Federal Reserve Bulletin, 1956-09

FEDERAL RESERVE BULLETIN September 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 Interest Rates during Economic Expansion 927 Credit Extended by Banks to Real Estate Mortgage Lenders 936 Current Events and Announcements 937 National Summary of Business Conditions 939 Financial and Business Statistics, U. S. (Contents on p. 941) 943 International Financial Statistics (Contents on p. 995) 996 Federal Reserve Board Publications 1011 Board of Governors and Staff 1013 Open Market Committee and Staff; Federal Advisory Council 1014 Federal Reserve Banks and Branches 1014 Index to Statistical Tables 1021 Map of Federal Reserve Districts Inside back cover Volume 42 Number 9 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

Interest Rates during Economic Expansion INTEREST RATES, after declining during the mild recession in economic activity from SELECTED INTEREST RATES mid-1953 to the summer of 1954, began to firm in the fall of 1954, and have since ad- U.S. GOVT. vanced persistently over the period of busi- LONG-TERM ness recovery and expansion. The advance gathered momentum during 1955, and in 2.0 \I F R. DISCOUNT J 1956 has carried most rates above their > ""I RATE | / 1953 peaks. Rising levels of demand for goods have **\ /*-•/ TREASURY BILLS activated rising demands for credit and capi- V tal to finance their purchase, while savings 4.0 and other funds available to supply these enlarged demands have grown less rapidly. Federal Reserve policy has limited additions / V-^CORPORATE Aaa ^_s"^*~ 3.0 to bank reserves to amounts consistent with the needs of orderly economic growth. Short-term interest rates, which experi- 2.0 COMMERCIAL enced the greatest declines under the re- PAPER duced credit demands of the 1953-54 recession, showed the sharpest advances when 1.0 1953 1954 1955 1956 demand pressures subsequently strengthened, as the chart shows. Long-term rates NOTE.—Monthly averages. See subscripts of subsequent charts for details concerning series. Long-term U. S. Govt. rose to some extent during 1955, but is the old series. Latest data are for August. moved up more sharply in 1956 when en- The stability of long-term rates relative to larged plant and equipment expenditure short-term rates since mid-195 3 has also reprograms increased business demands for flected the fact that demands for long-term investment funds. Due to the slower pace funds continued to rise during 1954 despite of long-term rate increases, spreads between the recession, whereas demand and supply interest rates within the maturity structure relationships in short-term markets changed became the narrowest since the early 1930's. sharply in that period, as business loan de- Differences in amplitude of movement mand declined and supply conditions eased. are characteristic of short- and long-term The flexibility of interest rates in recent interest rates, for even small movements years and the relationship between shortin long-term rates represent relatively larger and long-term rates are more similar to inprice changes, and these in turn exert a sig- terest rate behavior in this country prior to nificant value effect on security portfolios. the 1930's than in the intervening period, 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 LONG- AND SHORT-TERM INTEREST RATES Per cent * PRIME COMMERCIAL PAPER » 1 4-6 MONTHS \ II /i A /\ / V t ' \ ^'\1 ^ A A .A — J 1 / s V* \ v * V . * * \ -"—V — ^ ^ N > <- ^ ' -^_—-^— /^ \ \ >V CORPORATE Aao - 4 HIGH-GRADE RAILROAD BONDS 2 \ \ ! 1,,, ,,, 1, i i i 1 i 1880 1690 1910 1920 1930 1940 1950 1960 NOTE.—Annual averages. For 1880-1931, bond yields are the porate Aaa composite series. Data for 1956 are averages for Macauley unadjusted high-grade railroad series (National Bu- January-August. reau of Economic Research); beginning 1932, Moody's corwhich was dominated by conditions arising important role of Government securities in from a major depression and a world war. the portfolios of institutional investors and This is shown by the accompanying chart. the use of such securities to adjust money It will be noted from the chart that the and investment positions. Interest rates in ascending pattern of interest rates from other securities markets have typically short- to long-term that was characteristic moved with yields on Government securiof the past quarter of a century did not gen- ties, but with varying degrees of corresponderally prevail in earlier periods. Prior to ence. The over-all similarity of rate movethe 1920's short-term rates, which were ments for different types of short- and longmostly affected by domestic factors of strong term debt is shown in the chart on page 927. demand for and limited availability of lend- For loan instruments which involve an able funds in these areas, were usually higher important customer relationship as well as than yields on high-grade bonds, which were variable contract terms such as repayments more largely affected by international capi- on a prescheduled basis, the similarity of tal market developments. Short-term rates rate movement has been less marked. fluctuated more widely in response to Among these, the rate on prime short-term changes in general business conditions and loans to business at leading city banks and the state of the money market. During the the yield on discounted Federal Housing 1920's, short-term rates were generally be- Administration mortgages have followed low long-term bond yields but rose above changes in market rates with some lag. them in periods of credit stringency. Over the period of advance from August 1954 to September 1956, the yield on the PATTERN OF THE ADVANCE longest term United States Government Yields in the market for United States Gov- bonds rose from 2.61 to 3.25 per cent and ernment securities have been particularly that on high-grade corporate bonds from sensitive over the past two years to changes 2.87 to 3.53 per cent. Gains in most bond in the supply of and demand for credit and yields were only slightly greater than their capital. This responsiveness reflects the recession losses. In the same period the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES DURING ECONOMIC EXPANSION 929 yield on Treasury bills rose from around FACTORS UNDERLYING RATE INCREASES 1.00 to about 2.70 per cent, after having General advances in interest rates after late increased nearly .40 of a percentage point 1954 reflected a growth in total private from mid-June through August 1954. Over debt and equity financing that was larger in the full period of advance, the gain in the 1955 than in any previous year. Major bill yield exceeded its recession loss by about increases in financing occurred in the busi- .40 of a percentage point. The accompany- ness and consumer sectors (including home ing table compares interest rate advances in mortgage borrowing), and net new financing the past two years with earlier recession de- in these sectors during 1955 totaled about clines for selected types of public and private $37 billion, nearly double the increase in debt. 1954. Net borrowing by governments— Federal, State, and local—was smaller in CHANGES IN INTEREST RATES 1955 than in 1954. SELECTED PERIODS, 1953 TO 1956 During 1956 business demands in both [In per cent per annum] capital and credit markets have risen substantially further. State and local govern- Rate, Advance Decline week (+ (-), ment borrowing has been maintained, while Maturity grouping and ending August mid-1953 the increase in short- and intermediate-term type of rate Septem- 1954 to peak to ber 8, Septem- August borrowing by consumers has leveled off. 1956 ber 1956 1954 Although funds borrowed for residential construction needs have fallen somewhat, Short-term total financing requirements for construction U. S. Treasury bills 2.68 + 1.69 -1 28 Prime commercial paper.. 3.50 +2.19 1.44 activities have remained high. The Federal Finance company paper.. 3.13 + 1.88 1.25 Government retired debt over the fiscal year Bankers' acceptances 2.88 + 1.63 .63 Prime loans, leading banks. 4.00 + 1.00 .25 ending June 1956. F. R. discount (N. Y.) 3.00 + 1.50 .50 Expansion in demands for long- and Intermediate-term issues short-term credit has not been accompanied U. S. Govt.,3-5yr 3.49 + 1.75 -1.35 by a corresponding increase in the supply 2.49 + 1.10 - .90 Aaa State Govt., 10 yr... of savings, which must be relied upon to meet the bulk of credit demands. Likewise, Long-term bonds the ability of the commercial banking system U.S. Govt.: 3.22 + .73 .66 Old series 3.25 -j- .64 .70 to expand its loans and investments has been New series 3.53 _j_ .66 .55 limited. Aaa corporate 4.01 -\-.54 .42 Baa corporate 2.62 + .72 .83 As economic conditions changed after Aaa State and local govt... mid-1954, Federal Reserve credit policy NOTE.—Changes in rates are based on figures for the follow- shifted, moving gradually, with some interim ing dates: for September 1956, on averages for the week ending Sept. 8; for August 1954, on averages for the week ending Aug. relaxation, from a position of ease in 1954 28, when most of the series shown (excluding Treasury bills and 3-5 year Govt. issues), were close to their 1954 lows; for mid- 1953 peaks—U. S. Govt. securities, week ending June 6; 10-year to restraint of inflationary pressures in the State and Aaa corporate issues, week ending June 20; and Aaa State and local and Baa corporate, week ending June 27. Rates latter part of 1955 and in 1956. Reflecting on commercial paper (4-6 mo.), directly placed finance company paper (3-6 mo.), bankers' acceptances (90 days), prime the impact of growing credit demands and loans (leading city banks), and F. R. discounts and advances had already reached their 1953 highs by the week of June 6 and limitations on the amount of reserves supare calculated from that date. Figures for 10-year State govt. issues and for long-term corpo- plied through Federal Reserve open market rate and State and local govt. bonds are based on data from Moody's Investors Service. For description of U. S. Govt. operations, a growing number of member series, see subscript of chart on page 931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 banks turned to the discount facilities of the sponsive than most other rates to changes Federal Reserve Banks for temporary bor- and expected changes in economic activity rowing of needed reserve funds. Temporary and credit conditions. As the accompanyborrowing by member banks, which totaled ing chart indicates, Treasury bill yields have only about $100 million in the fall of 1954, moved over a range of nearly 2V\ percenthas ranged between $600 million and $1 age points since mid-1954. The same genbillion most of the time since mid-1955. eral pattern of changes has been reflected Reinforcing the restraint exerted by in- throughout the Government security marcreased member bank borrowing and fol- ket but with progressively smaller fluctualowing advances in market rates of interest, tions the longer the maturity. Long-term discount rates at Federal Reserve Banks yields have advanced about % of a percentwere raised from W2 per cent in early 1955 age point. to a current rate of 3 per cent. In late 1955 and 1956, rates on short- Faced with limitations on the supply of term Government securities have been at reserves and generally maintaining their tra- the highest levels, and spreads within the ditional reluctance to incur continuing in- total structure of Treasury yields at their debtedness to the Reserve Banks, member narrowest, since the early 1930's. The rebanks sold United States Government secu- cent rapid advance in yields on long-term rities heavily in order to meet the sharply Treasury bonds has carried issues due or expanded demand for loans. These sales callable in 10 to 20 years to record highs. depressed prices, thereby increasing yields The marked rise of short-term Treasury to levels that attracted nonbank purchases. yields from 1954 to 1956 and the resultant Since the fall of 1955, the rise in interest narrowing of yield spreads are illustrated rates has been interrupted by several tempo- by the lower section of the chart, which rary declines, as may be seen in the charts. shows the yield structure in 1954, near the These short-run fluctuations were more start of the advance, and for a recent date. prominent in yields on Government secu- This provides a specific comparison of the rities than in those on private debt. They level and pattern of Treasury yields between reflected various factors, including changes the two dates. Of particular interest is the in the emphasis with which open market fact that the yield on 3-5 year maturities has operations were utilized by the Federal Re- moved from a level considerably below to serve System to effectuate its general policies one above the yield on long-term bonds, reof restraint, as well as shifts in short- and sulting in a bulge in the intermediate-term long-term credit demand, changes in the maturity range of the yield pattern. Yields supply-demand relationship of liquidity in- on 3-5 year issues recently reached a level struments such as Treasury bills, uncertain- close to 3.50 per cent. ties in financial markets as to business trends, The background of recent changes in and varying market expectations as to the the level and structure of Treasury yields future course of interest rates. was established during the period of interest rate declines from June 1953 to the summer U. S. GOVERNMENT SECURITIES of 1954. As credit demands from businesses Since early 1951, yields on United States and consumers slowed during that period, Government securities have been more re- borrowing at banks by sales finance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES DURING ECONOMIC EXPANSION 931 Government security holdings in this period, YIELDS ON U. S. GOVERNMENT SECURITIES both adding to portfolios of intermediateand long-term issues and reducing holdings of short-term issues. This shift, which came at a time of declining bank earnings, was - 3 encouraged by the general improvement of bank reserve and liquidity positions, and by advancing Government security prices. Bank acquisitions of longer term securities were also encouraged by a sizable increase in the supply of intermediate-term Treasury issues arising from large new offerings in cash and refunding operations. From June 1953 to August 1954 marketable Federal debt rose nearly $7 billion. Within the debt structure the1 supply of marketable securities in the 1-10 year maturity range rose more than $11 billion, while the supply of issues maturing within one year declined nearly $5 billion. Over the same period commercial bank holdings of 1-10 year maturities increased about $10 billion, and their holdings maturing within one year declined more than $2 billion. Commercial banks not only subscribed directly to new 2 3 i i 6 7 6 S 10 11 12 13 U15 16 17 19 19 20 21 2223 24 Yeors to first call or maturity Treasury issues but were also buyers of other intermediate-term securities in the second- NOTE.—Upper section—New series represents 3(4 per cent bonds of 1978-83, May 1953-February 1955, and, beginning ary market from nonbank investors. February 1955, also the 3 per cent bonds of 1995; old series represents taxable 2V4 per cent bonds due or callable after 12 years, January 1953-September 1955; thereafter, taxable bonds Business loans of commercial banks bedue or callable in 10-20 years. Issues of 3-5 years are selected notes and bonds. Treasury bills are market yields on 90-day gan to expand rapidly in late 1954, and issues. Latest data are for week ending September 8. Lower section—Curves are based on closing bid yields for from October 1954 through June 1956 marketable, fully taxable Treasury issues, as compiled by the Federal Reserve Bank of New York. Yields are to maturity, total loans rose nearly $20 billion. With except that callable bonds, which were selling above par on Aug. 26, 1954, are to first call on that date. Federal Reserve policy limiting increases in panies and other businesses declined more bank reserves, total loans and investments than $1 billion, and total loans at commer- of commercial banks increased only $6 bilcial banks rose less than $2 billion. Easing lion. The bulk of the huge loan expansion of bank reserve positions, however, stimu- was thus financed through bank sales of lated an expansion of investments in Govern- Government securities. Bank holdings of ment securities by nearly $9 billion, raising marketable Federal debt declined nearly total bank loans and investments by more $13 billion from October 1954 through than $11 billion. June 1956, while the over-all supply of such Banks lengthened the maturity of their Federal debt was reduced only $3 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 Approximately $11.5 billion of the re- bankers' acceptances accumulated periodiduction in bank holdings of Government se- cally, as the flow of offerings from borrowers curities was issues maturing within one expanded. At such times advances in rates year, most of which represented outright were accelerated. With new car sales in sales. Despite an active demand from non- 1955 at record highs, the supply of directly bank investors, these sales placed steady up- placed finance company paper was likewise ward pressure on short-term market yields. heavy. Bank liquidation of Treasury issues to fi- Among the different types of private panance loan expansion during 1955 tended per, rates on commercial paper led much to spill over into intermediate maturities as of the 1955 advance, followed by directly holdings of short-term issues were reduced. placed finance company paper and bankers' Selling in this maturity range was initially acceptances, in that order. Most changes concentrated in Treasury notes, but as were Vs of a percentage point. During credit demand continued, liquidation also 1956 no particular lead-and-lag pattern has spread to Treasury bonds, particularly the been apparent among these rates; each type new issues in which bank purchases had been has led some of the changes, and other types heaviest during late 1953 and 1954. As have usually followed within a matter of banks extended their liquidation to inter- days. Changes this year have included temmediate maturities, they encountered greater porary declines as well as further advances, market resistance, and yields were marked reflecting wider fluctuations in Treasury bill up sharply. yields. Over the full period of advance, the rate PRIVATE SHORT-TERM RATES on 4-6 month prime commercial paper rose Interest rates on private short-term open nearly 2VA percentage points (about the market paper have moved in general cor- same as the increase on 90-day Treasury respondence with yields on short-term bills from the June 1954 low). The rate United States Government securities during on 3-6 month finance company paper ad- 1955 and 1956. Treasury yields have typi- vanced 1% percentage points, and the rate cally moved first, partly because short-term on 90-day bankers' acceptances \5/s per- Government securities are the major type centage points. Early in September 1956 of security used by banks and other investors the rate on commercial paper was 3Vi per to adjust money and liquidity positions, but cent, on finance company paper, 3Vs per also because such yields are set by active cent, and on bankers' acceptances, 2% per trading in a highly organized and sensitive cent; the yield on Treasury bills was about market. 234 per cent. As Treasury yields rose during 1955 and In 1955, when all short-term rates were 1956, dealers and other sellers of private advancing steadily, the more rapid response paper had to distribute the supply of such of Treasury bill yields had the effect of paper in competition with increasingly at- narrowing spreads between bill yields and tractive yields on Federal debt. To keep private rates. During periods of temporary inventories moving, rates were adjusted up- decline in bill yields this year, spreads within ward. Within this pattern of advance, deal- the complex of short-term rates widened. ers' inventories of commercial paper and Since 1954 the discount rate at the Fed- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES DURING ECONOMIC EXPANSION 933 eral Reserve Bank of New York has been raised six times by VA of a percentage point, SHORT-TERM INTEREST RATES Per cant and discount rates at other Reserve Banks have for the most part shown similar changes. Although discount rate changes since 1954 have typically followed advances in other short-term rates, increases in the latter have partly reflected money market expectations that discount rate changes were in prospect. One of the most sensitive indicators of day-to-day conditions in the money market has been the rate on surplus member bank reserve deposits at Federal Reserve Banks. These deposits, known as Federal funds, are 1953 1954 1955 1956 traded on an immediately available basis to make prompt and strictly temporary adjust- NOTE.—Weekly average rates for prime bank loans to busiments in bank reserve positions. ness at leading city banks; prime open market commercial paper, 4-6 mo.; directly placed finance company paper, 3-6 mo.; prime bankers' acceptances, 90 days; discount rate at F. R. Since in recent years the yield on Treas- Bank of New York. Yields on Treasury bills are market yields on 90-day issues. Latest data are for week ending Sept. 8. ury bills has at times diverged from other money market rates under the impact of on individual loans, and the classification dominant temporary demands from nonof loans as prime or other are all likely to bank investors, the Federal funds rate has vary ahead of the interest rate itself. frequently been a more accurate measure of money market tightness than Treasury BOND YIELDS bill yields. Under the easy money condi- Over the past two years, markets for corpotions of late 1954, the Federal funds rate rate and for State and local government was typically below the Federal Reserve bonds have been subjected to generally condiscount rate; recently, as credit conditions tinuing pressures. Although an increasing have tightened, the funds rate has been proportion of corporate long-term borrowmostly at the discount rate, its usual ceiling. ing has been effected through direct place- As is typical of loan contracts that in- ment of security issues with institutional volve an important customer relationship, lenders, the volume of public marketings has the rate charged by leading city banks on been large during most of the period. State prime loans to business lagged behind and local government issues, which are usuchanges in open market rates both in the ally marketed publicly, have been in some- 1953-54 decline and in the subsequent ad- what smaller volume in 1955 and 1956 than vance. The chart indicates the extent of in 1954. However, commercial banks, custhe lag. In evaluating the economic signi- tomarily large buyers of the latter issues, ficance of the lag, it should be noted that have reduced their purchases over the pethe interest rate is only one dimension of riod, thereby contributing to the pressure on bank lending. The general availability of security markets. loan funds, the amount of credit available The cost of market borrowing by corpo- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 rations and State and local governments has lower grade issues have been only slightly risen considerably, with much of the increase smaller. Yields on State and local governoccurring in 1956. There have been some ment securities have advanced somewhat fluctuations around the upward trend in more than those on either United States yields, reflecting sharp but temporary varia- Government or corporate bonds. tions in the volume of public offerings of Corporate high-grade bond yields are securities. The rate of advance in yields currently near 3.50 per cent, a postwar high, over the period, and the timing and extent and high-grade State and local government of temporary declines, have varied among yields, at 2.60 per cent, are only slightly obligations of different issuers and different below their mid-1953 peak. The rise in risks. high-grade corporate yields since late 1954 has been less than one-third that in the rate on short-term commercial paper, and the IOND YIELDS advance in yields on long-term State and Per cent 1 local bonds has been about two-thirds that on intermediate maturities. In June 1956 CORPORATE Sao the rate on commercial paper rose above yields on outstanding high-grade corporate bonds. U. S. GOVT tONG-TtRM / In 1954 reoffering yields on new issues of \siATl 4 LOCAL GOVT Aco _A 20 years Kj-s high-grade corporate securities were about the same as those on outstanding issues of *. , * •'STATE *-_« • *-" 10 yea similar quality. Under pressure of heavy new offerings in 1956, however, the spread 1953 19S4 1955 1956 between the two has widened to nearly Vi of a percentage point, carrying reoffering NOTE.—Corporate and State and local govt. series are from Moody's Investors Service. U. S. Govt. and corporate yields yields to 4.00 per cent or higher. The lag are weekly averages of dally figures; State and local govt. yields, Thursday figures. Latest data are for week ending in yields on outstanding bonds behind those Sept. 8. on new issues is attributable mainly to the Reflecting the intensity of business financ- lack of trading characteristic of secondary ing requirements, yields on corporate se- markets in corporate and State and local curities have shown the narrowest fluctua- government bonds. tions. Yields on high-grade corporate REAL ESTATE MORTGAGES bonds have tended to stabilize when yields on long-term United States Government se- Demand for real estate credit has been uncurities declined, and lower grade corpo- usually strong throughout the postwar perate issues have shown little response to riod. Demand for such credit was particushort-run fluctuations in Government se- larly heavy during the 1953-54 recession, curities. Despite differences in short-run and in fact began to expand sharply at the movements, however, increases in yields on beginning of 1954. Despite the larger volhigh-grade corporate bonds over the two- ume of credit demanded, mortgage markets year period have been about the same as for continued to ease until the end of that year. the longest term Governments, and those on At that time the continued heavy demand Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES DURING ECONOMIC EXPANSION 935 for mortgage credit began to encounter a In a period of rising returns on investlessened availability of funds from banks, ment, the flexibility of the discounting procas other types of loans began to expand ess is limited, however, because sellers and rapidly. The general rise in interest rates builders are reluctant to absorb the diswas consequently also reflected in higher counts themselves and are prohibited from rates on mortgages. passing more than one percentage point of New mortgage lending rose further in the discount directly on to house buyers. 1955, as nonbank investors continued to As a result, yield changes on Federally unincrease mortgage loans, partly through the derwritten mortgages have been more slugtaking up of prior commitments. At mid- gish than interest rate changes on conven- 1955 new lending was at the record monthly tional mortgages and other types of securirate of $2.4 billion compared with $1.6 bil- ties. Also during periods of generally rislion at the end of 1953. So far in 1956 ing interest rates, investment funds have new lending has continued large at a level tended to be diverted to some degree from of about $2.3 billion a month. FHA and VA mortgages to higher yielding Changing yields on conventional mort- alternatives. gages are reflected mainly by changes in in- To derive approximate yields from data terest rates, fees, and other charges and by on typical prices at which 4V£ per cent FHA changes in maturities and in loan-to-value home mortgages are sold, it is necessary to ratios. In the recent period interest rates make certain assumptions as to average exon conventional loans have risen, and the pected maturity. Currently, yields so deproportion of all mortgage lending made on rived are at about the 1953 high and about such mortgages has increased. Vi of a percentage point above their low in Federally underwritten mortgages differ the last half of 1954. Since late 1954, these from competing investments in that they are yields have apparently moved similarly to restricted by law or regulation to a maxi- —but with a lag of several months behind mum rate of interest. In practice this rate —other long-term interest rates. This lag has become the actual rate, and the align- reflects in part the fact that prices reported ment of yields on such loans with yields on on Federally underwritten mortgages in the alternative investments has taken place secondary market at any one time are based through a discounting process at the time on terms agreed upon several months ahead of origination or when mortgages are of the transaction, as well as on current traded in the secondary market. prices of spot transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders Credit extended to real estate mortgage lenders $82 million of the increase since May. As in preby weekly reporting member banks as of August vious surveys, these loans were largely to real 8, 1956 amounted to $1,467 million, $113 million estate mortgage companies. more than reported at the previous survey on The foregoing information was obtained by a May 16, 1956. Commitments to extend addi- special survey of all types of credit extended by tional credit to these lenders declined $66 million commercial banks to real estate mortgage lendto $1,065 million. ers. Results of earlier surveys were published in Loans to real estate mortgage lenders secured the Federal Reserve BULLETIN in September by the pledge of real estate mortgage loans and December 1955 and March and June 1956. amounted to $1,050 million and accounted for CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, AUGUST 8, 1956 AND SELECTED PRIOR DATES [In millions of dollars] Outstanding on Increase (or decrease —) Item May 16 Aug. 10, Aug. 11, Aug. 8, May 16, Aug. 10, Aug. 11, to 1955 to 1954 to 1956 1956 r 1955 1954 Aug. 8, Aug. 8, Aug. 10, 1956 1956 1955 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total 280 276 338 55 4 - 58 283 Insurance companies ... 104 113 235 7 - 8 -131 228 Mortgage companies 105 107 90 44 - 3 14 47 Others* 71 56 12 4 15 58 8 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total 1,050 968 982 516 82 68 466 Insurance companies 9 10 11 2 - 1 - 2 9 Mortgage companies 970 899 911 487 71 59 424 Others 1 .. 71 59 59 26 12 12 33 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the 137 110 88 37 27 49 51 Insurance companies ... ... 8 4 4 2 4 4 2 Mlortgage companies 59 45 24 10 14 35 14 Others1 70 60 60 25 9 10 34 Total loans to real estate mortgage lenders 1,467 1,354 1,408 608 113 59 800 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total 1,065 1,131 1,295 - 66 -231 Insurance companies 110 106 183 4 - 73 Mortgage companies 789 851 894 see - 62 -104 Others 1 . 165 173 219 note - 8 - 53 r Revised. figures, except commitments. Banks reporting less than $1 million i Savings and loan associations, mutual savings banks, builders of loans and commitments at Aug. 10, 1955 were not asked to report and other organizations (other than banks) that make or hold sub- at May 16, 1956, but figures for the latter date include previously stantial amounts of real estate loans. reported figures for comparative purposes. Details may not add^to NOTE.—Reporting banks were asked to estimate Aug. 11, 1954 totals because of rounding. 936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Northwestern's Institute for Management. Dur- Meetings of the Federal Open Market Committee ing the past year he had been on leave from were held in Washington on August 21 and the University engaged in a special research proj- September 11, 1956. ect with the National Bureau of Economic Re- The Federal Advisory Council held a meeting search. in Washington on September 16-18, 1956, and Mr. Robinson was formerly an Economist on met with the Board of Governors on Septem- the Board's staff for twelve years. After leaving ber 18. the Board in 1946, he served as an Economist for the National Association of Mutual Savings Banks INCREASE IN FEDERAL RESERVE DISCOUNT RATES and also as a Consultant for the Treasury Depart- The Board of Governors of the Federal Reserve ment and the Board of Governors. System has recently approved actions by the DEATH ON BOARD'S STAFF directors of 10 Federal Reserve Banks raising the discount rates of these Banks from 23A per cent Mr. Lowell Myrick, who had been associated to 3 per cent. with the Board of Governors since December 16, The effective date of the new rate was Friday, 1921, died on August 18, 1956. He had been August 24, 1956 at the Federal Reserve Banks serving as an Assistant Director of the Division of New York, Philadelphia, Richmond, and of Bank Operations since November 4, 1947. Chicago; Monday, August 27, 1956 at the Federal Reserve Bank of Cleveland; Tuesday, August 28, APPOINTMENT OF DIRECTOR 1956 at the Federal Reserve Banks of Boston, On September 5, 1956, the Board of Governors Atlanta, St. Louis, and Dallas; and Friday, August announced the appointment of Mr. C. V. Patter- 31, 1956 at the Federal Reserve Bank of Kansas son, Executive Vice President of The Upjohn City. Company, Kalamazoo, Michigan, as a director The 3 per cent rate has been in effect at the of the Detroit Branch of the Federal Reserve Bank Federal Reserve Banks of Minneapolis and San of Chicago for the term ending December 31, Francisco since April 13, 1956. 1958. Mr. Patterson succeeded Mr. William M. Day, President of the Michigan Bell Telephone CHANGES IN BOARD'S STAFF Company, Detroit, Michigan, who resigned. Mr. Thomas J. O'Connell, who for the past two years had been a Professor of Law at the George- DEATH OF DIRECTOR town University, was appointed Assistant Gen- Mr. Hugh C. Gruwell, Chairman of the Board, eral Counsel in the Board's Legal Division and First National Bank of Arizona, Phoenix, Arizona, assumed his duties on August 15, 1956. He who had served as a director of the Los Angeles formerly served as a Trial Attorney for the De- Branch of the Federal Reserve Bank of San partment of Justice, where he was employed for Francisco since January 1, 1954, died on August 12 years. Mr. O'Connell is a graduate of George- 23, 1956. town University's School of Foreign Service and School of Law. COMMITTEE ON PREPAREDNESS Mr. Roland I. Robinson, who had been Profes- As part of the defense mobilization program, the sor of Banking at Northwestern University since Board of Governors of the Federal Reserve Sys- 1947, was appointed as Adviser in the Board's tem, in cooperation with the Treasury Department, Division of Research and Statistics and assumed the Comptroller of the Currency, and the Federal his duties on September 10, 1956. For five years Deposit Insurance Corporation, has appointed an Mr. Robinson also served as a moderator for Advisory Committee on Commercial Bank Pre- 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 paredness. The members of the Advisory Com- Frank M. Dana, Vice President, Bank of mittee are: America, N. T. & S. A., San Fran- John J. McCloy, Chairman, The Chase cisco. Manhattan Bank, New York, who is Harold R. De Moss, Vice President, Committee Chairman. Mercantile National Bank at Dallas. Frank L. King, President, California George A. Guerdan, Vice President and Bank, Los Angeles. Cashier, The First National City Bank William F. Kurtz, Chairman, Executive of New York. Committee, First Pennsylvania Bank- C. Edgar Johnson, Vice President, The ing and Trust Company, Philadelphia. First National Bank of Chicago. Homer J. Livingston, President, The Melvin C. Miller, Deputy Manager, First National Bank of Chicago. American Bankers Association, New William A. Mitchell, President, The York. Central Trust Company, Cincinnati. E. C. Sammons, President, The United ADMISSION OF STATE BANK TO MEMBERSHIP IN States National Bank of Portland, THE FEDERAL RESERVE SYSTEM Oregon. The following State bank was admitted to mem- Merle E. Selecman, Executive Manager, bership in the Federal Reserve System during the American Bankers Association, New period July 16, 1956 to August 15, 1956: York. The appointment of this committee stems from Nebraska an order relating to the banking system issued by Fremont First State Bank the Director of the Office of Defense Mobilization. A section of this order assigns to the Federal Reserve Board responsibility for develop- HISTORICAL SUPPLEMENT TO MONTHLY CHART BOOK ON BANK CREDIT, MONEY RATES, ment of plans, in cooperation with the Treasury AND BUSINESS Department, the Comptroller of the Currency, and The 1956 edition of the historical supplement to the Federal Deposit Insurance Corporation, to the monthly Federal Reserve Chart Book on Bank encourage preparedness measures by commercial Credit, Money Rates, and Business will be availbanks designed to assure continuance of the operation of the nation's banking system in the event able for distribution about mid-October, on the of enemy attack. terms indicated on page 1011. Charts will include the latest data available on September 4, 1956. The Advisory Committee on Commercial Bank Preparedness has appointed a subcommittee—the Banking Committee on Emergency Operations— TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY to develop a program to guide and assist individual banks in making effective plans for maintaining Latest BULLETIN Reference or restoring their operations in the event of at- Semiannually Issue Page tack on the United States. The members of this Banking offices: Analysis of changes in number of Aug. 1956 896 committee are: On, and not on, Federal Reserve Par List, number of Aug. 1956 897 G. Edward Cooper, Vice President and Stock Exchange firms, detailed debit and credit balances Sept. 1956 994 Cashier, The Philadelphia National Annually Bank, who is Chairman. Earnings and expenses: Frank L. Beach, Vice President, The Federal Reserve Banks Feb. 1956 178-179 Member banks: United States National Bank of Port- Calendar year May 1956 510-518 First half of year Oct. 1955 1188 land, Oregon. Insured commercial banks May 1956 519 Banks and branches, number of, by class Steve H. Bomar, Vice President and and State Apr. 1956 398-399 Treasurer, Trust Company of Geor- Operating ratios, member banks June 1956 650-652 Banking and monetary statistics, 1955.. [gj£ J^ 182-188 gia, Atlanta. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 14 Industrial activity in August recovered from ducers' equipment, increased output of appliances the July dip and in early September expanded and television, and expanding production of parts further. Employment and incomes were at record for 1957 model autos. The auto industry is now levels in August and unemployment declined more in its model changeover season, with assemblies than seasonally. Retail sales edged up to a new sharply curtailed. high, with advances since spring reflecting in part Nondurable goods production has remained higher prices. From mid-August to mid-Sep- somewhat below earlier highs, reflecting largely tember, average wholesale commodity prices ad- reduced activity at textile mills. Output of rubber vanced further. Demands for credit continued products increased in August, coke production strong and interest rates rose further. In late recovered; and activity in the paper, petroleum, August Federal Reserve discount rates were and chemical industries was maintained at adraised. vanced levels. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's seasonally adjusted index of in- New construction outlays in August, seasondustrial production in August was at the June ally adjusted, were maintained at the record level of 141 per cent of the 1947-49 average, as annual rate of $44.3 billion. Private housing activity in durable goods and mining industries starts showed a small, contraseasonal rise in Aurecovered from the July drop associated with the gust to bring the seasonally adjusted annual rate steel strike. Steel output increased rapidly in slightly above 1.1 million units. Total value of August and in early September was back to the contract awards declined somewhat, but was the record tonnage rates of last winter and early largest August on record and 9 per cent above spring. For the month of August steel production a year earlier. averaged 75 per cent of capacity as compared with EMPLOYMENT 92 per cent in June and 15 per cent in July, when Seasonally adjusted employment in nonagriculthe major strike impact occurred. Activity in tural establishments returned in August to the metal fabricating industries has expanded further, peak June level of 51.6 million, as employment in reflecting continued gains for most types of promanufacturing, mining, and railroad industries generally recovered from the effects of the steel INDUSTRIAL PRODUCTION 1947-49.100 strike. The average workweek and hourly earnings at factories rose slightly and average weekly 140 earnings, at $79.79, were back to the December DURABLE 1955 high. Unemployment declined in August - MANUFACTURES /^\L ~ by 600,000—more than seasonally—to the year- 120 earlier level of 2.2 million, as many teen-age jobseekers either found employment or withdrew from the labor force. 140 /V ,/ DISTRIBUTION \ J \/ NONDURABLE Seasonally adjusted retail sales increased slightly ^' MANUFACTURES 120 further in August and continued about 4 per _ cent above a year ago. Sales of nondurable goods stores also reached a new high in August, with 100 1953 1954 1955 1953 1954 1955 1956 department store sales remaining near their July Federal Reserve indexes, seasonally adjusted. Monthly fig- peak. Auto sales in August exceeded July and ures, latest shown are for August. 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 dealers' auto stocks declined further to a level and early September, reflecting principally acabout one-tenth below a year earlier for new cars quisitions of new Treasury tax certificates and and as much as one-fifth for used. substantial expansion in business loans. Loans to most types of businesses increased, with petro- AGRICULTURE leum and chemical concerns, food processors, Marked improvement in crop prospects oc- commodity dealers, and public utilities showing curred in August and the official forecast as of the largest gains. Real estate and consumer loans September 1 was for total output close to the also rose, but security loans declined. large crop of 1955. Output of milk and eggs de- During late August and early September, memclined less than seasonally in August and was ber bank borrowings from the Federal Reserve above a year earlier, while meat production, es- averaged about $900 million and excess reserves pecially beef, dropped considerably and was about $575 million. Between mid-August and somewhat below last year's level. early September, reserves were supplied to banks through System purchases of U. S. Government COMMODITY PRICES securities and increases in Reserve Bank float. Wholesale commodity prices have continued These were largely absorbed through increases in to rise since the general advance in steel prices required reserves reflecting principally deposit exin early August. Increases have been mainly in pansion associated with Treasury financing in prices of finished products—both consumer goods mid-August, and currency outflow. and producers' durable equipment. In agricultural markets, prices of vegetables have remained SECURITY MARKETS at the seasonally reduced levels reached in early Yields on U. S. Government securities in late August while other products have continued to August and early September fluctuated around strengthen, with the largest increases in choice the postwar highs, or near-highs, reached in midcattle prices. Wholesale prices of meats have August, with long-term bond yields averaging risen 6 per cent further over the past month, and around 3V4 per cent, intermediate issues close to retail prices of these and some other items are 3>Vz per cent, and 3-month Treasury bill yields indicated to be higher in mid-September than at between 2.6 and 2.8 per cent. Yields on cormidyear. porate and State and local government bonds in- BANK CREDIT AND RESERVES creased sharply further during the latter part of Total loans and investments at city banks in- August and early September, and common stock creased more than $1 billion between early August prices declined. RETAIL TRADE INTEREST RATES 1947.49.100 Per cent TOTAL RETAIL SALES t TREASURY BILLS Federal Reserve indexes, seasonally adjusted; retail sales Weekly average market yields for long-term U. S. Governbased on Department of Commerce data. Monthly figures; ment IVi per cent bonds and for longest Treasury bills; latest latest shown for sales are August and for stocks, July. shown are for week ending Sept. 5. 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. . . 943 Reserve Bank discount rates; reserve requirements; margin requirements. 944 Federal Reserve Banks 947 Bank debits; currency in circulation. ... 950 All banks: consolidated statement of monetary system; deposits and currency 952 All banks by classes. 953 Commercial banks, by classes. 956 Weekly reporting member banks. 958 Commercial loans; commercial paper and bankers' acceptances. 960 Interest rates . 961 Security prices; stock market credit 962 Savings institutions. 963 Federal credit agencies 964 Federal finance 966 Security issues. 970 Business finance 971 Real estate credit. . . 973 Short- and intermediate-term consumer credit. 976 Selected indexes on business activity. 979 Production 980 Employment and earnings 986 Department stores 988 Foreign trade 989 Wholesale and consumer prices. 990 National product and income series. 992 Stock market credit 994 Tables published in BULLETIN, annually or semiannually—list, with references 938 Index to statistical tables. 1021 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating to for gold stock, currency in circulation, Federal financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 941 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 EXCESS RESERVES 2 0 35 30 25 20 TREASURY CASH AND DEPOSITS ^ NONMEMBER DEPOSITS 0 30 FEDERAL RiSERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER f REPURCHASE AGREEMENTS ' ... A A ^—A. DISCOUNTS AND ADVANCES I I FEDERAL RESERVE FLOAT | I 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending May 30. See p. 943. 942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B o r o o i v u g u t h t g . - t h se t cu r a u c H r e g h n i p r t e d a i u e l e s e d e r e s r - - c v D o a a a u n n i d s n - d c - e ts s Float Total1 s G t o o l c d k T r s c o t e u i r u a n u n r e r n g t c y a - - d y s - - r c C t c e u i i i n u o r n la c r - n y - - T h c i u o n r a r e l g s d y a h s - s- Tr u w e r i a y t s h - r F es F . e e o i R r g r v . n - e s B , a O n t k h s er c O F o a . t u c h R - n e t r . s Total r q e u s R i e r e r e - v d e 2 s c E es x s - 2 ment Averages of daily figures 1955 July 6 23,703 23,692 688 85825,265 21,678 5,003 30,299 814 420 367 468 970 18,609 18,085 524 July 13 23,957 23,943 685 91325,571 21,679 5,003 30,416 803 440 425 419 971 18,779 18,047 732 July 20 23,943 23,943 357 1,11825,432 21,680 5,003 30,287 793 416 460 415 970 18,774 18,209 565 July 27 24,140 24,035 105 439 91525,506 21,681 5,002 30,157 798 480 439 403 967 18,945 18,386 559 Aug. 3 24,044 23,982 781 80: 25,638 21,682 5,003 30,237 803 638 422 412 900 18,910 18,320 590 Aug. 10 24,055 23,983 888 62725,584 21,682 5,003 30,285 800 646 434 396 88518,824 18,163 661 Aug. 17 23,891 23,891 796 79425,495 21,682 5,003 30,336 797 507 474 400 91018,757 18,155 602 Aug. 24 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 946 18,673 18,100 573 Aug. 31 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 946 18,614 18,130 484 Sept. 7 23,826 23,761 865 68725,401 21,682 5,005 30,436 806 447 379 393 943 18,685 18,111 574 Sept. 14 23,813 23,744 918 82625,577 21,682 5,006 30,520 803 431 419 400 942 18,750 18,142 608 Sept. 21 23,564 23,564 768 1,26325,613 21,683 5,006 30,401 794 579 377 394 99018,767 18,191 576 Sept. 28 23,598 23,587 901 96025,478 21,683 5,006 30,323 787 693 370 386 99018,618 18,134 484 Oct. 5 23,844 23,727 117 843 81625,525 21,684 5,007 30,428 791 525 381 390 999 18,700 18,189 511 Oct. 12 23,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19 24,021 23,916 105 1,041 1,08826,169 21,685 5,007 30,621 777 534 391 409 1,0~1"0 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 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16 24,068 24,018 50 1,173 1,01326,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23 23,888 23,888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30 24,001 23,903 **98 973 1,01926,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 95726,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 98918,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,74627,101 21,689 5,008 31,364 772 401 469 336 1,01019,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. 4 24,785 24,391 394 584 1,53926,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,887 577 Jan. 11 24,308 24,191 117 801 1,24226,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18 23,804 23,802 2 922 1,12525,872 21,692 5,008 30,632 786 360 417 321 920 19,136 18,543 593 Jan. 25 23,517 23,517 815 1,12825,480 21,692 5,009 30,361 793 385 388 318 91919,017 18,494 523 Feb. 1 23,416 23,414 999 81425,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8 23,423 23,423 822 84025,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15 23,349 23,349 976 83225,174 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22 23,389 23,333 56 622 1,33325,360 21,694 5,011 30,210 794 557 362 366 ,02618,749 18,175 574 Feb. 29 23,435 23,384 51 758 88025,089 21,695 5,012 30,181 792 542 354 306 ,02518,596 18,137 459 Mar. 7. 23,518 23,426 92 749 83525,118 21,695 5,011 30,202 783 461 360 327 ,02318,670 18,137 533 Mar. 14. 23,505 23,410 95 975 81225,308 21,717 5,011 30,276 779 564 360 346 ,02118,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 ,06919,204 18,587 617 Mar. 28. 23,508 23,495 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 ,06919,028 18,455 573 Apr. 4.. 23,634 23,587 986 1,02225,658 21,716 5,017 30,321 784 560 347 444 1,075 18,860 18,322 538 Apr. 11.. 23,521 23,518 ,119 82625,481 21,727 5,016 30,300 782 508 328 307 1,082 18,917 18,284 633 Apr. 18.. 23,399 23,377 ,109 97325,497 21,741 5,018 30,290 785 531 347 313 1,081 18,909 18,318 591 Apr. 25.. ~;3,282 23,282 ,061 1,01725,374 21,742 5,019 30,155 782 569 335 331 1,078 18,884 18,344 540 May 2., 23,299 23,243 56 ,089 86425,266 21,743 5,023 30,181 786 575 338 385 99818,767 18,359 408 May 9., 23,352 23,252 100 ,114 84425,325 21,768 5,025 30,296 781 555 334 321 98218,848 18,295 553 May 16., 23,279 23,226 53 1,066 93725,298 21,769 5,026 30,359 789 563 378 314 98018,710 18,241 469 May 23., 23,210 23,200 10 946 1,13925,310 21,770 5,028 30,317 781 594 319 310 98018,809 18,275 534 May 30., 23,412 23,359 53 732 83524,995 21,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6.. 23,503 23,406 97 894 90625,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 June 13., 23,516 23,491 25 747 97025,251 21,796 5,033 30,542 779 398 332 299 98218,749 18,233 516 June 20.. 23,492 23,492 764 1,50725,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27.. 23,478 23,452 756 1,36925,621 21,799 5,033 30,485 781 570 297 290 1,00019,030 18,435 595 July 4 3,791 23,748 644 1,231 25,685 21,806 5,032 30,765 773 493 298 298 99318,902 18,430 472 July 11 13,836 23,826 880 1,16925,903 21,826 5,031 30,923 770 437 309 290 99019,040 18,285 755 July 18 13,490 23,487 849 1,41225,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25 3,408 23,408 573 1,39325,393 21,828 5,032 30,632 773 556 288 267 99418,744 18,187 557 Aug. 1 13,418 23,418 690 1,04625,172 21,829 5,034 30,575 772 519 284 273 1,02118,591 18,115 476 Aug. 8 13,418 23,418 917 82925,182 21,855 5,035 30,633 769 530 319 284 94918,588 18,018 570 Aug. 15 13,439 23,418 21 960 83725,254 21,856 5,036 30,681 773 539 335 277 94718,593 18,014 579 Aug. 22 13,574 23,446 128 878 1,171 25,642 21,856 5,037 30,654 778 485 293 266 94419,117 '18,469 P64S Aug. 29 13,622 23,592 30 935 82925,404 21,857 5,041 30,618 776 481 318 282 94418,883 '18,380 Preliminary. For other footnotes see following page. 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 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 Treas- Cur- reserves, reserves U. S. Govt. securities ury rency Treas- with F. R. Banks Other P d e o r a i r t o e d Total B r o o ig u u h t g - t ht r a u c H e g n h p e r d a u e l s e d e r e r - - c v D o a a a n n u i d s c d n - - e ts s Float Total i s G t o o l c d k r s o c e t i a n u n u n g r c t- - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o i r gn - Other c F o . a u c n R - t . s Total qu R i e re - d2 c E es x s - ^ ment Averages of daily figures 1955 Aug.. 23,886 23,870 16 803 74625,450 21,682 5,004 30,289 801 569 431 398 918 18,728 18,152 576 Sept.. 23,709 23,668 41 872 92425,525 21,682 5,006 30,420 797 540 386 392 968 18,711 18,148 563 Oct.. 23,951 23,881 70 895 92625,792 21,685 5,008 30,532 781 509 390 403 1,000 18,870 18,345 525 Nov.. 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 937 18,902 18,378 524 Dec.. 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 18,646 594 1956 Jan.., 23,897 23,824 1,15225,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 Feb.. 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Mar.. 23,522 23,449 993 98725,517 21,711 5,013 30,256 783 532 349 350 1,04818,924 18,340 584 Apr.. 23,410 23,393 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,06718,847 18,320 527 May. 23,322 23,262 971 92825,237 21,768 5,028 30,322 785 556 331 322 98218,735 18,268 467 June. 23,522 23,486 770 1,20625,516 21,795 5,033 30,536 778 485 315 304 99118,933 18,359 574 July., 23,580 23,573 738 1,26325,599 21,826 5,032 30,751 771 521 300 280 99918,836 18,237 599 Aug.. 23,530 23,488 91025,357 21,855 5,038 30,650 774 504 318 275 94618,783 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 25~,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 23i,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 i,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 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 30 509 796 400 441 90718 87618.61R 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 Aug 23,761 23,761 470 665 24,911 21,682 5,005 30,317 804 393 387 383 945 18,368 18,151 217 Sept 23,834 23,729 105 603 792 2255,250 21,684 5,006 30,422 787 554 385 379 990 18,423 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 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 Jan.. 23,466 23,466 852 786 25,122 5,009 30,228 797 428 355 349 91918,750 18,311 439 Feb.. 23,482 23,426 56 632 24,920 5,012 30,163 789 554 363 305 1,02518,428 18,162 266 Mar.. 23,636 23,587 49 872 1,238 25,761 5,020 30,339 777 534 354 623 1,06918,799 18,276 523 Apr.. 23,345 23.245 100 1.204 ~ ' ' 25.307 5.025 30,210 783 578 330 404 98418,784 18,325 459 May. 23,474 23,360 114 1,160 ,377 5.030 30,513 779 515 307 309 98318,773 18,204 569 June. 23,758 23,712 46 232 1,210 25,219 5,032 30,715 768 522 297 313 99218,443 18,449 -6 July. 23,438 23,438 452 9-5"9 24,868 5,035 30,604 761 513 308 288 95018,308 18,104 204 Aug.. 23,854 23,828 26 832 77125,480 P21,'858*>5,042^30,759 422 350 252 94318,888 '18,382 *>506 Wednesday 1956 June 6. 23,512 23,492 20 494 93924,962 21,796 5,032 30,502 789 435 317 297 982 18,469 18,236 233 June 13. 23,492 23,492 696 1,03025,235 21,797 5,033 30,527 782 360 344 283 981 18,789 18,274 515 June 20. 23,492 23,492 752 1,445544 2255,713 21,798 5,033 30,481 776 746 326 283 l,OOO'l8,933 18,556 377 June 27. 23,52." 23,492 30 537 1,12725,203 21,799 5,032 30,530 785 576 293 290 1,001 18,560 18,404 156 July 4 23,863 23,839 570 1,293 25,745 21,824 5,031 30,879 773 449 291 287 99018,930 18,382 548 July 11 23,651 23,649 653 1,15025,471 21,827 5,031 30,850 762 494 326 285 98818,623 18,268 355 July 18 23,484 23,484 452 1,475 25,429 21,828 5,031 30,704 774 477 289 274 98618,784 18,276 508 July 25 23,367 23,367 461 1,081 24,927 21,829 5,034 30,533 779 591 262 261 1,04918,315 18,161 154 Aug. 1. 23,418 23,418 422 96124,819 21,829 5,034 30,571 773 505 295 267 95018,322 18,089 233 Aug. 8. 23,418 23,418 717 679 24,832 21,855 5,035 30,647 773 561 277 273 94818,243 18,002 241 Aug. 15. 23,565 23,418 147 832 954 25,369 21,856 5,036 30,654 783 552 289 277 94618,762 18,055 707 Aug. 22. 23,544 23,544 806 940 25,308 21,857 5,040 30,611 782 554 304 252 94418,759*>18,467 *>292 Aug. 29. 23,696 23,696 470 706 24,892 21,857 5,042 30,630 781 490 362 264 94418,320^18,369 p-49 * Preliminary. separately in this table, but are given for end-of-month and Wednesday i Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 945 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Centralreserve Central reserve All city banks Re- Coun- All city banks Re- Coun- Item and period mem- serve try Item and period mem- serve try ber city banks ber city banks banks New Chi- banks banks New Chi- banks York cago York cago Total reserves held: Excess reserves:2 1955—July. 18,825 4,371 1,148 7,759 5,546 1955—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 64 460 Nov 18,902 4,257 1,144 7,840 5,660 Nov 525 14 3" 38 470 Dec 19,240 4,432 1,166 7,924 5,716 Dec 594 35 2 60 497 1956—Jan 19,138 4,293 1,178 75934 5,732 1956—Jan 552 -24 -1 72 505 Feb 18,709 4,196 1,138 7,753 5,623 Feb 533 11 3 66 452 Mar 18,924 4,372 ,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 July 18,836 4,237 ,129 7,796 5,675 July 599 12 3 89 496 Week ending: Week ending: 1956—July "18 18,869 4,204 ,130 7,824 5,711 1956—July 18 629 12 1 85 531 July 25 18,744 4,189 1,114 7,767 5,674 July 25 557 -8 4 72 489 Aug. 1 18,591 4,212 ,110 7,724 5,545 Aug. 1 477 27 2 66 386 Aug. 8 18,588 4,144 ,119 7,709 5,616 Aug. 8 570 7 7 72 484 Aug. 15 18,593 4,133 ,114 7,701 5,645 Aug. 15 579 -11 1 80 509 Aug. 22 19,117 4,349 ,145 7,851 5,773 Aug. 22 *>648 30 64 Aug. 29 18,883 4,308 1,151 7,859 5,564 Aug. 29 ^503 20 9 96 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—July 18,205 4,362 1,140 7,673 5,030 1955—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 ,134 7,687 5,170 Feb 799 149 106 402 142 Mar 18,340 4,344 ,135 7,712 5,149 Mar 993 202 258 382 151 Apr 18,320 4,299 ,106 7,750 5,165 Apr 1,060 155 261 493 151 May 18,268 4,254 .117 7,726 5,171 May 971 98 155 517 201 June 18,359 4,341 ;i30 7,706 5,183 June 769 46 115 434 174 July 18,237 4,225 ,127 7,707 5,179 July 738 119 50 433 136 Week ending: 1956—July 18 18,240 4,192 1,129 7,739 5,180 Week ending: July 25 18,187 4,197 1,110 7,695 5,185 1956—July 18 849 212 54 442 141 Aug. 1 18,115 4,185 1,113 7,658 5,159 July 25 573 42 31 398 102 Aug. 8 18,018 4,137 1,112 7,637 5,132 Aug. 1 690 59 46 419 166 Aug. 15 18,014 4,144 1,113 7,621 5,136 Aug. 8 917 167 41 541 168 Aug. 22 ^18,469 4,319 ,145 7,787 ^5,218 Aug. 15 960 139 54 509 258 Aug. 29 018,380 4,288 1,142 7,764 »5,186 Aug. 22 878 175 99 435 169 Aug. 29 935 225 115 395 200 July 1955 Free reserves:2 4 Deposits: 1955—July 92 -69 -25 -219 406 Gross demand deposits: Aug -188 -139 -61 -341 353 Total 113,858 23,535 6,067 44,700 39,557 Sept -285 -127 -114 -409 365 Interbank 12,777 4,098 1,180 6,236 1,263 Oct -360 -150 -137 -416 344 Other 01,081 19,437 4,887 38,464 38,293 Nov -491 -265 -67 -500 341 Net demand deposits3. . . 98,370 20,968 5,376 38,120 33,907 Dec -245 -162 -83 -338 338 Time deposits 40,125 3,362 1,306 16,223 19,233 Demand balances due 1956—Jan -255 -198 -83 -353 379 from domestic banks... 6,434 64 111 2,015 4,243 Feb -266 -138 -103 -336 310 Mar -408 -174 -256 -298 319 Apr -533 -167 -262 -429 325 July 1956 May -504 -88 -153 -468 205 June -194 -33 -111 -356 305 July -139 -108 -48 -344 360 Gross demand deposits: Total 14,892 23,010 6,065 45,156 40,661 Week ending: Interbank 13,051 4,155 1,197 6,384 1,315 1956—July 18 -220 -200 -53 -357 390 Other 01, 841 18,855 4,868 38,773 39,345 July 25.... -16 -50 -27 -326 387 Net demand deposits3. .. 98,571 20,279 5,306 38,173 34,813 Aug. 1.... -213 -32 -48 -353 220 Time deposits 41,434 3,388 1,306 16,716 20,024 Aug. 8.... -347 -160 -34 -469 316 Demand balances due Aug. 15.... -381 -150 -53 -429 251 from domestic banks... 6,510 68 108 2,027 4,307 Aug. 22 ^-230 -145 -99 -371 Aug. 29 P-432 -205 -106 -299 v Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Aug. 28,1956 Aug. 28,1956 314 Aug. 28, 1956 New York. . . Aug. 24,1956 Aug. 24,1956 314 Aug. 24, 1956 Philadelphia.. Aug. 24,1956 Aug. 24,1956 314 31/2 Apr. 13, 1956 Cleveland Aug. 27,1956 Aug. 27,1956 314 4 Aug. 27, 1956 Richmond. . . Aug. 24,1956 Aug. 24,1956 314 4 Aug. 24, 1956 Atlanta Aug. 28,1956 Aug. 28,1956 314 4 Aug. 28, 1956 Chicago Aug. 24,1956 Aug. 24,1956 314 4 Aug. 24, 1956 St. Louis Aug. 28,1956 Aug. 28,1956 314 4 Aug. 28, 1956 Minneapolis.. Apr. 13,1956 Apr. 13,1956 414 Apr. 13, 1956 Kansas City.. Aug. 31,1956 Aug. 31,1956 IVA 4 Aug. 31, 1956 D Sa a n ll a F s rancisco A Ap u r g . . 2 1 8 3 , , 1 1 9 9 5 5 6 6 A Ap u r g . . 2 1 8 3 , , 1 1 9 9 5 5 6 6 314 4 4 A Ap u r g . . 1 2 3 8 , , 1 1 9 9 5 5 6 6 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 depositsl Time deposits 1 1 9 9 3 3 1 0 — — J D M M M F u e e n a a a b c y y e r . . . 2 2 1 0 2 4 8 7 4 I % f 4A * 1 1 1 1 1 9 9 9 9 9 5 5 4 4 4 0 2 3 6 8 — — — — — A A O J A J a a u u c p n n t g g r . . . . . . 2 2 1 1 3 1 5 1 6 3 0 2 2 1 1 I 1 V 1 1 / A / / 2 4 2 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r b e e e a c a s s n i n e e n t t r r d y k r v v a s e e l C ba o tr n u y k n s - Oct. 9 I954—Feb. 5 1% Oct. 16 Apr. 16 1932—Feb. 26 1955—Apr. 15 1917—June 21 13 10 7 3 June 24 Aug. 5 1933— A M M p a a r y r . . 2 7 6 3 ¥ 1956— N S A e o p p v r t . . . 1 1 9 8 3 ? 2V • A 1 1 9 9 3 3 6 7 — _M M Au a a g r y . . 1 1 1 6 l 1 f 91 A /2 15 I 1 1 O 2 4 1 I/ / 2 4 4 1 ^ * '? Oct. 20 Aug. 24 1934—Feb. 2 1938—Apr. 16 22VA 171/2 12 5 1937—Aug. 27 In effect Sept. 1, 1956 3 5 1941_Nov. 1 26 20 14 6 1942—Aug. 20 24 6 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; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1*. 20 14 6 6 Aug. 1, 11* 231/2 191/2 13 5 Aug. 16, 18*.... 23 19 12 5 Aug. 25 221/2 I8I/2 MARGIN REQUIREMENTS 1 Sept. 1 22 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 of 1934 Jan. 4, Apr. 22, Apr. 23, 1954_june 16,24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1 *. 20 18 12 In effect Sept. 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 947 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1956 1956 1955 Aug. 29 Aug. 22 Aug. 15 Aug. 8 Aug. 1 Aug. July Aug. Assets Gold certificate account 20,321,39220,321,39220,321,393 20,321,39320,296,39120,331,39220,296,392 20.145,352 Redemption fund for F. R. notes 847,445 850,253 850,428 852,601 854,781 847,442 854,782 847,549 Total gold certificate reserves. 21,168,83721,171,64521,171,82121,173,994 21,151,17221,178,834 21,151,174 20,992,901 F. R. notes of other Banks 344,123 332,247 318,636 309,972 335,440 320,386 322,210 214,237 Other cash 389,894 395,035 383,585 386,211 397,150 384,831 396,201 362,191 Discounts and advances: For member banks 469,682 806,186 832,200 717,336 422,085 832,102 451,680 443,338 For nonmember banks, etc 26,667 Industrial loans 901 930 927 939 961 959 954 585 Acceptances—Bought outright 18,615 17,114 17,115 17,113 17,113 19,313 17,643 14,418 Held under repurchase agreement. 662 2,909 U. S. Government securities: Bought outright: Bills 807,520 655,870 529,370 529,370 529,370 940,170 549,570 1,039,046 Certificates—Special Other 10,932,699 10,932,699 10,932,699 10,932,699 10,932,699 10,932,699 1,932,699 2,520,076 Notes 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 ,153,913 17,399,536 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 1,801,750 2,801,750 Total bought outright 23,695,882 23,544,232 23,417,732 23,417,732 23,417,732 23,828,532 23,437,932 23,760,408 Held under repurchase agreement. 147,400 . 25,700 Total U. S. Government securities. 23,695,882 23,544,232 23,565,132 23,417,732 23,417,732 23,854,232 23,437,932 23,760,408 Total loans and securities 24,185,742 24,368,462 24,415,374 24,153,120 23,857,891 24,709,515 23,908,209 24,245,416 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,146,839 ,645,788 5,258,543 4,089,957 4,591,256 3,675,968 ,278,840 3,838,819 Bank premises 70,558 70,310 70,243 69,721 69,685 70,496 69,683 58,016 Other assets 249,387 238,029 227,458 214,138 202,003 252,823 200,279 168,094 Total assets. 50,555,402 51,221,53851,845,682 50,397,13550,604,619 50,592,87550,326,618 49,879,696 Liabilities Federal Reserve notes 26,415,199 26,394,786 26,418,328 26,400,675 26,363,978 26,509,77826,370,250 26,003,697 Deposits: Member bank reserves , 18,319,893 18,758 18,761,902 18,242,973 18,322,293 18,888,23818,307,71618,367,675 U. S. Treasurer—general account. 489,847 553; 552; 5"6'"0 ,818 504,852 421,537 512,920 393,495 Foreign .-..., 362,388 303; 288! 277,149 294,750 349,949 308,308 387,189 Other , 263,608 252; 276! 273,418 266,863 251,608 287,535 383,257 Total deposits. 19,435,736 19,868,327 19,879,135 19,354,358 19,388,758 19,911,332 19,416,479 19,531,616 Deferred availability cash items 3,440,814 3,706 144 4,304,931 3,410,671 3,630,493 2,905,081 ,319,556 173,643 Other liabilities and accrued dividends. 17,951 16246 16,824 14,306 13,903 18,324 14,343 14,850 Total liabilities. 49,309,700 49,985,50350,619,21849,180,010 49,397,132 49,344,515 49,120,628 48,723,806 Capital Accounts Capital paid in 317,979 317,813 317,747 317,534 317,468 318,153 317,236 296,872 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 206,568 197,067 187,562 178,436 168,864 209,052 167,599 170,574 Total liabilities and capital accounts. 50,555,40251,221,53851,845,68250,397,135 50,604,619 50,592,87550,326,618 49,879,696 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.2 45.8 45.7 46.3 46.2 45.6 46.2 46.1 Contingent liability on acceptances purchased for foreign correspondents 51,081 52,412 50,405 49,614 47,922 50,785 47,927 27,186 Industrial loan commitments 2,506 2,507 2,497 2,483 2,420 2,447 2,427 3,417 Maturity Distribution 'of Loans and U.S. Government Securities1 Discounts and advances—total 469,682 806,186 832,200 717,336 422,085 832,102 451,680 470,005 Within 15 days 462,360 786,914 824,991 710,020 417,454 808,505 446,599 436,800 16 days to 90 days 7,137 19,085 7,009 7,114 4,388 23,412 4,838 33,141 91 days to 1 year .... 185 187 200 202 243 185 243 6A Industrial loans—total 901 930 927 939 961 959 954 585 Within 15 days 3 2 1 1 3 2 15 16 days to 90 days .... 385 163 176 167 172 64 165 93 91 days to 1 year 91 444 430 440 457 572 456 357 Over 1 year to 5 years 422 321 321 331 331 320 331 120 Acceptances—total 19,277 17,114 17,115 17,113 17,113 22,222 17,643 14,418 Within 15 days 4,981 5,442 6,338 6,798 5,794 6,773 5,886 5,227 16 days to 90 days . 14,296 11,672 10,777 10,315 11,319 15,449 11,757 9,191 U. S. Government securities—total 23,695,882?3,544,23273,565,13223,417,73223,417,73223,854,23223,437,93223,760,408 Within 15 days 165,680 201,250 304,070 142,470 115,420 113,780 94,920 223,400 16 days to 90 days 641,840 454,620 372,700 386,900 413,950 852,090 454,650 815,646 91 days to 1 year 19,372,764 19,372,764 19,372,764 19,372,764 19,372,764 19,372,764 11,432,699 18,205,764 Over 1 year to 5 years 1,087,127 1,087,127 ,087,127 1,087,127 \,087,127 1,087,127 9,027,192 2,087,127 Over 5 years to 10 years .... .... 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 Over 10 years 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1,414,857 1 Holdings under reourchase 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

