-44, children under 18. ... 58 57 21 21 14 13 9 7 26 22 Age 45 and over, no children under 18 43 38 15 12 6 4 7 6 15 13 Age 45 and over, children under 18. 51 53 16 16 12 13 7 17 16 Region:3 North East 39 39 12 12 16 15 North Central 48 43 17 15 21 17 South 46 47 16 16 7 15 16 West 47 44 15 14 10 10 22 18 1 Includes purchasers of items listed individually and of other units in which both husband and wife are present. major household appliances. 3 For definition of Survey regions, see Supplementary Table 2, 2 Age refers to head of spending unit. Includes only spending note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 819 SUPPLEMENTARY TABLE 7 CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS X [Prospective purchasers as a percentage of spending units] Consumer durable goods Nonfarm houses, Money income before taxes in Furniture and major new and used 2 preceding year New automobiles Used automobiles household appliances 1956 1955 1956 1955 1956 1955 1956 1955 All spending units 28 28 Under $1,000 1 10 12 3 1 $l,000-$l,999 1 19 16 5 4 $2,000-$2.999 3 2 20 23 8 4 $3,000-$3;999 5 7 26 30 8 8 $4,000-54,999 9 7 32 35 10 10 $5,000-$7,499 11 11 35 36 13 15 $7,500-$9,999 19 19 43 38 13 20 $10,000 and over 23 35 47 44 12 12 Median planned expenditure $2,700 $2,700 $700 $800 $300 $250 1 Includes spending units planning definitely, probably, or possibly 4 Based on spending units that have bought, will buy, or will to buy and those having already bought in Survey year. probably buy automobiles, and spending units that have bought, 2 Includes nonfarm spending units only. will buy, will probably, or will possibly buy other items. 3 No cases reported or less than one-half of 1 per cent. 5 Data not available. SUPPLEMENTARY TABLE 8 SUPPLEMENTARY TABLE 9 CONSUMER PLANS TO PURCHASE AUTOMOBILES CREDIT PURCHASERS OF AUTOMOBILES AND OTHER AND OTHER SELECTED DURABLE GOODS 1 SELECTED DURABLE GOODS [Prospective purchasers as a percentage of all spending units] [Percentage of purchasers using credit] Type of purchase 1956 1955 1954 Type of purchase 1955 1954 1953 New automobile 8 8 New automobile 60 r61 59 Used automobile 7 7 Used automobile 60 '61 Furniture and major household appli- Furniture and major household appliances2 28 28 27 ances i 52 54 56 Furniture 11 12 12 Furniture 45 '50 50 Television set 5 6 Television set 56 57 55 Refrigerator 5 4 Refrigerator 51 58 63 Washing machine 6 5 Washing machine 55 55 58 1 See Supplementary Table 7, note 1. r Revised. 2 Includes spending units planning purchases of items listed in- 1 Includes items listed and other major appliances. Purchasers of dividually and other major household appliances. two similar items, one for credit and one for cash, were classified as credit purchasers. Charge-account purchasers are excluded. SUPPLEMENTARY TABLE 10 INSTALMENT PURCHASE DEBT WITHIN INCOME GROUPS, EARLY 1956 [Percentage distribution of spending units] All Amount of debt 1955 Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500- $10,000 income $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 $9,999 and over groups Debt on automobiles: None 79 96 92 84 78 69 72 68 78 Under $500 10 2 6 10 13 17 10 10 4 $500 $999 5 1 2 4 7 8 11 7 $1 000 $1 999 4 1 1 2 4 4 8 8 8 $2 000 and over 2 0) C1) 1 1 3 2 3 3 Not ascertained 0) 0) 0) 1 0) 0) 0) 0) 0) All cases 100 100 100 100 100 100 100 100 100 Other purchase debt:2 None 70 84 73 70 65 67 62 73 85 Under $100 10 9 16 10 14 8 11 7 4 $100 $199 8 3 8 7 8 10 12 6 3 $200 $499 9 3 3 11 11 11 11 10 5 $500 and over 3 1 2 2 4 4 4 3 Not ascertained 0) 0) 0) 0) 0) 0) C1) 0) 0) All cases 100 100 100 100 100 100 100 100 100 1 No cases reported or less than one half of 1 per cent. 2 Includes instalment debt in connection with consumer goods other than automobiles, houses, and house additions and repairs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • AUGUST 1956 SUPPLEMENTARY TABLE 11 AUTOMOBILE OWNERSHIP WITHIN VARIOUS GROUPS, EARLY 1956 [Percentage distribution of spending units] Owns Owns Num- Does Num- Does Group characteristic ber All not Group characteristic ber All not of cases 1 auto- 2 or own of cases 1 auto- 2 or own cases mobile more cases mobile more All spending units 3,014 100 61 9 30 Region:1 North East 868 100 56 5 39 1955 money income before taxes: North Central 950 100 65 10 25 Under $1,000 261 100 28 71 South 408 100 59 10 31 $l,000-$l,999 331 100 38 3 59 West 788 100 65 12 23 $2,000-$2,999 359 100 55 4 41 $3,OOO-$3,999 384 100 64 6 30 Family status: $4,000-$4,999 407 100 78 7 15 Single: $5,000-$7,499 703 100 78 11 11 Age 18^4 293 100 54 2 44 $7,500-$9,999 111 100 74 20 6 Age 45 and over 437 100 30 69 $10,000 and over 292 100 62 32 6 Married:2 Age 18-44, no children Occupation of head: under 18 215 100 80 7 13 Age 18-44, children under Professional and semiprofes- 18 931 100 74 13 13 sional 313 100 70 15 15 Age 45 and over, no chil- Managerial 183 100 80 13 7 dren under 18 617 100 65 10 25 Self-employed 262 100 68 20 12 Age 45 and over, children Clerical and sales 365 100 58 9 33 under 18 309 100 66 16 18 Skilled and semiskilled 810 100 74 9 17 Unskilled and service 299 100 44 3 53 Number of income recipients: Farm operator 154 100 70 13 17 One 2,043 100 59 7 34 Retired 269 100 45 3 52 Two or more 948 100 66 13 21 i See Supplementary Table 2, note 2. 2 See Supplementary Table 6, note 2. SUPPLEMENTARY TABLE 12 SUPPLEMENTARY TABLE 13 AGE OF AUTOMOBILES OWNED BY CONSUMERS X FAMILY EXPENDITURES ON HOME IMPROVEMENT AND [Percentage distribution of automobiles] MAINTENANCE [Percentage distribution of home-owning nonfarm families] Age of automobile 1956 1955 1954 1953 Amount 1955 1954 1953 1952 3 years or less 37 34 36 42 1 year or less 16 12 13 11 Zero 42 41 42 40 2 or 3 years .. 21 22 23 31 Under $100 12 13 15 14 $100-$199 10 10 10 12 More than 3 years 63 66 64 58 $200-$499 16 17 14 15 $500-$999 11 10 9 11 4 to 7 years .. 41 43 40 30 $1 000 and over 8 8 8 7 More than 7 years 22 23 24 28 Not ascertained 1 1 2 1 All cases 100 100 100 100 All cases 100 100 100 100 1 Ownership of automobiles as of date of Survey. In early 1956 automobiles were classified for age as follows: 1 year or less—1955 SUPPLEMENTARY TABLE 15 and 1956 models; 2 or 3 years—1953 and 1954 models; 4 to 7 years— 1949, 1950, 1951, and 1952 models; more than 7 years—1948 models PURCHASES OF NONFARM HOUSES and earlier. Similar classifications were used in previous Surveys. SUPPLEMENTARY TABLE 14 Percent- m E a s t t e i- d Esti- [Percentage V d A is L tr U ib E u ti O on F o N f O ow N n F e A r- R oc M cu pi H ed O U no S n E f S arm houses] Type of house n i o a n sp g n g e e f u a n r n d o m i - f ts n o c u h f ( m a I p s n b e u e r r s - r e M x tu e p d r e e i n a 1 d n i- e M x tu p e r e e a n n i di- e t m u x t r o p a e t e t a e n ( l d I d n i- Amountl 19562 19552 1953 1951 1949 millions) billions) 1 $ $5 l- , $ 0 4 0 , 0 9 - 9 $ 9 7,499 1 1 1 6 1 1 8 5 1 1 8 7 2 1 2 9 2 1 3 9 1955: N Ex e i w sting. . ... 3 1. . 7 1 0 1 . . 9 7 $10,000 $11,190 $29.1 $7,500-$9,999 16 14 15 17 16 $ $ 1 1 0 2 , , 0 5 0 0 0 0 - - $ $ 1 1 2 4 , , 4 9 9 9 9 9 . . . . . . . . 2 1 0 0 2 9 0 1 7 7 1 5 6 1 6 7 1954: N Ex e i w sting 2 1. . 9 8 rl 1 .5 .0 10,500 11,200 '28.0 $ $ N 2 1 o 0 5 t , , 0 0 a 0 0 s 0 0 c - e a $ n r 1 t d a 9 i , o n 9 v e 9 e d 9 r . . . . . . . . . . . 1 1 6 1 1 1 4 0 1 9 5 2 1 4 7 0 7 6 6 1953: N Ex e i w sting 2 1 . . 9 4 0 1 . . 7 5 10,500 11,600 25.5 All cases 100 100 100 100 100 1952: N Ex e i w sting 2 1 . . 3 3 0 1 . . 6 1 10,800 11,800 20.1 Median .... $10,000 $10,000 $9,000 $7,900 $8,000 Mean $11,700 $11,000 $10,700 $9,300 $9,100 r Revised. 1 Data based on relatively small number of cases. 1 As estimated by respondents early in year indicated, except that houses bought in preceding year were valued at purchase price. 2 House value assigned if not determined in interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DURABLE GOODS AND HOUSING 821 SUPPLEMENTARY TABLE 16 HOUSING STATUS OF SPENDING UNITS BY AGE AND FAMILY STATUS, EARLY 1956 [Percentage distribution of nonfarm spending units within groups] Percent- Housing status age of all All Age and family status1 nonfarm cases spending Owns Rents Lives with units home home relatives Other 2 All nonfarm spending units 3 100 100 53 34 Age 18-44: Single 10 100 32 54 Married, no children under 18. . . 7 100 38 54 4 Married, youngest child under 6.. 21 100 50 43 5 Married, youngest child 6 or over 9 100 62 34 2 Age 45-64: Single 100 49 36 Married, no children under 18. . . 12 100 73 22 Married, children under 18 9 100 70 27 Age 65 and over: Single 100 50 30 14 Married 100 72 17 11 1 Age refers to head of spending unit; "married" refers only to 3 Includes some spending units of types not covered in separate spending units that include both husband and wife; "single" refers categories or for which information was not obtained. Together to unmarried, widowed, separated, and divorced persons without these account for about 8 per cent of the 2,893 nonfarm spending children. units. 2 Spending units that receive housing as part of compensation, live 4 No cases reported or less than one-half of 1 psr cent. temporarily in houses they have sold, etc. SUPPLEMENTARY TABLE 17 HOUSING STATUS OF NONFARM FAMILIES [Percentage distribution of nonfarm families within specified groups] Owns home Rents home Other i All Group characteristic cases 1956 1955 1954 1956 1955 1954 1956 1955 1954 All nonfarm families 2 100 57 55 56 37 40 40 Family money income before taxes in precedin; year: Under $1,000 100 44 43 44 36 40 37 20 17 19 $l,000-$l,999 100 41 45 45 49 46 46 10 9 9 $2,000-$2,999 100 50 39 47 42 54 47 8 7 6 $3,000-$3,999 100 46 46 45 49 51 52 5 3 3 $4,000-54,999 100 56 54 52 41 43 45 3 3 3 $5,000-$7,499 100 65 65 65 33 33 33 2 $ $ 1 7 0 ,5 ,0 0 0 0 0 -5 a 9 n ,9 d 9 9 over 1 1 0 0 0 0 7 8 3 0 75 72 2 2 0 6 24 26 Occupation of head of family: Professional and semiprofessional 100 60 58 58 37 37 38 3 5 4 Managerial 100 64 65 59 34 28 39 2 7 2 Self-employed 100 81 73 76 18 25 23 1 2 1 Clerical and sales 100 54 55 56 43 44 42 3 1 2 Skilled and semiskilled 100 58 56 54 39 42 43 3 2 3 Unskilled and service 100 35 40 41 48 49 46 17 11 13 Retired 100 69 65 65 26 30 25 5 5 10 Veteran status:4 No veteran in family 100 42 43 44 48 52 52 10 One or more veterans 100 50 52 51 47 45 47 3 Size of community: Metropolitan area 100 49 46 46 48 51 52 3 3 2 Other city, 50,000 and over 100 46 51 51 52 47 46 2 2 3 Town or city, 2,500-49,999 100 64 56 57 33 41 39 3 3 4 T O o p w en n c u o n u d n e t r r y 2,500 1 1 0 0 0 0 67 7 6 0 8 7 6 0 8 2 1 5 7 2 2 0 3 12 1 5 5 1 7 2 Region: 5 North East 100 52 46 50 44 50 47 North Central 100 60 59 61 36 36 35 South 100 59 58 56 33 37 39 West 100 57 60 55 38 36 38 1 Families that receive housing as part of compensation, live tem- 3 No cases reported or less than one-half of 1 per cent. porarily in houses they have sold, etc. 4 Veteran of World War II or Korea in family, and head of family 2 Total number of nonfarm families included in Survey was 2,604 under 45 years of age. in 1956, 2,601 in 1955, and 2,478 in 1954. 5 See Supplementary Table 2, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN • AUGUST 1956 SUPPLEMENTARY TABLE 18 MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY 1956 [Percentage distribution of home-owning nonfarm families] Amount of mortgage debt Number Money income before taxes in of All preceding year cases cases SI- $2,000- $5,000- $7,500- $10,000 Zero SI,999 $4,999 $7,499 $9,999 and over All income groups. 1,558 100 50 14 12 Under $1,000 86 100 90 6 1 0) $1,000-$ 1,999 100 100 82 5 2 0) $2,000-$2,999 123 100 68 8 15 8 $3,000-$3,999 131 100 57 13 15 5 0) 4 $4,000-$4,999 191 100 45 12 18 13 6 4 $5,000-$7,499 443 100 36 10 17 20 8 7 $7,500-$9,999 211 100 33 7 16 17 10 10 $10,000 and over. 273 100 42 2 11 9 17 20 16 i No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 19 MORTAGE DEBT IN RELATION TO HOUSE VALUE, EARLY 1956 [Percentage distribution of home-owning nonfarm families within groups] Per o c f e n a t l a l ge Debt as a percentage of house value Group characteristic home- All owning cases nonfarm 80 and families Zero 1-19 20-39 40-59 60-79 All home-owning nonfarm families 100 100 50 8 13 13 11 Family income before taxes in preceding year: Under $2,000 15 100 86 4 5 2 3 C1) $2,000-$2,999 9 100 68 4 10 6 7 $3,OOO-$3,999 10 100 59 10 10 11 5 5 $4,000-$4,999 13 100 45 6 14 13 16 6 $5,000-$7,499 28 100 36 10 16 15 16 7 $7,500-$9,999 12 100 33 12 17 20 11 7 $10,000 and over 13 100 41 8 19 19 11 2 Estimated house value: Under $7,500 27 100 72 5 7 6 6 $7,500-$9,999 16 100 43 8 16 10 16 $10,000-$ 12,499 20 100 41 10 12 14 15 $12,500-$ 19,999 25 100 37 10 16 22 11 $20,000 and over 12 100 52 6 22 13 5 1 No cases reported or less than one-half of 1 per cent, SUPPLEMENTARY TABLE 20 SUPPLEMENTARY TABLE 21 ANNUAL MORTGAGE PAYMENTS BY NONFARM FAMILIES MONTHLY RENT OF NONFARM FAMILIES [Percentage distribution of home-owning nonfarm families] [Percentage distribution of rent-paying nonfarm families] Amount 19561 19551 19512 19492 Amount 1 1956 1955 1953 1949 Zero 50 46 51 55 Under $20 11 8 11 19 Under $500 12 14 24 24 $20-$29 13 14 16 21 $500 $999 27 30 16 13 $3O-$39 13 16 15 23 $1,000 and over 9 8 5 3 $40-$49 14 16 17 15 No regular payments or amount $50-$74 31 31 26 16 not ascertained 2 2 4 5 $75 and over 17 14 13 5 Not ascertained 1 1 2 1 All cases 100 100 100 100 All cases 100 100 100 100 1 Scheduled monthly payment multiplied by 12. 2 Actual payments during previous year. i Early in year specified. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Balance Sheet of Agriculture, 1956 The major factual portion of the twelfth in a L. A. Jones, R. W. Bierman, M. M. Taylor and series of annual reports on the financial condition W. H. Scofield. of agriculture, issued by the United States Depart- Data relating to the inventories of particular ment of Agriculture, is given below.1'2 The full items were prepared under the direction of the report will be published as an Agriculture Infor- following persons: Livestock—A. V. Nordquist; mation Bulletin of the Department of Agriculture. crops—C. E. Burkhead, J. J. Morgan, George D. The study was prepared under the direction of Harrell; machinery—E. W. Grove, Robert H. Norman J. Wall, Head of the Agricultural Finance Masucci; household equipment—Jean L. Pennock. Section, Production Economics Research Branch, Data relating to farm income and expenditures Agricultural Research Service, by F. L. Garlock, were compiled under the direction of E. W. Grove. THE 1956 BALANCE SHEET IN GENERAL Farm assets reached an all-time record value and fell in 1955. of $170.1 billion on January 1, 1956. The in- Farm debts, including price-support loans, increase in value of farm assets in 1954 and 1955— creased about $0.6 billion in 1954 and $1.1 bila period when farm prices and farm income were lion in 1955. In those two years, farm mortgage falling—resulted mainly from increases in the debt increased by $1.3 billion and non-real-estate value of farm real estate. Other farm assets, as debt, excluding price-support loans, by $0.9 bila group, rose $0.9 billion in 1954 and fell $0.3 lion. Outstanding price-support loans to indibillion in 1955. Household furnishings and equip- vidual farmers declined by $0.5 billion. Despite ment, machinery and motor vehicles, and the the increase in farm debt, the value of proprietors' financial assets owned by farmers rose in value equities in farm assets rose from the post-Korean each year; livestock inventories decreased each low of $144.4 billion at the beginning of 1954 to year. Inventories of crops rose in value in 1954 $151.3 billion on January 1, 1956. xThe Balance Sheet views agriculture as though it the meaning, use, and limitations of the Balance Sheet were one large enterprise. It is an aggregate of indi- and its individual items were considered. vidual series of farm assets and the claims to those Many of the considerations in that publication are assets. In effect, it is comparable to a consolidated still pertinent. They may be referred to with profit balance sheet of all farms, but it is not restricted to by those who examine the Balance Sheet of Agriculthe assets and debts of farm operators. It includes, ture for the first time. The reader will recall that in a in addition, the farm assets owned, and the farm- country as vast and diversified as ours, financial changes are never entirely uniform, either for geomortgage debt owed, by nonoperators. graphic areas or for individuals. Thus, even when the The Balance Sheet, formulated by the then Bureau Balance Sheet accurately reflects the aggregate, it does of Agricultural Economics for each year from 1940 not reveal the differences that are found in different to 1944, was first issued in processed form in Sep- States and regions and among individual farmers. tember 1944, in a publication entitled The Impact of 2 For earlier reports in this series, see the Federal the War on the Financial Structure of Agriculture. Reserve BULLETIN for September 1946, pp. 974-94; In August 1945, a printed report of this study under November 1947, pp. 1357-72; September 1948, pp. the same title was issued as Miscellaneous Publi- 1067-82; September 1949, pp. 1053-63; September cation No. 567 of the U. S. Department of Agricul- 1950, pp. 1118-31; September 1951, pp. 1090-1103; ture. In that report, the nature and significance of the July 1952, pp. 758-71; August 1953, pp. 822-34; financial structure of agriculture were analyzed, and August 1954, pp. 821-33; and August 1955, pp. 869-78. 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN • AUGUST 1956 ASSETS The currency, bank deposits, and United States savings bonds owned by farmers increased in pur- The value of all farm assets in the United States chasing power during 1955 by 1.4 per cent. This rose further during 1955 to an all-time peak of gain resulted from a small increase in the amount $170.1 billion on January 1, 1956 (Table I).3 of these assets that farmers owned and from a These assets include the financial assets, auto- slight decline in the prices of goods and services mobiles, and household furnishings and equip- that farmers buy. ment owned by farmers as well as all assets used directly in farm production, such as farm land and buildings, livestock, tractors, motor trucks, TABLE 1 farm machinery, and inventories of crops. The COMPARATIVE BALANCE SHEET OF AGRICULTURE UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-56 increase in 1955 was $3.6 billion, or about 2 per [In billions of dollars] cent, compared with $5.0 billion or about 3 per cent in 1954. Net increase or decrease (—)* Rising prices of farm real estate caused most Item 1940 1950 1955 1956 of the increase in value of farm assets in 1955. 1940-561955-56 Farm real estate values rose despite declines in farm prices and farm income. A strong demand Assets for farm real estate was generated by the need of Physical assets: Real estate2 33.6 75.3 98.8 102.7 69.0 3.9 many farmers to enlarge their operations. The Non-real-estate: Livestock 5.1 213.9 211.2 10.8 5.6 -.5 value of farm real estate was also affected by Machinery and motor vehicles2 3.1 11.2 16.0 16.6 13.6 .6 restricted offerings of farms for sale and by the Crops stored on and offfarms3 2.7 7.6 9.6 8.3 5.7 -1.3 spread of urban development. Household furnishings and equipment4.... 4.3 7.7 11.1 11.5 7.2 .4 Although farm expenditures for motor vehicles Financial assets: and farm machinery were lower in 1954 and 1955 Deposits and currency2.. 3.9 10.9 11.3 11.3 7.4 .02 United States savings than in a number of preceding years, purchases bonds .3 4.8 5.4 5.6 5.3 .2 Investments in cooperaexceeded depreciation in each of these years. tives .8 2.1 3.1 3.3 2.5 .2 Farmers continued to improve their inventories of Total2, 5 53.8 133.5 166.5 170.1 116.3 3.5 home furnishings and equipment. The currency Claims and deposits owned by farmers remained con- Liabilities: stant during 1954 and 1955 but small increases Real estate debt 6.6 5.6 8.2 9.0 2.4 .8 Non-real-estate debt: occurred in the value of the United States savings To principal institutions : bonds that farmers owned, largely because of Excluding loans held by and guarinterest accruals, and in the value of farmers' anteed by Commodity Credit equities in cooperative associations. Corporation 1.5 2.8 4.0 4.4 2.9 Loans held and guaranteed by Commodity 3 The Balance Sheet this year incorporates extensive Credit Corporachanges in several series. The data for farm real To o t t i h o e n r s s? 1. . 5 4 2 1 . . 4 7 2 3 2. . 2 3 3 1. . 9 5 2 1 . . 0 4 -.3 .2 estate, machinery and motor vehicles, and deposits have been revised back to 1940, and the series on Total liabilities 5 10.0 12.5 217.7 18.8 8.7 1.1 livestock to 1949. Revisions of the series on farm Proprietors' equities2 43.8 121.0 7487815l73 107.6 2.4 real estate and livestock are made to bring the series Total2, 5 iil 133.5 166.5 170.1 116.3 3.5 in line with data obtained from the 1954 Census of Agriculture. The revision for deposits is made to 1 Computed from unrounded data. harmonize the series with estimates of farmer- 2 Revised. 3 Includes all crops held on farms for whatever purpose and crops owned demand deposits for 1954 and 1955 made by held off farms as security for Commodity Credit Corporation loans. the Board of Governors of the Federal Reserve Sys- The latter on Jan. 1, 1956 totaled $1,381 million. 4 Estimated valuation for 1940, plus purchases minus depreciation tem. Estimates of the Board for these years, which since then. involved a revised procedure, were at a considerably 5 Total of rounded data. 6 Although these are nonrecourse loans, they are included as lower level than those made for earlier years. The liabilities because borrowers must either pay them in cash or deliver revision for machinery and motor vehicles is based on the commodities on which they were based. The values of the underlying commodities are included among the assets; hence the revisions of data on farm capital expenditures and on loans must be included as liabilities to avoid overstating the amount farm depreciation and other capital consumption made of proprietors' equities. 7 Includes individuals, merchants, dealers, and others. Estimates by the Agricultural Marketing Service. based on fragmentary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE SHEET OF AGRICULTURE 825 TABLE 2 credit was one of the means by which these PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 changes were accomplished. PRICES, UNITED STATES, JANUARY 1, SELECTED Farm mortgage debt increased in 1955 by YEARS, 1940-56 about $0.8 billion or nearly 10 per cent, bringing [In billions of dollars] the amount of this debt to $9.0 billion on Janu- Net increase or ary 1, 1956. Both the number and size of mortdecrease (—)* gages recorded were higher in 1955 than in 1954. Assets 1940 1950 1955 1956 Outstanding farm mortgage debt increased in all 1940-561955-56 regions during 1955. Real estate2 33.6 35 8337 3 37 5 3.8 0.2 The non-real-estate debt of farmers, excluding Livestock 5.1 4.8 35.1 5.2 .04 .03 Machinery and motor price-support loans, has increased in all years vehicles 3 3.1 6.0 7.5 7.6 4.5 .1 Crops stored on and off since 1944, except in 1953, when it dropped subfarms 2.7 3.2 33.6 3.5 .9 -.03 Household furnishings stantially. On January 1, 1956 it amounted to and equipment4 4.3 5.4 6.5 6.6 2.3 $7.9 billion, or about 8 per cent more than a year TotaP, 5 48.8 55.2 60.0 60.4 11.5 .4 earlier. Eleven years earlier, this debt reached a low for the 1940's and 1950's of only $2.7 billion. 1 Computed from unrounded data. 2 This series is based on data for Census years developed by Alvin Outstanding price-support loans to individual S. Tostlebe in cooperation with the National Bureau of Economic Research. It takes into account changes in the area in farms, acreage farmers dropped from $2.4 billion at the beginof improved land, and number and condition of farm structures. (See Agricultural Finance Review, November 1952.) Data for inter- ning of 1954 to $1.9 billion on January 1, 1956. censal years, and for 1951-56, are extensions from Census benchmarks based on net investment in farm structures (gross investment The amount of such loans made declined from minus depreciation). All data adjusted to a 1940 price base. the record of nearly $2.7 billion in 1953 to about 3 Revised. 4 Purchases since 1940 are deflated by an index of prices paid by $2.3 billion in 1954 and $2.2 billion in 1955. farmers for housefurnishings. 5 Totals of rounded data. AGRICULTURAL INCOME Only two main types of farm assets declined in value during the two-year period. These were the Total gross farm income in 1955 was $33.3 bilinventories of livestock and crops. Each was lion, a decline of about 2 per cent from the $33.9 worth at current prices about $0.9 billion less on billion in 1954 (Table 3). Cash receipts from January 1, 1956 than two years earlier. The farm marketings—the main item of gross income physical inventories of both livestock and crops —declined from $29.7 billion in 1954 to $29.3 were slightly larger at the end than at the begin- billion in 1955. Government payments to farmning of the period. Lower prices were the chief ers and the value of home consumption of farm cause of decline in the value of these inventories. products also decreased. The rental value of The quantity of all physical farm assets, as farm dwellings increased slightly, and the value measured by valuations in 1940 prices, has risen of crop and livestock inventories also rose. each year since 1945 (Table 2). For the entire The small decline that occurred between 1954 period 1946-55, the increase was about 20 per and 1955 in cash receipts from marketings was cent; it was less than 2 per cent for the last two the result of lower prices for farm products. The years. The major changes in 1954 and 1955 came price index for all commodities declined a little from expenditures for farm buildings and other more than 5 per cent. structures and from additions to household fur- Despite the 2 per cent decline between 1954 nishings and equipment. and 1955 in gross farm income, production costs (other than wages, rent, and mortgage interest) DEBTS rose about 1 per cent, from $17.2 to $17.4 bil- Total farm debt, including price-support loans, lion. Expenditures for feed, livestock, and fertiamounted to $18.8 billion on January 1, 1956. lizer declined, but not enough to offset the in- The farm debt has increased each year since 1945. creased costs related to the operation and depre- The growth in farm debt during 1946-56 was ciation of machinery and other farm capital, and partly a phase of the adjustment to a higher price higher expenditures for seed, taxes, and miscellevel. However, both the physical assets and the laneous items of expense. physical production of agriculture increased con- Because of the decrease in income and the rise siderably in this period; and increased use of in costs, total net income from agriculture Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN • AUGUST 1956 TABLE 3 dropped by more than $800 million or about 5 per cent. From the 1955 net income from agri- COMPARATIVE INCOME STATEMENT FOR AGRICULTURE culture of $15.9 billion, about $4.2 billion was UNITED STATES, SELECTED YEARS, 1950-55 X received by hired labor, mortgage holders, and [In millions of dollars] landlords not living on farms. Wage and interest income was larger, and rent to landlords was Item 1950 1954 1955 smaller in 1955 than in 1954. Total net income How net income was obtained received by farm operators was $11.7 billion in Total gross farm income: 1955 compared with $12.5 billion in 1954. The Cash receipts from farm marketings 28,40529,714 29,264 Government payments to farmers 283 257 229 amount of net income that was actually realized Home consumption of farm products 2,051 1,869 1,768 Rental value of farm dwellings 1,366 1,623 1,678 by farm operators in 1955 was about $11.3 bil- Net change in inventory 2 859 466 340 lion; $340 million of the total net income of farm Total. 32,96433,929 33,279 operators was in the form of increased crop and Production costs, other than wages, rent, and livestock inventories on hand at the end of the interest on mortgages: Feed bought 3,330 3,872 3,680 year. The realized net income of farm operators Livestock bought, except horses and mules.. 2,000 1,563 1,542 Fertilizer and lime bought 978 1,274 1,266 of $11.3 billion in 1955 compares with $12.0 Repairs and operation of capital items 2,969 3,265 3,353 Depreciation and other consumption of billion in 1954 and $14.3 billion in 1952. farm capital 2,743 3,645 3,734 Taxes on farm real estate and personal The purchasing power of the realized net income Se p ed ro b p o e u rt g y ht 9 5 1 3 9 1 1, 5 12 5 2 7 1,1 6 8 2 7 7 of farm operators declined about 5.5 per cent Miscellaneous 1,611 1,896 1,980 between 1954 and 1955. This decrease resulted Total 15,08117,19417,369 almost entirely from the decline in income as Net income from agriculture 17,88316,73515,910 average prices of goods and services bought by How net income was distributed farmers declined only slightly. The purchasing Wages to hired labor (cash and perquisites). 2,750 2,710 2,750 power of both total and realized net income of Net rent and Government payments to landlords not living on farms3 1,153 1,162 1,070 farm operators was lower in 1955 than for any Interest on farm mortgage debt 264 376 410 year since 1940. In 1946, the high year for this Net income of farm operators , 13,71612,48711,680 period, the purchasing power of realized and total Net income from agriculture 17,88316,73515,910 net income of farm operators was 79 per cent and Realized net income of farm operators 73 per cent, respectively, above that for 1955. Net income of farm operators. 13,71612,48711,680 Net change in inventory 859 466 340 Income of the farm population from nonfarm Realized net income of farm operators 12,85712,02111,340 sources is an important supplement to their income from agriculture. In 1955, the income of 1 Revised. 2 Reflects physical changes during year in all livestock and crops farm people from nonagricultural sources was on farms, except crops under CCC loans, with the changes valued $6.1 billion, about 45 per cent of total net income at average prices for the year. 3 After subtraction of taxes, mortgage interest, and other expenses of all farm people from agriculture. paid by such landlords. THE 1956 BALANCE SHEET IN DETAIL The foregoing pages have provided a sum- ASSETS mary analysis of the Balance Sheet in general Farm real estate.4 The market value of farm terms and an account of the income position of real estate (land and buildings) on March 1, 1956 agriculture. In this section, each item of the was estimated at a new high of $102.7 billion, 1956 Balance Sheet is treated in detail. nearly $4 billion more than a year earlier and $6 billion above the previous high in 1953. This Substantial upward revisions for 1951-55 were represented an average value of $88.65 per acre made to conform with the level of values reported by for the 1,158 million acres of land in farms rethe 1954 Census of Agriculture. The total value of farm real estate based on Census reports was $97,583 ported by the 1954 Census. The value of farm million as of about October 1954. This was adjusted to March 1955 by applying the index of average value The Balance Sheet for 1955 showed a value of $91.3 per acre which gave a total value of $98,780 million. billion, or about 8 per cent less. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE SHEET OF AGRICULTURE 827 from $17 per hundredweight in December 1954 CHANGES IN DOLLAR VALUE to $10.60 in December 1955. The total value OF FARMLAND* of hogs declined 37 per cent from $1,542 million on January 1, 1955 to $977 million at the beginning of 1956. Numbers of cattle and calves kept for milk declined from 35.4 million on January 1, 1955 to 34.9 million on January 1, 1956, although milk prices were relatively stable in 1955 and the milkfeed ratio improved. Numbers of other cattle increased in 1955 from 61.2 million at the beginning of 1955 to 62.6 million a year later. Prices for beef cattle in late 1955 averaged below the same months of the preceding year. In December 1955, the average price per hundredweight was buildings last March was estimated at $24.8 bil- $13.50 as compared with $15.20 in December lion, or 24 per cent of the value of land and build- 1954. ings. The value of farm buildings has repre- All cattle on farms numbered 97.5 million head sented a declining proportion of the value of farm on January 1, 1956. This was an increase of real estate in most years since 1940, partly be- about 1 per cent in 1955, which was the seventh cause of steady decline in the number of farms. consecutive year in which cattle numbers had Continued strong demand by farmers for addi- increased. The total value was $8,581 million, tional land with which to enlarge their farms and less than 1 per cent above the value on January 1, the widespread opinion that farmland is still a 1955. safe and desirable long-term investment, despite TABLE 4 lower farm income, appear to be the major factors LIVESTOCK AND POULTRY ON FARMS: NUMBER, VALUE PER HEAD, AND TOTAL VALUE, UNITED STATES responsible for rising land values during the last JANUARY 1, 1955 AND 1956 two years. In addition, several other value-sustaining forces can be observed in the various 19551 1956 regions. Among these are urban and industrial expansion into rural areas, demand for part-time Value Total Value Total Class Num- per value Num- per value farms and rural residences, a strong demand for ber head (Mil- ber head (Mil- (Mil- (Dol- lion (Mil- (Dol- lion land for timber production, and favorable weather lions) lars) dol- lions) lars) dollars) lars) and crop yields in 1955. Livestock and poultry on farms. A decline of Cattle 97 88.20 8,517 97 88.00 8,581 Milk cows2 23 134.00 3,148 23 139.00 3,235 nearly $13 per head in the value of hogs was Hogs 50 30.60 1,542 55 17.70 977 Horses and mules 4 56.20 242 4 62.60 248 largely responsible in 1955 for a further drop in All sheep 3 32 14.90 472 31 14.30 444 Stock sheep4 27 14.90 404 27 14.30 385 the value of livestock on farms. Total value of Chickens 391 1.05 411 382 1.26 481 Turkeys 5 5.33 26 5 5.50 27 livestock and poultry on farms on January 1, 1956 was $10.8 billion, 4 per cent less than a Total 11,210 10,758 year earlier and the lowest since 1946 (Table 4). 1 Revised. In 1940 prices, the total value on January 1, 2 3 I I n n c c l l u ud d e e s d s i h n e c e a p t t a le n . d lambs on feed for market. 1956 was $5.2 billion. This represented a rise 4 Included in all sheep. of 1 per cent in 1955 and reflected increases in Machinery and motor vehicles on farms. The the total number of cattle and hogs on farms. value of farm machinery and motor vehicles on The 1955 pig crop was 12 per cent above 1954, farms reached a record high of $16.6 billion on and on January 1, 1956 the number of hogs on January 1, 1956. This was about 4 per cent farms totaled 55.1 million, 9 per cent more than above the previous high of $16.0 billion on Jana year earlier. Increases occurred in all regions. uary 1, 1955 (Table 5). Purchases of farm ma- Hog prices declined sharply in 1955, dropping chinery and motor vehicles in 1955 were nearly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN • AUGUST 1956 TABLE 5 farmers at the beginning of 1956 was $8.3 billion, FARM MACHINERY AND MOTOR VEHICLES: VALUE BY 14 per cent lower than a year earlier. CLASSES, UNITED STATES, JANUARY 1, The value of crops stored on farms on January SELECTED YEARS, 1940-56 1, 1956, including crops sealed under loan to [In milRons of dollars] the Commodity Credit Corporation, was $6.9 Other billion, $800 million less than a year earlier. The Trac- Auto- Motor- farm Year Total i tors i mobiles2 trucks l machin- value of such crop inventories in constant 1940 ery1 prices, however, increased about 4 per cent from about $3.0 billion to $3.1 billion. 1940 .. 3,060 503 958 262 1,337 The important livestock feed crops (feed grains, 1950 11,216 2,365 2,324 1,445 5,082 hay, and forage crops), which make up about 1954 15,919 3,153 3,705 1,907 7,154 three-fourths of all crops stored on farms, dropped 1955 15,993 3,160 3,655 1,905 7,273 in value from $5.9 billion to $5.3 billion during 19563 16,628 3,342 3,761 2,030 7,495 1955. Corn and hay, the two most important 1 Revised 1940-54. crops in this group, declined in value by $370 2 Revised 1950-54. 3 Preliminary. million and $107 million, respectively. The relatively unimportant crops of sorghum silage and 6 per cent above 1954 but were 9 per cent below forage were the only ones in this group that rose the high reached in 1951. Valued in 1940 prices, in value. As measured by values in 1940 prices, machinery and motor vehicles on farms totaled however, the quantity of feed grains on farms nearly $7.6 billion at the beginning of 1956, com- increased about 6 per cent and the supply of hay pared with $7.5 billion for 1955 and 1954. In and forage increased by more than 2 per cent terms of 1940 prices, purchases of farm machinery during the year. and motor vehicles in 1955 were about 3 per The value of food grains stored on farms cent above 1954 but 23 per cent below the high decreased from $718 million to $660 million bereached in 1949. tween January 1, 1955 and January 1, 1956. In 1955, purchases of farm machinery and The chief crop in this group is wheat, which motor vehicles amounted to 11.7 per cent of the declined in value from $687 million to $628 miltotal cash receipts from farming. Numbers of lion although the quantity on farms was practractors, motortrucks, grain combines, corntically the same as a year earlier. The value of pickers, pickup balers, and field forage harvesters oil crops in farm storage declined by 27 per cent on farms were at record highs at the beginning during the year—from $475 million to $345 milof 1956. The number of farms with milking lion. Of the other crops on farms at the beginmachines was also the highest of record on that ning of 1956, cotton was most important. It date. had a value of $327 million, more than 40 per Crops. Production of crops in 1955 almost cent above a year earlier. equaled the 1948 record and was considerably On January 1, 1956 the value of crops owned higher than the output for any of the last six by farmers in off-farm storage that were pledged years. This large production resulted mainly as security for price-support loans was $1.4 bilfrom the generally high yields per acre. The lion. This is more than $0.5 billion less than acreage of principal crops harvested was the the record amount under loan a year earlier. smallest since 1940. Prices were generally lower and the physical The quantity of crops owned by farmers on quantity of these stocks was down about a fourth. January 1, 1956—stored on farms and in off-farm Cotton was the chief crop stored off farms. It storage under Commodity Credit Corporation was valued at nearly $900 million at the beginloans—was slightly less than a year earlier. In ning of 1956—about $250 million less than on constant 1940 prices, the 1956 value was $3.5 January 1, 1955. billion compared with $3.6 billion in 1955 and Liquid financial assets. At the beginning of 1956, $3.4 billion in 1954. Because of lower prices, the liquid financial assets owned by farm people the value in current prices of crop inventories of were estimated at $16.9 billion, about $0.2 bil- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE SHEET OF AGRICULTURE 829 TABLE 6 United States savings bonds. The cash value LIQUID FINANCIAL ASSETS OWNED BY FARMERS of United States savings bonds held by farmers JANUARY 1, SELECTED YEARS, 1940-56 on January 1, 1956 was estimated at $5.6 billion [In billions of dollars] compared with $5.4 billion a year earlier. Of the $200 million increase, only about $60 million Deposits1, 2 u. s. Year Total i re C n u c r y - i savings resulted from a net increase in purchases over re- Demand Time bonds3 demptions. An increase of $140 million stemmed from the accrual of interest on Series E bonds. 1940 4.1 0.9 1.5 1.4 0.3 During 1955, farmers invested $303 million in 1945 12.9 3.2 4.3 2.0 3.4 Series E bonds and $188 million in Series H 1950 15.7 3.1 5.3 2.5 4.8 bonds. This represented little change from 1954 1951 15.8 3.0 5.4 2.5 4.9 1952 16.3 3.1 5.7 2.6 4.9 in purchases of E bonds, but H bond purchases 1953 16.3 2.9 5.7 2.7 5.0 1954 16.5 2.8 5.6 2.9 5.2 were $53 million larger than in 1954. Those 1955 16.7 2.8 5.5 3.0 5.4 1956 16.9 2.8 5.5 3.0 5.6 buying Series H bonds are believed to be heavier investors than those buying E bonds; Series H 1 Revised. 