948 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1956 [In thousands of dollars San 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 ci r s a c n o - Gold certificate account 938,073 5,381,548 ,044,4521,754,1131,264,353 893,094 3,765,509 780,314 368,278 812,245 769,0252,560,388 Redemption fund for F. R. notes 58,617 175,260 60,738 73,496 69,385 50,484 153,815 42,635 23,175 42,246 25,710 71,881 Total gold certificate reserves. 996,690 5,556,808 ,105,1901,827,6091,333,738 943,578 3,919,324 822,949 391,453 854,491 794,7352,632,269 F. R. notes of other Banks... 40,020 45,257 42,872 17,956 20,686 50,655 18,703 10,694 20,387 8,109 16,943 28,104 Other cash 32,274 82,603 26,716 40,847 20,993 29,486 50,816 22,023 9,617 12,898 13,819 42,739 Discounts and advances: Secured by U. S. Govt. securities 38,620 204,170 64,195 94,075 56,099 55,700 114,165 64,300 22,901 74,182 22,065 7,200 Other 5 14,000 45 140 240 Industrial loans 300 610 49 Acceptances: Bought outright 19,313 Held under repurchase agreement 2,909 U. S. Govt. securities: Bought outright 1,309,759 5,997,117 ,431,8812,061,0011,467,0991,225,239 4,157,412 994,841 538,2151,032,490 947,0412,666,437 Held under repurchase agreement 25,700 Total loans and securities.... 1,348,684 6,249,209 510,686 2,155,0761,523,243 ,280,939 4,271,5771,059,141 561,3051,106,672 969,346 2,673,637 Due from foreign banks 16 2 2 1 3 1 1 1 1 2 Uncolleoted cash items 250,012 658,939 213,926 360,191 290,383 269,725 626,870 151,805 106,178 182,988 198,201 366,750 Bank premises 5,385 8,726 4,871 7,402 6,984 3,986 5,928 4,043 4,593 4,170 3,425 10,983 Other assets 13,591 61,277 14,870 21,884 15,354 13,832 46,470 10,309 5,672 10,762 10,653 28,149 Total assets. 2,686,65712,662,825 2,919,133 4,430,9673,211,382 2,592,202 8,939,6912,080,965 ,099,206 2,180,0912,007,123 5,782,633 Liabilities F. R. notes 1,580,907 6,107,0711,726,334 2,468,1332,043,264 ,309,4655,142,3561,175,780 502,2331,052,862 707,8532,693,520 Deposits: Member bank reserves 767,362 5,348,519 875,8411,496,012 811,592 941,7523,034,310 684,515 443,372 898,0421,021,6992,565,222 U. S. Treasurer—general account 30,638 72,114 24,362 33,100 26,300 35,183 55,448 29,578 26,551 26,046 37,494 24,723 O Fo th re e i r gn 20,886 1 2 8 9 7 7 , , 0 1 4 6 9 8 2 9 5, , 4 8 8 0 8 2 32 1 , ,4 2 5 1 5 4 18,054 15,576 49,560 1 7 3 , , 7 45 7 2 7 8,850 13,452 18,054 3 3 7 7 , , 1 6 9 4 5 6 2,119 1,936 753 578 852 641 1,000 Total deposits 821,005 5,704,850 935,4931,562,781 857,882 993,2643,139,896 735,322 479,625 938,1811,078,2472,664,786 Deferred availability cash items , 209,702 501,915 167,725 285,513 242,938 230,870 475,036 120,126 84,731 138,461 158,616 289,448 Other liabilities and accrued dividends 1,122 4,720 866 2,062 954 833 3,488 728 468 111 607 1,699 Total liabilities 2,612,73612,318,556 2,830,418 4,318,489 3,145,0382,534,432 8,760,776 2,031,9561,067,057 2,130,2811,945,323 5,649,45 Capital Accounts Capital paid in 16,355 91,897 20,441 30,358 14,597 14,940 42,454 10,910 7,063 12,789 17,544 38,805 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,012 30,841 101,894 27,649 17,586 25,960 33,847 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 12,888 49,226 14,294 18,551 13,386 11,227 33,138 9,929 6,427 9,924 9,102 20,960 Total liabilities and capital accounts 2,686,65712,662,825 2,919,133 4,430,9673,211,382 2,592,202 8,939,6912,080,9651,099,206 2,180,0912,007,123 5,782,633 Reserve ratio 41.5% 47.0% 41.5% 45.3% 46.0% 41.0% 47.3% 43.1% 39.9% 42.9% 44.5% 49.1% Contingent liability on acceptances purchased for foreign correspondents 3,044 313,942 3,715 4,696 2,632 2,270 7,224 1,961 1,290 1,961 2,632 5,418 Industrial loan commitments. 20 193 106 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $36,843,000 participations of other Federal Reserve 2 After deducting $252,756,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 949 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 Aug. 29 Aug. 22 Aug. 15 Aug.8 Aug 1 Aug July Aug. F R notes outstanding (issued to Bank) 27,365,86327,319,23127,301 05427,288, 289 27,280,150 27,380, 017 27,313,323 26,899,655 Collateral held against notes outstanding: Gold certificate account 11,498,000 11,498,000 11,498 00011,498,000 11,498,000 11498 000 11 498 000 11,153,000 Eligible paper 112,402 91,032 178800 677 060 203,113 U S Government securities 16,985,000 16,985,000 16,985 00016,985]000 16,985^000 16,985]000 16,985^000 17,055,000 Total collateral 28,595,40228,574,03228,661 800 28,683,935 28,615,390 28,691, 67728,615,060 28,411,113 ! EACH FEDERAL RESERVE BANK ON AUGUST 31, 1956 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,645,536 6,283,6361,809,518 2,546,3912,098,856 1,362,948 5,218,979 1,216,588552,5111,079,723748,168 2,817,163 Collateral held: Gold certificate acct.. 580,000 2,870,000 650,000 1,090,000 845,000 500,000 2,300,000 450,000150,000 280,000283,000 1,500,000 Eligible paper 70,195 64,300 74,182 U. S. Govt. securities.1,200,0003,600,000 1,200,000 1,500,0001,300,0001,000,000 3,000,000 900,000 460,000 000 525,000 1,500,000 Total collateral 1,780,000 6,470,0001,920,195 2,590,0002,145,000 1,500,000 5,300,000 1,414,300 610,000! 1,154,182 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [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 a p p - t p o p l i r c d o A a a v t t m i e e o d o ns unt ( b a p p m c u r le o o t o t v m e n u e d - o n d t t i ) s ( t a a L m n o o d u o a i u t n n - n s g t 2 ) ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) s o ( i t a n P p f t a u m g a a n o f t t r i d i o u i i n t o n o i i u t a c n n - s n n n i t g s s - i c t - ) 3 - y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount a T m o o t o u a u n l t t L st o a a n n d s g i P n u o t g e a r e t r i a d o n n - a u o a A n b n v u a t o d d a t e m m s r i d e e l t r r i e a a o o t n b a n i w u g o g l t d n e s u e n r i t e r a n a t s e r g l o - - 1950 3,698 651,389 4,819 2,632 3,754 5,745 1950 62 31 8 6 8 1 1 9 9 5 5 1 2 3 3 , , 7 7 3 5 6 3 7 7 1 6 0 6 , , 9 4 3 9 1 2 3 1 , ,6 5 3 1 8 3 4 3 , , 6 9 8 2 7 1 6 3 5 ,2 0 1 3 0 6 1: 5 , , 9 2 8 8 5 9 1 1 9 9 5 5 1 2 1,1 8 5 5 9 4 2 1 , , 1 39 2 5 4 9 6 7 7 9 5 5 8 4 0 7 3 4 5 7 8 3 6 1953 3,765 803,429 1,951 1,900 3,569 5,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 *,027 1954 1,367 2,500 472 368 273 1955 1955 July 3,775 824,847 170 489 3,265 ,305 July 1,392 2,544 296 225 211 Aug 3,777 825,161 45 586 3,416 1,392 Aug 1,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2,795 ,230 Sept 1,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 ,224 Oct 1,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 ,107 Nov 1,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 1,103 Dec 1,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan 1,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 ,152 Feb 1,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 1,132 Mar 1,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 1,128 Apr 1,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 ,288 May 1,435 2,663 340 256 175 June '3,780 r830,116 904 2,565 1,287 June 1,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 1,262 July 1,445 2,724 364 273 176 r Revised. 1 Loans made by private financing institutions and guaranteed by Gov- 1 Includes applications approved conditionally by the Federal Reserve ernment procurement agencies, pursuant to the Defense Production Act Banks and under consideration by applicant. of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing 2 Includes industrial loans past due 3 months or more, which are not agencies in these transactions, and the procedure is governed by Regulaincluded in industrial loans outstanding in weekly statement of condition tion V of the Board of Governors. of Federal Reserve Banks. NOTE.—The difference between guaranteed loans authorized and sum 3 Not covered by F. R. Bank commitment to purchase or discount. of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, NOTE.—The difference between amount of applications approved and guarantees authorized but not completed, and authorizations expired or the sum of the following four columns represents repayments of advances, withdrawn. and applications for loans and commitments withdrawn or expired. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect August 31. Per cent per annum] [In effect August 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank On On by borrower) borrower On commit- Portion Re- commitloans2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston 4-5 2-W2 Over 95 40-50 40-50 New York... % Philadelphia. . 21/2-5 Cleveland.... 31/2-51/2 Maximum Rates Financing Institution May Charge Borrower Richmond... [Per cent per annum] Atlanta C St h . i L ca o g u o is 3 31 -5 /2 1 - / 5 2 1/2 3 3 - - 3 5 1 i / / 2 2 3-51/2 Am Interest rate K M a i n n s n a e s a p C o i l t i y s. . . . 3 31 -5 /2 1 - / 5 2 1 /2 I ! 2 - - I I % Vs Commitment rate. Dallas 3-51/2 :fc San Francisco 3-51/2 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 Regulaexc 2 e I e n d c i l n u g d i f n iv g e l y o e a a n r s s . made in participation with financing institutions. tion V of the Board of Governors. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of 1/2 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 1 centers2 City centers 1 centers2 City centers * centers2 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 I949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24 A 18.4 I953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 I954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 I955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1955 June 177,917 67,634 37,569 72,714 44.7 28.3 20.8 41.4 27.7 20.8 July 161,748 58,904 34,123 68,721 40.7 26.6 20.4 41.7 27.1 20.7 167,343 58,980 35,863 72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept 168,967 62,550 35,126 71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct 175,779 67,568 35,803 72,409 44.7 26.5 20.3 46.1 27.3 20.3 173,190 63,406 36,876 72,908 45.4 29.0 22.0 45.9 28.6 20.9 Dec 200,523 81.027 40,193 79,303 51.3 28.1 21.6 45.4 26.9 20.5 1956 Jan 187,361 69,675 40,718 76,967 45.7 29.5 21.7 45.5 30.1 21.5 Feb 162,105 57,413 35,143 69,549 41.1 27.5 21.0 42.2 28.2 21.1 Mar 189,793 73,214 40,132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr 176,760 65,715 37,763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 Miay 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 186,540 70,733 38,937 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 29.6 22.4 47.1 30.2 22.7 Aug 183,819 67,279 38,206 78,333 44.4 ^27.3 *21.2 51.3 ^29.8 *>22.6 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 951 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 denominatioil 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 ,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 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 1,484 ,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27 741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955_july 30,244 21,351 1,865 ,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 Aug 30 317 21,406 1,878 ,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept 30,422 21,489 1,887 ,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30,559 21,609 1,900 1,270 72 2., 088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 Nov 30 993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec 31,158 22,021 1,927 ,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 ,914 ,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr 30,210 21,320 ,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 July 30,604 21,709 ,957 ,258 74 2,065 6,514 9,840 8,895 2,674 5,500 294 415 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Held by Kind of currency T s J o t u a t 1 l n a y 9 l d 5 i 3 o 6 n 1 u g , t , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s a B F g a . a e n n n R d k t . s s Ju 1 ly 95 3 6 1, Ju 1 n 9 e 5 3 6 0, Ju 1 ly 9 5 3 5 1, certificates agents Gold 21 830 21 185 2645 Gold certificates .. 21 185 18,336 2,816 33 33 34 Federal Reserve notes 27,313 73 1,265 25,975 26,055 25,644 Treasury currency—total 5,035 '"^2,416" 44 396 4,595 4,626 4,566 Standard silver dollars 489 212 33 4 239 237 224 Silver bullion 2 203 2 203 Silver certificates and Treasury notes of 1890.. . 12,416 300 2,116 2,150 2,156 Subsidiary silver coin 1,319 6 51 1,262 1,259 1,206 Minor coin 465 1 8 456 453 435 United States notes 347 2 31 313 318 317 Federal Reserve Bank notes 147 2 145 147 161 National bank notes 64 64 64 67 Total Julv 31 1956 1 23 600 761 18 336 4 477 30 604 June 30 1956 23,562 768 18,293 4,233 30 715 July 31 1955 23,447 798 18,179 4,308 30,244 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. 944. 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, 4 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

952 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold s r t o e i a n n u n c g t d - y - Total Lo n a e n t s, Total m C e a o r n m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d n si c t y s co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,mi 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—Dec. 31. 21,713 4,985 210,988 85,730 1C4.819 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 1955_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 D N e o c v . . 3 3 1 0 . . 2 2 1 1 , , 6 7 9 0 0 0 5 5, , 0 0 0 0 8 0 2 21 1 7 4 , , 4 4 3 0 7 0 1 9 0 7 0 , ,0 8 3 0 1 0 9 96 6 i . 7 0 3 0 6 0 7 6 0 9 , , 0 8 5 0 2 0 2 2 4 4 , , 7 3 8 0 5 0 l 1, s 8 9 9 0 9 0 2 2 0 0 , , 6 6 7 0 0 0 2 2 4 4 4 1 , , 1 1 3 0 5 0 2 22 2 4 1 , , 9 2 4 0 3 0 1 1 9 9 , , 1 9 9 0 3 0 1956—Jan. 25 *• 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29 v. 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28" 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", 21,800 5,000 215,700 105,200 90,000 64,700 23,500 1,800 20,500 242,600 222,600 19,900 July 25*. 21,800 5,000 214,800 105,000 89,400 64,200 23,400 1,800 20,400 241,600 221,400 20,200 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 3 For- Date p b e o d n 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 r m i t d c k n i - g s 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 l c 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 2,547 101,508 27,494 124,700 97,800 26,900 1953—Dec. 31 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99,500 27,200 1954—Dec. 31 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—June 30 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007 103,234 27,375 131.900 104,900 27,000 1955—July 27 ,300 800 6,100 500 208,100 77,100 47,700 27,400 2,000 103,900 27,100 132,700 105,500 27,200 Aug. 31 ,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000 103,900 27,300 132,700 105,500 27,200 Sept. 28 ,200 800 4,500 500 209,700 77,700 48,100 27,700 1,900 104,900 27,200 133,300 106,200 27,100 Oct. 26 ,200 800 4,900 500 211,300 77,900 48,200 27,800 1,900 106,100 27,300 132,000 104,800 27,200 Nov. 30 ,200 800 4,500 500 212,200 77,400 47,700 27,800 1,900 106,900 27,900 132,900 105,400 27,500 Dec. 31 ,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,300 105,800 27,500 1956—Jan. 25* ,100 800 2,300 500 214,400 78,400 48,300 28,300 1,900 108,900 27,100 133,300 106,000127,300 Feb. 29P 3,000 800 4,000 600 211,600 78,800 48,500 28,400 1,800 105,600 27,200 132,700 105,400127,300 Mar. 28P 3,000 800 6,500 500 210,800 79,300 48,800 28,600 1,800 104,400 27,200 133,100 105,600127,500 Apr. 25* 3,000i 800 4,400 600 212,400 79,300 48,800 28,700 1,800 106,100 27,000 134,400 107,200 27,200 May 30* 3,000 800 5,800 400 211,200 79,600 49,000 28,900 1,800 104,200!27,400 133,200 105,700 27,500 June 27?' 3,000 800 5,400 600 212,900 80,300 49,500 29,100 1,800 105,100 27,500 134,400 106,800 27,600 July 25 P 3,100 800 3,600 600 213,400 80,600 49,600 29,200 1,700 105,300 27,500 134,500 106,900127,600 * Preliminary. NOTE.—For description of statement and back figures, see BULLET IN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For 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 953 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i n v g S t a s . . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c b T a i a l a l o p i i n c 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 Time c c T a o a o p u c t i n - t a a t l s l b N a b u o n e f m r ks counts 3 U. S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941_Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945_Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947_Dec. 314 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 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 July 27 186;190 92,930 72,410 20,850 40,720 230,240 207,900 14,490 5,740112,240 75,430 17,750 14,303 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* 190,510 102,770 67,020 20,720 40,850 234,910 211,140 14,210 6,170 112,930 77,830 18,410 14,229 Apr. 25* 190,770 103,570 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 27* 191,550 106,370 64,660 20,520 41,630 236,770 212,780 14,470 5,070114,330 78,910l 18,730 14,209 July 25* 190,680 106,070 64,210 20,400 40,910 235,220 211,250 14,560 3,290114,250 79,150 18,800 14,204 AH commercial banks: 1939—Dec. 30........ 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941_Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945__Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1953—Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13,981 1954_Dec. 31 155,916 70,619 68,981 16,316 43,559 202.378 184,757 16,809 4,172 116,567 47,209 14,576 13.840 1955—Tune 30 155,264 75.183 63,271 16,80^ 41,025 199,249 181,516 15,242 5,078 112.983 48.214 14,906 13,781 July 27 156,990 76,570 63,700 16,720 39,790 199,710 180,470 14,490 5,740112,190 48,050 14,980 13,776 Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48,715 15,300 13,716 1956—Jan. 25* 159,410 81,980 60,900 16,530 40,260 202,730 182,720 14,550 2,010 117,550 48,610 15,340 13,723 Feb. 29* 158,350 82,540 59,170 16,640 40,530 202,040 181,670 14,060 3,640 115,090 48,880 15,510 13,703 Mar. 28*> 159,910 84,730 58,540 16,640 39,960 202,980 182,440 14,210 6,170 112,870 49,190 15,550 13,702 Apr. 25* 160,040 85,340 58,060 16,640 39,920 203,070 182,330 14,220 4,110!ll4,860 49,140 15,710 13,697 May 30? 159,600 86,030 57,170 16,400 40,060 202,780 181,980 13,690 5,450)113,520 49,320 15,820 13,691 June 27* 160,470 87,720 56,360 16,390 40,720 204,340 183,590 14,470 5,070 114,270 49,780 15,840 13,682 July 25? 159,400 87,250 55,910 16,240 40,060 202,650 181,980 14,560 3,290 114,190 49,940 15,900 13,677 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 July 27 132,331 65,647 52,838 13,846 35,152 170,058 153,657 13,744 5,264 95,996 38,653 12,517 6,603 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 July 25* 133,966 75,005 45,763 13,198 35,160 171,934 154,215 13,874 2,860 97,381 40,100 13,304 6,494 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. 314 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 July 27 29,200 16,360 8,710 4,130 930 30,530 27,430 27,380 2,770 527 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 8 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 (5) 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 29,130 2,890 527 July 25* 31,280 18,820 8,300 4,160 850 32,570 29,270 29,210 2,900 527 * 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

954 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 b c T a i a l l a o p i i n c a t t i d i - t - a e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther Time c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f r ks counts3 U. S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,894 2,150 2,572 22 1954—Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 July 27 23,445 13,618 7,557 2,270 6,979 31,099 26,927 5,138 1,471 18,131 2,187 2,716 18 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 July 25? 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 ,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 ,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1953—Dec. 31 6,204 2,776 2,856 572 ,115 8,366 7,724 1,387 259 4,837 1,242 566 13 1954—Dec. 31 6,518 2,784 3,120 614 ,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—June 30 6,288 2,846 2,742 699 ,763 8,102 7,431 1,180 343 4,606 1,303 612 13 July 27 6,276 2,862 2,712 702 844 8,171 7,408 1,163 382 4,577 1,286 613 13 Dec. 31 6,542 3,342 2,506 695 132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—Jan. 25* 6,435 3,239 2,535 661 985 8,469 7,749 1,144 74 5,230 1,301 626 13 Feb. 29* 6,237 3,097 2,472 668 953 8,245 7,397 1,160 216 4,731 1,290 631 13 Mar. 28* 6,446 3,223 2,545 678 785 8,282 7,202 1,236 420 4,284 1,262 631 13 Apr. 25* 6,325 3,383 2,242 700 850 8,227 7,208 1,129 228 4,572 1,279 631 13 May 30* 6,219 3,400 2,124 695 903 8,176 7,334 1,094 344 4,613 1,283 636 13 June 27* 6,324 3,574 2,068 682 992 8,367 7,480 1,207 336 4,640 1,297 636 13 July 25* 6,187 3,500 2,057 630 ,799 8,035 7,243 1,144 142 4,661 1,296 639 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 July 27 51,338 26,193 19,954 5,191 14,484 66,845 60,723 6,234 1,891 36,659 15,939 4,510 298 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 July 25* 52,177 30,461 16,933 4,783 14,490 67,784 60,918 6,339 1,010 37,146 16,423 4,909 290 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 July 27 51,272 22,974 22,615 5,683 11,845 63,943 58,599 1,209 1,520 36,629 19,241 4,678 6,274 Dec. 31 52,775 24,379 22,570 5,826 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 5,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29* 52,421 24,604 21,970 5,847 11,872 65,158 59,594 1,248 1,037 37,795 19,514 4,819 6,203 Mar. 28* 52,469 24,905 21,726 5,838 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 5,880 11,811 65,376 59,742 1,247 1,226 37,588 19,681 4,888 6,196 May 30* 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 6,18o July 25* 52,831 25,792 21,130 5,909 12,054 65,759 60,125 1,264 1,194 37,624 20,043 4,947 6,173 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 955 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i S v g t . a . - O se t c h u e - r a C ss a e s t h s 2 c b T a i a l l p o i n i a t i t d i t - a e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f k r s tions ac- Time counts 3 U.S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,429 1945—Dec. 31 121,809 25,765 88 912 7,131 34,292 157,544 147,775 13 883 23 740 80,276 29 876 8 671 13 297 1947_Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1953 Dec 31... 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 13,412 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13 303 1955 June 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14 980 13,216 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90 220 84,939 9 229 14 013 45,473 16 224 4 644 5 017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5 409 5,005 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 4,856 1954_Dec. 31 88,509 39,712 39,392 9,405 25,662 115 835 105,851 10,714 2,508 66,426 26,202 8 085 4,789 1955 June 30 . 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 State member banks: 1941_Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43 879 40,505 3,993 381 27,068 9,062 3,055 1 918 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49,510 5,019 1,232 32,206 11,054 3,925 1,887 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56 407 51,401 5,269 1 207 33,177 11,748 4 125 1 871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 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 27 911 25,657 393 439 15,879 8,947 2,044 6,647 1955 June 30.. 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2 768 2,452 181 1905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1953—Dec. 31 1,891 511 1,045 335 430 2 372 2,005 407 30 1,182 386 320 569 1954—Dec. 31 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 140 2 172 1,788 448 13 990 337 327 513 Dec. 31 1,716 520 827 370 357 2,'126 1,742 370 12 1,039 322 320 499 All nonmember commercial banks: 1941 Dec 31. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14101 6,045 1,362 7 130 1947—Dec. 31 * 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16,580 8,806 2,245 7,241 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2 368 7 183 1955 June 30... 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7 176 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 034 192 1947 Dec 31... . 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 219 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 t 8,738 1,077 496 1945 Dec 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 31 « 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1953 Dec 31... 6,558 2,910 2 707 941 184 6,796 6,015 1 2 6 013 740 309 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6,474 1 2 6,471 774 309 1955—June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 1 2 6,741 792 310 Dec 31 7,567 3,893 2,601 1,072 180 7,816 6,950 2 6,947 806 307 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Loans for U. S. Government obligations Com- purchasing Cla c s a s l a l o n d d f a b te ank i m T l n o a v o e n a e t n n d a s t s t l s - Total 2 c o m m c i p p k l i p i n u n e a e a a e e g d - r r r l - t n - , - - A c tu u g l r r - - i- b o d a T s e r e r e n o e r r o a s c d s c k l a u - - r r r i y t o i T e i e t r n h o s s g - l R o ta e a t a n e l s O l v o u i d t t i a n a o h i d - n l - e s - s r 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 D s - i - i - re N c o t tes Bonds G t a e u n e a - d r- O s r e i th t c i e u e r s - All commercial banks :3 1947_Dec. 31. 116,284 38,05718,167 660 830 ,220 9,393 5,723 1.,063 78,22669,221 ,193 7,789 6,03453,191 5,276 ,729 1954_Dec. 31. 155,91670,61926~" 2002,9291,525 18,418 4,750 2,000 8855,297 68,981 ,065 5,361 4,6—72 43,861 12,586 ,729 1955—June 30. "55,,226644 7755,18328;872 4;3912,859 ,61319,779 6, 1,42880,081 63,271 ,220 1,710 6,640 41,685 "2,785 ,025 Dec. 31. 60,88182,60133,2245 4,4753,263I,'774 20,809 7,185 3i,117^8,280 61,592 ,219 2,318 4,034 41,010 2,698 ,990 1956—Apr. 10« 59,39084,40034,5500 4,3302,7401,770 21,270 7,510 31,600 r4,990 58,1402,660 1,980 3,350 40,140 3,060 ,790 All insured commercial banks: 1941—Dec. 31. 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,159 12,797 4,102 3,651 ,333 1945_Dec. 31. 21,809 2255,765 9,461 1,314 3,1643,606 4,677 2,36111,18196,04388,912 ,455 9,071 6,04551,321 22 3,873 ,258 1947__Dec. 31. 14,27437,583 8,0121,610 8231,190 9,266 5,654 ' ~02'~8 76,69167,941 ,124 7,552 5,918 52,334 14 5,129 ,621 1954_Dec. 31. 54,11570,12726,7315,1082,9071,50118,30214,676 1,97383,98868,012 5,279 4,523 4'3",287 2112,352 ,624 1955—June 30., 53,48874,692 28;729 4,3192,8341,58919,66116,283 2,400 78,79662,342 ^996 1,667 16,479 41,185 1512,549 ,906 Dec. 31. 59,16482,081 13,092 4,3963,229i;742 20,692'7,104 3,09177,08360,765 4,105 2,292 3,856 40,502 1012,465 ,853 Member banks, total: 1941—Dec. 31.... 43,521 8,021 8,671 972 594 598 3,494 3,692 25,500 9,539 971 3,007 11,729 3,832 3,0902,871 1945—Dec. 31.... 07/1"8"3 2!22,775 8,949 8553,1333,378 3,455 1,900 1,10484,408 '8,3382,275 6,985 14,27144,792 16 3,2542,815 1947—Dec. 31.... 97,846 32,628 6,9621,046 8111,065 7,130 4•, 6'6"2 95265,21857,9141,987 5,816 4,815 4455,286 10 4,199 3,105 1954—Dec. 31.... 31,602 60,25025,000077 33,5292,8811,36314,43312,1271,858 71,35257,809 4,075 4,307 12,464 36,944 20 0,4493,094 1955—June 30.... 30,788 64,31526,8942,799 1,44015,59413,489 2,285 6666,47352,5432,377 1,281 13,969 34,903 13 0,5843,346 Dec. 31.... 35,36070,98231,0192,726 3,1501,56016,39114,313 2,94364,37750,6973,250 1,738 11,508 34,192 9 0,4443,236 1956—Apr. 10.... 34,"0"3"0 72,48832,2212,5422,6161,56016,73414,556 3,43061,54247,702 ,956 1,428 10,93033,377 11 0,802 3-.037 New York City:'' 1941—Dec. 31.... 12,896 4,07: 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945_Dec. 31.... 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947_Dec. 31.... 20,393 7,179 5,361 545 267 111 564 33013,21411,972 ,002 640 558 9,771 638 604 1954—Dec. 31.... 23,88012,039 7,231 2042,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30.... 23,09913,016 7,928 162,034 466 656 1,379 75410,083 7,782 537 146 1,830 5,262 1,754 547 Dec. 31.... 23,58314,640 9,126 172,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—Apr. 10 23,15914,945 9,59: 11,662 513 608 1,5191,301 8,214 6,000 246 82 1,024 4,644 1,812 402 Chicago:* 1941~-Dec. 31.... 2,760 954 73: 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945— Dec. 31.... 5,931 1,333 760 2 211 233 36 511 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 1A4Q9 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 1,72.1 476 219 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 Reserve city banks 1941—Dec. 31..., 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 ,59120,196 373 2,358 1,90115,560 3 l,34r 1,053 1954_Dec. 31..., 50,73823,98610,624 956 40 622 6,134 4,912 720 26,75221,7181,326 1,695 4,95413,736 7 3,78: 1,252 1955—June 30..., 50,59625,65'11,210 700 444 651 6,603 5,500 954 24,94219,697 503 481 5,77312,937 3 3,916 1,330 Dec. 31.... 52,45928,62 13,212 566 54: 696 6,962 5,916 .83718,826 813 657 4.70812,643 5 3,7781,233 1956—Apr. 10... 52,14229,35813,615 511 539 7,121 5,998 i;354 22,78417,768 417 478 4,50512,364 4 3,829 1,186 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 65! 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 4: 471 1,881 707 363 29,40726,999 630 5,102 4,54416.713 9 1,342 1,067 1947_Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,108n;68i 6 2,006 1,262 1954_Dec. 31... 50,46621,442 5,306 2,229 89 220 7,742 5,760 388 29,02423,6291,893 1,774 4,73115,228 4,275 1,120 1955—June 30... 50,80622,799 5,815 ,980 61 23. 8,214 6,366 43928,00622,321 ,261 587 5,55414,916 4,458 1,227 Dec. 31... 52,77524,379 6,2902,127 189 255 8,723 6,575 57328,39722,570 ,774 913 5,05614,825 4,581 ',246 1956—Apr. 10... 52,40624,871 6,5492,016 213 260 8,875 6,756 57727,53521,625 ,265 81 4,84414,699 4,663 ,247 All nonmember banks: 3 1947_Dec. 31... 18,45. 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... 24,33 10,378 1,859 1,671 49 16 3,993 2,623 14: 13,95911,184 991 1,054 2,209 6,928 2,139 636 1955— D Ju e n c. e 3 3 0 1 . .. . . . 2 2 5 4, , 4 5 9 4 ( 61 1 1 0 , , 6 8 2 7 8 6 2 1 , , 2 97 2 9 6 1 1 , , 7 5 5 9 0 2 1 5 1 1 3 2 1 1 73 4 4, , 1 4 9 2 4 8 2 2 , ,8 8 7 7 5 2 1 1 7 4 4 3 1 1 3 3 , , 9 6 1 2 8 2 1 1 0 0, , 7 9 4 0 1 8 9 8 7 4 0 3 4 5 2 8 9 0 2 2, , 6 5 7 2 2 ' 6 6 , , 8 7 2 9 9 4 2 2 , , 2 2 5 0 5 3 7 6 5 7 5 9 « Partly estimated. Figures have been rounded to nearest $10 million. Reserve membership, insurance status, and the reserve classifications of 1A11 commercial banks in the United States. These figures exclude cities and individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that 2Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all continue to be shown net. insured commercial banks or all commercial banks. Comparability For other footnotes see opposite page. of figures for classes of banks is affected somewhat by changes in Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 957 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits .re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s e s w e R e d a r r i e n 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 a w d n e n o i c s k t - e t h s i s c 5 j m p u o s d a a t d e s e n - i - t d d s 6 m D e I s o n d t - t e i e c p s r o b s a i F n t e s i k o g r n - G U o . v S t. . p v s S o i u a l t s i b a n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e n t e f r c r c d i t d s . - k i ' - s, p a v n s a p i I t h d d i r n o o t i u d r n p c n a a i e s o s - l - , r s r - , - I b n a t n e k r- P U G S i a n o a n . o g s S v d v t s . a - t l . v S p s i a u i t s o c a n i b l a o t i d d e t l n - i s s - p a v n s a p i I t h d d i r n o o t i u d r n c p n a a o i e s s - - l , r r s - - , B . n m < ,, w g w _ s - " c C o a u a t c a p n - l i t - s All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11.362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1954_Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529 103,221 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 l,f'40 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 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 :>15 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 21 14,252 1955—June 30.... 17,941 2,655 10,241 102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Dec. 31.... 18,721 2,656 11,744 108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 Member banks, total: 1941--Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945 —Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 :>08 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 15 12,210 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 15 12,461 Dec 31.... 18,722 2,019 7.612 92,435 13,002 1.511 3,327 R.075 1,638 •53,687 1,353 327 1,865 36,972 137 12,783 1956—Apr. 10.... 18,487 2,127 6,720 89,145 11,757 1,603 3,486 7,780 2,781 87,647 1,207 315 1,992 37,275 1,<W0 13,145 New York City:4 1941_Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 19338 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 *. 364 1.151 tfp 1,4Q8 18,919 1.085 59 72 2.171 t 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 :>97 2,783 Chicago:4 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 4v400 1,264 40 251 274 80 4,622 18 6 10 1,280 .. 600 1955— D Ju e n c. e T 30 l. . . . . . . . 1 ! , , 0 2 13 1 5 2 32 8 1 1 4 2 1 7 4 4s. 0 3 2 4 4 9 1 1 , , 2 1 4 2 6 5 4 3 0 9 7 3 2 4 2 3 2 29 8 9 8 7 8 9 5 4 4, , 7 2 8 3 1 8 l 1 \ 6 6 6 1 8 0 1 1 , , 3 2 1 8 3 7 .. 3 6 6 1 2 2 8 1956—Apr. 10.... 1,107 31 98 3,892 1,200 37 217 255 71 4,144 9 4 8 1,268 :171 631 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 no 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 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 2S9 1,843 3,021 757 32,681 277 117 1,018 14,871 50 4,492 Dec. 31.... 7,727 638 7.515 11,757 6,903 ^03 1.288 3.048 1.035 15,752 ">39 106 941 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 (S69 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 S.429 1,222 4.844 17 816 1,488 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_j D U e n c e . 3 3 0 1 ,, 6 6 6 6 3 4 4 3 , , 4 8 3 2 9 5 1 1 7 6 , , 4 0 7 1 0 4 4 51 2 0 4 4 3 7 6 4 3 2 8 2 2 2 2 , , 1 1 9 6 8 2 2 2 6 3 5 5 1 1 5 3 , , 3 8 2 4 4 4 2 3 3 0 1 9 2 3 9 0 4 4 7 6 5 8 9 8 , , 0 9 7 2 1 9 2 3 2 5 2 2 ,5 4 1 4 9 8 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

958 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Loans Month or date i m T l n o a v o e n a e n d t n a s t s t l s - j i m u n a a s v e n d t e d n e - s t d t s - 1 j L u o s ad t a e - n d s 1 C i m n t a c o r n d e i i m a d r a u - l - l s- A t c u u g r l r a - i l - G t a U T l i o i n o o o g . b d S n v a - b . s - t d . r e o O a c k t s l u t i e e e h e r - r r s i e s s - rG t U l T i o i o o g b o .S n v - a . s - t o . t O h c t s u e t i e h e r r - s i s 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 f t e a e i e e d f t b r s i - e i - - t s n s - - Notes Bonds 2 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 Aug 85,401 84,403 44,335 23 893 2,524 1,191 8,062 9,40131,358 1,036 746 8,545 21,031 8,710 998 1956 July 86,379 85,018 50,904 28,253 461 2,334 1,267 8,62210,828 26,306 590 359 5,952 19,405 7,8 ,361 86,563 85,292 51,04328,517 451 2,116 1,243 8,70810,873 26,487 565 900 5,817 19,205 7,762 ,271 Aug 1956 86,980 85,521 51,097 28,381 462 2,398 1,278 8,591 10,849 26,559 355 6,002 19,514 7,865 ,459 July 4 86,458 85,132 50, ,275 459 2,335 1,270 8,61910,827 26,349 583 345 5,989 19,432 7,861 ,326 July 11 86,279 84,905 50,876 28,195 462 2,362 1,264 8,62710,824 26,264 538 372 5,964 19,390 7,765 ,374 July 18 85,799 84,515 50,72328,160 463 2,241 1,259 8,651 10,813 26,050 551 362 5,852 19,285 7,742 ,284 July 25 Aug. 1 85,976 84,609 50,92528,291 443 2,269 1,255 8,671 10,,864 25,978 498 350 19,242 7,706 ,367 Aug. 8 85,726 84,402 50,814 2288,282 445 2,142 1,247 8,67810,886 25,824 435 321 5,863 19,205 7,764 ,324 Aug. 15 87,256 86,051 51,13128,577 452 2,150 1,238 8,716 10,862 27,199 716 1,383 5,843 19,257 ,205 Aug. 22 87,131 85,857 51,22728,724 458 2,069 1,243 8,73710,86126,859 626 1,260 5,775 19,198 ,274 86,725 85,541 51,120 28,711 457 1,948 1,235 8,73810,895 2266,576 548 1,187 5,718 19,123 7,845 ,184 Aug. 29 New York City 1955 22,871 22,309 12,998 8,257 187 1,698 12 446 676 1,942 7,025 324 129 1,632 4,940 2,286 562 Aug 1956 23,084 22,279 14,73610,094 ,541 585 2,200 5,666 196 74 1,017 4,379 1,877 805 July 23,040 22,305 14,67710,219 ,357 450 600 2,208 5,726 157 270 1,003 4,296 1,902 735 Aug 1956 23,523 22,569 14,95210,226 93 ,590 476 582 2,210 5,753 233 69 1,020 4,431 1,864 954 23,078 22,311 14,72210,072 57 ,555 475 588 2,202 5,682 198 71 1,022 4,391 1,907 767 July 4 23,032 22,248 14,67210,033 72 ,542 469 588 2,195 5,704 201 85 1,041 4,377 1,872 784 July 11 22,703 21,988 14,59810,044 67 ,477 463 583 2,191 5,525 151 69 987 4,318 1,865 715 July 18 July 25 22,807 22,067 14,69910,092 55 ,520 458 589 2,214 5,502 138 58 999 4,307 1,866 740 Aug. 1 22,670 21,913 14,55110,062 27 ,428 454 595 2,214 5,445 107 44 997 4,297 1,917 757 Aug. 8 23,285 22,574 14,70710,222 100 ,359 450 604 2,202 5,980 185 465 996 4,334 1,887 711 Aug. 15 23,293 22,523 14,74110,329 109 ,276 448 607 2,203 5,891 184 402 1,003 4,302 1,891 770 Aug. 22 23,145 22,449 14,68910,389 70 ,205 440 605 2,207 5,813 168 381 1,022 4,242 1,947 696 Aug. 29 Outside New York City 1955 Aug 62,530 62,094 31,337 15,636 639 733 7,386 7,459 24,333 712 617 6,913 16,091 6,424 436 1956 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 63,523 62,987 36,36618,298 450 687 774 8,108 8,66520,761 408 630 4,814 14,909 5,860 536 Aug 1956 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 4 63,380 62,821 36,20018,203 458 723 775 8,031 8" ,6"2"520,667 385 274 4,967 15,041 5,954 559 July 11 63,247 62,657 36,20418,162 461 748 775 8,039 8,62920,560 337 287 4,923 15,013 5,893 590 July 18 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 July 25 Aug. 1 63,169 62,542 36,22618,199 442 694 778 8,082 8,650 20,476 360 292 4,889 14,935 5,840 627 Aug. 8 63,056 62,489 36,26318,220 444 687 774 8,083 8,672 20,379 328 277 4,866 14,908 5,847 567 Aug. 15 63,971 63,477 36,42418,355 451 691 770 8,112 8,660 21,219 531 918 4,847 14,923 5,834 494 Aug. 22 63,838 63,334 36,48618,395 457 684 778 8,130 8,658 20,968 442 858 4,772 14,896 5,880 504 Aug. 29 63,580 63,092 36,43118,322 456 673 774 8,133 ~ 688 20,763 380 4,696 14,881 5,f" 488 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 959 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 . r a e i v n t R - e h k . s s C va i a n u s l h t b m a w B a d n e a o n i c l s t - - e k h ti s s c j p m u D o a d s a e t e d s n e - - i - t d d s 1 s p I p u n v c h a n o a a o e i n i d r d r l p r r d s a t i - - - s - - , - , S p s d s a i t i o u c i a o n v b l a t d n i - e i l t - s - s c C h c o f a e e e e i f t n e c c f r r d i t . s d k - i ' s - , G U o .S v . t. s p I p u n c v a h n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v b l a t n i d - i e l t - s - s G P U S i a n o o . a n S g s v v d . t s - t a . l m D t e D o i s c - - ema 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 a u t c p a - n - l ts tions tions Total— Leading Cities 1955 Aug 13,362 942 2,404 55,694 57,148 3,909 1,726 3,19919,123 1,014 20910,371 1,431 1,419 458 635 8,327 1956 July 13,353 975 2,535 55,620 58,065 4,132 2,180 2,55319,600 1,003 18210,805 1,525 1,311 435 1,062 ,812 13,206 951 2,404 55,213 57,318 3,971 1,964 3,03319,626 1,008 17810,418 1,591 1,288 512 992 ,858 Aug 1956 13,649 922 2,64555,24857,689 4,471 2,230 3,60519,641 1,002 18410,977 1,496 1,342 471 1,129 ,816 July 4 13,287 1,025 2,"5"59 55,346 58,026 4,089 1,835 2,47719,588 999 18311,194 1,491 1,326 526 1,057 ,818 July 11 13,381 979 2, ,774 58,677 3,923 2,739 2,33419,576 1,006 18210,921 1,536 1,285 380 1,061 ,801 July 18 13,095 974 2,374 56,114 57,868 4,044 1,917 1,79419,593 1,007 18010,129 1,576 1,290 362 1,003 ,813 July 25 Aug. 1 13,048 915 2,42755,,556 57,492 4,168 2,125 2,08519,596 1,004 18010,465 1,594 1,300 315 1,079 ,854 Aug. 8 12,960 936 2,287 5555,;428 56,968 3,948 1,784 1,37119,616 1,011 18010,481 1,617 1,282 570 1,096 ,855 Aug. 15 13,456 934 2,523 54.,697 58,167 3,922 2,035 4,00619,613 1,009 17810,945 1,605 1,272 669 928 ,848 Aug. 22 13,448 953 2,368 5555,,007 56,939 3,891 1,973 4,05319,645 1,009 17810,147 1,589 1,282 685 1,002 ,857 13,120 1,017 2,41355,38157,026 3,928 1,901 3,64819,661 1,005 17810,052 1,552 1,305 322 852 ,875 Aug. 29 New York City 1955 4,220 135 5115,58216,646 253 1,060 1,981 104 57 2,838 1,096 1,111 70 346 2,701 Aug 1956 4,131 141 15,44516,807 278 1,137 789 2,172 3,005 1,204 1,022 496 2,778 July 4,134 133 15,21616,499 266 972 1,087 2,185 2,841 1,261 1,004 420 2,793 Aug 1956 4,225 142 15,45116,905 320 1,082 1,175 2,200 3,059 1,187 1,041 585 2,782 4,010 153 15,26116,583 280 825 769 2,169 3,055 1,195 1,021 504 2,777 Tuly 4 4,174 135 15,56216,984 262 1,694 700 2,152 3,052 1,191 1,011 466 2,777 July 11 4,114 136 15,50816,757 250 948 512 2,165 2,854 1,241 1,016 430 2,775 July 18 July 25 4,057 129 15,30716,642 283 1,084 606 2,168 2,921 1,260 1,024 4 494 2,791 Aug. 1 4,054 136 15,38416,378 289 830 463 2,169 2,761 1,281 1,013 7 521 2,796 Aug. 8 4,173 126 14,91816,571 274 934 1,550 2,175 3,018 1,267 1,002 62 368 2,796 Aug. 15 4,266 131 15,16516,349 231 1,025 1,501 2,197 2,737 1,249 997 190 408 2,791 Aug. 22 4,118 145 15,30516,553 254 986 1,316 2,218 2,769 1,248 986 310 2,791 Aug. 29 Outside New York City 1955 Aug 9,142 807 2,353 40,112 40,502 3,656 952 2,139 17,142 910 152 7,533 335 308 388 289 5,626 1956 July 9,222 834 2,470 40,175 41,258 3,854 1,043 1,76417,428 931 146 7,800 321 289 413 566 6,034 9,072 818 2,346 39,997 40,819 3,705 992 1,94617,441 934 143 7,577 330 284 459 572 6,065 Aug 1956 9,424 780 2,575 39,797 40,784 4,151 1,148 2,43017,441 929 148 7,918 309 301 466 544 6,034 July 4 9,277 872 2,497 40,085 41,443 3,809 1,010 1,70817,419 930 147 8,139 296 305 451 553 6,041 July 11 9,207 844 2,493 40,212 41,693 3,661 1,045 1,63417,424 932 146 7,869 345 274 370 595 6,024 July 18 8,981 838 2,315 40,60641,111 3,794 969 1,28217,428 934 144 7,275 335 274 362 573 6,038 July 25 Aug. 1 8,991 786 2,364 40,249 40,850 3,885 1,041 1,47917,428 932 144 7,544 334 276 311 585 6,063 Aug. 8 8,906 800 2,231 40.,044 40,590 3,659 954 90817,447 936 144 7,720 336 269 563 575 6,059 Aug. 15 9,283 808 2,463 3399,,777799 4411,,559966 3,648 1,101 2,45617,438 936 142 7,927 338 270 607 560 6,052 Aug. 22 9,182 822 /& A ' I *3• A9 ,A8 ,4* »2k 4.• A0 ,5W9A.A0 3,660 948 2,55217,448 935 144 7,410 340 285 495 594 6,066 Aug. 29 9,002 872 2,357 40,076 40,473 3,674 915 2,33217,443 931 144 7,283 304 319 322 542 6,084 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

960 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period* t l o F i b q a o a n u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r e c e n o t t t d a d a s l - 3 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 ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o b r i n c n t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i a e n i p n a n n e d o g l g k d l ' e r l l t — y rubber banks * 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 1956—June . 25 62 396 170 106 -35 -96 59 222 24 86 1,019 1,082 July -100 29 -121 64 75 -4 142 -204 -28 -16 24 -139 -229 Aug 115 48 -139 54 60 2 108 137 52 19 86 541 551 Week ending: 1956—June 6 -20 7 29 159 34 4 -25 -43 26 2 21 195 191 June 13 16 18 114 24 29 -52 -21 -27 77 16 36 230 277 June 20 25 26 215 -13 48 22 -26 242 105 8 13 664 678 June 27 4 11 37 -5 -9 -24 -112 13 -3 16 -70 -64 July 4 -25 16 -28 21 1 4 10 8 -11 27 23 -8 July 11 -46 18 -39 8 70 1 2 -100 -i<5 1 12 -89 -106 July 18 -14 -4 -37 15 10 -4 42 -46 -9 -4 -5 -56 -80 July 25 -15 -1 -17 20 -6 c 88 -67 -3 -1 -10 -17 -35 Aug. 1 19 8 -15 -20 6 -11 56 66 5 -8 25 129 131 Aug. 8 2 19 -35 Q -5 42 -42 -10 10 16 j7 -9 Aug. 15 22 19 -9 32 16 17 3 76 44 -1 45 264 295 Aug. 22 34 4 -57 84 28 -12 7 27 20 13 148 147 Aug. 29 38 -3 -23 -32 10 13 10 -7 6 12 -13 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 th?m weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING In millions of dollars] Dollar acceptances Commercial and finance company paper Held by Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly into from exdealers1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls h t ~ 2a c m tu c F o o r r ^r " . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1950 920 345 575 394 192 114 78 .. .. 21 180 245 87 2 28 32 1951 1,331 449 882 490 197 119 79 .. .. 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 .. .. 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 .. .. 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 .. .. 19 565 285 182 17 300 89 1955—July 2,411 593 1,818 650 184 144 40 10 23 433 223 186 41 108 92 2,359 580 1,779 655 186 142 44 4 27 427 220 182 41 111 101 Sept 2,245 564 1,681 671 190 147 43 :U 27 433 253 189 33 108 87 Oct 2,255 547 1,708 662 189 144 45 6 26 430 258 201 33 82 87 Nov 2,283 542 1,741 642 187 134 52 7 27 410 259 205 20 73 86 Dec 2,008 510 1,498 642 175 126 49 :>8 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 4 37 431 263 234 20 43 106 Mar 2,545 560 1,985 660 170 130 40 ]4 39 436 263 236 18 49 94 Apr... . 2,514 508 2 006 628 146 108 39 3 42 427 235 240 10 43 100 May 2,607 515 2,092 643 157 113 44 16 45 424 245 252 9 33 104 2,427 476 1,951 684 180 109 71 18 45 441 264 251 9 34 125 July 2,600 509 2,091 723 175 111 64 8 48 483 270 237 13 74 129 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their papsr directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 961 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 r p o i m m c t e h i r - 6 a e s , - l * 3 p d n p - c p l i a a o a r a l t y n p e m o c n , c e c e y - t r e 6 d - - a P a b d c n e a r a c 9 r i c n e s y m 0 ' e p k s s e 1 t - , - M 3 k -m a et r o - n s t e o h c n R u b a n r i t i e l t e l w s ies 9 i m ( - s t t s a o o u x n e a t s 1 h b 2 3 - le) 3 i 2 - s y s e t u a o e r s 5 4 - Annua A l r e a a v e a ra n g d e s p , eriod lo A a l n l s 10 1 1 0 0 - 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3.5 1954 3.6 5.0 4.3 3.9 3.4 1953 average.. 2.52 2.33 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 ;i 19 large cities: 1955—Aug.... 2.33 2.02 1.67 1.90 1.876 2.12 2.73 1955_Sept 3.77 4.98 4.44 3.99 3.56 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 Dec 3.93 5.01 4.52 4.14 3.75 Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 1956—Mar 3.93 5.05 4.55 4.13 3.74 Nov.... 2.81 2.53 2.17 2.25 2.225 2.28 2.70 June 4.14 5.18 4.69 4.34 3.97 Dec.. .. 2.99 2.80 2.43 2.54 2.564 2.56 2.83 New York City: 1955_Sept 3.54 4.83 4.39 3.87 3.39 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 Dec 3.76 4.86 4.48 4.00 3.64 Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 1956—Mar 3.75 4.92 4.49 4.05 3.62 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 June 3.97 5.00 4.61 4.23 3.86 Apr.. .. 3.14 2.93 2.44 2.60 2.613 2.83 3.11 7 Northern & Eastern May... 3.27 3.00 2.50 2.61 2.650 2.83 3.04 cities: June... 3.38 3.00 2.45 2.49 2.527 2.69 2.87 1955_Sept 3.76 5.06 4.43 3.99 3.58 July.... 3.27 2.94 2.43 2.31 2.334 2.62 2.97 Dec 3.95 5.08 4.52 4.16 3.79 Aug.. . . 3.28 3.01 2.65 2.60 2.606 3.01 3.36 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 Aug. 4 3.19 2.94 2.50 2.29 378 2.85 3.19 cities: Aug. 11 3.19 2.94 2.50 2.40 399 2.92 3.26 1955—Sept 4.11 5.01 4.47 4.07 3.88 Aug. 18 3.25 2.90 2.60 2.64 603 3.00 3.37 Dec 4.17 5.06 4.54 4.22 3.91 Aug. 25 3.35 3.10 2.73 2.82 818 3.10 3.43 1956—Mar 4.19 5.09 4.58 4.20 3.94 Sept. 1 3.38 3.13 2.85 2.72 2.832 3.10 3.46 June 4.38 5.23 4.71 4.42 4.15 1 Averages of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 4 C C o o n n s s i i s s t t s s o o f f s c e e l r e t c if te ic d a t n e o s te o f a n in d d b eb o t n e d d n is e s s u s e a s. nd selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U.S. Govt. bonds Yea o r r , w m e o ek nth, (long-term) ob G lig en a e ti r o a n l s4 Rev- By r a s t e i l n e g c s ted gr B ou y ps D pr iv ic 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 - C m o o m n8 - Number of issues 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average . 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1955 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 7A9 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 0 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 L. oo 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 r6.99 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 2.89 2.98 r2.71 2.34 3.26 3.02 3 46 3 27 3 75 3.39 3 55 3 44 4 17 3.82 r7 15 July 2.97 3.05 C2.79 c2.40 3.34 3.07 3.50 3.28 c3.80 3.42 3.59 3.48 4.16 '3.68 Aug .... 3.15 3.19 2.94 2.53 3.52 3.32 3.62 3.43 3.93 3.55 3.72 3.60 4.24 3.83 Week ending: Aug. 4 3.06 3.13 2.84 2.45 3.42 3.16 3 55 3 35 3 85 3 48 3 65 3 52 4 17 3.66 Au<* 11 . 3.09 3.14 2.87 2.47 3.46 3.22 3.59 3.38 3.90 3.51 3.68 3.57 4.20 3.69 Aug. 18 3.14 3.18 2.94 2 53 3 54 3 31 3 62 3 42 3 94 3 55 3 71 3 61 4 24 3.70 Aug. 25 3.21 3.23 2.99 2.59 3.57 3.39 3.65 3.47 3.95 3.59 3.74 3.62 4.28 3.76 Sent 1 3.21 3.23 3.04 2.62 3.60 3.51 3.68 3.49 3.97 3.61 3.78 3.64 4.32 3.83 r Revised. c Corrected. 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 2V2 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 IninJ10-20 years, beginning Oct. 1, 1955. vestors Service. 3 Consists of the 3*4 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