2 These two series have been revised to adjust them to the level of bonds are current-income bonds for which the current estimates of demand deposits for 1954 and 1955 made by smallest denomination is $500. Relatively heavy the Board of Governors of the Federal Reserve System. The demand deposit series was lowered by amounts ranging from $2.5 billion and purchases of both E and H bonds continue in the $2.6 billion in the period 1952-55 to no change in 1940. The series on time deposits was revised to keep the previous relationship with Corn Belt and the Northern Plains. demand deposits 3 Redemption value. Net worth of farmers' cooperatives. On January lion more than a year earlier (Table 6). This 1, 1956 the net worth of farmers' cooperatives increase in financial assets occurred mainly in the was $3.3 billion, about $0.2 billion greater than cash value of United States savings bonds. The a year earlier. The growth of these associations amount of currency and bank deposits held by has been continuous throughout the war and farmers remained about the same as at the begin- postwar years. In 1946 the net worth of farmers' ning of 1955. To some, the maintenance or increase cooperatives was $1.4 billion, and in 1940 it was in liquid assets by farmers may seem paradoxical only $0.8 billion. in view of the decline in farm income. In some Productive assets in agriculture. Not all of the instances, working funds in the form of demand assets shown in the Balance Sheet of Agriculture deposits or currency were maintained by means are productive assets. To estimate the investof borrowing. Also, the net increase in United ment in the productive assets in the agricultural States savings bonds and savings accounts in industry, it is necessary to eliminate the value of banks is believed to have resulted largely from the dwellings, household goods, part of the inthe accrual of interest. However, where reduced vestment in automobiles, and most of the financial incomes have been experienced or anticipated, assets. Also, those crops already produced and there are indications that many farmers have held for sale are eliminated. For 1956, the reattempted to hold on, or add, to their financial mainder of the assets—those used in production— reserves by curtailing their expenditures. have a value of $124.9 billion, about 73 per cent Deposits and currency. Farmers' holdings on of the total assets. January 1, 1956 of demand deposits, time de- CLAIMS posits, and currency totaled $5.5 billion, $3.0 billion, and $2.8 billion, respectively. These Farm real estate debt. The current trend toward amounts are about the same as a year earlier. higher farm mortgage (real estate) debt con- For a selected group of some 600 agricultural tinued in 1955, as the demand for farm mortgage counties, the demand deposits of individuals, money was strong and major farm mortgage partnerships, and corporations in insured banks lenders continued to increase both the number increased 1.8 per cent during 1955. Time de- and size of their loans. posits increased 3.6 per cent. These increases On January 1, 1956 farm mortgage debt totaled are believed to stem mainly from the nonfarm an estimated $8,960 million (Table 7). This population in these counties and to be larger represents an increase of 10 per cent in 1955, the than those for farmers. tenth consecutive year in which farm mortgage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN • AUGUST 1956 18 per cent; and banks, 15 per cent. FARM MORTGAGE DEBT HELD More liberal appraisal policies of the Federal BY MAJOR LENDERS land banks, put into effect in late 1954, and BIL DOLLARS | changes in the Federal Reserve Act in August ~ CH Farmers Home Adm. E3Join,-Sock land banks - 1955 to permit larger real estate loans for longer 12 ED Fed. Farm Morf. Corp. ESI Fed. iand banks pi) Life in terms by national banks were factors in the inggj Banks* - 9 A : crease. The average size of farm mortgages recorded increased from $6,000 in 1954 to $7,100 6 in 1955. The total number of mortgages recorded in 1955 was 335,000, compared with 3 WMmm 316,000 in 1954. The Federal land banks had ^^INDIVIDUALS & OTHERS^ the largest relative increase in size of farm mort- 0- 1910 1920 1930 1940 1950 1960 gages recorded—from $6,000 in 1954 to $8,000 in 1955. The average size of mortgage recorded by insurance companies increased from $13,700 debt has increased, as shown in the chart. The in 1954 to $14,800 in 1955, while the increase increase was shared by all active lenders, and the for commercial and savings banks was from total debt increased in every region. $4,500 in 1954 to $5,000 in 1955. Total recordings of farm mortgages rose in The purposes of farm mortgage loans changed 1955, and reflected increased lending activity by little in 1955. Refinancing of debts and the purmost types of lenders. Farm mortgages recorded chase of farm real estate continued to account in 1955 amounted to $2,380 million. This was for the largest share of the money borrowed. Of 26 per cent above the 1954 amount and the high- the proceeds of the last 100 loans made by each est since 1923. By lenders, the increase from Federal land bank prior to December 15, 1955, 1954 to 1955 in amounts recorded was: Federal about 62 per cent was to be used to refinance land banks, 60 per cent; insurance companies, debts and 15 per cent was for purchase of farm 29 per cent; individual and miscellaneous lenders, real estate. The share devoted to real estate purchases was moderately above a year earlier, but TABLE 7 the percentage for refinancing was down slightly. FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS UNITED STATES, JANUARY 1, SELECTED YEARS Reports from 13 life insurance companies which 1940-56 loaned $120 million on farm mortgages in the first quarter of 1956 showed no significant change Amount outstanding Percentage in purposes of loans from a year earlier. In the (In millions of dollars) changei first three months of 1956, about 32 per cent of Lender 1940-1955- the money loaned was for purchase of real estate, 1940 1950 1955 1956 56 56 and 50 per cent was for the purpose of refinanc- Total 6,586 5,579 8,17628,960 36 10 ing debts. Federal land banks 3 2,010 906i 1,267 1,480 -26 17 Principal repayments during 1955 on farm Federal Farm Mortgage Corporation3, 4 713 59 13 0 mortgage debt were somewhat higher relative to F L a if r e m i e n r s s u r H a o nc m e e c A om dm pa . n 5 ies 3... 98 3 4 2 1,1 1 7 8 2 9 2,0 2 5 7 2 1 22,2 2 7 7 0 8 7 1 7 3 0 1 1 3 1 total farm mortgage debt outstanding than in I I n n d su iv r i e d d u c a o ls m a m nd e r m cia is l c b . 6 anks... 2,3 5 1 3 3 4 2,3 8 7 79 4 3 , ,4 1 3 36 72 1 3 , , 2 6 7 6 0 2 1 5 3 8 8 1 7 2 1954 for life insurance companies, but slightly lower for the Federal land banks. Delinquencies 2 1 P C r o e m lim pu in te a d ry f . rom unrounded data. continue low. Of 182,000 farm mortgages held 3 Includes regular mortgages, purchase-money mortgages, and by 16 life insurance companies on March 31, sales contracts. 4 Loans were made for the Corporation by the Land Bank Com- 1956, there were 600 with interest overdue three missioner. Authority to make new loans expired July 1, 1947. On June 30, 1955, loans of the Federal Farm Mortgage Corporation months or more and only 100 in process of forewere sold to the 12 Federal land banks. 5 For 1940 tenant-purchase loans only. 1945-56 includes tenant- closure. This was about the same proportion as purchase; farm-enlargement; farm-development; project-liquidation loans; beginning July 1950, farm-housing loans; beginning 1955, a year earlier. Similarly, delinquent and extended building-improvement loans; and beginning Jan. 1, 1956, direct soil and water loans to individuals. Data also include similar loans loans of the Federal land banks, in both number from State Corporation trust funds. and principal outstanding, made up about the same <> Estimates of farm mortgage debt held by individual and miscellaneous lenders for 1951 and later years should be regarded only proportion of total loans as a year earlier. as general indicators of trend. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE SHEET OF AGRICULTURE 831 Regionally, increases during 1955 in the non- NON-REAL-ESTATE FARM LOANS real-estate debt of farmers to principal lenders (HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES) were greatest in the North Central and Western Percentage Change, 1955-56* States, as shown in the chart. Regional differences in growth of non-realestate farm debt can be explained, at least partly, by regional differences in the income and inventory situations of farmers. In all parts of the United States, the cost-price squeeze is causing many farmers to use more credit and making it more difficult for many farmers to pay debts. Moreover, many farmers have increased their use of fertilizer and are mechanizing, expanding, or Noii-real-estate debt. The non-real-estate debt NON-REAL-ESTATE FARM LOANS of farmers, excluding price-support loans made HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES, BY REGIONS* or guaranteed by the Commodity Credit Corpo- $ BILLIONST 1 1— $ BILLIONS SOUTH ration, rose during 1955 to $7.9 billion on January 1, 1956. The increase for the year was more than 8 per cent, compared with 5 per cent for 1954. This type of farm debt has increased each year since 1944 except in 1953 when it was reduced by 9 per cent (Table 8). At the beginning of 1945, it amounted to only $2.7 billion. The non-real-estate debt, excluding price-support loans, owed by farmers to banks and Federally sponsored agencies on January 1, 1956 amounted to $4.4 billion or 10 per cent more than a year earlier, as shown in the map. During 1955, the loans held by banks increased about 13 per cent and those held by production credit 1910 1920 1930 1940 1950 1910 1920 1930 1940 1950 1960 associations nearly 12 per cent, but loans held by the Farmers Home Administration decreased about 6 per cent. adjusting their operations in the hope that they TABLE 8 can improve their incomes or lower their costs by FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES operating on a larger scale or by intensifying or JANUARY 1, SELECTED YEARS, 1940-56 diversifying their operations. Marketing quotas [In billions of dollars] and acreage allotments have required many Type of debt 1940 1950 1955 1956 changes in production. These adjustments have meant that many farmers have had to use more Pri b c y e - C su o p m p m or o t di l t o y a n C s r e m di a t d C e or o p r or g a u t a io ra n n x teed .4 1.7 2.2 1.9 credit. But, despite the cost-price squeeze, both Other loans by banks and Federally spon- receipts from farm marketings and net income of sored agencies 1.5 2.8 4.0 4.4 Loans and book credits by miscellaneous farm operators were generally higher in 1955 lenders2 1.5 2.4 3.3 3.5 than in 1954, in both the Northeastern and the Total, excluding Commodity Credit Corporation loans 3.0 5.2 7.3 7.9 Southeastern States. Higher prices of milk and Total, including Commodity Credit Corporation loans 3.4 6.9 9.5 9.8 eggs, and the excellent crops of cotton, tobacco, and peanuts produced in 1955 were largely re- 1 Although these are nonrecourse loans, they are treated as debts sponsible for these improvements. In these re- Borrowers must either pay them in cash or deliver the commodities on which they are based. gions, many farmers were able not only to repay 2 Estimate based on fragmentary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN • AUGUST 1956 loans incurred for operating purposes in 1955 1956 than in the same period of 1955. Increases but also to pay off considerable amounts of loans were most pronounced in the Corn Belt, Plains, that were carried over from earlier years. and Pacific States. Such loans were lower in 1956 The situation was less favorable in the Corn than in 1955 in a number of Southern States, Belt, Pacific, and Mountain regions. In both the probably because of improved incomes in these Corn Belt and Mountain States, cash receipts States. from farm marketings were lower in 1955 than The volume of price-support loans made to in 1954, and in all three regions net farm income individual farmers was about $2.2 billion in 1955, from some of the major types of farms was compared with about $2.3 billion in 1954 and down considerably. A drastic decline occurred in $2.7 billion in 1953. The outstanding amount the net income from hog-beef fattening farms. of such loans declined from $2.4 billion at the Moreover, cattle feeders had more cattle on feed beginning of 1954 to $1.9 billion on January 1, and, in the range areas, the carryover of young 1956. Of all price-support loans outstanding on stock was greater at the beginning of 1955 than January 1, 1956, 35 per cent of the amount was a year earlier. Apparently, these larger inven- on cotton, 23 per cent on tobacco, 18 per cent tories, which were often combined with lower in- on wheat, 11 per cent on corn, and 14 per cent comes, explain why the non-real-estate debt of on other crops. farmers increased more in the Corn Belt, Moun- Total farm debt. Except for a barely perceptible tain, and Pacific regions than in other regions. decline in 1953, total farm debt (excluding price- Data for both production credit associations support loans) has risen each year since January and banks indicate that the non-real-estate debt 1, 1946, when it was at the lowest point since of farmers is continuing to increase in 1956. World War I. From $7.7 billion outstanding on Through May the amount loaned (including re- that date, it increased an average of about $0.9 newals) by the production credit associations was billion per year to $16.9 billion on January 1, nearly 6 per cent greater in 1956 than in 1955, 1956. The increase during 1955 was $1.4 biland their outstanding loans were 8 per cent higher lion, or 9 per cent. on May 30, 1956 than a year earlier. On April Regional data for the total of all farm mort- 10, 1956 non-real-estate loans to farmers held by gage debt and of non-real-estate debt held by rebanks are estimated to have been about 6 per cent porting lenders show increases for the 10-year higher than a year earlier. But the increase in period January 1, 1946 to January 1, 1956 rang- 1956 appears to be at a lower percentage rate ing from about 68 per cent in the Lake States to than in 1955. nearly 188 per cent in the Mountain States. Dur- Operating loans made by the Farmers Home ing 1955, the total of these debts increased nearly Administration, including the regular production 10 per cent in the United States as a whole. Inand subsistence loans and emergency loans, were creases exceeding 10 per cent occurred in the about 21 per cent greater during the first half of Corn Belt, Mountain, and Pacific regions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Member Banks Dealing in Obligations of Banks Federal Reserve Banks as Fiscal Agents in for Cooperatives Connection with Guarantees of By Act of Congress, approved July 26, 1956 Flood Damage Loans (Public Law 809, 84th Congress), paragraph Sev- The Act of Congress, approved August 7, 1956 enth of section 5136 of the Revised Statutes of (Public Law 1016, 84th Congress), cited as the the United States was amended, effective January "Federal Flood Insurance Act of 1956" authorizes 1, 1957, so as to remove the present limitation any Federal Reserve Bank, when designated by on national banks investing in debentures issued the Housing and Home Finance Administrator, to by the banks for cooperatives. Subject, of course, act as fiscal agent of the United States in guaranto any applicable provision of State law, this auteeing loans made by financing institutions to perthorization also extends to all State member banks sons suffering loss from flood damage. The perof the Federal Reserve System as section 9 of the tinent provisions of the Act are as follows: Federal Reserve Act makes this provision of section 5136 applicable to State member banks. The SEC. 5. (C) Any Federal Reserve bank, when designated by the Administrator, is hereby authorized to text of the pertinent provision of the new law is act, on behalf of the Administrator, as fiscal agent of as follows: the United States in guaranteeing loans under this section and in otherwise taking action in connection with SEC. 201. (c) Paragraph Seventh of section 5136 such guarantees. Such funds as may be necessary to of the Revised Statutes as amended, is amended (1) enable such bank to carry out any such guarantee by inserting in next to the last sentence immediately shall be supplied and disbursed by or under authority before the words "Federal Home Loan Banks," the of the Administrator from the Disaster Loan Fund. words "thirteen banks for cooperatives or any of Such bank shall not have any responsibility or acthem or the"; and (2) by changing the last sentence countability except as agent in taking any action in to read as follows: "The limitations and restrictions connection with such guarantees. Each such bank herein contained as to dealing in and underwriting shall be reimbursed by the Administrator, from funds investment securities shall not apply to obligations appropriated by the Federal Government, for all exissued by the International Bank for Reconstruction penses incurred by the bank in acting as agent on and Development which are at the time eligible for behalf of the Administrator, including among such purchase by a national bank for its own account: expenses, notwithstanding any other provision of law, Provided, That no association shall hold obligations attorneys' fees and expenses of litigation. issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this (d) Actions and operations of such banks under purpose obligations as to which it is under commit- authority of subsection (c) of this section shall be ment shall be deemed to be held by it) in a total subject to the supervision of the Administrator and amount exceeding at any one time 10 per centum of subject to such regulations as he may prescribe. The its capital stock actually paid in and unimpaired and Administrator is authorized to prescribe the term and 10 per centum of its unimpaired surplus fund." incidental charges for loans guaranteed under subsection (c) of this section. The Administrator is further authorized to prescribe regulations with respect Salary of Federal Reserve Board Members to the forms and procedures (which shall be uniform By Act of Congress, approved July 31, 1956 to the maximum extent practicable) to be utilized in connection with such guarantees. (Public Law 854, 84th Congress), adjusting the rates of compensation of the heads of the execu- Interest on Time Deposits with Alternate tive departments and of certain other officials of Maturities the Federal Government, the rate of basic compensation of the Chairman of the Board of Gov- The Board was asked recently whether four ernors of the Federal Reserve System was in- forms of time deposit contracts complied with the creased from $16,000 to $20,500 per annum, and requirements of Regulation Q. The first was evithe rate of basic compensation for other members denced by a certificate which provided for a of the Board was increased from $16,000 to $20,- maturity 6 months after date of deposit with an 000 per annum. This Act, in effect, amends sec- option on the part of the depositor to withdraw tion 10 of the Federal Reserve Act. part or all of the funds, without notice, on the 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN • AUGUST 1956 30th day after the date of deposit, or on the 90th with alternate fixed maturities of 90 days, 4 day after the date of deposit, and which provided months, and 5 months, with interest at 2 per cent; that funds withdrawn on the 30th day would bear 6, 7, and 8 months, with interest at 2V4 per cent; interest at a rate of 1 per cent, funds withdrawn and 9 and 10 months with interest at 2% per on the 90th day would bear interest at a rate of cent. The Board stated that the foregoing views 2 per cent, and funds withdrawn at the end of expressed with respect to the form of deposit con- 6 months would bear interest at a rate of VA tract described in the first paragraph above were per cent. applicable also to the second and third forms of With respect to the above form of certificate, contracts described in this paragraph. the Board referred to its interpretation published The fourth form of contract represented a time in 1953 Federal Reserve BULLETIN 721 (12 CFR deposit having a fixed maturity dated 6 months 217.105) which expressed the view that if a time after the date of deposit but with an option on certificate permits withdrawal either at a specified the part of the depositor to withdraw a part or all maturity or prior to such time after a specified of the funds either on 90 days' advance written period of written notice, the maximum rate of in- notice at a rate of 2 per cent, or on 30 days' adterest will depend upon which of such withdrawal vance written notice at a rate of 1 per cent if privileges is elected by the depositor and the maxi- withdrawn during the first 90 days or at a rate of mum rate applicable under the regulation in the 2 per cent if withdrawn after the 90th day followcircumstances of the withdrawal privilege so ing the date of deposit. The Board said that such elected. For example, a certificate providing for a contract providing for payment of interest at a payment 5 years after date with interest at 2Vi rate of 2 per cent on a deposit withdrawn after per cent, but providing also for earlier payment 30 days' written notice would not comply with after 90 days' written notice with interest at 2 per Regulation Q. cent, would comply with the regulation. Such a The Board said that in connection with all four certificate has a single fixed maturity but provides of the forms of deposit contracts described above, that an earlier maturity may be fixed at the option it is important to bear in mind that the maximum of the depositor with a resulting reduction in the permissible interest rate does not depend upon the rate of interest payable. length of time the deposit is left with the bank. The Board pointed out that, by contrast, the Where the deposit contract provides a fixed matucertificate described in the first paragraph above rity but with an option on the part of the dehad several fixed maturities, the first of which was positor to withdraw after a prescribed period of 30 days after date of deposit, so that the deposit notice, the maturity is that named in the certifiwhen established was payable 30 days after date. cate unless and until the depositor exercises his The Supplement to Regulation Q provides that no option to change that maturity, and in that event member bank shall pay interest at a rate in excess the maximum interest rate payable will be the rate of 1 per cent per annum on a time deposit having applicable under the regulation with respect to the a maturity date less than 90 days after the date period of such notice of withdrawal given by the of deposit or payable upon written notice of less depositor. Where the certificate itself names althan 90 days. The Board said that, consequently, ternate fixed maturities, as in three of the certhe 2 per cent and 2>A per cent rates of interest tificates discussed above, without provision for provided for under the form of time certificate withdrawal after notice upon the option of the described in the first paragraph above would be depositor, the certificate must be regarded as main excess of the maximum rates prescribed by turing at the earliest fixed maturity and, if not Regulation Q. withdrawn at that time or at any subsequent fixed The second deposit contract on which the maturity, as being automatically renewed until the Board's views were requested was a 6 months' time date of the next following fixed maturity; and the deposit with interest at a rate of 2VA per cent, but maximum interest rate payable upon withdrawal with an alternate fixed maturity of 90 days after at any fixed maturity would be the maximum rate date with interest at 2 per cent. The third con- applicable under the regulation to the period from tract represented a deposit payable 11 months after the previous automatic renewal to the date of date with interest at a rate of 23/s per cent but such withdrawal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 835 Bank Holding Companies bank holding company from the date as of which its predecessor company became a bank Pursuant to the Bank Holding Company Act holding company. of 1956, the Board of Governors of the Federal (b) Exceptions from definition of "bank holding Reserve System has issued Regulation Y, effective company".—No company shall be considered a September 1, 1956. The text of the regulation bank holding company— follows: (1) if it is a bank and it would otherwise be REGULATION Y a bank holding company only by virtue of its ownership or control of shares in a fiduciary SECTION 1. AUTHORITY AND SCOPE capacity, provided such shares are not held for This regulation is issued pursuant to the Bank the benefit of the shareholders of such bank; or Holding Company Act of 1956, the provisions of (2) if (i) it is registered under the Investwhich are set forth in the Appendix to this regu- ment Company Act of 1940 and was so reglation.1 Provisions relating to holding company istered prior to May 15, 1955, or is affiliated affiliates, as defined in section 2(c) of the Banking with any such registered company in such man- Act of 1933, are contained in the Board's Regu- ner as to constitute it an affiliated company lation P.2 within the meaning of that Act, and (ii) it does not directly own 25 per centum or more of the SECTION 2. DEFINITIONS voting shares of each of two or more banks; or (a) Bank holding company.—Subject to the ex- (3) if it would otherwise be a bank holding ceptions stated in subsection (b) of this section, company only by virtue of its ownership or the term "bank holding company" means any control of shares acquired by it in connection company— with its underwriting of securities and if such shares are held only for such period of time as (1) which directly or indirectly owns, conwill permit the sale thereof upon a reasonable trols, or holds with power to vote either basis; or (i) 25 per centum or more of the voting (4) if it was formed for the sole purpose of shares of each of two or more banks, or participating in a proxy solicitation and would (ii) 25 per centum or more of the voting otherwise be a bank holding company only by shares of any other company which is or bevirtue of its control of voting rights of shares comes a bank holding company; or acquired in the course of such solicitation; or (2) which controls in any manner the elec- (5) if at least 80 per centum of its total tion of a majority of the directors of each of assets are composed of holdings in the field of two or more banks; or agriculture, and for this purpose the term "agri- (3) for the benefit of whose shareholders or culture" includes farming in all its branches, members 25 per centum or more of the voting including fruitgrowing, dairying, the raising of shares of each of two or more banks or of a livestock, bees, fur-bearing animals, or poultry, bank holding company is held by trustees; or forestry or lumbering operations, and the pro- (4) which is a successor to any company duction of naval stores, and operations directly that falls within (1), (2), or (3) above, and related thereto. any such successor shall be deemed to be a (c) Company.—The term "company" means any corporation (including a bank), business 1 The record keeping and reporting requirements trust, association, or similar organization, except— contained herein have been approved by the Bureau (1) any corporation the majority of the of the Budget in accordance with the Federal Reports Act of 1942. shares of which are owned by the United States 2 The Bank Holding Company Act of 1956 and or by any State; this Regulation Y are in addition to, and do not take (2) any corporation or community chest, the place of, provisions of other laws, such as section fund, or foundation, organized and operated 5144 of the Revised Statutes, and the Board's Reguexclusively for religious, charitable, or educalation P thereunder, which relate to "holding comtional purposes, no part of the net earnings of pany affiliates" as distinguished from "bank holding companies." which inures to the benefit of any private share- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN • AUGUST 1956 holder or individual, and no substantial part of filing of registration statements, applications, rethe activities of which is carrying on propa- quests, or reports by a bank holding company or ganda, or otherwise attempting to influence leg- other company shall mean the Federal Reserve islation; and Bank of the Federal Reserve district in which such (3) any partnership. company has its principal office. (d) Bank.—The term "bank" means any na- SECTION 3. REGISTRATION tional banking association or any State bank, savings bank, or trust company, but shall not include (a) Registration statement.—On or before Noany organization operating under section 25(a) vember 5, 1956, or within 180 days after it beof the Federal Reserve Act, or any organization comes a bank holding company, whichever is which does not do any business within the United later, each bank holding company shall register States. with the Board by filing with the Federal Reserve Bank a registration statement, in duplicate, on O) State member bank.—The term "State memforms prescribed by the Board. Upon timely apber bank" means any State bank which is a memplication by any bank holding company and upon ber of the Federal Reserve System. a satisfactory showing as to the need therefor, the (/) District bank.—The term "District bank" Board in its discretion may extend the time premeans any State bank organized or operating unscribed herein for the filing of a registration stateder the Code of Law for the District of Columbia. ment by such bank holding company. (g) Subsidiary,—The term "subsidiary," as used (b) Date of registration.—The date of registrawith respect to a specified bank holding company, tion of a bank holding company shall be the date means— on which its registration statement is received by (1) any company 25 per centum or more of the Federal Reserve Bank with which such statewhose voting shares (excluding shares owned ment is required to be filed. by the United States or by any company wholly owned by the United States) is owned or con- SECTION 4. ACQUISITION OF BANK SHARES trolled by such bank holding company; OR ASSETS (2) any company the election of a majority (a) Transactions requiring Board approval.—Exof whose directors is controlled in any manner cept with the prior approval of the Board or by such bank holding company; or except as provided in subsection (b) of this sec- (3) any company 25 per centum or more of tion,— whose voting shares is held by trustees for the (1) no action shall be taken which will rebenefit of the shareholders or members of such sult in any company becoming a bank holding bank holding company. company; (h) Successor,—The term "successor" includes (2) no bank holding company shall acquire any company which acquires directly or indirectly direct or indirect ownership or control of any from a bank holding company shares of any bank, voting shares of any bank; when and if the relationship between such com- (3) no bank holding company which is not pany and such bank holding company is such that a bank and no nonbanking subsidiary of a bank the transaction effects no substantial change in holding company shall acquire all or substanthe control of such bank or beneficial ownership tially all of the assets of a bank; and of such shares of such bank. (4) no bank holding company shall merge (/) Board.-—The term "Board" means the or consolidate with any other bank holding Board of Governors of the Federal Reserve Sys- company. tem. (b) Excepted transactions.—Prior approval by (/) The Act—The term "the Act" means the the Board is not required with respect to any of Bank Holding Company Act of 1956. the following transactions: (k) Federal Reserve Bank.—The term "Federal (1) The acquisition by a bank holding com- Reserve Bank" as used herein with respect to the pany of direct or indirect ownership or con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 837 trol of any voting shares of any bank if, after approval be consummated.3 Upon timely request such acquisition, such company will not directly and upon a satisfactory showing as to the need or indirectly own or control more than 5 per therefor, the Board in its discretion may accept centum of the voting shares of such bank; an application although submitted within such (2) The acquisition by a bank holding com- period of 60 days. A separate application shall pany of additional shares in a bank in which be filed with respect to each bank the voting shares such bank holding company owned or con- or assets of which are sought to be acquired. trolled a majority of the voting shares imme- (e) Procedure on applications.—A Federal Rediately prior to such acquisition; or serve Bank receiving an application under this (3) The acquisition by a bank (including a section will forward two copies thereof to the bank which is a bank holding company or a Board. If either the applicant or the bank the subsidiary of a bank holding company) of the voting shares or assets of which are sought to be voting shares of any bank, if— acquired is a national bank or a District bank, the (A) such shares are acquired in good faith Board will transmit a copy of the application to in a fiduciary capacity and are not held for the Comptroller of the Currency. If either the the benefit of the shareholders of the acquir- applicant or the bank the voting shares or assets ing bank, or of which are sought to be acquired is a State bank, (B) such shares are acquired in the reg- the Board will transmit a copy of the application ular course of securing or collecting a debt to the appropriate supervisory authority of the previously contracted in good faith, provided State in which such bank is located. that any shares acquired after the date of the (/) Hearings on applications.—In any case in Act in securing or collecting any such pre- which the Board receives written advice of disviously contracted debt shall be disposed of approval of the application from the Comptroller within a period of two years from the date of the Currency or the appropriate State superon which they were acquired. visory authority, as the case may be, within 30 (c) Applications which will not be approved.— days from the date of receipt of the application by No application will be approved by the Board if the notified authority, the Board will so notify such approval would permit a bank holding com- the applicant in writing, directing the applicant's pany or any subsidiary thereof to acquire, di- attention to the provisions of section 3(b) of the rectly or indirectly, any voting shares of, interest Act. Within three days after the date of the in, or all or substantially all of the assets of any sending of such notice to the applicant, the Board bank which was not a subsidiary of the bank hold- will notify in writing the applicant and the Comping company on the date of enactment of the Act troller of the Currency or the appropriate State and which is located outside the State in which supervisory authority, as the case may be, of the such bank holding company maintains its prin- date fixed by the Board for the commencement cipal office and place of business or in which it of a hearing on the application and of the place conducts its principal operations, unless the ac- and time at which such hearing will be held. Any quisition of such shares or assets of a State bank such hearing will be commenced not less than ten by an out-of-State bank holding company is spe- days nor more than thirty days after the date on cifically authorized by the statute laws of the which the Board sent the applicant notice of the State in which such bank is located, by language disapproval of the Comptroller of the Currency to that effect and not merely by implication. or the appropriate State supervisory authority. (d) Submission of application.—Application for (g) Action on applications.—In any case in approval by the Board of any transaction requiring such approval under subsection (a) of this 8 In some cases it may not be possible for the Board section shall be filed, in triplicate, with the Fed- to act upon an application within such period of 60 days and this requirement should not be regarded as eral Reserve Bank. Any such application shall suggesting that the Board will act upon all applicabe filed not less than 60 days before the date on tions within that period of time, although every effort which it is proposed that the transaction requiring will be made to expedite such action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BULLETIN • AUGUST 1956 which a hearing is held in accordance with subsec- in any business other than that of banking or of tion (/) of this section, the Board, after the con- managing or controlling banks or of furnishing clusion of such hearing, will by order grant or services to or performing services for any bank deny the application on the basis of the record of which it owns or controls 25 per centum or made at such hearing. In all other cases, the more of the voting shares. Upon timely request Board will by order grant or deny the applica- and upon a satisfactory showing of the need tion after receipt by it of advice that the Comp- therefor, the Board in its discretion may extend troller of the Currency or the appropriate State the two-year period referred to in the preceding supervisory authority, as the case may be, does sentence, except that, as provided by the Act, no not disapprove the application, or, if no such ad- such extension of time may be approved by the vice is received, after the expiration of thirty days Board for more than one year at a time or for from the date of receipt of the copy of the appli- any period beyond a date five years after the date cation by the Comptroller of the Currency or such of enactment of the Act or five years after the State authority. date as of which the company became a bank holding company, whichever is later. (h) Factors affecting action.—In acting upon any application the Board, as required by the Act, (b) Shares of financial, fiduciary, or insurance will consider the following factors: companies.—Any bank holding company which is (1) The financial history and condition of of the opinion that a company all the activities of the applicant and the bank or banks concerned; which are of a financial, fiduciary, or insurance (2) The prospects of the applicant and the nature is so closely related to the business of bankbank or banks concerned; ing or of managing or controlling banks, as con- (3) The character of the management of the ducted by such bank holding company or its bankapplicant and the bank or banks concerned; ing subsidiaries, as to be a proper incident thereto (4) The convenience, needs, and welfare of and as to make it unnecessary for the prohibitions the communities and the area concerned; and of section 4 of the Act to apply in order to carry out the purposes of the Act, may request the (5) Whether or not the effect of the pro- Board for such a determination pursuant to secposed transaction for which approval is detion 4(c)(6) of the Act. Any such request shall sired would be to expand the size or extent of be filed in duplicate with the Federal Reserve the bank holding company system involved Bank. After receipt of any such request, the beyond limits consistent with adequate and Board will notify the bank holding company of sound banking, the public interest, and the the place and time fixed for a hearing on the represervation of competition in the field of bankquested determination; and, after the conclusion ing. of such hearing and on the basis of the record SECTION 5. INTERESTS IN NONBANKING made at the hearing, the Board will by order make ORGANIZATIONS or decline to make the requested determination. (a) Period allowed for divestment.—No bank (c) Tax certifications,—Any bank holding comholding company, except as provided in section pany desiring a certification by the Board for pur- 4(c) of the Act, the provisions of which are set poses of the provisions of Part VIII of Subchapter forth in the Appendix to this regulation, shall 0 of Chapter 1 of the Internal Revenue Code of (1) after the date of enactment of the Act acquire 1954, as amended by the Act, may file an applidirect or indirect ownership or control of any cation in duplicate for such certification with the voting shares of any company which is not a Federal Reserve Bank; and any such application bank, or (2) after two years from the date of will be forwarded by the Federal Reserve Bank enactment of the Act or from the date as of which to the Board. Any application for a certification it becomes a bank holding company, whichever is under subsections (a), (b) or (c) of section 1101 later, retain direct or indirect ownership or con- of said Part VIII shall be filed not less than sixty trol of any voting shares of any company which is days in advance of the distribution, or exchange not a bank or a bank holding company, or engage and distribution, with respect to which such cer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 839 tification is desired.4 Upon timely request by any the hearing; and any hearings so required will bank holding company and upon a satisfactory ordinarily be held before trial examiners apshowing as to the need therefor, the Board in its pointed in accordance with the provisions of the discretion may accept an application for any such Administrative Procedure Act. All hearings under certification although submitted within such 60- this regulation will be conducted in accordance day period. On the basis of an application under with the Board's "Rules of Practice for Formal this subsection, the Board will either issue a cer- Hearings." tification or by order deny the application. A (b) Record of proceedings.—The record in any duplicate original of each certification will be proceeding under this regulation upon which an transmitted to the Internal Revenue Service of the order of the Board is based shall consist of the Treasury Department. application or request filed with the Board in connection with such proceeding; any views and rec- SECTION 6. BORROWING BY BANK HOLDING ommendations received by the Board from the COMPANY OR ITS SUBSIDIARIES Comptroller of the Currency or the appropriate State supervisory authority pursuant to section It is unlawful under the Act, with certain ex- 3(6) of the Act; the transcript of any hearing held ceptions, for any bank which is a subsidiary of with respect to such application or request and a bank holding company to invest in the capital any report and recommendation made by the trial •stock, bonds, debentures, or other obligations of examiner or hearing officer before whom such such company or of any other subsidiary of such hearing was held; any other document or writing company; to accept as collateral for an advance relied upon by the Board in making disposition of to any person the capital stock, bonds, debentures, the matter; and any order of the Board granting or other obligations of such company or any such or denying the application or request. other subsidiary; to purchase securities, other (c) Parties.—A party to any proceeding under assets, or obligations under repurchase agreement this regulation shall include any person or agency from such company or any such other subsidiary; named or admitted as a party or any person who or to make any loan, discount or extension of has filed a request in writing to be admitted as a credit to such company or any such other subparty and who is entitled as of right to be adsidiary. For statutory provisions on this subject, mitted. see section 6 of the Act, set forth in the Appendix to this regulation. SECTION 8. REPORTS AND EXAMINATIONS SECTION 7. HEARINGS AND PROCEEDINGS Each bank holding company shall furnish to the (a) Hearings.