962 SECURITY MARKETS SECURITY PRICES l Bond prices Common stock prices Volume U. S. Govt. Standard and Poor's series Securities and Exchange Commission series of (long-term) (index, 1935-39= 100) (index, 1939= 100) trad- Yea o 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 ( in o in u g - 5 O r s ie l e d s - 2 N r s i e e e - w s3 g ( r h a ig d h e) - *g ( r h a ig d h e - )4 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Total r D ab u l - e N r d a o b u n l - e - T p t r o io a r n n ta s - - P u i h u t t i y e b l- - n s a a e i f c n n r i e v - d c - e, M in i g n- s s h a a o n r f d es s ) Number of issues.. 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1953 average 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 95.97 103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297 313 2,578 1955—Aug 94.51 101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct 95.83 102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956 Jan 95 40103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94.88 102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,874 Apr 92 86100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2,420 June 95 03102.22 119.2 110 5 341 397 257 154 341 434 393 All 328 155 300 352 1 771 July 93.94100.98 118.6 110 3 357 417 260 157 359 460 421 495 335 159 315 369 2,177 Aug 91.81 98.38 115.8 108.4 357 418 254 159 359 460 432 484 329 160 313 373 1,936 Week ending: Aug. 4 92.88 99.44 117.8 109.4 363 425 263 160 366 469 438 497 338 162 319 383 2,331 Aug. 11 92.54 99.24 115.9 109.0 364 426 259 160 363 465 436 492 335 161 315 380 2,308 Aug. 18 91.94 98.48 115.9 108.4 360 422 255 160 361 462 434 488 329 160 314 375 1,806 Aug. 25 91.13 97.67 115.0 107.9 351 410 249 158 355 454 429 477 325 159 309 368 1,779 Sept. 1 91.06 97.59 114.3 107.2 349 408 245 157 351 448 426 469 319 158 307 359 1,606 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 3VA 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 n e d d o n f e s m da o y n t o h f o m r o l n as t t h o s t T e h c o e u t r r a i l t t — h ie a s n N N ew et Y d o e r b k it f S i b r t a o m l c a s k n 1 c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d c s a d t r o e r a y o l i e n t r h g s e ) r s s e fo c ( r u th r p a i u t n i r e - s2 Money borrowed Cus n to et mer U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U ob . l S ig . a G ti o o v n t s . se o cu th r e it r ies obligations securities U ob . l S ig . a G ti o o v n t s . sec o u th r e it r ies 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—July 3,911 45 2,734 29 1.177 77 2 003 918 Aug 3,865 43 2,710 29 1,155 71 1,994 887 Sept 3,966 43 2,805 33 1,161 68 2 056 977 Oct 3,944 40 2,749 29 1,195 71 2,088 920 Nov 3,980 38 2,759 27 1,221 75 2,185 876 Dec 4,030 34 2,791 32 1,239 51 2,246 894 1956—Jan 4,040 36 2,786 37 1,254 41 2 129 905 Feb 3,991 34 2,740 36 1,251 52 2,137 913 Mar 4,038 31 2,786 40 1,252 50 2,127 960 Apr 4,043 33 2,788 40 [,255 44 2 145 896 JT M un a e vy . 4 4 , , 0 0 4 0 7 9 3 3 8 4 2 2 ,8 7 1 8 0 6 4 4 0 8 1 1 , , 2 2 3 2 7 3 4 3 2 9 2 2 ,1 1 8 9 6 5 8 8 3 7 6 0 4,026 31 2,812 45 1,214 31 2,211 858 1 Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 963 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l 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 M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1 878 2 919 1 840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 1,526 23,124 21,406 1,718 12 906 1 247 2 240 2 245 1950. 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19 314 1 631 2 590 2 872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9 829 1 298 1.410 34,438 31,865 2 573 23 322 2 020 2 914 3 302 1954 84.486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25.976 2 298 3 127 3 52* 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: * 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—June . . . r86 970 12 239 9 046 1,957 ,236 37,677 34,848 2 829 r27 484 r2 422 3 207 3 941 July 87,636 12,292 9,096 1,979 ,217 37,927 35,058 2,869 27,748 2 453 3 230 3 986 Aug 88,087 12,368 9,179 1,979 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 ,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 ,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 ,217 39,570 36,593 2,977 30 383 2 609 3 345 4 221 Apr 92,025 11,439 8,085 2,153 ,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 May 92,478 11,332 7,986 2,140 ,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 June 92,876 11,280 7,921 2,148 211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 r 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 Total2 g M ag o e r s t- 3 G U ob o . l S v i t - . . Cash Other* S c a a v p i i n ta g l s q E u n a d r t o e f r Total2 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—2 29,094 23,836 1,959 1,794 J.432 25,170 1945 8,747 5,376 2,420 450 356 7,365 3 30,165 25,065 1,969 1,681 1,379 25,903 4 31,736 26,193 2,021 1,980 1,472 27,334 1948 13,028 10,305 1,455 663 501 10,964 1949.. . . 14,622 11,616 1,462 880 566 12,471 1955—1* 33,075 27,373 2,203 1,928 1,502 28,482 1950 16 893 13 657 [ 487 924 733 13,992 2v 35,080 29,107 2,287 1,973 1,645 29,963 1951 19,222 15,564 1,603 1,066 899 16,107 3* 36,343 30,687 2,340 1,612 1,639 30,636 1952 22 660 18 396 ,787 1,289 1,108 19,195 4* 37,880 31,584 2,381 2,087 .763 32,305 1953 26,733 21,962 .920 1,479 1,297 22,846 7 1954 31,736 26,193 2,021 1,980 1,472 27,334 1956—1P 39,049 32,529 2,615 1,999 1,842 33,446 t955* 37,880 31,584 2,381 2,087 1,763 32,305 40,770 33,866 2,680 2,064 2,096 35,055 9 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

964 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 agency 1 1955 1948 1949 1950 1951 1952 1953 1954 Loans, by purpose and agency: To B a a i n d k a s g f r o ic r u c lt o u o r p e e y r t a o t t i a v l es 3,6 3 3 0 2 5 4,3 3 6 0 2 2 3,8 3 8 4 4 5 4,1 4 6 2 1 5 5,0 4 7 2 0 4 6,8 3 1 7 1 7 6,9 3 2 6 9 7 7,4 3 6 4 6 0 6,3 3 6 2 2 2 5,8 3 5 5 3 9 6,7 3 1 7 5 5 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 689 Federal Farm Mortgage Corporation. 80 60 45 34 25 18 13 12 Farmers Home Administration 2 525 523 535 539 596 648 701 774 770 755 681 Rural Electrification Administration. . 999 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 2,316 2,348 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 2,621 Other agencies 5 9 7 6 6 5 4 4 1 1 1 To aid home owners, total 768 1,251 1,528 2,142 2,603 2,930 2,907 3,013 3,095 3,122 3,205 Federal National Mortgage Assn 199 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 ! 2,641 Home Owners' Loan Corporation3. . . 369 231 10 Reconstruction Finance Corporation4. 177 168 137 123 115 108 V O e th te e r r a n a s g e A n d ci m es inistration > 22 24 35 169 246 3 6 0 0 0 3 6 8 3 3 40 6 8 7 43 7 0 2 '45 76 6 '! | ' 48 8 0 4 To railroads, total 140 114 110 101 82 79 12 11 13 H I 11 Reconstruction Finance Corporation4. 138 112 108 99 80 11 Other agencies 3 3 2 2 2 2 12 11 13 To other industry, total 310 462 458 488 516 509 420 426 426 706 667 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 35 6 3 7 3 7 5 3 3 34 7 8 8 3 3 2 7 8 8 I I 3 3 6 0 2 6 To financing institutions, total. 525 445 824 814 864 952 870 704 i,0/P 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 77,,996688 58,,005322 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 Department of the Treasury6 } 3,750 3,750 3,750 3,750 3,667 3,620 3,570 | 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 19,061 120,238 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, POP 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 2 1 1 2 2 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 i 3,385 3,385 3,385 3,385 I Ot R he e r c o se n c s u tr r u it c ie ti s o , n t o F ta in l ance Corporation4. 1 9 3 8 3 1 8 0 3 7 6 7 6 8 4 3 4 6 4 3 0 5 47 44 45 29 \ 29 Production credit corporations 29 22 11 5 3 3 3 3 2 Department of the Treasury 42 38 40 23 23 Other agencies 2 3 2 3 4 Commodities, supplies, and materials, total. 627 1,549 774 1,461 1,280 2,514 3,852 3,612 3,476 4,129 4,356 Commodity Credit Corporation 437 1,376 638 1,174 978 2,086 3,302 2,983 2,910 3,518 3,747 Reconstruction Finance Corporation4 157 142 108 129 172 156 D 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 58 2 9 0 Land, structures, and equipment, total 3,060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 7,822 Public Housing Administration 1,448 1,352 1,248 1,251 1,173 1,018 8 96 64 64 64 Reconstruction Finance Corporation4 630 611 605 594 199 175 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 Federal Maritime Board and Maritime Adm3. 4,834 4,798 4,749 4,807 4,812 4,822 Other 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 1,561 1,840 2,086 2,379 Banks for cooperatives 70 78 110 170 181 150 156 139 123 160 185 Federal intermediate credit banks 480 490 520 674 704 619 640 713 811 821 665 Federal home loan banks 415 204 560 525 445 414 272 139 336 534 958 Federal National Mortgage Assn 570 570 570 570 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CREDIT AGENCIES 965 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items Com- Invest- Bonds, notes, U.S. Primodi- ments Land, and deben- Govt. vately Date, and corporation or agency Loans ties, struc- tures payable inter- owned Total Cash c a r e b e i l v - e - p s a l u n ie p d s - , U.S. Other e tu q a r n u e d i s p , - O s a t e h s t - e s r Guar- O li i a t t i b h e i e s l r - est in e t s e t rm ri a a t l e s - G s r e i o t c i v u e t s - . s ri e t c ie u s - ment a U n b t . e y S e . d Other All agencies 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 1949 Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 3P 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952 Dec. 313 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 1953—Dec. 313 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,818 33,429 434 1954— Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955 Mar 31 41,996 1,375 19,782 3,612 3,187 3,429 7,982 2,629 31 1,561 4,013 35,848 543 June 30 40,639 1,244 18,927 3,476 3,108 3,430 7,821 2,634 41 1,840 3,01935,171 568 Sept. 30 41,183 1,456 19,061 4,129 2,909 3,414 7,799 2,415 43 2,086 2,013 36,460 583 Dec. 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,703 39,583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: Banks for cooperatives 450 30 372 43 5 185 2 231 31 Federal intermediate credit banks 783 21 689 63 9 665 8 110 Production credit corporations 45 (5) 42 2 (5) 45 Federal Farm Mortgage Corp 13 12 w 12 Department or 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 (5) 1 (5) 26 1 667 Federal Crop Insurance Corp.. . .. 17 15 2 5 13 Federal Home Loan Bank Board: Federal home loan banks 2,231 62 1,417 745 2 5 958 712 -1 562 Federal Savings and Loan Insurance Corp . 250 1 241 8 11 239 ••«•• Housing and Home Finance Agency: Public Housing Administration 313 26 92 64 131 27 285 629 31 65 381 1 150 44 185 400 O Fe ff d ic e e r a o l f N t a h t e i o A n d a m l M ini o s r tr tg a a to g r e Association 2,7 7 4 5 1 6 7 8 3 1 2,6 2 3 6 8 1 (5)g6 2 3 2 6 570 3 8 3 2,1 7 3 4 5 8 3 Small Business Administration . 57 4 51 2 (5) 56 Export-Import Bank 2,761 9 2,725 26 71 2,691 1,734 4 1,720 1 10 94 1,640 Tennessee Valley Authority 2,006 140 26 1,829 12 41 1,965 Federal Maritime Board and Maritime Adm 5,507 356 261 44 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 be for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 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 from, In- Less: Equals: Equals: Plus: Equals: or crease, Net B r u N e d c e t g t s e . t T r P f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . 1 p T r f u e r t o b o h c t l m t e a i s c l . 2 B p t e u u e n d x re d g - s e i- t p T t f e u u e r n r x n u e d - d s s i t - A m L d e e j n s u s t s : s t - 3 p p t T o u a o b y t t h l t a i s e l c . t p p o u a th ( b y e - l t i s ) c . , & ( c ( o - d d r r a ) e i e g r , a d b e e i s e n t c n e - t .) t a r i G n g . N v e f o . n u e v . n b t t & d . y s O d n c e a t o h b s n e h t - * r b r i o e n c ( p r g a ) r a s o o y h w t r . - 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 8,546 '2,578 70,538 -2,702 »-3,986 1,533 644 '1,809 1956P. 68,141 11,685 2,735 77,067 66,386 9,389 3,183 72,593 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 -3,535 1,145 197 -4,875 July-Dec.. 25,240 5,456 1,289 29,397 33,125 4,398 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan-June?. 42,901 6,229 1,446 47,670 33,261 4,991 2,087 36,167 11,503 -7,597 1,904 254 -9,759 Monthly: 1955—July 2,765 745 394 3,113 5,382 752 571 5,562 -2,449 3,237 119 114 3,004 Aug 4,734 1,502 158 6,076 6,225 727 42 6,910 -834 845 945 31 -130 Sept 5,498 721 77 6,141 5,340 688 -88 6,117 25 -774 -359 40 -454 Oct 2,692 505 151 3,044 5,355 900 436 5,819 -2,775 2,621 -109 14 2,717 Nov 4,662 1,142 62 5,741 5,172 668 40 5,800 -59 490 605 40 -154 Dec 4,889 841 447 5,282 5,651 663 95 6,218 -936 599 130 130 340 1956—Jan 4,684 371 90 4,964 5,274 904 608 5,570 -606 -722 -87 83 -717 Feb 6,195 1,009 62 7,140 4,950 870 142 5,679 1,462 238 210 3 25 Mar 11,313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4,082 871 96 4,854 5,387 1,006 386 6,008 -1,154 -545 -364 15 -197 May 5,050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 Junep. 11,576 1,616 1,040 12,150 6,783 783 522 7,044 5,107 -3,889 987 57 -4,934 3,485 1,112 733 3,862 5,542 1,029 777 5,794 -1,932 -93 312 33 -438 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 Trust Net Net Increase, Deposits in Net fund market inv. (-) or s B d u u e r o f d p i r g c lu i e t s t ac d la c e o t u f i i r m o c n i 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 o s a ( G s g + b u e o l ) a i n v g o n c t a c f . y - e i & s a n G e g c e o t F . r n v e u b c t d s y . y t . d ( p e d g - c u i r ) r r b o , e e s l i c a i n s c s t e T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a a a . v b n a R l k e il . s - T T a L r u x o e r a a y a n s n - d O as n t s h e e t e ts r 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 ,467 1954... -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955... -4,180 990 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 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—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 July. . -2,057 83 -34 22 -277 -105 1 -2,369 4,178 513 2,451 1,214 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 are 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 967 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t t O T a ru g l r d s a e - t nsfe r r e s R r t o ' a t m a o i d l : e - nt f c u R e r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i l n t d h d - i ivid O ua th l er i C ra o ti r o p n o - i ta c E x i x s e e - sl t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d f l e r r s r e . s ' - ' 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 21,29 7 10,004 7,296 4,862 2,921 1,613 3,778 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 i954—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 5.0*2 3.283 2.526 1,524 792 1,890 1956—Jan.-Junep 42,901 3,410 316 3,188 49,815 12,703 8,623 17,188 4,952 4,013 2,336 1,397 821 1,888 Monthlv: 1955—July 2,765 198 15 110 3,089 884 277 547 796 216 369 231 116 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 (956— 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 Apr 4,082 567 15 897 5,562 810 2,555 509 750 586 352 239 126 J M u a n y ep 1 5 1 , , 0 57 5 6 0 9 54 7 9 3 9 5 1 4 r3 9 9 9 5 3 1 7 2 , , 1 5 0 7 7 4 3 1, , 9 3 7 5 2 6 1,4 8 8 6 7 5 7,1 4 9 9 3 2 8 8 5 7 4 7 1,0 6 6 0 7 4 4 4 6 5 4 0 2 2 5 6 6 4 1 1 4 4 9 3 J \ 883 July 3,485 295 23 124 3,927 988 457 837 827 320 498 n.a. n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total Total 4 D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l , A en t e o r m gy ic fi a n I f a a f n n a n t i d l c r . s e In e t s e t r- ic e b e s r f e e s a i n r t n v a s e s - n - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l a d - i - l - so N u r u r e a a r - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t - nsources Fiscal year; 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 19565 . 66,386 40,478 35,686 2,551 1,654 1,852 6,852 4,757 2,776 4,914 961 2,165 1,631 Semiannual totals: 1955—July-Dec 6. 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 1955_July6 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 5,467 '3,434 '2,922 O06 152 '202 565 '431 '197 '288 '87 '145 '120 n.a. Not available. ' Revised. v Preliminary, 3 For a description of components, see the 1957 Budget of the United d if f States, pp. 1093-1102 and 1164-1165. 4 Includes stockpiling and defense production expansion not shown vidual taxes for that period are obtained by subtracting Internal R separately. Service data from appropriate monthly Treasury statement totals. 5 Figures for fiscal year 1956 are estimates contained in the 1957 2 Represents the sum of taxes for old-age insurance, railroad retire- Federal Budget Midyear Review. Monthly figures are shown on a new ment, and unemployment insurance. reporting basis beginning May 1956 (for description see Treasury Bulletin for July 1956, pp. 3-4). 6 Monthly figures not available prior to July 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f T d gr e o o b t s a t s i l d T d g i r e o r o b e t s a c t s 2 l t Total Total Bills c C i e n a d e t d e n r e t s e i b f s o i t s - - f Notes B el a ig n i k - Bond B s r a e n - k b C v o .'L e o n U r n d t- - s Totals b i o n n g d s s n s i T a o n a n a t g v e d x s - s S is p s e u c e ia s l ble 4 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 Dec 278 8 278.8 233.2 157.8 19.5 28 5 28.0 76 1 5 7 11.8 63.6 57.7 4.5 42.6 1955__june 274.4 274.4 228.5 155.2 19.5 13.8 40.7 81.1 11.7 61.6 58.4 1.9 43.3 1955—Aug 278.4 278.3 231.5 158.9 20.3 9.0 47.6 81.9 11.6 61.0 58.5 1.2 44.2 Sept .... 277.5 277.5 231.0 159.5 20.8 9.0 47.7 81.9 11.5 60.0 58.3 .4 43.9 Oct 279 9 279 8 233 6 162 5 20 8 12 0 47 8 81 9 11 4 59 6 58 3 1 43.7 Nov .... 280.2 280.1 233.6 162.6 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 44.0 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Jan 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 (6) 43.6 Feb 280 2 280 1 233.6 163 4 22.3 15 7 43 4 81 9 11 3 59.0 57.7 (6) 43.7 Mar 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59.0 57.7 (6) 43.7 Apr 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 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 Aug 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $461 million on Aug. 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,440 million on July 31, 1956. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n a s i g n e n ti c c t e g e u l s u u e r ) d a i d - r - - S is p t s e r u u c e i s a s t l fun P i d s u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t t s e l . S b a o v n i I n d n g s d s ivid se u O c a u l t s h ri e ti r es i M t n o v i r e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 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—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 23.8 15.7 50.4 16.6 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 Apr 275.8 43.4 8.2 224.3 23.3 58.4 8.5 13.6 20.7 15.9 50.4 17.0 16.5 May 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 June 272.8 45.1 8.4 219.3 23.8 56.9 8.4 13.3 17.8 15.9 50.3 16.8 16.2 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to $250 million on Dec. 31, 1955. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 969 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 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 Treasury bills2 Treasury notes Treasury bonds Treasury bonds—Cont. Sept. 6, 1956 1,602 Mar. 15, 1956-58.. .2% 1,449 June 15, 1964-69... 2i/2 3,751 Sept. 13, 1956 1,602 Oct. 1,1956 P/2 22 Sept. 15, 1956-59 4.. 2 34 982 Dec. 15, 1964-69... 2ft 3,827 Sept. 20, 1956 1,600 Mar. 15, 1957 2% 2,997 Sept. 15, 1956-59...214 3,820 Mar. 15, 1965-70.. .21/2 4,713 S O e c p t. t . 2 4 7 , , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 1 0 A M p a r y . 1 1 5, , 1 1 9 9 5 5 7 7 i \ y % 2 4,1 5 5 3 5 1 J M un ar e . 1 1 5 5 , , 1 19 9 5 5 8 7 -59.. .2 2 % % 4,2 9 4 2 5 7 J M un ar e . 1 15 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2 % Vi 2 1 , , 9 87 5 3 8 O O c c t t . . 1 18 1 , , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 1 0 A A u u g g . . 15 1 , , 1 1 9 9 5 5 7 7 2Y 2 4 1 3 2 , , 7 0 9 56 2 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 8 8 -63 5.. 2 2 ^ i/ 4 2 2, 9 3 1 6 9 8 D Se e p c. t . 1 1 5 5 , , 1 1 9 9 6 67 7 - - 7 7 2 2 . . . . . . 2 21 1 / / 2 2 2 3 , , 7 7 1 9 6 3 Oct. 25, 1956 1,600 Oct. 1,1957 IV2 824 June 15, 1959-62... 214 5,274 June 15, 1978 -83... 3*4 1,606 Nov. 1,1956 1,601 Apr. 1,1958 W2 383 Dec. 15, 1959-62...214 3,462 Feb. 15, 1995 3 2,745 Nov. 8,1956 1,600 June 15, 1958 2% 4,392 Nov. 15, 1960 2i/s 3,806 Nov. 15,1956 1,600 Oct. 1,1958 P/i 121 Dec. 15, 1960-65 5.. 224 1,485 Panama Canal Loan.... 3 50 Nov. 23,1956 1,600 Feb. 15, 1959 1% 5,102 Sept. 15, 1961 234 2,239 Nov. 29,1956 1,601 Apr. 1,1959 V/i 119 Nov. 15, 1961 21/2 11,177 Convertible bonds Certificates A O p ct r . . 1 1. , 1 1 9 9 6 5 0 9 V iy A 2 1 9 9 9 8 J A u u n g e . 1 1 5 5 , , 1 19 9 6 6 3 2 -67... 2 21 1 / / 2 2 2 6 , ,7 1 5 1 5 5 I A n p v r e . st 1 m , e 1 n 9 t 7 5 S - e 8 ri 0 es .. . B . 2% 11,019 Dec. 1,1956 2V» 9,083 Oct. 1,1960 n/2 278 Dec. 15, 1963-68... 21/2 2,824 Feb. 15, 1957 2% 7,219 Apr. 1, 1961 U/2 53 Mar. 22, 19573 2% 3,221 1 Direct public issues. 4 Called for redemption; partially tax-exempt. 2 Sold on discount basis. See table on Money Market Rates, p. 961. 5 Partially tax-exempt. 3 Tax anticipation series. 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 2 t- v b e C o r o t n i n d b - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1953—June 30 159,675 19,707 15,854 30,425 81,349 12,340 147,335 64,589 32,330 18,677 31,739 1 1954—June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38.188 33,687 33,628 Dec. 31 174,639 22,313 15.741 43,285 81,912 11,387 163,251 60,631 38,307 31,365 32,949 1956—May 31 170,690 20,805 20,759 36,107 81,893 11,126 159,564 63,326 31,943 31,362 32,932 June 30 166,050 20,808 16,303 35,952 81,840 11,098 154,953 58,714 31,997 31,312 32,930 U. S. Govt. agencies and trust funds: 1953—June 30 6,899 106 30 23 3,300 3,439 3,460 163 152 422 2,723 1954—June 30 6,985 46 41 64 3,395 3,439 3,546 107 205 494 2,740 1955—June 30 7,162 40 8 119 3,556 3,439 3.723 74 199 506 2,944 Dec. 31 7,676 338 47 304 3,548 3,439 4,237 422 373 426 3,016 1956—May 31 8,060 302 236 595 3,558 3,369 4,691 822 417 421 3,031 June 30 8,236 273 355 3,575 3,345 4,891 927 500 434 3,030 Federal Reserve Banks: 1953—June 30 24,746 1,455 4,996 13,774 4,522 24,746 15,505 6,452 1,374 1,415 1954_june 30 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6.307 1,035 1,415 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,403 3,773 1.014 1,415 Dec. 31 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 i;<>14 1,415 1956—May 31 23,474 538 10,946 9,188 2,802 23,474 19,948 1,097 1,014 1,415 June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 Commercial banks: 1953—June 30 51,365 4,411 4,351 10,35b 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 1,95! 12,853 35,431 157 53,798 7,733 22,003 19,483 4,579 1956—May 31 50,282 2,228 1,446 11,694 34,759 155 50,127 8,023 18,268 19,144 4,692 June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 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—May 31 7,813 127 44 361 6,119 1,161 6,652 271 553 1,322 4,506 June 30 7,735 107 37 356 6,074 1,161 6; 574 247 540 1,319 4,468 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—May 31 11,885 357 83 794 7,856 2,795 9,090 712 1,232 1,809 5,338 June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5,285 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_May 31 69,176 17,253 8,005 13,474 26,798 3,646 65,530 33,550 10,376 7,653 13,951 June 30 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29,233 10,443 7,612 14,013 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

970 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars Gross proceeds, all issuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n is e s t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t.3 . ag F e e e r n a d c l - y 4 S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l o f i u e c n r l b e y d - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on e e w y 7 p l M p c a o o u e n u s i r l s e e s - - - - s b m d e t R t i a e o r e c b n e f e n . - t k - 8 t , s m r t i e i o t r e c i f e e n u - s t - If39 ... . 5 687 ? 332 13 1 128 50 2 164 1 980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 20,250 10327 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 5,929 234 488 307 1949 21,110 11804 216 2 907 132 6 052 4,890 2,437 425 736 5,558 i• ,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 1,006 364 620 1,271 1951. 21.265 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 5,531 226 363 486 1952 26^929 577 459 4 121 237 9 534 7,601 3,645 3,957 564 1,369 8,716 3,180 537 664 1953 28,824 n 957 106 5,558 306 8,898 7,083 3,856 489 1,326 8,495 7,960 535 260 1954 29,765 i? 532 458 6,969 289 9 516 7,488 4,003 3,484 816 1,213 7,490 5,780 709 1,875 1955 26.772 9 628 746 5,977 182 10 240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1955_july >,504 i 265 470 17 753 589 136 453 53 111 597 526 70 143 Aug ,638 509 259 870 655 491 163 15 200 644 614 30 208 Sept ,627 481 407 3 736 560 301 82 94 670 559 111 52 Oct >,646 461 926 9 1,250 1,046 858 188 43 161 1,162 1,074 88 71 Nov . . . ,840 438 661 33 708 431 155 275 85 193 632 590 42 62 Dec ,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 998 544 709 744 478 149 128 139 704 664 40 26 Mar 1,787 518 401 9 861 675 393 282 42 143 790 762 28 56 Apr ,876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May I 128 451 491 1 1 185 983 686 297 65 137 1,144 1,116 28 21 June • >,161 437 r736 99 889 661 270 391 50 179 830 768 61 43 July ,901 484 343 1 1,073 859 588 271 14 200 1,026 965 60 30 Proposed uses of nett proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e al f in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital" secu- capital" secu- capital" secu- capital" secu- capital" secu- capital" securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 2 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 6G 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1955 July 214 140 63 29 1 103 45 143 Aug 115 55 37 4 45 141 84 91 272 2 Sent ... 166 19 68 4 50 4 208 13 19 10 158 3 Oct 85 56 14 54 52 166 1 694 107 3 Nov . .. 149 32 70 6 17 4 268 12 40 88 8 Dec 287 54 79 4 130 1 269 2 35 3 100 1956—Jan 180 26 45 2 26 1 63 2 3 263 2 Feb 197 23 41 39 1 196 37 194 Mar 249 22 48 3 71 10 187 103 17 132 3 Apr 258 78 27 51 1 294 1 15 170 1 May 465 14 67 4 86 2 335 80 (9) 109 2 June 276 26 76 2 54 5 231 5 11 182 6 July 352 14 84 15 33 184 260 113 r Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 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 * Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 Less than $500,000. eleemosynary and other nonprofit. i 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 971 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 45,78752,940 54,51763,343 58,11069,443 5,22216,59917,929 6,88718,028 18,15018,471 Profits before taxes 8,176 8,869 7,308 ,375 7,24410,226 1,919 2,452 2,767 2,388 2,619 '2,601 2,512 Profits after taxes 4,222 3,548 3,192 ,649 3,825 5,221 1,106 1,215 1,392 1,206 1,408 '1,286 1,298 Dividends 2,339 2,075 2,073 ,154 2,384 2,827 788 575 577 659 1,015 '703 715 Nondurable goods industries (94 corps.): * Sales 6,252 18,91619,266 20,694 20,62023,065 5,426 5,509 5,742 5,776 6,037 '6,095 6,150 Profits before taxes 2,947 3,447 2*, 8~5 3 ~ 2,753 3,408 682 801 849 869 889 '901 877 Profits after taxes 1,661 1,533 1,392 1,581 1,916 422 442 471 483 520 '497 491 Dividends 977 925 946 1,064 1,202 348 256 260 283 402 290 300 Durable goods industries (106 corps.):2 Sales 29,535 34,024 35,25142,649 37,490 46,378 9,79611,090 12,18711,11111,990 12,05512,321 Profits before taxes 5,229 5", 4'"2 2 4' ,'4"5•5 4,491 6,818 1,237 1,651 1,919 1,518 ,730 '1,701 1,635 Profits after taxes 2,560 2,015 1,800 2,244 3,305 684 773 920 723 888 '789 807 Dividends 1,362 1,149 1,127 1,320 1,625 440 319 317 376 613 '413 415 Selected industries: Foods and kindred products (28 corps.): Sales 4,402 4,909 5,042 5,411 5,476 5,813 1,435 1,358 1,462 1,491 1,502 '1,535 1,569 Profits before taxes 532 473 453 465 462 499 110 99 131 139 129 123 150 Profits after taxes 289 227 203 212 224 245 57 46 63 68 68 55 71 Dividends 161 159 154 154 156 160 46 36 36 39 50 37 44 Chemicals and allied products (26 corps.): Sales ,817 5,882 5,965 6,373 6,182 7,222 1,623 1,721 1,811 1,799 1,891 1,879 1,958 Profits before taxes ,178 1,490 1,259 1,308 1,153 1,535 313 366 381 390 399 385 380 Profits after taxes 597 521 486 520 593 782 174 182 193 198 209 195 196 Dividends 467 381 396 417 499 597 194 114 115 134 234 138 141 Petroleum refining (14 corps.): Sales ,359 5,078 5,411 5,883 6,015 6,556 1,562 1,566 1,613 1,632 1,745 1,764 1,742 Profits before taxes 712 911 728 841 751 854 152 210 200 218 226 248 223 Profits after taxes 492 560 524 603 567 624 132 150 147 156 172 '176 162 Dividends 236 262 283 290 294 317 77 77 77 80 83 82 82 Primary metals and products (39 corps.): Sales 1,44812,50711,56413,75011,52214,927 2,874 3,300 3,858 3,746 4,024 '4,212 4,414 Profits before taxes ,706 2,098 1,147 1,817 1,357 2,375 400 487 633 582 674 '693 712 Profits after taxes 857 778 564 790 705 1,194 231 241 313 290 350 '344 360 Dividends 378 382 369 377 407 522 125 114 108 118 182 141 137 Machinery (27 corps.): Sales 1,049 6,168 7,077 8,005 7,745 8,110 2,024 1,953 2,045 1,977 2,135 '2,167 2,463 Profits before taxes 847 1,000 971 1,011 914 894 222 229 251 208 206 200 268 Profits after taxes 424 365 375 402 465 458 138 110 120 103 124 75 139 Dividends 208 19: 199 237 263 281 76 67 66 67 81 78 82 Automobiles and equipment (15 corps.): Sales ,96912,70713,03816,61114,13718,825 3,850 4,791 5,101 4,246 4,688 4,578 4,195 Profits before taxes •,33: 1,950 1,98' 2,078 1,789 3,023 510 825 894 589 715 690 511 Profits after taxes ,101 717 709 758 863 1,394 261 369 418 261 346 '313 237 Dividends 679 486 469 469 536 693 198 109 114 161 309 16: 164 Public Utility Railroad: Operating revenue 9,47310,39110,58110,664 9,371 10,106 2,395 2,305 2,524 2,634 2,643 2,535 2,704 Profits before taxes 1,385 1,260 1,451 1,404 900 1,342 319 259 358 370 355 25f 343 Profits after taxes 784 693 832 871 674 925 277 175 242 243 265 164 237 Dividends 31 328 338 41 379 421 136 101 90 74 156 111 116 Electric power: Operating revenue 5,528 6,058 6,549 7,136 7,610 8,395 1,976 2,169 1,999 2,034 2,193 '2,412 2,190 Profits before taxes 1,313 l,48f 1,740 1,895 2,049 2,304 513 636 523 535 594 710 592 Profits after taxes 822 814 1,030 1,140 1,247 288 341 296 284 326 374 321 Dividends 619 651 725 780 85*" 930 224 225 229 229 24' 247 256 Telephone: Operating revenue 3,34: 3,729 4,136 4,525 4,902 5,425 1,285 1,298 1,340 1,368 1,419 1,43' 1,480 Profits before taxes 580 691 787 925 1,050 1,282 284 306 315 325 336 339 352 Profits after taxes 331 341 384 45: 525 638 143 15: 156 161 169 W 176 Dividends 276 318 355 412 448 496 116 118 12 126 130 132 136 ' Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and t c h o e m N O p S a T e n c E y u .— ri r t e M ie p s a o n r u a ts f n a . d c tu E ri x n c g h an c g o e r p C or o a m tio m n i s s . s io S n a ; l e o s th d e a r ta d a a ta re fr o o b m ta in p e u d b lis fr h o e m d T t d a o r e e g e n l e e d o t g s h b r e t a a a r p r i e h n r e e f C p d o r r o e f m r s t o e h p m n e a t n 2 t a y 0 h b ) e o o a F u p n t e e d d r 8 a e f 5 t r o i a n r p l g e t C r w s o u c o m b e s n a m i t f d f u i i o l a n i f r a i i c t e a e a s l d t l i a o t t n e n e l d s l e e p p C t h h h o o e o m n n t e w m e o o i c s p o s a e i m f o r f a n p il t . a i i a n o t i e n e s s s . . , w D D h i a i v c t i h a - Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); Electric power. Figures are for Class A and B electric utilities (which pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 account for about 95 per cent of all electric power operations) and are of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 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—2 2,891 1,484 1,407 1,802 767 1,034 1,089 717 373 3. .. 43 5 22 0 21.5 11.0 10.5 3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 4 46.4 23.4 23.0 12.1 10.9 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 1956—1 . . 2,827 1,043 1,784 1,678 707 970 1,149 336 813 21 43.5 22.0 21.5 12.2 9.3 2 3,367 1,488 1,880 2,245 817 1,428 1,122 671 452 i Preliminary estimates by Council of Economic Ad- 1 Reflects cash transactions only. As contrasted with data shown on p. 970, 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. 970. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u v s S r t i . . - N G U o o . t S r v e e . s t c 2 e a i n v d a b O a l c t e h c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v S e t p . s . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 3>.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954 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 l 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 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n t i u n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 road Other ing 1948 22.1 9.1 .9 1.3 1.3 2 5 5 2 1955 i 5 8 2 4 .5 s 2 0 1949 19 3 7 1 g 1 4 9 3 1 I 3 4 7 2 7 0 3 0 6 1 i 2 3 1950 20 6 7 5 .7 1 2 33 1 1 5 7 3 7 4 3 1 6 1 2 2 5 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 4 8.4 3.8 .7 1.2 2.6 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1953 28.3 11 9 1 0 1 3 1 6 4 6 I 7 6 3 1956 1 ... . 7 5 3 2 7 9 2 6 1954 26.8 11.0 1.0 .9 1.5 4 2 7 6 5 2r.. .. 8.9 4 1 7 1 2 2 9 1955 • 28.7 11.4 1.0 .9 1.6 4.3 2.6 7.5 34r.... 9.6 4.6 .8 1.5 2.7 19564r 35.3 15.2 1.2 1.3 1.8 5.0 10.7 44 9.4 4.6 .9 1.4 2.5 r Revised. 3 Includes communications and other. 2 1 I C n o cl r u p d o e r s a t t e r a a d n e d , n se o r n v c ic o e r , p f o i r n a a t n e c b e, u s a i n n d e s c s o , n ex st c r l u u c d t i i n o g n . agriculture. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 973 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm h O ol t d h e e r r s 1- to 4-family houses com M m u e lt r i c - i f a a l m p i r l o y p e a r n t d ies i E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s a o a t l i n n - - s S F e a e c l g d e i e e e c n r s te a - d l v o I i a t d n h n u d e d a i r - l s s h A o er l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O h e o th r l s d e - r h e A o r l s l d l - t F u i i n c t n i i s o a a ti l n n - s - 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.J 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 27.3 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9.0 3.6 5.3 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 8.4 3.4 5.1 Junep 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 26.7 117.3 85.6 71.4 14.1 31.7 21.3 10.4 8.8 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 5 137.6 105.9 3.2 28.5 128.2 94.2 79.3 14.9 34.0 22.8 11.2 9.4 3.8 5.7 v Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, 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 holdings 3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1948 . ... 10 897 8,066 1,957 874 5,806 4,758 1 015 34 1949 11 644 8 676 2,060 909 6,705 5 569 1 099 37 1950 13 664 10 431 2 264 QfiR 8 261 7 054 1 164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 ,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1954—Dec 18,573 14,152 4,106 3,350 6,695 3,263 J5Q 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 Mar 19,125 14,535 4,205 3,450 6,880 3,385 ,?05 15,560 13.745 3,895 4,600 5,250 1,758 57 19,940 15,128 4,361 3,601 7,166 3,549 , 7,63 16,173 14,339 4,000 4,976 5,362 1,775 59 Sept 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 1,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 797 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 Mar.* 21,500 16,240 4,648 3,760 7,832 3,950 ,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 v Preliminary. banking statistics. March and September figures are Federal Reserve 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- Sources.—All-bank series prepared by Federal Deposit Insurance ber figures are Federal Reserve estimates based on data from Member Corporation from data supplied by Federal and State bank supervisory Bank Call Report and from weekly reporting member banks. agencies, Comptroller of the Currency, and Federal Reserve. 3 Figures for 1941 and 1945, except for the grand total, are estimates based on Federal Reserve preliminary tabulation of a revised series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 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 1955r 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1955— A Ju u l g y r r 4 5 8 3 7 7 4 5 5 0 3 4 7 7 2 7 1 1 1 4 7 0 2 2 8 6 7 4 3 3 4 3 2 28 7 , , 0 7 3 8 0 0 2 25 5 ,5 8 7 0 7 9 6 6 , , 2 2 4 2 1 2 5 5 ,3 4 6 6 8 1 1 14 3 ,9 1 8 0 7 7 2 2 ,2 2 0 2 3 1 Sect r 512 484 80 126 278 28 28,277 26,044 6,258 5,565 14,221 2,233 Oct r 579 535 76 160 299 44 28,587 26 336 6,287 5 682 14 367 2 251 Nov r 543 512 85 154 273 31 28,890 26,627 6,326 5,797 14,504 2,263 Dec r 858 812 151 295 366 46 29,445 27,172 6,395 6,074 14,703 2,273 1956—Jan 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2,274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28,301 6,535 6 571 15 195 2,350 May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June .. 546 507 58 136 313 39 31,284 28 884 6,584 6 764 15 536 2 400 July 567 533 84 138 311 34 31,612 29,188 6,605 6,872 15,708 2,424 r Revised. values, and because data for year-end adjustments are more complete. NOTE.—For loans acquired, the monthly figures may not add to annual Source.—Institute of Life Insurance; end-of-year figures are from totals, and for loans outstanding, the end-of-December figures may differ Life Insurance Fact Book, and end-of-month figures from the Tally of from end-of-year figures, because monthly figures represent book value of Life Insurance Statistics and Life Insurance News Data. ledger assets whereas year-end figures represent annual statement asset 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 o r i 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 V n 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 t o h r N b u e m r - Total i in S lo g a a s v n - & p I c a n a o n s n m u c i e r e - - s C b m c a o i n e a m r k l - - s M s u a t v u - al 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 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 31,584 1,409 5,912 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 Apr 932 359 388 Apr.. 303 2,269 827 148 470 128 May 986 356 4341 May. 324 2,434 872 158 508 152 June.... 976 349 449: 33,866 1,465, 6,351 26,050 June. 319 2,417 877 165 494 162 July.... 949 341 439 July., 312 2,374 851 159 464 168 1 Includes loans for other purposes (for repair, additions and alterations, c Corrected. refinancing, etc.) not shown separately. 1 Includes amounts for other lenders, not shown separately. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 975 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t e o i w p e o s - rtga p i e g s E r r e t t o i s x i n p e - g s - g m P t a y r o g p o r e j e t s - - i p l P o m r e i r a m r o e o n t v n - p y e s t - 2 - Total 3 p e N r r m t e o i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o e o r r f Total G un o d v e e r r w nm rit e t n en t- t C i v o e o n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total su in re - d a g n u t a e r e - 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 .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 1 1 9 9 5 5 3 2 3 3 , , 8 11 8 3 2 ,2 9 5 6 9 9 1,0 9 3 7 0 4 2 3 5 2 9 2 1,3 8 3 4 4 8 2 3 , , 7 0 1 6 9 4 2 1 , 0 8 4 2 5 3 1,0 8 1 9 4 0 1 1 9 9 4 5 9 0.... 4 3 5 7 .6 2 1 1 5 8 . 0 9 6 8 . . 9 6 1 8 0 . 1 3 2 26 2 .6 3 1954 3,066 ,035 907 232 891 4,257 2,686 1,566 1951 51.7 22i9 9.7 13.2 28.8 1955 3,807 .269 1,816 76 646 7,156 4,582 2,564 1952 . 58.5 25 4 10.8 14 6 33.1 1953 66 !l 28! 1 12^0 16.1 38.0 1955 July 283 92 138 3 50 520 332 187 1954. 75.7 32.1 12.8 19.3 43.6 Aug 350 113 166 4 67 617 386 230 1955* 88^4 38^9 14^3 24.6 49.5 Sept 347 113 162 9 64 590 378 211 Oct.. . 338 113 160 2 63 717 461 255 1954—Dec 75 7 32.1 12.8 19.3 43.6 Nov 345 122 154 11 59 755 511 243 Dec 326 118 144 10 55 620 413 206 1955—Mar.*.,. 78.5 33.5 13 2 20.3 45.0 June?... 82.2 35.3 13.5 21.8 46.9 1956 Jan 335 133 148 1 53 570 403 166 Sept. P... 85.6 37.0 13.9 23.1 48.6 Feb 287 114 127 5 41 535 372 162 Dec* 88 4 38.9 14.3 24 6 49.5 Mar 298 105 127 18 48 468 331 136 Apr.. . 253 87 116 4 46 493 333 159 1956—Mar.P. ... 91.1 40.2 14.7 25.5 50.9 May 270 87 123 2 59 469 307 162 June*.... 94.2 41.0 15.0 26.0 53.2 June 280 86 121 10 62 421 265 155 July... 279 83 125 10 61 465 291 174 v 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 fin 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 r r io in d g ) m m e i n t t - s Year or month Ad- Repayor month Total F su H in re A - d - a g n V u t A a e r e - - d Pur- Sales bu d u r i n s s - - ed Total S te h r o m rt 1 - L te o r n m g - 2 chases 1945 278 213 195 176 19 1948 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 ,178 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 ,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1.251 702 .417 991 426 1955—Aug 2,573 876 1,696 19 1 104 1955—Aug. 156 30 ,187 822 365 Sept 2,564 871 1,693 11 105 Sept. 115 27 ,275 885 390 Oct 2,587 891 ,695 42 83 Oct.. 90 21 ,344 932 412 Nov 2,596 896 1,700 27 1 80 Nov. 60 40 ,364 875 489 Dec 2,615 901 ,714 30 76 Dec. 109 56 ,417 991 426 1956 Jan 2,623 901 ,722 22 1 75 1956—Jan.. 42 213 ,246 833 413 Feb 2 642 907 I 736 35 66 Feb.. 13 78 ,181 770 411 Mar 2,657 909 1,748 28 62 Mar. 24 67 ,138 730 408 Apr .. 2 665 907 1,758 21 68 Apr. 42 53 ,127 709 418 May 2,677 907 1,769 25 1 81 May, 44 48 ,123 697 427 June 2 704 915 1,789 40 92 June 99 49 ,173 730 443 July 2,729 915 1,814 43 91 July. 93 159 ,108 700 408 Aug 2,758 919 1,839 43 1 92 Aug. 66 57 ,116 713 403 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

976 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r r s i er e a r n R n l d o i e z a p m a n a t s o i i o r 2 d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1.285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 1,616 4,787 7,658 2,420 3,518 I 720 1955 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 1,757 1955 July 32,896 25,476 13,038 5,676 1,570 5,192 7,420 2,595 2,991 1,834 Aug 33,636 26,155 13,547 5,762 1,589 5,257 7,481 2,629 3,019 1,833 Sept 34,293 26,699 13,929 5,848 1,611 5,311 7,594 2,657 3,108 1,829 Ot 34,640 26,963 14,095 5,917 1,627 5,324 7,677 2,666 3,218 1,793 New 35 059 27,247 14,172 6,057 1,634 5,384 7,812 2,757 3,285 I 770 Dec .... 36,225 27,895 14,312 6,435 1,641 5,507 8,330 2,776 3,797 1,757 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 1,599 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 I 830 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 .663 5,903 8,203 3 099 3 231 1 873 JU1y 37,143 29,103 15,208 6,258 1,674 5,963 8,040 3,033 3,127 1,880 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 a n i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a n e r s t t 1 - F s t t u o u r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b 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 1,124 2,489 3,429 1,040 903 291 380 815 1954 22,467 18,935 8,633 6,421 1,293 2,588 3,532 1,201 890 293 394 754 1955 27,895 23,863 10,347 8,938 1,580 2,998 4,032 1,423 956 297 556 800 1955 July 25,476 21,980 9,656 8,087 1,458 2,779 3,496 1,155 856 281 501 703 26,155 22,605 9,871 8,422 1,495 2,817 3,550 1,167 871 284 523 705 Sept 26,699 23,101 10,060 8,667 1,528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 1,547 2,861 3,639 1,203 889 281 546 720 Nov 27,247 23,524 10,227 8,825 ,556 2,916 3,723 [,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 ,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 1,680 3,142 3,725 1,297 882 273 575 698 June 28,890 25,284 11,096 9,298 1,715 3,175 3,606 1,153 884 275 583 711 July 29,103 25,502 11,177 9,385 1,739 3,201 3,601 1,146 879 279 589 708 1 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 977 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r r s r e R m 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 _ m l n r sc o e e tt _ d t n a a i i l t ,i t - m A pa o u p b t e o il r - e s g O p c u o a o t m p o h n d e e e - r r s r m i R z l o o a e a d n a p ti d n e a o s r i n r n- s l P o o a e 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 I 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—July. 8,087 7,180 372 78 457 1955_july 9,656 2,656 1,995 1,921 1,231 1,853 Aug. 8,422 7,496 384 80 462 AUK 9,871 2,765 2,041 1,950 1,243 1,872 Sept. 8,667 7,729 392 81 465 Sept 10,060 2,842 2,088 1,986 1,259 1,885 Oct.. 8,771 7,822 398 82 469 Oct 10,145 2,901 2,090 2,009 1,273 1,872 Nov. 8,825 7,860 403 83 479 Nov 10,227 2,935 2,087 2,052 1,275 1,878 Dec. 8,938 7,939 416 85 498 Dec 10,347 2,976 2,099 2,099 1,279 1,894 1956—Jan.. 8,936 7,939 412 84 501 1956—Jan 10,360 2,977 2,107 2,109 [,256 1,911 Feb.. 8,964 7,963 412 83 506 Feb 10,398 3,011 2,124 2,099 1,245 1,919 Mar. 9,037 8,026 412 82 517 Mar 10,521 3,059 2,167 2,110 1,243 1,942 Apr. 9,093 8,074 412 82 525 10,717 3,104 2,200 2,175 1,252 1,986 May 9,170 8,146 411 81 532 May 10,874 3,157 2,228 2,213 [,273 2,003 June 9,298 8,260 418 81 539 11,096 3,210 2,242 2,327 1.293 2,024 July. 9,385 8,335 422 80 548 July 11,177 3,246 2,246 2,340 1,305 2,040 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o o a e a d a n p ti n e d a o r s i n n r - 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 c m ( o i s e a m i e r n l n - - g t le lo -p O a a t n y h s - e ) r m p D a e e r a n - t ( c t c c - h o a u r n O g t e s th ) er S c e r r e v d i i c t e 1939 789 81 24 15 669 banks stores * 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1948 1,573 189 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 4.578 742 277 3,115 1952 7,143 1,844 250 730 2,612 ,707 1953 7,350 1,899 320 748 2,663 ,720 1955—July. 4,237 706 388 261 2,882 1954 7,658 2,085 335 764 2,754 ,720 Aug. 4,312 722 401 266 2,923 1955 8,330 2,393 383 825 2,972 ,757 Sept. 4,374 732 410 271 2,961 Oct.. 4,408 736 417 272 2,983 1955—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 May 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 July. 4,940 792 484 289 3,375 Apr 7,702 2,471 405 548 2,448 ,830 May 7,983 2,516 465 560 2,575 ,867 June 8,203 2,619 480 550 2,681 ,873 NOTE.—Institutions included are consumer finance companies (oper- July 8,040 2,624 409 501 2,626 ,880 ating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2 284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1948. . 15,540 13,267 5,280 4,150 5 280 4 581 702 577 4 278 3 959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4 351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6 585 853 769 6 058 5 628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953. . 30,321 26,818 13,621 11,379 8,014 7 511 1 387 1 144 7 299 6 784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7 406 1955 37,172 31,744 17,748 13 832 9,075 8,308 1,320 1,295 9,029 8,309 WITHOUT SEASONAL ADJUSTMENT 1955—July 3,131 2,569 1,594 1.117 711 674 111 103 715 675 Aug .... 3,436 2,757 1.745 ,236 793 707 130 111 768 703 Sept 3,241 2,697 ,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 ,264 850 710 124 117 788 728 Dec 3.508 2,860 ,369 1,229 1,090 712 111 104 938 815 1956—Jan 2,724 2,850 ,248 ,246 643 760 86 117 747 727 Feb 2,769 2,754 ,296 1,213 627 736 95 106 751 699 Mar 3,114 2,934 ,450 282 687 759 106 106 871 787 Apr 3,163 2,867 ,406 ,265 780 734 123 111 854 757 3,281 2,950 ,475 ,305 812 751 141 110 853 784 June 3,204 2,905 ,467 266 745 742 123 102 869 795 July 3,143 2,930 ,409 ,278 753 742 124 113 857 797 SEASONALLY ADJUSTED* 1955—July 3,136 2,611 ,519 ,133 794 706 108 101 715 671 Aug 3,211 2,713 ,566 ,197 773 718 114 104 758 694 Sept 3.290 2,691 ,620 ,175 759 694 120 108 791 714 Oct 3.075 2,774 ,474 1,233 724 718 112 106 765 717 Nov 3,185 2,830 ,435 1,281 805 698 118 117 827 734 Dec 3,185 2,747 ,503 1,228 792 690 118 102 772 m 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 1,215 719 726 116 103 793 746 Apr 3,227 2,987 1^358 128 849 744 133 124 887 791 May 3,051 2,904 1,331 1,284 776 732 129 117 815 771 June 2,951 2,831 1,312 1,240 733 737 107 102 799 752 July 3,148 2,978 1,335 1,295 838 778 119 113 856 792 •Includes adjustment for differences in trading days. stalment credit extended and repaid are based on information from ac- NOTE.—Back figures by months for the period 1940-52, together with counting records of retail outlets and financial institutions and include a discussion of the composition and characteristics of the data and a all charges incurred under the instalment contract. Renewals and description of the methods used to derive the estimates, are shown in the refinancing of loans, repurchases and resales of instalment paper, and cer- BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are tain other transactions may increase the amount of both credit extended shown in the BULLETIN for November 1954, p. 1212. Estimates of in- and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe fr r o ce m n t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C c h co a u rg n e ts month month of preceding Item 1 J 9 u 5 ly 6 J 1 u 9 n 56 e M 19 a 5 y 6 1 J 9 u 5 ly 6 J y 1 u e 9 a n 5 r 6 e M 19 a 5 y 6 Month D s m e to p e r a n e r t s t- F st t u o u r r r n e e i s - h H p s o l t o i l o a d u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Ne T t o s t a a l l es: -7 0 + 12 -2 +5 + 3 1955_j A ul u y g , . 1 1 4 4 1 1 2 3 9 9 4 4 3 6 Cash sales -4 + 1 + 14 + 3 +2 + 1 Sept. 15 12 9 45 Credit sales: Oct.. 15 12 10 47 Instalment -8 0 + 12 -4 +6 + 3 Nov. 15 12 10 47 Charge account -6 0 + 12 + 5 + 10 + 10 Dec. 15 11 9 46 Accounts receivable, end of 1956—Jan.. 14 12 9 43 month: Feb.. 14 11 9 44 Total -1 0 0 + 3 + 5 +6 Mar. 16 12 9 47 Instalment -1 0 0 + 3 +4 + 5 Apr., 15 12 9 43 Charge accounts -3 +1 + 1 + 5 +7 + 10 May. 15 12 9 46 June, 15 12 10 46 Inventories, end of month, July. 14 12 10 44 at retail value -4 -4 -2 + 3 +4 + 5 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 979 SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p u h s y t s r i i c a a l l p v r o o l d u u m c e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) i Depart- Wholeor Y m ea o r nth Total Tota Ma l nu r f D a a u b c l - t e ure N r s d a o u b n l - - e M er i a n l - s Total R d t e i e a n s l - i- o A t l he l r N p m t a c e u l g o m u o e r r n l n y a i - - - - - l t pr E o M m d m a u p e n c n l u t o i t f y o a - n ct u w r o in r P r k g o a e l y l r s - s F i l n c r o a e a g i r d s g - * - ht v s ( m s r a a t e l o l e e t u r n a s e e i t * ) l p s C r u i o m c n e e - s r 2m p c r s o o i a d c m l e i e t - s y 2 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad-Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justedjusted justed justed justed justed justed justed justed 1919. 39 38 38 37 45 26 61.4 68.7 31.1 90 27 74.0 1920. 41 39 42 36 53 18 62.0 69.0 37.1 98 32 85.7 1921. 31 30 24 34 42 27 55.2 52.8 24.0 83 30 76.4 1922. 39 39 37 40 45 41 58.5 58.4 25.7 92 30 71.6 1923. 47 45 47 44 62 49 64.4 66.9 32.6 107 34 72.9 1924. 44 43 43 42 57 57 63.5 62.1 30.4 105 34 73.1 1925. 49 48 49 46 59 75 65.2 64.2 32.1 110 36 75.0 1926. 51 50 52 48 63 73 67.6 65.5 33.0 115 37 75.6 65.0 1927. 51 50 49 50 64 71 67.9 64.1 32.4 111 37 74.2 62.0 1928. 53 52 53 51 63 76 68.0 64.2 32.8 112 37 73.3 62.9 1929. 59 58 60 56 68 52 71.0 68.3 35.0 115 38 73.3 61.9 1930. 49 48 45 51 59 30 66.7 59.5 28.3 99 35 71.4 56.1 1931. 40 39 31 48 51 22 60.4 50.2 21.5 79 32 65.0 47.4 1932. 31 30 19 42 42 8 53.5 42.6 14.8 59 24 58.4 42.1 1933. 37 36 24 48 48 7 53.7 47.2 15.9 62 24 55.3 42.1 1934. 40 39 30 49 51 7 58.8 55.1 20.4 67 27 57.2 48.7 1935. 47 46 38 55 55 13 61.3 58.8 23.5 69 29 58.7 52.0 1936. 56 55 49 61 63 22 65.9 63.9 27.2 81 33 59.3 52.3 1937. 61 60 55 64 71 25 70.3 70.1 32.6 84 35 61.4 56.1 1938. 48 46 35 57 62 27 66.1 59.6 25.3 67 32 60.3 51.1 1939. 58 57 49 66 68 37 69.3 66.2 29.9 76 35 59.4 50.1 1940. 67 66 63 69 76 43 73.3 71.2 34.0 83 37 59.9 51.1 1941. 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942. 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943. 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944. 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945. 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946. 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947. 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948. 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949. 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950. 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951. 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952. 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953. 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110.1 1954. 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114.8 110.3 1955. 139 140 155 126 122 261 280 248 114.2 105.5 152.5 *95 119 114.5 110.7 June. 139 139 141 155 12b 122 253 290 228 114.5 106.3 105.7 152.0 94 115 114.4 110.3 July., 139 130 141 155 126 120 257 296 231 114.7 106.1 104.6 150.9 95 '125 114.7 110.5 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. 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. 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. 99 122 114.9 113.6 May. 141 141 143 157 128 129 257 286 237 117.6 106.9 105.4 157.3 98 122 115.4 114.4 June. 141 141 r143 157 128 '130 256 269 248 118.0 106.3 105.7 M58. 95 124 116.2 114.2 July.. 136 128 137 148 127 122 255 265 249 116.6 102.9 101.5 151.1 81 *>128 117.0 114.0 Aug.. H41 ^143 p\27 »128 3118.0^105.8^106.8e160.9 e127 114.6 e Estimated. » Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim 2 The indexes of employment and payrolls, wholesale commodity prices, adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1955 1956 pro- Industry portion 1954 1955 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 125 139 139 140 142 143 143 144 143 143 141 143 141 141 136 MANUFACTURES—TOTAL 90.02 127 140 141 142 144 145 145 146 145 144 142 144 143 143 137 Durable Manufactures—Total 45.17 137 155 155 158 160 161 161 161 160 158 156 159 157 157 148 Primary metals 6.70 108 140 134 139 146 148 149 150 148 148 145 145 141 139 67 Metal fabricating 28.52 150 165 166 168 170 173 172 172 170 168 166 171 167 168 170 Fabricated metal products 5.73 123 134 135 137 141 142 139 138 136 134 132 135 130 132 131 Machinery 13.68 142 155 158 159 161 164 162 163 164 162 162 171 168 168 172 Nonelectrical machinery 9.04 125 135 136 140 141 143 143 144 146 147 147 151 149 149 153 Electrical machinery 4.64 177 194 197 196 199 205 198 199 197 192 191 208 206 205 209 Transportation equipment 7.54 175 203 202 203 205 208 212 212 205 202 197 194 186 190 190 Instruments and related products 1.29 140 149 151 153 155 156 158 159 160 161 160 163 164 164 167 Clay, glass, and lumber products 5.91 123 138 138 140 141 141 139 139 140 139 137 139 141 141 141 Stone, clay, and glass products 2.82 131 149 152 155 155 153 156 154 154 155 156 158 162 161 160 Lumber and products 3.09 115 127 126 127 127 130 124 126 128 124 121 122 121 123 123 Furniture and misc. manufactures 4.04 121 132 134 137 137 136 136 137 135 134 132 134 135 136 136 Furniture and fixtures 1.64 106 119 122 124 125 124 123 123 122 120 120 121 121 123 123 Miscellaneous manufactures 2.40 131 141 143 145 145 145 145 146 144 143 141 142 145 145 145 Nondurable Manufactures—Total... 44.85 116 126 126 125 128 129 130 130 129 130 127 129 128 128 127 Textiles and apparel 11.87 100 109 109 109 111 112 113 112 111 112 107 108 107 106 106 Textile mill products 6.32 95 107 106 107 107 109 110 109 108 109 106 106 103 101 100 Apparel and allied products 5.55 105 113 112 112 116 116 117 116 113 114 108 109 111 112 112 Rubber and leather products 3.20 104 122 120 119 121 124 122 125 126 125 119 120 116 110 Rubber products 1.47 115 143 137 138 142 147 147 144 147 140 135 137 131 122 117 Leather and products 1.73 95 105 106 102 104 105 101 108 108 112 105 106 104 102 104 Paper and printing 8.93 125 137 139 138 140 141 141 140 141 140 140 143 142 143 144 Paper and allied products 3.46 134 152 155 153 157 156 157 159 159 157 157 160 160 161 162 Printing and publishing 5.47 120 127 128 128 130 131 130 128 130 130 129 131 132 132 133 Chemical and petroleum products 9.34 142 159 160 160 163 162 164 166 165 166 166 167 169 168 165 Chemicals and allied products 6.84 148 167 170 168 173 171 173 175 173 174 174 178 179 178 177 Petroleum and coal products 2.50 125 135 134 135 135 137 139 141 142 143 144 139 140 142 130 Foods, beverages, and tobacco 11.51 106 109 108 107 107 111 111 113 111 112 110 112 110 111 109 Food and beverage manufactures 10.73 106 109 108 108 108 111 112 113 111 112 111 113 110 111 109 Tobacco manufactures .78 103 105 101 100 100 105 104 107 109 107 107 107 110 108 MINERALS—TOTAL 9.98 111 122 120 121 123 123 125 129 131 131 130 130 129 130 122 Mineral fuels 8.35 113 123 123 122 122 123 125 130 132 131 131 130 130 129 125 Coal 2.68 67 80 87 82 80 80 80 87 87 88 86 86 89 90 77 Anthracite .36 52 48 53 41 50 42 47 58 62 55 50 55 41 55 54 Bituminous coal 2.32 70 85 92 89 84 86 85 92 91 94 92 91 96 95 81 Crude oil and natural gas 5.67 134 143 139 141 141 143 147 151 153 151 151 151 149 148 148 Metal, stone, and earth minerals 1.63 106 120 109 117 126 126 124 123 129 130 130 129 128 130 103 Metal mining .82 90 110 88 105 119 120 114 112 121 121 120 118 •"118 117 64 Stone and earth minerals .81 123 130 130 130 133 131 134 135 137 138 139 139 138 143 142 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 125 139 130 139 142 147 145 142 143 144 143 144 141 141 128 MANUFACTURES—TOTAL 90.02 127 141 132 140 144 150 148 143 144 146 145 146 142 142 129 Durable Manufactures—Total 45.17 137 155 146 153 157 164 163 161 160 161 161 162 157 156 139 Primary metals 6.70 108 140 122 132 143 149 149 147 151 152 152 151 144 140 61 Ferrous metals 5.03 105 138 125 132 142 148 147 145 149 149 149 149 143 138 40 Pig iron and steel 3.51 108 144 132 140 149 153 154 153 158 158 159 158 152 145 Pig iron .37 101 134 129 134 140 141 140 141 143 143 145 145 140 135 Steel 3.05 109 146 133 141 150 154 156 154 159 159 160 159 154 146 Carbon steel 2.62 108 141 130 136 144 149 150 149 153 153 155 155 149 144 Alloy steel .43 115 171 147 168 186 188 189 182 197 199 192 181 182 157 Ferrous castings and forgings 1.52 97 124 108 114 125 137 131 128 128 130 128 129 121 123 79 Iron and steel castings 1.29 95 123 108 114 123 135 129 126 125 128 126 127 120 121 78 Steel forgings , .23 106 133 108 115 133 148 141 141 143 142 142 141 129 134 88 p Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 981 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 1001 19 p 4 r 7 o _ - 49 a A v n e n ra u g a e l 1955 1956 Industry portion 1954 1955 Aug. Sept. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 120 146 112 132 147 153 154 153 159 161 161 158 148 '145 125 Primary nonferrous metals .38 147 164 127 150 173 171 173 175 172 176 181 183 181 '179 172 Copper smelting .09 101 122 49 95 139 136 130 128 132 133 139 139 r147 '142 118 Copper refining , .06 109 123 50 97 142 126 136 143 122 134 141 142 -•143 '139 123 Lead .04 105 103 53 82 116 119 121 112 114 117 120 121 106 109 107 Zinc , .10 101 120 116 116 117 122 123 127 124 126 125 125 111 '111 114 Aluminum , .09 244 261 261 263 265 265 272 277 276 279 287 294 296 296 298 N Se o c n o f n e d rr a o ry u s n s o h n a f p er e r s o u an s d m c e a t s a t l i s n gs , 1. . 1 1 6 3 1 1 0 1 5 3 1 1 2 4 3 2 1 1 0 0 0 8 1 1 1 2 8 7 1 14 3 1 0 1 1 3 4 5 9 1 1 3 5 0 0 1 1 2 4 5 8 1 1 3 5 1 8 1 15 3 9 4 1 1 2 5 4 8 1 1 3 5 5 2 1 1 2 4 1 0 'i37''iii' Copper mill shapes .63 100 114 75 91 110 114 118 120 134 132 129 120 113 '112 79 Aluminum mill shapes .20 154 208 188 215 218 222 219 210 226 225 241 242 228 '215 222 Nonferrous castings .33 114 156 124 144 154 173 169 164 163 170 166 160 140 137 111 Metal Fabricating 28.52 150 165 157 162 165 173 174 172 172 172 174 167 161 Fabricated metal products 5.73 123 134 130 139 142 145 139 137 135 134 134 136 130 132 126 Structural metal parts 2.68 126 136 132 137 141 144 145 144 140 138 138 140 138 138 132 Stampings and misc. metal products.... 2.12 117 130 125 126 129 134 138 137 131 129 126 125 121 119 112 Tin cans .30 131 142 168 203 192 197 95 102 109 116 127 189 121 '159 168 Furnaces, gas ranges, and heaters .63 90 111 89 128 142 134 117 92 109 110 115 106 105 112 Machinery 13.68 142 155 142 153 161 169 164 164 167 168 168 172 167 165 158 Nonelectrical machinery 9.04 125 135 131 131 137 141 141 147 149 152 154 154 151 150 147 Farm and industrial machinery 8.13 121 130 128 129 131 136 138 143 144 145 146 148 147 147 145 Farm machinery 1.02 79 91 92 87 69 92 94 97 98 95 94 92 88 '87 83 Industrial and commercial machinery.... 7.11 127 135 133 135 140 142 144 150 150 153 154 156 155 155 154 Machine tools and presses .68 160 163 160 165 168 170 178 190 190 195 196 197 197 '194 192 Laundry and refrigeration appliances.,. .69 114 144 116 113 147 141 130 141 164 173 183 175 146 143 129 Electrical machinery 4.64 177 194 165 194 207 223 208 197 201 200 196 206 198 '195 178 Electrical apparatus and parts 3.23 160 174 169 170 175 188 180 184 184 184 184 202 200 '199 193 Radio and television sets .74 214 242 143 254 289 315 280 225 240 233 218 209 185 174 130 Transportation equipment 7.54 175 203 198 192 185 200 216 214 206 205 203 201 190 '189 187 Autos, trucks, and parts 4.80 109 153 147 137 122 144 167 159 147 143 139 136 116 '111 107 Autos 1.50 131 190 195 166 130 153 212 193 173 164 163 162 127 127 127 Trucks .66 92 115 126 106 102 106 122 122 113 125 130 131 117 123 100 Light trucks .22 95 114 119 93 106 121 128 106 101 109 104 102 89 89 76 Medium trucks .19 59 69 81 65 53 50 73 67 67 71 68 69 58 68 56 Heavy trucks .14 133 172 203 167 138 138 172 216 194 227 258 265 237 246 199 Truck trailers .07 130 183 174 192 199 202 199 192 173 187 191 195 191 203 146 Auto and truck parts 2.58 101 141 125 129 122 149 153 150 141 135 128 122 109 98 97 Aircraft and parts 1.30 474 481 469 469 484 490 500 516 517 521 513 516 522 '536 544 Shipbuilding and repair .81 112 115 114 117 117 115 109 111 111 118 122 122 r120 '121 118 Railroad equipment .53 39 42 37 45 45 50 48 51 54 60 66 68 69 66 62 Railroad cars 32 30 .35 29 30 22 38 33 36 40 49 57 60 61 56 51 Instruments and related products 150 155 1.29 140 149 147 158 159 161 160 161 161 164 164 164 162 Clay, Glass, and Lumber Products 145 147 5.91 123 138 133 149 140 132 132 135 135 142 143 145 135 Stone, clay, and glass products 2.82 131 149 149 158 158 161 157 153 150 150 158 162 '163 156 Glass and pottery products 1.09 118 134 124 138 137 144 143 141 141 141 140 143 142 '140 130 Flat glass and vitreous products .60 131 155 139 152 161 164 169 172 168 163 163 166 164 '160 149 Flat and other glass .47 133 156 136 153 163 167 172 174 171 167 163 165 163 '158 145 Glass containers .26 117 126 130 143 127 133 119 111 121 130 130 135 136 142 133 Home glassware and pottery .23 85 91 76 95 86 102 101 96 91 96 93 92 93 86 75 Cement .32 135 148 161 164 164 164 151 136 126 123 137 159 174 175 Structural clay products .35 111 127 128 138 140 138 137 130 129 132 137 138 140 '146 Brick .12 113 131 134 146 151 142 141 122 122 124 132 140 145 144 140 Clay firebrick, pipe, and tile .20 111 127 126 134 134 137 136 137 136 139 142 138 139 '148 141 Concrete and plaster products .48 161 180 191 195 196 192 186 181 175 177 181 192 202 208 204 Misc. stone and earth manufactures .58 140 166 167 174 175 177 176 176 171 171 171 172 172 '171 167 Lumber and products 3.09 115 127 118 133 136 138 124 113 116 121 119 126 125 129 116 Lumber 2.05 106 112 108 119 121 122 106 98 100 104 105 112 111 118 104 Millwork and plywood .60 161 197 160 198 209 213 201 173 189 201 193 199 187 181 161 Millwork .39 123 144 121 148 155 160 143 110 114 128 118 123 124 133 107 Softwood plywood .12 222 284 224 279 295 299 295 278 313 321 316 324 290 260 248 Wood containers .29 88 90 85 86 90 93 92 94 90 91 91 92 93 '92 91 Furniture and Misc. Manufacturing .. 4.04 121 132 125 134 140 144 142 140 133 136 134 132 131 r131 127 Furniture and fixtures 1.64 106 119 113 123 111 128 128 128 122 123 111 119 116 118 115 Household furniture 1.10 106 120 114 124 129 131 131 130 124 125 123 118 115 116 115 Fixtures and office furniture .54 107 115 111 121 123 123 121 122 119 119 120 120 119 122 115 Miscellaneous manufactures 2.40 131 141 133 142 149 154 152 149 141 145 142 141 140 141 135 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 PRODUCTION INDUSTRIAL PRODUCTION—Continued [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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 116 126 117 128 130 135 132 125 128 131 130 129 127 127 118 Textiles and Apparel 11.87 100 109 93 112 109 114 106 1/3 119 114 111 107 104 90 Textile mill products 6.32 95 107 91 108 106 112 111 105 111 115 110 108 106 100 86 Cotton and synthetic fabrics. 3.72 100 113 96 115 111 117 118 110 119 123 115 112 109 99 87 Cotton consumption 2.30 97 103 84 106 103 109 109 101 110 112 108 107 105 96 81 Synthetic fabrics .97 108 137 133 134 132 133 135 131 135 141 132 119 108 103 101 Fabric finishing .45 93 100 67 106 87 109 110 92 111 118 98 103 108 90 71 Wool textiles .97 66 79 73 79 80 85 83 80 83 84 85 89 90 90 76 Wool apparel yarns .16 76 85 80 90 80 90 86 78 94 97 89 97 98 85 83 Wool fabrics .75 64 78 72 77 80 84 83 82 80 81 84 87 89 92 75 Knit goods 1.15 106 110 98 113 114 119 116 107 107 114 110 110 108 110 95 Hosiery .65 108 106 85 104 106 113 108 99 106 114 105 105 99 102 77 Full-fashioned hosiery.. .45 113 110 86 107 107 114 109 100 107 117 110 112 102 104 77 Seamless hosiery .20 97 99 82 99 101 110 106 96 102 108 93 90 91 97 75 Knit garments .50 103 115 116 123 125 126 125 118 110 115 116 116 119 121 118 Floor coverings i .48 Woven carpets .31 71 79 44 72 85 89 77 84 83 93 91 89 48 Apparel and allied products 5.55 105 113 95 116 111 117 117 107 117 124 120 114 109 108 95 Men's outerwear 1.78 103 111 84 120 109 117 116 102 119 124 118 119 121 104 79 Men's suits and coats .73 83 92 59 110 91 95 94 84 99 99 99 103 107 91 59 Men's suits .50 82 90 55 102 84 93 95 86 103 103 101 99 100 85 54 Men's outercoats .13 67 77 60 115 99 82 69 55 55 59 67 92 110 93 63 Shirts and work clothing .99 116 123 98 126 119 130 131 113 132 141 130 129 129 111 90 Women's outerwear 1.85 109 116 98 117 108 113 113 98 118 132 127 115 104 111 100 Women's suits and coats .76 129 134 129 145 129 139 143 119 145 155 135 95 90 122 132 Misc. apparel and allied mfrs 1.92 103 111 103 112 117 122 122 119 113 117 114 108 104 107 105 Rubber and Leather Products . 3.20 104 122 105 119 124 130 122 119 127 132 125 122 113 nu 96 Rubber products 1.47 115 143 121 133 144 155 150 139 149 146 140 140 129 123 103 Tires and tubes .70 105 131 127 116 128 140 138 120 129 134 130 133 125 122 99 Auto tires .40 110 140 138 125 135 143 140 121 131 135 131 135 125 115 97 Truck and bus tires .30 99 120 111 104 119 136 134 118 126 132 130 130 125 130 103 Miscellaneous rubber products. .77 124 154 115 148 158 170 161 156 167 157 149 146 133 124 106 Leather and products , 1.73 95 105 92 108 107 109 99 102 109 120 112 106 99 100 91 Leather , .44 87 92 74 90 90 97 95 95 93 103 95 95 95 91 Cattlehide leathers , .29 92 99 79 96 98 105 102 103 100 109 102 103 103 99 Skin leathers , .15 75 79 63 77 74 82 81 80 80 90 80 82 80 76 Shoes and slippers2 .90 Miscellaneous leather products. .39 90 99 97 104 104 106 105 104 98 103 98 91 89 96 96 Paper and Printing 8.93 125 137 128 135 141 147 144 137 138 141 144 146 143 143 132 Paper and allied products 3.46 134 152 139 155 157 167 159 146 157 162 163 165 160 163 144 Pulp and paper 1.76 132 149 135 151 150 158 156 144 158 163 161 163 162 161 143 Wood pulp .51 148 169 156 173 169 179 178 164 181 185 183 184 187 184 165 Paper and board 1.25 125 140 126 141 143 150 147 136 149 154 153 154 152 152 134 Printing paper .22 118 127 112 127 130 132 133 127 137 144 141 142 142 r143 130 Fine paper .14 120 133 107 122 134 140 136 129 144 142 152 153 148 148 129 Coarse paper .20 119 129 117 126 128 137 132 125 137 145 140 142 139 141 121 Miscellaneous paper .18 137 158 148 156 156 176 167 154 172 169 170 177 168 169 160 Paperboard .41 130 149 133 155 153 160 161 144 159 163 159 161 162 159 135 Building paper and board. .10 124 137 133 151 145 142 137 124 127 139 148 141 141 141 127 Converted paper products 1.70 136 156 144 159 165 177 161 149 156 162 165 168 157 165 146 Shipping containers .51 133 155 141 160 167 175 160 149 147 157 165 162 154 165 140 Sanitary paper products .11 145 158 153 152 156 180 163 148 179 173 163 184 163 163 162 Printing and publishing 5.47 120 127 121 123 131 135 135 130 126 128 132 134 133 130 125 Newsprint consumption 1.85 119 128 112 116 132 142 143 126 119 127 134 141 140 131 115 Job printing and periodicals. 3.62 121 127 125 127 131 131 131 133 129 129 131 130 129 130 130 Chemical and Petroleum Products . 9.34 142 159 152 157 162 166 168 167 168 170 169 168 166 164 156 Chemicals and allied products 6.84 148 167 158 163 111 176 178 177 111 179 179 179 176 173 165 Industrial chemicals 2.54 153 184 176 182 190 192 197 197 199 201 201 200 197 192 181 Basic inorganic chemicals .57 157 180 159 166 179 188 195 194 197 203 204 201 195 185 158 Industrial organic chemicals 1.97 152 186 181 187 194 192 198 198 200 201 200 200 197 194 187 Plastics materials .24 184 242 207 234 264 261 268 253 261 264 264 266 '263 251 Synthetic rubber .11 136 213 211 217 222 230 243 233 241 249 243 244 242 227 227* Synthetic fibers .59 152 186 177 184 191 188 197 196 195 194 191 183 176 169 163 Miscellaneous organic chemicals. 1.03 146 169 174 175 176 175 178 183 183 185 187 189 190 192 193 Vegetable and animal oils .64 118 124 99 103 122 156 165 148 152 157 141 133 123 107 93 Vegetable oils .48 113 117 87 90 115 157 162 144 147 150 134 123 110 91 75 Grease and tallow .16 133 145 133 145 144 154 174 159 168 175 162 163 163 155 145 Soap and allied products .71 108 110 79 104 126 130 118 115 104 109 108 111 106 109 88 Paints .66 116 125 130 130 126 127 126 126 123 125 125 124 125 126 127 Fertilizers .23 122 125 91 90 115 118 114 118 122 131 168 188 163 118 102 ' Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 983 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947^*9 a A v n e n r u a a g l e 1955 1956 pro- Industry portion 1954 1955 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 125 135 134 138 136 138 140 141 143 143 142 135 137 142 PetPreotlreoulme uamn dre fcionailn gproducts.. 1.97 133 142 141 143 141 143 148 152 154 151 148 142 144 149 P149 1.04 141 152 156 157 155 157 158 161 158 155 155 150 155 162 Automotive ffasoline .98 136 147 151 151 149 151 153 156 153 151 150 144 149 155 Aviation gasoline .06 221 233 247 252 247 252 236 247 242 231 242 254 258 281 Fuel oil .56 128 138 131 133 132 134 141 149 160 158 149 140 138 141 P144 Distillate fuel oil .30 158 175 167 172 172 171 178 187 204 203 192 182 177 186 Residual fuel oil .26 93 94 89 89 87 92 99 105 110 105 99 92 94 90 Kerosene .. .10 110 107 94 95 91 101 112 129 126 126 112 98 96 95 Lubricating oil .17 108 114 108 116 111 111 126 112 119 115 119 126 123 123 Coke .. . .26 84 104 101 104 107 108 110 111 111 111 111 110 108 105 Asphalt roofing and siding .15 103 110 114 142 131 131 97 57 66 100 127 86 109 125 120 Foods* Beverages* and Tobacco . . .. 11.51 106 109 110 117 121 123 114 104 102 102 103 105 107 nu 112 Pood and beverase manufactures . . 10.73 106 109 111 117 122 124 114 105 102 102 103 105 107 114 113 Food manufactures 8.49 107 109 109 118 125 125 118 109 106 104 102 103 105 110 110 Meat products ... . 1.48 117 128 104 118 129 143 150 152 153 140 136 131 121 122 118 Beef. .46 135 142 137 151 155 154 146 140 158 145 142 150 147 154 154 Pork .83 103 116 83 96 111 133 148 154 146 133 129 117 103 100 95 .69 106 107 132 120 101 88 83 84 91 99 109 121 136 150 134 Butter .14 110 105 116 90 84 88 83 94 104 107 114 128 131 138 118 Natural cheese .07 116 116 130 113 102 90 87 92 96 103 132 153 163 133 .19 94 97 107 94 82 75 71 79 85 94 106 123 140 146 118 Ice cream .28 104 109 153 151 118 93 86 76 84 93 102 109 125 149 147 1.13 112 118 142 198 201 161 114 95 85 83 82 85 96 115 141 Grain-mill products. . . 1.16 107 105 110 106 108 111 102 100 100 98 99 97 99 103 105 Wheat flour .46 81 83 80 77 83 96 86 84 85 81 84 79 77 80 77 Cereals and feeds.... .70 124 119 130 125 124 122 112 110 111 109 109 109 112 119 123 Bakery products 1.64 97 97 100 98 99 100 99 99 95 95 94 95 97 99 97 Sugar .27 117 115 73 81 111 247 261 182 87 57 59 68 70 81 Cane susar .11 106 113 121 128 129 130 103 112 109 102 109 123 114 124 Beet sugar .13 121 111 26 36 90 340 393 236 63 14 11 16 27 38 Confectionery .71 99 101 65 79 140 134 129 91 112 115 97 98 90 84 73 Miscellaneous food preparations 1.41 105 106 113 111 109 108 104 101 99 102 103 102 107 112 109 Beverages 2.24 103 107 121 114 111 118 102 91 87 96 105 112 115 130 54 Alcoholic beverages 1.70 98 102 106 104 102 117 105 88 84 94 105 111 108 119 B L L e i i e q q r u u o o a r r n d d b i o s t a t t l i l l e i li n n g g . . . .3 1 7 7 1 6 02 8 1 7 09 7 4 99 0 4 94 6 1 8 18 3 1 1 o 5 5 o 4 7 1 1 2 46 9 9 9 8 5 6 1 7 79 5 1 Q 7 0 O 2 5 1 8 13 2 i 1 8 l 2 l 2 0 1 1 7 0 1 8 6 o 1 1 6 9 1 0 9 8 Tobacco manufactures . .78 103 105 92 112 107 114 107 88 107 105 105 103 110 115 Cigarettes .46 106 109 99 117 109 117 108 91 112 107 109 106 116 122 Cigars .17 105 104 82 110 111 118 113 87 103 109 104 105 103 108 MINERALS—TOTAL 9.98 111 122 119 124 126 127 126 127 129 127 127 130 130 131 119 Mineral Fuels 8.35 713 123 119 122 123 125 128 131 133 131 130 130 128 128 120 Coal 2.68 67 80 77 82 83 88 87 91 91 88 86 86 85 84 62 .36 52 48 42 39 53 51 51 54 61 55 46 53 42 58 42 2.32 70 85 82 89 88 93 93 97 95 94 92 91 91 89 65 Crude oil and natural gas 5.67 134 143 139 141 142 143 147 151 153 151 151 151 149 148 Oil and gas extraction 4.82 128 137 132 133 135 137 142 146 147 147 148 144 142 143 p 142 Crude oil 4.12 122 131 127 128 129 131 134 137 138 138 139 137 135 136 3?136 .34 172 185 165 167 176 181 196 209 219 214 210 Natural gas liquids .36 160 169 159 163 170 174 183 186 186 187 186 178 176 176 Oil and gas well drilling .85 167 175 178 187 180 175 173 177 185 173 171 188 187 180 Metal* Stone* and Earth Minerals 1.63 106 120 120 132 141 137 120 106 106 108 109 129 r141 r145 112 f^fetal mining ... .82 90 110 104 126 141 136 105 83 87 91 91 119 139 142 77 .33 84 113 168 179 181 165 92 44 42 49 46 108 164 173 Nonferrous metal mining .49 94 108 62 90 114 116 114 108 118 119 122 127 122 121 .24 103 123 50 96 134 137 135 127 140 138 140 148 142 142 Lead mining .09 80 84 79 78 82 84 79 82 81 88 91 94 '88 88 .06 75 81 81 79 81 80 77 74 80 86 90 91 '89 87 Stone and earth minerals .. .81 123 130 135 139 141 139 135 129 124 126 128 138 142 149 148 v Preliminary. r Revised. group in addition to the groups shown. Certain types of combat materiel 1 Publication suspended pending revision for the period 1952 to date. are included in major group totals but not in individual indexes for autos, 2 Publication suspended pending adjustment to revised Census produc- farm machinery, and some other products, as discussed in the BULLETIN tion figures for the period 1950 to date. for December 1953, pp. 1269-1271. NOTE.—A number of groups and subgroups include individual series For description and back figures see BULLETIN for December 1953, not published separately, and metal fabricating contains the ordnance pp. 1247-1293 and pp. 1298-1328, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1955 1956 Product proportion 1954 1955 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 148 151 154 152 151 149 143 137 133 132 124 124 129 Major Durables 69.72 125 164 166 169 172 168 167 163 156 148 143 142 130 130 137 Autos 32.10 131 190 18$ 189 195 194 196 187 171 158 148 142 119 120 122 Major household goods 36.13 122 144 150 155 156 148 143 144 146 141 141 144 142 141 152 Furniture and floor coverings. 15.32 101 116 117 121 123 121 121 121 120 119 117 116 117 115 118 Household furniture 11.31 106 120 121 125 127 126 126 125 124 123 121 121 120 120 122 Floor coverings * 4.01 Appliances and heaters 15.60 111 138 146 143 147 137 134 143 150 146 150 149 141 138 158 Major appliances 11.88 115 142 154 150 153 147 141 152 155 150 153 158 147 143 166 Ranges 2.60 79 100 119 98 98 95 90 104 113 110 111 110 107 117 97 Refrigeration appliances. 4.98 124 151 161 160 166 162 146 151 140 145 153 160 153 148 167 Laundry appliances 2.51 148 193 193 206 205 187 200 227 242 221 215 211 185 171 247 Heating apparatus 3.72 97 120 121 119 126 108 111 115 134 133 139 122 125 124 Radio and television sets 5.21 214 242 r254 294 279 259 235 216 207 194 186 207 218 220 233* Radio sets 3.42 52 77 76 70 72 95 103 101 72 66 62 55 61 55 56 Television sets 1.79 522 558 '595 720 676 572 486 436 465 439 423 496 517 536 569 Other Consumer Durables 30.28 95 106 106 107 111 114 114 114 113 111 109 110 110 110 11G Auto parts and tires 14.00 91 102 101 101 107 108 108 112 113 106 104 105 104 100 100 Misc. home and personal goods 16.28 99 109 111 112 115 118 119 117 114 115 112 114 115 118 119 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 116 147 137 139 136 146 159 148 144 143 143 141 124 124 116 Major Durables 69.72 125 164 152 152 145 157 177 165 159 157 157 154 131 130 121 Autos 32.10 131 190 195 166 130 153 212 193 173 164 163 162 127 127 127 Major household goods 36.13 122 144 115 141 159 162 150 142 150 153 155 150 136 134 117 Furniture and floor coverings 15.32 101 116 105 117 124 127 124 125 120 123 121 117 113 112 106 Household furniture 11.31 106 120 114 124 129 131 131 130 124 125 123 118 115 116 115 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 116 127 151 145 131 130 148 156 168 162 143 143 124 Major appliances 11.88 115 142 120 122 149 144 133 140 161 169 183 178 152 150 127 Ranges 2.60 79 100 76 91 107 105 97 99 115 118 125 115 102 112 62 Refrigeration appliances 4.98 124 151 144 116 143 131 113 130 157 165 194 197 173 174 149 Laundry appliances 2.51 148 193 131 181 219 218 220 222 235 252 237 222 176 162 163 Heating apparatus 3.72 97 120 103 142 159 148 125 97 109 113 121 113 113 121 Radio and television sets 5.21 214 242 143 254 289 315 279 224 239 233 218 209 184 174 Radio sets 3.42 52 77 49 62 68 99 105 96 72 72 70 63 67 54 37 Television sets 1.79 522 558 321 619 710 726 612 470 559 540 499 486 409 402 307 Other Consumer Durables 30.28 95 106 103 110 115 120 117 111 109 110 108 109 109 109 106 Auto parts and tires 14.00 91 102 102 107 113 115 108 104 107 101 101 103 104 103 101 Misc. home and personal goods 16.28 99 109 103 112 116 124 124 118 111 116 115 114 113 115 111 ' 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 f Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Business Other Total d R en e t s i i a - l Total In tr d i u al s- m C e o r m ci - al P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3 174 7 000 177 2 272 881 3 670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1 137 4 003 3 547 10 901 1 388 2 820 854 5 839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3 511 11,394 1,307 3,160 830 6,097 1954 37,782 25,853 13,496 8,583 2,030 2,212 4,341 3,774 11,929 1,030 3,870 704 6,325 1955 42,991 30,572 16.595 10,046 2,399 3 043 4 604 3 931 12 419 1,297 4 520 593 6 009 1955 Aug 3,638 2,620 1,433 864 207 272 385 323 1,018 112 376 46 484 Sept 3,623 2,629 [,422 883 209 290 384 324 994 114 345 43 492 Oct 3,598 2,594 [,375 896 213 292 391 323 1 004 118 363 43 480 Nov 3,601 2,551 1,342 879 217 273 389 330 1 050 111 403 43 493 Dec 3,580 2,519 [,322 870 219 262 389 327 1,061 108 432 46 475 1956—Jan 3,618 2,506 1,286 899 217 266 416 321 1.112 100 467 48 497 Feb 3,625 2,522 1,279 920 220 282 418 323 1,103 103 443 48 509 Mar 3,585 2,531 1,268 938 228 291 419 325 I 054 96 411 51 496 Apr 3,658 2,563 1,276 954 242 293 419 333 1,095 104 438 53 500 May 3,686 2,559 257 964 261 280 423 338 1,127 118 443 60 506 June1* 3,678 2,555 1,250 969 272 274 423 336 I 123 123 425 58 517 July* 3,691 2,587 1.270 975 276 275 424 342 1,104 123 408 57 516 Aug *> 3,689 2,580 1,263 981 276 279 426 336 10Q 114 413 56 526 * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 985 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building 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 1,127 2,155 1949 ... 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 [,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 ,695 4,008 1954 19,770 6,558 13 212 8,518 1,274 1,815 2,063 .958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1955 Aug . 1,895 549 1,346 835 170 215 153 144 378 Sept 2,035 621 1,414 733 201 197 163 148 593 Oct 1,863 551 1,312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec 1,921 730 1,190 711 148 197 237 144 483 1956 Jan 1,858 675 1,183 694 158 161 190 153 503 Feb 1,860 598 1,262 799 171 183 145 131 430 Mar 2,382 638 1,744 1,105 267 206 226 183 395 2,421 745 1,677 1,144 196 210 203 213 456 May 2,480 714 1,766 1,129 159 217 202 242 531 June 2,198 732 1,466 826 144 224 192 234 577 July 2,149 736 1,412 758 152 242 196 258 543 Aug 2,069 620 1,449 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas t955_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 July 2,272 116 398 145 262 210 223 398 115 94 133 178 1956—May 2,480 148 369 119 276 202 317 487 131 115 99 216 2,198 173 391 119 247 221 213 349 166 87 99 133 July 2,149 136 341 143 237 226 270 358 117 101 91 128 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten * Metro- metro- Year or month Total po ar li e t a a s n p a o r l e it a a 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 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 21 111 76 35 110 100 3 8 1 46 20 26 May 114 78 36 111 101 3 7 3 47 20 27 June *104 75 29 2102 n.a. n.a. n.a. 22 45 19 26 July 2101 71 30 ^99 n.a. n.a. n.a. 22 43 18 25 Aug *101 69 32 2101 n.a. n.a. n.a. 44 19 25 2 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