—In addition to hearings required Board in a form to be prescribed by the Board a by the Act (see sections 4(/) and 5(b) of this report of its operations for its fiscal year ending regulation), a hearing may be ordered by the in 1956 or the fiscal year in which it became a Board in its discretion with respect to any appli- bank holding company, whichever is later, and cation or request under this regulation, either for each fiscal year thereafter until it ceases to be upon its own motion or upon the request of any a bank holding company. Each such annual reparty in interest, if the Board deems such hearing port shall be filed, in duplicate, with the Federal to be in the interests of the parties or the public Reserve Bank. Each bank holding company shall interest. Notice of any hearing required by the furnish to the Board such additional information Act will be published in the Federal Register a at such times as the Board may require. The reasonable time in advance of the date fixed for Board may examine any bank holding company or any of its subsidiaries and the cost of any such 4 In some cases it may not be possible for the examination shall be assessed against and paid by Board to act upon an application within such period such bank holding company. As far as possible of 60 days and this requirement should not be re- the Board will use reports of examinations made garded as suggesting that the Board will act upon all by the Comptroller of the Currency, the Federal applications within that period of time, although .every effort will be made to expedite such action. Deposit Insurance Corporation, or the appropriate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL RESERVE BULLETIN • AUGUST 1956 State bank supervisory authority for the purposes $10,000 or imprisoned not more than one year, of this section. or both. Every officer, director, agent, and employee of a bank holding company is subject under the Act to the same penalties for false entries SECTION 9. STATUTORY PENALTIES in any book, report, or statement of such bank Under the Act, any company which willfully holding company as are applicable to officers, diviolates any provision of the Act or any regula- rectors, agents, and employees of member banks tion or order issued by the Board pursuant thereto of the Federal Reserve System for false entries in shall upon conviction be fined not more than any books, reports, or statements of member banks $1,000 for each day during which the violation under section 1005 of Title 18, U. S. Code. continues; and any individual who willfully par- APPENDIX ticipates in a violation of any provision of the Act shall upon conviction be fined not more than [Text of Bank Holding Company Act] Current Events and Announcements FEDERAL RESERVE MEETINGS RESIGNATION OF BRANCH DIRECTOR A meeting of the Federal Open Market Com- Effective July 31, 1956, the Board of Governors mittee was held in Washington on August 7, 1956. accepted the resignation of Mr. William M. Day, At this meeting Alfred Hayes was elected Vice President, Michigan Bell Telephone Company, Chairman of the Committee, succeeding Allan Detroit, Michigan, as a director of the Detroit Sproul whose resignation became effective June Branch. Mr. Day had served the Branch as a 30, 1956. director since January 1, 1951. ADMISSIONS OF STATE BANKS TO MEMBERSHIP TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY IN THE FEDERAL RESERVE SYSTEM The following State banks were admitted to mem- Latest BULLETIN Reference bership in the Federal Reserve System during the Semiannually Issue Page period June 16, 1956 to July 15, 1956: Banking offices: Analysis of changes in number of.. .. Aug. 1956 896 Arkansas On, and not on, Federal Reserve Par List, number of Aug. 1956 897 Crossett Bank of Crossett Stock Exchange firms, detailed debit and credit balances Mar. 1956 286 Indiana Annually Bentonville . Bentonville State Bank Earnings and expenses: Michigan Federal Reserve Banks Feb. 1956 178-179 Member banks: Warren Warren Bank Calendar year May 1956 510-518 First half of year Oct. 1955 1188 New York Insured commercial banks May 1956 519 Banks and branches, number of, by class Bay Shore State Bank of Suffolk and State Apr. 1956 398-399 Wyoming Operating ratios, member banks June 1956 650-652 Banking and monetary statistics, 1955.. |^ J9^ Laramie Bank of Laramie 520-523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 15 Industrial production declined in July and in August is scheduled to decline because of advanced in early August, reflecting mainly model change-overs. Steel output, which defluctuations in steel output. Activity in steel- clined from a rate of 93 per cent of capacity in consuming lines, including construction, increased June to about 15 per cent in July, had recovered somewhat in July. Retail sales continued in to 85 per cent by mid-August. record volume. Prices of industrial commodi- Activity at textile mills apparently declined ties rose after mid-July, following three months further in July, while apparel production remained of little change, and farm product prices changed at a level moderately higher than in the spring. little at levels moderately higher than a year Output of rubber products was maintained folearlier. Bank loans to business expanded, and lowing earlier declines, and activity in the paper, interest rates rose. chemicals, and petroleum industries continued at advanced levels. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production, as measured by the Board's seasonally adjusted index, declined from Outlays for construction expanded further in 141 per cent of the 1947-49 average in June to July and were at a record seasonally adjusted an- 136 in July, owing to the steel work stoppage and nual rate of $44.4 billion. Value of construction related cuts in output of coke, iron ore, and contract awards, after declining considerably in coal. June from exceptionally high levels, showed little change in July. Housing starts declined seasonally Activity in most durable goods industries other and the seasonally adjusted annual rate remained than iron and steel increased somewhat in July. close to 1.1 million. Machinery and most other producers' equipment expanded further, and output of consumer dur- EMPLOYMENT able goods increased. Auto assembly in July was somewhat above the reduced June rate but Employment in nonagricultural establishments, seasonally adjusted, declined 500,000 in July, INDUSTRIAL PRODUCTION largely as a result of the steel strike, to 51.1 mil- 1947-49=100 lion. While average hourly and weekly earnings in manufacturing were also affected somewhat, the average length of the factory workweek, which usually declines in July, was unchanged at 40.1 hours. The number of persons unemployed, not counting workers on strike unless they are seeking other jobs, was little changed from June but, at 2.8 million, was 350,000 above the year-earlier level. DISTRIBUTION Seasonally adjusted retail sales in July continued at about the record May-June rate and were 3 per cent above a year earlier. Sales were fig F u e re d s e , ra l l a tes R t es s e h r o v w e n i a n r d e e x f e o s r , Ju se ly a . sonally adjusted, Monthly apparently at or above previous highs at most 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN • AUGUST 1956 types of stores. Department store sales in July repayments—largely by metals manufacturers and exceeded the June peak and remained strong in sales finance companies. early August. Sales of new autos in July were During late July and early August, average bordown from June but remained above production; rowings from the Federal Reserve rose to about dealers' stocks declined further and were below $800 million and excess reserves declined to $525 the year-earlier level for the first time this year. million. A substantial reduction in Reserve Bank float absorbed more reserves over the period than COMMODITY PRICES were supplied, largely through reductions in re- Average wholesale commodity prices advanced quired reserves and small System purchases of somewhat from mid-July to mid-August, reflect- U. S. Government securities. ing mainly a general increase of 7 per cent in steel and advances in a number of metal products. SECURITY MARKETS Pig iron, aluminum, magnesium, scrap metals, Yields on intermediate- and long-term U. S. brick, and rubber also advanced, and prices of Government securities rose rapidly between midtires, gasoline, and some other consumer goods July and mid-August, reaching new highs for were raised. Meanwhile, average prices of farm the year. Intermediate-term yields moved above products changed little. Livestock prices ad- long-term yields to record postwar levels. Alvanced to a level somewhat above that reached though the Treasury bill yield remained below its last spring and grains generally continued strong, April 1956 high, it rose approximately 30 basis but there were moderate decreases in fruits and points in the first half of August to a level above vegetables, from sharply advanced levels, and raw 2.60 per cent. In the third week of July the cotton prices declined to about the level of the Treasury refunded $12.9 billion of maturing new crop (October) future. securities with a new 23A per cent note, due August 1, 1957. Cash redemptions of maturing BANK CREDIT AND RESERVES issues totaled nearly $900 million. On August Total loans and investments at city banks de- 6 the Treasury sold for cash $3.2 billion of 2% clined about $500 million between mid-July and per cent March 1957 tax anticipation certificates. early August, reflecting principally continued re- Original subscriptions to the new certificate totaled ductions in holdings of U. S. Government securi- $10.6 billion. ties. While security loans declined, business, real Yields on corporate and State and local govestate, and consumer loans rose. Recently, new ernment bonds increased sharply during the latter borrowing by business—principally commodity part of July and early August. Common stock dealers—has been offset only in part by net prices fluctuated around record or near-record levels. PRICES 1947-49=100 RESERVES AND BORROWINGS - ALL MEMBER BANKS 130 WHOLESALE Billions of dolla OTHER 120 BORROWINGS A AT F. R. BANKS A/I HI •-*""" 110 ALLCOMMODITIES \^ 100 \r V V V EXCESS RESERVES FARM PRODUCTS 90 - 80 L. A . ft FREERESERVES 1 .1 _„ CONSUMER 120 _ ALL ITEMS ~—y - : ^ - -- FOODS 110 \ . < _.. — i 1 . . 1 ino ...... 1 . . 1 Bureau of Labor Statistics indexes. "Other" wholesale prices exclude processed foods, included in total but not Federal Reserve data. Free reserves are excess reserves less shown separately. Monthly figures, latest shown: June for borrowings. Weekly averages, latest shown are for week endconsumer prices, and July for wholesale r>rices. ing Aug. 8. 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. 845 Reserve Bank discount rates; reserve requirements; margin requirements. 846 Federal Reserve Banks. 849 Bank debits; currency in circulation. ... 852 All banks: consolidated statement of monetary system; deposits and currency 854 All banks by classes. 855 Commercial banks, by classes 858 Weekly reporting member banks 860 Commercial loans; commercial paper and bankers' acceptances 862 Interest rates. 863 Security prices; stock market credit. 864 Savings institutions 865 Federal credit agencies. 866 Federal finance 868 Security issues. 872 Business finance 873 Real estate credit 875 Short- and intermediate-term consumer credit. 878 Selected indexes on business activity 881 Production 882 Employment and earnings 888 Department stores. 890 Foreign trade. 891 Wholesale and consumer prices 892 National product and income series. 894 Changes in number of banking offices in the United States 896 Number of banking offices on Federal Reserve par list and not on par list 897 Tables published in BULLETIN, annually or semiannually—list, with references 840 Index to statistical tables 925 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 bas's Banking and Monetary Statistics. 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 7 r | CAlEdd KEdCKVCd | j T 2 0 35 30 25 20 TREASURY CASH AND DEPOSITS ^ ^ v ^ P ^^ 1 NONMEMBtR DEPOSITS 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS I ' __ A A DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending July 25. See p. 845. 844 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves e W nd e i e n k g T U o . t S al .G B r o o o i v u g u t t h g . - t h secu r u c H r e h n i p e t a d u i l s e e d r e s r - c v D o a a a u n n d is n d c - - e ts s Float Total s G to o c ld k s r o c t e u i a n u u n r n r y g t c d - - y - r c C t c e u i i u i n o n l r r a c n - - y - T h c i u n o r a r e l g s d y a h s - s T u r w r e y i a t s h - F F . e i o R g r n . - Ba O nk th s er c O F o a . t u h c R n - e t r . s Total qu R ir e e - d 2 c E es x s - 2 agreement Averages of daily figures 1955 June 1 ?1,60 23,600 612 77275.001 7,1.674 5,001 29,961 823 582 400 478 936 18,496 18,063 433 June 8 23,683 23,683 533 81225,044 21,675 5,002 30,059 835 440 387 416 93518,648 18,036 612 June 15 23,588 23,588 558 79324,956 21,676 5,001 30,058 832 304 434 387 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 21,677 5,001 30,021 814 323 425 275 98118,653 18,164 489 Tu1y 6 73,70 23,692 11 688 85875,765 7.1,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13 71,957 23,943 14 685 91375.571 71.679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,943 23,943 357 1,118 25,432 21,680 5,003 30,287 793 416 460 415 97018,774 18,209 565 July 27 24,140 24,035 ios 439 91525,506 21,681 5,002 30,157 798 480 439 403 96718,945 18,386 559 Aug. 3 74,044 23,982 62 781 80225,638 21,68? 5,003 30,237 803 638 422 412 90018,910 18,l?0 590 Aug. 10 ?4,05s 23,983 72 888 62775,584 71,68? 5,003 30,285 800 646 434 396 88518,874 18,163 661 Aug. 17 23,89 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 23,76 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 94618,614 18,130 484 Sept 7 71,876 23,761 65 865 68775,401 71,68? 5,005 30,436 806 447 379 393 94318,685 18,111 574 Sept. 14. 73,811 23,744 69 918 82675,577 71,68? 5,006 30,520 803 431 419 400 94218,750 18 1«P 608 Sept.21 23,564 23,564 ii 768 1,26325,613 21,683 5,006 30,401 794 579 377 394 99018,767 18,191 576 Sept.28 73,598 23,587 901 96025,478 21,681 5,006 30,323 787 693 370 386 99018 618 18,134 484 Oct 5 71,844 23,727 117 843 81675,575 71,684 5,007 30,428 791 525 381 390 99918,700 18 189 511 Oct. 12... 73.911 23,792 119 909 87475.714 71,684 5,007 30,552 788 514 383 429 1,01118,7?8 18 175 553 Oct. 19 24,021 23,916 105 1,041 1,088 26,169 21,685 5,007 30,621 777 534 391 409 1,010 19,119 18,494 625 Oct. 26 23,973 23,973 771 98525,747 21,685 5,009 30,498 778 496 381 387 1,010 18,891 18,433 458 Nov. 2 .. .. 23995 23,995 943 79375.748 71,686 5,009 30,528 111 500 408 385 95118 898 18,4?! 477 Nov. 9 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918899 18,343 556 Nov 16 74068 24,018 50 1,173 1,01376 277 21,686 5,008 30,794 774 613 400 564 93818883 18 30? 581 Nov.23 23,888 23,888 816 1,486 26,208 21,687 5,008 30,824 783 532 395 399 93519036 18,468 568 Nov. 30 74001 23,903 98 973 1,019 76017 7,1688 5,008 30,963 781 439 399 398 93518794 18 381 413 Dec. 7 74 364 24,039 325 935 957 76 774 71 688 5,008 31,070 780 483 424 413 93118 869 18411 458 Dec 14 74 589 24,443 146 878 941 26 428 21,689 5,007 31,244 786 337 446 372 98918 950 18 488 462 Dec. 21 74 588 24,375 213 747 1,746 77 101 71 689 5,008 31,364 772 401 469 336 1,010 19 446 18 79? 654 Dec 28 74 767 24,385 382 753 1,875 27 420 21 690 5,008 31,415 774 523 497 410 1,012 19 487 18 804 683 1956 Jan. 4 74 785 24,391 394 584 1,539 26 936 21 690 5,008 31,153 773 356 438 513 939 19 464 18 887 577 Jan. 11 .. . 74 308 24,191 117 801 1,242 76 175 71 691 5,008 30,914 782 244 423 334 923 19 453 18 7?5 728 Jan. 18 73 804 23,802 2 922 1,125 75 877 71 69? 5,008 30,632 786 360 417 321 920 19 136 18541 593 Jan. 25 23 517 23,517 815 1,128 25 480 7,1 69? 5,009 30,361 793 385 388 318 919 19 017 18 494 523 Feb. 1 73,416 23,414 2 999 814 75 748 21 693 5,009 30,223 798 464 369 343 919 18 834 18 150 484 Feb. 8 23,423 23,423 822 84025 104 21 693 5,010 30,219 796 406 365 331 91718773 18 230 543 Feb. 15 23,349 23,349 976 83225 174 21 694 5,010 30,247 800 428 377 400 93218693 18 144 549 Feb. 22 389 23,333 56 622 1,333 75 360 71 694 5,011 30,210 794 557 362 366 1,026 18749 18 175 574 Feb 29 ?1,435 23,384 51 758 880 75 089 71 695 5,012 30,181 792 542 354 306 1,025 18 596 18 117 459 Mar. 7 71, 518 23,426 92 749 835 25 118 2,1 695 5,011 30,202 783 461 360 327 1,023 18 670 18 117 533 Mar. 14 73 505 23,410 95 975 812 75 308 71 717 5,011 30,276 779 564 360 346 1,021 18 691 18 18? 509 Mar. 21 73 508 23,405 103 934 1,297 75 754 21 7H 5,013 30,264 783 489 333 336 1,069 9 704 18 587 617 Mar. 28 71, 508 23,495 13 1,196 941 75 661 71 715 5,015 30,249 787 599 341 317 1,069 19 078 18 455 573 Apr. 4 3,634 23,587 47 986 1,022 25 658 21 716 5,017 30,321 784 560 347 444 1,075 8 860 18 1?? 538 Apr. 11 23,521 23,518 3 1,119 82625,481 21 727 5,016 30,300 782 508 328 307 1,082 18917 18,284 633 Apr. 18 . 1,399 23,377 22 1,109 973?5j497 71 741 5,018 30,290 785 531 347 313 1,081 8909 18 118 591 Apr. 25 3,282 23,282 1,061 1,017 25,374 21,742 5,019 30,155 782 569 335 331 1,078 18,884 18,344 540 May 2 1 ?99 23,243 56 1,089 86475,766 71 741 5,023 30,181 786 575 338 385 998 8 767 18 J159 408 M Ma a y y 1 9 6 1 1 , , 7 3 7 5 9 ? 2 2 3 3 , , 2 2 2 5 6 2 1 5 0 3 0 1 1, , 0 1 6 1 6 4 9 8 3 4 7 4 2 , 5 5 2 3 9 7 8 5 7 2 , 1 1 7 7 6 6 8 9 5 5 , , 0 0 2 2 6 5 3 3 0 0 , , 3 2 5 9 9 6 7 78 8 1 9 5 5 6 5 3 5 3 3 3 7 4 8 3 32 1 1 4 9 9 8 8 0 2 8 8 J 7 8 1 4 0 8 1 18 8 , , 7 ? 4 9 1 5 4 5 6 5 9 3 May 23... T,?10 23 200 10 946 1,139 5 310 ?1J 770 5,028 30,317 781 594 319 310 980 8,809 18 ?75 534 May 30 1,417 23,359 732 835 ,4995 71 77! 5,032 30,327 785 507 297 32S 984 569 18,??7 342 *j June 6 1,501 23,406 97 894 906 5,120 71 78? 5,032 30,505 782 429 305 310 983 8 819 18,?17 602 June 13 ^ 516 23 491 25 747 970 5 7S| 71 796 5,033 30,542 779 398 332 299 982 8J749 IS ?11 516 June 20 3,49? 23,49? 7641 1,507 5,779 21,798 5,0331 30,541 774 535 331 317 998 9, 18 500 616 June 27 i,478 23,452 26 756' 1,369 5,621 21,799 5,033 30,485 781 570 297 290 1,000 9 010 18 415 595 July 4 i. 791 23,748 43 644 1,231 5 685 21 806 5,032 30,765 773 493 298 298 993 8 90? 18,410 472 July 11 23 826 10 880 1,169 5 901 71 876 5,031 30,923 770 437 309 290 990 9J040 18,?85 755 July 18 . . 490 23,487 3 849 1,412 5 769 71 877 5,031 30,808 768 595 320 278 987 8 869 18.?18 ^631 July 25 3,408 23,408 573 1,393 5,393 21,828 5,032 30,632 773 556 288 267 994 8,744 18,183 Preliminary. For other footnotes see following page. 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o r a r i t o e d T U o . t a S l . G B o r o o i v u g u t h t g . - t h s t ecu r a u c H r e g h n i p r e t a d u i e l s e e d e r e s r - - v c D o a a a u n n d is n c d - - e ts s Float Total i s G to o c ld k T s r c o t e u i r a u n u n r e n r g t c y a - - d y s - - r c C t e c u i i n i u o n l r c a n r - y - - T h c i u n o r a r e l g s d y a h s - s- Tr u w e r a i y t s h - r F e F s . e e o i R r r g v . - n e B s, a O n t k h s er c O F o a . t u h c R n e - t r . s Total r q e u s R e ir r e e v - d es 2 c E es x s - ? ment Averages of daily figures 1955 July.. 23,967 23,925 42 576 940 25,497 21,680 5,003 30,284 801 461 423 423 962 18,824 18,205 619 Aug.. 23,886 23,870 16 803 746 25,450 21,682 5,004 30,289 801 569 431 398 91818,728 18,152 576 Sept.. 23,709 23,668 41 872 924 25,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct.., 23,951 23,881 70 895 9"2"62 525,792 21,685 5,008 30,532 781 509 390 403 1,000 18,870 18,345 525 Nov.. 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 93718,902 18,378 524 Dec.. 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan.. 23,897 23,824 73 808 1,15225,879 21,692 5,008 30,620 787 356 404 354 921 19,138 18,586 552 F«b.. 23,401 23,375 26 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Mar.. 23,522 23,449 73 993 98725,517 21,711 5,013 30,256 783 532 349 350 1,048 18.924 18,340 584 Apr.. 23,410 23,393 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,067 18,847 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 '778 485 315 304 991 18,933 18,359 574 July. 23,580 23,573 738 1,26325,599 21,826 5,032 30,751 771 521 300 280 99918,836 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 11,160 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 85 535 231,181 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 16,509 1.172 1952—Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—Dec 24,932 24,888 44 143 808 25,885 21.713 4,985 30.509 796 56T 490 44t IB fiK 258 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 End of month 1955 July 24,090 23,982 108 754 864 25,719 21,682 5,003 30,244 798 623 410 419 91018,999 18,311 688 Aug 23,761 23,761 470 66524,911 21,682 5,005 30,317 804 393 387 383 94518,368 18,151 217 Sept 23,834 23,729 105 603 792 2255,250 21,684 5,006 30,422 787 554 385 379 99018,423 18,212 211 Oct 24,024 24,024 706 68325,430 21,686 5,008 30,559 776 484 402 396 94118,565 18,393 172 Nov 24,256 23,991 265 618 88325,776 21,688 5,008 30,993 778 477 408 412 93118,474 18,417 57 Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 Jan.. 23,466 23,466 852 786 25,122 21,693 5,009 30,228 797 428 355 349 919 18,750 18,311 439 Feb.. 23,482 23,426 56 632 79124,920 21,695 5,012 30,163 789 554 363 305 1,025 18,428 18,162 266 Mar.. 23,636 23,587 49 872 .238 25,761 21,716 5,020 30,339 777 534 354 623 1,069 18,799 18,276 523 Apr.. 23.345 23,245 100 1,204 744 25.307 21,743 5.025 30,210 783 578 330 404 98418,784 18,325 459 May. 23,474 23,360 114 1,160 726 25,377 21,772 5.030 30,513 779 515 307 309 98318,773 18,204 569 June. 23,758 23,712 46 232 210 25.219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 July. 23,438 23,438 452 959 24,868 >21,829 '5,034 ^30,601 ^764 513 308 288 95018,308*>18,100 P208 Wednesday 1956 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 1,003 778 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 1,01524,983 21,769 5,027 30,322 786 564 338 312 97918,477 18,281 196 May 23. 23,200 23,200 715 887766 24,807 21,771 5,029 30,244 788 636 312 310 98318,334 18,253 81 May 30. 23,395 23,360 573 85624,841 21,771 5,032 30,437 788 434 296 492 98318,215 18,206 9 June 6. 23,512 23,492 494 939 24,962 21,796 5,032 30,502 789 435 317 297 98218,469 18,236 233 June 13. 23,492 23,492 696 1,030 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 18,556 377 June 27. 23,522 23,492 30 537 ,12725,203 21,799 5,032 30,530 785 576 293 290 1,001 18,560 18,404 156 July 4.. 23,863 23,839 570 ,29325,745 21,824 5,031 30,879 773 449 291 287 99018,930 18,382 548 July 11.. 23,651 23,649 653 ,150 25,471 21,827 5,031 30,850 762 494 326 285 98818,623 18,268 355 July 18.. 23,484 23,484 452 ,47525,429 21,828 5,031 30,704 774 477 289 274 98618,784^18,272 »512 July 25.. 23,367 23,367 461 ,08124,927 21,829 5,034 30,533 779 591 262 261 1,04918,315»18,157 r Revised. separately in this table, but are given for end-of-month and Wednesday P Preliminary. dates in subsequent tables on Federal Reserve Banks. 1 Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 847 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 l m r k l s - Ne c w ity ban C ks hi- b s R c a e i r n e t v y - k e s C ba o tr n u y k n s - Item and period b m a A b e n e l m l r ks - Ne c w ity ban C ks hi- b s c R a e i r n t e 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—June 18,715 4,388 1,135 7,680 5,512 1955—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 ,178 7,934 5,732 1956—Jan 552 -24 _1 72 505 Feb 18,709 4,196 ,138 7,753 5,623 Feb 533 11 3 66 452 Mar 18,924 4,372 ,137 7,796 5,619 Mar 585 28 2 84 470 Apr 18,847 4,287 ,105 7,814 5,641 Apr 527 -12 -1 64 476 May 18,734 4,264 ,119 7,775 5,577 May 467 10 2 49 406 June 18,933 4,354 ,133 7,784 5,662 June 575 13 4 78 479 Week ending: Week ending: 1956—June 20 19,116 4,424 ,139 7,819 5,734 1956—June 20 615 10 1 60 544 June 27 19,030 4,393 ,146 7,798 5,692 June 27 595 24 2 69 500 July 4 18,902 4,361 1,156 7,825 5,559 July 4 472 -10 -2 92 392 July 11 19,040 4,280 1,137 7,829 5,794 July 11 755 37 3 111 604 July 18 18,869 4,204 1,130 7,824 5,711 July 18 *>629 12 1 85 July 25 18,744 4,189 1,114 7,767 5,674 July 25 *561 -8 4 72 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—June 18,146 4,373 1,138 7,619 5,016 1955—June 401 13 40 229 119 July 18,205 4,362 1,140 7,673 5,030 July 527 78 33 306 110 Aug 18,152 4,277 1,141 7,682 5,052 Aug 765 149 60 395 161 Sept 18,148 4,248 1,128 7,675 5,096 Sept 849 141 114 472 122 Oct 18,345 4,316 1,127 7,759 5,144 Oct 884 151 137 480 116 Nov 18,378 4,243 1,142 7,802 5,191 Nov 1,016 279 70 538 129 Dec 18,646 4,397 1,164 7,865 5,220 Dec 839 197 85 398 159 1956—Jan 18,586 4,317 ,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 1,135 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 June 18,359 4,341 1,130 7,706 5,183 June 769 46 115 434 174 Week ending: 1956—June 20 18,500 4,414 1,138 7,758 5,190 Week ending: June 27 18,435 4,369 1,145 7,729 5,192 1956—June 20 764 28 141 448 147 July 4 18,430 4,372 1,158 7,733 5,167 June 27 756 57 84 401 214 July 11 18,285 4,244 1,133 7,718 5,190 July 4 643 88 45 403 107 July 18 ^18,238 4,192 1,129 7,739 ^5,178 July 11 878 175 78 467 158 July 25 ^18,183 4,197 1,110 7,695 ^5,181 July 18 849 212 54 442 141 July 25 573 42 31 398 102 June 1955 Free reserves:2 4 1955—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 112,844 23,431 6,022 44,132 39,259 Oct -360 -150 -137 -416 344 Interbank 12,361 4,008 1,159 5,996 1,198 Nov -491 -265 -67 -500 341 Other 100,483 19,423 4,863 38,136 38,061 Dec -245 -162 -83 -338 338 Net demand deposits 3 . .. 98,045 21,006 5,362 37,846 33,832 Time deposits 40,010 3,445 1,308 16,132 19,125 1956—Jan -255 -198 -83 -353 379 Demand balances due Feb - 266 -138 -103 -336 310 from domestic banks . .. 6,180 47 106 1,965 4,062 Mar -408 -174 -256 -298 319 Apr -533 -167 -262 -429 325 May -504 — 88 -153 -468 205 June 1956 June -194 -33 -111 -356 305 Week ending: Gross demand deposits: 1956—June 20 -149 -18 -140 -388 397 Total 115,186 23,668 6,065 44,973 40,479 June 27 -161 -33 -82 -332 286 Interbank 12,449 4,048 ,177 6,004 1,221 July 4 -171 -98 -47 -311 285 Other 102,736 19,620 4,889 38,969 39,258 July 11 -123 -138 -75 -356 446 Net demand deposits 3. .. 99,287 20,851 5,323 38,190 34,924 July 18 ^-220 -200 -53 -357 Time deposits 41,181 3,406 1,301 16,630 19,844 July 25 P-12 -50 -27 -326 Demand balances due from domestic banks... 6,212 67 104 1,994 4,046 p Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opsning of business. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member A ob d l v i a g n a c ti e o s n s s ec a u n r d e d d i b s y co u G n o t v s e o rn f m a e n n d t Other secured advances b o a b n l k ig s a t s i e o c n u s r e o d f t b h y e U di . r e S c . t Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning— rate July 31 beginning— rate July 31 beginning— rate Boston 13 Apr. 13, 1956 Apr. 13,1956 Apr. 13,1956 New York. . . Apr. 13, 1956 Apr. 13,1956 Apr. 13,1956 Philadelphia.. Apr. 13, 1956 314 Apr. 13,1956 Apr. 13,1956 Cleveland 234 Apr. 13, 1956 21/2 314 Apr. 13,1956 Nov. 18,1955 A Ri tl c a h n m ta ond. . . m 2 2 3 3 4 4 A A p p r r . . 1 1 3 3 , , 1 1 9 9 5 5 6 6 3 3 1 1 4 4 A A p p r r . . 1 1 3 3 , , 1 1 9 9 5 5 6 6 A N p o r v . . 2 1 2 3 , , 1 1 9 9 5 5 5 6 Chicago Apr. 20, 1956 314 Apr. 20,1956 Apr. 20,1956 St. Louis i* Apr. 13, 1956 314 Apr. 13,1956 Apr. 13,1956 Minneapolis.. Apr. 13, 1956 31/2 Apr. 13,1956 Apr. 13,1956 Kansas City.. Apr. 13, 1956 314 Apr. 13,1956 Apr. 13,1956 Dallas 234 Apr. 13, 1956 314 Apr. 13,1956 Apr. 13,1956 San Francisco Apr. 13,1956 31/2 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 RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930—Feb. 7 4 1942—Oct. 30 2 1/2 Central J D M M u e n a a c y e r . . 2 2 1 4 0 2 4 1 3V * i 1 1 1 9 9 9 5 4 4 0 6 8 — — — A A A Ja u u p n g g r . . . . 2 2 1 1 1 5 3 2 l 1 1 J 1 % /2 4 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e C ba o tr n u y k n s - r re e a c s s i e n e t r r d y v v e e C ba o tr n u y k n s - 1931—May 8 1953 Jan. 16 banks Oct. 9 1954_Feb. 5 134 Oct. 16 Apr. 16 i» 1932—Feb. 26 1955—Apr. 15 1917—June 21 13 10 7 3 3 June 24 Aug. 5 1933—Mar. 3 Sept. 9 1936—Aug. 16 191/2 15 10Vi A O M c p a t r y . . 2 2 6 7 0 2 3 1 / 2 2 1956— N A o p v r. . 1 1 8 3 2 2 21 3 1 / 4 4 2 1937— M M a a y r. 1 1 2 2 2 6 34 1 12 4 14 6 6 1934—Feb. 2 li/i In effect Aug. 1, 1956 234 1938—Apr. 16 2234 171/2 12 5 5 I937—Aug. 27 1941_Nov. 1 26 20 14 6 6 1942—Aug. 20 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 16 71/2 71/2 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; 1949—May 1,5* 24 21 15 7 7 Sept. 8, 2.15; and Nov. 10, 2.375. J A u u n g e . 30 1 , , J 1 u 1 ly * 1 .. * .. . WA 2 \ 0 t A 1 1 4 3 6 5 6 Aug. 16, 18*.... 12 5 Aug. 25 MARGIN REQUIREMENTS 1 Sept. 1 I8I/2 18 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953—July 1,9* 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act pf 1934 Jan. 4, Apr. 2 2, Apr. 23, 1954—June 16,24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1 *. 20 18 12 In effect Aug. 1, 1956. . 20 18 12 5 5 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements : For short sales .... 50 60 70 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 50 60 70 1 Demand deposits subject to reserve requirements, which beginning 1 Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and series E bond accounts during the period Apr. 13, ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were *First-of-month or midmonth dates are changes at country banks, and effective after the close of business on those dates. other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 849 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dol.ars] Wednesday End of month Item 1956 1956 1955 July 25 July 18 July 11 July 4 June 27 July June July Assets Gold certificate account 20,283,392 20.285,394 20 285,393 20.290,39220,269,389 20,296,392 20,265,39120,161,102 Redemption fund for F. R. notes.. 855,988 854,109 855,496 843,128 839,331 854,782 843,331 833,137 Total gold certificate reserves. 21,139,380 21,139,503 21,140,889 21,133,520 21,108,720 21,151,174 21,108,722 20,994,239 F. R. notes of other Banks 345,523 307,798 263,447 213,342 266,631 322,210 241,478 225,922 Other cash 392,155 375,945 353,424 341,550 349,653 396,201 364,812 367,246 Discounts and advances: For member banks 461,388 451,860 652,549 570,084 537,366 451,680 232,232 713,756 For nonmember banks, etc 40,000 Industrial loans 909 914 906 874 922 954 904 489 Acceptances—Bought outright 17,116 17,116 17,232 17,536 16,553 17,643 17,903 10,384 Held under repurchase agreement. 567 U. S. Government securities: Bought outright: Bills 478,370 595,970 760,670 950,9701 603,270 549,570 823,970 1,261,146 Certificates—Special Other 10,932,699 10,932.699 10^932^69910,932,699 10,932,69910,932,69910,932. 8,273,775 Notes 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153; 11,645,837 Bonds 2,801,750 2,801,750 2,801,750 2.801,750 2,801,750 2,801 750 2,801; 2,801,750 Total bought outright 23,366,73223,484,332 23,649,032 23,839,33223,491,63223,437,932 23,712 332 233,982,508 Held under repurchase agreement. 1,500 23,500 29,900 45 400 108,000 Total U. S. Government securities. 23,366,732 23,484,33223,650,53223,862,83223,521,53223,437,932 23,757,73224,090,508 Total loans and securities 23,846,14523,954,22224,321,219 24,451,326 24,076,37323,908,209 24,009,338 24,855,137 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items. . 4,617,065 5,511,376 4,759,911 4,702,553 5,032,780 4,278. 4,706,794 3,814,742 Bank premises 69,506 69,247 67,901 67,786 67,725 69; 67, 57,638 Other assets 190,751 245,038 235,310 224,165 213,714 200; 217.951 172,696 Total assets. 50,600,54751,603,15151,142,12351,134,26451,115,618 50,326,618 50,716,917 50,487,642 Liabilities Federal Reserve notes 26,326,474 26,442,25526,512,46826,485,572 26,208,48526,370,25026,367,10925,945,405 Deposits: Member bank reserves ?,315,358 18,784,169 18,622,96218,930,241 ,559,56518,307,71618,442,85318,998,673 U. S. Treasurer—general account. 590,628 477,076 494,327 449,448 575,507 512,920 522,403 622,789 Foreign 261,800 288,616 326,253 291,027 293,440 308,308 296,698 409,988 Other 260,880 274,145 284,714 286,576 290,114 287,535 313,442 419,479 Total deposits. 9,428,666 19,824,006 19,728,256 19,957,292 19,718,62619,416,47919,575,396 20,450,929 Deferred availability cash items 3,53^,306 4,036,701 3,610,077 3,409,127 3,906,218 319,556i 3,496,753 2,950,895 Other liabilities and accrued dividends' 13,885 14,659 14,681 14.870 23.598 14,343 U5,164 13,906 Total liabilities. 49,305,331 50,317,621 49,865,482 49,866,86149,856,927 49,120,628 49,454,422 49,361,135 Capital Accounts Capital paid in 317,171 316,827 316,521 316,051 315,611 317,236 315,742 296,358 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 693,612 693,612 660,901 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 256,890 247,548! 238,965 230,197 221,925 167,599 225,598 141,705 Total liabilities and capital accounts. ;0,600.547j51,603,151j51,142,l23 51,134,264 51,115,618 50,326,618j50,716,917 50,487,642 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.2 I 45.7 I 45.7 45.5 46.0 Contingent liability on acceptances purchased for foreign correspondents 46,168S 44,8541 44,6921 44,8191 45,356 Industrial loan commitments 2,495 2,493j 2,5181 2,585 2,577, Maturity Distribution of Loans and U. S. Government Securities 2 Discounts and advances—total 461 388 451,860: 652.549' 570,084 537,366 451,680| 232,232 753,756 Within 15 days 455 447,270! 645,733) 561,557 526,888 446,599! 219,204 702,155 16 days to 90 days 5'l69j 4,497i 6,816| 8,527 10,478 4,838| 13,028 51,532 91 days to 1 year 243! 93!. 243!. 69 Industrial loans—total 909 914! 9061 874 922 954! 904 489 Within 15 days 1 li II 1 63 2| 11 16 16 days to 90 days 128 154-1 1451 142 80 165 64 93 91 days to 1 year 449 4281 419! 399 428 456 478 249 Over 1 year to 5 years 331 331 341 332 351 331 351 131 Acceptances—total 17 116 17,116 17,232 17,536 16,553 17,643 18,470 10,384 Within 15 days 6 007 7,059 6,013 5,062 5,200 5,886 5,525 4,531 16 days to 90 days 11 109 10,057 11,219 12,474| 11,353 11,757 12,945 5,853 U. S. Government securities—total 23,366 732 23,484,332 23 650,53223,862,83223,521,532 23,437,932 23,757,732 24,090,508 Within 15 days 101420 993,485 111,200 222266,220000 133,600 94,920 133,400 ' 032,899 16 days to 90 days 376 950 542,550 8,591,035 688,335 ,939,635 454,650 176,035 089,946 9 O 1 v e d r a y 1 s y t e o a r 1 t y o e a 5 r years 1 9 1 , , 0 4 2 3 7 2 0 4 8 3 7 2, , 6 1 9 2 9 7 ,432, , 699 11, ,0 44 8 33 7 22 , ,6 1 69 2 99 7 9 ,9 0 3 8 2 7. ,6 1 9 2 9 7 , , 4 0 3 2 2 7 , , 6 1 9 9 9 2 11, , 9 0 3 8 2 7 , , 6 1 9 2 9 7 ,7 7 7 6 3 5 , , 4 6 9 9 3 9 Over 5 years to 10 years 1,013; 013,614 ,087,127 ,013,614 013,614 ,013,614 ,013,614 013,614 Over 10 years 1,414; 414,857 013,614 ,414,857 414,857 ,414,857 ,414,857 ,414,857 414,857 1 No accrued dividends at end of June. 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

850 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1956 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 898,195 5,377,739 1,079,483l,792,006!l,245,069 921,1643,660,999 818,593 394,576 837,652j 736,259|2,534,657 Redemption fund for F. R. notes 58,999 176,783 61,404 74,153 71,400 50,840 154,525 42,856 23,240 42,426 25,840 72,316 Total gold certificate reserves. 957,194 5,554,5221,140,8871,866,1591,316,469 972,004 3,815,524 861,449 417,816 880,078 762,099 2,606,973 F. R. notes of other Banks... 25,863 48,277 37,210 25,121 29,182 48,696 23,586 10,257 20,884 7,486 17,452! 28,196- Other cash 28,650 87,131 22,240 38,602 21,044 32,777 60,737 24,041 9,495 12,250 14,232 45,002 Discounts and advances: Secured by U. S. Govt. securities 11,375 33,665 57,140 51,730 36,199 23,875 101,015 29,850 11,335 39,070 36,9501 5,200 Ind O u t s h t e r r ial loans 30 3 0 3 14, 6 00 03 0 si 243 Acceptances: Bought outright 17,643 Held under repurchase agreement U. S. Govt. securities: Bought outright ,288,28 5,898,812 ,408,409 2,027,2171,443,0501,205,155 4,089,263 978,534 529,392 1,015,566! 931,517 2,622,728 Held under repurchase agreement Total loans and securities. .. 1,299,997 5,950,1201,480,152 2,078,9471,479,2491,229,030 4,190,2781,008,384 540,77811,054,636! 968,710J2,627,928 Due from foreign banks. >... 1 16 2 2 1 1 3 1 II 2 Uncollected cash items 400,517 808,373 271,955 357,951 313,651 302,315 710,912 162,781 101,773 241,546! 202,147 404,919 Bank premises 5,417 8,598 4,893 7,254 6,788 3,998 5,948 3,886 4,459 4,129! 3,344 10,969 Other assets 10,646 48,528 11,720 17,398 12,068 11,136 36,974 8,096 4,445 8,501 j 8,577 22,190 Total assets. 2,728,28512,505,555 2,969,059 4,391,4343,178,452j2,599,9578,843,9622,078,8951,099,6512,208,627| 1,976,56215,746,179 Liabilities F. R. notes 1,592,625 6,043,394 ,744,179 2,462,803 2,005,943 1,307,382 5,:109,8271,175,518 511,4031,048,697 703,957i2,664,522 Deposits: Member bank reserves 744,567 5,148,629 857,0431,461,811 795,272 908,8702,984,967 662,504 410,558 843,396 970,674J2,519,425 U. S. Treasurer—general account 28,527 57,860 33,023 33,173 38,414 46,168 50,720 39,683 49,252 50,029 49,3481 36,723 Foreign 15,930 2115,503 19,440 24,570 13,770 11,880 37,800 10,260 6,750| 10,260 13,770! 28,375 Other 2,917 215,592 10,824 2,520 2,759 3,016 7,277 1,482! 1,770 1,265! 37,661 452 Total deposits 791,941 5,537,584 920,3301,522,074 850,215 969,934 3,073,939 719,724 468,042i 905,455 1,035,057,2,622,184 Deferred availability cash items 271,145 587,950 217,730 295,949 257,833 266,478 486,009 135,740 88,559 205,936 176,934; 329,293 Other liabilities and accrued dividends 846 3,557 738 1,783 540 621 2,940 471 353 539 415| 1,540 Total liabilities 2,656,55712,172,485 2,882,977 4,282,6093,114,5312,544,4158,672,7152,031,4531,068,357 2,160,627! 1,916,36315,617,539 Capital Accounts Capital paid in 16,307 91,623 20,414 30,319 14,551 14,740 42,406 10,898 7,050 12,737 i 17,445 38,746 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 76f 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 10,743 38,301 11,688 14,937 11.009 9,199 25,518 8,374 5,585 8,166! 7,600 16,479 Total liabilities and capital accounts 2,728,28512,505,5552,969,059 4,391,434 3,178,452 2,599,9578,843,96: 2,078,8951,099,6512,208,62711,976,5625,746,179 Reserve ratio 40.1% 48.0% 42.8% 46.8% 46.1% 42.7% 46.6% 45.5% 42.7% 45.0%,; 43.8% 49.3% Contingent liability on acceptances purchased for foreign correspondents 2,726 314,940 3,326 4,204 2,356 2,033 6,468 1,756 1,155 1,756| 2,356 4,851 Industrial loan commitments.. 28 164 107 2,128!. 1 After dsducting $16,000 oarticipations of other Federal Reserve Banks. 3 Aftsr deducting $32,987,000 participations of other Federal Reserve 2 After deducting $192,780,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 851 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS fin thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month item 1956 1956 1955 July 25 July18 July 11 July 4 June 27 July June July F. R. notes outstanding (issued to Bank) 27,309,44927,361,19527,341,89827,234,86827,123,22627,313,32327,177,98626,844,481 Collateral held against notes outstanding: Gold certificate account . 11,498,000 U,498,00011,498 00011,498,000 11J538,000 11,498,000 11478,00011208 000 Eligible paper 100,665 90 81? 119'498 127 593 86 117 13? 060 79 043 363 335 U. S. Government securities 16,985,000 16,985,000 16,935,000 16,935,000 16,935,000 16,985,000 16 935,000 17,055,000 Total collateral 28,583,66528,573,81228,552,49828,560,59328,559,11728,615,060 28 492,043 28,626,335 EACH FEDERAL RESERVE BANK ON JULY 31, 1956 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago 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) 1,650,913 6:236,894 ,823,1872,556,914 2,068,8341,367,047 5204,327 ,231,177 557,5701,077,182 740,664 2,798,614 Collateral held: Gold certificate acct.. 580,000 2.870,000 650,0001,090,000 845,000 500,000 2:300,000 450,000150,000 280,000 283 000 1,500,000 Eligible paper 63,140 29,850 39,070 U. S. Govt. securities. ,200,000 3,600,0001,200,0001,500,0001,300,0001,000,000 3,000,000 900,,0'0"0 460 ^ 666 800,000 525 000 1,500,000 Total collateral. 1,780,000 6,470,000 1,913,140 2,590,0002,145,000 1,500,000 5,300,000 1,379,850 610,0001,119,070 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r N b u A e m r p a - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u r l A o e o t o t m p v e n u - e d - o n d t t i ) s ( t a a L m n o o d u o 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 a t n p P f t a u m g a a n o f t t i r d i u o i i n t o n o i u i t a c n - n s n n n t i g s s - i c t - ) 3 - y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n i t z s m e ed ount a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n n v u a o t d a d t e m m s r i d e e l t r r i e a a o o t a n b n i w u g o g l t d n e s u e n r i t e r a n a t s e r g l o - - 1950 3,698 651,389 4,819 2,632 3,754 3,745 1950 62 31 8 6 8 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 1955 June 3,775 824,441 170 460 3,571 ,577 June ,390 2,543 394 294 235 July 3,775 824,847 170 489 3,265 ,305 July ,392 2,544 296 225 211 Aug 3,777 825,161 45 586 3,416 ,392 Aug ,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2,795 ,230 Sept ,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 ,224 Oct ,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 ,107 Nov ,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 ,103 Dec ,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 I 154 Jan 1,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 1,152 Feb 1,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 [,132 Mar [,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 [,288 May 1,435 2,663 340 256 175 June 3,781 845,116 15,000 904 2,565 1,287 June 1,441 2,710 363 270 186 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

852 BAJNK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect July 31. Per cent per annum] [In effect July 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of On discounts or Percentage of (percentage of any commitment R Fe e d se e r r v a e l purchases loan guaranteed in b t y e re b s o t rr p o a w ya e b r) le fe b e o r c r h o a w rg e e r d Bank On On On commit- Portion Re- commitloans2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia. Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond... [Per cent per annum] Atlanta Chicago 3-5V2 St. Louis.... 234-31/4 Interest rate Minneapolis. , Kansas City.. Commitment rate. Dallas San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. * Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of l/i per cent per annum is made on undisbursed portion. 7 Charge of lA 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 centers * centers2 City centers1 centers2 City centers1 centers2 1948 . . 1.227.476 443,216 270,912 513,348 26.9 21.6 16.6 1949 ,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 i 1951 . ,542,554 544,367 336,885 661,302 31.9 24.0 18 4 1952 642 853 597 815 349 904 695 133 34 4 24 1 18 4 1953 ,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 .887.366 738,925 390,066 758,375 42.3 25.8 19,2 1955 2 043 548 766 890 4*1 651 845 007 42 7 27 3 20 4 1955 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 16^,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 52"> 81 027 40 19 > 79 ^0"* 5! 1 28 1 V 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 9^7 76 870 47 0 28 9 21 6 43 5 28 3 21 6 July 181,284 65,873 38,653 76,757 45.9 ^22.4 47.1 2>30.3 P22.7 p Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 853 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 ,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 11834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955—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 Aus 30,317 21,406 ,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept 30,422 21,489 .887 1,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 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 9 Dec 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 Jan 30,228 21,236 1,897 ,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 A.DT 30 210 21 320 1 922 241 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 June 30,715 21,801 1,948 ,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 13 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Held by Kind of currency T s J o t u a t 1 n n a 9 e l d 5 i o 3 6 n u 0 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 Ju 1 n 9 e 5 3 6 0, M 1 a 9 y 5 3 6 1, Ju 1 n 9 e 5 3 5 0, certificates agents Gold 21,799 21 142 2657 Gold certificates 21,142 18,293 2,816 33 34 34 Federal Reserve notes 27,178 70 1,052 26,055 25,853 25,618 Treasury currency—total 5,032 3? 470 40 365 4,626 4,626 4,577 Standard silver dollars 489 218 29 237 235 223 Silver bullion 2,202 2,202 Silver certificates and Treasury notes of 1890 3? 420 271 2,150 2,158 2,171 Subsidiary silver coin 1 317 6 53 1,259 1,253 1,202 IVIinor coin . 463 1 9 453 451 433 United States notes 347 2 27 318 318 319 Federal Reserve Bank notes 148 1 1 147 148 163 National Bank notes 65 64 64 67 Total—June 30, 1956 I 23,562 768 18,293 4,233 30,715 May 31 1956 23,535 779 18,269 4,234 30,513 June 30 1955 23,439 812 18,178 4,089 -36;229" 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. 846. 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