986 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of personsj Civilian labor force Total non- Total Employed! Not in the Year or month institutional labor Unem- labor force population force Total ployed In nonagricul- In Total tural industries agriculture 1948 108,482 62,748 61 442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63 099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113 119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1955—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 Aug . 118,891 71,787 68,947 66,752 59,487 7,265 2,195 47,105 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information on the labor force status of the population, relating to persons 14 years of age and over, is obtained through inter- 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 ri u n f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 538 6.645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 664 6,751 1955 49,950 16,557 770 2,780 4,056 10,803 2,215 5,854 6,915 SEASONALLY ADJUSTED 1955—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 16,944 777 2,876 4,145 11,083 2,261 5,952 7,042 Feb 51,127 16,879 780 2,924 4,131 11,105 2,273 5,967 7,068 Mar 51,057 16,804 783 2,966 4,127 11,027 2,276 5,979 7,095 Apr 51,327 16,918 798 3,003 4,128 11,120 2,278 5,979 7,103 May '51,454 16,909 '794 3,055 4,141 11,110 2,289 5,981 7,175 June '51,600 '16,877 808 '3,132 '4,164 '11,162 '2,297 '5,999 '7,161 July 51,022 16,467 745 3,074 4,115 11,153 2,305 6,018 7,145 Aug 51,621 16,840 809 3,069 4,160 11,173 2,320 6,018 7,232 WITHOUT SEASONAL ADJUSTMENT 1955—Aug 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 16,842 777 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 '51,197 16,715 '786 3,040 138 10,985 2,289 6,041 7,203 June '51,709 16,809 812 '3,257 181 '11,091 '2,320 '6,089 '7,150 July 50,918 16,301 741 3,289 146 11,015 2,351 6,138 6,937 Aug 51,789 16,973 817 3,345 4,191 11,009 2,355 6,138 6,961 ' *R.^WevTWisWeVd».. 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 ths 15th of the for August 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 987 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 Aug. June July Aug. Aug. June July Aug. Total 13,137 13,149 12,730 13,088 13,264 13,078 12,553 13,208 Durable goods 7,593 '7,592 7,230 7,588 7,554 '7,602 7,116 7,544 Ordnance and accessories 93 '83 82 83 93 '83 82 83 Lumber and wood products 692 '672 679 675 720 '696 693 702 Furniture and fixtures 321 '321 317 315 316 '311 304 310 Stone, clay, and glass products 470 '482 478 471 475 '484 473 476 Primary metal products 1,103 1,118 762 1,111 1,097 1,118 754 1,105 Fabricated metal products 902 '874 861 866 893 '870 835 857 Machinery except electrical 1,196 1,265 1,278 1,285 1,166 1,278 1,259 1,253 Electrical machinery 839 '875 885 898 822 '866 854 880 Transportation equipment 1,348 1,269 1,253 1,248 1,348 1,269 1,253 1,248 Instruments and related products 228 232 233 237 225 231 228 233 Misc. manufacturing industries 401 '401 402 399 399 '395 382 397 Nondurable goods 5,544 '5,557 5,500 5,500 5,710 5,476 5,437 5,664 Food and kindred products 1,110 1,121 1,099 1,101 1,259 1,104 1,152 1,249 Tobacco manufactures 99 91 89 90 109 80 77 99 Textile-mill products 996 '960 957 960 986 '960 928 950 Apparel and other finished textiles 1,066 1,093 1,068 1,061 1,087 1,049 1,020 1,082 Paper and allied products 458 '466 464 463 460 '466 459 465 Printing, publishing and allied products 532 549 548 553 527 549 543 547 Chemical and allied products 549 '560 556 558 541 '552 545 550 Products of petroleum and coal 175 172 171 173 178 175 174 176 Rubber products 217 209 213 211 215 209 207 209 Leather and leather products 342 '336 335 330 349 '334 332 337 ' Revised. time) who worked during, or received pay for, the pay period ending NOTE.—Data cover production and related workers only (full- and part- nearest the 15th of the month. Figures for August 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1955 1956 1955 1956 1955 1956 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 76.33 '79.19 78.80 79.79 40.6 '40.2 40.0 40.3 1.88 1.97 1.97 1.98 Durable goods 82.61 85.27 84.04 85.89 41.1 40.8 40.6 40.9 2.01 2.09 2.07 2.10 Ordnance and accessories 82.42 '91.52 91.30 92.13 40.4 '41.6 41.5 41.5 2.04 2.20 2.20 2.22 Lumber and wood products 72.21 73.71 71.82 73.89 41.5 40.5 39.9 40.6 1.74 1.82 1.80 1.82 Furniture and fixtures 68.46 '67.70 67.13 69.29 42.0 '40.3 40.2 41.0 1.63 1.68 1.67 1.69 Stone, clay, and glass products 77.93 '80.73 80.36 80.95 41.9 '41.4 41.0 41.3 1.86 1.95 1.96 1.96 Primary metal industries 91.94 '95.71 90.80 n.a. 40.5 40.9 40.0 n.a. 2.27 2.34 2.27 n.a. Fabricated metal products 82.78 84.46 84.05 85.08 41.6 41.0 40.8 41.1 1.99 2.06 2.06 2.07 Machinery except electrical 86.94 91.98 91.96 92.82 41.6 42.0 41.8 42.0 2.09 2.19 2.20 2.21 Electrical machinery 76.14 '79.98 79.20 79.60 40.5 40.6 40.0 40.2 1.88 1.97 1.98 1.98 Transportation equipment 92.06 '91.37 92.97 93.61 41.1 '39.9 40.6 40.7 2.24 '2.29 2.29 2.30 Instruments and related products 77.55 80.79 81.61 82.61 40.6 40.6 40.6 41.1 1.91 .99 2.01 2.01 Miscellaneous manufacturing industries... 66.50 69.77 68.73 69.25 40.3 40.1 39.5 39.8 1.65 .74 1.74 1.74 Nondurable goods 67.83 70.95 71.53 71.31 39.9 39.2 39.3 39.4 1.70 .81 1.82 1.81 Food and kindred products 71.10 '76.22 76.26 74.34 41.1 '41.2 41.0 40.4 1.73 .85 1.86 1.84 Tobacco manufactures 49.91 59.19 57.90 53.68 39.3 39.2 38.6 37.8 1.27 .51 1.50 1.42 Textile-mill products 55.48 '55.73 55.73 56.30 40.2 '38.7 38.7 39.1 1.38 .44 1.44 1.44 Apparel and other finished products 49.82 '51.12 51.91 53.80 36.9 '35.5 35.8 36.6 1.35 .44 1.45 1.47 Paper and allied products 79.92 82.41 84.08 84.32 43.2 42.7 42.9 42.8 1.85 .93 1.96 1.97 Printing, publishing and allied products... 91.42 '93.80 93.41 94.14 38.9 38.6 38.6 38.9 2.35 2.43 2.42 2.42 Chemicals and allied products 82.81 '87.14 87.54 87.54 41.2 '41.3 41.1 41.1 2.01 2.11 2.13 2.13 Products of petroleum and coal 97.58 104.81 106.50 102.97 41.0 41.1 41.6 40.7 2.38 2.55 2.56 2.53 Rubber products 86.32 84.93 86.37 90.23 41.3 39.5 39.8 41.2 2.09 2.15 2.17 2.19 Leather and leather products 53.24 '55.95 56.47 55.73 38.3 '37.3 37.9 37.4 1.39 1.50 1.49 1.49 ' Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for August 1956 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k a p P d h h e i i l l a - - C l l a e n v d e- R m i o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1948. 104 102 103 104 105 103 103 104 104 104 103 105 104 1949. 98 99 98 100 98 100 101 97 98 98 99 102 98 1950. 105 103 101 106 105 105 109 104 104 105 108 113 105 1951. 109 105 105 109 110 113 115 108 107 104 111 117 109 1952. 110 104 101 109 110 118 124 106 110 104 113 124 114 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_July.. '125 114 108 121 124 136 152 122 132 111 136 148 123 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. 124 114 115 125 118 134 147 124 119 114 124 143 126 July.. *128 116 116 119 128 140 *160 123 135 113 130 152 132 WITHOUT SEASONAL ADJUSTMENT 1955_july.. 98 82 •78 90 96 108 122 96 102 89 111 125 108 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. 119 114 111 117 113 128 131 121 117 105 119 130 120 July.. *>101 84 83 88 98 111 "128 97 104 91 107 129 115 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—July.. 127 121 116 125 118 146 148 122 126 119 134 147 133 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 31956—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. 137 132 126 132 124 162 162 131 138 128 144 155 142 July.. *138 131 127 132 125 159 P160 132 139 127 *157 *143 WITHOUT SEASONAL ADJUSTMENT 1955—July.. 120 109 106 112 109 143 139 114 116 115 129 139 132 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. 131 123 119 124 118 158 152 123 127 121 138 144 143 July.. *130 118 115 119 115 155 *>150 124 128 124 H3S P149 P142 * Preliminary. r 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 BULLETIN for December 1951, pp. 1463-1515. ;are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 989 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o o l n t e r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i ( o s e O t r n i a d n d u n e g t d r - o s - f i m c ( e t R o f i o o n p e t r - t t a s h l ) 2 m o ( r N t o d f o o e n e t w r t r a h s l ) 3 Stocks s o O t r i a d n u n e g t d - rs - S s o t p t i a o u n l n u c g t d - s k - s c R ei e p - ts month) orders Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 925 373 358 358 2.7 1 i 3 8 1 0 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 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 1.1 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 l 4 0 1.0 Month: 1955_july '326 r[,092 '552 '291 '394 '3.3 1.7 '5.0 0 9 Aug 382 1,157 550 449 445 3.0 1.4 4 5 I 2 Sept 426 1,244 576 513 539 2.9 1.4 4.3 .2 Oct 473 1,350 581 579 584 2.9 1 2 4 1 Nov 546 1,415 487 611 517 2.6 0.9 3.5 .1 Dec 817 1,139 357 541 411 1.4 0.4 1.8 1956 Jan 348 1,133 435 342 420 3.3 1.3 4.5 .0 Feb 332 1,205 450 404 419 3.6 1.4 5 0 Mar ... 429 1 271 401 495 446 3.0 0.9 3.9 1.2 Apr 385 1' 314. 336 428 363 3.4 0 9 4 3 1 May 438 1,275 338 399 401 2.9 0.8 3.7 0.9 June 417 1,187 501 329 492 2.8 1.2 4.0 0.8 July*3 337 1,173 587 323 409 3.5 1.7 5.2 1.0 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United * 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 exports1 Mer m ch i a li n ta d r i y se - a e id x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports 3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1,093 1.168 1,280 923 1.083 1.198 833 871 1,074 Feb 1,183 1,238 1,358 999 ,143 r ,269 809 850 '1,050 Mar 1,126 1,344 '1,580 923 ,252 r ,476 865 1,019 1,102 Apr 1,426 1,264 1,510 1,259 ,170 1,398 957 871 990 May 1,402 1,325 '1,703 1,137 ,194 ,519 829 959 '1,091 1,475 1,319 1,691 1,115 1,191 1,492 947 937 1,033 July 1,290 1,270 ^1,612 1,023 1,142 V .281 822 885 ^1,051 Aug ... 1 156 1 236 956 1,108 825 960 Sent 1 115 1 256 962 I 157 780 946 Oct ... . 1,270 1,396 1,166 .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 1,008 Jan.-July 8,995 8,928 ^10,734 7,379 8,175 »9,633 6,062 6,392 2>7,391 * Preliminary. 2 Department of Defense shipments of grant-aid military equipment r Revised. and supplies under the Mutual Security Program. l 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

990 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55 6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104 1 101.1 104 1 103 4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107 0 115 4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128 0 125.2 113 4 107 1 120 2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955_July 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106 3 120.3 Aue 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111.2 125.2 103.6 119.8 104.6 125.3 128.2 116.6 106 7 120 6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128 5 129 8 117 5 106 8 120 6 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 1956—Jan 114.6 109.2 120.6 131.4 111.7 129.5 102.0 121.2 104.1 126.8 130.7 118.5 107.3 120.8 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 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127 1 131 9 119 6 108 2 121 5 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107 6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i n c o i d t n h t d d e s s e s - , r ,p l t F o i m e a i g u n w r n h i a e g d a e t - l l - r , s ,C p a i u a l h c r l n c o a e ie 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 - - L p w u a b r u o c n o e m o t d d r s d - - p p P a u a l a r u l c n o p i l e t d d p e s d r - , ,M m p u a r e e n c o t t t d a d a s l - l s p c M m u a t e h r i n c o v r o i a y t n d d e - s - - - h F d o h b t a o u u t u o n l h u r r e r l d e s n a d e s e r - i- -e s N t r t m t m a u a r o l l r i u e s l n a n i c - — c - l - - b b e m o b a T r a t e a n f c o t r v g l d c - s e e - o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103 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 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 Jan 111.9 84.1 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121.7 89 6 Feb 112.4 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 oo 9 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 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 114.2 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 July 114.0 90.1 102.2 121.3 94.9 100.2 110.9 107.3 143.3 126.5 127.7 144.8 136.9 118.1 130.6 121.7 91.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 991 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup July May June July July May June July Farm Products: Pulp, Paper, and Allied Products- Continued: Fresh and dried produce. 98.7 111.8 120.2 111.8 Grains 86.7 90.5 86.9 88.4 Paperboard 126.1 136.4 136.5 136.5 Livestock and poultry... 79.4 74.4 74.8 72.9 Converted paper and paperboard . .. 112.3 123.2 123.2 123.2 Plant and animal fibers.. 103.8 105.9 106.1 104.3 Building paper and board 129.7 138.1 138.1 138.1 Fluid milk 89.0 92.7 92.7 94.4 Eggs 78.7 80.2 78.7 84.3 Metals and Metal Products: Hay and seeds 85.6 90.1 87.5 80.6 Other farm products 137.6 144.4 147.1 149.2 Iron and steel 143.1 150.8 149.5 149.8 Nonferrous metals , 139.5 160.0 158.0 152.4 Processed Foods: Metal containers 131.4 141.2 141.2 140.3 Hardware 144.9 154.0 154.7 155.1 Cereal and bakery products 117.6 115.5 115.3 114.9 Plumbing equipment , 123.2 135.0 134.1 134.1 Meats, poultry, and fish 88.5 82.1 83.1 83.7 Heating equipment 113.6 117.3 117.4 118.0 Dairy products and ice cream 106.0 107.9 108.0 107.9 Fabricated structural metal products 123.8 129.4 129.4 129.7 Canned, frozen fruits, and vegetables 104.6 109.3 109.7 109.3 Fabricated nonstructural metal Sugar and confectionery 110.7 109.6 109.5 110.0 products 127.0 132.6 132.5 132.5 Packaged beverage materials 171.9 187.4 191.0 196.1 Other processed foods 100.5 97.5 97.4 97.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.5 126.5 126.6 126.8 Cotton products 91.0 93.1 92.7 92.3 Construction machinery and equip- Wool products 105.0 102.9 102.9 102.9 ment 134.7 146.6 146.8 147.9 Synthetic textiles 86.8 80.3 80.2 80.5 Metal working machinery 145.5 154.5 '155.2 155.2 Silk products 126.8 125.0 124.7 122.0 General purpose machinery and Apparel 98.6 99.4 99.7 99.7 equipment 132.7 146.0 145.6 145.7 Other textile products. 74.3 70.3 70.0 70.5 Miscellaneous machinery 127.4 135.2 135.5 136.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 126.7 137.0 137.6 137.6 Motor vehicles 122.0 129.1 129.1 129.1 Hides and skins 58.2 59.0 61.2 61.1 Leather 85.1 92.9 91.7 91.6 Furniture and Other Household Dura- Footwear 111.4 120.0 120.5 120.5 bles: Other leather products. 96.5 99.2 '99.1 99.1 Household furniture 113.1 118.0 118.1 119.0 Fuel, Power, and Lighting Materials: Commercial furniture 130.0 138.5 138.5 138.8 Floor covering , 126.7 130.5 130.5 131.3 Cjal 101.5 111.9 '112.3 112.9 Household appliances 106.5 1C5.0 105.1 104.2 Coke 133.4 145.4 145.4 145.4 Radio 94.0 89.6 89.7 89.9 Gas 108.9 115.4 '111.3 111.3 Television 68.9 '69.1 r69.1 69.1 Electricity 96.1 93.2 '93.8 93.8 Other household durable goods 133.1 139.2 139.3 139.3 Petroleum and products. 111.6 118.3 118.3 118.8 Nonmetallic Minerals—Structural : Chemicals and Allied Products: Flat glass 131.1 131.1 131.8 133.7 Industrial chemicals 118.2 120.8 121.1 122.0 Concrete ingredients , 125.0 130.1 130.4 130.9 Prepared paint 114.8 119.1 119.1 119.1 Concrete products 118.3 121.7 121.9 122.8 Paint materials 97.1 101.2 99.4 98.6 Structural clay products 141.3 146.1 146.5 149.2 Drugs, Pharmaceuticals, cosmetics.. 92.8 92.1 92.1 92.2 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils, inedible 55.9 60.3 r55.1 53.7 Prepared asphalt roofing 110.8 111.9 111.9 118.3 Mixed fertilizers 108.9 107.9 107.9 108.5 Other nonmetallic minerals 122.5 122.8 123.1 123.8 Fertilizer materials 111.7 109.1 108.7 105.7 Other chemicals and products 103.9 102.4 103.8 103.8 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber , 159.2 139.5 137.5 142.0 Cigars 103.7 104.2 104.2 104.2 Tires and tubes 142.3 151.8 151.8 150.5 Other tobacco products 121.4 122.5 122.5 122.5 Other rubber products. 134.7 136.7 136.0 136.0 Alcoholic beverages 114.7 114.6 114.6 114.6 Nonalcoholic beverages 148.1 148.1 148.1 148.4 Lumber and Wood Products: Miscellaneous: Lumber... 125.1 130.4 129.6 128.4 Millwork. 128.3 129.2 129.5 129.7 Toys, sporting goods, small arms.... 113.1 115.8 115.8 115.7 Plywood.. 105.7 102.7 101.0 102.3 Manufactured animal feeds 73.9 81.8 75.9 72.8 Notions and accessories 91.0 95.7 95.7 95.7 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 103.7 105.0 104.8 104.8 Other miscellaneous 121.2 123.1 r123.2 124.0 Woodpulp.. 113.8 118.0 118.0 118.0 Wastepaper. 125.9 116.4 114.3 112.4 Paper 130.7 136.2 '137.0 138.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 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 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 S B t 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 , . 6 3 . . 9 7 . , 4 5 . . 8 2 1 1 . . 0 3 2 1 . . 0 2 2 1 . . 6 4 1 1 . . 8 4 1 1 . . 4 8 1 1 . . 2 4 2 1 . . 7 4 1.4 1 1 . . 1 4 n 1 . . a 4 . Plu er s n : m S e u n b t s i e d n ie te s r p le r s is s e s current surplus of gov- .0 .1 .2 .2 -.1 -.4 2 .3 .7 .1 .6 .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 40.9 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 12.1 12.3 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 -.1 .0 .0 .5 -.6 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.9 15.0 16.1 16.2 16.0 16.3 16.9 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 5.4 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 11.8 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 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 55.5 35.9 36.3 37.3 38.1 Federal 1.3 7.5 2.0 18.2 26.3 31.2 32.4 29.1 31.3 31.2 31.7 32.0 32.9 33.6 1.4 .5 1.3 2.7 3.2 3.4 4.2 4.1 4.2 4.3 4.4 4.4 State and local 3.0 3.8 83.1 1.0 93.0 206.1 237.4 250.2 270.6 268.5 273.8 278.4 280.2 284.9 Equals: Disposable personal income 226.1 254.4 79.0 45.7 81.9 194.0 218.3 230.5 254.0 251.8 257.8 259.5 261.7 263.7 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 18.6 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 salaries1 50.4 29.0 62.1 146.5 170.9 184.9 197.3 195.5 210.4 209.0 275.5 277.0 219.4 223.5 Private 45.5 23.9 51.9 124.3 142.1 152.0 163.5 161.2 174.5 172.9 177.5 180.5 182.5 186.2 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. 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 profits 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. 18.7 16.1 16.7 16.4 21. 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. -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. i 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 993 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rate* Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 2 3 4 1 2 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 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 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 services 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 National security j 13.8 18.5 37.3 48.8 51.5 43.0 41.2 41.3 41.3 40.6 40.5 40.7 L O e th ss e : r Government sales2 \ / i U . 3 0 i 2. . 0 0 1 1 3. o 2 3. . 9 3 4. . 2 4 5. . 8 4 8. . 4 4 6. . 3 4 5. . 9 4 5 .4 5 5. . 8 4 7. . 1 5 6. . 3 4 5. . 8 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 1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month i in s P o c e o n r m a - l e Total W p d a m i C r g n u o o e g s o d d t m r a i u i i n n t e c - y - d s - sa D l i u a n i t s r r t d i i y t e u v r i s s e d b - i - sbu S i r n s e tr e d r i v m e u i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o e n r n o m t t d o a - e l r s 3 ' i i n n d s D p a t c o e e i e n o n n v r r d m d a e i - - l s s e t m T p r e f a a e n y n r t - s s * - p b c e i s a u o r n L o n f s t n s e o c i o c u t o s i r e n r a r s n * i a - l - s l i a n g N t c u r o o i r c m n 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 .8 88.0 1950 227.1 146.5 63.5 41.3 19.5 22.2 3 8 44 6 19 8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 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_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 311.0 214.7 92.8 56.9 28.7 36.3 7.2 49.4 27.6 17.4 5.3 295.9 Oct . . . 311.6 215.3 93.3 56.7 28.9 36.4 7.2 49.1 27.9 17.4 5.3 296.9 Nov 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 5.8 306.8 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 June.. 324.9 225.2 97.5 59.9 30.2 37.6 7.3 50.0 29.6 18.6 5.8 310.3 JulyP 324.5 224.0 95.9 59.9 30.4 37.8 7.3 50.6 29.8 18.6 5.8 309.7 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated * 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

994 STOCK MARKET CREDIT DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1950-56 [End of month figures. Amounts in millions of dollars] 1950 1951 1952 1953 1954 1955 1956 Item Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June DEBIT BALANCES 397 364 378 365 343 282 297 309 348 337 331 322 44 50 51 43 38 37 62 64 91 85 75 65 Securities sold, delivery pending (failed to 151 94 97 79 100 67 99 121 207 214 168 148 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange. 74 72 75 81 82 100 88 77 114 144 162 151 Member firms of other exchanges 14 14 13 12 15 \\ 10 10 15 16 13 14 Net debit balances due from all other customers exclusive of firms' own partners... 1,356 1,275 1,292 1,327 1,362 1,684 1,694 1,857 2,443 2,768 2,830 2,811 Net debit balances in partners' individual in- 9 10 12 9 8 7 8 10 11 14 18 21 Debit balances in firm investment and trading 399 375 392 427 406 347 404 492 626 673 707 625 Commodity margins on deposit with banks, and commodity guaranty funds on deposit. 41 43 52 42 49 37 37 41 44 35 38 38 All other debit balances 106 93 96 110 105 93 105 98 116 144 188 137 Total 2 591 2 390 2 458 2 493 2,506 2 665 2,804 3,080 4,014 4,430 4,530 4,332 CREDIT BALANCES Money borrowed: From banks and trust companies in New York City. 663 615 622 825 807 1 066 982 976 1,343 1,744 2.010 1,872 From banks and trust companies elsewhere 75 55 65 77 91 130 173 183 260 331 309 359 From other lenders (not including members 6 10 7 10 22 20 15 14 14 40 27 35 71 74 83 72 72 68 110 116 162 156 130 124 Securities bought, delivery pending (failed to 142 94 98 85 98 67 97 123 201 218 167 156 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange. 60 64 63 71 63 89 75 68 96 126 129 123 10 10 10 9 10 6 8 11 14 11 7 8 Credit balances of other customers exclusive of firms' own partners: 890 834 816 708 724 653 709 838 1,023 919 889 837 230 225 259 219 200 163 208 248 287 239 227 207 Net credit balances in partners' individual in- 36 26 42 23 35 23 28 23 53 31 44 34 Credit balances in firm investment and trading 12 13 11 16 9 16 31 45 65 62 27 34 All other credit balances (except those included 78 51 67 55 59 45 54 64 95 83 102 78 Net balance in capital and profit and loss accounts and partners' drawing accounts 317 319 314 324 315 319 313 372 401 469 462 466 Total 2,591 2,390 2,458 2,493 2,506 2,665 2,804 3,080 4,014 4,430 4,530 4,332 Memorandum: Valuation of short security positions carried— Against reported debit balances: For member firms of national securities exchanges other than New York Stock 0) 1 (i) (i) (i) (i) 1 0) 1 0) 0) 0) For other customers (exclusive of firms' own partners and member firms of New York 8 5 6 6 7 6 8 12 14 16 13 11 In partners' individual investment and 0) (i) 0) (i) In firm investment and trading accounts.... 1 3 3 7 2 3 3 6 5 18 Against reported credit balances: For member firms of national securities exchanges other than New York Stock 2 3 2 3 2 3 7 3 3 2 3 For other customers (exclusive of firms' own partners and member firms of New York Stock Exchange) 66 64 74 60 51 52 77 100 114 100 93 87 In partners' individual investment and (l) (i) 1 (i) (i) 1 0) 1 1 In firm investment and trading accounts.... 4 11 6 9 5 9 25 40 55 40 21 22 Number of firms 288 289 288 292 291 287 281 278 296 299 301 303 1 Less than $500,000. of the reporting firms. The items "net debit balances due from all other customers exclusive of firms' own partners," "money borrowed," and "credit balances of other customers exclusive of firms' own partners—free credit balances" are conceptually identical to these items (including debit balances secured by and money borrowed on U. S. Govt. obligations), as " d n ra e w t i b ng al a a n cc c o e u m n ts»c ajp s it n a o i t t a o n ( b j e t p E r i]of < i ie t n as a n r d e pr l e o s s e s' n t a i c n c g o t u h n e t s a c a tu n a d l n in e t p c a a r p t i n ta e l rs s s c h o re o m p w e a n w n c h i i n a e t s th i b n e e c r t a e a u p b s o l e e r ti o o n f n g . m St i o n c o k r M dif a fe rk re e n t ce C s r e i d n i t, c o p v . e 9 r 6 ag 2 e , b a u n t d th s e ta t d i a st t i a c al d if d f i e s r - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 996 Gold production 1000 Net gold purchases and gold stock of the United States. 1001 Reported gold reserves of central banks and governments. 1002 Estimated foreign gold reserves and dollar holdings. 1003 International Bank and Monetary Fund 1004 Central banks. 1004 Money rates in foreign countries. 1009 Foreign exchange rates. 1010 Index to statistical tables 1021 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. 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 OSTTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a 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 ed - 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 ,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 [,536 1,906 1,825 265 1955—July 31.... 1,861 11,281 6,658 835 1,418 676 703 623 1,560 5,815 1,302 1,897 1,968 299 Aug. 31.... 1,859 11,189 6,552 915 1,420 702 679 561 ,567 5,844 1,180 1,854 1,994 316 Sept. 30.... [,844 11,496 6,806 980 1,425 759 684 575 [,562 5,986 1,179 1,916 2,085 329 Oct. 31 1,825 11,748 6,890 1,017 1,424 813 709 645 1,557 6,166 1,138 1,948 2,157 340 Nov. 30.... ,823 11,823 6,964 1,069 1,431 810 747 645 ,489 6,190 1,125 1,946 2,217 344 Dec. 31.... ,881 11,719 6,953 1,081 1,454 785 757 548 ,516 6,141 1,032 2,000 2,186 360 1956—Jan. 31.... 1,867 rl1,870 6,986 1,066 1,458 785 741 657 ,561 6,268 r1,084 1,952 2,213 353 Feb. 29.... 1,876 11,993 7,048 1,035 1,467 798 739 679 ,596 6,314 [,089 2,001 2,238 353 Mar. 31.... 1,894 12,452 7,389 1,123 1,487 806 733 766 ,624 6,539 ,178 2,103 2,277 355 Apr. 30.... 1,978 12,501 7,324 867 1,524 812 742 111 ,822 6,545 1,207 2,162 2,268 319 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 [,285 2,179 2,348 347 July 31*... 2,016 12,832 7,456 813 1,686 878 759 837 1,633 6,606 i;354 2,195 2,360 318 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia 1952—Dec. 31 1,093 91 124 70 29 47 203 110 57 6 1953 Dec 31 1,558 191 130 96 38 101 243 119 72 6 1954—Dec. 31 1,642 273 100 71 41 113 249 103 91 8 1955—July 3i 1,560 273 99 56 40 125 202 68 101 8 Aug. 31 1,567 283 104 60 42 126 190 66 106 8 Sept 30.... 1,562 280 104 64 41 134 199 68 112 8 Oct. 31 1,557 279 105 54 46 141 183 72 120 Nov. 30 .. 1,489 270 98 64 44 159 173 68 125 Dec. 31 1,516 261 108 60 49 176 164 79 132 1956—jan 31 1,561 254 113 64 45 200 183 63 127 Feb. 29 1,596 253 115 69 46 188 183 49 128 Mar 31 1,624 252 126 71 45 183 193 51 133 Apr. 30 1,822 246 123 71 49 184 223 52 134 May 31* 1,676 242 107 67 49 182 227 51 135 June 30* 1,617 247 105 70 47 165 206 52 124 July 31* 1,633 251 108 69 50 160 200 54 124 00 00 00 00 OC Spain S d w e e n - T k u e r y - Y sla u v g i o a - o A th l e l r 19 91 8 12 224 36 117 14 7 388 71 141 8 9 363 113 129 9 8 328 119 141 10 10 303 120 147 9 9 267 117 149 9 11 263 112 149 9 9 200 104 153 9 13 201 102 154 12 11 226 103 160 13 9 273 8 99 171 10 13 270 7 102 167 10 5 447 7 96 162 8 8 334 7 90 169 7 9 319 6 85 188 7 10 321 Table lb. Latin America Neth- Do- er- Pan- 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 i R c u li i e a 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 u d n n e r i d d s e i s - t s l a p i R c m u e b o a - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1952—Dec 31 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_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 ?53 65 45 414 47 86 92 24 65 965 112 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 2 162 128 27 193 87 147 255 64 67 414 53 89 87 46 74 298 133 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 July 31* 2,195 138 28 238 89 133 267 66 64 355 67 98 70 39 71 341 131 Preliminary. r Revised. 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. 997 TABLE 1. S, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Egypt Date Total m M C a h o n a i s d i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s T la h n a d i- Other Total 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 n o f o i r u f o i t c n h a Other land of* Sudan 1952—Dec. 31 1,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—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 48 999 92 274 146 347 319 58 43 65 32 121 May 31^.... 2,294 76 55 64 120 32 49 1,012 92 276 143 375 324 58 40 62 37 126 June 30" 2,348 79 54 82 113 31 55 1,047 95 282 136 374 347 79 41 62 30 135 July 31P.... 2,360 79 55 81 101 38 56 1,063 96 275 136 380 318 73 42 54 34 115 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania .2 .2 .2 n.a. Afghanistan 4.0 2.7 5.1 n.a. Azores .3 .4 .2 n.a. British dependencies 25.5 19.8 21.1 13.8 British dependencies .4 .4 .6 .4 Burma 16.9 23.0 29.7 19.1 Bulgaria .6 .6 .6 .7 Cambodia n.a. n.a. 13.1 Czechoslovakia6 .6 .6 .7 .7 Ceylon 13.9 17.1 n.a. Eastern Germany n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10.0 14.7 Estonia 1.9 1.9 1.9 n.a. Jordan... .6 .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. n.a. .1 n.a. Iceland 3.7 7.5 8.9 4.8 Lebanon. 19.3 23.9 16.5 18.0 Ireland, Republic of 12.6 14.1 14.3 n.a. Pakistan. 14.4 9.7 3.8 5.7 Latvia 1.3 1.3 1.0 1.0 Palestine .1 .1 .1 n.a. Lithuania .6 .4 .5 .3 Portuguese dependencies. 2.8 5.3 1.8 2.0 Luxembourg 5.0 4.0 4.5 3.1 Saudi Arabia 15.9 18.5 61 79.5 Monaco 2.6 3.0 5.3 5.6 Syria 11.4 20.5 21 13.1 Poland6 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 AH other: British dependencies 1.6 1.6 1.4 2.4 Other Latin America: Ethiopia and Eritrea 3.5 9.1 18.0 23.7 British dependencies 14.6 18.0 19.0 16.6 French dependencies 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland 1.1 .3 .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

998 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 m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g 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 in r- Asia o A th l e l r Rep. of 1952—Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1953—Dec. 31 . .. 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955_june 30 1,450 10 84 28 19 91 143 374 122 672 239 43 July 31 . 1 416 12 80 26 19 70 154 361 118 655 240 42 Aug. 31 1,429 10 74 30 20 74 151 359 112 683 236 39 Sept 30 1 406 11 69 27 21 76 152 356 115 642 252 42 Oct. 31 1 428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30 1,473 12 81 30 24 74 163 383 131 670 239 49 Dec 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Jan 31 1 503 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 1 527 14 100 32 28 69 164 407 124 718 231 47 May 31* 1,612 16 118 33 28 83 172 449 117 736 264 45 June 30^ 1,635 17 122 32 24 82 167 444 120 757 269 46 Table 2a. Other Europe Date E O ur th o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l e l r 1952—Dec. 31 98 16 2 4 2 11 39 1953—Dec. 31 88 13 6 9 1 24 16 1954—Dec. 31 109 20 10 16 2 4 41 1955—June 30 143 15 7 13 2 5 80 July 31 154 () 14 7 12 2 8 89 Aug. 31 151 (2) 12 9 12 3 6 88 Sept. 30 152 11 8 13 4 6 92 Oct. 31 159 13 9 13 4 7 93 Nov. 30 163 15 9 11 5 7 92 Dec. 31 158 16 13 11 9 5 78 1956—Jan. 31 158 18 13 12 9 74 Feb. 29 157 18 11 13 9 69 Mar. 31 162 20 10 15 9 70 Apr. 30. 164 24 7 17 10 68 May 31 172 22 10 15 11 71 June 30 167 20 9 16 11 71 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b o a - - - . f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—June 30 672 8 3 153 15 132 65 4 4 125 3 18 16 5 6 85 32 July 31 655 6 3 137 17 125 60 4 4 133 4 15 18 6 5 86 32 Aug. 31 683 6 3 133 15 132 71 4 4 141 1 15 21 6 10 91 32 Sept. 30 642 6 3 107 7 127 71 4 4 146 1 13 20 6 5 90 32 Oct. 31 656 6 3 91 8 122 87 4 4 151 2 14 22 6 12 91 34 Nov. 30 670 8 4 64 20 128 90 4 5 160 2 14 27 9 12 91 34 Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Jan. 31 696 7 4 63 11 150 82 5 5 157 1 16 32 6 20 101 34 Feb. 29 718 10 3 66 19 151 81 5 5 163 2 20 31 7 20 102 34 Mar. 31 701 12 4 60 6 160 81 4 6 152 3 20 30 7 13 108 35 Apr. 30 718 11 3 62 7 165 87 4 7 154 2 18 30 6 12 113 36 May 3\P 736 11 3 63 7 168 85 4 6 157 3 19 29 6 7 133 35 June 30^ 757 10 5 66 10 160 90 5 6 162 8 13 29 7 15 130 42 P Preliminary. maturity of more than one year reported by U. S. banking institutions i Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $705 million on June 30, following items payable on demand or with a contractual maturity of 1956. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside ths 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

ENT'L CAPITAL TRANSACTIONS OF THE U. S. 999 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Egypt Date Total C m M a h o n i a n d s i a a n- H K o o n n g g India I n n e d s o ia - Iran Israel Japan ip P p h i i n l e - s T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o A E t a n g i n g a y d n l p o - - A U S f n o o r i u i f o c t a n h Other land Sudan 1952—Dec. 31 90 10 1 4 10 15 13 8 3 25 22 10 6 1 2 4 1953—Dec. 31 115 8 3 4 14 23 26 6 6 25 25 8 6 2 8 1954—Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 (2i> 6 10 1955 June 30 239 8 3 4 (2) 20 8 92 15 20 69 43 10 5 3 7 17 July 31 240 8 4 4 21 8 105 17 13 61 42 10 5 1 7 19 Aug. 31 236 8 4 4 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 20 9 110 17 8 71 42 11 5 1 6 18 Oct. 31.. 243 8 4 5 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 5 2 10 19 Dec. 31 233 8 3 5 18 10 103 19 8 57 43 11 5 1 8 17 1956—Jan. 31 246 9 4 6 17 11 97 20 8 71 41 13 5 2 8 13 Feb. 29 236 8 5 5 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31 232 8 5 7 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30 231 8 5 6 20 10 100 9 9 63 47 12 6 2 8 20 J M un ay e 3 3 0 1 p P 2 2 6 6 9 4 8 8 5 6 6 7 2 2 2 2 1 1 1 0 1 1 2 1 1 3 1 8 1 1 8 0 7 7 7 8 4 4 6 5 1 1 2 2 8 6 2 3 7 7 1 1 6 8 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r- es Sales c s N a h l a e e s t s e s p , ( 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 s p , ( 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 s p , ( u o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e s p , ( u - o r ) - r 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953, 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1955 June 14 17 -3 176 158 19 70 34 36 69 101 -33 July 48 24 24 167 139 28 60 36 23 55 75 -20 Aug 184 24 159 135 116 19 40 26 14 54 73 -19 Sept 45 36 9 180 154 26 37 41 -4 71 82 -11 Oct 21 30 -8 154 141 13 46 34 12 58 61 -3 Nov 35 38 —4 121 141 -20 38 37 1 57 55 2 Dec 132 86 46 148 !45 3 42 57 -15 58 63 c 1956 Jan 34 34 -1 '188 135 '53 60 139 -79 61 53 g Feb 30 44 — 14 136 123 13 35 42 -8 56 64 -7 Mar 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr 48 13 34 179 161 18 40 27 13 74 95 -20 Mav" 32 18 13 198 139 59 36 113 -77 89 114 -25 Junep 28 12 16 131 108 23 41 72 -32 64 70 -6 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (-). In millions of dollars] Ger- Inter- Total many, Switzer- United Other Total Latin All Year or month national foreign France Federal Italy land King- Europe Europe Canada Amer- Asia other insti- coun- Repub- dom ica tutions tries lic of 1952 15 300 5 (2) (2) 51 70 -16 111 192 5 (| 2 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 25 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1955 June 1 15 1 1 9 15 -1 24 -9 -2 1 July 3 49 (2) (2) 26 13 9 48 -2 1 1 1 3 176 2 1 (2) 28 7 36 132 7 Sept 33 2 19 -9 10 23 -10 13 6 Oct . . . 1 4 2 3 8 2 -7 8 -5 <3 1 (2) Nov -24 (2) (2) ^) -4 3 -20 (2) Dec 47 -14 8 -3 4 -5 41 3 1956 Jan 1 '52 (2) 18 6 12 35 r\0 5 2 Feb 1 i -1 -5 o 13 6 -7 (2) -1 M Ap a r r — 1 -26 5 4 2 -139 3 1 1 1 4 2 4 5 277 - _ 3 2 0 — 1 5 6 2 8 - - 8 5 6 3 3 -132 1 i June/f 1 4 7 0 2 2 3 (2) (2) 4 1 7 4 1 1 9 4 2 5 3 6 7 9 -2 1 2 1 1 9 1 0 Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1 BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i t i s o e o 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 i m a c t a e in r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 1952 -118 -100 20 -141 25 -10 6 1954_Dec. 31 490 2,908 105 1 1 19 9 9 5 5 5 5 4 3.. -1 - — 2 6 7 4 61 -1 — - 3 4 7 11 - - 4 9 9 6 6 - - 1 1 3 3 7 8 3 4 2 3 3 4 5 3 - - - 3 4 3 4 9 0 -7 26 7 1955— S O A e c u p t g . t . . 3 3 3 1 0 1 4 3 3 0 8 8 2 5 7 3 3 3 , , , 3 4 5 7 6 0 3 3 6 1 1 1 3 4 4 8 2 1 1955_ J j u u l n y e . . . . . . . -1 0 0 ) 1 4 3 - - 2 8 1 2 2 1 6 5 2 - - 2 3 -5 2 N De o c v . . 3 3 0 1 4 4 0 0 8 2 3 3 , , 5 5 5 4 8 3 1 1 3 2 7 6 S A O N D e c o u e p t v g c . t . . . . . . . . . . . . . . . . . . - - - 1 3 2 2 2 1 - - - 1 3 6 1 8 5 1 — -7 1 8 9 7 1 - - 6 7 3 6 3 2 2 4 3 1 - - - - - 1 4 3 3 8 1 -2 8 3 2 3 1956— F A M M Ja e p a a n b r y r . . . . 2 3 3 3 3 9 1 0 1 1 3 3 3 3 3 5 3 0 5 6 4 0 7 5 3 3 3 3 3 3 , , , , , 7 7 7 7 7 9 5 1 9 2 1 1 7 3 4 1 1 1 1 1 3 5 3 5 2 2 5 6 3 2 1956—Jan.... _5 -66 12 -75 1 -5 0) J Ju u l n y e 3 3 0 1 2 3 9 0 7 8 3 3 , , 6 6 2 6 9 3 1 1 5 6 8 4 F M e a b r . . . . . .. . - - 1 3 2 - - 1 1 2 8 - - 5 7 - - 1 7 0 2 3 - - 2 3 1 1 Aug. 31 350 3,630 168 Apr.... -5 -2 -6 5 1 o 1 1956—Aug. 1 295 3,679 164 J M u a n y e * * * 3. . . . -3 1 - - 9 3 9 9 - - 4 4 - - 9 9 1 2 1 - - 6 7 -22 1 A A u u g g . . 1 8 5 2 28 7 9 7 3 3 , , 7 7 1 0 5 3 1 16 6 7 6 Aug. 22 304 3,676 169 Preliminary, Aug. 29 362 3,653 168 i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other production month (excl. Total U.S.S.R.) A So fr u ic th a R de h s o ia - B A W r f i r e t 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 <if gold Hofine: i.e.t an ounee of fine gold=$35. 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 . 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913 5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13 5 13 2 4 4 8 2 39.1 8 4 1955 510.7 18.4 23.8 13.1 '65.7 159.1 13.3 4.3 7.3 36.7 '7.4 1955—June 73.1 42.7 1.5 2.2 1.0 5.6 13.0 .8 1.2 .2 .8 3.5 .6 July. 72.8 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 .2 .7 2.9 .5 Feb 42.9 1.5 1.1 4.6 12 4 1 2 .3 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 1.6 2.1 1.0 4.7 12.9 1 3 .6 .6 47.3 2.2 1.0 5.4 13.1 1.2 6 .6 June 47.4 2.1 5.1 13.2 2.1 .7 .5 r Revised. * Gold exports, representing about 90 par 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 are from the U. S. Bureau of the Mint and monthly figures are Production reported monthly: reports from individual countries except from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 1001 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 Apr.- July- Oct.- Jan.- Apr.- June Sept. Dec. Mar. June Continental Western Europe: Belgium 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 France 15.8 -84.8 -20.0 -67.5 -45.0 -33.8 Germany (Fed. Rep. of) *—iolo —iioio -22516 -10.0 '*"U 79]8 —100.0 -65.0 63.0 14.0 -15.0 -34.9 — 5.0 -59.9 -54.9 -5.0 Sweden 3.0 -22.9 -32.0 -20.0 -15.0 -38.0 -15.0 -65.0 -15.5 Bank for Intl. Settlements.... -5.6 -34.3 -65.3 -30.4 (2) -94.3 -20.0 Other 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 3.5 1 5 i 6 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 —41 5 1 5 — 32 8 Sterling Area: 734.3 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 Union of South Africa.... 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.5 -.5 -.1 (2) Total 1,232.9 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 -.1 (2) (2) 3.4 -100.0 -10.0 7.2 Latin America: Argentina 114.1 -49.9 -49.9 -20.0 -84.8 20 1 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 11.0 11.0 Venezuela -108.0 -50.0 -.9 -30.0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 -.1 -.1 -.1 -.2 _ o Total 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -.1 10.9 -.2 19.9 Asia -4.1 4-55.4 5-38.9 3-53.7 -6.7 -5.7 -9.9 r-4.9 -2.2 Eastern Europe 1.0 -6.2 13.7 13 1 All other . 6.9 .4 «-44.2 «-76.0 -.4 (2) 725.0 775.0 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 -41.7 1.4 5.2 94.9 r Revised. 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million: 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, and 1951, $45.0 million. $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 2 Less than $50,000. 1951, $76.0 million. 3 Includes sale of $114.3 million of gold to Italy. 7 Represents purchase of gold from International Monetary Fund. * Includes sale of $43.1 million of gold to Thailand. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] icar 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 to r o t e o c ld a t k a s l e 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 e r d e - r a a a : k ) i r s n s e d - e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th 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 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 u n o e c s ld - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—Aug 21,682 21,732 -2.2 3.6 — 2 9 5 9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 Sept 21,684 21,745 12.7 4.4 10.6 7.0 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Oct 21,686 21,747 2.0 10.4 n | 6 8 1946 20,529 20,706 623.1 311.5 465.4 51.2 Nov 21,688 21,751 3.9 31.9 -27.0 6 3 1947 22 754 22 868 22,162.1 1,866.3 210.0 75.8 Dec 21,690 21,753 1.9 26.7 — 23 8 5 0 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1956—Jan 21,693 21,755 2.5 11.4 o 2 4.8 Feb 21,695 21,757 2.1 18.6 -15.7 4.6 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Mar 21,716 21,765 7.7 11.5 -2.9 5.0 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Apr 21,743 21,792 27.4 9.9 16 9 4 7 1952 23,187 23,252 379.8 684.3 -304.8 67.4 May 21,772 21,821 28.3 25.3 1.8 1953 22 030 22,091 -1,161.9 2.2 -1,170.8 69.0 June 21,799 21,868 47.6 18.4 29 9 5<\ 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 July 21,830 21,918 49.4 4.8 43 9 59 1955 21,690 21,753 -40.9 97.6 -132.4 r65.7 Aug ^21,858*>21,964 *>46.9 (3) 443.2 (3) r Revised. 3 Not yet available. *> Preliminary. 4 Gold held under earmark at the Federal Reserve Banks for foreign 1 See footnote 2 on following page. and international accounts amounted to $6,832.3 million on Aug. 31, 1956. 2 Net after payment of $687.5 million in gold as United States gold sub- Gold under earmark is not included in the gold stock of the United States. scription to the International Monetary Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 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 Total 2 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 1955 July 21,682 21,734 371 845 8 322 1,122 42 186 31 23 Aus 21,682 21,732 371 850 322 1,134 42 186 31 23 Sept 37,870 21,684 21,745 371 877 8 322 1,141 42 186 31 23 Oct 21,686 21,747 371 920 322 1,150 42 181 31 23 Nov 21,688 21,751 371 922 8 323 1,147 42 141 31 23 Dec 37,990 21,690 21,753 371 929 323 1,141 44 136 31 23 3 1956 Jan 21,693 21,755 371 942 ( ) 323 1,136 44 136 31 23 Feb . 21,695 21,757 371 955 323 1,129 42 136 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 1,113 43 136 31 23 May 21,772 21,821 371 958 323 1,107 46 136 31 23 June ^38,340 21,799 21,868 952 323 1,109 46 31 23 July 21,830 21,918 965 323 1,114 31 23 Germany, E m n o d n t o h f Egypt France4 R F e e p d u er b a 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—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 81 138 352 . 164 877 45 48 May 174 861 1,053 27 247 81 138 864 45 48 June 174 861 1,101 27 247 45 138 853 45 49 July 174 861 1 186 27 45 138 852 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 d - 5 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 1,513 113 144 2,762 227 403 1,740 196 1955 July 422 29 215 56 264 1,495 112 144 2,544 227 403 1,747 227 Aug 425 29 212 56 264 1,501 112 144 2,457 227 403 1,751 226 Sept 427 28 214 56 264 1,513 112 144 2,345 216 403 1,751 215 Oct 428 28 211 56 270 1,535 112 144 2,297 216 403 1,751 208 Nov 428 28 213 56 278 1,560 112 144 2,283 216 403 1,756 234 Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 1956 Jan 431 28 211 56 278 1,593 112 144 2,149 216 403 I 811 193 Feb 431 28 216 56 272 1,592 112 144 2,210 216 403 1,811 183 Mar 431 28 212 56 273 1,608 112 144 2,277 216 403 1,786 197 Apr 436 28 210 56 269 1,606 112 144 2,328 216 403 1,761 190 May 435 28 217 56 266 1,579 112 144 2,369 216 403 1,741 216 June 436 28 215 56 257 1,571 144 2,385 216 403 1,743 199 July 28 212 56 260 144 2,405 403 207 v Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of gold and of United received. States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Stabilization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1003 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1954 June 30, 1955 Sept. 30, 1955 Dec. 3 , 1955 Mar. 31, 1956 June 30, 19562' 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 12 325 12 341 12 322 10 313 10 308 10 Belgium-Luxembourg (and Belgian Congo).. 1,044 10 1,111 10 1,149 10 1,201 10 1,244 12 1,221 12 Denmark 102 7 85 6 95 7 91 7 102 6 101 6 Finland 72 3 69 5 73 5 84 5 80 5 82 5 France (and dependencies)1 . 1,328 161 1,397 160 1,593 161 21,986 151 2,028 6 1,783 7 Germany (Federal Republic of) 1,999 2,155 3 2,250 2,374 8 2,487 10 2,737 11 I G ta re ly ece 9 1 2 2 5 4 10 9 1 9 3 2 8 2 1,1 1 0 4 5 5 1,1 1 3 8 7 7 1,1 1 5 9 8 4 (3} 1 1 2 7 1 6 2 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,072 41 1,074 41 1,100 44 1,143 22 1 151 23 Norway . 148 6 116 36 113 53 124 53 96 69 97 79 Portugal (and dependencies). 560 571 581 601 606 602 Spain (and dependencies) 188 (33} 225 i 237 221 3 216 3 206 3 Sweden 406 383 411 (3) 429 444 426 (3) Switzerland 2,185 38 2,170 2,197 44 2,354 44 2,341 70 2,307 117 Turkev 152 156 153 153 <2 154 151 Other4 947 4 1,242 4 1,273 2 876 1,015 7 1,310 10 Total 11 627 260 12,207 324 12 790 345 13 240 343 13 621 222 H 670 285 Sterling Area: United Kingdom 3,190 216 3,139 280 2,800 286 2,598 282 2,816 241 2,871 253 United Kingdom dependencies 103 4 102 4 100 11 88 11 91 11 87 10 Australia 186 204 210 (3) 219 230 238 India 334 1 344 1 339 1 320 330 329 1 Union of South Africa 232 1 242 1 251 1 265 1 255 1 245 1 Other 178 3 184 3 194 3 202 198 195 Total 4 223 225 4,215 289 3,894 302 3 692 295 3,920 254 3 965 265 Canada 2,616 93 2,381 262 2,320 397 2,173 437 2,305 369 2,394 362 Latin America: Argentina 531 528 536 509 511 476 Bolivia 32 28 26 26 27 25 (3) Brazil 442 2 442 2 469 2 466 2 538 2 540 2 Chile . .. 112 1 136 1 129 (3) 139 141 1 147 1 Colombia 308 188 184 217 $ 222 224 Cuba 423 124 431 149 423 169 389 169 372 167 399 167 D G o u m at i e n m ic a a l n a Republic . 7 6 2 2 7 8 8 3 (3) 7 8 0 2 7 7 2 7 8 9 7 1 9 $ 9 8 3 0 (3) Mexico 391 4 419 4 481 556 4 583 4 5522 4 P P e a r n u ama, Republic of 1 7 1 4 8 1 11 8 8 4 <23 i 1 8 2 5 4 1 8 2 6 7 1 1 8 2 2 7 1 9 0 3 9 (3 1 ) El Salvador 59 79 61 52 74 73 Uruguay 317 1 291 277 $ 281 289 1 283 1 Venezuela 597 3 664 662 668 3 627 3 734 3 Other 135 10 138 12 140 14 124 15 147 14 155 14 Total 3,673 146 3,707 174 3,749 194 3,789 195 3,910 192 3,953 193 Asia: Indonesia . . 181 196 15 201 15 255 15 236 158 Iran .... 169 (3) 190 174 175 166 169 (3) Japan 851 884 992 3 1 029 1,092 4 1,175 4 Philippines 266 6 263 6 266 6 268 6 285 6 300 6 Thailand. 236 243 235 1 250 1 263 1 248 1 Other 521 7 602 3 621 3 644 4 658 5 690 6 Total 2 224 16 2,378 28 2,489 28 2 621 30 2,700 16 2,740 17 Eastern Europe6 309 6 311 7 307 7 308 7 294 6 294 6 All other: Egypt 221 224 234 246 242 236 Other 68 84 1 87 1 79 91 104 (3) Total 289 308 321 1 325 1 333 P) 340 (3) Total foreign countries. .. . 24,961 746 25,507 1,085 25,870 1,274 26,148 1,308 27,083 1,059 27,356 1,128 International7 3,510 354 3,599 317 3,595 320 3,689 321 3,681 319 3,750 317 Grand total 28,471 1,100 29,106 1,402 29,465 1,594 29,837 1,629 30,764 1,378 31,106 1,445 P Preliminary. 7 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. official gold reserves, and total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by 4 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 5 Includes latest available figure (Apr. 30) for Mexican gold reserves. tions. For back figures see BULLETIN for March 1956, pp. 304-305. * Excludes gold reserves of the U. S. S. R. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATONAL MONETARY FUND [End-of-month figures. In millions 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 securities1.... 938 94'7 966> 911 996 Investments 8 50 Effective loans2 2,002 1,95$> 1,93*> 1,837 1,796 Currencies:1 Other assets3 29 4() 311 36 52 United States 1,777 1,708 1,633 1,643 1,609 Other 4,333 4,403 4,539 4,656 4,691 850 85() 84S 849 852 Unpaid member subscriptions 815 815 815 805 798 Undisbursed loans .. All 48* 494 429 456 Other assets 1 1 1 1 Other liabilities 11 K) 9 9 10 Reserves . 228 iu> 205 193 184 Member subscriptions 8,751 8,750 8,75198,86398,853 Capital 1,810 1,81C) 1,81C 1,810 1,806 Accumulated net income -14 -14 -12 -11 -10 Loans 1?y country, July 31, 1956 Quota Cumulative net drawings on the Fund Outstanding Area and member country4 Country !0 Paid 1956 1955 P ci r p in al - b D ur i s s e - d p R a e id - Total S t o o ld Total go in ld June May June others5 Brazil 150 38 66 66 66 Continental W. Europe, total. . 1,019 890 169 720 77 Burma 15 1 15 15 Belgium and Luxembourg... 118 111 6 105 25 Chile 50 9 13 13 13 France. 268 263 12 252 20 Colombia 50 13 25 25 25 Italy 88 42 42 6 Philippines 15 4 15 15 10 Netherlands.. .. ... 221 221 137 84 19 Turkey . . ... 43 11 15 15 20 Other 324 252 15 237 6 United States 2,750 688 H-346 li _344 H-463 Sterling area total 868 571 44 526 68 Australia 259 249 3 246 22 Footnotes to tables on international institutions: India 200 79 19 60 10 1 Currencies include demand obligations held in lieu of deposits. Union of S Africa 135 113 11 102 15 2 Represents principal of authorized loans, less loans not yet effective, United Kingdom 146 65 65 16 repayments, the net amount outstanding on loans sold or agreed to be Other 128 64 11 53 5 sold to others, and exchange adjustment. 3 Excludes uncalled portions of capital subscriptions. Latin America total 653 449 37 412 28 4 Loans to dependencies are included with member. Brazil 194 157 8 149 3 5 Includes also effective loans agreed to be sold but not yet disbursed. Colombia 111 63 11 52 4 6 Includes $194 million in loans not yet effective. IVIexico ... 141 114 6 107 10 7 Includes $158 million not guaranteed by the Bank. Other 207 115 12 103 11 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Includes $125 million subscription of withdrawing member (Czech- Asia (excl Sterling area) 117 66 2 65 10 oslovakia). 10 Countries shown are those with cumulative net drawings of $10 mil- Africa (excl. Sterling area).... 9 8 7 lion or more on the latest date. 11 Represents sales of U. S. dollars by Fund to member countries for Total 62,666 1,983 253 1,731 7184 local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f i e s n s t ue Assets of banking department Li£tbilities of banking department Date Note Gold (fi O a i d s s u s t s h u c e i e e t a s ) r ry Coin Notes a c v n o D a d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l i a- Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 1948 Dec 29 .2 1,325.0 3.9 32.2 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949 Dec 28 .4 1 350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950 Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951_Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954 Dec 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Aug. 31 .4 1,825.0 2.4 43.1 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept 28. .4 1,800.0 2.4 33.9 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18.6 Oct. 26 .4 1,800.0 2.4 34.9 20.2 301.2 1,765.5 250.6 21.9 2.6 65.7 17.8 Nov 30 .4 1,850.0 2.4 54.7 20.8 287.4 1,795.7 263.1 10.1 3.0 71.2 18 0 Dec 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—Jan. 25 .4 1,825.0 2.3 53.7 32.8 251.9 1,771.7 236.9 11.9 3.3 70.2 18.3 Feb 29 .4 1,825.0 2.3 37.5 20.6 300.8 1,787.9 258.1 10.6 3.1 70.9 18 5 Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 1,841.3 243.3 11.1 3.2 76.5 18.5 Apr 25 4 1 875.0 2.0 33.4 30.3 270.4 1,842.0 225.9 12.8 3.1 76.4 17 8 May 30 . .. .4 1,900.0 2.0 29.1 15.3 294.6 1,871.3 231.6 11.4 3.1 77.0 18.0 June 27 .4 1,950.0 2.0 57.0 15.6 271.0 1,893.4 238.2 10.5 .2 78.5 18.1 July 25 . .. .4 2,000.0 2.0 37.4 23.8 254.1 1,963.0 215.6 11.9 .2 71.3 18.3 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1005 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 1liabilities Date Sterling Do c m ial i n g io o n v t. a s n e d c u p r r it o i v es in- 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 i d 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 1,307.4 541.7 307 126.9 119 2 1950—Dec. 30 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24 7 207.1 172 6 1951—Dec. 31 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94 66.1 200.0 1952—Dec. 31 77.1 1,459.8 767.2 77.3 1,561.2 626.6 167 44.5 132 9 1953—Dec. 31 54.9 1,376.6 893.7 112.0 1,599.1 623.9 51 5 29.5 133.1 1954—Dec. 31 54.2 1,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955 Aug. 31.... 57.7 1,185.2 1,149.3 73.2 1,653.9 538.7 59 5 38 1 175 2 Sept. 30 60.6 1,103.2 11,196.5 156.6 1,665.8 565.7 634 29.1 192 8 Oct. 31 56.6 1,318.5 991.2 158.3 1,674.2 580.7 624 34.5 173.0 Nov. 30 52.9 1,326.2 1,060.2 141.3 1,684.0 562.6 128 45.2 160 4 Dec. 31 57.4 1,283.8 1,093.7 185.2 1,738.5 551.0 89 ? 34.0 207.5 1956—Jan. 31 54.4 1,091.5 ,146.0 119.2 1,648.7 528.4 76 1 42.1 115.7 Feb. 29 56.5 1,065.6 1,143.3 108.2 1,641.1 493.6 60 8 35.0 143.0 Mar. 31 58 8 965.9 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 1,065.6 ,190.2 131.3 1,706.1 542.8 30 ? 29.9 145.3 June 30 60 1 1,041.3 ,289.8 192.7 1,734.9 574.7 51 t 32.2 191.0 July 31 59.9 1,029.6 ,316.7 104.9 1,762.3 500.0 49.8 39.6 159.4 Bank of France (billions of francs) Assets Liabilities Advances to Foreign Domestic bills Government Other Note Deposits l O ia t b h i e l r - Gold ch e a x n - ge m O a p r e k n et Special Other Current Other assets cir ti 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 28. i> 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 39- .1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.C) 93".5 172.0 480.0 159.7 2,123.5 (v 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.S> 1,130.2 195.0 617.6 277.2 2,538.5 .1 157.8 67.9 1955—Aug. 25 201.3 200.2 190.0 7.!> 1.042.9 190.0 579.3 371.6 588.5 .1 125.3 68.9 Sept. 29 201.3 200.2 235.8 14.S> ,076.6 190.0 557.9 409.8 i\692.5 .1 138.2 55.7 Oct. 27 201.3 200.2 245.4 30.C) ,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.:) 037.8 190.0 536.4 417.8 2,647.6 120.6 67.5 Dec. 29 301.2 200.2 226.7 45.2 ,194.7 190.0 539.8 336.8 2, 820.0 (*) 142.9 71.8 1956—Jan. 26 301.2 197.9 184.5 34.3 ,198.1 183.0 533.3 325.9 2, 741.1 (4) 143.5 73.6 Feb. 23 301.2 178.5 197.5 27.'f ,189.2 183.0 539.5 302.7 2, 741.5 ^ j 116.8 60.9 Mar. 29 301.2 178.6 237.7 19. i .5 183.0 519.6 316.1 876.7 (4) 156.3 57.2 Apr. 26 301.2 162.6 269.4 14.( ,274.0 183.0 518.1 331.4 2, 834.4 148.1 71.8 May 31 301.2 152.0 214.7 7.S) 31^ .4 183.0 518.8 368.4 2,861.9 (•.*1) 135.9 62.5 June 28.... 301.2 144.1 301.6 5.:> MA 8 183.0 490.2 324.2 890.5 .1 162.8 70.9 July 26 301.2 128.0 292.4 2A 1,489.6 179.0 496.5 5297.0 2,932.2 161.7 92.6 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item July June May July July June May July Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reDorted seoaratelv 1 412 1 458 1 62 1,623 Gold and foreicn exchance 28S) 273 266 355 Other gold and foreign exchange.. -684 -1,013 -64< 748 Checks and bills of other banks... 7 8 5 Govt securities 5,236 5,374 5,44<) 4,062 Securities (incl. Govt. and Treas- Rediscounts and loans to banks... 92,433 94,059 92,46 75,968 ury bills) 49£ 502 517 471 Other assets . - 455 503 42'7 342 Other assets 8? 104 116 66 Currencv circulation 37 618 37 489 37 28.S 31,811 Note circulation 373 373 372 363 Deposits—Nationalized.. 54,057 52,749 52,505 44,867 Deposits of Trading Banks: 642 3 695 3 30 744 255 255 265 266 Othpr liahiiiti^ and eanitaf 6 534 6 447 6 22'j 5 321 Other 3S 33 46 38 Other liabilities and capital... 2141. 225 224 230 Footnotes to central bank table on this and opposite page: 5 Includes advance of 142.3 billion francs to Stabilization Fund. * 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