854 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Bank credit a T s o se ta ts l , Treas net— Date Gold s r t o c e u a i u n n u r n c r y g t d - - y - Total Lo n a e n t s, Tot U aJ . 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 a T i i a p n a t o n i 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 n s a i l c t y s C co m a a n a u p n i c e n s i - d t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184.384 14,624 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—June 30. 21,927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—June 30. 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27. 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31. 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28. 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26. 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30. 21,700 5,000 214,400 97 800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25 » 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. 29v 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. 28P. 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 30^ 21,800 5,000 214,700 103,400 90,800 65,600 23,400 1,900 20,500 241,500 221,200 20,300 June 27 P, 21,800 5,000 215,700 105,200 90,000 64,700 23,500 1,800 20,500 242,600 222,600 19,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b c a a a o A e v n n m r i t d c k n i - s g a s l B F. a A n R t k . s Total Total m T b C e i a m o r n c m e k ia s - l de M p s b a o a u v s n t i i k u n ts s g a 2 l s 3 S S P a y o v s i s t n t e a g m l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u n u d c t k r e - y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e s d t e n - i e - - t d d s b r C o e s a n i u u n d c t r k e - y - s 1929—June 29. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933 June 30. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939 Dec. 30. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941 -Dec. 31. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1952—Dec. 31. 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,9C0 1953—Dec. 31. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359102,451 28,091 126,700 99,500 27,200 1954_June 30. 3,256 811 5,895 875 198,517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,700 27,000 Dec. 31. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—June 30. 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 27,000 July 27. 3,300 800 6,100 500 208,100 77,100 47,700 27,400 2,000103,900 27,100 132,700 105,500 27,200 Aug. 31. 3,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000103,900 27,300 132,700 105,500 27,200 Sept. 28. 3,200 800 4,500 500 209,700 77,700 48,100 27,700 1,900104,900 27,200 133,300 106,200 27,100 Oct. 26. 3,200 800 4,900 500 211,300 77,900 48,200 27,800 1,900106,100 27,300 132,000 104,800 27,200 Nov. 30. 3,200 800 4,500 500 212,200 77,400 47,700 27,800 1,900106,900 27,900 132,900 105,400 27,500 Dec. 31. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890109,914 28,285 133,300 105,800 27,500 1956—Jan. 25* 3,100 800 2,300 500 214,400 78,400 48,300 28,300 1,900108,900 27,100 133,300 106,000 27,300 Feb. 29P 3,000 800 4,000 600 211,600 78,800 48,500 28,400 1,800105,600 27,200 132,700 105,400 27,300 Mar. 28P 3,000 800 6,500 500 210,800 79,300 48,800 28,600 1,800104,400 27,200 133,100 105,600,27,500 Apr. 25*> 3,000 800 4,400 600 212,400 79,300 48,800 28,700 1,800106,100 27,000 134,400 107,200 27,200 May 30^ 3,000 800 5,800 400 211,200 79,600 49,000 28,900 1,800104,200 27,400 133,200 105,700 27,500 June 27*> 3,000 800 5,400 600 212,900 80,300 49,500 29,100 1,800105,100 27,500 134,400 106,800 27,600 v Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * 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 855 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 s r e i t t c h i u e e s - r a C ss a e s t h s2 c b T a i a l l p o i i n a t t i 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 p o u c t i n - t a t a l s l b N a b u o n e f m r ks tions ac- Time counts 3 U. S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 I941_Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945__Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947_Dec. 3H 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1953—Dec. 31 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1954__Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14,367 1955—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 June UP 191,550106,370 64,660 20,520 41,630 236,770 212,780 14,470 5,070 114,330 78,910 18,730 14,209 Ail 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—June 30 155,264 75.183 63,271 16,809 41,025 199,249 181,516 15,242 5,078 112.983 48.214 14,906 13,781 Oct. 26 158,860 79,210 62,860 16,790 40,590 202,410 182,640 14,710 4,530114,860 48,540 15,300 13,742 Nov 30 159,390 81,390 61,370 16,630 41,580 204,100 184,020 14,780 4,210 116,930 48,100 15,390 13,737 Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709 123,187 48,715 15,300 13,716 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 3,640115,090 48,880 15,510 13,703 Mar. 28^ 159,910 84,730 58,540 16,640 39,960 202,980 182,440 14,210 6,170 112,870 49,190 15,550 13,702 Apr. 25* 160,040 85,340 58,060 16,640 39,920 203,070 182,330 14,220 4,110114,860 49,140 15,710 13,697 J M un ay e 2 3 1 0 P * 1 1 5 6 9 0 , , 6 4 0 7 0 0 8 8 6 7 3 ,7 0 2 3 0 0 5 5 7 6 , , 1 3 7 6 0 0 1 1 6 6 , , 4 3 0 9 0 0 4 4 0 0 , , 0 7 6 2 0 0 2 2 0 0 2 4 , , 7 3 8 4 0 0 1 18 8 3 1 , , 5 9 9 8 0 0 1 1 3 4 , , 6 4 9 7 0 0 5 5 , , 4 0 5 7 0 0 1 1 1 1 4 3 , , 2 5 7 2 0 0 4 4 9 9 , , 3 78 2 0 0 1 15 5 , , 8 8 4 2 0 0 1 1 3 3 , , 6 6 9 8 1 2 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1953—Dec. 31 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955—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* 134,114 73,930 46,818 13,366 35,279 172,156 154,405 13,044 4,912 96,827 39,622 13,234 6,510 June 27* 135,054 75,505 46,199 13,350 35,820 173,655 155,923 13,806 4,574 97,520 40,023 13,257 6,502 All mutual savings banks: 1939—Dec. 30 10,216 4,927 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. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 24,358 2,559 528 1954_Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955—June 30 28.990 16,172 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 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 28,850 2,890 527 June 27* 31,080 18,650 8,300 4,130 910 32,430 29,190 (5) 29,130 2,890 527 (5) * Preliminary. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual sayings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1—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 b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i t a - e a l s l Total* b In a t n e k r - 2 Dema O nd ther c T a o p t it a a l l b N a b u o n e m f r ks tions ac- Time counts 3 U. S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,712 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 214 778 18,894 2,150 2,572 22 1954—Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 709 736 19,414 ,392 2,803 21 1955—June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 Oct. 26 23,142 13,868 7,015 2,259 7,022 30,850 26,737 048 1,060 18,358 2,271 2,734 18 Nov. 30 23,212 14,536 6,546 2,130 7,591 31,568 27,229 5,166 879 18,888 2,296 2,759 18 Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 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 June 27? 23,558 15,782 5,872 1,904 6,976 31,316 26,914 5,138 1,063 18,318 2,395 2,802 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 ,295 600 13 1955—June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 1,180 343 4,606 ,303 612 13 Oct. 26 6,264 2,977 2,581 706 1,930 8,247 7,387 1,200 251 4,635 ,301 619 13 Nov. 30 6,210 3,079 2,430 701 1,956 8,222 7,453 1,156 254 4,745 ,298 628 13 Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 ,327 628 13 1956—Jan. 25*> 6,435 3,239 2,535 661 1,985 8,469 7,749 1,144 74 5,230 ,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 June 27^ 6,324 3,574 2,068 682 1,992 8,367 7,480 1,207 336 4,640 1,297 636 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 11,647 3,322 336 1953—Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1954—Dec. 31. 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—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 June 27^ 52,389 30,415 17,112 4,862 14,774 68,262 61,573 6,249 1,805 37,081 16,438 4,893 291 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1953—Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59.360 1,508 1,271 37,794 18,787 4,506 6,326 1955—June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 Oct. 26 52,258 23,710 22,775 5,773 12,023 65,104 59,634 1,268 1,321 37,651 19,394 4,796 6,245 Nov. 30 52,553 24,136 22,615 ,802 12,081 65,503 59,987 1,288 1,161 38,404 19,134 4,815 6,234 Dec. 31 52,775 24,379 22,570 ,826 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 ,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29? 52,421 24,604 21,970 ,847 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 ,838 11,837 65,161 59,573 1,226 1,519 37,175 19,653 4,832 6,199 Apr. 25*> 52,707 25,151 21,676 ,880 11,811 65,376 59,742 1,247 1,226 37,588 19,681 4,888 6,196 May 30P 52,920 25,491 21,543 5,886 11,790 65,544 59,724 1,157 1,502 37,308 19,757 4,925 6,188 June 27*> 52,783 25,734 21,147 5,902 12,078 65,710 59,956 1,212 1,370 37,481 19,893 4,926 6,180 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $110 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 857 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets — Total Other Cla a s n s d o d f a b t a e nk Total Loans o G U bl o . i S v g . t a . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i n i a t i d t i - e a s l Total 2 b In a t n e k r - 2 Demand c c T a o a p o u c t i n t - a a t l s l b N a b u o n e m f r k - s tions ac- Time counts3 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 1,502 1945—Dec. 31 37,871 88850 27,089 1,933 9,731 48 084 44,730 4 411 8 166 24 168 7,986 2 945 1 867 1947-Dec. 31 32,566 11,200 19,240 2.123 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 1,871 1955—June 30 47,473 24,891 17.870 4711 13 408 61 945 56,034 6 148 1,807 35,823 12,256 4,747 1 867 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 1 851 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 27,9U 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 1,905 365 279 714 1947 Dec. 3M 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 '50 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 9,573 457 504 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 7,241 195* -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 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945-Dec. 31 10,846 3,081 7 160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 1 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 I 198 3,522 641 180 5,596 5,022 > 5,020 558 350 1947—Dec 314 5 957 1 384 3 813 760 211 6 215 5 556 1 2 5 553 637 339 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 1 2 6,013 740 309 1954—Dec. 31 7,038 3,346 2 630 1,061 194 7,295 6,474 1 2 6,471 774 309 I955 June 30 7 373 3 605 2 677 1 090 180 7,621 6 743 1 2 6 741 792 310 Dec 31 7,567 3,893 2,601 1,072 180 7,816 6,950 1 2 6,947 806 307 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Loans for U. S. Government obligations Oblipurchasing ga- Class of bank T lo o a t n a s l o s r e c c a u r r r i y ti i e n s g O lo t a h n e s r Direct ti o o f ns cal a l n d d ate i m n a v e n e n d s t t s - To taP A c tu u a g r l l r - - i- o T e t r h o s - l R o t e a a e s t - n a e l s u v i d t a i n o i d l - - s - O lo t a h n e s r Total Total Bills C o d c n e e f a e r e d t b t i s e i - n t s f s - i - - Notes Bonds G t a e u n e a d - r- S p s d s a i t i o u c i a o n v l b a t n i d i e - l t - s - s O s r e t i h t c i e u e r s - All commercial banks:3 1947_Dec. 31... 116,28438,05718,167 ,660 8301,220 9,393 5.723 1,06378,22669,2212,193 7,789 6,03453,191 5..276 3,729 1954—Dec. 31... 1 15 5 5 5 , , 2 9 6 1 4 67 75 0 , , 1 6 8 1 3 9 2 2" 8 '6 ; ,8 8 6 7 7 2 4 5 4, , 3 2 9 0 1 0 2 2 , ,9 8 2 5 9 9 1 1, , 6 5 1 2 3 5 1 19 8 , , 7 4 7 1 9 81 16 4 , , 3 7 6 5 5 0 1 2 2 , , 0 4 0 2 0 8 8 8 85 0 5 , , 0 2 8 9 1 7 6 6 3 8 , , 2 9 7 8 1 15 3 , , 0 2 6 2 5 0 5 1 , , 3 7 6 1 1 01 1 6 4 , , 6 6 4 7 0 2 4 4 1 3", , 8 6 6 8 1 5 1 12 2 , , , 7 5 8 8 5 6 3 4 , , 7 0 2 2 9 5 1955__june 30... 160,88182,60133,'245 4,4753,263 774 20,80917,18513,1177—8 ,28061,5924,219 2,31814,034 41,010 12, ,990 Dec. 31... 159,39084,400 34,'500 4;330 "2,740i;770 21,27017,510'3,600 74,99058,1402,660 1,98013,350 40,140 13,060 3,790 1956—Apr. 10 e... 411 insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4,102 3,651 3,333 1945_Dec. 31..., 121,80925,765 9,461 1,314 3,164 3,606 4,677 2,36111,18196,04388,9122,45519,07116,045 5511,321 22 3,,8""7"3 3",258 1947_Dec. 31.... 114,27437,58318,0121,610 823 1,190 9,266 5,654 1,028 7766,69167,9412,124 7.552 5,91852,334 14 5,,129 3,621 1954—Dec. 31.... 154,11570,12726,7315,108 2,907 1,50118,30214,6761,97383,98868,0124,901 5,27914,523 '",287 2112,,352 3,624 1955—June 30.... 153,48874,69228,7294,319 2,834 ,58919,66116,2832,'400 78,79662,3422,996 1,667 16,479 41,185 1512,549 3,906 Dec. 31.... 59,16482,08133,0924,396 3,229 i;742 20,69217,104 3,09177,08360,7654,105 2,292 13,856 40,502 1012,4653,853 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,871 1945-Dec. 31...107,18322,775 8,949 8553,133 3,378 3,455 1,90011,10484,40878,3382,27516,985 14,27144,792 16 3,2542,815 1947 -Dec. 31... 97,84632,62816,9621,046 811 1,065 7,130 4,662| 95265,21857,9141,987 5,816 4,815 45,286 10 4,1993,105 1954—Dec. 31...131,60260,225500 2255,007 3,,529 2,8811,363 14,43312,127,1,85871,35257,8094,075 4,307 12,464 36,944 2010,4493,094 1955—June 30...130,78864,31526,894 2,799 2,8081,440 15,59413,4892,285 66,47352,5432,377 1,281 13,969 34,903 1310,584",346 Dec. 31....135.36070,98231,019 2 ,~72"6 "3 ,1"5'01,560 16,39114,313|2,994433 6644.37750.6973,250 1,738 11,508 34,192 910,444 3,236 1956—Apr. 10....134,03072,48832,2212,5422,6161,560 16,73414,556 3,43061,54247,7021,956 1,428 10,930 33,377 1110,,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 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 564 33013,21411,972 ,002 640 558 9,771 638 604 1954—Dec. 31.... 23,88012,039 7,231 204 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30.... 23,09913,016 7,928 16 2,034 466 656 1,379 75410,083 7,782 537 146 1,830 5,262 1,754 547 Dec. 31.... 23,58314,640 9.126 1'7^ 22,144 511 577 1,5061,006 8.943 6,796 552 100 1,141 5,002 1,609 539 1956—Apr. 10..., 23,15914,945 9,592 11,662 513 608 1,519,1,301 8,214 6,000 246 82 1,024 4,644 1,812 402 Chicago:* 1941—Dec. 31... 2,760 954 732 6 48 52 22 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 68 604 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 1,527 ,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 40431,594 219'9,,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 366 ~2~2,59120,196 373 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 26,752 21,718 1,326 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; 942 19,697 503 481 5,77312,937 3 3,916 1,330 Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,916 ,180 23.83718,826 813 657 4.70812,643 5 3,778 1,233 1956—Apr. 10... 52,14229,35813,615 511 539 689 7,121 5,998; ,354 222,784 17,768 417 478 4,50512,364 4 3,829 ,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 I,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 36329,407 26i,(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 22926,1 ,857 480 2,583 2,10817,681 6 2,006 1,262 1954__Dec. 31... 50,46621,442 5,306 2,229 89 220 7,742 5,760 38829,024 23,,6291,893 1,774 4,731 15,228 3 4,275 1,120 1955—June 30... 50,80622,799 5,815 1,980 61 234 8,214 6,366 439 28,006 22,3211,261 587 5,55414,916 3 4,458 1,227 Dec. 31... 52,77524,379 6,290 2",127 189 255 8,723 6,575 573 397 22,5701,774 913 5,05614,825 3 4,5811,246 1956—Apr. 10... 52,40624,871 6,549 2,016 213 260 8,875 6,756 577 535 21,6251,265 814 4,84414,699 3 4,663 1,247 AH nonmember banks:3 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 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 2,2261,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2,255 755 « Partly estimated. Figures have been rounded to nearest $10 million. Reserve membership, insurance status, and the reserve classifications of *A11 commercial banks in the United States. These figures exclude cities and individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that 2Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all continue to be shown net. insured commercial banks or all commercial banks. Comparability For other footnotes see opposite page. of figures for classes of banks is affected somewhat by changes in Federa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 859 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits JK.C- Bal- De- Cla c s a s l a l o n d f d a b te ank F s B e s w e R e d a r r i n e e v t v - r h k e e a s s l v C a i a n u s l h t b m a w a d n e n o i c s t k - t e h i s s c 5 ju p m s o d a a t e s d e n - i - d t d s 6 D I o n d - t e e p r o b s a i F n ts k or- G U o . v S t . . p s S o u a l t i a b n t t d i d e c i s a - l C c o a f e e i f n e f r r d i t s d - i ' - a p v n s a i I d h d r n t u i d n p c a i e o s - l , r s r - , - I b n a t n e k r- P U G S a o a n . o s S v d v t . - a t l . S p su i t o c a b l a t i d e l t- s i- p a v n s a i I h d d r n t i u d c n p a o i e s - l r , r s - - , B in o g r s - c C o a t a u a c p n - l i t - s mestic^ eign visions checks, pora- ings visions poraetc. 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 2,581 84,987 240 111 866 34,383 65 10,059 1954—Dec. 31.... 18,734 2,469 12,202 106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529 103,221 11,906 1,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 14,906 Dec. 31 18,721 2,682 12,050 109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—Apr. 10"... 18,490 2,840 10,620 105,750 12,200 1,630 3,890 9,870 3,030 102,130 1,440 340 2,470 46,440 1,540 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 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9.734 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 2114,252 1955—June 30.... 17,941 2,655 10,241 102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 13714,579 Dec. 31.... 18,721 2,656 1is744 108,887 13,390 ,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5.504 2,401 72,704 50 105 693 27,542 54 8,464 1954—Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 1512,210 1955—June 30.... 17,942 2,017 6,704 87,207 11,482 1,531 4,656 8,117 2,919 85,706 1,449 338 1,968 36,504 11512,461 Dec 31.... 18,722 2,019 7,612 92,435 13.002 .511 1,327 $.075 1,638 93,687 1,3*3 127 1,865 16,972 13712,78.1 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 64S 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 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 ,151 756 102 1,498 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 1,209 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 1.292 20 1,552 237 66 3,160 719 377 1947__Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1954—Dec. 31.... 1,177 29 162 4,400 ,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 12 141 4.149 .246 <*0 222 299 35 4.781 11 6 8 1.111 i 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 11.757 6,903 103 1,288 1.048 1,035 15,752 239 106 941 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 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947- Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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 17,836 .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 13,844 309 30 468 8,929 35 29448 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

860 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans* U. S. Government obligations For purchasing or carrying securities Month or date i m T n lo a v o e n a e n t n d a s t s t l s - j i L m u n a a s o v e n t d a e n e d - n s d t t s s - * j L u o s a t a d e n - d s ! C i m t n a c r o d n i i e a a m u d r l l - s - - A t c g u u r r l a i - - l G t a T U l i o i n o o g o . b d S n v a - . b s - t d . r e o a k l e e r r s s G t U l T i o i o o g b . o S n v - a . s - t. ot O h c t s u e t i e h e r r - s s i e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s Total— Leading Cities 1955 July 85,629 84,547 43,798 23,436 2,746 1,203 7,933 9,212 32,046 ,074 912 8,843 21,217 8,703 1,082 1956 June 86,870 85,480 50,760 28,029 469 2,465 1,268 8,56010,824 26,775 690 510 6,056 19,519 7,945 1,390 86,379 85,018 50,904 28,253 461 2,334 1,267 8,62210,828 26,306 590 359 5,952 19,405 7,808 1,361 July 1956 86,182 84,726 50,060 27,498 473 2,430 1,273 8,50810,732 26,719 629 517 6,035 19,538 7,947 1,456 June 6 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 13 87,618 86,336 51,354"",453 463 2,598 1,269 8,58210,846 2277,055 796 622 6,123 19,514 7,927 1,282 June 20 87,081 85,622 51,144 28,389 456 2,380 1,271 8,60610,899 26,582 683 358 6,036 19,505 7,896 1,459 June 27 July 4 86,980 85,521 51,09728,381 462 2,398 1,278 8,591 10,84926,559 688 355 6,002 19,514 7,865 1,459 July 11 86,458 85,132 50i,~9"22 2288,275 459 2,335 1,270 8,619 10,827 2"6',349 583 345 5,989 19,432 7,861 1,326 July 18 86,279 84,905 876 28,195 462 2,362 1,264 8,62710,824 26,264 538 372 5,964 19,390 7,765 1,374 85,799 84,515 723 28,160 463 2,241 1,259 8,651 10,81326,050 551 362 5,852 19,285 7,742 1,284 July 25 New York City 1955 23,165 22,590 12,884 7,967 250 1,835 12 460 653 1,926 7,439 440 159 1,710 5,130 2,267 575 July 1956 23,311 22,435 14,790 9,981 1821,559 469 591 2,238 5,751 238 1,000 4,422 1,894 876 June 23,084 22,279 14,73610,094 721,541 471 585 2,200 5,666 196 1,017 4,379 1,877 805 July 1956 22,972 22,024 14,464 9,687 1231,585 473 585 2,241 5,674 203 60 988 4,423 1,886 948 23,121 22,229 14,640 9,832 1991,547 465 590 2,237 5,684 200 73 992 4,419 1,905 892 June 6 23,686 22,896 15,10110,209 2851,541 468 597 2,231 5,900 304 161 ,011 4,424 1,895 790 June 13 23,468 22,594 14,95510,195 1191,561 471 594 2,244 5,748 246 71 ,010 4,421 1,891 874 June 20 June 27 23,523 22,569 14,95210,226 931,590 476 582 2,210 5,753 233 69 ,020 4,431 1,864 954 July 4 23,078 22,311 14,72210,072 571,555 475 588 2,202 5,682 198 71 ,022 4,391 1,907 767 July 11 23,032 22,248 14,67210,033 721,542 469 588 2,195 5,704 201 85 ,041 4,377 1,872 784 July 18 22,703 21,988 14,59810,044 671,477 463 583 2,191 5,525 151 69 987 4,318 1,865 715 July 25 Outside New York City 1955 July 62,464 61,957 30,914 15,469 661 731 7,280 7,286 24,607 634 753 7,133 16,087 6,436 507 1956 June 63,559 63,045 35,97018,048 468 724 777 7,969 8,586 21,024 452 419 5,056 15,097 6,051 514 July 63,295 62,739 36,16818,159 460 721 776 8,037 8,628 20,640 394 285 4,935 15,026 5,931 556 1956 63,210 62,702 35,596 17,811 472 722 778 7,923 8,49121,045 426 457 5,047 15,115 6,061 508 June 6 63,478 63,007 35,84317,943 482 706 772 7,957 8,558844 21,061 451 470 5,039 15,101 6,103 471 June 13 63,932 63,440 36,25318,244 462 772 779 7,985 8,615 21,155 492 461 5,112 15,090 6,032 492 June 20 63,613 63,028 36,18918,194 455 700 777 8,012 8,655 20,834 437 287 5,026 15,084 6,005 585 June 27 July 4 63,457 62,952 36,14518,155 461 715 780 8,009 8,639 20,806 455 286 4,982 15,083 6,001 505 July 11 63,380 62,821 36,20018,203 458 723 775 8,031 8,625 20,667 385 274 4,967 15,041 5,954 559 July 18 63,247 62,657 36,20418,162 461 748 775 8,039 8,629 20,560 337 287 4,923 15,013 5,893 590 July 25 63,096 62,527 36,12518,116 462 697 776 8,068 8,622 20,525 400 293 4,865 14,967 5,877 569 l 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 861 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 F B w e R . a r i v e n t R h e - k . s s C va i a n u s l h t b m a w B a d n e n a i o c s t l e k - h t - s i s c j p m u D o a d s a t s d e e e n i - - - t d d s 1 S p s d s a i i t o u c i o a n v l a b t n d i i e l t - s - - s c C h c o f a e e e e i f n t e c f r r c i d t d k s . - i ' s - , G U o . v S t . . s p p I u c n h v a n o a a o e n i i d r r d p l r r d a s t i - - - s - - - , , S p d s a i t o u c i a n v l a b t i d i e l t - - - s G P U S i a n o o a . n g s v v d S t s - t a . . l m D ti e D o c s - e - ma F n ei d o g r n - Time F B F r . a o n R m k . s F ot r h o e m rs c C o i a u t a c a n p - l t - s tions Total- Leading Cities 1955 July 13,639 970 2,527 55,932 58,014 3,887 1,901 3,322 19,102 1,045 21110,570 1,500 1,420 405 795 8,287 1956 June , 13,402 975 2,516 56,432 58,549 4,231 1,932 2,835 19,572 1,033 17710,278 1,477 1,293 466 1,018 8,780 13,353 975 2,53555,620 58,065 4,132 2,180 2,553 19,600 1,003 18210,805 1,525 1,311 435 1,062 8,812 July 1956 13,180 925 2,341 55,64157,057 4,230 1,871 2,614 19,492 1,049 176 10,241 1,493 ,262 365 1,104 8,780 June 6 13,570 1,003 2,571 56,974 60,050 4,128 1,870 2,190 19,548 1,027 17510,363 1,482 ,273 529 984 8,775 June 13 13,573 967 2,54156,905 59,128 4,200 2,106 3,116 19,596 1,025 17710,335 1,463 ,309 637 965 8,778 June 20 13,283 1,003 2,611 56,210 57,960 4,367 1,882 3,42019,652 1,031 17610,171 1,468 ,327 343 1,017 8,787 June 27 July 4 13,649 922 2,645 55,,248 57,689 4,471 2,230 3,60519,641 1,002 18410,977 1,496 ,342 471 1,129 8,816 July 11 13,287 1,025 2,559 55,346 58,026 4,089 1,835 2,477 19,588 999 18311,194 1,491 ,326 526 1,057 8,818 July 18 13,381 979 2,562 55,774 58,677 3,923 2,739 2,334 19,576 1,006 18210,921 1,536 ,285 380 1,061 8,801 13,095 974 2,374 56,114 57,868 4,044 1,917 1,794 19,593 1,007 18010,129 1,576 ,290 362 1,003 8,813 July 25 New York City 1955 4,437 146 5815,74916,906 298 910 1,150 1,997 112 57 2,977 1,159 1,119 72 391 2,685 July 1956 4,234 144 15,97817,313 305 897 800 2,211 2,900 1,160 1,018 382 2,770 June 4,131 141 15,44516,807 278 1,137 789 2,172 3,005 1,204 1,022 496 2,778 July 1956 4,163 141 15,74216,839 297 950 742 2,173 2,867 1,160 ,009 357 2,770 4,392 149 16,23417,823 280 842 571 2,229 2,892 1,151 ,015 363 2,771 June 6 4,180 137 16,15417,454 327 955 824 2,224 2,912 1,165 ,017 117 392 2,769 June 13 4,198 148 15,78217,135 318 841 1,064 2,216 2,929 1,164 ,032 414 2,768 June 20 June 27 4,225 142 15,45116,905 320 1,082 1,175 2,200 3,059 1,187 ,041 585 2,782 July 4 4,010 153 15,26116,583 280 825 769 2,169 3,055 1,195 ,021 504 2,777 July 11 4,174 135 15,56216,984 262 1,694 700 2,152 3,052 1,191 ,011 466 2,777 July 18 4,114 136 15,50816,757 250 948 512 2,165 2,854 1,241 1,016 430 2,775 July 25 Outside New York City 1955 July 9,202 824 2,46940,18341,108 3,589 991 2,172 17,105 933 154 7,593 341 301 333 404 5,602 1956 June 9,168 831 2,46040,454 41,236 3,926 1,035 2,035 17,361 949 142 7,378 317 275 437 636 6,010 9,222 834 2,470 4~0 ,1'7"5"41,258 3,854 1,043 1,764 17,428 931 146 7,800 321 289 413 566 6,034 July 1956 9,017 784 2,289 39,899 40,218 3,933 921 1,87217,319 951 140 7,374 333 253 365 747 6,010 June 6 9,178 854 2,51340,740 42,227 3,848 1,028 1,61917,319 949 140 7,471 331 258 529 621 6,004 June 13 9,393 830 2,48340,75141,674 3,873 1,151 2,292 1177,372 948 142 7,423 298 292 520 573 6,009 June 20 9,085 855 2,55540,428 4"0,825 4,049 1,041 2,35617,436 949 141 7,242 304 295 343 603 6,019 June 27 July 4 9,424 780 2,575 39,797 40 784 4,151 1,148 2,430 17,441 929 148 7,918 309 301 466 544 6,034 July 11 9,277 872 2,49740,085 41 443 3,809 1,010 1,708 17,419 930 147 8,139 296 305 451 553 6,041 July 18 9,207 844 2,49340,212 41 693 3,661 1,045 1,634 17,424 932 146 7,869 345 274 370 595 6,024 July 25 8,981 838 2,31540,606 41 111 3,794 969 1,282 17,428 934 144 7,275 335 274 362 573 6,038 1 Demand deposits other than interbank and U. S. Govt. less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and 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 a r e e n o t t d a d a l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p t ( t t r o i i i a l n o r i n c t n t i a s l ) e . - - 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 c r h w e i a e i n p a n n e d o l g k l g ' r l l t y e - ucts 3 rubber banks 4 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 469 704 27 106 370 3,050 53,206 327 1956—Jan.-June -302 238 1,362 424 369 -386 -322 365 54 149 2,124 42,243 171 1956—May -81 38 53 -7 32 -107 -101 -44 33 103 -62 -57 June 25 62 396 170 106 20 -96 59 222 24 86 1,019 1,082 July -100 29 -121 64 75 -35 142 -204 -28 -16 24 -139 -229 -4 Week ending: 1956—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 M M a a y y 2 3 3 0 - -1 3 1 5 -14 2 -151 3 - - 1 1 6 0 "-u" - - 1 1 4 2 - - 1 2 8 4 - - 5 2 3 6 4 o -1 7 -1 - - 1 2 2 7 4 1 - - 1 3 1 0 1 8 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 -5 16 -70 -64 July 4 -25 16 -28 21 4 10 8 -11 27 23 -8 July 11 -46 18 -39 8 70 1 2 -100 -16 1 12 -89 -106 July 18 -14 -4 -37 15 10 4 42 -46 9 -4 c -56 -80 July 25 -15 -1 -17 20 -6 c 88 -67 -3 -1 -10 -17 -35 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 Held by: Based on: End of year or month Acceptingbanks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly into from exdealers * ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r 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 i955_june 2,303 572 [,731 655 182 138 44 16 26 431 216 189 40 125 85 July 2,411 593 [,818 650 184 144 40 10 23 433 223 186 41 108 92 AUK 2,359 580 1,779 655 186 142 44 14 27 427 220 182 41 111 101 Sept 2,245 564 1,681 671 190 147 43 21 27 433 253 189 33 108 87 Oct 2 255 547 1,708 662 189 144 45 16 26 430 258 201 33 82 87 Nov 2,283 542 [,741 642 187 134 52 17 27 410 259 205 20 73 86 Dec 2,008 510 1.498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb 2 618 588 2 030 667 184 135 49 14 37 431 263 234 20 43 106 Mar 2,545 560 1,985 660 170 130 40 14 39 436 263 236 18 49 94 Apr 2,514 508 2,006 628 146 108 39 13 42 427 235 240 10 43 100 M!ay 2 607 515 2,092 r643 157 113 44 16 45 r424 245 r252 9 33 104 June 2,427 476 1,951 684 180 109 71 18 45 441 264 251 9 34 125 r Revised. 2 As reported by finance companies that place their paper directly with i As reported by dealers; includes finance company paper as well as investors. other commercial paper sold in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 863 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m 4 m p P - c o a e r o t n i p r o m m c t e h i r - e a 6 s l - * 3 p d n p - c p l i a a o a r a l t n y p e o c m n c c . e e y - e t 6 r d - - a a P b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s e i - t , - M 3 k - a e m t r- on s t o e h c n R u b a n r i t l i e e l t w s ies Q i m ( s ta s t o r u x % n e a t 1 s b h 3 l 0 e) 3 i 2 s - 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 lo A a l n l s 1 1 - 0 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3.5 1954 . .... 3.6 5.0 4.3 3.9 3.4 1953 average... 2.52 2.33 1.87 1.90 1.931 2.07 2.56 1955 3.7 5.0 4.4 4.0 3.5 1954 average... 1.58 1.42 1.35 .94 .953 .92 1.82 1955 average... 2.18 1.97 1.71 1.73 1.753 1.89 2.50 Quarterly:! 19 large cities: 1955—July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 1955—Sept 3.77 4.98 4.44 3.99 3.56 Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 Dec 3.93 5.01 4.52 4.14 3.75 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 1956—Mar . . 3.93 5.05 4.55 4.13 3.74 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 June 4.14 5.18 4 69 4.34 3.97 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 New York City: Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 1955_Sept 3.54 4.83 4.39 3.87 3.39 Dec 3.76 4.86 4.48 4.00 3.64 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 1956—Mar 3.75 4.92 4.49 4.05 3.62 Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 June 3.97 5.00 4.61 4.23 3.86 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 7 Northern & Eastern Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 cities: May.... 3.27 3.00 2.50 2.61 2.650 2.83 3.04 1955 Sept 3.76 5.06 4.43 3.99 3.58 June.... 3.38 3.00 2.45 2.49 2.527 2.69 2.87 Dec 3.95 5.08 4 52 4.16 3.79 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 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 30. 3.38 3.00 2.38 2.48 2.535 2.60 2.90 cities: July 7. 3.34 2.97 2.38 2.33 2.409 2.56 2.85 1955—Sept 4.11 5.01 4.47 4.07 3.88 July 14. 3.31 2.94 2.38 2.33 2.387 2.54 2.90 Dec 4.17 5.06 4.54 4.22 3.91 July 21. 3.29 2.94 2.43 2.26 2.237 2.55 2.96 1956—Mar 4.19 5.09 4.58 4.20 3.94 July 28. 3.19 2.94 2.50 2.32 2.303 2.74 3.09 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, 4 3 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 is e s s u s e a s. nd selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS 1 [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 lig e a n t e io r n al ^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 r e n i r n a g t s io / enue Total 5 se O ri l e d s2 se N r e ie w s3 Totals Aaa Baa bonds6 Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 m Co o m n4 - m Co o m n 8 - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1955__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 7.96 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 *7.06 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 '3.26 3.02 3.46 3.27 3.75 3.39 3.55 3.44 4.17 3.82 7.54 July 2.97 3.05 2.78 2.39 3.34 3.07 3.50 3.28 3.79 3.42 3.59 3.48 4.16 3.70 Week ending: June 30 2.92 3.00 2.72 2.34 -3.26 3.03 3.47 3.27 3.77 3.40 3.55 3.46 4.17 3.8? July 7 2.90 2 98 2.76 2.38 3.31 3.04 3.48 3.26 3.78 3.41 3.57 3.46 4.18 3.74 July 14 2.95 3.01 2.78 2.38 3.34 3.05 3.49 3.27 3.78 3.40 3.58 3.47 4.15 3.70 July 21 2 98 3 05 2.79 2.40 3.35 3.08 3.49 3.28 3.79 3 41 3.59 3.48 4.16 3.65 July 28 3.02 3.10 2.80 2.41 3.37 3.11 3.52 3.30 3.82 3.44 3.61 3.49 4.16 3.69 r Revised. 4 Moody's Investors Service. 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 5 Includes bonds rated Aa and A, data for which are not shown sepaand corporate bonds. Yields of State and local govt. general obligations rately. Because of a limited number of suitable issues, the number of are based on Thursday figures; of revenue bonds, on Friday figures; and corporate bonds in some groups has varied somewhat. of preferred stocks, on Wednesday figures. Figures for common stocks 6 Dow-Jones and Co. are as of the end of the period, except for annual averages. 7 Standard and Poor's Corporation. Ratio is based on 8 median yields 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first in a sample of noncallable issues—12 industrial and 2 public utility. callable after 12 years, through Sept. 30, 1955, and those due or callable 8 Computed by Federal Reserve from data published by Moody's Inin 10-20 years, beginning Oct. 1, 1955. vestors Service. 3 Consists of the 3V4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 SECURITY MARKETS SECURITY PRICES ' Bond prices Common stock prices Vol- U (l . o n S g . - G te o rm vt ) . St ( a i n n d d a e r x d , 1 a 9 n 3 d 5 P -3 o 9 o = r 's 1 0 s 0 er ) ies Securities an ( d in E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series t u r o m a f d e - Ye o a r r , w m e o ek nth, n M ici u p - al C r p a o o t - r e - Manufacturing Trade, th ( i o n in u g - s O ri s e l e d s - 2 N ri s e e e s w - 3 g ( r h a ig d h e - )4 g (h ra ig d h e - )4 Total d t I r u n i s a - - 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 r d a 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 c n 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—July 94.96 102.73 121.4 114.3 315 360 256 156 319 395 366 421 334 157 304 317 2,423 94.51 101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov . 95 46102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 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 94103.28 122 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 92.86 100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94 40101.35 117 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 July 93.94 100.98 118.6 110.3 357 417 260 157 359 460 421 495 335 159 315 369 2,177 Week ending: June 30 94.56 101.92 119.0 110.6 345 403 258 155 347 442 404 477 332 156 303 354 1,800 July 7 94.76 102.16 118.6 110.6 348 406 255 156 354 453 412 491 334 157 307 364 1,968 July 14 94.28 101.65 118.8 110.1 356 417 260 157 358 458 420 493 334 158 318 362 2,272 July 21 93.82 100/89 118.6 110.4 360 423 260 157 363 465 426 500 335 159 318 377 2,262 July 28 93.40 100.01 118.5 110.0 362 424 265 160 362 463 425 497 336 161 316 372 2,110 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 2V£ 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 * E W nd e d o n f e s m d o ay n th o f o m r o la n s t t h U o s . t T e h S c o e u . r t r G a i t t h l i o - e a v s n t. N N ew e t Y d o e r b k i t f S i b r t a o m l c a s k 1 n c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d c s a d t r o e r a y o l i e n t r h g s e ) r s s e f o c ( u r t r h p i a t u i n e r s - 2 Money borrowed Cus f n r t e o e e t mer o (c b o c l l i o . g l a . 3 t i 5 o ) + ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G ti o o v ns t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1952—Dec 1,980 33 1,332 149 648 30 877 727 1953 Dec 2,445 31 1,665 88 780 88 1,074 713 1954—Dec 3,436 41 2,388 65 1.048 69 1,529 1,019 1955 June 3,870 46 2,711 31 1.159 73 2,020 917 July 3,911 45 2,734 29 1,177 77 2,003 918 Au2 3,865 43 2,710 29 1,155 71 1,994 887 Sept 3,966 43 2,805 33 1,161 68 2 056 977 Oct 3,944 40 2,749 29 1,195 71 2,088 920 Nov 3,980 38 2,759 27 1,221 75 2,185 876 Dec 4,030 34 2,791 32 L239 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 M!ay 4,047 38 2,810 40 1,237 42 2,186 870 June 4,009 34 2,786 48 1,223 39 2,195 836 i Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 865 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St U a l t o e . c S a a . n l d Foreign 2 Total Bonds Stocks gages estate loans assets End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 . 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 . . 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68 278 13,760 11 009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2 590 2 872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78 533 12,537 9 829 1 298 1,410 34,438 31,865 2 573 23,322 2 020 2 914 3 302 1954 84.486 12,262 9,070 1,846 1,346 37.300 34,032 3.268 25.976 2,298 3.127 3 523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month:4 1952—Dec 73 034 12,814 10 195 1 126 1,493 31,286 29,095 2,191 21,245 1 868 2 699 3 122 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Mav '86,519 12,261 9,058 1,956 1,247 '37,534 '34,746 '2,788 27,217 '2,406 3,190 '3,911 June 86 967 12,239 9 046 1,957 1,236 37,677 34,848 2,829 27 483 2 420 3 207 3 941 July 87,636 12,292 9,096 1,979 1,217 37,927 35,058 2,869 27,748 2,453 3,230 3,986 AUR. .. 88 087 12,368 9 179 1,979 1,210 37,921 35,046 2 875 28 001 2 471 3 245 4 081 Sept 88 529 12,325 9,129 1,983 1,213 38,123 35,253 2,870 28,250 2,492 3,260 4 079 Oct 89,016 12,236 9,027 1,990 1,219 38,385 35,506 2,879 28,563 2,506 3,271 4,055 Nov 89 491 12,096 8 891 1,987 1,218 38,546 35,647 2,899 28 868 2 523 3,283 4 175 Dec 90,219 11,758 8,546 1,998 1,214 38,855 35,932 2,923 29,433 2,557 3,293 4,323 1956—Jan 90,842 11,751 8,393 2,125 1,233 39,146 36,216 2,930 29,800 2,568 3,307 4,270 Feb 91,240 11,608 8,236 2,144 1,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar 91 543 11,415 8 045 2,153 1,217 39,570 36,593 2,977 30,383 2 609 3 345 4 221 Apr 92,025 11,439 8,085 2,153 1,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 Mav 92,478 11,332 7,986 2,140 1,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 ' Revised. an amortized basis and stocks at end-of-year market value. 1 Figures are for all life insurance companies 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 r s t- 3 G U ob o . l v S i t - . . Cash Other 4 S c a a v p i i n ta g l s q E u n a d r t o e f r Total 2 g M ag o e r s t- 3 G U ob o . l 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 l 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 I 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—1? 33,075 27,373 2 203 1,928 1,502 28,482 1951..., 19,222 15,564 1,603 1,066 899 16,107 2» 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 J954 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— 1* 39,049 32,529 2,615 1,999 1,842 33,446 p Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged 1 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

866 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 4 6 0 7 8 4 7 3 2 0 4 7 5 6 6 48 8 0 4 To railroads, total 140 114 110 101 82 79 12 13 11 11 Reconstruction Finance Corporation4 138 112 108 99 80 77 Other agencies 3 3 2 2 2 2 12 11 11 To other industry, total 310 462 458 488 516 509 420 426 426 706 667 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D O e th p e a r r t a m ge e n 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 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 18,927 19,061 •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 1 2 1 1 1 2 2 2 1 Investment in international institutions. 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 133 107 78 44 40 47 44 Reconstruction Finance Corporation4. 98 83 66 36 35 45 29 29 Production credit corporations 29 22 11 8 5 3 3 3 3 2 Department of the Treasury 42 38 40 23 23 Other agencies 2 3 2 3 4 Commodities, supplies, and materials, total. 627 1,549 1,774 1,461 1,280 2,514 3,852 3,612 3,476 4,129 4,356 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 r ation4... , 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 I 272 47 8 0 0 56 6 4 5 54 1 7 9 59 1 4 7 5 2 8 0 9 Land, structures, and equipment, total 3,060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 7,822 P R u e b c l o i n c s H tr o u u ct s i i o n n g F A i d n m an i c n e i s C tra o t r i p o o n ration4 1,4 6 4 3 8 0 1,3 6 5 1 2 1 1,2 6 4 0 8 5 1,2 5 5 9 1 4 1,1 1 7 9 3 9 1,0 1 1 7 8 5 »96 64 64 64 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 Federal Maritime Board and Maritime Adm3. 4,834 4,798 4,749 4,807 4,812 4,822 Other agencies^ 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 ,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 867 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other thaninteragency items * interagency items Date, and corporation or agency Loans m C ti o o e m d s, i - - I m nv e e n s t t s - L st a r n u d c- , Other B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , Other G i U n o t . e S v r . t - . o v in w P a t t r n e e i- r e ly - d Total Cash c a e b i l v e - m p r a l i a n i a e t d l e s s - , G U s ri e o t . c i S v e u . 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 U G n b u . t S e y a e . r d - Other li i a ti b e i s l- est All agencies 1948—Dec. 31 21,718 630 11,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 1,72021.030 183 1950—Dec. 31 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 J90 1,19321,995 234 1951—Dec. 313 26,744 931 14,422 1,461 2,226 3,463 3,358 882 43 ,369 1,16123,842 329 1952—Dec. 313 29,945 944 17,826 1,280 2,421 3,429 3,213 832 53 ,330 1,72826,456 378 1953—Dec. 313 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 75 ,18? 3,818 33,429 434 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 33 ,068 4,183 35,610 508 1955—Mar. 31 41,996 1,37519,782 3,612 3,187 3,429 7,982 2 629 31 ,561 4,013 35,848 543 June 30 40,639 1,24418,927 3,476 3,108 3,430 7,821 2,634 41 .840 3,01935,171 568 Sept 30 41 183 1 45619,061 4,129 2,909 3,414 7,799 2 415 43 2 086 2 OH36 460 583 Dec. 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: Banks for cooperatives 450 30 372 43 (5) 5 185 2 231 31 Federal intermediate credit banks 783 21 689 63 9 665 8 110 Production credit corporations 45 42 2 45 Federal Farm Mortgage Corp 13 1 12 (5) 12 Department ot Agriculture: Rural Electrification Administration 2 469 9 2 345 115 1 2 469 Commodity Credit Corporation 7 329 24 2 544 3 747 149 865 1 280 6 049 Farmers Home Administration 668 54 587 1 26 667 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 p> 5 958 712 -1 562 Federal Savin cs and Loan Insurance Coro 250 1 241 8 11 239 ••«•• Housing and Home Finance Agency: Public Housing Administration 313 26 92 64 131 27 285 Federal Housing Administration 629 31 65 381 1 1 150 44 185 400 2,741 81 2,638 22 570 33 2,135 3 Office of the Administrator 756 73 261 36 8 748 Small Business Administration 57 4 51 2 56 2,761 9 2,725 1 26 2,691 Federal Deposit Insurance Corp 1,734 4 1,720 10 94 1,640 Tennessee Valley Authority 2,006 140 (5) 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 Company... 464 25 12 421 6 13 451 Veterans Administration. 673 154 481 3 2 32 9 664 Department of the Treasury 10,685 100 3,825 20 3,408 20 3,312 810,676 International Cooperation Administration . 1,774 2 1,767 5 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

868 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions o f dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period Bu N d e g t et T r P f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f q u e r t o u b o h c a t l m t e a i s l c s l . : 2 B p t u e u e n d r x e d g - s e i- t p T P t f e u u e l r n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t - 3 E p p t T q o u a o u b y t t a l h t a i s l e l c s . : t p p f o r u a th o o ( b y e m r - l t i s ) , c . , c ( c ( o ~ r d d r r I e e i e ) n a r a d , b - e s s i e t e c n e - , t a i G n g N v e o n . e v . t b t & . y Less: O d n c e a t o h b s n e h t - * r b E i o n q c N r g a u r s e a o h o t l w s r : - & agen.) tr. funds Cal. year—1954. 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—1953.. 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 2.568 70,548 -2.712 3.996 1.533 644 1,*19 1956?. 68,141 11,685 2,679 77,122 66,386 9,389 3,127 72,648 4,475 -578 3,235 623 -4,436 Semiannual totals: 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 Tulv-Dec.. 25,240 5,456 1.289 2Q 3Q7 33.125 '4,398 1.006 36,426 -7,028 7.019 1,331 369 1956—Jan- June v. 42,901 6,229 1,390 47,725 33,261 4,991 2,031 36,222 11,503 -7,597 1,904 254 -9,759 Monthly: 1955 -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 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 May 5,050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 J 11,576 1,616 945 12,246 6,783 783 427 7,139 5,107 -3,889 987 58 -4,934 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u e N ( r o f d p e i r g c l t u i e t s t ac d l T f a c e u r t o u f u i n i r m o c s d n i t u t - t c o R i l c e T i a a c r s t o e i h n o a - n s. i m o s a ( G s g - b N a u f e l o r ) a i n e v k g 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 o t F . e r . n v u e ( t b c t d - s . y y ) t . I d n ( p e d g c - c u i r r ) o r r b o e e , e r a l s i c a i n s s c t s e e , T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance ( B F a a a . v b D n a R l k e i e l . s p - osi T t T s a L r x u o i e n r a a y a n s n - d O as n t s h e e t e t r s tions 5 funds 5 debt funds) Accts. Fiscal yr.—1953. -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954. -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ',055 1955. -4,180 990 -29 602 -1 362 3.115 -T12 -551 6.216 180 4,365 ,471 1956. 1,754 2,296 149 173 -2,687 -1,623 -269 331 6,546 522 4,633 ,391] Semiannual totals: 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 1956—Jan.-June.. 9,639 1,236 57 312 -1,470 -8,017 -245 2,002 6,546 522 4,633 ,391 Monthly: 1955—June 3,372 925 363 38 -1,032 -3,098 232 336 6,216 380 4,365 ,471 July -2,617 -7 199 27 -254 3,210 -38 595 6,811 624 4,972 ,215 Aug -1,491 775 21 1 -994 725 95 -1,058 5,753 393 4,188 ,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 ,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 ,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 ,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 ,112 1956—Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 ,350 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 ,151 June 4,793 833 -520 51 -1,004 -3,978 -112 287 6,546 522 4,633 ,391 p Preliminary. r Revised. n.a. Not available. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which arc 3 Consist primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in footnote 1, (2) net accruals over payments of interest on savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 869 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excisetaxes Budget receipts (Int. Rev. Serv.repts.) Adjustments from total Income and Budget receipts profits taxes Period Bu N d e g t et Transfers to: Re- B T u o d t g a e l t Individual c E i x se - p E lo m y - - O r t e h - er Liquor To- a M nd f r r s e .' ceipts Old- Rail- fu o n f ds ceipts Corpo- taxesi taxes2 ceipts tailers' tr a u g s e t re r t o 'm ad ent ce r i e p - ts W he i l t d h - i Other i ration !• fund acct. Fiscal yr.—1953 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18.265 9,211 6.220 4,108 2,743 1.571 3,175 1956 68,141 6,337 634 3,684 78,796 24,015 11,322 21,297 10,004 7,296 4,862 n.a. n.a. n.a. Semiannual totals: 1953—July-Dec 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 1,271 111 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 Tulv-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 1956—Jan.-June 42,901 3,410 316 49,815 12,703 8,623 17,188 4,952 4,013 2,336 n.a. n.a. n.a. 3,188 Monthly: 1955—June 10,125 703 52 399 11,279 1,545 1,417 6,201 924 757 435 268 150 125 July 2,765 198 15 110 3,089 884 277 547 796 216 369 231 116 Aug. ... 4,734 912 85 118 5,848 3,004 115 328 867 1,012 522 245 154 977 Sept 5,498 519 60 103 6,180 1,604 1,685 1,100 881 579 331 256 135 Oct. 2,692 268 18 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 211 113 1956—Jan 4 684 163 17 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 85 231 7,158 3,732 795 460 846 972 353 212 128 1,005 Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 246 137 I Apr 4 082 567 15 897 5 562 810 2,555 509 750 586 352 239 126 1 May 5,050 973 91 993 7,107 3,356 865 492 877 1,067 450 256 149 n. June 11,576 549 54 394 12,574 1,972 1,487 7,193 854 604 464 n.a. n.a. J Budget expenditures 3 Major national security Agri- Vet- culture Period Intl. Inter- erans' Labor and Nat- Com- Gen- Total Total 4 D D e e fe p n t. s , e s M ec u u tu ri a ty l , A en t e o r m gy ic fi a n f a a f n a n i d c rs e est ic b e s e e s n rv a e - n - d w a e n lf d are t a c u g u r r l a i - l - so u r u r e a r - c l es h m o a u e n s r d i c n e g g m o e v r e a e n l r t nmilitary military fits resources Fiscal year: 1953 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 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1955 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 Semiannual totals: 1955_july.Dec.5 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 1955_July5 5,382 3,046 2,648 168 138 55 596 361 294 336 79 251 365 Aug 6,225 3,583 3,258 137 138 95 525 428 223 919 106 229 117 Sept 5,340 3,512 3,252 93 121 59 533 353 191 295 120 165 111 Oct 5,355 3,293 2,837 280 129 152 548 359 283 362 103 145 109 Nov 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956 Jan 5,274 3,005 2,811 8 135 245 631 401 297 340 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 May 5,467 3,433 2,918 307 152 199 565 432 191 287 100 137 121 n.a. Not available. 3 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- 4 Includes stockpiling and defense production expansion not shown vidual taxes for that period are obtained by subtracting Internal Revenue separately. Service data from appropriate monthly Treasury statement totals. 5 Monthly figures not available prior to July 1955. 2 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 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 Total E m n o d n t o h f T g d r e o o b t s a t s * l d d g i e r r o b e s c t s 2 t Total Certifi- Bonds C ve o r n t- - T an a d x S is p s 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 s i o n a t g v e s - s ble* stricted 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec.. . . 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275 2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—June 271.3 271.3 226.7 150.4 19.5 18.4 32.0 71.8 8.7 11.9 64.5 58.1 5.1 42.2 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 I955_july 277.6 277.6 231.6 158.6 19.9 16.0 40.7 81.9 11.7 61.4 58.4 1.7 43.3 Aug 278 4 278 3 231 5 158 9 20 3 9 0 47 6 81 9 11.6 61.0 58.5 1 2 44 2 Sept 277.5 277 5 231.0 159.5 20.8 9.0 47.7 81.9 11.5 60.0 58.3 .4 43.9 Oct 179.9 279.8 233.6 162.5 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 43.7 Nov. . 280.2 280 1 233.6 162.6 20.8 12.0 47 8 81.9 11.4 59.6 58.3 .1 44.0 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Jan 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 8 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 (6) 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 July 272.7 272.6 224.6 155.0 20.8 16.3 36.0 81.9 11.1 58.6 57.4 45.4 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $462 million on July 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. J Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,382 million on June 30, 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 funds1 Federal Com- Mutual Insur- Other State Individuals Misc. a se n ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o s - 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 3 - 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec. 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259 5 35.9 6 4 217.2 23 8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.0 12.7 49.4 16.0 13.2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.4 13.9 49.5 15.5 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.3 14.4 50.0 13.6 13.9 1955—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 '23.7 '15.5 50.3 '16.1 '16.0 Feb 280.2 43.7 8 1 228 4 23.5 59.5 8.5 13.9 r23.8 '15.7 50 4 r16 6 '16 4 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 '20.5 '15.9 50.4 '17.1 '16.5 275.8 43 4 8 2 224 3 23.3 58.4 8.5 13.6 r20.7 '15.9 50 4 r17 0 '16 5 276.8 44.3 8.2 224.3 23.5 57.7 8.4 13.5 21.1 16.0 50.4 17.0 16.6 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to $250 million on Dec. 31, 1955. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 871 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 1956 * [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 notes Treasury bonds Treasury bonds—Cont. Aug. 2, 1956 1,600 Aug. 15, 1956 2 864 Mar. 15, 1956-58.. 1,449 June 15, 1964-69... 2 V 3,752 Aug. 9, 1956 1,601 Oct. 1,1956 \Vi 22 Sept. 15, 1956-59 3. 982 Dec. 15, 1964-69... 2\ 3,827 Aug. 16, 1956 1,601 Mar. 15, 1957 2% 2,997 Sept. 15, 1956-59.. 3,820 Mar. 15, 1965-70.. .2»/ 4,713 Aug. 23, 1956 1,600 Apr. 1,1957 IVi 531 Mar. 15, 1957-59.. 927 Mar. 15, 1966-71.. .2V. 2,958 Aug. 30, 1956 1,600 May 15, 1957 1 % 4,155 June 15, 1958 4,245 June 15, 1967-72... 2V 1,873 Sept. 6, 1956 1,602 Aug. 1,1957 2% 12,052 June 15, 1958-634. 919 Sept. 15, 1967-72... 2V, 2,716 Sept. 13, 1956 1,602 Aug. 15, 1957 2 3,792 Dec. 15, 1958 2,368 Dec. 15, 1967-72.. 3,794 Sept. 20, 1956 1,600 Oct. 1, 1957 m 824 June 15, 1959-62.. 5,274 June 15, 1978-83.. 1,606 Sept. 27, 1956 1,601 Apr. 1,1958 W2 383 Dec. 15, 1959-62.. 3,462 Feb. 15, 1995 2,745 Oct. 4, 1956 1,600 June 15,1958 2V8 4,392 Nov. 15, 1960 3,806 Oct. 11, 1956 1,601 Oct. 1,1958 IVi 121 Dec. 15, 1960-654. 1,485 Panama Canal Loan.... 3 50 Oct. 18, 1956 1,600 Feb. 15, 1959 1% 5,102 Sept. 15, 1961 2,239 Oct. 25, 1956 1,600 Apr. 1,1959 W2 119 Nov. 15, 1961 11,177 Convertible bonds Oct. 1.1959 1% 99 Aug. 15, 1963 6,755 Investment Series B Certificates Apr. 1,1960 l\i 198 June 15, 1962-67.. 2,115 Apr. 1, 1975-80.... 2% 11,070 Dec. 1,1956 2% 9,083 Oct. 1,1960 \Vi 278 Dec. 15, 1963-68.. 2,824 Feb. 15, 1957 2% 7,219 Apr. 1,1961 11A 34 1 Direct public issues. 3 Called for redemption; partially tax-exempt. 2 Sold on discount basis. See table on Money Market Rates, p. 863. * 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 r d k le s e t 2 - v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1 19 9 5 5 4 3 _j JUu n n e e 3 3 0 0 1 1 6 5 2 9 ,6 2 7 1 5 6 1 1 9 9 , , 7 5 0 1 7 5 1 1 5 8 , ,4 8 0 5 5 4 3 3 0 1 , , 4 9 2 6 5 0 8 8 1 0 , , 3 4 4 7 9 4 1 11 2 ,3 8 4 6 0 1 1 1 4 5 7 0 , , 3 3 3 5 5 4 6 60 4 ,5 1 8 2 9 3 2 3 7 2 ,3 9 3 6 0 5 3 1 0 8 , , 5 6 4 7 2 7 3 3 1 1 7 7 3 2 9 5 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 Apr 30 170 723 20,811 20,759 36,093 81,896 11,164 159,559 58,195 37 066 31,363 32 935 May 31 170,690 20,805 20,759 36,107 81,893 11,126 159,564 63,326 31,943 31,362 32 932 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 1 1 9 9 5 5 5 4 — J jU u n n e e 3 3 0 0 7 6 , , 1 9 6 8 2 5 4 46 0 41 8 1 6 1 4 9 3 3, , 5 3 5 9 6 5 3 3 , , 4 4 3 3 9 9 3 3 , , 7 5 2 4 3 6 1 7 07 4 2 1 0 9 5 9 4 5 9 0 4 6 2 2 ,9 7 4 4 4 0 Dec 31 7 676 338 47 304 3 548 3 439 4 237 422 373 426 3 016 1956—Apr. 30 8,034 304 229 561 3,547 3,393 4,641 700 500 410 3,031 May 31 . 8,060 302 236 595 3,558 3,369 4,691 822 417 421 3,031 Federal Reserve Banks: 1953 June 30 24 746 1 455 4,996 13,774 4 522 24 746 15 505 6 452 1 374 1 415 1954—June 30 25 037 2,316 6,600 13,029 3,093 25 037 16,280 6 307 1,035 1 415 1955 June 30 23 607 886 8,274 11 646 2 802 23 607 17 40D 3 773 1 014 1 415 Dec 31 24 785 1,722 6,002 14,259 2 802 24 785 20 742 1 614 i ;oi4 1 415 1956—Apr 30 23,345 403 10,955 9,185 2,802 23 345 19,829 1 087 1,014 1 415 May 31 23 474 538 10,946 9,188 2,802 23 474 19,948 1 097 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 1,455 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 Apr 30 50,943 2,280 1,584 11,996 34,926 158 50,785 6,044 20,950 19,218 4,573 May 31 50,282 2,228 1,446 11,694 34,759 155 50,127 8,023 18,268 19,144 4,692 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—Apr. 30 7,851 131 38 372 6,148 1,161 6,690 255 572 1,333 4,530 May 31 . 7,813 127 44 361 6,119 1,161 6,652 271 553 1,322 4,506 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—Apr. 30 12,001 347 76 798 7,984 2,796 9 204 579 1,361 1,839 5,425 May 31 11,885 357 83 794 7,856 2,795 9,090 712 1,232 1,809 5,338 Other investors: 1953 June 30 53,694 13,155 6,052 5,678 24,890 3,919 49,775 27,393 5,895 4,865 11,621 1954—June 30 , 52,121 12.248 6,511 6.531 23,032 3,800 48,322 24,568 5,308 6,711 11,734 1955 June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 Dec. 31 67,700 16,047 7.612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13,696 1956 Apr 30 68,550 17,346 7,877 13,181 26,490 3,656 64,894 30,788 12,595 7,549 13,962 May 31 69,176 17,253 8,005 13,474 26,798 3,646 65,530 33,550 10,376 7,653 13,951 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

872 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers 2 Prop a o l s l e d co u rp se 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 o f i u e c n r l b y d e - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on e e w y 7 p l M p c o a o u e n u s i l r e s e s - - - - s m b d e t R i t a e o r e c b n e f e n . - k t - 8 t , s m r t e i i o t r c e i f e u n e - - s t If 39 5,687 ? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11 466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47 353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 20,250 10 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 5,929 234 488 307 1949 21,110 11 804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9 687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21.265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 486 1952 26,929 1? 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 n 957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 i? 51? 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 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 June 1,919 496 651 4 768 504 186 319 58 206 687 611 76 64 July 2,504 I 265 470 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 1,162 1,074 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 9 861 675 393 282 42 143 790 762 28 56 Apr '1,876 453 60 391 58 '915 r673 340 '332 '32 '210 '816 '702 '114 '82 M!ay '2 128 451 '491 '1 185 '983 686 '297 65 '137 '1 144 '1 116 '28 '21 June .. 2,123 437 698 99 889 661 270 391 50 179 830 768 61 43 Proposed uses of ne proceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate Year or miscellaneous and financial 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 capital10 secu- capital10 secu- capital") secu- capital10 secu- capital o secu- capital10 securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 2 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951. 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539' 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1.536 24 1954 2,044 190 831 93 501 270 2 675 9Q0 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1955 June 155 8 109 9 55 3 260 11 32 32 76 July 214 140 63 29 1 103 45 143 (9) Aug .. 115 55 37 4 45 141 84 6 91 272 2 Sept 166 19 68 4 50 4 208 13 19 10 158 3 Oct . 85 1 56 14 54 52 166 1 694 107 3 Nov 149 32 70 6 17 4 268 12 40 88 8 Dec 2£7 54 79 4 130 1 269 2 35 3 100 1956 Jan n 0 26 45 2 26 1 63 1 3 263 2 Feb is7 23 41 1 39 1 196 37 194 1 Mar 2A9 22 48 3 71 10 187 103 17 132 3 Apr r258 '78 '27 1 '51 1 '294 15 '170 1 May '465 '67 '4 '86 2 '335 '80 r(9) '109 2 June 276 26 76 2 54 5 231 5 11 182 6 ' Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in ths United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 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 873 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1954 1955 1956 1950 1951 1952 1953 1954 1955 Manufacturing Total (200 corps.): Sales 45,787 52,940 54,51763,343 58,110 69,44313,55215,22216,59917,929 16,88718,02818,100 Profits before taxes 8,176 8,869 7,308 375 7,24410,226 1,578 1,919 2,452| 2,767 2,388 2,619 2,598 Profits after taxes 4,222 3,548 3,192 649 3,825 5,221 810 1,106 1,215; 1,392 1,206 1,408 1,282 Dividends 2,339 2,075 2,073 154 2,384 2,827 533 788 575 577 659 1,015 704 Nondurable goods industries (94 corps.) :* Sales 16,252 188,,991166 199,,226666 20,694 200,,662200 23,065 5,059 5,426 5,509 5,742 5,776 6,037 6,094 Profits before taxes 3,447 2,853 2,753 3,408 667 682 801 849 869 889 900 Profits after taxes 1^661 1,533 1,392 1,581 1,916 380 422 442 471 483 520 495 Dividends 977 925 946 972 1,064 1,202 243 348 256 260 283 402 290 Durable goods industries (106 corps.):2 Sales 29,53534,024 35,25142,649 37,490 46,378 8,493 9,79611,090 12,18711,11111,990 12,006 Profits before taxes 5,229 5,422 4', 4'5"5" 5,346 4' ,4-9' 1 6,818 911 1,237 11 ,6/T5CI1 1 ,C9M1 C9\ 1,518 1,730 1,699 Profits after taxes 2,560 2,015 1,800 2,123 2,244 3,305 430 684 773 920 723 888 787 Dividends 1,362 1,149 1,127 1,182 1,320 1,625 290 440 319 317 376 613 414 Selected industries: Foods and kindred products (28 corps.): Sales 4,402 4,909 5,042 5,411 5,476 5,813 1,353 1,435 1,358 1,462 1,491 1,502 1,531 Profits before taxes 532 473 453 465 462 499 122 110 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 5,882 5,965 6,373 6,182 7,222 1,517 1,623 1,721 1,811 1,799 1,891 1,879 Profits before taxes 1,178 1,490 1,259 1,308 1,153 1,535 277 313 366 381 390 399 385 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 1,473 1,562 1,566 1,613 1,632 1,745 1,764 Profits before taxes 712 911 728 841 751 854 181 152 210 200 218 226 248 Profits after taxes 492 560 524 603 567 624 140 132 150 147 156 172 174 Dividends 236 262 283 290 294 317 73 77 77 77 80 83 82 Primary metals and products (39 corps.): Sales ,44812,50711,56413,75011,52214,927 2,715 2,874 3,300 3,858 3,746 4,024 4,162 Profits before taxes ,706 2,098 1,147 1,817 1,357 2,375 300 400 487 633 582 674 692 Profits after taxes 857 778 564 790 705 1,194 149 231 241 313 290 350 343 Dividends 378 382 369 377 407 522 92 125 114 108 118 182 141 Machinery (27 corps.): Sales 5,049 6,168 7,077 8,005 7,745 8,110 1,866 2,024 1,953 2,045 1,977 2,135 2,168 Profits before taxes 847 1,000 971 1,011 914 894 201 222 229 251 208 206 200 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 96912,70713,03816,61114,13718,825 2,963 3,850 4,791 5,101 4,246 4,688 4,578 Profits before taxes ,33: 1,950 1,982 2,078 1,789 3,023 299 510 825 894 589 715 690 Profits after taxes 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: Operating revenue 9,47310,39110,58110,664 9,371 10,106 2,366 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 312 328 338 412 379 421 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 l,48f 1,740 1,895 2,049 2,304 478 513 636 523 535 594 710 Profits after taxes 82f 814 947 1,030 1,140 1,247 264 288 341 296 284 326 374 Dividends 619 651 725 780 85~ 930 211 224 225 229 229 247 247 Telephone: Operating revenue 3,342 3,729 4,136 4,525 4,902 5,425 1,233 1,285 1,298 1,340 1,368 1,419 1,439 Profits before taxes 580 691 787 925 1,050 1,282 262 284 306 315 325 336 339 Profits after taxes 331 341 384 452 525 638| 141 143 152 156 161 169 169 Dividends 276 318 355 All 448 496; 112 116 118 122 126 130 132 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 NOTE.—Manufacturing corporations. Sales data are obtained from the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are po. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that o!the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i (Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r t e 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 5,682 2,105 3,577 3,366 666 2,700 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 1954 . 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 1955 42.7 21.5 21.1 11.2 10.0 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955 12,595 5.372 7,223 7,712 3,199 4,513 4,883 2,173 2,710 1955—1 .. . 39 7 20.0 19.7 10.4 9.3 2 41.1 20.7 20.3 10.7 9.6 1955—1 3,014 1,295 1,719 1,681 702 979 1,333 593 740 3 43.5 22.0 21.5 11.0 10.5 2 2,891 1,484 1,407 1,802 767 1,034 1,089 717 373 4. . 46 4 23.4 23.0 12.1 10.9 3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 4 3.795 1,165 2,630 2,391 806 1,585 1,404 359 1,046 1956—1 ... 43 7 22.1 21.6 11.8 9.8 21 43.5 22.0 21.5 12.2 9.3 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 i Preliminary estimates by Council of Economic Ad- 1 Reflects cash transactions only. As contrasted with data shown on p. 874, new issues visers. exclude foreign and include offerings of open-end investment companies, sales 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. 874. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [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 e t c o i . e u S v s r . t i . - G U o . v r S e t . . c 2 eivab O l t e her I t n o v ri e e n s - Other Total G U o . v S p t . . a 2 yabl O e ther F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 3>.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954 95.8 187.3 31.7 19.3 2.4 66.2 65.1 2.6 91.5 2.4 54.0 15.7 19.4 1955_1 98.1 187.9 30.3 19.0 2.2 67.8 65.8 2.8 89.8 2.5 54.2 13.4 19.7 2 100.6 190.1 30.8 18.8 2.1 70.1 65.5 2.8 89.6 2.3 54.9 12.1 20.1 3 102.3 198.9 31.3 20.6 2.2 74.5 67.3 3.0 96.6 2.2 58.0 15.3 21.0 4 103.6 206.6 32.2 23.4 2.3 76.0 69.8 2.9 103.0 2.3 61.6 18.5 20.7 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 1 [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n i t n u 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 1.1 2.3 1950 20.6 7.5 .7 1.1 1.2 3.3 l.l 5.7 3 7.4 3.1 .6 1 2 2 5 1951 25.6 10.9 .9 1.5 1.5 3.7 I 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 1.6 4.6 1.7 6.3 1956—1 7.5 3.2 .7 .9 2 6 1954 26.8 11.0 1.0 .9 4.2 7 6.5 2* 9.1 4.3 .8 1.4 2.7 1955 28.7 11.4 1.0 .9 .6 4.3 2.0 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 1 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 875 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties 1Nonfarm Farm Other 1- to 4-family houses Multi-family and 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 d s l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e c l d g e i e e e c h n r t s e a o - d l lde v o r I i a t s d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O h e o t r h l s d e - r c T o o m ta m l erc t F u i i a i n c t n l i i s o a a t p i n l n - r s - ope O h r e t o t i r h l e s d e s* r - h e A o r l s l d l - t F u in i c t n i i s o a a ti l n n - s - ho O l t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1 5 4 9 1945 . 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.8 4.8 1.3 3.4 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2 1 3 5 1950 72.8 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* 129.8 99.5 3.1 r27.3 120.9 88.4 74.1 14.4 32.5 21.8 10.7 r9.0 3.6 r5.3 1954—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* 117.2 88.8 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 r8.4 3 4 5 1 June* 121.9 92.7 3.0 '26.2 113.2 82.2 68.4 13.8 31.0 20.8 10.2 '8.7 3.5 '5.2 Sept P 126.1 96.3 3.0 r26.7 117.3 85.6 71.4 14.1 31.7 21.3 10.4 r8 8 3 6 '5 2 Dec P 129.8 99.5 3.1 '27.3 120.9 88.4 74.1 14.4 32.5 21.8 10.7 '9.0 3.6 '5.3 1956 Mar » 133.5 102.5 3.2 27.9 124.3 91.1 76.5 14.6 33.2 22.3 10.9 '9.2 3.7 '5.5 June*3 137.6 105.9 3.2 28.5 128.2 94.2 79.3 14.9 34.0 22.8 11.2 9.4 3.8 5.7 P Preliminary. ' Revised. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions include commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, 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 yew or quarter Total Total FH in A - - g V u A ar - - C ve o n n - - O n fa o t r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a o t r h n m e - r Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1948 10,897 8,066 1,957 874 5,806 4,758 1 .015 34 1949 11 644 8 676 2,060 909 6,705 5,569 [ 099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 ,774 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 S56 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 ,740 56 1955 21,004 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—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 ,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 ,758 57 19,940 15,128 4,361 3,601 7,166 3,549 1,263 16,173 14,339 4,000 4,976 5,362 ,775 59 Sent 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 1,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 811 58 1956—Mar.* 21,500 16,240 4,648 3,760 7,832 3,950 1,310 18,045 16,132 4,210 6,155 5,767 1,855 58 June* 22,135 16,700 4,767 3,833 8,100 4,110 1,325 18,620 16,690 4,255 6,550 5,885 1,872 58 * 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

876 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—june 519 478 71 151 256 41 27 483 25 310 6 202 5 297 13 811 2,173 July 488 454 72 118 264 34 27,748 25,551 6,225 5,373 13,953 2,197 536 503 77 140 286 33 28,001 25,787 6,244 5,468 14,075 2,214 Sept 513 485 80 127 278 28 28,250 26,025 6,260 5,573 14,192 2,223 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 2,25« Dec 857 811 150 296 365 46 29,433 27,166 6,410 6,075 14,681 2,26 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 2,328 516 470 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 June .. 546 507 58 136 313 39 31,284 28,884 6,584 6,764 15,536 2,400 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H i r n A e - - d a g n V u t A a e r - e - d ti C o ve n o n a n - l - 2 Y m e o a n r th or N b u e m r - Total i i a n S l s g o a s s a n v n - s & . p I c a n a o n s n m u c ie e r - - s b C m c a o i n e 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 June 1,157 418 536 29,107 1,287 5,336 22,484 June.. 360 2,636 1,024 174 516 171 July 1,054 371 494 July.. 335 2,463 953 161 472 168 Aug 1,171 416 553 Aug.. 366 2,697 1,060 163 521 179 Sept 1,012 342 503 30,687 1,356 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 'i,'4O9 24^263 Dec... 293 2,188 700 156 457 166 1956 1956 Jan 712 251 316 Jan. 275 2,059 665 148 435 131 Feb 778 284 333 Feb.. 278 2,050 700 136 421 127 Mar 908 331 386 32.529 1,456 6,136 24,937 Mar.. 309 2,271 816 152 468 128 Aor 932 359 388 Apr.. 303 2,269 827 148 470 128 May 986 356 434 May. 324 2,434 872 159 508 152 June 976 349 4491 33,866 1,465. 6,351, 26,050 June. 319 2,417 877 165 494 162 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.—Federal Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 877 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-guaranteec loans Home Home mortgages Proj- Prop- mortgages Government- Year or month 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 e y g o c p e t r - e s t- ^ p l m o r e i a o m r e n t v n y - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o e f r r Total underwritten Con- FHA- VA- 1945 665 257 217 20 171 192 Total su in re - d a g n u t a ee r- d 1948 3,341 1.434 684 609 614 1,881 1949 3,826 319 892 1,021 594 1,426 793 629 1945 18.6 4.3 4.1 .2 14.3 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1951 3,220 1,216 713 582 708 3,614 2,667 942 1948 33.3 12.5 5.3 7.2 20.8 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37 6 15 0 6.9 8 1 22 6 1953 3,882 [,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 June 333 107 163 5 58 553 348 204 1954 75.7 32.1 12.8 19.3 43.6 July 283 92 138 3 50 520 332 187 1955* 88.4 38.9 14.3 24.6 49.5 350 113 166 4 67 617 386 230 Sent 347 113 162 9 64 590 378 211 1954—Dec...... 75.7 32.1 12.8 19.3 43.6 Oct 338 113 160 2 63 717 461 255 Nov 345 122 154 11 59 755 511 243 1955—Mar.p.... 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—Jan 335 133 148 I 53 570 403 166 Dec.p. . .. 88 4 38.9 14.3 24.6 49.5 Feb 287 114 127 5 41 535 372 162 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 June23.... 94.2 41.0 15.0 26.0 53.2 May 270 87 123 2 59 469 307 162 June 280 86 121 10 62 421 265 155 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.—Federal Home Loan Bank Board, Federal NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Housing Administration, Veterans Administration, loans, gross amount of loans closed. Figures do not take account of principal repayments and 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 End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts yor month Total F su H in r A e - 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 r t i - L te o r n m g 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 1 1 9 9 5 5 3 4 t 2 2, , 4 4 3 6 4 2 6 8 2 0 1 2 1 1 , , 8 6 4 3 1 2 6 5 1 4 4 2 2 5 2 2 1 5 4 6 7 3 6 8 1 1 9 9 5 5 4 3 . . .. 7 7 2 3 8 4 6 8 4 1 0 8 9 8 5 6 2 7 6 6 1 3 2 4 2 3 5 1 5 7 1955 2,615 901 ,714 411 62 76 1955 1,251 702 j.417 991 426 1955—July 2,567 868 1,699 15 116 1955—July 152 107 1,061 748 313 Aug. ....,> 2,573 876 1,696 19 104 Aue 156 30 1,187 822 365 Sept 2,564 871 1,693 11 105 Sept 115 27 1,275 885 390 Oct 2,587 891 1,695 42 83 Oct 90 21 1,344 932 412 Nov 2,596 896 1,700 27 80 Nov 60 40 [,364 875 489 Dec 2,615 901 1,714 30 0 76 Dec 109 56 1,417 991 426 1956 Jan 2,623 901 1,722 22 1 75 1956—Jan 42 213 1,246 833 413 Feb 2,642 907 1,736 35 0 66 Feb 13 78 1,181 770 411 Mar . 2,657 909 1,748 28 0 62 Mar 24 67 1,138 730 408 2.665 Q07 ,758 23 68 Apr 42 53 1,127 709 418 Mi ay 2 677 907 1,769 25 1 81 Miay 44 48 1,123 697 427 June 2,704 915 1,789 40 0 92 June 99 49 1,173 730 443 July 2,729 915 1,814 43 0 91 July 93 159 1,108 700 408 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o u h e d m e r r s e * r e a r n R l n o d i e a z p m n a a t s o i i r o 2 d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u r n g t e s 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 2SS 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 1,720 1955 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 1,757 1955 June 32,471 24,914 12,561 5,639 1,562 5,152 7,557 2,686 3,040 1,831 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 1,834 33,636 26,155 13,547 5,762 1,589 5,257 7,481 2,629 3,019 1,833 Sent 34,293 26,699 13,929 5,848 1,611 5,311 7,594 2,657 3,108 1,829 Oct 34,640 26,963 14,095 5,917 1,627 5,324 7,677 2,666 3,218 793 Nov 35,059 27,247 14,172 6,057 1,634 5,384 7,812 2,757 3,285 1,770 Dec 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 757 1956 Jan 35,599 27,769 14,314 6,318 1,610 5,527 7,830 2,715 3,355 1,760 Feb 35,272 27,784 14,397 6,209 L599 5,579 7,488 2,729 2,974 1,785 Mar 35,536 27,964 14,565 6,137 1,599 5,663 7,572 2,839 2,933 1,800 Apr 35,962 28,260 14,706 6,183 1,611 5,760 7,702 2,876 2,996 1 830 May 36,574 28,591 14,876 6,244 1,642 5,829 7,983 2,981 3,135 1 867 June 37,093 28,890 15,077 6,247 1,663 5,903 8,203 3,099 3,231 1,873 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 e ie s - c s e u C n r i e o d n it s Other Total D s m t e o p e r a n e r t s t ! - F st t u u o r r r n e e i s - H a h a o p n o u p c l s d l e i e - - d m A ea o u l b e to i r l s - e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 ,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 June 24,914 21,432 9,495 7,747 1,434 2,756 3,482 1,160 851 279 481 711 July 25,476 21,980 9,656 8,087 1,458 2,779 3,496 1,155 856 281 501 703 26,155 22,605 9,871 8,422 1,495 2,817 3,550 1,167 871 284 523 705 Sect 26,699 23,101 10,060 8,667 1,528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 1,547 2,861 3,639 1,203 889 281 546 720 Nov 27,247 23,524 10,227 8,825 1,556 2,916 3,723 1,251 909 284 550 729 Dec 27,895 23,863 10,347 8,938 1,580 2,998 4,032 1,423 956 297 556 800 1956 Jan 27,769 23,862 10,360 8,936 1,565 3,001 3.907 1,374 925 288 556 764 Feb 27,784 23,979 10,398 8,964 1,589 3,028 3 805 1,341 909 281 559 715 Mar 27,964 24,244* 10,521 9,037 1,618 3,068 3,720 1,284 894 276 564 702 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 [,680 3,142 3 725 597 882 273 575 698 June 28,890 25,284 11,096 9,298 1,715 3,175 3,606 1,153 884 275 583 711 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 879 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 T c m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o i n z d d 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 p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 1,990 1,378 232 216 164 1948 3,529 575 753 794 568 839 1949 2,950 2,425 303 83 139 1949 4 439 849 946 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—June 7,747 6,857 361 78 451 1955 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 1,256 1,911 Feb., 8,964 7,963 412 83 506 Feb 10 398 3 011 2,124 2,099 1,245 1,919 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 1 252 1,986 May 9,170 8,146 411 81 532 M!a.y .. 10 874 3 157 2 228 2 213 1,273 2,003 June 9,298 8,260 418 81 539 June 11,096 3,210 2,242 2,327 1,293 2,024 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 p o h n e d e e - r r s r m R iz lo o a e a a n d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m ( o s m i e n n - g t le lo -p a a n y s - ) D a e ( - c c c h o a u r n g t e s) S c e r r e v d i i c t e mer- partcial Other ment Other 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 ,285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 ,376 1953 3,613 573 337 249 2,454 1950 6,323 1,576 245 641 2,365 ,496 1954 3,881 596 340 260 2,685 1951 6,631 1,684 250 685 2,411 ,601 1955 4,578 742 444 277 3,115 1952 7,143 1,844 250 730 2,612 ,707 1953 7,350 1,899 320 748 2,663 ,720 1955—June 4,190 692 380 261 2,857 1954 7,658 2,085 335 764 2,754 ,720 July 4,237 706 388 261 2,882 1955 8,330 2,393 383 825 2,972 ,757 4,312 722 401 266 2,923 Sect 4,374 732 410 271 2,961 1955—June. 7,557 2,303 383 518 2,522 ,831 Oct 4,408 736 417 272 2,983 July. 7,420 2,268 327 474 2,517 ,834 Nov 4,472 740 429 276 3,027 Aug. 7,481 2,277 352 475 2,544 ,833 Dec 4,578 742 444 277 3,115 Sept. 7,594 2,273 384 519 2,589 ,829 Oct.. 7,677 2,311 355 562 2,656 ,793 1956—Jan 4,566 735 446 270 3,115 Nov. 7,812 2,348 409 618 2,667 ,770 Feb 4,617 740 452 271 3,154 Dec.. 8,330 2,393 383 825 2,972 ,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 ,760 4,822 770 470 288 3,294 Feb.. 7,488 2,387 342 571 2,403 ,785 June 4,890 782 479 289 3,340 Mar. 7,572 2,437 402 555 2,378 ,800 Apr.. 7,702 2,471 405 548 2,448 ,830 May. 7,983 2,516 465 560 2,575 ,867 NOTE.—Institutions included are consumer finance companies (oper- June. 8,203 2,619 480 550 2,681 1,873 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

880 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2 284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4 683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1 1 9 95 5 3 2 2 3 8 0 , , 3 32 9 1 7 2 2 4 6, , 8 5 1 5 8 0 1 1 2 3 , ,6 3 2 06 1 1 1 0 1 , ,3 4 7 4 9 9 7 8 , , 9 0 5 1 9 4 6 7 9 , 9 5 0 1 1 1 1 1 , , 2 3 4 8 3 7 1,1 9 4 2 4 7 6 7 ,2 8 9 8 9 9 6 6 ,7 2 8 7 4 3 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—June 3,443 2,678 1.766 1.190 766 682 125 109 786 697 July 3,131 2,569 1,594 1,117 711 674 111 103 715 675 3,436 2,757 1,745 1,236 793 707 130 111 768 703 Sept 3,241 2,697 1,592 1,210 783 697 128 106 738 684 Oct 3,051 2,787 ,417 251 785 716 126 110 723 710 Nov 3,103 2,819 ,341 1,264 850 710 124 117 788 728 Dec 3,508 2,860 1,369 1,229 1,090 712 111 104 938 815 1956—Jan 2,724 2,850 ,248 I 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 M Ap i a r y 3 3, , 2 1 8 6 1 3 22,,896570 , , 4 4 7 0 5 6 1 , , 3 26 0 5 5 7 8 8 1 0 2 7 75 1 1 4 1 14 2 1 3 1 1 1 1 0 1 8 85 5 3 4 7 7 5 8 7 4 June 3,204 2,905 ,467 ,266 745 742 123 102 869 795 SEASONALLY ADJUSTED* 1955—June 3,179 2,612 ,589 1,166 757 678 110 108 723 660 July 3,136 2,611 ,519 1,133 794 706 108 101 715 671 3,211 2,713 1,566 1,197 773 718 114 104 758 694 Sept 3,290 2,691 ,620 1,175 759 694 120 108 791 714 Oct 3,075 2,774 1,474 1,233 724 718 112 106 765 717 Nov 3,185 2,830 1,435 1,281 805 698 118 117 827 734 Dec 3,185 2,747 1,503 1,228 792 690 118 102 772 727 1956—Jan 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 1,360 [,215 719 726 116 103 793 746 Apr 3,227 2,987 ,358 1,328 849 744 133 124 887 791 May 3,051 2,904 ,331 [,284 776 732 129 117 815 771 June 2,951 2,831 ,312 [ 240 733 737 107 102 799 752 •Includes adjustment for differences in trading days. stalment credit extended and repaid are based on information from ac- NOTE.—Back figures by months for the period 1940-52, together with counting records of retail outlets and financial institutions and include a discussion of the composition and characteristics of the data and a all charges incurred under the instalment contract. Renewals and description of the methods used to derive the estimates, are shown in the refinancing of loans, repurchases and resales of instalment paper, and cer- BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are tain other transactions may increase the amount of both credit extended shown in the BULLETIN for November 1954, p. 1212. Estimates of in- and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe f r ro ce m n m ta p o g r n e e t c h e c d h i a n n g ge f m P ro o e m r n c t e h c n o o t y a r f e r g e a p e s r r p e c o c h e n a d d n i i g n n e g g Instalment accounts a C c h c a o r u g n e ts Item J 1 u 9 n 5 e 6 M 19 a 5 y 6 A 19 p 5 r 6 . J 1 u 9 n 5 e 6 M 19 a 5 y 6 A 19 p 5 r 6 . Month D s m e to p e r a n e r t s t- F s u t t r o u r n r e i e s - h H p s o l t o i l 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—June. 15 12 9 46 Total 0 + 12 + 1 + 5 + 3 + 1 July. 14 12 9 43 Cash sales . ... + 1 + 14 0 + 2 + 1 0 Aug. 14 13 9 46 Credit sales: Sept. 15 12 9 45 Instalment 0 + 12 +2 + 6 + 3 0 Oct.. 15 12 10 47 Charge account 0 + 12 0 + 10 + 10 +4 Nov. 15 12 10 47 Dec.. 15 11 9 46 Accounts receivable, end of month: 1956-Jan.. 14 12 9 43 Total 0 0 -1 +5 +6 + 8 Feb.. 14 11 9 44 Instalment 0 0 -1 +4 +5 +6 Mar. 16 12 9 47 Charge accounts +1 + 1 + 1 +7 + 10 + 12 Apr.. 15 12 9 43 May. 15 12 9 46 [nventories, end of month, June. 15 12 10 46 at retail value -4 -2 +2 +4 + 5 + 3 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 881 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y st s r ic ia a l l p v r o o lu d m uc e t ) i * on Co c n o s n t t r r u a c c t ts ion Employment and payrolls2 awarded (value) 1 or Y m e o a n r th Total Tot M al an r u D a f b a u- c le ture N r s d a o b u n - l - e M er i a n ls - Total R d t e e ia s n l i - - o A th ll er N p m t a c e u l g o u m e o r r n l n y a i - - - - - t l pr E o M m d m a u p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r l s s - F i l n c o re a a g i r d s g - * - ht D v ( s m s r e a a t e p l o l e t e u a r n a s e r e i t * ) l t- p s C r u i m o ce n e s - r 2 m p W c r s o o i a h d c m l o e i e t l - s y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85.7 1921. 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65 2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.6 65.5 33.0 115 37 75.6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 68 0 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66 7 59.5 28.3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60 4 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42 1 1933 37 36 24 48 48 14 7 18 53 7 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65 9 63.9 27.2 81 33 59 3 52 5 1937. ... . . 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61.4 56 1 1938.... 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941.. 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948, 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104,4 1949 97 97 95 99 94 113 116 111 99 0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102 8 103 1 1951 120 121 128 114 115 171 170 172 108 2 106 4 129.8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114 4 110.1 (954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114.8 110.? 1955 139 140 155 126 122 261 280 248 114.2 105.5 152.5 »95 119 114.5 110.7 1955 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 rll5 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 143 144 144 159 129 130 277 315 252 117.3 107.1 106.0 158.2 99 122 114.9 113.6 M!ay r141 141 143 157 r128 r129 257 286 237 r117 6r106.9 '105.4 '157.3 98 122 115.4 114.4 Jane 141 141 142 157 128 129 256 269 248 118.0 106.3 105.7 157.8 95 2>124 116.2 114.2 July *136 p\29 *>138 ^149 *>127 *122 ^116.9?103.12101.7e150.9 *81 e126 114.0 • Estimated. P Preliminary. ' Revised. and consumer prices are compiled by the Bureau of Labor Statistics •Average per working day. Nonagricultural employment covers employees only and excludes personi Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim 3 The indexes of employment and payrolls, wholesale commodity prices, adjusted" and "old" indexes converted to the base 1947-49=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 139 139 140 142 143 143 144 143 143 141 143 141 141 MANUFACTURES—TOTAL 90.02 127 141 141 141 142 144 145 145 146 145 144 142 144 143 142 Durable Manufactures—Total 45.17 137 155 155 155 158 160 161 161 161 160 158 156 159 157 157 Primary metals 6.70 108 140 143 134 139 146 148 149 150 148 148 145 145 141 135 Metal fabricating 28.52 150 165 164 166 168 770 775 772 772 770 755 755 777 757 168 Fabricated metal products 5.73 123 134 135 135 137 141 142 139 138 136 134 132 135 130 132 Machinery 13.68 142 155 155 158 159 161 164 162 163 164 162 162 171 168 168 Nonelectrical machinery 9.04 125 135 136 '136 140 141 143 143 144 146 147 147 151 149 149 Electrical machinery 4.64 177 194 192 197 196 199 205 198 199 197 192 191 208 206 205 Transportation equipment. 7.54 175 203 198 202 203 205 208 212 212 205 202 197 194 •187 191 Instruments and related products 1.29 140 149 149 151 153 155 156 158 159 160 161 160 163 164 164 Clay, glass, and lumber products 5.91 123 138 r142 138 140 747 141 139 73P 740 739 737 739 747 747 Stone, clay, and glass products 2.82 131 149 153 152 155 155 153 156 154 154 155 156 158 162 160 Lumber and products 3.09 115 127 131 126 127 127 130 124 126 128 124 121 122 121 123 Furniture and misc. manufactures 4.04 121 132 136 134 137 137 136 735 737 735 734 732 734 735 735 Furniture and fixtures 1.64 106 119 121 122 124 125 124 123 123 122 120 120 121 121 123 Miscellaneous manufactures 2.40 131 141 145 143 145 145 145 145 146 144 143 141 142 145 146 Nondurable Manufactures—Total.... 44.85 116 126 128 126 125 128 129 130 130 129 130 127 129 128 Textiles and apparel 11.87 100 109 110 109 109 111 112 113 112 111 112 707 108 107 106 Textile mill products 6.32 95 107 107 106 107 107 109 110 109 108 109 106 106 103 101 Apparel and allied products 5.55 105 113 114 112 112 116 116 117 116 113 114 108 109 111 112 Rubber and leather products 3.20 104 122 727 120 119 727 124 722 725 725 725 779 '120 '116 770 Rubber products 1.47 115 143 149 137 138 142 147 147 144 147 140 135 -137 131 118 Leather and products 1.73 95 105 107 106 102 104 105 101 108 108 112 105 106 104 103 Paper and printing 8.93 125 137 139 139 138 740 141 141 140 747 740 740 743 742 743 Paper and allied products 3.46 134 152 156 155 153 157 156 157 159 159 157 157 160 160 161 Printing and publishing 5.47 120 127 128 128 128 130 131 130 128 130 130 129 131 132 131 Chemical and petroleum products 9.34 142 159 161 160 160 163 752 164 755 755 755 755 757 169 168 Chemicals and allied products 6.84 148 167 170 170 168 173 171 173 175 173 174 174 178 179 178 Petroleum and coal products 2.50 125 135 136 134 135 135 137 139 141 142 143 144 139 140 141 Foods, beverages, and tobacco 11.51 106 109 109 108 107 707 777 777 773 777 772 770 772 110 109 Food and beverage manufactures 10.73 106 109 109 108 108 108 111 112 113 111 112 111 113 110 109 Tobacco manufactures .78 103 105 109 101 100 100 105 104 107 109 107 107 107 110 MINERALS—TOTAL 9.98 111 122 122 120 121 123 123 125 129 131 131 130 130 129 Mineral fuels 8.35 113 123 122 123 122 722 723 725 730 732 737 737 730 730 729 Coal 2.68 67 80 86 87 82 80 80 80 87 87 88 86 86 89 90 Anthracite .36 52 48 43 53 41 50 42 47 58 62 55 50 55 41 55 Bituminous coal 2.32 70 85 92 92 89 84 86 85 92 91 94 92 91 96 95 Crude oil and natural gas 5.67 134 143 139 139 141 141 143 147 151 153 151 151 151 149 148 Metal, stone, and earth minerals 1.63 106 120 123 109 117 725 725 724 723 729 730 730 729 727 725 Metal mining .82 90 110 117 88 105 119 120 114 112 121 121 120 118 117 114 Stone and earth minerals .81 123 130 129 130 130 133 131 134 135 137 138 139 139 138 142 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL [00.00 125 139 139 130 139 142 147 145 142 143 144 143 144 141 141 MANUFACTURES—TOTAL 90.02 127 141 141 132 140 144 150 148 143 144 146 145 146 142 142 Durable Manufactures—Total 45.17 137 155 155 146 153 157 164 163 161 160 161 161 162 157 156 Primary metals 6.70 108 140 144 122 132 143 149 149 147 151 152 152 151 144 137 Ferrous metals 5.03 105 138 141 125 132 142 148 147 145 149 149 149 149 143 135 Pig iron and steel 3.51 108 144 146 132 140 149 153 154 153 158 158 159 158 152 Pig iron .37 101 134 137 129 134 140 141 140 141 143 143 145 145 140 Steel 3.05 109 146 147 133 141 150 154 156 154 159 159 160 159 154 Carbon steel 2.62 108 141 144 130 136 144 149 150 149 153 153 155 155 149 Alloy steel .43 115 171 169 147 168 186 188 189 182 197 199 192 181 182 Ferrous castings and forgings 1.52 97 124 129 108 114 125 137 131 128 128 130 128 129 121 118 Iron and steel castings 1.29 95 123 127 108 114 123 135 129 126 125 128 126 127 120 Steel forgings .23 106 133 139 108 115 133 148 141 141 143 142 142 141 129 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 883 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 ro 7 - -49 average 1955 1956 Industry portion 1954 1955 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 120 146 154 112 132 147 153 154 153 159 161 161 '158 148 144 Primary nonferrous metals .38 147 164 167 127 150 173 171 173 175 172 176 181 183 180 177 Copper smelting .09 101 122 130 49 95 139 136 130 128 132 133 139 139 143 137 Copper refining .06 109 123 133 50 97 142 126 136 143 122 134 141 142 140 136 Lead .04 105 103 110 53 82 116 119 121 112 114 117 120 121 106 109 Zinc .10 101 120 119 116 116 117 122 123 127 124 126 125 125 111 110 Aluminum .09 244 261 259 261 263 265 265 272 277 276 279 287 294 296 296 Secondary nonferrous metals .13 105 123 121 100 118 130 135 130 125 131 134 124 135 Nonferrous shapes and castings 1.16 113 142 154 108 127 141 149 150 148 158 159 158 152 140 135 Copper mill shapes .63 100 114 128 75 91 110 114 118 120 134 132 129 120 113 110 Aluminum mill shapes .20 154 208 228 188 215 218 222 219 210 226 225 241 242 228 213 Nonferrous castings .33 114 156 158 124 144 154 173 169 164 163 170 166 160 Metal Fabricating 28.52 150 165 163 157 162 165 173 174 173 172 172 172 174 167 167 Fabricated metal products 5.73 123 134 135 130 139 142 145 139 137 135 134 134 136 130 132 Structural metal parts 2.68 126 136 136 132 137 141 144 145 144 140 138 138 140 '138 138 Stampings and misc. metal products 2.12 117 130 128 125 126 129 134 138 137 131 129 126 125 '121 119 Tin cans .30 131 142 149 168 203 192 197 95 102 109 116 127 189 '121 158 Furnaces, gas ranges, and heaters .63 90 111 117 128 142 134 117 92 109 110 115 106 105 112 Machinery 13.68 142 155 153 142 153 161 169 164 164 167 168 168 172 167 165 Nonelectrical machinery 9.04 125 135 137 131 131 137 141 141 147 149 152 154 154 151 150 Farm and industrial machinery 8.13 121 130 131 128 129 131 136 138 143 144 145 146 148 147 147 Farm machinery 1.02 79 91 95 92 87 69 92 94 97 98 95 94 92 '88 89 Industrial and commercial machinery 7.11 127 135 136 133 135 140 142 144 150 150 153 154 156 155 155 Machine tools and presses .68 160 163 161 160 165 168 170 178 190 190 195 196 197 197 193 Laundry and refrigeration appliances.,. .69 114 144 157 116 113 147 141 130 141 164 173 183 175 146 143 Electrical machinery 4.64 177 194 184 165 194 207 223 208 197 201 200 196 206 198 194 Electrical apparatus and parts 3.23 160 174 176 169 170 175 188 180 184 184 184 184 202 200 198 Radio and television sets .74 214 242 192 143 254 289 315 280 225 240 233 218 209 185 174 Transportation equipment 7.54 175 203 200 198 192 185 200 216 214 206 205 203 201 190 191 Autos, trucks, and parts 4.80 109 153 151 147 137 122 144 167 159 147 143 -139 136 116 114 Autos 1.50 131 190 184 195 166 130 153 212 193 173 164 163 162 127 127 Trucks .66 92 115 134 126 106 102 106 122 122 113 125 130 131 117 123 Light trucks .22 95 114 124 119 93 106 121 128 106 101 109 104 102 89 89 Medium trucks .19 59 69 81 81 65 53 50 73 67 67 71 68 69 58 68 Heavy trucks .14 133 172 220 203 167 138 138 172 216 194 227 258 265 237 246 Truck trailers .07 130 183 205 174 192 199 202 199 192 173 187 191 195 191 203 Auto and truck parts 2.58 101 141 137 125 129 122 149 153 150 141 135 128 122 109 Aircraft and parts 1.30 474 481 466 469 469 484 490 500 516 517 521 513 516 '522 '537* Shipbuilding and repair .81 112 115 118 114 117 117 115 109 111 111 118 122 122 125 125 Railroad equipment .53 39 42 41 37 45 45 50 48 51 54 60 66 68 69 66 Railroad cars .35 29 30 29 22 32 30 38 33 36 40 49 57 60 61 56 Instruments and related products 1.29 140 149 149 147 150 155 158 159 161 160 161 161 164 164 164 Clay, Glass, and Lumber Products 5.91 123 138 146 133 145 147 149 140 132 132 135 135 142 r143 145 Stone, clay, and glass products 2.82 131 149 155 149 158 158 161 157 153 150 150 153 158 162 162 Glass and pottery products 1.09 118 134 136 124 138 137 144 143 141 141 141 140 143 142 139 Flat glass and vitreous products .60 131 155 154 139 152 161 164 169 172 168 163 163 166 164 158 Flat and other glass .47 133 156 154 136 153 163 167 172 174 171 167 163 165 163 156 Glass containers .26 117 126 138 130 143 127 133 119 111 121 130 130 135 136 142 Home glassware and pottery .23 85 91 88 76 95 86 102 101 96 91 96 93 92 r93 86 Cement .32 135 148 163 161 164 164 164 151 136 126 123 137 159 174 Structural clay products .35 111 127 134 128 138 140 138 137 130 129 132 137 138 140 i45* Brick .12 113 131 146 134 146 151 142 141 122 122 124 132 140 145 144 Clay firebrick, pipe, and tile .20 111 127 128 126 134 134 137 136 137 136 139 142 138 139 147 Concrete and plaster products .48 161 180 190 191 195 196 192 186 181 175 177 181 192 r202 208 Misc. stone and earth manufactures.... .58 140 166 170 167 174 175 177 176 176 171 171 171 172 172 170 Lumber and products 3.09 115 127 137 118 133 136 138 124 113 116 121 119 126 125 129 Lumber 2.05 106 112 122 108 119 121 122 106 98 100 104 105 112 111 118 Millwork and plywood .60 161 197 207 160 198 209 213 201 173 189 201 193 199 187 181 Millwork .39 123 144 151 121 148 155 160 143 110 114 128 118 123 124 133 Softwood plywood .12 222 284 299 224 279 295 299 295 278 313 321 316 324 290 260 Wood containers .29 88 90 94 85 86 90 93 92 94 90 91 91 92 '93 93 Furniture and Misc. Manufacturing ... 4.04 121 132 131 125 134 140 144 142 140 133 136 134 132 r131 132 Furniture and fixtures 1.64 106 119 116 113 123 127 128 128 128 122 123 122 119 116 118 Household furniture 1.10 106 120 118 114 124 129 131 131 130 124 125 123 118 115 116 Fixtures and office furniture .54 107 115 114 111 121 123 123 121 122 119 119 120 120 119 122 Miscellaneous manufactures 2.40 131 141 141 133 142 149 154 152 149 141 145 142 141 140 141 ' Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- average Industry portion 1954 1955 June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 116 126 127 117 128 130 135 132 125 128 131 130 129 127 127 Textiles and Apparel 11.87 100 109 108 93 112 109 114 106 113 119 114 111 107 104 Textile mill products 6.32 95 107 106 91 108 106 112 111 105 111 115 110 108 106 100 Cotton and synthetic fabrics. 3.72 100 113 110 96 115 111 117 118 110 119 123 115 112 109 99 Cotton consumption 2.30 97 103 100 84 106 103 109 109 101 110 112 108 107 105 96 Synthetic fabrics .97 108 137 135 133 134 132 133 135 131 135 141 132 119 108 103 Fabric finishing .45 93 100 92 67 106 87 109 110 92 111 118 98 103 108 90 Wool textiles .97 66 79 85 73 79 80 85 83 80 83 84 85 89 90 90 Wool apparel yarns .16 76 85 84 80 90 80 90 86 78 94 97 89 97 '98 85 Wool fabrics .75 64 78 86 72 77 80 84 83 82 80 81 84 87 89 92 Knit goods 1.15 106 110 113 98 113 114 119 116 107 107 114 110 110 108 110 Hosiery .65 108 106 108 85 104 106 113 108 99 106 114 105 105 99 102 Full-fashioned hosiery.. .45 113 110 111 86 107 107 114 109 100 107 117 110 112 102 104 Seamless hosiery .20 97 99 102 82 99 101 110 106 96 102 108 93 90 91 97 Knit garments .50 103 115 119 116 123 125 126 125 118 110 115 116 116 119 121 Floor coverings1 .48 Woven carpets .31 71 79 81 44 72 85 89 77 84 83 93 91 89 '80 77 Apparel and allied products 5.55 105 113 110 95 116 111 117 117 107 117 124 120 114 109 108 Men's outerwear 1.78 103 111 107 84 120 109 117 116 102 119 124 118 119 121 104 Men's suits and coats .73 83 92 92 59 110 91 95 94 84 99 99 99 103 107 91 Men's suits .50 82 90 86 55 102 84 93 95 86 103 103 101 99 100 85 Men's outercoats .13 67 77 92 60 115 99 82 69 55 55 59 67 92 110 93 Shirts and work clothing .99 116 123 117 98 126 119 130 131 113 132 141 130 129 129 111 Women's outerwear 1.85 109 116 114 98 117 108 113 113 98 118 132 127 115 104 111 Women's suits and coats .76 129 134 123 129 145 129 139 143 119 145 155 135 95 90 122 Misc. apparel and allied mfrs.. 1.92 103 111 108 103 112 117 122 122 119 113 117 114 108 104 108 Rubber and Leather Products . 3.20 104 122 126 105 119 124 130 122 119 127 132 r122 r113 109 Rubber products 1.47 115 143 151 111 133 144 155 150 139 149 146 140 140 129 Tires and tubes .70 105 131 146 127 116 128 140 138 120 129 134 130 133 125 122 Auto tires .40 110 140 161 138 125 135 143 140 121 131 135 131 135 125 115 Truck and bus tires .30 99 120 126 111 104 119 136 134 118 126 132 130 130 125 130 Miscellaneous rubber products. .77 124 154 155 115 K8 158 170 161 156 167 157 149 146 133 116 Leather and products , 1.73 95 105 105 92 108 107 109 99 102 109 120 112 106 r99 101 Leather .44 87 92 95 74 90 90 97 95 95 93 103 95 '95 95 Cattlehide leathers , .29 92 99 101 79 96 98 105 102 103 100 109 102 103 103 Skin leathers .15 75 79 83 63 77 74 82 81 80 80 90 80 82 80 Shoes and slippers* , .90 Miscellaneous leather products. .39 90 99 96 97 104 104 106 105 104 103 98 91 89 96 Paper and Printing 8.93 125 137 138 128 135 141 147 144 137 138 141 144 146 143 Paper and allied products 3.46 134 152 156 139 155 157 167 159 146 157 162 163 160 163 Pulp and paper 1.76 132 149 154 135 151 150 158 156 144 158 163 161 163 162 161 Wood pulp .51 148 169 175 156 173 169 179 178 164 181 185 183 184 187 184 Paper and board 1.25 125 140 145 126 141 143 150 147 136 149 154 153 154 152 152 Printing paper .22 118 127 130 112 127 130 132 133 127 137 144 141 142 142 141 Fine paper .14 120 133 138 107 122 134 140 136 129 144 142 152 153 148 148 Coarse paper .20 119 129 130 117 126 128 137 132 125 137 145 140 142 139 140 Miscellaneous paper .18 137 158 159 148 156 156 176 167 154 172 169 170 177 168 169 Paperboard .41 130 149 158 133 155 153 160 161 144 159 163 159 161 162 159 Building paper and board. .10 124 137 142 133 151 145 142 137 124 127 139 148 141 141 140 Converted paper products 1.70 136 156 158 144 159 165 177 161 149 156 162 165 168 157 165 Shipping containers .51 133 155 159 141 160 167 175 160 149 147 157 165 162 154 165 Sanitary paper products .11 145 158 154 153 152 156 180 163 148 179 173 163 184 163 163 Printing and publishing 5.47 120 127 127 121 123 131 135 135 130 126 128 132 134 133 130 Newsprint consumption 1.85 119 128 131 112 116 132 142 143 126 119 127 134 141 140 131 Job printing and periodicals. 3.62 121 127 125 125 127 131 131 131 133 129 129 131 130 129 130 Chemical and Petroleum Products . 9.34 142 159 157 152 157 162 166 168 167 168 170 169 r168 166 165 Chemicals and allied products 6.84 148 167 165 158 163 171 176 178 177 111 179 179 179 176 173 Industrial chemicals 2.54 153 184 185 176 182 190 192 197 197 199 201 201 200 197 193 Basic inorganic chemicals .57 157 180 179 159 166 179 188 195 194 197 203 204 201 195 184 Industrial organic chemicals 1.97 152 186 186 181 187 194 192 198 198 200 201 200 200 197 196 Plastics materials .24 184 242 246 207 234 264 261 268 253 261 264 264 266 262 Synthetic rubber .11 136 213 208 211 217 222 230 243 233 241 249 243 244 '242 '227* Synthetic fibers .59 152 186 184 177 184 191 188 197 196 195 194 191 183 176 169 Miscellaneous organic chemicals. 1.03 146 169 171 174 175 176 175 178 183 183 185 187 189 190 192 Vegetable and animal oils .64 118 124 105 99 103 122 156 165 148 152 157 141 133 123 107 Vegetable oils .48 113 117 93 87 90 115 157 162 144 147 150 134 123 110 91 Grease and tallow .16 133 145 143 133 145 144 154 174 159 168 175 162 163 163 155 Soap and allied products .71 108 110 103 79 104 126 130 118 115 104 109 108 111 106 109 Paints .66 116 125 131 130 130 126 127 126 126 123 125 125 124 125 126 Fertilizers .23 122 125 109 91 90 115 118 114 118 122 131 168 188 163 115 f Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 885 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947^9 Annual 1955 1956 pro- average Industry portion 1954 1955 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 125 135 136 134 138 136 138 140 141 143 143 142 135 137 PePtreotlreoulmeu man dre fcionainl gp roducts. .. ... 1.97 133 142 140 141 143 141 143 148 152 154 151 148 142 144 30148 Gasoline 1.04 141 152 152 156 157 155 157 158 161 158 155 155 150 155 Automotive gasoline .98 136 147 146 151 151 149 151 153 156 153 151 150 144 149 Aviation gasoline .06 221 233 246 247 252 247 252 236 247 242 231 242 254 258 Fuel oil .56 128 138 133 131 133 132 134 141 149 160 158 149 140 138 33139 Distillate fuel oil .30 158 175 173 167 172 172 171 178 187 204 203 192 182 111 Residual fuel oil .26 93 94 88 89 89 87 92 99 105 110 105 99 92 94 Kerosene .10 110 107 88 94 95 91 101 112 129 126 126 112 98 96 Lubricating oil .17 108 114 118 108 116 111 111 126 112 119 115 119 126 123 Coke .26 84 104 103 101 104 107 108 110 111 111 111 111 110 108 105 Asphalt roofing and siding .15 103 110 144 114 142 131 131 97 57 66 100 127 86 109 124 Foods* Beverages* and Tohacco ... ... 11.51 106 109 112 110 117 121 123 114 104 102 102 103 105 113 Pood and beverage manufactures 10.73 106 109 112 111 117 122 124 114 105 102 102 103 105 107 112 Food manufactures 8.49 107 109 108 109 118 125 125 118 109 106 104 102 103 105 109 Meat products 1.48 117 128 114 104 118 129 143 150 152 153 140 136 131 121 1?? Beef .46 135 142 147 137 151 155 154 146 140 158 145 142 150 147 154 Pork .83 103 116 93 83 96 111 133 148 154 146 133 129 117 103 100 Dairy products .69 106 107 145 132 120 101 88 83 84 91 99 109 121 136 150 Butter .14 110 105 139 116 90 84 88 83 94 104 107 114 128 131 ns Natural cheese .07 116 116 165 130 113 102 90 87 92 96 103 116 132 153 163 Concentrated milk .19 94 97 138 107 94 82 75 71 79 85 94 106 123 140 146 Ice cream .28 104 109 139 153 151 118 93 86 76 84 93 102 109 125 149 Canned and frozen foods 1.13 112 118 110 142 198 201 161 114 95 85 83 82 85 111 Grain-mill products 1.16 107 105 110 110 106 108 111 102 100 100 98 99 97 r99 101 Wheat flour .46 81 83 80 80 77 83 96 86 84 85 81 84 79 77 80 Cereals and feeds .70 124 119 129 130 125 124 122 112 110 111 109 109 109 112 115 Bakery products 1.64 97 97 100 100 98 99 100 99 99 95 95 94 95 97 99 Sugar . . .27 117 115 71 73 81 111 247 261 182 87 57 59 68 70 Cane sugar .11 106 113 108 121 128 129 130 103 112 109 102 109 123 114 Beet sugar .13 121 111 35 26 36 90 340 393 236 63 14 11 16 27 Confectionery .71 99 101 86 65 79 140 134 129 91 112 115 97 98 90 84 Miscellaneous food preparations 1.41 105 106 110 113 111 109 108 104 101 99 102 103 102 107 113 Beverages 2.24 103 107 127 121 114 111 118 102 91 87 96 105 112 115 Bottled soft drinks .54 Alcoholic beverages 1.70 98 102 117 106 104 102 117 105 88 84 94 105 111 108 Beer and ale 1.02 99 101 126 122 118 97 88 77 81 86 92 103 111 112 Liquor distilling .17 68 77 58 40 46 83 157 129 95 75 75 82 80 76 Liquor bottling .37 102 109 120 99 94 118 154 146 96 79 102 113 122 108 Tobacco manufactures. .78 103 105 116 92 112 107 114 107 88 107 105 105 103 110 Cigarettes .46 106 109 121 99 117 109 117 108 91 112 107 109 106 116 Cigars .17 105 104 111 82 110 111 118 113 87 103 109 104 105 103 MINERALS—TOTAL 9.98 111 122 121 119 124 126 127 126 127 129 127 127 130 130 130 Mineral Fuels 8.35 113 123 118 119 122 123 125 128 131 133 131 130 130 r128 128 Coal 2.68 67 80 74 77 82 83 88 87 91 91 88 86 86 85 84 Anthracite . .36 52 48 46 42 39 53 51 51 54 61 55 46 53 42 58 2.32 70 85 78 82 89 88 93 93 97 95 94 92 91 91 89 Crude oil and natural gas 5.67 134 143 139 139 141 142 143 147 151 153 151 151 151 149 Oil and gas extraction 4.82 128 137 132 132 133 135 137 142 146 147 147 148 144 142 » 142 Crude oil 4.12 122 131 127 127 128 129 131 134 137 138 138 139 137 135 r\36 Natural gas ... .34 172 185 173 165 167 176 181 196 209 219 214 210 .36 160 169 157 159 163 170 174 183 186 186 187 186 178 176 Oil and gas well drilling .85 167 175 177 178 187 180 175 173 177 185 173 171 188 187 Metal. Stone* and Earth Minerals 1.63 106 120 138 120 132 141 137 120 106 106 108 109 r140 143 IV^etal mining . .82 90 110 141 104 126 141 136 105 83 87 91 91 119 138 138 I N ro o n n f o er re rous metal mining . .4 3 9 3 9 8 4 4 1 10 1 8 3 1 11 7 6 9 1 6 6 2 8 1 9 7 0 9 1 11 8 4 1 1 11 6 6 5 11 9 4 2 10 4 8 4 11 4 8 2 1 4 19 9 1 4 22 6 1 1 27 08 1 1 6 2 4 0 Copper mining .24 103 123 133 50 96 134 137 135 127 140 138 140 148 140 .09 80 84 87 79 78 82 84 79 82 81 91 r94 85 .06 75 81 84 81 79 81 80 77 74 80 86 90 91 86 Stone and earth minerals «. .81 123 130 134 135 139 141 139 135 129 124 126 128 138 142 148 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. MOTE.—A number of groups and subgroups include individual series For description and back figures, see BULLETIN for Decembei 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

886 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1955 1956 Product proportion 1954 1955 June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 144 150 151 154 152 151 149 143 137 133 132 124 124 Major Durables 69.72 125 164 160 169 169 172 168 167 163 156 148 143 142 130 130 Autos 32.10 131 190 173 188 189 195 194 196 187 171 158 148 142 119 120 Major household goods 36.13 122 144 151 155 155 156 148 143 144 146 141 141 144 142 140 Furniture and floor coverings. 15.32 101 116 117 117 121 123 121 121 121 120 119 117 116 117 115 Household furniture 11.31 106 120 122 121 125 127 126 126 125 124 123 121 121 120 121 Floor coveringsx 4.01 Appliances and heaters 15.60 111 138 145 146 143 147 137 134 143 150 146 150 '149 141 138 Major appliances 11.88 115 142 149 154 150 153 147 141 152 155 150 r153 158 -147 143 Ranges 2.60 79 100 122 119 98 98 95 90 104 113 110 111 110 107 117 Refrigeration appliances., 4.98 124 151 163 161 160 166 162 146 151 140 145 153 160 153 148 Laundry appliances 2.51 148 193 163 193 206 205 187 200 227 242 221 '215 r211 r185 171 Heating apparatus 3.72 97 120 132 121 119 126 108 111 115 134 133 139 122 125 124 Radio and television sets 5.21 214 242 269 290 294 279 259 235 216 207 194 186 207 218 220 Radio sets 3.42 52 77 66 76 70 72 95 103 101 72 66 62 55 61 55 Television sets 1.79 522 558 658 698 720 676 572 486 436 465 439 423 496 517 536 Other Consumer Durables 30.28 95 106 106 106 107 111 114 114 114 113 111 109 110 110 110 Auto parts and tires 14.00 91 102 102 101 101 107 108 108 112 113 106 104 105 104 100 Misc. home and personal goods. 16.28 99 109 109 111 112 115 118 119 117 114 115 112 114 115 118 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 144 137 139 136 146 159 148 144 143 143 141 124 124 Major Durables 69.72 125 164 160 152 152 145 157 177 165 159 157 157 154 131 130 Autos 32.10 131 190 184 195 166 130 153 212 193 173 164 163 162 127 127 Major household goods 36.13 122 144 141 115 141 159 162 150 142 150 153 155 150 136 134 Furniture and floor coverings. 15.32 101 116 113 105 117 124 127 124 125 120 123 121 117 113 112 Household furniture 11.31 106 120 118 114 124 129 131 131 130 124 125 123 118 115 116 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 152 116 127 151 145 131 130 148 156 168 162 143 143 Major appliances 11.88 115 142 160 120 122 149 144 133 140 161 169 183 178 152 150 Ranges 2.60 79 100 117 76 91 107 105 97 99 115 118 125 115 102 112 Refrigeration appliances.. 4.98 124 151 191 144 116 143 131 113 130 157 165 194 197 173 174 Laundry appliances 2.51 148 193 168 131 181 219 218 220 222 235 252 237 222 176 162 Heating apparatus 3.72 97 120 128 103 142 159 148 125 97 109 113 121 113 113 121 Radio and television sets 5.21 214 242 192 143 254 289 315 279 224 239 233 218 209 184 174 Radio sets 3.42 52 77 65 49 62 68 99 105 96 72 72 70 63 67 54 Television sets 1.79 522 558 434 321 619 710 726 612 470 559 540 499 486 409 402 Other Consumer Durables 30.28 95 106 106 103 110 115 120 117 111 109 110 108 109 109 Auto parts and tires 14.00 91 102 105 102 107 113 115 108 104 107 101 101 103 104 103 Misc. home and personal goods. 16.28 99 109 106 103 112 116 124 124 118 111 116 115 114 113 114 ' Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] 3rivate Public Business Other Year or month Total Total d R en es ti i a - l Total In tr d i u a s l - m C e o r m ci - al P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w i a g y h- s C t e i o r o v n n a - - o A th l e l r 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1 774 629 2 264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3 344- 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 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 0091 1955 July 3,598 2,607 [,435 843 205 253 385 329 991 114 343 50 484 Aug 3,638 2,620 1,433 864 207 272 385 323 1 018 112 376 46 484 Sept 3,623 2,629 1,422 883 209 290 384 324 994 114 345 43 492 Oct . 3,598 2,594 ,375 896 213 292 391 323 [ 004 118 363 43 480) Nov 3,601 2,551 ,342 879 217 273 389 330 1,050 111 403 43 493- Dec 3,580 2,519 1,322 870 219 262 389 327 [,061 108 432 46 475 1956—Jan 3,618 2,506 ,286 899 217 266 416 321 1,112 100 467 48 497 Feb 3,625 2,522 1,279 920 220 282 418 323 I 103 103 443 48 5091 Mar 3,585 2,531 1,268 938 228 291 419 325 1,054 96 411 51 496 Apr 3,658 2,563 1,276 954 242 293 419 333 1,095 104 438 53 50O Mayp 3,686 2,559 1,257 964 261 280 423 338 1,127 118 443 60 506 Junep 3,678 2,555 1,250 969 272 274 423 336 123 123 425 58 517 July** 3,699 2,575 1,258 975 276 275 424 342 1,124 126 426 57 515 * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 887 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 Bjr type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1948 . 9 430 3,107 6,323 3,608 840 975 725 J.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 July 2,272 761 1,511 959 146 288 231 227 420 Aug 1,895 549 1,346 835 170 215 153 144 378 Sept 2,035 621 1,414 733 201 197 163 148 593 Oct 1,863 551 1,312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec 1,921 730 1,190 711 148 197 237 144 483 1956 Jan 1,858 675 1,183 694 158 161 190 153 503 Feb 1 860 598 ,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 2,198 732 1.466 826 144 224 192 234 577 July 2 149 758 152 242 196 258 543 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1955—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 June 2,255 116 337 140 249 221 253 467 121 88 129 133 1956 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 June 2,198 173 391 119 247 221 213 349 166 87 99 133 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten 1 Year or month Total p M o a l e 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_july 123 88 34 122 113 3 6 1 63 26 37 Aug . .. 125 92 33 122 112 3 8 2 68 27 41 Sept 115 84 31 114 104 2 7 1 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 72 27 94 84 3 7 2 38 17 21 Apr 111 76 35 110 100 3 8 1 46 20 26 *108 77 31 *107 n.a. n.a. n.a. v\ 47 20 27 June . *104 75 29 2>102 n.a. n.a. n.a. v2 45 19 26 July *>101 71 30 v99 n.a. n.a. n.a. v2 43 18 25 » Preliminary. n.a. Not available, figures are based on field office reports of first compliance inspections 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons) Civilian labor force Total non- Total Year or month i p n o st p it u u l t a i t o io n n al l f a o b rc o e r Employed i Unem- l N ab o o t r i n f o t r h c e e Total ployed Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45 733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46 181 1951 . .. 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46 710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47 732 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_ 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 July 118,762 72,325 69,489 66,655 58,955 7,700 2,833 46,437 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 15,995 111 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—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 4,117 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 16,944 111 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 '51,459 '16,909 799 3,055 '4,141 '2,289 '5,981 r7'l75 June 51,623 16,861 808 3,135 4,165 11,177 2,298 5,996 7,183 Julv 51,126 16,487 740 3,080 4,097 11,200 2,303 6 020 7 199 WITHOUT SEASONAL ADJUSTMENT 1955_july ... 50,074 16,477 772 3,032 4,113 10,707 2,263 5,988 6,722 Aus 50,484 16,820 779 3,088 4,136 10,713 2,265 5,996 6,687 Sept 50,992 16,919 784 3,094 4,148 10,902 2,248 5,971 6,926 Oct 51,125 17,006 778 3,031 4 121 10,990 2 241 5 915 7 043 Nov 51,262 17,052 783 2,921 4,139 11,213 2,238 5,883 7,033 Dec. . . . 51,996 17,027 783 2,756 4,161 11,849 2,243 5,853 7,324 1956—Jan 50,284 16,842 111 2,588 4,083 10,920 2,238 5,803 7,033 Feb 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 7,084 Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Apr . . 50,848 16,769 790 2,853 4,121 10,928 2,278 5,979 7,130 May '51,202 16,715 791 3,040 '4,138 10,985 '2,289 '6,041 '7,203 June 51,730 16,791 812 3,260 4,182 11,106 2,321 6,086 7,172 July 51,017 16,319 736 3,296 4,127 11,062 2,349 6,140 6,988 r Revised. month. Proprietors, self-employed persons, domestic servants, unpaid NOTE.—Data include all full- and part-tims employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for July 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 889 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 July May June July July May June July Total 13,122 13,224 13,150 12,749 12,942 '13,036 13,077 12,574 Durable goods 7,607 '7,633 7,595 7,231 7,491 '7,613 7,601 7,117 Ordnance and accessories 94 '83 84 84 94 '83 84 84 Lumber and wood products 696 '664 667 662 710 '667 690 675 Furniture and fixtures 314 319 322 325 301 311 312 312 Stone, clay, and glass products 468 '480 481 474 463 '480 483 469 Primary metal products 1,095 '1,123 1,122 728 1,084 '1,117 1,122 721 Fabricated metal products 906 '885 876 886 879 '881 872 859 Machinery except electrical 1,189 '1,268 1,265 1,282 1,171 '1,281 1,278 1,263 Electrical machinery 827 r881 876 896 798 '872 867 865 Transportation equipment 1,388 '1,295 1,268 1,251 1,388 '1,295 1,268 1,251 Instruments and related products 228 232 232 238 223 231 231 233 Misc. manufacturing industries 402 403 402 405 382 395 396 385 Nondurable goods 5,515 '5,591 5,555 5,518 5,451 5,423 5,476 5,457 Food and kindred products 1,103 1,123 1,116 1,116 1,158 1,051 1,098 1,171 Tobacco manufactures 92 92 91 91 80 80 80 79 Textile-mill products 984 968 959 957 954 963 959 928 Apparel and other finished textiles 1,061 '1,104 1,094 1,062 1,013 '1,049 1.050 1,014 Paper and allied products 455 467 467 462 450 462 467 457 Printing, publishing and allied products 529 '550 549 551 524 '547 549 545 Chemical and allied products 552 '562 562 558 541 '559 554 547 Products of petroleum and coal 175 171 171 173 178 172 174 176 Rubber products 221 217 209 213 214 216 209 207 Leather and leather products 343 337 337 335 340 325 335 332 r Revised. time) who worked during, or received pay for, the pay period ending NOTE.—Data cover production and related workers only (full- and part- nearest the 15th of the month. Figures for July 1956 are preliminary. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1955 1956 1955 1956 1955 1956 July May June July July May June July July May June July Total 76.36 '79 00 79.00 78 60 40.4 '40.1 40.1 40.1 1.89 '1.97 1.97 1.96 Durable goods 82.21 '84.86 85.27 84 46 40 9 '40.8 40.8 40.8 2.01 2.08 2.09 2.07 Ordnance and accessories 82 62 90 71 90 86 90 61 40 3 41 8 41 3 41 0 2 05 2.17 2.20 2 21 69 66 '71 38 73 71 73 67 40 5 '40.1 40.5 40.7 1.72 r1.78 1.82 1.81 Furniture and fixtures 64.96 '66 63 67.54 66.86 40.6 '39.9 40.2 39.8 1.60 1.67 1.68 1 .68 Stone, clay, and glass products 77.23 '80.51 80.54 79.97 41.3 r41.5 41.3 40.8 1.87 '1.94 1.95 1.96 Primary metal industries 92.75 95.53 95.47 n.a. 40.5 41.0 40.8 n.a. 2.29 2.33 2.34 n.a. Fabricated metal products 8? 19 '83 23 84 46 84 05 41 3 '40 8 41 0 41 0 1.99 2.04 2.06 2.05 Machinery except electrical. 86.32 '92.00 91.98 91.96 41.5 '42.2 42.0 41.8 2.08 2.18 2.19 2.20 Electrical machinery 74 82 '80 18 79 98 79 99 39 8 40.7 40.6 40.4 1.88 '1.97 1.97 1.98 Transportation equipment 92.99 '89.89 91.20 93.20 41.7 '39.6 40.0 40.7 2.23 '2.27 2.28 2.29 Instruments and related products 76.38 '81.19 80.79 80.20 40.2 '40.8 40.6 40.3 1.90 '1.99 1.99 1.99 Miscellaneous manufacturing industries.. . 65.51 '69.95 69.77 69.25 39.7 '40.2 40.1 39.8 1.65 1.74 1.74 1.74 Nondurable goods 68.06 70.38 70.95 71.13 39.8 39.1 39.2 39.3 1.71 1.80 1.81 1.81 Food and kindred products 72 07 75 11 7^ 85 75 48 41 9 40.6 41.0 40.8 1.72 1.85 1.85 1.85 Tobacco manufactures 53 62 '58 20 59 19 59 74 38 3 '38 8 39 2 39 3 1.40 1.50 1.51 1.52 Textile-mill products 54.25 56.02 55.48 54.91 39.6 38.9 38.8 38.4 1.37 1.44 1.43 1.43 Apparel and other finished products 48.24 50.69 50.62 51.41 36.0 35.7 35.4 35.7 1.34 1.42 1.43 1.44 Paper and allied products 79.74 80.98 82.41 83.85 43.1 42.4 42.7 43.0 1.85 1.91 1.93 1.95 Printing, publishing and allied products.. . 90.95 '93.65 93.41 93.65 38.7 '38.7 38.6 38.7 2.35 2.42 2.42 2.42 Chemicals and allied products 83.22 '86.32 86.93 87.13 41.2 '41.3 41.2 41.1 2.02 2.09 2.11 2.12 Products of petroleum and coal 99.53 '102.97 104.81 105.75 41.3 '40.7 41.1 41.8 2.41 2.53 2.55 2.53 Rubber products 86 32 '86.18 84.93 84 50 41.3 39.9 39.5 39.3 2.09 2.16 2.15 2.15 Leather and leather products 52.40 '54.75 55.80 57.51 37.7 '36.5 37.2 38.6 1.39 1.50 1.50 1.49 r Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for July 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 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 '123 138 122 SEASONALLY ADJUSTED 1955—June '115 107 104 114 108 123 136 '113 108 103 118 '135 '119 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 122 112 110 121 118 135 146 120 129 '112 125 145 122 June , 2124 114 115 125 118 2134 2122 2119 114 124 143 126 WITHOUT SEASONAL ADJUSTMENT 1955—June 110 107 '101 107 104 118 121 -111 106 95 113 '123 113 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 , 121 112 108 120 114 136 143 -119 129 '113 124 143 120 June 2118 114 111 117 113 2128 2120 2116 105 119 130 120 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 '136 143 133 SEASONALLY ADJUSTED 1955-June '128 124 115 124 116 151 '125 126 123 '137 '147 13 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 134 128 123 '129 121 156 160 130 135 126 143 154 138 June , 2137 131 126 134 124 2162 131 138 128 2144 2156 2142 WITHOUT SEASONAL ADJUSTMENT 1955—June ••122 115 108 116 110 '140 142 '117 116 116 131 '137 '132 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 139 132 127 '134 126 165 161 131 135 128 145 155 148 June , 122 118 126 118 2157 2152 123 127 121 2138 2145 2143 2 Preliminary. ' Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULIETIN 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 891 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 n l 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 ) l m ( o s e O t r n o i a d n n d u n e g t t d r h - o - s ) f 1 m c ( e t R o f i o o n p e t r t t a - h s l ) 2 m o ( r N t o f d o o e n e t r w t r a h s l ) 3 Stocks s o O t r i a d n u n e g t d r - s - o S s r o t p t i a d o u n l n u e c g t d r k - s s - s ce R ip e- ts Annual average: 1948 381 979 494 386 363 2.7 1 4 4.1 10 1949 361 925 373 358 358 2.7 [.1 3.8 1 0 1950 376 1,012 495 391 401 2.8 1.4 4.2 LI 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 1,163 421 408 401 3.0 [ l 4 1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 435 1,189 445 441 446 2.9 [.1 4.0 1.0 Month: 1955—June '392 1,127 449 323 '462 2.9 rl.l 4.0 0.8 July 324 [,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 1.2 Oct 473 1,350 581 579 584 2.9 1.2 4.1 ? Nov 546 1,415 487 611 517 2.6 i3.9 3.5 l.l Dec 817 1,139 357 541 411 1.4 ).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 .4 5.0 ? Mar 429 1,271 401 495 446 3.0 0 9 3 9 ? Apr 385 1,314 336 428 363 3.4 0.9 4 3 1 May 438 ,275 338 399 401 2.9 0.8 3.7 0.9 Junep 417 [,187 500 329 491 2.8 1.2 4.0 0.8 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 * 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 i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports 3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1,093 1.168 1,280 923 1.083 1,198 833 871 '1,074 Feb 1,183 ,238 1,358 999 1,143 '1,268 809 850 ••1,044 Mar 1,126 ,344 1,578 923 r1.252 '1,474 865 1,019 '1,102 Apr 1 426 1,264 '1,510 1,259 1,170 '1 398 957 871 990 May 1,402 1,325 1,700 1,137 1,194 ^1,516 829 '959 1,090 June 1,475 1,319 ^1,687 1,115 1,191 ^1,488 947 937 Julv .. .. 1 290 rI 270 1,023 1,142 822 885 Aug 1 156 r 956 1 108 825 960 Sept 1,115 '1*256 962 1,157 780 Oct . . . .. 1 270 1 396 1,166 1 277 767 '1 011 Nov 1,252 '1,322 1,167 1,249 840 1,065 Dec 1,320 '1,405 1,222 1,321 943 Jan.-June 7,705 7,658 ^9,113 6,356 7,033 ^8,342 5,240 '5,507 ^6,332 » Preliminary. 2 Department of Defense shipments of grant-aid military equipment r Revised. and supplies under the Mutual Security Program. i Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e li d l d s H n f o u is 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 r o 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 June 114.4 111.3 119.7 130.4 110.7 122 7 103 8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 July 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106.3 120.3 Aug 114 5 111.2 120.0 130.5 110.8 123 8 103 2 119 5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111.2 125.2 103.6 119.8 104.6 125.3 128.2 116.6 106.7 120.6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128.5 129.8 117.5 106.8 120.6 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 1956—Jan 114.6 109.2 120.6 131.4 111 7 129.5 102.0 121.2 104.1 126.8 130.7 118.5 107.3 120.8 Feb 114.6 108.8 120.7 131.5 111.7 130.0 102.5 121.4 104.6 126.9 130.9 118.9 107.5 120.9 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 M27.1 131.9 119 6 108 2 121 5 June 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 r Revised. 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 i m e l d l s i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a a t r a i e n c p o r l x t e d d - e s - l - l H s e p u k a a r i n c t i d o n h t d d e s s e s - , r ,p l t F o i m e a i g n u w r n h a i e g d e a - t l r l - , s , C p a i u a h c l r l n c a o i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - p L w u a b r u o n c o e m o t d d r s d - - p p a P u a a l r u l n c o p i l e t d d p e s d r - , ,M p m u a r e e n c o t t t d a d a s l - l s p c M u m a t e h r i n c r o v i o a t n y d d e - s - - - h F d o h b t a o t u u u o n h l u r r e r l e d s n d a s e r e - i - - e s N r t t m t m u a a r o l r l i u e l s n n a i c — - c - - l - b b e m o b T a r a t e n a f c o t r v g l d c - s e - e o . d s n c M e el o i l s u a - - s 1948... 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949. . . .. 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113 4 111.4 115.9 110.6 120.3 106 7 110.0 148.0 123.9 119.6 122.8 119 0 114 1 113.6 108 1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95 6 105 3 114.5 95.2 94.2 108.1 107.0 126 9 118.0 116.3 128.0 124 6 115 4 120.9 120 6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115 9 124.2 121.6 92.0 1955 110.3 91.8 103.9 115.6 95.2 92.9 106.8 106.8 140.3 123.7 118.3 132.6 127.1 115 2 123.7 121 6 89 1 July 110.5 89.5 103.1 116.5 95.3 93.7 106.4 106.0 143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 90 8 Aug 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121.7 89.8 Sept 111.7 89.3 101.5 118.5 95.4 94.0 108.0 106.0 151.7 125.7 120.5 141.9 130.0 116.4 126 4 121 7 90 3 Oct 111.6 86.8 100.2 119.0 95.4 95.3 108.0 106.5 147.8 125.4 122.8 142.4 131.4 116.9 126.8 121.7 91.5 Nov 111.2 84.1 98.8 119.4 95.6 96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7 88.0 Dec 111.3 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 Ian III.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.e Fcb ! !2.4 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 88.0 100.4 121.6 95.1 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121.7 92.1 May r114.4 90.9 102.4 121.7 94.9 r100.0 r110 8 106.9 143 5 r128.0 127 3 r146 8 '136 5 r118 0 128 6 r121 6 r96 1 June. 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 893 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce . 104.7 101.8 111.8 120.2 Grains 90 3 89.5 90 5 86 9 126.0 134.5 136.4 136.5 Livestock and poultry 83.1 70.8 74.4 74.8 Converted paper and paperboard.... 112.3 123.3 123.2 123.2 Plant and animal fibers 103.4 105.8 105.9 106.1 Building paper and board 129.7 138.1 138.1 138.1 Fluid milk .. 87.0 89.9 '92.7 92.7 Eggs 74.4 79.9 80.2 78.7 Metals and Metal Products: Hay and seeds . 88 1 86.7 90.1 87.5 Other farm products 143 2 143 4 144 4 147 1 Iron and steel 135.8 151.0 150.8 149.5 Nonferrous metals 137.8 163 2 160.0 158 0 Processed Foods * Metal containers 131.4 137.9 141.2 141.2 Hardware 144 5 153 9 154.0 154 5 Cereal and bakery products 117.6 115.6 115.5 115.3 Plumbing equipment 123.2 133.9 135.0 134.1 Meats poultry and fish 91 4 79 3 82 1 83 1 Heating equipment 113.5 117.3 117.3 111 A Dairy products and ice cream 104.6 105.9 107.9 108.0 Fabricated structural metal products. 118.7 131.6 129.4 129.4 Canned, frozen fruits, and vegetables. 104.5 109.0 109.3 109.7 Fabricated nonstructural metal Sugar and confectionery 110 4 105 3 109 6 109 5 products 126.0 132.6 132.6 132.5 Packaged beverage materials 171.9 187.4 187.4 191.0 Other processed foods 101.4 97.8 '97.5 97.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121 5 126 1 126 5 126 6 Cotton products 90.6 93.7 93.1 92.7 Construction machinery and equip- Wool products 105 5 102 5 102 9 102 9 ment 134.7 144.8 146.6 146.7 Synthetic textiles 86.6 80 6 80 3 80 2 Metal working machinery 142.7 153.8 154.5 155.1 Silk products 124.0 121.0 125.0 124.7 General purpose machinery and Apparel 98 6 99 5 99 4 99 7 equipment 131.8 144 0 146.0 145.6 Other textile products 74.4 71.1 70.3 70.0 Miscellaneous machinery 127.0 134.3 135.2 135.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.5 135.6 137.0 137.1 Miotor vehicles 122.0 129.1 129.1 129.1 Hides and skins. 55.7 61 9 r59.0 61.2 Leather 83 8 94 6 92 9 91 7 Furniture and Other Household Dura- Footwear. 111 4 119 9 120 0 120 5 bles: Other leather products 95.0 98.9 '99.2 98.9 Household furniture . . . 112.9 117.8 118.0 118.0 Fuel, Power, and Lighting Materials: Commercial furniture 129.8 138.5 138.5 138.5 Floor covering 126.2 130 5 130.5 130.5 Coal 100.6 111.7 111.9 112.2 Household appliances 106.4 105.2 105.0 105.1 Coke 133 4 145 4 145 4 145 4 Radio 94.7 89.7 89.6 89.7 Gas 110 4 117 5 115 4 115 4 Television 68.8 69.5 69.3 69.3 Electricity 97.2 93.2 93.2 93.2 Other household durable goods 132.4 139.1 139.2 139.3 Petroleum and products 111.5 117.5 118.3 118.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 126.0 131.1 131.1 131.8 Industrial chemicals 117 8 120 9 120 8 121 1 Concrete ingredients 124.9 130.0 130.1 130.4 Prepared paint 114 8 119 1 119 1 119 1 Concrete products 118.3 121.7 121.7 121.9 Paint materials. . 96 9 101 6 101 2 99 A Structural clay products 137.3 146.0 146.1 146.5 Drugs, Pharmaceuticals, cosmetics... 93.0 91.9 '92.1 92.1 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils inedible 53 8 58 1 60 3 55 2 Prepared asphalt roofing 106.7 111.9 111.9 111.9 Mixed fertilizers 108 8 108 1 107 9 107 9 Other nonmetallic minerals 122.4 123.4 122.8 123.1 Fertilizer materials. . 111 0 112 4 109 1 108.7 Other chemicals and products 107.6 102.4 102.4 103.8 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes . .. 124.0 124.0 124.0 124.0 Crude rubber 149 6 144 2 139 5 137 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 132 3 137 9 136 7 136 0 Alcoholic beverages 114.7 114.7 114.6 114.6 Nonalcoholic beverages 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 124 7 130 6 '130 4 129.8 Millwork 128 3 128 9 '129 2 129 5 Toys, sporting goods, small arms 113.2 115.8 115.8 115.8 Plywood 105 6 106 9 '102 7 101 0 Manufactured animal feeds 70.8 74.4 81.8 75.9 Notions and accessories 92.9 95.4 '95.7 95.7 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. . . 103.0 105.0 105.0 104.8 Other miscellaneous . . . 121.1 123.1 123.1 123.4 Woodpulp 113.8 118.0 118.0 118.0 Wastepaper 104.7 127.4 116.4 114.3 Paper 129.2 136.2 136.2 136.6 r Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 Gross national product 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.5 23.9 26.5 28.8 31.3 31.1 31.7 32.2 32.9 33.6 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.2 32.5! 32.4 32.8 33.4 33.7 34.1 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 .*9 . . 4 5 . . 2 8 1 1. . 3 0 2 1 . . 0 2 2 1 . . 6 4 1.4 1 1 . . 4 8 1 1 . . 2 4 2 1 . . 7 4 1.4 1 1. . 1 4 n 1 . .4 a. Plus: Subsidies less current surplus of gov- .6 ernment enterprises -.1 .0 .1 .2 .2 -.1 -.4 -.2 .3 .1 .7 .7 .2 Equals: National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3 334.9 n.a. 334.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 40.2 41.6 43.4 n.a. Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.7 11.1 10.9 11.3 11.4 12.3 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 .0 .0 .5 -.6 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 15.0 16.1 16.2 16.0 16.3 17.3 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 5.3 5.5 Dividends 5.8 2.1 4.5 9.2 9.1 9.0 9.3 10.0 11.2 10.7 11.0 12.1 12.2 Business transfer payments .6 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 .7 Equals: Personal income 85.8 96.3 227.1 255.3 271.8 286.0 287.3 306.1 303.8 309.6 314.6 317.5 322.9 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 29.3 34.4 35.8 32.9 35.5 35.3 35.9 36.3 37. 38.1 Federal 1.3 1.5 2.0 18.2 26.3 31.2 32.4 29.1 31.3 31.2 31.7 32.0 32 33.6 1.4 .5 1.3 2.7 3.2 3.4 4.2 4. 4.2 4.3 4:] 4.4 State and local 3.0 3.8 83.1 1.0 93.0 206.1 237.4 250.2 270.6 268.5 273.8 278.4 280. 284.9 Equals: Disposable personal income 226.1 254.4 79.0 45.7 81.9 194.0 218.3 230.5 254.0 251.8 257.8 259.5 261. 263.7 Less: Personal consumption expenditures.... 208.3 236.5 4.2 46.4 11.1 12.1 19.0 19.7 16.6 16.7 15.9 18.8 18. 21.2 Equals: Personal saving 17.7 17.9 -.6 n.a. Not available. 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 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 321.9 328.3 334.4 334.9 n.a. Compensation of employees 51.1 29.5 64.8 154.3 180.4 195.1 208.1 206.9 223.2 221.6 226.8 230.3 233.0 237.2 Wages and salariesl 50.4 29.0 62.1 146.5 170.9 184.9 197.3 195.5 210.4 209.0 213.6 217.0 219.4 223.5 Private 45.5 23.9 51.9 124.3 142. 152.0 163.5 161.2 174.5 172.9 177.5 180.5 182.5 186.2 Military .3 .3 1.9 5.0 8.7 10.5 10.3 10.0 9.8 10.0 9.8 9.7 9.6 9.5 Government civilian 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.1 26.1 26.4 26.8 27.3 27.8 Supplements to wages and salaries .7 .5 2.7 7.8 9.5 10.2 10.8 11.4 12.8 12.6 13.2 13.3 13.6 13.8 Proprietors' and rental income2 20.2 7.6 20.9 44.6 49.9 50.8 49.3 48.9 49.1 49.5 49.0 49.3 49.5 49.9 Business and professional 8.8 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 27.1 27.7 28.0 28.2 28.9 Farm 6.0 2.4 6.5 13.3 16.0 15.1 13.3 12.5 11.7 12.2 11.3 11.4 11.5 11.3 Rental income of persons 5.4 2.0 3.5 8.5 9.1 9.9 10.2 10.5 10.1 10.2 10.0 9.8 9.8 9.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 40.2 41.6 43.4 40.9 n.a. Corporate pro/its before tax 9.6 .2 17.0 40.0 41.2 35.9 37.0 33.2 42.7 41.1 43.5 46.4 43.7 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 20.3 16.8 21.5 20.7 22.0 23.4 22.1 n.a. Corporate profits after tax 8.3 -.4 9.4 22.1 18.7 16.1 16.7 16.4 21.1 20.3 21.5 23.0 21.6 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 -1.3 1.0 -1.0 -.3 -1.7 -.9 -1.9 -3.0 -2.8 -3.1 Net interest 6.4 5.0 4.5 5.9 6.8 7.4 8.7 9.7 10.8 10.6 11.0 11.3 11.5 11.7 n.a. Not available. 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 895 GROSS NATIONAL PRODUCT OR EXPENDITURE [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 2 3 4 1 2 104 4 56 0 125.8 285 1 328.2 345.4 363.2 360.7 390.9 387.4 396.8 401.9 403.4 408.3 Personal consumption expenditures 79.0 46.4 81.9 194.0 208.3 218.3 230.5 236.5 254.0 251.8 257.8 259.5 261.7 263.7 Durable goods 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.4 35.7 35.3 37.2 35.4 34.8 33.4 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.1 119.1 120.9 126.2 125.3 127.6 129.2 130.5 132.3 Services 32.1 20.7 29.0 65.0 70.1 75.6 81.7 86.3 92.1 91.2 92.9 94.9 96.4 98.0 Gross private domestic investment , 16.2 1.4 18.1 51.2 56.9 49.8 50.3 48.0 60.6 60.2 62.3 65.1 63.1 64.2 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.9 32.7 32.9 33.5 33.0 32.6 33.1 Residential, nonfarm 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 16.9 17.2 16.2 15.3 15.1 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.4 16.1 16.0 16.4 16.8 17.3 18.0 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23.1 24.3 22.4 23.7 22.4 25.0 25.9 26.4 27.5 Change in business inventories 1.7 -1.6 4.5 7.4 10.4 3.0 .3 -2.3 4.2 4.9 3.7 6.1 4.1 3.5 1.8 -1.4 4.0 6.4 9.0 2.1 .9 -2.7 3.8 4.5 3.4 5.9 4.2 3.9 .8 .2 1.1 -2.2 .2 -.2 -2.0 -.4 -.5 -.9 .2 -.8 .1 1.7 Government purchases of goods and 8.5 8.0 24.8 42.0 62.8 77.5 84.4 76.5 76.8 76.2 76.5 78.1 78.5 78.7 Federal 1.3 2.0 16.9 22.1 41.0 54.3 59.5 48.9 46.7 46.3 46.6 47.2 46.4 46.1 Other 2.0 / \ 1 3 3. . 8 2 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 . . 5 3 4 5 1 . . 8 3 4 7 0 . . 1 6 4 6 0 . . 3 5 4 5 0 . . 8 7 .0 .0 .0 .3 .4 4 4 .4 4 .4 .4 .5 .4 .4 State and local 7.2 6.0 7.8 19.9 21.8 23.2 24.9 27.6 30.1 29.9 29.9 30.9 32.1 32.6 'Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or monthJ in s P o c e o n r m a - l e Total W p d a m i C n r g u o o e g s o d d t m r a i u i n i t n e - c y - d s - sa D i l n u a i t s r r d t t i i y r u e v i s s e b d - - isbu S i r n e t s r r d e i v u e m i s s c e - e nts G m er o e n n v - t - in O l c a o t b h m o e r r e* i p n r r P c e a ie o n r n t o m t d o a - r l e s 3 * i i n n d s D p a t o c e e i e n o n n v r r m d a d e i - - l s s e t m T p r e f a a e n y r n t - s s * - p b e c i s a u r o n L o n f s n t s o c e o i c u t i o s r n e r a r s n 6 i a l - - s l i a n N g t c u r o o i r c n m a u - l l e - 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 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 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.3 195.5 83.6 51.8 25.8 34.3 6.3 48.9 24.9 16.4 4.6 271.4 1955 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—June., 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.. 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.. 3H.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.. 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. 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.. . 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.. 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.., 321.7 222.9 96.8 59.1 29.8 37.2 7.2 49.7 29.1 18.6 5.8 306.8 May. 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 Junep 324.2 224.4 97.4 59.4 30.2 37.4 7.3 49.9 29.7 18.7 5.8 309.4 9 Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. $ 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

896 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercialand stock savings banks andnondeposit trust companies Mutual savings Kcn-il-e Type of office and type of change ba A n l k l s Member banks Nonmember banks Total Total i tio N n a a - l1 me S m ta b te er2 Total su In re - d in N su o r n e - d su I r n e - d2 in N su o r n e - d Banks (head offices) Dec. 31 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951.. 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1953 14,509 13,981 6,743 4,856 1,887 7,241 6,672 569 219 309 Dec. 31 1954 . . 14,367 13,840 6,660 4,789 1,871 7,183 6,647 536 218 309 Dec. 31, 1955 14,243 13,716 6,543 4,692 1,851 7,176 6,677 499 220 307 June 30, 1956 14,206 13,679 6,499 4,667 1,832 7,183 6,713 470 220 307 Branches and additional offices Dec. 31, 1934 . . 3,133 3,007 2,224 1,243 981 783 4: 83 4]26 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1953 6,096 5,826 4,398 2,746 1,652 1,428 1,387 41 192 78 Dec. 31, 1954. 6,614 6,306 4,787 3,056 1,731 1,519 1,483 36 221 87 Dec. 31, 1955 7,253 6,923 5,304 3,365 1,939 1,619 1,584 35 234 96 June 30 1956 7,568 7,226 5,560 3,559 2,001 1,666 1,630 36 240 102 Changes, Jan. 1-June 30, 1956 Banks: New banks 5 +66 +66 + 18 + 15 + 3 +48 +43 +5 •t Consolidations and absorptions: Banks converted into branches -84 -84 -50 -37 -13 -34 -32 -2 Other -15 -15 -7 -6 -1 -8 -7 -1 Voluntary liquidations 6 -3 -3 -1 -1 -2 -1 Conversions: National into State 2 -2 +2 +2 State into national + 3 +5 -2 -3 -3 Federal Reserve Membership:7 +4 +4 -4 -4 Withdrawals of State banks -9 -9 +9 +9 Federal Deposit insurance:8 +29 -29 Net increase or decrease ... . -37 -37 -44 -25 -19 +7 +36 -29 Number of banks, June 30, 1956 14,206 13,679 6,499 4,667 1,832 7,183 6,713 470 220 307 Branches and additional offices except Banking facilities:9 De novo branches +240 +226 + 179 + 129 +50 +47 +46 + 1 +7 +7 Banks converted into branches + 84 + 84 +67 +43 +24 + 17 + 17 D iscontinued — 20 -18 — 14 -4 -10 -4 —4 -1 -1 Interclass branch changes: + 11 — 11 State member to nonmember — 1 — 1 + 1 + 1 Nonmember to national +6 +6 -6 -6 Nonmember to State member +9 +9 -9 -9 Net increase or decrease +304 +292 +246 + 185 +61 +46 +45 + 1 + 6 +6 Number of branches and additional offices, June 30, 1956 7,344 7,002 5,358 3,381 1,977 1,644 1,608 36 240 102 Bank facilities:9 Established + 12 + 10 + 1 +2 +2 Discontinued Interclass chance + 1 XI i -1 Net increase + 11 + 11 + 10 + 1 + 1 Number of facilities June 30 1956 224 224 202 178 24 22 22 ^Excludes banks in United States territories and possessions except one 5 Exclusive of new banks organized to succeed operating banks. national bank in Alaska, with no branches, that became a member of the 6 Exclusive of liquidations incident to succession, conversion, and Federal Reserve System on Apr. 15, 1954. absorption of banks. 2 State member bank and insured mutual savings bank figures both in- 7 Exclusive of conversions of national banks into State bank members, clude, since 1941, three member mutual savings banks not included in or vice versa. Shown separately under conversions. the total for commercial banks. State member bank figures also in- 8 Exclusive of insured nonmember banks converted into national banks clude, since 1954, one noninsured trust company without deposits. or admitted to Federal Reserve membership, and vice versa. 3 As of June 30, 1947, the series was revised. The revision resulted in 9 Banking facilities (other than branches) that are provided at militar y a net addition of 115 banks and 9 branches. and other Government establishments through arrangements made by 4 Separate figures not available. the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 897 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not on part list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Total, including Alaska and Hawaii:2 Dec. 31, 1955 13,647 6,975 11,862 6,645 6,537 5,304 5,325 1 341 1,785 330 June 30 1956 13,610 7,279 11,847 6,957 6,493 5,560 5,354 1,397 1,763 322 Districts, June 30, 1956: Boston 443 523 443 523 302 419 141 104 New York 706 1 326 706 1 326 606 1 227 100 99 Philadelphia 729 412 729 412 554 328 175 84 Cleveland 998 613 998 613 612 540 386 73 Richmond 991 843 823 694 473 446 350 248 i68 149 Atlanta 1,285 356 705 311 384 265 321 46 580 45 Chicago 2 485 824 2 485 824 1 021 452 1 464 372 St. Louis. 1,463 222 1,160 154 493 93 667 61 303 68 Minneapolis 1,284 120 683 77 471 31 212 46 601 43 Kansas City 1,759 35 1,753 35 749 23 1,004 12 6 Dallas 1,068 102 978 89 632 66 346 23 90 13 San Francisco2 399 1,903 384 1,899 196 1,670 188 229 15 4 State or area, June 30, 1956: Alabama ... 237 50 143 49 94 49 49 94 1 Arizona 9 100 9 100 4 78 5 22 Arkansas 235 26 122 7 72 4 50 3 113 19 California 134 1 250 134 1,250 85 1,136 49 114 Colorado 156 5 156 5 94 4 62 1 Connecticut 90 110 90 110 52 91 38 19 Delaware 29 40 29 40 10 17 19 23 District of Columbia 17 54 17 54 13 44 4 10 Florida 243 12 196 11 100 10 96 1 47 1 Georgia 409 64 128 62 64 55 64 7 281 2 Idaho 35 70 35 70 19 65 16 5 Illinois. 920 4 918 4 519 4 399 2 Indiana 473 178 473 178 235 111 238 67 Iowa.... 667 161 667 161 165 4 502 157 Kansas 598 3 596 3 213 3 383 2 Kentucky 366 89 366 89 109 61 257 28 Louisiana 179 125 73 100 52 84 21 16 106 25 Maine ... 58 95 58 95 37 59 21 36 Maryland 153 173 153 173 70 100 83 73 Massachusetts 173 268 173 268 134 231 39 37 Michigan 414 390 414 390 231 320 183 70 Minnesota . . . 678 6 273 6 205 6 68 405 Mississippi 197 101 49 38 34 19 15 19 148 63 Missouri ... 600 3 542 3 175 3 367 58 Montana 113 113 84 29 Nebraska 415 2 415 2 139 2 276 Nevada 6 29 6 29 5 25 1 4 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 285 281 285 281 245 247 40 34 New JVtexico 51 32 51 32 33 15 18 17 New York 491 1,066 491 1,066 428 1,005 63 61 North Carolina 203 340 112 198 54 107 58 91 91 142 North Dakota 154 24 57 6 40 17 6 97 18 Ohio 623 404 623 404 399 359 224 45 Oklahoma 385 5 379 5 222 3 157 2 6 Oregon.... 49 149 49 149 19 138 30 11 Pennsylvania 800 501 800 501 608 432 192 69 Rhode Island 10 70 10 70 6 54 4 16 South Carolina 147 91 72 84 33 68 39 16 75 7 South Dakota 171 54 72 29 60 24 12 5 99 25 Tennessee 295 145 214 130 83 93 131 37 81 15 Texas 941 22 900 22 578 22 322 41 Utah 50 48 50 48 25 42 25 6 Vermont 61 15 61 15 35 6 26 9 Virginia 314 185 313 185 203 127 110 5$ 1 ^Washington 94 221 94 221 39 208 55 13 West Virginia 181 180 112 68 1 Wisconsin 550 151 550 151 164 23 386 128 Wyoming 53 1 53 1 40 1 13 Alaska 2 18 13 3 9 1 2 9 15 4 Hawaii2 5 51 5 51 5 51 1 Comprises all commercial banking offices on which checks are drawn, no checks are drawn, 3 mutual savings member banks, and banks in including 224 banking facilities. Number of banks and branches differs Alaska and Hawaii. from the preceding table because of banks and trust companies on which 2 Alaska and Hawaii assigned to the San Francisco District for purposes of Regulation J, "Check Clearing and Collection." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 900 Gold production. 904 Net gold purchases and gold stock of the United States. 905 Reported gold reserves of central banks and governments. . 906 Estimated foreign gold reserves and dollar holdings. 907 International Bank and Monetary Fund. 908 Central banks. 908 Money rates in foreign countries. 913 Foreign exchange rates. 914 Index to statistical tables. 925 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. 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. S, BY COUNTRIES i [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 a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica Asia o A th l e l r tutions 2 and Official 3 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—June 30.... 1,854 11,263 6,776 785 ,397 646 685 689 ,588 5,790 ,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 ,420 702 679 561 ,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 ,557 6,166 1,138 1,948 2,157 340 Nov. 30.... 1,823 11,823 6,964 1,069 ,431 810 747 645 ,489 6,190 1,125 ,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 [,089 2,001 2,238 353 Mar. 31.... 1,894 12,452 7,389 1,123 1,487 806 733 766 1,624 6,539 1,178 2,103 2,277 355 Apr. 30*... 1,978 12,505 7,328 867 1,524 812 742 111 1,821 6,544 1,207 2,170 2,268 316 May 31*... 1,999 12,517 7,436 907 1,580 830 709 751 1,676 6,453 1,269 2,177 2,294 324 June 30*. .. 2,007 12,632 7,437 878 1,636 860 736 746 1,617 6,473 1,285 2,179 2,348 347 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 e e r t - h- N w o ay r- t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u ey r- Y sla u v g i o a - o A th l e l r lands 1952—Dec. 31 .. 1,093 91 124 70 29 47 203 110 57 6 19 91 8 12 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—June 30.. ,588 269 107 54 38 127 202 71 94 8 109 119 12 11 367 July 31. . ,560 273 99 56 40 125 202 68 101 8 113 129 9 8 328 Aug. 31.. ,567 283 104 60 42 126 190 66 106 8 119 141 10 10 303 Sept. 30. . ,562 280 104 64 41 134 199 68 112 8 120 147 9 9 267 Oct. 31. . ,557 279 105 54 46 141 183 72 120 8 117 149 9 11 263 Nov. 30. . ,489 270 98 64 44 159 173 68 125 8 112 149 9 9 200 Dec. 31.. ,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956—Jan. 31.. ,561 254 113 64 45 200 183 63 127 8 102 154 12 11 226 Feb. 29. . ,596 253 115 69 46 188 183 49 128 8 103 160 13 9 273 Mar. 31.. ,624 252 126 71 45 183 193 51 133 8 99 171 10 13 270 Apr. 30*. ,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 June 30*. ,617 247 105 70 47 165 206 52 124 7 90 169 7 9 319 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p D i R c u li o i a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R c m u a e b n o - a - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1952—Dec. 31 1,613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec 31 1 768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec 31 . 1 906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—June 30 1,920 157 28 120 94 102 245 71 51 341 42 84 83 50 64 261 129 July 31 1,897 165 26 118 89 103 241 71 51 327 44 80 89 45 61 253 134 Aug 31 1 854 174 25 126 75 106 231 71 47 321 43 85 86 39 60 234 132 Sept. 30 1 916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct 31 1 948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30 1,946 153 24 149 75 120 255 66 41 379 42 87 92 22 63 261 117 Dec. 31 2 000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—Jan. 31 1 952 138 28 156 79 133 227 65 51 399 49 81 90 34 69 239 113 Feb. 29 2 001 143 28 192 80 133 223 65 58 407 49 78 93 43 74 213 124 Mar. 31 . 2 103 140 27 215 98 136 236 66 64 419 51 82 92 46 73 224 134 Apr. 30* 2,170 128 27 193 87 147 255 64 70 416 53 89 87 46 74 301 133 May 31* 2,177 120 25 198 91 139 261 65 68 384 56 93 83 44 66 349 136 June 30* 2,179 125 25 217 101 138 263 67 66 358 68 93 74 45 67 331 141 * Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 901 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi— Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Egypt Date Total m M C a h o n a i d s i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s T la h n a d i- Other Total t A ra u l s i - aC g B o i e n a l g n - o A E t a n g i n a g y d n l p o - - U S A o n f o r u i f i o t c h n a Other land Of4 Sudan 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—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 83 155 28 55 964 89 268 151 350 355 76 43 68 43 124 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 June 30P 2,348 79 54 82 113 31 55 1,047 95 282 136 374 347 79 41 62 30 135 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. .2 13.1 Czechoslovakia 6 .6 .6 .7 .7 Ceylon 13 9 17.1 18.8 n.a. Eastern Germany n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10.0 14.7 Estonia 1.9 1.9 1.9 n.a. Jordan 6 .9 .8 1.2 Hungary . 1 0 1 0 1 0 1 0 Laos n a 1 n a Iceland 3.7 7.5 8.9 4.8 Lebanon 19.3 23.9 16.5 18.0 Ireland, Republic of 12.6 14.1 14.3 n.a. Pakistan 14 4 9.7 3.8 5.7 Latvia 1.3 1.3 1.0 1.0 Palestine .1 .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 6 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.6... 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 3 3 n a Ecuador 23.7 17.7 21.2 14.9 Liberia 10 3 11 8 5.6 13.1 French West Indies and French Guiana.. . 2.2 .6 .4 .6 Libya 2.3 3.0 1.7 n.a. Haiti 11 6 9 3 12 7 12 1 New Zealand 3 5 2 1 2 3 1 9 Honduras 15.4 18.7 17.3 9.7 Portuguese dependencies 6.3 5.0 8.3 5.3 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

902 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 p a e e n . d r y o - . , f Italy S l w a e n r it - d z- U K d n i o i n m t g ed - E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e i r n - Asia o A th l e l r 1952—Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1953—Dec. 31 . . 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955 May 31 1,415 10 77 26 19 98 135 367 108 686 213 41 June 30 .. 1,450 10 84 28 19 91 143 374 122 672 239 43 July 31 1,416 12 80 26 19 70 154 361 118 655 240 42 Aug. 31 ? 42Q 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 1,428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30 1,473 12 81 30 24 74 163 383 131 670 239 49 Dec 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Jan. 31 . 1,503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29 1,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31 1,510 14 92 36 28 69 162 400 132 701 232 44 Apr. 30* 1,529 15 100 32 28 69 164 408 124 718 232 46 May 31* 1,612 16 118 33 28 83 172 449 117 736 264 45 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 ar n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1952—Dec. 31 98 1 16 2 6 CO 4 2 11 3 39 9 5 1953—Dec. 31 88 1 13 6 2 9 1 24 3 16 5 7 1954—Dec. 31 109 20 10 3 3 16 0) 4 4 41 5 1955 May 31 135 i 18 7 2 4 15 2 4 4 67 4 4 June 30 143 15 7 3 13 2 5 5 80 July 31 154 14 7 3 3 12 8 5 89 2 8 Aug. 31 151 12 9 12 3 6 6 88 ft 7 Sept. 30 152 11 8 2 3 13 4 6 6 92 5 Oct. 31 159 13 9 2 3 13 4 7 5 93 6 Nov. 30 163 15 9 4 11 5 7 7 92 6 Dec. 31 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1956—Jan. 31 158 2 18 13 3 3 12 9 1 5 7 74 4 7 Feb. 29 157 2 18 11 2 4 13 9 1 8 7 69 6 7 Mar 31 162 3 20 10 2 4 15 9 1 6 7 70 6 8 Apr. 30* 164 4 24 7 4 4 17 10 1 6 7 68 5 7 May 31 * .. 172 6 22 10 5 4 15 11 1 7 8 71 6 6 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p D i R c l u i a i o e c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d - d s i i e - t s s l a P p i R c m u a e n b a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 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—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 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 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 5 163 2 20 31 7 20 102 34 Mar. 31 701 12 4 60 6 160 81 4 6 152 3 20 30 7 13 108 35 Apr. 30* 718 11 3 62 7 167 85 4 7 154 2 18 30 6 12 112 36 May 31* 736 11 3 63 7 168 85 4 6 157 3 19 29 6 7 133 35 * Preliminary. maturity of more than one year reported by U. S. banking institutions i Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $685 million on May 31 , following items payable on demand or with a contractual maturity of 1956. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners ; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 903 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Egypt Date Total C M m a h n o i a n s d in a a - H K o o n n g g India I n n e d si o a - Iran Israel Japan ip P p h in il e - s T la h n a d i- Other Total t A ra u l s ia - C g B o i e a n l n g - o A E t a n g i n a g y d n l p o - - A U S f n o r o u i i f o c t n a h Other land Sudan 1952—Dec. 31 90 10 1 4 1 10 15 13 25 22 10 6 4 2 4 1953—Dec. 31. 115 8 4 1 14 23 26 6 6 25 25 8 6 8 1954—Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—May 31 213 8 5 4 19 7 87 18 17 48 41 11 5 2 8 15 June 30 239 8 3 4 20 8 92 15 20 69 43 10 5 3 7 17 July 31. 240 8 4 4 21 8 105 17 13 61 42 10 5 1 19 Aug. 31 236 8 4 4 1 22 10 108 15 11 53 39 9 5 2 17 Sept. 30 252 8 4 4 1 20 9 110 17 8 71 42 11 5 1 6 18 Oct. 31 243 8 4 5 1 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30 239 8 4 5 18 9 107 19 8 62 49 13 10 19 Dec. 31 233 8 3 5 1 18 10 103 19 8 57 43 11 5 1 8 17 1956—Jan. 31 246 9 4 6 3 17 11 97 20 8 71 41 13 5 2 8 13 Feb. 29 236 8 5 5 1 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31 232 8 5 7 1 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30^ 232 8 5 6 20 10 100 9 9 64 46 12 6 2 8 19 May 31P 264 8 6 7 1 22 10 113 11 8 78 45 12 6 2 7 18 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U.S. Govt. bonds Year or month Pur- chases Sales 1952 534 231 1953 646 728 1954 801 793 1955 1,341 812 1955 May 249 142 14 17 July 48 24 AUK 184 24 Sept 45 36 Oct 21 30 Nov 35 38 Dec 132 86 1956—Jan 34 34 Feb 30 44 Mar 208 444 Apr & 47 May^3 32 OOO & notes U.S. corporate securities Foreign bonds Foreign stocks c s N a h l a e e s t s e p s ( , u o - r ) - r ch P a u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) - r ch P a u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e t s s e p s u ( , o - r ) - r 302 850 838 13 495 677 -182 294 330 -36 -82 802 731 70 543 622 -79 310 303 7 8 1,405 1,264 141 792 841 -49 393 645 -252 529 1,886 1,730 156 693 509 184 664 878 -214 107 148 133 15 45 27 18 55 77 22 -3 176 158 19 70 34 36 69 101 -33 24 167 139 28 60 36 23 55 75 -20 159 135 116 19 40 26 14 54 73 -19 9 180 154 26 37 41 -4 71 82 -11 -8 154 141 13 46 34 12 58 61 -3 A 121 141 -20 38 37 1 57 55 2 46 148 145 3 42 57 -15 58 63 -5 185 135 50 60 139 -79 61 53 8 — 14 136 123 13 35 42 -8 56 64 —7 -236 176 205 -29 34 38 -4 74 99 -25 37 184 164 19 38 26 12 69 87 -17 13 198 139 59 52 152 -100 90 114 -24 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- Year or month national foreign France Federal Italy land insti- coun- Repubtutions tries lic of 1952 15 300 5 (2) (2) 51 1953 23 -34 -42 (2) (2) 57 1954 78 72 17 (2) — 1 73 1955 -21 706 -2 9 -7 147 1955 May -44 166 2 -1 1 15 1 1 9 julv 3 49 (2) 26 3 176 2 1 28 Sept 33 2 1 j 19 Oct t 4 2 3 (2) 8 Nov li) 24 (2) -7 Dec 2 47 -14 1956—Jan 1 49 (2) P) M A Fe p a b r r ., p (2) 1 i -2 — 6546 1 -139 3 1 1 1 — 1 1 1 72 3 00 001 United Other Total Latin All King- Europe Europe Canada Amer- Asia other dom ica 70 -16 111 192 5 -9 2 71 -24 62 -121 25 (2) -1 70 -20 139 -187 113 3 96 85 329 265 76 29 7 41 39 80 78 6 (2) 15 -1 24 -9 - 2 (2) 13 9 48 -2 1 1 j -1 7 36 132 7 <2 1 -9 10 23 -10 13 1 2 -7 8 -5 (2) -4 3 -20 2 (2) (2) -3 4 -5 41 7 3 1 6 12 35 7 5 2 1 25 27 -30 -168 -86 6 3 -ft — 1 44 7 (2) 55 -4 3 2 1 47 14 5 69 -2 2 1 1 p Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 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 n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s 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 ce u l s - 3 1952 -118 -100 20 -141 25 -10 6 1954—Dec. 31 490 2,908 105 1953 — 61 — 11 96 -138 35 -30 26 1954 -164 -137 -9 -133 33 -34 7 1955—July 31 410 3,288 135 1955 -27 -4 -46 74 24 -49 y Aug. 31 387 3,373 141 Sept. 30 385 3,463 142 1955—May... -4 (0 1 A 1 -2 5 Oct. 31 402 3,506 138 June. 0) 4 -21 21 5 2 2 Nov. 30 408 3,558 137 July.. -10 13 o 26 2 -3 -5 Dec. 31 402 3,543 126 Aug.. 1 -6 -1 -6 3 -4 3 Sept.. -12 -3 -7 3 2 -3 2 1956—Jan. 31 355 3,724 122 Oct.. -3 11 8 3 2 -3 0) Feb. 29 363 3,793 132 D No e v c. .. - - 2 2 -18 5 1 9 7 -7 6 4 1 -1 -8 1 -2 A M p a r r . . 3 3 0 1 3 33 5 0 4 3 3 , , 7 7 9 1 1 7 1 15 3 3 6 May 31 307 3,751 155 1956—Jan.. 5 -66 12 -75 1 -5 0) June 30 297 3,629 158 Feb.. 3 -12 -5 -7 3 -2 1 July 31 308 3,663 164 Mar.. -12 -18 -7 -10 2 -3 1 Apr.*> -6 2 2 8 1 -3 1 1956—July 4 291 3,633 158 May* -3 -120 -4 -112 1 -7 1 July 11 326 3,626 159 July 18 289 3,689 162 July 25 262 3,696 162 * Preliminary. 1 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 t a h B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India $1=15%I grains cif gold %ofine: i.e., an ounce of fine gold=$35. 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7 9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 510.7 18.4 23.8 13.1 66.2 159.1 13.3 4.3 7 3 36 7 6 8 1955 May 73.1 42.8 1.6 2.1 1.1 5.3 13.4 .9 .9 .5 .8 r3 1 6 June 73.1 42.7 1.5 2.2 1.0 5.6 13.0 .8 1.2 .2 .8 3.5 .6 Julv .. r72.8 43.7 1.6 2.2 1.0 4.1 13.5 1.0 .8 .3 .8 3 1 6 Aug 74.7 44.4 1.6 2.2 .9 5.9 13.5 .6 1.1 .4 .7 2.8 6 Sept 76.2 43.6 1.6 2.2 1.1 7.0 13.8 1.0 1.3 .3 .7 3.1 .5 Oct 75.7 43.8 1.5 2.0 1.0 6.8 13.8 1.0 1.2 .3 .7 3.1 6 Nov 74.9 43.3 1.5 1.9 .8 6.3 13.6 1.3 1.1 .4 .6 3.3 6 Dec 42.9 1.5 1.1 5.0 13.3 .8 .2 .6 3.4 .6 1956 Jan 43.4 1.6 .1 1.2 4.8 13.0 1.9 7 2 9 5 Feb 42.9 1.5 .1 1.1 4.6 12.4 1.2 .7 2 7 5 Mar 45.4 1.5 1.8 1.2 5.0 13.5 1 2 7 2 8 Apr 45.2 2.1 1.0 4.7 12.9 1.3 6 May 47.3 2.2 1.0 5.4 13.1 .6 .6 r Revised. 1 Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from 2 Less than $50,000. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of U. S. Bureau of Mines. figures through 1954 are from the U. S. Bureau of the Mint and figures for Production reported monthly: reports from individual countries except 1955 and 1956 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 905 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 J M a a n r .- . A Ju p n r. e - J S u ep ly t - . O D c e t c . . - J M a a n r .- . Continental Western Europe: Belgium 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 F G r e a r n m c a e ny (Fed. Rep. of) 15.8 -84.8 -20.0 -io!6 "-i3o'.6 -225] 6 '- - 6 1 7 0 .* .0 5 * - -2 1 2 0 .* .0 5 -45 .'6 ••••••• '-33*.8 Netherlands "#40!7 "-23*.5 ""-79'.8 "-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 (*) 3.5 1.5 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 -.3 -.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: Argentina 114.1 -49.9 -49.9 -20.0 -84.8 ....... ....... Colombia 15.5 7.0 "'-io!6 17.5 -22.8 -3.5 Cuba -10.0 -10.0 28.2 -20.0 Mexico 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 iilo "ii!6 -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 -.1 -.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 5-38.93-53.7 -6.7 -5.7 -9.9 -2.2 -2.2 Eastern Europe 1.0 -6.2 13.7 13.1 6.9 .4 6-44.2«-76.0 (*) -.4 -2.7 -2.7 (2) 725.0 1,510.0 193.3-1,725.2 75.2 393.6-1,164.3 -326.6 -68.5 -36.9 -41.7 8.7 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. 0 Includes sales of gold to Egypt as follows: 1950, $44.8 million; aind 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] T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) i I i n n s g c t r o o t e o l c d a t k a se l i e m g x N ( o o - p 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 i k r n s s - e d e e - d , e- D p ti r c o t o i m d o 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 l i ) 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 o p p e r l o o d t r r t t, g m c o c o r E l a r 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 d o g n o u e l c s d - - (-) (-) 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955_July 21,682 21,734 4.4 1.6 — 1 4 1 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 Aug 21,682 21,732 -2.2 3.6 — 2 9 5 9 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Sept 21,684 21,745 12.7 4.4 10.6 7.0 1946 20,529 20,706 623.1 311.5 465.4 51.2 Oct 21,686 21,747 2.0 10.4 — 7 1 6 8 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Nov 21,688 21,751 3.9 31.9 -27.0 6.3 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Dec 21,690 21,753 1.9 26.7 -23.8 5.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1956—Jan 21,693 21,755 2.5 11.4 -8.2 4.8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Feb 21,695 21,757 2.1 18.6 -15.7 4.6 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Mar 21,716 21,765 7.7 11.5 -2.9 5.0 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Apr 21,743 21,792 27.4 9.9 16.9 4 7 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 May 21,772 21,821 28.3 25.3 1.8 5.4 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 June 21,799 21,868 47.6 18.4 29.9 5.1 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 July *>21,829^21,917 *49.2 (3) 443.9 (3) v Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,875.5 million on July 31, 1956. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)1 Treasury Total2 1949—Dec 35,380 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 36,260 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,680 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 1,080 42 186 31 23 37,720 21,678 21,730 371 839 (3) 322 1,112 42 186 31 23 July 21,682 21,734 371 845 322 1,122 42 186 31 23 Aug 21,682 21,732 371 850 322 1,134 42 186 31 23 Sept 37,870 21,684 21,745 371 877 3) 322 1,141 42 186 31 23 Oct 21,686 21,747 371 920 322 ,150 42 181 31 23 Nov 21,688 21,751 371 922 323 1,147 42 141 31 23 Dec '37,990 21,690 21,753 371 929 323 ,141 44 136 31 23 1956 Jan 21,693 21,755 371 942 323 ,136 44 136 31 23 Feb 21,695 21,757 371 955 323 1,129 42 136 31 23 Mar *>38,180 21,716 21,765 371 953 323 1,127 43 136 31 23 Apr 21,743 21,792 371 970 323 ,113 43 136 31 23 May 21,772 21,821 371 958 323 .107 46 136 31 23 June 21,799 21,868 952 323 1 ^ 109 46 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—June 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 Aug 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 1956—Jan 174 861 950 27 247 81 138 352 163 865 45 48 Feb 174 861 989 27 247 81 138 352 163 872 45 48 Mar 174 861 1,000 27 247 81 138 352 164 875 45 48 Apr 174 861 1,033 27 247 81 138 877 45 48 May 174 861 1,053 247 81 138 864 45 48 June 174 861 1,101 138 853 45 49 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 i t c h a Spain Sweden Sw la it n z d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 - d U gu r a u y - V zu e e n l e a - M I ta n o r t n l y e . - B S a I e n n t k t t l l e . f - or Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951—Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 1,702 193 1954—Dec 429 29 199 56 265 U513 113 144 2,762 227 403 1,740 196 1955—June 436 29 212 56 264 1,485 113 144 2,680 227 403 1,745 230 July 422 29 215 56 264 ,495 112 144 2,544 227 403 1,747 227 Aug 425 29 212 56 264 1,501 112 144 2,457 227 403 1,751 226 Sept 427 28 214 56 264 ,513 112 144 2,345 216 403 1,751 215 Oct 428 28 211 56 270 ,535 112 144 2,297 216 403 1,751 208 Nov 428 28 213 56 278 ,560 112 144 2,283 216 403 1,756 234 Dec 428 28 212 56 276 ,597 112 144 2,120 216 403 1,808 217 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 Mar 431 28 212 56 273 ,608 112 144 2,277 216 403 1,786 197 Apr 436 28 210 56 269 ,606 112 144 2,328 216 403 1,761 190 May 435 28 217 56 266 ,579 112 144 2,369 216 403 1,741 216 June 28 215 56 257 571 144 2,385 403 199 v Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of gold and of United received. States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Equalization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 907 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1954 Mar. 3 , 1955 June 30, 1955 Sept. 30, 1955 Dec. 3I, 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 10 313 10 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 1,328 161 1,362 161 1,397 160 1,593 161 21,986 151 2,028 6 Germany (Federal Republic of) 1,999 (3) 2,125 2,155 3 2,250 5 2,374 8 2,487 10 Greece 124 141 (3) 138 145 187 194 Italy.. 925 10 957 5 992 2 1,105 2 1,137 2 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 53 96 69 Portugal (and dependencies) 560 570 571 581 601 606 Spain (and dependencies).... 188 3 209 225 3 237 221 a 216 3 Sweden 406 1 386 j 383 411 (3) 429 444 (3) Switzerland ... 2,185 38 2,149 42 2,170 42 2,197 44 2,354 2,341 70 Turkey 152 154 156 153 153 154 Other* 947 4 1,016 2 1,242 4 1,273 2 '876 6 1,015 7 Total... 11 627 260 11,857 285 12,207 324 12,790 345 '13,240 343 13,621 222 Sterling Area: United Kingdom ... 3,190 216 3,137 249 3,139 280 2,800 286 2,598 282 2,816 241 United Kingdom dependencies 103 4 103 4 102 4 100 11 88 11 91 11 Australia 186 (3) 194 204 210 219 230 (3) India 334 1 334 1 344 1 339 1 320 330 1 Union of South Africa 232 236 242 1 251 1 265 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 3,920 254 Canada 2,616 93 2,418 182 2,381 262 2,320 397 2,173 437 2,305 369 Latin America: Argentina ... 531 523 8 528 536 509 8 511 8 Bolivia 32 26 28 26 26 27 Brazil ... 442 >y 417 2 442 2 469 2 466 538 2 Chile 112 1 118 1 136 1 129 (3) 139 141 1 Colombia 308 183 188 184 217 222 Cuba 423 124 420 149 431 149 423 169 389 169 372 167 Dominican Republic 72 (3) 75 83 (3) 82 (3) 77 79 Guatemala. 62 (3) 72 (3) 78 (3) 70 (3) 72 (3) 91 (3) Mexico 391 4 427 4 419 4 481 4 556 4 583 4 Panama Republic of 74 1 79 1 84 2 85 1 86 1 82 Peru 118 (3) 114 118 124 127 8 127 (3) El Salvador 59 72 (3) 79 (3) 61 (3) 52 74 (3) Uruguay 317 j 308 1 291 j 277 j 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 15 147 14 Total 3 673 146 3,565 172 3,707 174 3,749 194 3,789 195 3,910 192 Asia: Indonesia 181 (3) 179 15 196 15 201 15 255 15 236 Iran.... 169 178 (3) 190 (3) 174 (3) 175 166 (3) Jaoan 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 236 (3) 245 1 243 1 235 1 250 1 263 1 Other 521 7 552 5 602 3 621 3 644 4 658 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 (3) 228 (3) 224 (3) 234 246 242 Other 68 72 84 1 87 1 79 1 91 (3) Total 289 (3) 300 308 1 321 1 325 1 333 (*) Total foreign countries 24,961 746 24,896 933 25,507 1,085 25,870 1,274 '26,148 1,308 27,083 1,059 International ^ 3,510 354 3,557 362 3,599 317 3,595 320 3,689 321 3,681 319 Grand total 28,471 1,100 28,453 1,295 29,106 1,402 29,465 1,594 '29,837 1,629 30,764 1,378 ' Revised. 6 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. official gold reserves, and total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by 4 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby'the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 5 Excludes gold reserves of the U. S. S. R. tions. For back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATONAL MONETARY FUND [End-of-month figures. lni nilhons of dollars] [End-of-month figures. In millions of dollars] 1956 1955 1956 1955 Item Item June Mar. Dec. Sept. June Apr. Jan. Oct. July Apr. Dollar deposits and U. S. securities. 407 42! 428 440 464 Gold 1,761 1,811 1,751 1,747 1,744 Other currencies and securities 1 938 94' 966 977 996 Investments 8 50 2,002 1.95S 1,936 1,837 1,796 Currencies:1 Other assets3 29 4C 37 36 52 United States . . . 1,777 1,708 1,633 1,643 1,609 Other 4,333 4,403 4,539 4,656 4,691 IBRD bonds outstanding 850 85C 849 849 852 Unpaid member subscriptions 815 815 815 805 798 Undisbursed loans All A8t 494 429 456 Other assets 1 1 1 1 1 Other liabilities 11 1C 9 9 10 228 216 205 193 184 Member subscriptions 8,751 8,750 8,75198,86398,853 Capital3 1,810 1,81C 1,81C 1,810 1,806 Accumulated net income -14 -14 -12 -11 -10 Loans by country, June 30, 1956 Cumulaitive net drawings Quota ort the Fund Outstanding Country i o Area and member country * Prin- Dis- Re- Total P i a n id 1956 1955 cipal bursed paid Total S t o o ld gold May Apr. May others5 Brazil 150 38 66 66 66 Continental W. Europe, total. . 1,021 885 169 715 75 15 1 15 15 Belgium and Luxembourg... 118 110 6 104 24 Chile 50 9 13 13 13 268 262 12 251 20 50 13 25 25 25 Italy 90 41 41 6 Indonesia 110 16 15 15 15 221 221 137 84 19 Philippines 15 4 15 15 Other 324 250 15 235 6 Turkey 43 11 15 15 20 United States 2,750 688 H-344 li —340 U-484 Sterling area, total 868 566 44 521 68 Australia 259 247 3 244 22 India . . .. 200 77 19 58 10 Footnotes to tables on international institutions: U Un n i i t o e n d o K f i S n . g d A o f m rica 1 1 4 3 6 5 1 6 1 5 3 11 1 6 0 5 2 1 16 5 2 1 R C e u p rr r e e n se c n ie t s s i p n r c i l n u c d ip e a d l e o m f a a n u d t h o o b r l i i z g e a d ti o lo n a s n h s e , l l d e s i s n l l o ie a u n s o f n o d t e p y o e s t it e s f . fective, Other 128 63 11 52 5 repayments, the net amount outstanding on loans sold or agreed to be sold to others, and exchange adjustment. Latin America, total 653 441 35 406 29 3 Excludes uncalled portions of capital subscriptions. Brazil 194 156 7 149 3 4 Loans to dependencies are included with member. Colombia 111 60 11 50 4 5 Includes also effective loans agreed to be sold but not yet disbursed. Mexico 141 113 6 107 10 6 Includes $227 million in loans not yet effective. Other 207 111 11 100 12 7 Includes $156 million not guaranteed by the Bank. 8 U. S. Treasury bills purchased with proceeds of sales of gold. Asia (excl. Sterling area) .. 117 65 2 63 10 9 Includes $125 million subscription of withdrawing member (Czechoslovakia). Africa (excl. Sterling area).... 9 8 7 10 Countries shown are those with cumulative net drawings of $10 million or more on the latest date. Total 62,667 1,963 250 1,714 7182 11 Represents sales of U. S. dollars by Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of poundssterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note Gold (fi O d as u t s h c e i e t a s r ry Coin Notes a c n o D d u i s n - a t d s - Se t c ie u s ri- ci t r i c o u n l 1 a- Deposits C a a n p d ital issue) vances Bankers' Public ECA Other surplus 1948 Dec 29 . .2 1.325.0 3.9 32.2 16.7 401.1 1.293.1 314.5 11.7 17.4 92.1 18 1 1949—Dec. 28 .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18 1 1950 Dec 27 .4 1.375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18 1 1951—Dec. 26 ... .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18 1 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18 2 1954_Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955—July 27 .4 1,875.0 2.4 14.5 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18 3 Aug. 31 .4 1,825.0 2.4 43.1 20.0 280.2 ,782.3 243.6 10.9 2.7 70.0 18.5 Sept 28 . . .4 1,890.0 2.4 33.9 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18 6 Oct. 26 .4 1,800.0 2.4 34.9 20.2 301.2 1,765.5 250.6 21.9 2.6 65.7 17 8 Nov 30 4 1,850.0 2 4 54.7 20.8 287.4 ,795.7 263.1 10.1 3 0 71 2 18 0 Dec 28 .4 ,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 1,825.0 2.3 53.7 32.8 251.9 ,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 ,787.9 258.1 10.6 3.1 70 9 18 5 Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 ,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 ,842.0 225.9 12.8 3.1 76 4 17 8 May 30 .4 ,900.0 2.0 29.1 15.3 294.6 .871.3 231.6 11.4 3.1 77.0 18 0 June 27 .4 ,950.0 2.0 57.0 15.6 271.0 1,893.4 238.2 10.5 .2 78.5 18.1 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 909 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date Dominion and provin- Sterling cial govt. securities Deposits U d S o a n ta l n i l t t d a e e r s d s S t h e o rm rt- Other O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other li c a O a b a p t i n h l i d i t e t a i r e l s 1948—-Dec. 31 .4 1.233.7 779.1 45.4 1.289.1 547. 98.1 81.0 43 1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541. 7 30.7 126.9 119.2 1950 Dec. 30 111.4 1,229.:\ 712.5 297.1 1,367.4 578. 6 24.7 207 1 172 6 1951—-Dec. 31 117.8 L141J\ 1,049.3 135.2 1 464.2 619. 0 94.9 66.1 200 0 1952 Dec. 31 77.1 1,459.1\ 767.2 77.3 1,561.2 626. 6 16.2 44 5 132 9 1953—Dec. 31 54.9 1.316.L 893.7 112.0 1,599.1 623. 9 51.5 29.5 133 1 1954 Dec 31 54.2 1,361.5 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 1955 July 30 59.6 1,233.4 1,032.4 134.9 1,651.8 532. 9 52.9 45 2 177 5 Aug. 31 57.7 1,185.1}, 1,149.3 73.2 1,653.9 538. 7 59.5 38.1 175 2 Sept. 30 60.6 1,103.2 1,196.5 156.6 1,665.8 565. 7 63.4 29.1 192.8 Oct. 31 56.6 1,318.5 991.2 158.3 1,674.2 580. 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 AJ 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207.5 1956 Jan. 31.... 54.4 1,091.! 1,146.0 119.2 1.648.7 528. 4 76.1 42 1 115 7 Feb. 29 56.5 t.065.(S 1,143.3 108.2 1,641.1 493. 6 60.8 35.0 143 0 Mar. 31 58.8 '965.9 1,285.0 95.0 1,677.2 506. 1 48 1 31 4 141 9 Apr. 30 52.3 764. 1,538.1 121.4 1,686.3 564. 9 54.1 30.6 140 0 May 31 67.2 l,065.< 1,190.2 131.3 1,706.1 542. 8 30.2 29.9 145.3 June 30 60.1 1,041..i 1,289.8 192.7 1,734.9 574. 7 51.1 32.2 191.0 Bank of France (billions of francs) Assets Liabilities Date Advances to Domestic bills Government Deposits Other Foreign Other Note liabil- Gold ch e a x n - ge m O a p r e k n et Special Other Current Other assets ci t r i c o u n la- G m ov en e t rn- Other 3 ca i a t p n ie i d t s al 1948 Dec 30 65.2 (4) 97.4 8 6 238.6 150.9 558.0 57.6 987.6 .8 171.8 16 2 1949 Dec. 29 62.3 61 9 137.7 78 5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19 4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 176.8 24.2 1951 Dec. 27 191.4 28.3 234.9 0 741.3 160.0 481.0 190.8 1,841.6 (4) 176.8 41 3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49 3 1953 Dec. 31 201.3 15.4 292.5 61 1 891.6 200.0 679.8 170.0 2,310.5 (*) 144.9 56 3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 .1 157.8 67 9 1955_July 28 201.3 200.1 247.6 11.3 1.061.9 190.0 579.8 355.5 2,642.8 .1 145.3 59 3 Aug. 25 201.3 200.2 190.0 7 ,042.9 190.0 579.3 371.6 2,588.5 .1 125.3 68 9 Sept. 29 201.3 200.2 235.8 14.9 1,076.6 190.0 557.9 409.8 2,692.5 .1 138.2 55 7 Oct. 27 201.3 200.2 245.4 300 1,060.8 190.0 545.2 429.9 2,691.4 .1 139 0 72 4 Nov. 24 201.3 200.2 209.0 43. 2 1,037.8 190.0 536.4 417.8 2,647.6 120.6 67 5 Dec. 29 301.2 200.2 226.7 45. 1,194.7 190.0 539.8 336.8 2,820.0 $ 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 (4) 143 5 73 6 Feb. 23 301.2 178.5 197.5 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 2,876.7 (4) 156 3 57 2 Apr 26 301 2 162.6 269.4 14.6 1,274.0 183.0 518.1 331.4 2 834.4 (4) 148 1 71 8 May 31 301.2 152.0 214.7 7 9 1,314.4 183.0 518.8 368.4 2,861.9 .1 135 9 62 5 June 28 301.2 144.1 301.6 5.2 1,374.8 183.0 490.2 5324.2 2,890.5 .1 162.8 70.9 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item June May Apr. June June May Apr. June Central Bank of the Argentine Republic CommonwealthBank of Australia (inil- (millions of pesos): lions of pounds): Gold reported separately. 1,458 1,623 1,623 1,623 Gold and foreign exc 273 266'•> 259 374 Other gold and foreign exchange.. -1,013 -649 -392 859 Checks andbills of oher banks... 7 9 12 Govt securities 5,374 5,449 A,704 4,058 Securities (incl. Govt. and Treas- Rediscounts and loans to banks... 94,059 92,468 93,288 75,055 ury bills^ 502 51'* 504 494 Other assets 503 427 417 389 Other assets 104 IK> 126 74 Currency circulation 37,489 S7,285 3-J,084 31,612 Note cir:ulation. ... 373 37:I 383 363 Deposits—Nationalized. . 52,749 52,503 52,476 44,485 Depositso* Trading Banks: Other sisht obligations 3,695 3,303 3,134 644 Specia1 255 26t5 285 281 Other liabilities and capita1 6,447 6,227 ,946 5,243 Other 33 At> 22 41 Other liabilities and lapital . 225 22'I 208 270 Footnotes to central bank table on this and opposite page: 5 Includes advance of 178.3 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

910 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 June May Apr. June June May Apr. June Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,744 1,744 1,744 556 Fund).. 241 230 203 Foreign exchange (net) 7,143 6,950 6,830 7,941 Net claim on Intl. Fundi 13 13 13 Loans and discounts 6,181 5,729 5,692 5,673 Loans and discounts 38 50 42 Claim against Government 1,994 1,506 1,717 1,813 Credits to Government 109 96 55 Other assets 868 860 828 111 Other assets 77 79 79 Note circulation 13,442 12,913 12,824 12,575 Note circulation 433 438 419 Deposits—Banks 1,191 552 639 1,617 Deposits 307 296 251 Other 451 469 519 536 Other liabilities and capital 23 22 18 Blocked 1,388 1,416 1,406 1,628 National Bank of Czechoslovakia* Other liabilities and capital 1,457 1,438 1,424 National Bank of Denmark (millions National Bank o! Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 47,605 47,919 48,499 41,936 Foreign exchange 716 741 795 634 Foreign claims and balances (net). 11,476 10,643 11,195 10,855 Loans and discounts 178 116 182 262 Loans and discounts 4,745 5,165 3,389 9,257 Securities 490 491 491 475 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,073 3,097 3,099 3,125 Govt. securities 8,441 8,432 7,808 8,639 Other assets 704 865 561 747 Other assets 5,611 5,486 5,250 5,049 Note circulation 2,171 2,099 2,102 2,010 Note circulation 106,612107,194105,126 105,269 Deposits—Government 1,337 1,330 1,294 1,324 Deposits—Demand 1,745 1,424 1,880 1889933 Other 1,478 1,710 1,560 1,730 ECA 40 40 48 68 Other liabilities and capital 243 240 240 247 Other liabilities and capital 4,141 3,648 3,748 167 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) 13,720 16,541 14,836 13,338 Foreign exchange (net) 1,206 320 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 52,886 34,493 Loans and discounts 3,473 3,000 2,500 3,971 Govt. securities 2,505 2,505 Govt. securities 8,360 8,360 8.360 8,890 Other assets 993 840 Other assets 17,997 17,911 16^45 14,684 Note circulation 42,364 28,038 Note circulation 45,951 46,156 45,522 42,380 Deposits 11,573 6,539 Demand deposits 8,569 10.693 7,864 9,162 Other liabilities and capital 4,155 4,078 Other liabilities and capital 2,805 2; 740 2,631 2,667 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 729 695 690 602 Gold 344 344 344 343 Govt. securities 17 18 24 20 Foreign exchange (net) -115 -104 -108 10 Other assets 8 10 6 7 Net claim on Intl. Fund1 19 19 19 19 Currency in circulation 443 454 423 377 Credits—Government 563 514 504 445 Deposits—Government 126 83 128 88 Other 275 245 223 238 Banks 107 109 86 111 Other assets , 232 227 249 246 Other liabilities and capital 79 77 83 53 Note circulation 638 623 611 649 Central Bank of Chile (millions of Demand deposits—Private banks. 208 189 191 222 pesos): Other 158 147 139 171 Gold 8,968 8,988 8,063 5,803 Other liabilities and capital 313 286 290 258 Foreign exchange (net) 272 637 645 994 National Bank of Egypt (millions of Discounts for member banks 3,933 4,250 2,976 4,617 pounds): Loans to Government 16,153 16,153 16,153 15,770 Gold 61 61 61 61 Other loans and discounts 24,300 21,422 22,052 13,718 Foreign assets3 117 120 125 174 Other assets 22,875 20,233 16,291 5,724 Egyptian Govt. securities 105 101 94 73 Note circulation 53,747 52,326 49,931 34,126 Clearing and other accounts (net) -5 -6 -7 -15 Deposits—Bank 7,078 6,846 7,192 6,208 Loans and discounts 20 23 23 21 Other 3,003 1,700 2,608 1,746 Other assets 2 2 2 3 Other liabilities and capital 12,673 10,812 6,449 4,546 Note circulation 171 166 172 165 Bank of the Republic of Colombia (mil- Deposits—Government 20 37 32 53 lions of pesos): Other 90 78 76 80 Gold and foreign exchange 272 277 276 275 Other liabilities and capital, 19 18 17 19 Net claim on Intl. Fund1 24 24 24 24 Central Reserve Bank of El Salvador Loans and discounts 540 514 464 634 (thousands of colones): Govt. loans and securities 514 495 496 466 Gold 70,638 70,699 70,777 71,382 Other assets 118 114 111 108 Foreign exchange (net) 58,245 57,461 56,929 65,851 Note circulation 741 685 669 654 Net claim on Intl. Fund1 1,573 1,573 1,573 1,569 Deposits 529 570 537 675 Loans and discounts 52,146 53,386 53,297 36,606 Other liabilities and capital 198 169 167 180 Govt. debt and securities 14,766 12,940 13,642 11,915 Central Bank of Costa Rica (millions Other assets 7,233 6,985 7,180 7,432 of colones): Note circulation 93,539 94,983 98,634 91,304 Gold 12 12 12 12 Deposits 100,211 97,468 94,691 94,055 Foreign exchange 90 97 106 143 Other liabilities and capital 10,850 10,592 10,072 9,396 Net claim on Intl. Fund1 7 7 7 7Bank of Finland (millions of markkaa): Loans and discounts 98 93 86 60 Gold 7,849 7,849 7,849 6,882 Securities 6 6 7 4 Foreign assets and liabilities (net).. 17,402 19,405 23,103 '29,546 Other assets 24 26 27 26 Loans and discounts 47,718 48,375 45,087 r24,382 Note circulation 148 150 154 149 Securities—Government 18,750 18,750 18,750 20,000 Demand deposits 55 54| 56 70 Other 2,039 2,048 1,814 2,091 Other liabilities and capital 34 36 35 31 Other assets 14,421 12,259 10,836 1,972 National Bank of Cuba (millions of Note circulation 57,911 57,361 54,951 49,584 pesos): Deposits 7,460 8,453 27,269 18,293 Gold 136' 136 186 Other liabilities and capital 42,808 42,871 25,220 16,996 Foreign exchange (net) 150 153 111 r Revised. *Latest month available. 3 Includes foreign government securities formerly shown with Egyptian 1 This figure represents the amount of the country's subscription to the Govt. securities. Fund less the bank's local currency liability to the Fund. NOTE.—All figures, including gold and foreign exchange, are compiled 2 For last available reports for Czechoslovakia and Hungary (March and from official reports of individual banks and are as of the last report date February 1950, respectively) see BULLETIN for September 1950, pp. of the month. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 911 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item June May Apr. June June May Apr. June Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,107 2,057 2,054 2,025 Gold 4,626 4,421 4,337 ,182 Foreign exchange 131,147125,814124,490 73,833 Foreign exchange 10,570 10,066 9,652 ,865 Clearing accounts (net) 7,805 152 9,048 8,161 Loans and discounts 4,183 4,284 4,870 ,153 Loans and discounts 21,309 ,509 19,592 6,322 Loans to Government 4,011 4,145 4,121 ,179 Advances to Government 30,497 ,178 20,908 22,318 Other assets 869 937 870 964 Other Govt. accounts 39,800 ,371 42,172 4,985 Note circulation 14,169 14,065 13,882 ,832 Govt. securities 139,228141,428139,812 140,332 Deposits—Government 4,629 4,580 4,492 ,508 Other assets 17,855 ,871| 21,891 15,570 Banks 3,550 3,363 3,666 ,046 Notes and coin in circulation 208,938205104 204,782 176,572 Other 237 273 245 209 Deposits—Government 32,792 33,691 31,658 7,987 Other liabilities and capital 1,673 1,573 1,567 ,750 Other 132,841137,089128,970 75,346 Bank of Greece (millions of drachmae): Other liabilities and capital 15,177 15,497 14,558 13,640 Gold and foreign exchange (net) 5,488 5,576 604 Bank of Italy (billions of lire): Loans and discounts 160 148 140 Gold 4 4 4 Advances—Government , 6,667 6,472 017 Foreign exchange 70 70 70 71 Other 4,673 4,487 ,958 Advances to Treasury 567 567 567 567 Other assets. , 1,809 1,758 569 Loans and discounts , 436 419 436 384 Note circulation 5,324 5,329 886 Govt. securities 387 410 408 362 Deposits—Government 799 793 316 Other assets 846 866 845 788 Reconstruction and Note circulation 1,554 1,544 1,531 1,428 relief accts , 7,314 7,251 507 Deposits—Government 33 22 25 53 Other 3,737 3,741 998 Demand 98 83 79 76 Other liabilities and capital 1,624 1,327 581 Other 476 545 552 474 Bank of Guatemala (thousands of Other liabilities and capital 148 142 144 146 quetzales): Bank of Japan (billions of yen): Gold 27,241 227 Bullion () Foreign exchange (net) 39,267 189 Advances to Government Gold contribution to Intl. Fund.., 1,250 250 Loans and discounts 71 32 28 231 Rediscounts and advances 4,140 386 Govt. securities 455 508 521 374 Other assets , 36,645 081 Other assets 221 224 243 131 Circulation—Notes , 52,129 671 Note circulation 597 561 585 533 Coin , 3,913 701 Deposits—Government 42 86 64 59 Deposits—Government , 5,920 609 Other 31 36 59 66 Banks , 24,170 968 Other liabilities 77 81 84 80 Other liabilities and capital 22,410 184 Bank of M[eexico (millions of pesos): National Bank of Hungary 2 Monetary reserve7 1,765 1,807 1,775 1,532 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,981 5,274 5,306 4,288 Issue department: Bills and discounts 593 475 380 538 Gold at home and abroad 400 400 400 Other assets 446 382 334 465 Foreign securities , 6,814 6,814 520 Note circulation 4,777 4,686 4,763 4,176 Indian Govt. securities , 6,988 6,987 436 Demand liabilities 2,281 2,541 2,335 1,951 Rupee coin , 1,049 1,072 054 Other liabilities and capital 726 711 696 696 Note circulation , 15,061 15,050 108 Netherlands Bank (millions of Banking department: guilders): Notes of issue department..... 190 223 303 Gold 3,231 3,271 3,322 3,046 Balances abroad 307 442 639 Silver (including subsidiary coin). 4 6 11 25 Bills discounted 89 124 108 Foreign assets (net) , 1,176 1,361 1,401 1,504 Loans to Government 22 18 8 Loans and discounts 63 43 84 31 Other assets 1,327 1,324 955 Govt. debt and securities 540 440 440 801 Deposits 1,296 1,536 ,454 Other assets , 393 376 353 427 Other liabilities and capital.... 639 595 559 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New..... 3,925 4,006 4,106 3,638 Gold and foreign exchange (net).. 881 984 1,231 ,255 Deposits—Government , 58 125 111 629 Loans and discounts 864 1,141 920 334 ECA 466 466 466 612 Advances to Government 8,406 8,107 7,880 ,797 Other 758 704 669 694 Other assets 405 407 394 335 Other liabilities and capital 199 195 194 233 Note circulation 7,796 7,878 7,564 8,184 Reserve Bank of New Zealand (thou- Deposits—ECA 356 411 448 495 sands of pounds): Other 1,459 1,421 1,530 169 Gold... 6,162 6.162 6,162 6,161 Other liabilities and capital.... 944 929 874 Foreign exchange reserve , 52,128 48,950 36,757 54,714 Bank Melli Iran5 (millions of rials): Loans and discounts , 31,680 32,824 38,014 28,254 Gold 4,242 4,242 4,242 242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings , 37,042 28,115 20,588 13,018 Gold contribution to Intl. Fund... 282 282 282 282 Investments , 38,173 38,174 38,279 33,257 Govt.-secured debt 7,187 7,187 7,187 187 Other assets 1,472 1,401 1,742 1,868 Govt. loans and discounts 11, t 11,890 11,545 775 Note circulation , 69,431 68,755 70,330 68,581 Other loans and discounts 5,486 5,079 4,916 385 Demand deposits , 88,641 75,730 60,441 60,538 Securities 469 449 449 411 Other liabilities and capital 8,585 11,141 10,770 8,154 Other assets.. 3,439 3,158 3,342 456Bank of Norway (millions of kroner): Note circulation 10,437 10,229 10,033 150 Gold 208 208 209 203 Deposits—Government 4,796 4,781 4,239 799 Foreign assets (net) -63 -64 -87 -189 Banks 1,068 1,050 1,231 158 Clearing accounts (net) -50 -70 -74 -33 Other 13,534 13,468 13,316 605 Loans and discounts 137 165 136 97 Other liabilities and capital 3,202 3,002 3,390 269 Securities 81 80 84j 111 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds): Other assets 122 94 104' 73 Gold 2,646 2,646 2,646 646 Note circulation , 3,219 3,063 3,096 3,168 Sterling funds 67,994 68,537 69,792 595 Deposits—Government 1,384 1,526 1,453 1,260 Note circulation 70,640 71,183 72,438 241 Banks 406! 392 389 438 FOA 90 90 88 '102 Other liabilities and capital , 882 892; '842 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

912 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 June May Apr. June June May Apr, June State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 566 585 593 582 Issue department: Foreign assets 922 852 925 916 Gold at home and abroad1.... 115 114 114 81 Net claim on Intl. Fund 3 129 129 129 129 Sterling securities 1,014 914 914 432 Swedish Govt. securities and ad- Pakistan Govt. securities.... 1,154 1,204 1,205 ,455 vances to National Debt Office4 3,787 3,591 3,791 2,859 Goyt. of India securities.... 176 276 275 221 Other domestic bills and advances. 207 177 23 442 India currency 430 430 431 300 Other assets 978 1,003 1,019 1,019 Rupee coin 71 68 69 47 Note circulation 5,108 4,968 5,130 4,924 Notes in circulation 2,835 2,875 2,882 :,417 Demand deposits—Government.. 207 231 202 183 Banking department: Other 116 81 168 147 Notes of issue department 125 131 126 119 Other liabilities and capital 1,157 1,058 980 694 Bills discounted 1 1 2 Swisiss National Bank (millions of Loans to Government 54 francs): Other assets 728 587 570 337 Gold 6,649 6,684 6,754 6,200 Deposits 706 574 575 404 Foreign exchange 633 557 581 747 Other liabilities and capital.... 147 144 121 108 Loans and discounts 180 145 132 164 Central Bank of Paraguay (millions of Other assets 102 102 93 107 guaranies): Note circulation 5,251 5,166 5,205 5,128 Gold* 11 4 Sight liabilities 2,094 2,105 2,141 1,888 Foreign exchange (net) 77 13 Other liabilities and capital 218 218 213 203 Net claim on Intl. Funds 23 88 Central Bank of the Republic of Turkey Loans and discounts 1,428 ,042 (millions of pounds): Govt. loans and securities 384 499 Gold 402 402 402 402 Other assets 208 249 Foreign exchange and foreign Note and coin issue 949 818 clearings 188 206 207 177 Deposits—Government 230 189 Loans and discounts 3,654 3,515 3,473 2,992 Other 182 170 Securities 29 29 29 30 Other liabilities and capital 769 637 Other assets 203 144 142 111 Central Reserve Bank of Peru (millions Note circulation 2,108 2,005 1,955 1,625 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 545 517 660 Other 1,549 1,560 1,561 1,435 Net claim on Intl. Fund3 67 67 67 Other liabilities and capital 663 577 583 497 Loans and discounts to banks.... 837 832 396 Bankk ooff tthhee R Reepublic of Uruguay (mil- Loans to Government 1,065 1,064 ,182 lions of pesos): (Mar.)* Other assets 188 195 105 Gold 327 344 Note circulation 1,997 1,962 ,789 Silver 10 11 Deposits 433 437 437 Advances to State and Govt. Other liabilities and capital 272 276 184 bodies 242 146 Central Bank of the Philippines Other loans and discounts 484 462 (millions of pesos): Other assets 648 794 Gold 36 35 22 Note circulation 530 476 Foreign exchange 391 377 335 Deposits—Government 180 144 Net claim on Intl. Fund 3 10 Other 343 342 Loans 53 52 81 Other liabilities and capital 657 794 Domestic securities 386 378 295Central Bank of Venezuela (millions Other assets 134 133 168 of bolivares): Circulation—Notes 647 642 571 Gold 1,234 1,234 1,234 1,234 Coin 86 86 87 Foreign exchange (net) 633 659 458 435 Demand deposits 186 171 205 Other assets 166 141 128 146 Other liabilities and capital 80 77 47 Note circulation 1,062 1,064 1,063 1,028 Bask of Portugal (millions of escudos): Deposits 292 323 328 263 Gold 5,750 5,724 495 Other liabilities and capital 677 647 428 525 Foreign exchange (net) 13,700 13,720 991National Bank of Federal People's Re- Loans and discounts 1,053 957 850 public of Yugoslavia (billions of Advances to Government 1,379 1,380 390 dinars): Other assets 1,475 1,420 081 Gold 5 5 5 Note circulation 10,640 10,497 156 Gold contribution to Intl. Fund... 2 2 2 Demand deposits—Government.. 1,473 1,575 518 Foreign assets 63 60 49 ECA 84 81 95 Loans (short-term) 839 820 696 Other 8,556 8,484 842 Govt. debt (net) 21 27 19 Other liabilities and capital 2,604 2,565 196 Other assets 27 28 52 South African Reserve Bank (millions Notes and coin in circulation 77 89 86 of pounds): Demand deposits 160 158 165 Gold 76 77 74 75 Foreign liabilities 124 123 101 Foreign bills 38 26 31 39 Long-term liabilities (net) 439 432 372 Other bills and loans 13 31 40 29 Other liabilities and capital 156 140 100 Other assets 50 58 58 53 Bank for International Settlements Note circulation 109 108 107 105 (millions of Swiss gold francs): Deposits 53 66 77 74 Gold in bars 610 660 581 703 Other liabilities and capital 15 19 19 16 Cash on hand and with banks.... 60 59 54 49 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 615 ances (at cost) 549 545 367 Silver 322 323 321 323 Time funds at interest 115 95 92 169 Govt. loans and securities 15,806 16,113 15,880 ,771 Sundry bills and investments 477 437 483 365 Other loans and discounts 37,486 37,463 36,873 667 Funds invested in Germany 297 297 297 297 Other assets 47,875 49,129 48,050 755 Other assets 2 1 Note circulation 46,495 46,059 46,253 204 Demand deposits—Gold 666 623 597 453 Deposits—Government 4,000 4,256 3,465 756 Other 919 945 1,254 '982 Other 9,429 9,386 9,395 279 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 42,184 43,943 42,628 892 Other liabilities and capital 298 297 295 288 r Revised. * Latest month available. 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 913 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANES» [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 ay r- Spain S d w en e- T k u ey r- U K d n i o i n 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 Io e n y- Japan2 P p h in il e ip s - In effect Dec. 31, 1953.. 4.0 2.75 4.0 3.5 3.5 12.0 2.5 2.5 4.0 2.75 3.0 3.5 2.0 1.5 4.0 3.0 6.57 2.0 1954—Jan 10.0 Feb 3.25 Mar 1.5 Apr 3.5 May 3.0 3.0 3 5 5.6 2.5 July 3.75 Nov 4.0 Dec 3.0 1955 Jan 9.0 3 5 Feb 3.5 4.5 1.5 Apr 3.75 May 4 5 5.5 June 4.5 July 5.0 Aug 3.6 3.5 2.0 8 03 Sept 6.0 4.5 Oct 2.25 7.0 Nov.. .. 5 0 2.75 1956—Feb. 3.0 5.5 Mar 4.5 Apr 3.0 May 5.5 10.0 June 6.0 In effect July 31, 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 July 31, 1956 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Thailand 7.0 Feb. 1945 El Salvador2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 India2 3.25 Mar. 1956 Latin America: Mexico 4.5 June 1942 Switzerland. .. 1.5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Colombia2... 4.0 July 1933 Peru2 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa Rica2.. 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either mestic commercial transactions (rate shown is for advances on commercial discounts or makes advances against eligible commercial paper and/or paper and miscellaneous collateral); India—3.5 per cent for discounts and government securities for commercial banks or brokers. For countries for advances on government securities (rate shown is for advances on comwith more than one rate applicable to such discounts or advances, the mercial paper); Indonesia—various rates dependent on type of paper, colrate shown is the one at which the largest proportion of central bank lateral, commodity involved, etc.; Colombia—3 per cent for agricultural credit operations is understood to be transacted. In certain cases other paper and for loans on products in bonded warehouses; Costa Rica—5 per rates for these countries are given in the following footnote. cent for paper related to commercial transactions (rate shown is for 2 Discounts or advances at other rates include: Japan—various rates agricultural and industrial paper); El Salvador—2 per cent for agricultural dependent on type of paper or transaction and extent of borrowing from paper; and Peru—4 per cent for agricultural, industrial, and mining paper. central bank, including 7.3 per cent for discount of paper related to do- OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month Bankers' Bankers' Treasury Day-to- accept- Treasury Day-to- allowance Day-to- Treasury Day-to- Loans 3 m b o il n ls ths i mo d n a e y y2 3 a m n o c n es ths 3 m bi o ll n s ths m d o a n y ey dep o o n sits m d o a n y ey 3 m bi o ll n s ths m d o a n y ey 3 u m p o n to ths 1953—Dec.. 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 .50 1954—Dec.. .78 1.78 1.78 1.45 1.25 3.29 .77 .57 .50 1955—June .36 1.08 3.99 3.97 3.21 2.50 3.19 .91 .62 414-61/2 .50 July .43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 414-61/2 .50 Aug .62 1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 414-61/2 .50 Sept .79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 414-61/2 .50 Oct 2.07 1.95 4.16 4.07 3.32 2.50 3.02 .94 .57 414-61/2 .50 D N e o c v 2 2 . . 5 3 9 8 2 2 . . 4 1 2 9 4 4 . . 2 2 2 1 4 4 . . 0 1 8 0 3 3 . . 1 2 0 8 2 2 . . 5 5 0 0 2 3 . . 9 0 9 6 1. . 0 7 6 5 . . 5 6 0 2 4 41 i4 4- - 6 6 1 i / / 2 2 . . 5 5 0 0 1956—Jan... 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 4^-61/2 .50 Feb... 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 1.00 414-61/2 .50 Mar.. 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 414-61/2 .50 Apr.. 2.83 2.65 5.27 5.11 4.05 3.50 3.21 1.59 1.23 414-61/2 .50 May. 2.84 2.66 5.14 4.95 4.13 3.50 3.23 1.76 1.25 414-61/2 .50 June. 2.63 2.68 5.20 5.09 4.16 3.50 2.38 1.43 414-61/2 1.50 n average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- British (dollar) Year or month Basic P e r n e t f i e a r l - Free (p t o ra u l n ia d) (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) ( M do a s l i l l a a a y r - ) Official Free 1950 26.571 13.333 8.289 223.15 .9908 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 .9859 32.849 94.939 1952 20.000 13.333 7.163 222.63 .9878 32.601 102.149 1953 20.000 13.333 7.198 224.12 3.8580 .0009 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 .9975 32.641 102.724 1955 120.000 U3.333 17.183 222.41 3.8580 .9905 32.624 101.401 1955—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 1.9986 32.764 100.048 1956—Jan.. 5.556 2.587 223.63 3.8580 2.0001 32.819 100.122 Feb.. 5.556 2.386 223.62 3.8580 2.0000 32.816 100.080 Mar. 5.556 2.454 223.50 3.8580 2.0023 32.798 100.122 Apr.. 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 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 July. 5.556 3.090 222.58 3.8580 2.0074 32.510 101.835 Year or month C (r e u y p l e o e n ) (k m D r e a o n r n - k e) ( F m i a n r la k n 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 In up d e ia e) ( I p r o el 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-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 Apr.. 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 July.. 20.917 .4354 .2855 23.839 20.911 279.33 8.006 Year or month ( e g N r u l e i a l t n d h d e - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n u l s i o e b p ) l - ic (e P s g c o u a r l d tu o - ) (p A S o o fr u u i n t c h d a ) S (k w r e o d n e a n ) ( e S f r r w l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e d d - ) 1950 26.252 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955—July. 26.166 275.74 14.008 49.677 3.4900 277.45 19.333 23.332 278.49 Aug. 26.127 275.91 14.008 49.677 3.4900 277.62 19.333 23.331 278.66 Sept. 26.148 275.82 14.008 49.677 3.4900 277.54 19.333 23.334 278.58 Oct.. 26.213 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279.20 Nov. 26.211 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 Dec. 26.128 277.49 14.008 49.677 3.4900 279.21 19.333 23.335 280.26 1956—Jan.. 26.125 277.88 14.008 49.677 3.4900 279.61 19.333 23.335 280.66 Feb.. 26.123 277.87 14.008 49.677 3.4900 279.60 19.333 23.335 280.64 Mar. 26.107 277.72 14.008 49.677 3.4900 279.45 19.333 23.355 280.49 Apr., 26.125 277.99 14.008 49.677 3.4900 279.72 19.333 23.335 280.77 May 26.110 277.98 14.008 49.677 3.4900 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 July. 26.106 276.57 14.008 49.677 3.4900 278.29 19.333 23.335 279.33 i Annual averages based on quotations through Ozt. 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. * 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. 208 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. 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN • AUGUST 1956 REPRINTS BANKERS' ACCEPTANCE FINANCING IN THE UNITED (From Federal Reserve Bulletin unless preceded by STATES. May 1955. 13 pages. an asterisk) ESTIMATES OF CONSUMER INSTALMENT CREDIT THE MONETARY SYSTEM OF THE UNITED STATES. EXTENDED AND REPAID, 1929-1939. June 1955. February 1953. 16 pages. 8 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- ON ECONOMIC STABILITY. March 1953. 16 COUNTS, ANNUAL ESTIMATES, 1939-54. Octopages. ber 1955. 40 pages. REVISION OF CONSUMER CREDIT STATISTICS. April BALANCE OF INTERNATIONAL PAYMENTS IN 1954- 1953. 19 pages. 55. October 1955. 8 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC MONETARY POLICY AND THE REAL ESTATE MAR- STABILITY. May 1953. 7 pages. KETS. December 1955. 6 pages. • DETAILED DESCRIPTION OF SOURCES AND METH- BANKING AND MONETARY STATISTICS, 1955. (Se- ODS USED IN REVISION OF SHORT- AND INTER- lected series of banking and monetary statistics MEDIATE-TERM CONSUMER CREDIT STATISTICS for 1955 only) February and May 1956. 12 (supplementary details for item listed above), pages. (Similar reprint of 1954 data, Febru- April 1953. 25 pages. ary and May 1955 BULLETINS). FEDERAL RESERVE BANK RESPONSIBILITIES. May THE 1957 BUDGET. February 1956. 11 pages. 1953. 5 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. March UNITED STATES POSTWAR INVESTMENT IN LATIN 1956. 11 pages. (Also, similar reprint from AMERICA. May 1953. 6 pages. March 1955 BULLETIN) DEPARTMENT STORE SALES AND STOCKS, BY 1956 SURVEY OF CONSUMER FINANCES. Prelimi- MAJOR DEPARTMENTS (Revised Indexes) Nonary Findings. March 1956. 3 pages. The vember 1953. 65 pages. Financial Position of Consumers. June 1956. FEDERAL RESERVE MONTHLY INDEX OF INDUS- 14 pages. Consumer Indebtedness. July 1956. TRIAL PRODUCTION, 1953 Revision. December 17 pages. Durable Goods and Housing. August 1953. 96 pages. 1956. 17 pages. Similar Surveys are avail- EXTENSIONS AND REPAYMENTS OF CONSUMER IN- able for earlier years from 1952, 1953, 1954, STALMENT CREDIT. January 1954. 14 pages. and 1955 BULLETINS. NEW INDEXES OF OUTPUT OF CONSUMER DUR- SURVEY OF BANK LOANS FOR COMMERCIAL AND ABLE GOODS. May 1954. 15 pages. INDUSTRIAL PURPOSES. Business Loans of THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- Member Banks. April 1956. 14 pages. Credit tember 1954. 10 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Other articles on this RECENT FINANCIAL CHANGES IN WESTERN GER- Survey will appear in later issues of the BUL- MANY. October 1954. 10 pages. LETIN.) Reprints on a similar Survey are avail- WORLD TRADE AND PRODUCTION IN 1953-54. Oc- able from March, May, June, July, and August tober 1954. 10 pages. 1947 BULLETINS. USE OF MONETARY INSTRUMENTS SINCE MID- FINANCING OF LARGE CORPORATIONS, 1951-55. 1952. December 1954. 8 pages. June 1956. 9 pages. (Also similar reprint DIRECTLY PLACED FINANCE COMPANY PAPER. De- from June 1955 BULLETIN.) cember 1954. 8 pages. BANK CREDIT AND MONEY. July 1956. 7 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE SURVEY OF COMMON TRUST FUNDS. August 1956. BANKS. March 1955. 4 pages. 6 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- THE BALANCE SHEET OF AGRICULTURE, 1956. NANCING. April 1955. 11 pages. August 1956. 10 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,v4mstanf 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. NO YES, Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Assistant Director LISTON P. BETHEA, Director SUSAN S. BURR, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director 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 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN • AUGUST 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. CHAS. N. SHEPARDSON J. A. ERICKSON O. S. POWELL M. S. SZYMCZAK DELOS C. JOHNS J. L. ROBERTSON JAMES K. VARDAMAN, JR. WINFIELD W. RIEFLER, Secretary FRANKLIN L. PARSONS, Associate Economist ELLIOTT THURSTON, Assistant Secretary H. V. ROELSE, Associate Economist GEORGE B. VEST, General Counsel PARKER 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 I. 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 O. H. Angney E. O. Latham O. A. Schlaikjer Carl B. Pitman District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth John R. Evans Howard C. Sheperd Ferd I. Collins Clarence Francis Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 919 District 2—FEDERAL RESERVE BANK OF NEW YORK-Contmued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert G. Rouse V. Willis H. H. Kimball I. B. Smith, in charge R. B. Wiltse A. Phelan of Buffalo Branch J. H. Wurts BUFFALO BRANCH—BOARD OF DIRECTORS Leland B. Bryan Ralph F. Peo Robert C. Tait, Robert L. Davis John W. Remington Chairman Charles H. Diefendorf Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurff Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Charles Z. Hardwick Alexander E. Walker Joseph B. Hall Edison Hobstetter Frank J. Welch J. Brenner Root W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen J. W. Kossin, in charge of Martin Morrison Roger R. Clouse Pittsburgh Branch H. E. J. Smith R. G. Johnson, in charge of A. H. Laning Paul C. Stetzelberger Cincinnati Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Leonard M. Campbell Bernard H. Geyer Ivan Jett Roger Drackett Anthony Haswell, Chairman William A. Mitchell W. Bay Irvine PITTSBURGH BRANCH—BOARD OF DIRECTORS John H. Lucas Sumner E. Nichols John C. Warner Douglas M. Moorhead Albert L. Rasmussen Irving W. Wilson Henry A. Roemer, Jr., Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL RESERVE BULLETIN • AUGUST 1956 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Joseph E. Healy J. K. Palmer D. W. Colvard L. Vinton Hershey W. A. L. Sibley Robert O. Huffman Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of James M. Slay R. L. Cherry, in charge of Baltimore Branch C. B. Strathy Charlotte Branch Aubrey N. Heflin Chas. W. Williams Upton S. Martin BALTIMORE BRANCH—BOARD OF DIRECTORS Theodore E. Fletcher Charles A. Piper Stanley B. Trott Wm. Purnell Hall John W. Stout Clarence R. Zarfoss, Charles W. Hoff Chairman CHARLOTTE BRANCH—BOARD OF DIRECTORS Archie K. Davis Ernest Patton Paul T. Taylor William H. Grier, I. W. Stewart G. G. Watts Chairman T. Henry Wilson District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter A. B. Freeman W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher E. W. McLeod John E. Urquhart Robert M. Cleckler Malcolm A. Smith Adolf Weil, Sr., John Will Gay Chairman JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James L. Niblack Harry M. Smith W. E. Ellis J- Wayne Reitz McGregor Smith, James G. Garner Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 921 District 6—FEDERAL RESERVE BANK OF ATLANTA-Conthmed NASHVILLE BRANCH—BOARD OF DIRECTORS Stewart Campbell A. Carter Myers Frank B. Ward, J. R. Kellam, Jr. W. E. Tomlinson Chairman Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer D. U. Maddox H. A. Pharr Joel L. Fletcher, Jr. Leon J. Minvielle E. E. Wild, G. H. King, Jr. Chairman District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent Carl E. Allen, Jr., Deputy Chairman * Walter J. Cummings William A. Hanley Nugent R. Oberwortmann William J. Grede Walter E. Hawkinson J. Stuart Russell Vivian W. Johnson (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 John A. Hannah, Howard P. Parshall Raymond T. Perring Chairman (Vacancy) Ernest W. Potter Ira A. Moore J. Thomas Smith District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS M. Moss Alexander, Chairman and Federal Reserve Agent Caffey Robertson, Deputy Chairman S. J. Beauchamp, Jr. J. E. Etherton Louis Ruthenburg Phil E. Chappell William A. McDonnell Leo J. Wieck Joseph H. Moore Delos C. Johns, President Frederick L. Deming, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge 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 * President-elect, to take office October 1, 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN • AUGUST 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. Rerling 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 923 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E, J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of L M. Leisner, in charge of *• A- Randall, in charge of L Angeles Branch OS Seattle Branch Portland Branch Q. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN • AUGUST 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCKCO-c<mtimurf 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', 862, 863 Demand deposits—Continued Agricultural loans of commercial banks, 858 Adjusted, commercial banks, by classes, 859 Agriculture, Govt. agency loans, 866, 867 Banks, by classes, 855, 861 Assets and liabilities (See also Foreign liabilities and Type of holder, at commercial banks, 859 claims reported by banks): Department stores: Banks and the monetary system, consoli- Merchandising data, 891 dated, 854 Sales and stocks, 881, 890 Corporate, current, 874 Deposits (See also specific types of deposits): Domestic banks, by classes, 855, 858, 860 Adjusted, and currency, 854 Federal Reserve Banks, 849, 850 Banks, by classes, 855, 859, 861 Foreign central banks, 908 Federal Reserve Banks, 849, 850, 904 Govt. corporations and credit agencies, by type Postal savings, 854 and agency, 866, 867 Turnover of, 852 Automobiles: Deposits, reserves, and borrowings, by class of mem- Consumer instalment credit, 878, 879, 880 ber bank, 847 Production index, 883, 886 Discount rates, 848, 913 Discounts and advances by Federal Reserve Bankers' balances, 859, 861 Banks, 845, 849 (See also Foreign liabilities and claims reported Dividends, corporate, 873, 874 by banks) Dollar assets, foreign, 904, 907 Banking offices: Dwelling units started, 887 Changes in number, 896 On, and not on, Par List, number, 897 Earnings and hours, manufacturing indus- Banks and the monetary system, consolidated state- tries, 881, 889 ment, 854 Employment, 881, 889 Bonds (See also U. S. Govt. securities): Export-Import Bank, loans, etc., 866, 867 New issues, 872, 874 Farm mortgage loans, 866, 875, 876 Prices and yields, 863, 864 Federal credit agencies (See Govt. agencies) Brokers and dealers in securities, bank Federal Deposit Insurance Corporation, loans to, 858, 860 assets, etc., 866, 867 Business expenditures on new plant and equip- Federal finance: ment, 874 Cash transactions, 868 Business indexes, 881 Receipts and expenditures, 869 Business loans (See Commercial and industrial loans) Treasurer's balance, 868 Capital accounts: Federal home loan banks, loans, etc., 866, 867, 877 Banks, by classes, 855, 859, 861 Federal Housing Administration, loans, etc., 866, 867, Federal Reserve Banks, 849, 850 875, 876, 877 Carloadings, 881 Federal National Mortgage Association, Central banks, foreign, 906, 908, 913 loans, etc., 866, 867, 877 Coins, circulation of, 853 Federal Reserve Banks: Commercial banks: Condition statement, 849, 850 Assets and liabilities, 855, 858 U. S. Govt. securities held by, 845, 849, 850, Consumer loans held, by type, 879 870, 871 Number, by classes, 855 Federal Reserve credit, 845, 849, 850 Real estate mortgages held, by type, 875 Federal Reserve notes, 849, 850, 851, 853 Commercial and industrial loans: Finance company paper, 862, 863 Commercial banks, 858 Foreign central banks, 906, 908, 913 Weekly reporting member banks, 860, 862 Foreign deposits in U. S. banks, 845, 849, 850, 854, Commercial paper, 862, 863 859, 861 Commodity Credit Corporation, loans, etc., 866, 867 Foreign exchange rates, 914 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported by Construction, 881, 886, 887 banks, 900, 902, 904 Consumer credit: Foreign trade, 891 Instalment credit, 878, 879, 880 Gold: Major parts, 878 Earmarked, 905 Noninstalment credit, by holder, 879 Net purchases by U. S., 905 Ratio of collections to accounts receivable, 880 Production, 904, 905 Consumer durable goods output indexes, 886 Reserves of central banks and governments, 906 Consumer price indexes, 881, 892 Reserves of foreign countries and international Consumption expenditures, 894, 895 institutions, 907 Corporate sales, profits, taxes, and dividends, 873, 874 Stock, 845, 854, 905 Corporate security issues, 872, 874 Gold certificates, 849, 850, 851, 853 Corporate security prices and yields, 863, 864 Govt. agencies, assets and liabilities, by type and Cost of living (See Consumer price indexes) agency, 866, 867 Currency in circulation, 845, 853 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 864 Gross national product, 894, 895 Debits to deposit accounts, 852 Home owners, Govt. agency loans, 866, 867 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 854 tries, 881, 889 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN • AUGUST 1956 Industrial advances by Federal Reserve Banks, 849, Real estate loans: 850, 851, 852 Commercial banks, 858, 860, 875 Industrial production indexes, 881, 882, 886 Type of mortgage holder, 875, 876, 877 Instalment loans, 878, 879, 880 Type of property mortgaged, 875, 876, 877 Insurance companies, 865, 870, 871, 876 Regulation V, loan guarantees, 851, 852 Insured commercial banks, 857, 858, 896 Reserve requirements, member banks, 848 Interbank deposits, 855, 859, 861 Reserves: Interest rates: Commercial banks, 859 Bond yields, 863 Federal Reserve Banks, 849, 850 Business loans by banks, 863 Foreign central banks and governments, 906 Federal Reserve rates, 848, 852 Foreign countries and international institu- Foreign countries, 913 tions, 907 Open market, 863, 913 Member banks, 845, 847, 849, 850, 859, 861 Regulation V loans, 852 Residential mortgage loans, 875, 876, 877 Stock yields, 863 International capital transactions of the U. S., 900 Sales finance companies, consumer loans of, 878, 879 International financial institutions, 906, 907, 908 Savings, 894 Inventories, 895 Savings deposits (See Time deposits) Investments (See also specific tvpes of investments): Savings institutions, principal assets, 865 Banks, by classes, 855, 858, 860 Savings and loan associations, 865, 876 Federal Reserve Banks, 849, 850 Securities, international transactions, 903, 904 Govt. agencies, etc., 866, 867 Security issues, 872, 874 Life insurance companies, 865 Silver coin and silver certificates, 853 Savings and loan associations, 865 State member banks, 857, 896 State and municipal securities: Labor force, 888 New issues, 872 Loans (See also specific types of loans): Prices and yields, 863, 864 Banks, by classes, 855, 858, 860 States and political subdivisions: Federal Reserve Banks, 845, 847, 849, 850, Deposits of, 859, 861 851, 852 Holdings of U. S. Govt. securities, 870 Govt. agencies, etc., 866, 867 Ownership of obligations of, 858, 865 Insurance companies, 865, 876 Stock market credit, 864 Savings and loan associations, 865, 876 Stocks: Loans insured or guaranteed, 851, 875, 876, 877 New issues, 872 Manufacturers, production indexes, 881, 882, 886 Prices and yields, 863, 864 Margin requirements, 848 Tax receipts, Federal, 869 Member banks: Assets and liabilities, by classes, 855, 858 Time deposits, 847, 854, 855, 859, 861 Banking offices, changes in number, 896 Treasurer's account balance, 868 Borrowings at Federal Reserve Banks, 845, 847 Treasury cash, 845, 854 Deposits and reserves, by classes, 847 Treasury currency, 845, 853, 854 Number, by classes, 855 Treasury deposits, 845, 849, 850, 868 Reserve requirements, by classes, 848 Unemployment, 888 Reserves and related items, 845 U. S. Govt. balances: Weekly reporting series, 860 Commercial bank holdings, by classes, 859, 861 Minerals, production indexes, 881, 882 Consolidated monetary statement, 854 Money rates (See Interest rates) Treasury deposits at Federal Reserve Banks, Mortgages (See Real estate loans) 845, 849, 850, 868 Mutual savings banks, 854, 855, 857, 870, 871, U. S. Govt. securities: 875, 896 Bank holdings, 854, 855, 858, 860, 870, 871 National banks, 857, 896 Federal Reserve Bank holdings, 845, 849, 850, National income, 894 870, 871 National security expenditures, 869, 895 Foreign and international holdings, 907 Nonmember banks, 849, 857, 858, 896 International transactions, 903 New issues, gross proceeds, 872 Par List, banking offices on, and not on, number, 897 Outstanding, by type of security, 870, 871 Payrolls, manufacturing, index, 881 Ownership of, 870, 871 Personal income, 895 Prices and yields, 863, 864 Postal Savings System, 854 United States notes, outstanding and in circula- Prices: tion, 853 Consumer, 881, 892 Security, 864 Veterans Administration, loans, etc., 866, 867, Wholesale commodity, 881, 892 875, 876 Production, 881, 882, 886 Profits, corporate, 873, 874 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(p THE FEDERAL RESERVE SYSTEM o) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES JJL-X^i^^-V^^^-N- 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