1006 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 July June May July July June May July Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,744 1,744 1,744 557 Fund) 241 199 Foreign exchange (net) 7,780 7,143 6,950 8,351 Net claim on IntL Fundi 13 13 Loans and discounts 6,076 6,181 5,729 5,492 Loans and discounts 38 49 Claim against Government 1,703 1,994 1,506 .,803 Credits to Government 109 61 Other assets 575 868 860 467 Other assets 77 80 Note circulation 13,630 13,442 12,913 12,843 Note circulation 433 417 Deposits—Banks 845 1,191 552 1,650 Deposits 307 257 Other 501 451 469 533 Other liabilities and capital 23 19 Blocked 1,416 1,388 1,416 1,643 National Bank of Czechoslovakia2 Other liabilities and capital 1,486 1,457 1,438 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 Gold 48,239 47,605 47,919 42,236 Foreign exchange 694 716 741 673 Foreign claims and balances (net). 10,875 11,476 10,643 10,607 Loans and discounts 189 178 116 276 Loans and discounts 6,890 4,745 5,165 10,151 Securities 489 490 491 475 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,073 3,073 3,097 3,125 Govt. securities 7,158 8,441 8,432 7,838 Other assets 662 704 865 674 Other assets 5,752 5,611 5,486 5,067 Note circulation 2,096 2,171 2,099 1,956 Note circulation 108,470106,612107,194 105,806 Deposits—Government 1,353 1,337 1,330 1,360 Deposits—Demand 1,224 1,745 1,424 .,342 Other 1,478 1,478 1,710 1,724 ECA 40 40 40 68 Other liabilities and capital 251 243 240 251 Other liabilities and capital 3,839 4,141 3,648 .,343 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (Jan.) Gold 12,526 12,526 12,526 12,076 Gold at home and abroad 502 497 Foreign exchange (net) 14,995 13,720 16,541 10,893 Foreign exchange (net) 328 284 Net claim on Intl. Fund* 1,250 1,250 1,250 1,250 Loans and discounts 54,922 37,151 Loans and discounts 2,973 3,473 3,000 3,299 Govt. securities 2,505 2,505 Govt. securities 8,360 8,360 8,360 8,890 Other assets 1,203 849 Other assets 17,907 17,997 17,911 14,591 Note circulation 43,506 31,011 Note circulation 45,931 45,951 46,156 41,612 Deposits 12,056 6,336 Demand deposits 9,379 8,569 10,693 6,802 Other liabilities and capital 3,r~ 3,939 Other liabilities and capital 2,700 2,805 2,740 2,585 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 719 729 695 624 Gold 344 344 344 343 Govt. securities 11 17 18 18 Foreign exchange (net) -113 -115 -104 -7 Other assets 13 8 10 8 Net claim on Intl. Fund* 19 19 19 19 Currency in circulation 439 443 454 392 Credits—Government 535 563 514 431 Deposits—Government 125 126 83 94 Other 301 275 245 249 Banks 97 107 109 110 Other assets 232 232 227 257 Other liabilities and capital 82 79 77 55 Note circulation 661 638 623 669 Central Bank of Chile (millions of Demand deposits—Private banks. 191 208 189 214 pesos): Other 151 158 147 160 Gold 8,968 .,804 Other liabilities and capital 315 313 286 249 Foreign exchange (net) 272 637 402 National Bank of Egypt (millions of Discounts for member banks 3,933 4,250 4,709 pounds): Loans to Government 16,153 16,153 15,870 Gold 61 61 61 61 Other loans and discounts 24,300 21,422 14,685 Foreign assets 111 117 120 170 Other assets 22,875 20,233 5,520 Egyptian Govt. securities 110 105 101 76 Note circulation 53,747 52,326 35,789 Clearing and other accounts (net). -5 -5 -6 -17 Deposits—Bank 7,078 6,846 4,828 Loans and discounts 15 20 23 24 Other 3,003 1,700 1,734 Other assets 2 2 3 Bank O o t f h e th r e l i R ab ep il u it b ie li s c a o n f d C c o a lo p m ita b l ia (mil- 12,673 10,812 4,638 D N e o p te o s c i i t r s c — ul E a g ti y o p n tian Government. 16 4 6 1 n 7 o 1 1 ' 6 2 8 3 lions of pesos): Other3 106 noo r107 Gold and foreign exchange 324 272 277 283 Other liabilities and capital 19 19 Net claim on Intl. Fund * 31 24 24 24 Central Reserve Bank of El Salvador 19 Loans and discounts 467 540 514 602 (thousands of colones): Govt. loans and securities 564 514 495 463 Gold 70,583 70,638 70,699 71,331 Other assets 128 118 114 98 Foreign exchange (net) 49,670 58,245 57,461 63,202 Note circulation 714 741 685 638 Net claim on Intl. Fundi 1,573 1,573 1,573 1,569 Deposits 528 529 570 656 Loans and discounts 58,705 52,146 53,386 40,803 Other liabilities and capital 272 198 169 177 Govt. debt and securities 12,669 14,766 12,940 7,303 Central Bank of Costa Rica (millions Other assets 7,145 7,233 6,985 7,312 of colones): Note circulation 92,940 93,539 94,983 89,871 Gold 12 12 12 12 Deposits 96,323100,211 97,468 92,176 Foreign exchange 79 90 97 135 Other liabilities and capital 11,083 10,850 10,592 9,472 Net claim on Intl. Fund* 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 91 98 93 63 Gold 7,849 7,849 7,849 6,882 Securities 9 6 6 4 Foreign assets and liabilities (net).. 19,181 17,402 19,405 r31,578 Other assets 24 24 26 24 Loans and discounts 46,287 47,718 48,375 '27,929 Note circulation 146 148 150 147 Securities—Government 18,750 18,750 18,750 20,000 Demand deposits 41 55 54 66 Other 2,013 2,039 2,048 2,050 Other liabilities and capital 34 34 36 32 Other assets 14,035 14,421 12,259 1,942 National Bank of Cuba (millions of Note circulation 58,281 57,911 57,361 49,903 pesos): Deposits 5,833 7,460 8,453 21,732 Gold 136 186 Other liabilities and capital 44,000 42,808 42,871 18,745 Foreign exchange (net) 150 106 r Revised. *Latest month available. 3 Includes figure for Sudan Government, formerly shown with Govern- 1 This figure represents the amount of the country's subscription to the ment deposits. 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 1007 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,107 2,057 2,025 Gold 4,983 4,626 4,421 3,258 Foreign exchange 131,147125,814 73,577 Foreign exchange 10,883 10,570 10,066 9,082 Clearing accounts (net) 7,805 11,152 9,125 Loans and discounts 3,482 4,183 4,284 2,348 Loans and discounts 21,309 20,509 7,335 Loans to Government 4,127 4,011 4,145 4,126 Advances to Government 30,497 26,178 32,335 Other assets 984 869 937 933 Other Govt. accounts 39,800 42,371 12,019 Note circulation 14,194 14,169 14,065 13,028 Govt. securities 139,228 141,428 141,502 Deposits—Government 4,588 4,629 4,580 1,613 Other assets 17,855! 21,871 15,012 Banks 3,795 3,550 3,363 3,088 Notes and coin in circulation 208,938!205,104 182,570 Other 223 237 273 204 Deposits—Government. 32,792i 33,691 r4,839 Other liabilities and capital 1,658 1,673 1,573 1,814 Other 132,8411137,089 92,026 Bank of Greece (millions of drachmae): Other liabilities and capital 15,177 15,497 13,498 Gold and foreign exchange (net).. 5,933 5,811 5,488 ,709 Bank of Italy (billions of lire): Loans and discounts 172 157 160 158 Gold 4 4 4 Advances—Government 6,959 6,641 6,667 8,924 Foreign exchange 70 70 70 74 Other 4,698 4,716 4,673 5,012 Advances to Treasury 567 567 567 567 Other assets 1,925 1,804 1,809 1,710 Loans and discounts 443 436 419 363 Note circulation 5,266 5,346 5,324 3,9671 Govt. securities 384 387 410 376 Deposits—Government 981 948 799 1,246 Other assets 917 846 866 864 Reconstruction and Note circulation ,609! 1,554 1,544 1,508 relief accts 7,408 7,377 7,314 7,507 Deposits—Government 16 33 22 32 Other 3,831 3,736 3,737 4,020 Demand 93 98 83 83 Other liabilities and capital 2,200 1,722 1,624 4,772 Other 511 476 545 486 Bank of Guatemala (thousands of Other liabilities and capital 157 148 142 139 quetzales): Bank of Japan (billions of yen): Gold 27,240 27,241 27,241 27,227 Bullion () Foreign exchange (net) 36,981 40,071 41,077 25,054 Advances to Government Gold contribution to Intl. Fund... 1,250 1,250 1,250 1,250 Loans and discounts 70 71 32 202 Rediscounts and advances 5,494 3,208 3,342 5,193 Govt. securities 464 455 508 384 Other assets 36,566 34,844 33,636 36,931 Other assets 222 221 224 160 Circulation—Notes 51,804 52,383 51,883 47,548 Note circulation 598 597 561 538 Coin 3,893 3,910 3,900 3,689 Deposits—Government 47 42 86 59 Deposits—Government 7,411 4,990 5,555 10,619 Other 36 31 36 69 Banks 21,299 22,374 22,597 16,856 Other liabilities 77) 77 81 83 Other liabilities and capital 23,124 22,957 22,610 16,942 Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserve? 1,783 1,765 1,807 1,535 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,963 4,981 5,274 4,343 Issue department: Bills and discounts 715 593 475 485 Gold at home and abroad 400 400 400 Other assets 419 446 382 480 Foreign securities 6,466 6,814 6,370 Note circulation 4,817 4,777 4,686 4,315 Indian Govt. securities 7,087 6,988 5,436 Demand liabilities 2,314 2,281 2,541 1,824 Rupee coin 1,077 1,049 1,085 Other liabilities and capital 748 726 711 703 Note circulation 14,747 15,061 12,915 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 283 190 377 Gold 3,226 3,231 3,271 3,046 Balances abroad 350 307 800 Silver (including subsidiary coin).. 3 4 6 27 Bills discounted 84 89 78 Foreign assets (net) 1,176 1,176 1,361 1,478 Loans to Government 24 22 10 Loans and discounts 93 63 43 26 Other assets 1,318 1,327 903 Govt. debt and securities. 660 540 440 628 Deposits 1,376 1,296 1,699 Other assets 361 393 376 360 Other liabilities and capital 681 639 469 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New... 4,141 3,925 4,006 3,728 Gold and foreign exchange (net).. 628 881 984 1,135 Deposits—Government... 29 58 125 236 Loans and discounts 899 864 1,141 390 ECA 419 466 466 534 Advances to Government 8,635 8,406 8,107 9,760 Other 721 758 704 842 Other assets 425 405 407 345 Other liabilities and capital. 209 199 195 198 Note circulation 7,822 7,796 7,878 8,203 Reserve Bank of New Zealand (thou- Deposits—ECA 327 356 411 495 sands of pounds): Other 1,505 1,459 1,421 2,023 Gold 6,162 6,162 6,162 6,161 Other liabilities and capital 933 944 929 909 Foreign exchange reserve 52,056 52,128 48,950 56,905 Bank Melli Iran5 (millions of rials): Loans and discounts 33,682 31,680 32,824 30,342 Gold 4,242 4,242 4,242 4,242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 32,409 37,042 28,115 11,487 Gold contribution to Intl. Fund... 282 282 282 282 Investments 38,173 38,173 38,174 33,257 Govt.-secured debt 7,187 7,187 7,187 7,187 Other assets 1,597 1,472 1,401 1,514 Govt. loans and discounts 11,440 11,688 11,890 11,155 Note circulation 69,332 69,431 68,755 68,318 Other loans and discounts 5,687 5,486 5,079 4,410 Demand deposits 85,931 88,641 75,730 63,172 Securities 469 469 449 411 Other liabilities and capital 8,816 8,585 11,141 8,176 Other assets 2,705 3,439 3,158 3,085 Bank of Norway (millions of kroner): Note circulation 10,274 10,437 10,229 10,021 Gold. 208 208 208 203 Deposits—Government 4,284 4,796 4,781 5,185 Foreign assets (net) -49 -63 -64 -266 Banks 923 1,068 1,050 1,177 Clearing accounts (net) -39 -50 -70 -42 Other 13,679 13,534 13,468 11,'583 Loans and discounts 122 137 165 97 Other liabilities and capital 3,097 3,202 3,002 3,050 Securities 75 81 80 109 Central Bank of Ireland (thousands of Occupation account (net)... 5,546 ,546 5,546 5,546 pounds): Other assets 104 122 94 73 Gold 2,646 2,646 2,646 2,646 Note circulation 3,220 ,219 3,063 3,184 Sterling funds... 68,155 67,994 68,537 68,734 Deposits—Government 1,291 ,384 1,526 1,132 Note circulation. 70,801 70,640 71,183 71,380 Banks 537 406 392 493 FOA 23 90 90 H02 Other liabilities and capital. 897 882 889 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

1008 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 July June May July July June May July State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 574 566 585 582 Issue department: Foreign assets , 921 922 852 1,002 Gold at home and abroad 115 115 114 114 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 1,010 1,014 914 413 Swedish Govt. securities and ad- Pakistan Govt. securities 1,156 1,154 1,204 1,391 vances to National Debt Office: 3,971 3,787 3,591 3,006 Govt. of India securities 177 176 276 222 Other domestic bills and advances, 21 207 177 42 India currency 430 430 430 300 Other assets , 989 978 1,003 1,011 Rupee coin 69 71 68 46 Note circulation 4,949 5,108 4,968 4,735 Notes in circulation 2,811 2,835 2,875 2,400 Demand deposits—Government.. 210 207 231 93 Banking department: Other 289 116 81 240 Notes of issue department 148 125 131 85 Other liabilities and capital 1,158 1,157 1,058 704 Bills discounted 6 1 1 1Swiss National Bank (millions of Loans to Government 30 francs): Other assets 653 728 587 466 Gold 6,763 6,649 6,684 6,243 Deposits 629 706 574 492 Foreign exchange 611 633 557 683 Other liabilities and capital 178 147 144 89 Loans and discounts 150 180 145 158 Central Bank of Paraguay (millions of Other assets 102 102 102 102 guaranies): Note circulation. 5,264 5,251 5,166 5,123 Goldi 11 11 4 Sight liabilities 2,145 2,094 2,105 1,858 Foreign exchange (net) 296 130 31 Other liabilities and capital 218 218 218 205 Net claim on Intl. Funds 53 23 88 Central Bank of the Republic of Turkey Loans and discounts 1,499 1,517 '1,142 (millions of pounds): Govt. loans and securities 476 483 496 Gold 402 402 402 402 Other assets 123 50 '241 Foreign exchange and foreign Note and coin issue 1,081 1,046 845 clearings 180 188 206 198 Deposits—Government 244 225 195 Loans and discounts 3,650 3,654 3,515 3,237 Other 185 138 147 Securities 29 29 29 30 Other liabilities and capital 947 805 735 Other assets 228 203 144 118 Central Reserve Bank of Peru (millions Note circulation 2,126 2,108 2,005 1,811 of soles): Deposits—Gold 155 155 155 154 Gold and foreign exchange 485 511 545 636 Other 1,573 1,549 1,560 1,503 Net claim on Intl. Fund2 67 67 67 67 Other liabilities and capital 635 663 577 516 Loans and discounts to banks.... 855 784 837 562 Bank of the Republic of Uruguay (mil- Loans to Government 1,293 1,182 1,065 1,156 lions of pesos): (Apr.) Other assets 176 186 188 146 Gold 327 344 Note circulation 2,187 2,061 1,997 1, Silver 10 11 Deposits 420 394 433 446 Advances to State and Govt. Other liabilities and capital 269 276 272 227 bodies 239 142 Central Bank of the Philippines Other loans and discounts 483 466 (millions of pesos): Other assets 663 828 Gold 38 36 36 24 Note circulation 509 469 Foreign exchange 388 396 391 331 Deposits—Government 196 149 Net claim on Intl. Fund2 10 Other 336 335 Loans 143 142 53 79 Other liabilities and capital 680 838 Domestic securities 372 385 386 229977 Central Bank of Venezuela (millions Other assets 136 134 134 163 of bolivares): Circulation—Notes 627 633 647 576 Gold 1,234 1,234 1,234 1,234 Coin 86 86 86 87 Foreign exchange (net) 634 633 659 380 Demand deposits 289 306 186 195 Other assets 182 166 141 151 Other liabilities and capital 74 67 80 46 Note circulation 1,077 1,062 1,064 1,013 Bank of Portugal (millions of escudos): Deposits 342 292 323 281 Gold 5,695 5,706 5,750 5,435 Other liabilities and capital 631 677 647 469 Foreign exchange (net) 13,514 13,593 13,700 13,"0~07 National Bank of Federal People's Re- Loans and discounts 1,071 1,021 1,053 804 public of Yugoslavia (billions of Advances to Government 1,374 1,383 1,379 1,384 dinars): Other assets 1,441 1,437 1,475 1,059 Gold 5 5 5 Note circulation 10,621 10,605 10,640 10,194 Gold contribution to Intl. Fund... 2 2 2 Demand deposits—Government.. 1,790 1,661 1,473 1,531 Foreign assets 62 63 56 ECA 88 88 84 99 Loans (short-term) 855 839 704 Other 8,013 8,204 8,556 7,648 Govt. debt (net) 20 21 35 Other liabilities and capital 2,583 2,583 2,604 2,217 Other assets 62 27 51 South African Reserve Bank (millions Notes and coin in circulation 81 77 88 of poun<' Demand deposits 155 160 188 75 76 77 Foreign liabilities 123 124 102 Foreign bills 32 38 26 Long-term liabilities (net) 477 439 373 Other bills and loans 22 13 31 Other liabilities and capital 171 156 101 Other assets 48 50 58 53 Bank for International Settlements Note circulation 110 109 108 106 (millions of Swiss gold francs): Deposits 52 53 66 67 Gold in bars 633 610 660 696 Other liabilities and capital.... 17 15 19 18 Cash on hand and with banks.... 57 60 59 79 Baak of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 615 ances (at cost) 556 549 545 336 Silver 322 322 323 323 Time funds at interest 120 115 95 153 Govt. loans and securities 15,829 15,806 16,113 16,239 Sundry bills and investments 529 477 437 380 Other loans and discounts 42,943 37,486 37,463 31,322 Funds invested in Germany 297 297 297 297 Other assets 54,894 47,875 49,129 40,845 Other assets 1 2 1 Note circulation 48,599 46,495 46,059 44,047 Demand deposits—Gold 692 666 623 456 Deposits—Government 6,667 4,000 4,256 6,319 Other , 977 919 945 '972 Other 11,011 9,429 9,386 4,212 Long-term deposits: Special , 229 229 229 229 Other liabilities and capital.... 48,329 42,184 43,943 34,767 Other liabilities and capital , 295 298 297 285 r Revised. * Latest month available. 3 Includes small amount of nongovernment bonds. i 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 2This figure represents the amount of the country's subscription to the of the month. Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 1009 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since June 1954 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 e r y - U K d n i o i n m t g ed - C ad a a n- N Z la e e n a w d - U S A o n fr u . i o t c h f a C lo e n y- Japan2 P p h in il e ip s - In effect June 30, 1954.. 3.5 2.75 5.0 3.25 3.0 10.0 2.5 2.5 4.0 2.75 3.0 3.0 2.0 3.5 4.0 2.5 6.57 1.5 1954_july 3.75 Nov.. 4.6 Dec 3 0 1955__Jan 9.0 3.5 Feb 3.5 4.5 1.5 Apr 3.75 May 4.5 5.5 June 4.5 July 5.0 Aug 3.0 3.5 2.0 8.03 Sept.. .. 6.6 4 5 Oct 2.25 7.0 Nov 5.0 2.75 1956—Feb. 3 0 5 5 Mar 4.5 Apr 3 6 May 5.5 io.6 June 6 0 Aug 3 25 3 25 n effect Aug. 31, 1956.. 5.0 3.0 5.5 3.0 5.5 10.0 3.25 3.5 3.75 3.75 6.0 5.5 3.25 7.0 4.5 2.5 8.03 1.5 Other selected central banks—Rates in effect on Aug. 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.: I-Mtin 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 3 T m re b o a il n s l u s th r s y i D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a e u t n e t 1953—Dec.. 2.19 2.11 1.94 1.75 3.75 .03 .50 .50 1954—Dec.. .08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 .50 1955—July.. .43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 .50 Aug.. .62 1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 .50 Sept.. .79 1.61 4.15 4.07 2.50 3.00 1.04 .75 .50 Oct... 2.07 1.95 4.16 4.07 2.50 3.02 .94 .57 .50 Nov.. 2.38 2.19 4.21 4.10 2.50 3.06 .75 .50 .50 Dec. 2.59 2.42 4.22 4.08 2.50 2.99 1.06 .62 .50 1956—Jan... 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 .50 Feb... 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 1.00 .50 Mar.. 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 .50 Apr.. 2.83 2.65 5.27 5.11 4.05 3.50 3.21 1.59 1.23 .50 2.84 2.66 5.14 4.95 4.13 3.50 3.23 1.76 1.25 .50 June. 2.63 2.68 5.20 5.09 4.16 3.50 3.24 2.38 1.43 .50 July.. 2.53 2.52 5.10 5.01 3.96 3.50 2.74 1.50 .50 i Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- British (dollar) Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a s l i l l a a a y r - ) Official Free 1950 26.571 13.333 8.289 223.15 1.9908 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 32.849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 32.601 102.149 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 1955 120.000 U3.333 222.41 3.8580 1.9905 32.624 101.401 1955—Aug. 20.000 13.333 7.173 222.04 3.8580 1.9874 32.577 101.502 Sept. 20.000 13.333 7.175 221.98 3.8580 1.9874 32.568 101.228 Oct.. 25.556 33.226 222.47 3.8580 1.9911 32.639 100.474 Nov. 5.556 3.095 223.22 3.8580 1.9955 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.. 556 2.386 223.62 3.8580 2.0000 32.816 100.080 Mar. 556 2.454 223.50 8580 2.0023 32.798 100.122 Apr., 556 2.536 223.72 8580 2.0035 32.761 100.302 May. 556 2.657 223.71 8580 2.0029 32.700 100.803 June, 5.556 2.872 223.28 8580 2.0032 32.608 101.476 July. 5.556 3.090 222.58 8580 2.0074 32.510 101.835 Aug. 5.556 3.249 221.76 3.8580 2.0049 32.368 101.907 Year or month C (r e u y p l e o e n ) (k m D ro e a n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) M (p e e x s i o c ) o 1950., 20.850 14.494 .2858 23.838 20.870 11.570 1951., 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952., 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. 21.046 .4354 .2856 21.049 281.27 11.607 1954. 21.017 .4354 .2856 23.838 21.020 280.87 9.052 1955. 20.894 .4354 .2856 23.765 20.894 279.13 8.006 1955—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 Aug.. 20.858 .4354 .2855 23.853 20.830 278.31 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n l u s i e o b p ) l - ic (e P s g c o u a r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n t c z d ) - ( U p K d o n i o u n i m t n g e d - d ) 1950 26.252 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955—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 Aug. 26.111 275.55 14.008 49.677 3.4900 277.27 19.333 23.335 278.31 i Annual averages based on quotations through Oct. 27, 1955; monthly 2 Official rate. The basic and preferential rates were discontinued and averages for October for these rates were the same as those for Sep- the new official rate of 18 pesos per U. S. dollar became effective Oct. tember. 28, 1955. 3 New free market rate, based on quotations beginning Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 No- FEDERAL RESERVE CHARTS ON BANK CREDIT, vember 1, 1946, with an Appendix containing 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 cents per copy. REGULATIONS OF THE BOARD OF GOVERNORS OF 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. 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN • SEPTEMBER 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. Ocable from March, May, June, July, and August tober 1954. 10 pages. 1947 BULLETINS. USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. 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 GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE B. VEST, General Counsel GEORGE S. SLOAN, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director HOWARD H.HACKLEY, Assist ant General Counsel FRED A. NELSON, Assistant Director DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve G. HOWLAND CHASE, Assistant General Counsel Examiner JEROME W. SHAY, Assistant General Counsel ROBERT C. MASTERS, Assistant Director THOMAS J. O'CONNELL, Assistant General GLENN M. GOODMAN, Assistant Director Counsel HENRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser DIVISION OF ADMINISTRATIVE SERVICES ROLAND I. ROBINSON, Adviser LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, 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 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 Chairmam Frederick S. Blackall, jr. Harold I. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrcy Milton P. Higgins J. A. Erickson, President Alfred C. Neal, First Vice President Vice Presidents D. H. Angney E. O. Latham O. A. Schlaikjer Carl B. Pitman District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth John R. Evans Howard C. Sheperd Ferd I. Collins Clarence Francis Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1015 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued 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 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 jDouglas 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

1016 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 1017 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued NASHVILLE BRANCH—BOARD OF DIRECTORS Stewart Campbell A. Carter Myers Frank B. Ward, J. R. Kellam, Jr. W. E. Tomlinson Chairman Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer D. U. Maddox H. A. Pharr Joel L. Fletcher, Jr. Leon J. Minvielle E. E. Wild, G. H. King, Jr. Chairman District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent Carl E. Allen, Jr., Deputy Chairman * Walter J. Cummings William A. Hanley Nugent R. Oberwortmann William J. Grede Walter E. Hawkinson J. Stuart Russell Vivian W. Johnson (Vacancy) President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes C. T. Laibly R. A. Swaney, in charge W. R. Diercks George W. Mitchell of Detroit Branch A. M. Gustavson H. J. Newman W. W. Turner A. L. Olson DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah, Howard P. Parshall Raymond T. Perring Chairman C. V. Patterson 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

1018 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Pierre B. McBride, M. C. Minor Magnus J. Kreisle Chairman J. D. Monin, Jr. W. Scott Mclntosh Noel Rush MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks John A. McCall John D. Williams,, J. H. Harris William B. Pollard Chairman A. E. Hohenberg John K. Wilson District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Joseph F. Ringland F. Albee Flodin Ray C. Lange Harold N. Thomson Harold C. Refling O. S. Powell, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge C. W. Groth M. H. Strothman, Jr. of Helena Branch E. B. Larson Sigurd Ueland H. G. McConnell HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund George R. Milburn, J. Willard Johnson Carl McFarland Chairman District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear F. M. Overstreet Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1019 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E, J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of J- A- Randall, in charge of Los Angeles Branch Seattle Branch Portland Branch Q. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-co^tinued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick (Vacancy) Charles Detoy Shannon Crandall, Jr., Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, 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', 960, 961 Department stores: Agricultural loans of commercial banks, 956 Merchandising data, 989 Agriculture, Govt. agency loans, 964, 965 Sales and stocks, 979, 988 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 952 Banks and the monetary system, consolidated, 952 Banks, by classes, 953, 957, 959 Corporate, current, 972 Federal Reserve Banks, 947, 948, 1000 Domestic banks, by classes, 953, 956, 958 Postal savings, 952 Federal Reserve Banks, 947, 948 Turnover of, 950 Foreign central banks, 1004 Deposits, reserves, and borrowings, by class of mem- Govt. corporations and credit agencies, by type ber bank, 945 and agency, 964, 965 Discount rates, 946, 1009 Automobiles: Discounts and advances by Federal Reserve Consumer instalment credit, 976, 977, 978 Banks, 943, 947 Production index, 981, 984 Dividends, corporate, 971, 972 Dollar assets, foreign, 1000, 1003 Bankers' balances, 957, 959 Dwelling units started, 985 {See also Foreign liabilities and claims reported by banks) Earnings and hours, manufacturing industries, 979. 987 Banks and the monetary system, consolidated state- Employment, 979, 987 ment, 952 Export-Import Bank, loans, etc., 964, 965 Bonds {See also U. S. Govt. securities): New issues, 970, 972 Farm mortgage loans, 964, 973, 974 Prices and yields, 961, 962 Federal credit agencies {See Govt. agencies) Brokers and dealers in securities, bank Federal Deposit Insurance Corporation, loans to, 956, 958 assets, etc., 964, 965 Business expenditures on new plant and equip- Federal finance: ment, 972 Cash transactions, 966 Business indexes, 979 Receipts and expenditures, 967 Business loans {See Commercial and industrial loans) Treasurer's balance, 966 Federal home loan banks, loans, etc., 964, 965, 975 Capital accounts: Federal Housing Administration, loans, etc., 964, 965, Banks, by classes, 953, 957, 959 973, 974, 975 Federal Reserve Banks, 947, 948 Federal National Mortgage Association, Carloadings, 979 loans, etc., 964, 965, 975 Central banks, foreign, 1002, 1004, 1009 Federal Reserve Banks: Coins, circulation of, 951 Condition statement, 947, 948 Commercial banks: U. S. Govt. securities held by, 943, 947, 948, 968, Assets and liabilities, 953, 956 969 Consumer loans held, by type, 977 Federal Reserve credit, 943, 947, 948 Number, by classes, 953 Federal Reserve notes, 947, 948, 949, 951 Real estate mortgages held, by type, 973 Finance company paper, 960, 961 Commercial and industrial loans: Foreign central banks, 1002, 1004, 1009 Commercial banks, 956 Foreign deposits in U. S. banks, 943, 947, 948, 952, Weekly reporting member banks, 958, 960 957, 959 Commercial paper, 960, 961 Foreign exchange rates, 1010 Commodity Credit Corporation, loans, etc., 964, 965 Foreign liabilities and claims reported by banks, 996 y Condition statements {See Assets and liabilities) 998, 1000 Construction, 979, 984, 985 Foreign trade, 989 Consumer credit: Instalment credit, 976, 977, 978 Gold: Major parts, 976 Earmarked, 1001 Noninstalment credit, by holder, 977 Net purchases by U. S., 1001 Ratio of collections to accounts receivable, 978 Production, 1000, 1001 Consumer durable goods output indexes, 984 Reserves of central banks and governments, 1002 Consumer price indexes, 979, 990 Reserves of foreign countries and international Consumption expenditures, 992, 993 institutions, 1003 Corporate sales, profits, taxes, and dividends, 971, 972 Stock, 943, 952, 1001 Corporate security issues, 970, 972 Gold certificates, 947, 948, 949, 951 Corporate security prices and yields, 961, 962 Govt. agencies, assets and liabilities, by type and Cost of living {See Consumer price indexes) agency, 964, 965 Currency in circulation, 943, 951 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 962, 994 Gross national product, 992, 993 Debits to deposit accounts, 950 Home owners, Govt. agency loans, 964, 965 Demand deposits: Hours and earnings, manufacturing industries, 979, 987 Adjusted, banks and the monetary system, 952 Adjusted, commercial banks, by classes, 957 Industrial advances by Federal Reserve Banks, 947 ? Banks, by classes, 953, 959 948, 949, 950 Type of holder, at commercial banks, 957 Industrial production indexes, 970, 980, 984 1021 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN • SEPTEMBER 1956 Instalment loans, 976, 977, 978 Real estate loans—Continued Insurance companies, 963, 968, 969, 974 Type of mortgage holder, 973, 974, 975 Insured commercial banks, 955, 956 Type of property mortgaged, 973, 974, 975 Interbank deposits, 953, 957, 959 Regulation V, loan guarantees, 949, 950 Interest rates: Reserve requirements, member banks, 946 Bond yields, 961 Reserves: Business loans by banks, 961 Commercial banks, 957 Federal Reserve rates, 946, 950 Federal Reserve Banks, 947, 948 Foreign countries, 1009 Foreign central banks and governments, 1002 Open market, 961, 1009 Foreign countries and international institu- Regulation V loans, 950 tions, 1003 Stock yields, 961 Member banks, 943, 945, 947, 948, 957, 959 International capital transactions of the U. S., 996 Residential mortgage loans, 973, 974, 975 International financial institutions, 1002, 1003, 1004 Inventories, 993 Sales finance companies, consumer loans of, 976, 977 Investments {See also specific types of investments): Savings, 992 Banks, by classes, 953, 956, 958 Savings deposits {See Time deposits) Federal Reserve Banks, 947, 948 Savings institutions, principal assets, 963 Govt. agencies, etc., 964, 965 Savings and loan associations, 963, 974 Life insurance companies, 963 Securities, international transactions, 999, 1000 Savings and loan associations, 963 Security issues, 970, 972 Silver coin and silver certificates, 951 Labor force, 986 State member banks, 955 Loans {See also specific types of loans): State and municipal securities: Banks, by classes, 953, 956, 958 New issues, 970 Federal Reserve Banks, 943, 945, 947, 948, 949, Prices and yields, 961, 962 950 States and political subdivisions: Govt. agencies, etc., 964, 965 Deposits of, 957, 959 Insurance companies, 963, 974 Holdings of U. S. Govt. securities, 968 Savings and loan associations, 963, 974 Ownership of obligations of, 956, 963 Loans insured or guaranteed, 949, 973, 974, 975 Stock market credit, 962, 994 Stocks: Manufacturers, production indexes, 979, 980, 984 New issues, 970 Margin requirements, 946 Prices and yields, 961, 962 Member banks: Assets and liabilities, by classes, 953, 956 Tax receipts, Federal, 967 Borrowings at Federal Reserve Banks, 943, 945 Time deposits, 945, 952, 953, 957, 959 Deposits and reserves, by classes, 945 Treasurer's account balance, 966 Number, by classes, 953 Treasury cash, 943, 952 Reserve requirements, by classes, 946 Treasurv currency, 943, 951, 952 Reserves and related items, 943 Treasury deposits, 943, 947, 948, 966 Weekly reporting series, 958 Unemployment, 986 Minerals, production indexes, 979, 980 U. S. Govt. balances: Money rates {See Interest rates) Commercial bank holdings, by classes, 957, 959 Mortgages {See Real estate loans) Consolidated monetary statement, 952 Mutual savings banks, 952, 953, 955, 968, 969, 973 Treasury deposits at Federal Reserve Banks, 943, 947, 948, 966 National banks, 955 U. S. Govt. securities: National income, 992 Bank holdings, 952, 953, 956, 958, 968, 969 National security expenditures, 967, 993 Federal Reserve Bank holdings, 943, 947, 948, Nonmember banks, 947, 955, 956 968, 969 Foreign and international holdings, 1003 Payrolls, manufacturing, index, 979 International transactions, 999 Personal income, 993 New issues, gross proceeds, 970 Postal Savings System, 952 Outstanding, by type of security, 968, 969 Prices: Ownership of, 968, 969 Consumer, 979, 990 Prices and yields, 961, 962 Security, 962 United States notes, outstanding and in circula- Wholesale commodity, 979, 990 tion, 951 Production, 979, 980, 984 Profits, corporate, 971, 972 Veterans Administration, loans, etc., 964, 965, 973. Real estate loans: 974 Commercial banks, 956, 958, 973 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 I. ) Minneapolis^ Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis