Full text of Federal Reserve Bulletin : April 1953
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL E S E RVE BULLETIN APRIL 1953 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL VOLUME 39 RESERVE April 1953 BULLETIN NUMBER 4 CORPORATE DEMANDS ON THE CAPITAL MARKET Corporate demands on the capital market CORPORATE BOND AND STOCK YIELDS have been extraordinarily large in recent Per Cent Per Annum STOCK YIELDS years. Corporate security offerings for new capital totaled 9 billion dollars in 1952, and were sustained at a relatively high level in COMMON the first quarter of 1953. In addition, some corporations have obtained funds for financing plant and equipment expenditures and other longer term needs by borrowing from PREFERRED commercial banks on a term loan basis. This demand on the capital market, which in large part reflected increased plant and -AflJ* equipment expenditures and lower retained BOND YIELDS earnings, was concentrated in the manufacturing and electric and gas utility industries. Of the 9 billion dollar total of corporate security issues for new capital, nearly 4 billion Aac were offered by manufacturing industries, with over half accounted for by the machinery, petroleum, and chemical industries alone. Electric and gas utilities offered 2.6 1953 1950 1951 1952 billion dollars of securities. NOTE.—Weekly figures. Common stock and bond yields Moody's Investors Service; preferred stock yields from Despite further narrowing of the spread from Standard and Poor's corporation. Common stock yields are for 125 industrials and are monthly through 1950; preferred yields are for selected high-grade issues. Latest figures shown between bond and stock yields during 1952, are for week ending April. 4. debt obligations accounted for nearly fourfifths of all corporate security offerings— the proportion of preferred issues declined roughly the same proportion as in 1951 and and that of common stocks rose. 1950. Over half of these debt offerings were Savings of individuals have increased in placed privately with life insurance com- each of the past two years. Part of the enpanies and other institutional suppliers of larged individual savings has been in the long-term funds. While the volume of stock form of financial assets, including direct inofferings remained unchanged from 1951, vestment in corporate securities; part has APRIL 1953 323 CORPORATE DEMANDS ON THE CAPITAL MARKET gone into pension and trust funds, purchases of life insurance and annuities, and deposits in savings institutions. These savings, together with funds obtained from repayment of existing loans and investments, enabled financial institutions to supply a large share of the long-term funds sought by corporations. motor vehicle, chemical, and petroleum industries rose from 1951 to 1952. Increases in these industries more than offset declines in expenditures of the food and kindred product, textile, paper, rubber, fabricated metal products, and stone, clay, and glass industries. BUSINESS EXPENDITURES FOR N E W PLANT AND EQUIPMENT [In billions of dollars] FACTORS IN DEMAND FOR LONG-TERM FUNDS 1951 Record expenditures for new plant and equipment and increased working capital requirements associated with high level business activity and higher cost levels have added substantially to corporate needs for funds during the past several years. These needs have been met in large part with funds obtained from operations. The supply of such funds, however, decreased by nearly one-third from 1950 to 1952, making it necessary for many corporations to seek additional funds from outside sources. Also, much of the recent expansion of productive capacity has been undertaken by electric and gas utilities, which customarily rely heavily on external sources for financing their capital expenditures. Plant and equipment expenditures. Total corporate and noncorporate business expenditures for new plant and equipment rose sharply following the outbreak of Korean hostilities and reached a record 26y2 billion dollars in 1952, roughly 3 per cent more than in 1951 and 28 per cent more than in 1950. Manufacturing and electric and gas utility industries accounted for most of the increase from 1950 to 1952. Increases from 1951 to 1952 for these industries more than offset declines in expenditures of the mining, railroad and other transportation, and commercial and miscellaneous industries. Within manufacturing, expenditures of the primary iron and steel, nonferrous metal, machinery, 324 1952 1953 l Industry 1st half 2nd half 1st half 2nd half 1st half 2nd half 12.0 13.7 12.9 13.5 13.5 13.5 Manufacturing . .. Primary iron and steel.. Primary nonferrous Machinery Chemical Petroleum . . . Other 4.9 0.4 0.1 0.4 0.6 0 9 2.4 6.0 0.8 0.2 0.6 0.7 1 2 2.5 5.8 0.7 0.3 0 5 0.7 1 3 2.3 6.2 0.8 0.3 0.6 0.8 1 3 2.3 6.2 0.7 0.3 0.6 0.8 1 5 2.3 5.8 0.6 0.3 0.6 0.8 1.4 2.2 Mining 0.4 0.5 0.4 0.4 0.4 0.5 1.6 2.0 1.7 2.1 2.2 2.1 0 7 0 8 0 7 0 6 0 7 0.6 All industries Electric and gas utilities.. Railroads Transportation, other than rail 0.8 0.7 0.7 0.6 0.6 0.8 Commercial and o t h e r 2 . . . 3.5 3.7 3.5 3.5 3.3 3.7 1 Anticipated by business. Second-half figures derived from annual and first-half anticipations. * Includes communication, trade, service, finance, and construction. NOTE.—Estimates of Department of •Commerce and Securities and Exchange Commission for corporate and noncorporate business. Details may not add to totals because of rounding. The record volume of business plant and equipment expenditures in 1952 may be surpassed this year. A recent SEC/Commerce survey revealed that outlays totaling an estimated 27 billion dollars are anticipated by business for 1953. The increase from 1952 reflects some carryover of projects whose completion was delayed by the steel strike, as well as some recent increases in 1953 capital expenditure programs over those reported in a survey made last fall. To a greater extent than last year, plant and equipment expenditures anticipated for 1953 are concentrated in industries such as public utilities, petroleum, chemicals, and machinery that rely heavily on external financing. FEDERAL RESERVE BULLETIN CORPORATE DEMANDS ON THE CAPITAL MARKET Business plant and equipment expendi- pay 70 per cent of their prior year's Federal tures on a seasonally adjusted annual rate income tax liability in the first half of 1952, basis are expected to total 27.5 billion dollars as contrasted with 60 per cent in the first in the first quarter of 1953, compared with half of 1951. This year, with 80 per cent of 27.0 billion in the forth quarter of last year. total income tax payments falling due in A further rise to 28.1 billion is anticipated the first half, the drain on corporate liquid for the second quarter. Comparison of cur- assets is still greater. rent seasonally adjusted rates of expenditure The decline in liquidity position of busiwith the total anticipated for 1953 suggests ness corporations in the aggregate—as meassome decline later in the year. In recent ured by the ratio of cash and United States years, however, actual expenditures during Government securities to total short-term inthe second half have generally exceeded debtedness—that began in mid-1950 conanticipations. tinued during 1952, though at a much more Wording capital requirements. Although moderate rate. In an effort to check this financing of plant and equipment expendi- decline, or to improve their liquidity positures accounted for the greater part of cor- tions, some companies took steps to fund porate demand for long-term funds in 1952, existing short-term indebtedness and/or working capital requirements were also an build up their liquid asset holdings with the important factor. Of the 9 billion dollar proceeds of security issues. total of corporate security offerings, nearly Inventory accumulation, while contribut2 billion—or about one-fifth—were to pro- ing to the working capital requirements of vide working capital. some companies, was not nearly so imporThe necessity for larger cash working bal- tant a factor in 1952 as it was in the preceding ances and the desire to improve liquidity po- year. Largely as a result of the steel strike, sitions were probably the most important fac- corporate inventory holdings declined by 2 tors contributing to this long-term financing billion dollars in the second quarter of 1952. of corporate working capital requirements. The reduction temporarily freed some funds As additional productive capacity is com- for tax payments and other working capital pleted and brought into operation, compa- purposes. While there was some addition to nies find their need for working funds the book value of corporate inventory holdincreased by larger payroll and inventory re- ings during the second half, and particularly quirements and, since these are more or less during the fourth quarter, the increase over permanent, they tend to finance through the year 1952 as a whole amounted to only bond or stock issues rather than with short- 0.1 billion dollars, as contrasted with 10 billion in 1951. term bank or trade credit. Corporations generally are also finding Growth in manufacturing and trade inventhat the shifting of a larger proportion of tories during January and February suggests their Federal income tax payments into the that corporate inventory holdings probably first half of the year has raised somewhat the rose during the first quarter of 1953, though required level of liquid asset holdings. This at a substantially slower rate than that of shift in tax payments, which was provided fourth quarter 1952. While additions to infor by the Mills Amendment to the Revenue ventory are oftentimes financed with trade Act of 1950, required most corporations to or bank credit, the desire to avoid further APRIL 1953 325 CORPORATE DEMANDS ON THE CAPITAL MARKET expansion of short-term indebtedness may have prompted some companies to seek longer term financing of their recent inventory accumulation. Funds from operations. Corporate profits were adversely affected in 1952 by strikes in the petroleum and steel industries. From a seasonally adjusted annual rate of nearly 43 billion dollars in the first quarter, profits before taxes declined to an average of 37^4 billion in the second and third quarters. Marked advances in production and sales resulted in a sharp increase in profits during the fourth quarter; nevertheless, the total for the year was roughly 3 billion dollars, or 7 per cent, less than in 1951. Although corporate depreciation allowances in 1952 exceeded those of 1951 by roughly ll/2 billion dollars, the volume of corporate funds from operations, shown in the chart, declined by about one-fourth from 1951 to 1952. This decline in funds from operations was almost entirely attributable to the lower level of profits before taxes and to the substantially larger volume of Federal income tax payments, since dividend disbursements were about the same in both years. Moreover, with approximately 70 per cent of 1952 income tax payments concentrated in the first half of the year, funds from operations averaged less than 3 billion dollars in the first and second quarters, as compared with 6l/2 billion for the comparable quarters of 1951 and the last half of 1952. Since production and sales continued at advanced levels durings the first quarter of 1953, profits before taxes are believed to have been correspondingly large. With the completion of additional productive facilities, including those for which accelerated amortization has been approved, corporate depreciation allowances are continuing to increase. First quarter dividend 326 CORPORATE FUNDS FROM OPERATIONS ^PROFITS AFTER PAYMENTS of INCOME TAXES and DIVIDEND'S VA DEPRECIATION ACCRUALS** 1950 1951 1952 NOTE.—Quarterly rates without seasonal adjustment. Federal Reserve estimates based on Department of Commerce and other data. payments, moreover, are customarily smaller than those of the fourth quarter, which frequently include substantial year-end extras. On the other hand, first quarter income tax payments were much larger this year than last, primarily as a result of the Mills provision which requires that 40 per cent of the 1952 tax liability be paid in the first quarter of 1953. Thus, despite continued advanced levels of profits before taxes and increased depreciation allowances, first quarter 1953 corporate funds from operations were probably substantially lower than those of the fourth quarter of 1952. CORPORATE SECURITY FINANCING Corporate security offerings for new capital totaled an estimated 9.0 billion dollars in 1952, compared with 7.1 billion the preceding year. During the first quarter of 1953, such issues amounted to 1.9 billion, roughly the same as for the first quarter of 1952. The 1952 total was an all-time record, if issues of investment companies are excluded from security offerings of the late twenties. It was accounted for in large part FEDERAL RESERVE BULLETIN CORPORATE DEMANDS ON THE CAPITAL MARKET by manufacturing and utility corporations, and consisted largely of debt obligations. Major issuers. Manufacturing industries, whose outlays of 12 billion dollars represented nearly half of corporate and noncorporate business expenditures for plant and equipment in 1952, accounted for over twofifths of all corporate security issues for new capital during the year. Within manufacturing, the chemicals, machinery, and petroleum groups offered the largest volume of new issues, totaling 2.2 billion. Second in importance as an issuer of securities during 1952 was the electric and gas utility industry. New capital offerings of this industry totaled 2.6 billion dollars, compared with plant and equipment expenditures of 3.8 billion. Following public utilities, in the order of their importance as issuers of securities, were the communication, transportation other than rail, and railroad industries. Included in the communications offerings was the 490 million dollar convertible debenture issue of the American Telephone and Telegraph Company—the largest single corporate offering on record. Oil pipeline financing was an extremely important factor in the other transportation group, whose security offerings during 1952 totaled 450 million dollars—over three times as much as in 1951. First quarter 1953 security offerings by electric and gas utility companies were somewhat larger than those of first quarter 1952, while the volume of manufacturing corporation issues, including takedowns on private placements, was somewhat smaller. As yet, however, there is no clear-cut evidence of a shift in the relative importance of major industrial issuers, particularly if the Allied Chemical and Dye offering on April 1 of 200 million dollars of debentures—the largest recorded public offering of any manuAPRIL 1953 CORPORATE SECURITY ISSUES FOR NEW CAPITAL Billions of D o l l a r s 10 1950 1951 1952 1953 NOTE.—Securities and Exchange Commission data, with first quarter 1953 partly estimated by Federal Reserve. facturing corporation—is taken into account. Types of securities offered. Debt obligations, including bonds, notes, and debentures, accounted for four-fifths of all corporate security issues for new capital in 1952 and the first quarter of 1953. This was roughly the same proportion as in other recent years, with the exception of 1951 when, as a result of temporarily unsettled conditions in the bond market, debt obligations declined to slightly less than three-fourths of the total. Under the impact of heavy over-all demand for long-term funds by corporations and others, yields on corporate bonds have been edging upward; those on common stocks have been declining since 1949. Despite this narrowing of the spread between bond and stock yields, there has been no clearly discernible trend toward increased reliance on external equity financing. The 327 CORPORATE DEMANDS ON THE CAPITAL MARKET corporations with part of their long-term funds, a larger proportion has been supplied through such financial intermediaries as pension and trust funds, life insurance companies, and savings institutions, which accept individuals5 savings and channel them into various types of investments. The inflow of savings into life insurance companies and mutual savings banks—two of the principal institutional suppliers of business funds— was nearly one-third greater during 1952 than in 1951, and in the first quarter of 1953 was somewhat larger than in the first quarter of last year. Role of private placements. The importance of financial intermediaries as suppliers of long-term corporate funds is indicated in part by the volume of corporate securities privately placed with such institutions. In 1952 private placements totaled a record 4.1 billion dollars, compared with the previous peak of 3.4 billion in 1951. The proportion of debt obligations that was privately placed was smaller in 1952 than in 1951. The 1951 ratio, however, was unusually high and undoubtedly reflected efforts by a number of companies to avoid bond market uncertainties of that year by placing their securities and loans directly with institutional lenders. Institutional financing. Life insurance companies and mutual savings banks toSOURCES OF LONG-TERM FUNDS gether increased their holdings of corporate During the past several years long-term securities by 3.9 billion dollars in 1952. This corporate financing from external sources was the largest increase of any postwar year has been facilitated by large savings of except 1948, when they added 4.2 billion, as individuals. Personal saving, as computed the chart shows. During the first quarter of in the national income accounts, totaled 1953 their additions about equaled those of 18 billion dollars in 1952—up one billion first quarter 1952. from 1951 and nearly 7 billion larger than It should be noted, however, that relative in 1950. Such saving is still being main- to the net increase in outstanding corporate tained at a high level. securities, additions to life insurance comWhile direct investment by individuals pany and mutual savings bank holdings of in corporate bonds and stocks has provided such investments were smaller in 1952 than differential cost of debt and equity funds still favors use of the former, especially since interest is treated as a deductible expense in computing taxable income, while dividends are not. While the proportion of equity to debt security offerings has remained relatively constant over the past few years, financing through bonds convertible at the option of the holder into common stock has grown appreciably. From negligible amounts in 1948-50, the total of such convertible bond issues rose to about 490 million dollars in 1951 and to more than 940 million in 1952. From the standpoint of the issuing corporation, convertible bonds offer the distinct advantage of relatively low cost financing during the period of installation and initial operation of productive facilities, and at the same time facilitate eventual repayment of the debt through conversion into equity shares. Moreover, since convertible bonds offer the investor opportunities for capital gains and profit-sharing comparable in many respects with those of equity ownership— along with greater assurance of income and protection against capital loss—they may be offered at somewhat lower rates of interest than would be required to market ordinary bonds or debentures. 328 FEDERAL RESERVE BULLETIN CORPORATE DEMANDS ON THE CAPITAL MARKET GROWTH IN CORPORATE SECURITIES AND IN SELECTED INSTITUTIONAL HOLDINGS Billions of Dollars TOTAL CORPORATE SECURITIES OUTSTANDING LIFE INSURANCE and MUTUAL SAVINGS BANK HOLDINGS 1948 1946 1950 1952 NOTE.—Increases in outstanding corporate securities, which exclude those of investment companies and foreign corporations and reflect cash transactions only, are compiled by the Securities and Exchange Commission. Data on increases in institutional holdings of corporate securities are from Institute of Life Insurance and Federal Reserve. in any previous postwar year except 1951. During 1952, both life insurance companies and mutual savings banks restricted their new loans and investments more closely to the supply of funds available from premium receipts or deposits, repayments on outstanding loans and investments, and net invest- APRIL 1953 ment income. Investment funds obtained through reduction of their combined holdings of Governments amounted to about one billion dollars; in 1951 the reduction totaled nearly 3l/2 billion and was necessitated in part by the large volume of commitments outstanding at the beginning of the year. Increases in corporate security holdings of life insurance companies and mutual savings banks relative to changes in outstanding corporate securities have been progressively smaller each year since 1946. This smaller increase reflects in part the emergence of other sources of long-term investment funds, including larger purchases by individuals; in part the relatively larger proportion of debt obligations, which are subject to amortization, in the portfolios of these institutions. A continued inflow of individuals' savings at relatively high levels, and an increasing volume of funds from amortization payments, will provide financial intermediaries with a large volume of funds during 1953. Thus, they should be in a position to meet a substantial proportion of corporate demands for long-term funds. 329 THE TRANSITION TO FREE MARKETS On behalf of the Federal Reserve System, I wish to express appreciation of the honor you do me in inviting me to be your guest at this luncheon of The Economic Club of Detroit which you are giving in connection with the dedication of the new Detroit Branch Building. It seemed to me that this might be an appropriate time and occasion to comment on the part that the Federal Reserve System was designed to play in the economic life of our country. In particular, I would like to say something about the progress that has been made in the past two years in what, for want of better words, I have referred to as the transition to free markets. It is not strictly true, of course, that in our complex world we can have absolute freedom in human affairs. The goal of the greatest good for the greatest number requires as a minimum a Government of laws, and, human nature being what it is, that means some regulation of our daily lives. There is this minimum in monetary management. Nevertheless, the aspiration remains to have as much freedom of choice and action as is compatible with the common good. This is true in economic as in other affairs. Under the hard choices left us in wartime, we had to dictate even some of the smallest details of our economic life, but that straitjacketing of the economy is wholly inconsistent with democratic institutions and a private enterprise system. It produced the 1 Address of Wm. McC. Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, at a luncheon meeting of The Economic Club of Detroit, Detroit, Mich., Apr. 13, 1953. 330 paradox that we seemed to be practicing the very thing we were fighting against. The Federal Reserve System was caught in this paradox under the wartime decisions. It undertook to stabilize the price of Government securities in relation to a fixed pattern of yields, and in so doing found itself feeding the forces that make for inflation. It continued to stabilize these prices, with minor modifications, after the war, in fact up to March 1951. These are facts. I am not passing judgment on what was done. Last month marked the second anniversary of the so-called Treasury-Federal Reserve accord. It may be worth while to recall the wording of the joint statement: "The Treasury and the Federal Reserve System," said the announcement, "have reached full accord with respect to debt management and monetary policies to be pursued in furthering their common purpose to assure the successful financing of the Government's requirements and, at the same time, to minimize monetization of the public debt." In monetary history the accord was a landmark. In withdrawing from supporting fixed prices in the Government bond market, the Federal Reserve System regained its influence over the volume of money. It ceased to be the residual buyer who, by its purchases of Government securities, however reluctantly made, furnished bank reserves indiscriminately and thus abetted inflationary overexpansion of the money supply. During its 40 years of existence, the Federal Reserve System has frequently tried to FEDERAL RESERVE BULLETIN THE TRANSITION TO FREE MARKETS formulate or define its purposes in the light up and thus perform their proper function of the responsibility for monetary manage- in the price mechanism. Dictated money ment which Congress placed upon it. The rates breed dictated prices all across the board. System is, and always must be, subject to the This is characteristic of dictatorships. It is will of the Congress. Through their elected regimentation. It is not compatible with our representatives it is thus ultimately answer- institutions. able to the American people. Not only in this country but in the entire The Federal Reserve Act contains guid- Western World, we are seeing a return to the ance for policy and action rather than direc- principles upon which our strength rests. tives or a mandate. While the Reserve Under our Governmental institutions and System does not have an explicit mandate in our economic system, the maximum benefits the law, it is governed in its decisions by a for all of us flow from utilizing private propdefinite purpose which can be simply stated. erty, free, competitive enterprise, and the Its purpose is to see that, so far as its poli- profit motive in accordance with the dictates cies are a controlling factor, the supply of of the market place—something that was money is neither so large as to induce de- almost forgotten for a period of years. structive inflationary forces nor so small as The market place—the price mechanism— to stifle our great and growing economy. are basic essentials of the American economy It is fair to say, I think, that the System and of the economy of the Western World. has performed that task fairly satisfactorily We have seen the countries of Europe that during the past two years. During that pe- struggled along with Marshall Plan aid reriod the economy has functioned at record turn to the earning process, one by one. We levels and despite the diversion of economic have seen monetary policy put to work in resources to the defense program, it has func- Belgium and Italy. We have seen it spread tioned without further inflation. However from Italy up to the Netherlands, on to Denprecarious the balance, it has been a period mark, and on to Britain. For the last year of steady economic progress. It would be a Britain has been taking measures running mistake to claim too much for monetary somewhat parallel to ours. policy in this achievement. But it would be The process of returning to acceptance and equally misleading to conclude that this use of the market place is slow, painful, and steady progress would have been achieved hard. It is not achieved because people neceswithout the aid of the monetary policies and sarily like it; it is achieved because alternative actions that were initiated two years ago. ways don't work—and that has been found What has occurred in the past two years in out in most of Western Europe since the war. the area of money management has been a When we started this program of freeing return from wartime necessities to the prin- the market some people were talking as if ciples of the free market. The significance that would lead to panic and disaster. Some of this transition is not to be found in interest said that once Government bonds went berates, but in its far greater implications, low par the credit of the United States would wholly apart from its economic effects. In be destroyed. Some people saw panic and a free market, rates can go down as well as collapse on the horizon merely because there APRIL 1953 331 THE TRANSITION TO FREE MARKETS had been a movement of a few thirty-seconds in the Government securities market. The word "stability" had come to mean "stagnation" and "frozen prices." During the past year, under the authority of the Federal Open Market Committee, an ad hoc subcommittee has been reviewing our operations in the Government securities market with a view to determining what might be done to develop and improve those operations under the changed conditions. After ten years of a pegged market, we found that once the market was freed a little bit, many of the devices and techniques we had been using tended to work in reverse. We found that the dealers, the brokers, the individuals—that composite that makes up the market—instead of making market judgments for themselves were chiefly interested in trying to find out what the Federal Reserve planned to do and how it was going to operate. Federal Reserve support of the Government securities market over many years, because it affected the operation of the entire financial market, had developed patterns of behavior and thinking that were not easily or quickly changed. Only gradually were old practices discarded and the characteristics of a free market developed. That is not to say that the performance of the Government securities market after the unpegging was not highly gratifying in several important respects. Considering the pressure on the economy and on the supply of savings, the range of price fluctuation on Government issues was moderate. The facilities of the market proved to be generally good. But the market did not have the depth, breadth, and resiliency needed for the execu- 332 tion of effective and responsive market operations and for flexible debt management purposes. This means a securities market in which market forces of supply and demand and of savings and investment are permitted to express themselves in market prices and yields. The unsatisfactory aspects of the market seemed to be related in large part to the psychology that pervaded the market. Professional operators in the market appeared confused with respect to the elements they should consider in evaluating future market trends. For one thing, they seemed apprehensive as to the Federal Reserve attitude on prices in the market. The market appeared constantly to expect action by the System which, by standards of a free market, would be unpredictable and might seem capricious. Investors and dealers seemed to lack adequate background for weighing and evaluating System actions in forming their individual market judgments and investment decisions. After the unpegging there quite naturally remained much skepticism as to the System's intentions or ability to permit a free private market to develop. In important respects there was tangible justification for these doubts. For one thing, the System continued to support the market for short-term securities during periods of Treasury refunding. For another thing, it was also understood that the System had a policy of maintaining an orderly market in all sectors of the Government securities market, a phrase that was variously interpreted in the market and which the market therefore found hard to understand. Against that background, it was our purpose to develop methods of operation which, as they became known through practice, FEDERAL RESERVE BULLETIN THE TRANSITION TO FREE MARKETS would give those who participate in the market, and those who have contacts in the market, a familiarity with how the Federal Reserve may intervene, when it may intervene, for what purpose it may intervene. Since the unpegging, we have endeavored to confine open market transactions to the effectuation of credit policy, that is, to maintain a volume of member bank reserves consistent with the needs of a growing and stable economy. We have tried to confine our op erations to short-term securities, in practice largely Treasury bills. Prices of these issues, which are the closest substitutes for cash, are least affected by Reserve System sales or purchases. Gradually investors in Government securities have, I believe, come to expect and understand this phase of System activity in the market. We have had a particularly acute problem during periods of Treasury refundings. It had become the practice under pegged and supported markets for the System to intervene to support Treasury refundings. This seemed a reasonable use of Federal Reserve resources, provided it was limited and excessive purchases were later disposed of in the market. This practice was followed for eighteen months after the accord. We found, however, that when the Federal Reserve, with its huge portfolio and its virtually unlimited resources, intervened in the market during Treasury refundings, many other investors tended to step to the sidelines and to let the market form around the System's bids. This was a natural and highly rational investor reaction. But the result was that with the System supporting a refunding, offerings failed to get fair market valuation until some time after the refunding period. Under the circumstances, APRIL 1953 it was very difficult for the market to make a satisfactory judgment of the worth of a new offering or of the relationship it should bear to other Government obligations already outstanding. This was particularly true since it was usually obvious to investors that the System might act to absorb reserves by sales during or after the refunding operation in order to offset its support purchases. During the past two transition years, the Treasury and the Federal Reserve have been experimenting with various ways of minimizing or eliminating this intervention. In connection with a small refunding, the Federal Reserve decided last December to refrain entirely from purchasing maturing securities, or "rights" as they are called. Again in February, when the Treasury refinanced a large maturity with an attractive offer no support was given by the System. Both refundings were highly successful and demonstrated the value of reliance on freely functioning markets rather than on official intervention. The transition has major advantages to the System, to the Treasury, and to investors in general. The System no longer needs to inject periodically into credit markets large amounts of reserve funds which are difficult to withdraw before they have resulted in undesirable credit developments. On the other hand, private investors, whose funds the Government seeks to attract, may now fairly appraise a new Government security offering through market processes. They may invest in the new issue with confidence that its market price reflects not just an arbitrary decision by the Treasury and the Federal Open Market Committee but instead the composite evaluation of its worth by thousands of investors in the light of their judgments as to 333 THE TRANSITION TO FREE MARKETS the current and prospective demand and supply of credit. We also had to deal with the concept of "maintaining an orderly market." I tried before committees of the Congress to define "orderly market." I was not very successful, but I do think that gradually our emphasis has been shifting toward a realization that we should not be the judges of what an orderly market is; that our efforts should be directed more toward correcting disorderly conditions—you can see the difference in emphasis—and that even there, we ought to be extremely careful about intervening unduly. In a properly functioning market, and particularly in a well organized money and credit market, fluctuations resulting from temporary or technical developments are selfcorrecting without any official intervention. Of the movements that are not self-correcting, most reflect basic changes in the credit outlook which should be permitted to occur. Only very rarely is there likely to be a disorderly situation that would require Federal Reserve intervention for reasons other than credit policy. As investors continue to operate in a free market for Government securities I am confident that they will develop a fuller understanding of the minimum role to be played by the System in such a market. They will then feel freer to express their own judgments about market values and will thus develop a market with greater depth, breadth, and resiliency. Certainly much progress has already been made. With the changes in its own policies and practices and with the development over the past two years of this self-reliant market for Government securities, the Federal Reserve has been able to bring into full use its in- 334 struments for influencing the general credit situation in order to promote economic and financial stability. Open market operations and the discount rate are again being used for this purpose as twin reserve banking measures, each complementing the other in affecting the availability, volume, and cost of credit. Primary reliance is once more placed upon the discount mechanism as a means for supplying the variable short-term needs of individual banks for reserves. Experience has demonstrated that when member banks are heavily in debt to the Federal Reserve Banks, the tone of the money market is tight. Marginal loans are more likely to be deferred and somevcredit risks may have to shop around for accommodation. Conversely, when member bank borrowing is low, the tone of the money market tends to be easy and credit accommodation is less discriminating. The Federal Reserve borrowing privilege and the discount rate, after years of disuse, have come to play once more their intended role as flexible, impersonal instruments of monetary management. Open market operations can be employed when needed to condition the current tone in credit markets and the general availability of credit. By these operations the Federal Reserve can tighten or ease the pressure on member bank reserve positions and thus cause banks to borrow or enable them to reduce borrowings at the Reserve Banks. Subsequently, this tightness or ease is transmitted and magnified in money and credit markets. I have sought to outline for you the progress that the Federal Reserve System, within the framework of its purposes and functions, has made in these past two years of transi- FEDERAL RESERVE BULLETIN THE TRANSITION TO FREE MARKETS tion. With credit and monetary measures in effective operation, and with a Federal fiscal situation that does not depend excessively on credit to finance expenditures, reasonable stability in the value of the dollar is again a valid assumption in making economic decisions. This is in sharp contrast to the era of pegged markets from which we have emerged. There are still some who would have us return to a pegged market. If we did, we would have no reliable safeguard against the erosion of our savings, our pensions, our life insurance policies—the capital APRIL 1953 upon which the institutions of private enterprise rest. There are no reliable substitutes for free markets which have been reinstated during the past two years. A redundant money supply can be dammed up by direct controls for a time, but as we saw in the early postwar years, once the controls are lifted, as the public insists that they be in peacetime, the economy is engulfed with the flood of money that has already been created and only temporarily held back. If we handle our fiscal, monetary, and debt management problems wisely we will not have to worry very much about the value of the dollar. 335 REVISION OF CONSUMER CREDIT STATISTICS : The consumer credit series maintained by the Federal Reserve System has been revised for the period from December 1939 to date. This revision has involved an extensive review of the conceptual framework of the series as well as the incorporation of additional statistical information which has recently become available. This article describes the concepts and methods used in the revision and publishes the new estimates. Statistics on consumer credit are intended to provide information on an important segment of the over-all credit situation. As the term has come to be generally used, consumer credit covers credit extended to consumers through regular business channels, exclusive of real estate mortgage credit which is almost entirely long-term. Thus the series covers that part of consumer credit which is 1 The task of reviewing the conceptual framework of the consumer credit series and of outlining the general plans for proceeding with the revision was done by a Federal Reserve System committee which included Frederick L. Deming, First Vice President of the Federal Reserve Bank of St. Louis, Chairman; D. Harry Angney, Assistant Cashier of the Federal Reserve Bank of Boston; Kenneth M. Snader, Statistician of the Federal Reserve Bank of Philadelphia; and Tynan Smith of the Board's staff. Later, this committee was joined by four consultants: Professor Reavis Cox, University of Pennsylvania; Professor Albert Haring, Indiana University; Mr. Duncan McC. Holthausen, A. Holthausen and Company; and Professor Raymond J. Saulnier, Barnard College, Columbia University, and National Bureau of Economic Research. The recommendations of the committee and consultants served as a basis for the work of the Board's staff. Approximately 100 representatives of retail trade, financial institutions, trade associations, and other interested parties reviewed the revision at a preliminary stage and made many helpful suggestions. The staff work was done by members of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics under the general supervision of Homer Jones, Chief of the Section, and Tynan Smith, and under the immediate supervision of Paul F. Smith. Members of the Board's staff who contributed substantially to the work of revising the consumer credit series are: Alfred P. Johnson, Elsie T. Nelson, Katharyne P. Reil, and Philip M. Webster. 336 written on a short- and intermediate-term basis and the series will hereafter be so described. The basic objective of the revision was to obtain statistics that would represent as completely as possible the short- and intermediateterm indebtedness of individuals in their role as consumers. A second objective was to present the information in a way that would segregate the various types of credit and also provide an institutional distribution of the outstanding amounts. Finally, it was desired to provide the estimates in sufficient detail to permit the user to eliminate components or to make different combinations of them for various purposes. Consumer credit has a significant impact upon many aspects of economic activity. Much of the importance of this type of credit stems from the use of instalment credit to finance the purchase of automobiles and other consumer durable goods. This practice, which began before the First World War and developed rapidly during the 1920's and 1930's, has played an important part in the development and maintenance of the wide market for automobiles and other consumer durable goods. Most of the other types of consumer credit also provide funds to pay for goods and services. This credit has thus become an important means of financing the flow of goods and services into final consumption and a significant factor influencing the level of economic activity. Demand for funds to support consumer financing activities has also become an important element in the credit market. An elaborate structure of financing and servicing organizations has developed that requires FEDERAL RESERVE BULLETIN REVISION OF CONSUMER CREDIT STATISTICS substantial amounts of private capital and bank credit. Commercial banks, in addition to supplying funds to these organizations to carry consumer receivables, are actively engaged in making loans directly to consumers and in purchasing instalment paper from retail outlets. An understanding of the nature of these credit demands requires adequate current information on the developments and changes in consumer credit. In order to place short- and intermediateterm consumer credit developments in proper perspective, the statistics often must be related to other economic measurements. The absolute amounts of credit or the dollar changes are not necessarily significant by themselves, but need to be judged in relation to other magnitudes, as is the case with other economic series. The groundwork for estimates of consumer credit was laid by the research activiCOMPARISON OF OLD AND NEW BILLIONS OF DOLLARS 30 — rslew Did SHORT- AND ties of the National Bureau of Economic Research and the Russell Sage Foundation in the late 1930's. These two research organizations cooperated with the Department of Commerce in developing a series of consumer credit estimates which the Department then undertook to maintain currently. With the cooperation of retailers, financial institutions, and associations representing these various businesses, the Department of Commerce in 1940 instituted a system for obtaining the information needed for the preparation of monthly estimates of consumer credit. In the fall of 1942 the responsibility for maintaining these statistics was transferred to the Federal Reserve System. Like most economic statistics, the consumer credit series is based upon comprehensive benchmark data which become available periodically. Current monthly estimates are projected from the latest benchINTERMEDIATE-TERM END OF MONTH CONSUMER CREDIT FIGURES SERIES BILLIONS OF DOLLARS Series Series 1 r f. f / fj / / ?5 y i / y 10 f/ INSTALMENT CREDIT i L. NC>NINSTALAAENT CRED IT \ -* 0 1940 APRIL 1953 1942 1944 1946 1948 1950 1952 337 REVISION OF CONSUMER CREDIT STATISTICS marks on the basis of sample data. Since sample data rarely are as accurate as complete universe data, it is necessary to revise the estimates whenever new benchmark data become available. The retail components of the consumer credit series are based upon information obtained from the Censuses of Business. Benchmark data for the financial components are available more frequently from such sources as the semiannual reports of condition for banks and the annual reports of State and Federal supervisory authorities for certain other lending institutions. Tabulations of credit information from the latest Census of Business, covering the year 1948, became available in the summer of 1951. These data made it possible, for the first time since the Census of 1939, to prepare new benchmark estimates for the retail segments of consumer credit and to adjust monthly estimates to the new levels. This necessitated revision of the monthly estimates back to 1939, and provided opportunity for thorough review of the series. The effect of the revision was to increase the estimated amount of this kind of credit somewhat, although there was no appreciable change in the month-to-month movement of the series. The monthly movements of the new and the old series for total credit and for the instalment and noninstalment segments from December 1939 to date are compared in the chart on the preceding page. The revised estimate of the total amount of short- and intermediate-term credit to consumers outstanding at the end of 1952 is approximately 1.7 billion dollars or 7 per cent larger than the old estimate, as indicated in the accompanying table. This difference reflects the net effects of substantial changes in the components, some of which 338 CHANGES IN ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT RESULTING FROM REVISION [In millions of dollars] December 31, 1939 December 31, 1952 Type of credit Revised Change Revised Change esti- from old esti- from old mate estimate mate estimate Total 7,222 Instalment credit 4,503 Charge accounts 1,414 Single-payment loans. . . 787 Service credit 518 + 191 + 79 -130 +257 - 15 25,705 18,639 3,313 2,108 1,645 + 1,732 +2,126 -1,446 + 559 + 493 were offsetting. The revised estimate of instalment credit for the end of 1952 is 2.1 billion dollars larger than the previous estimate, reflecting primarily adjustments to the levels indicated by the new benchmark data. A second important factor contributing to the difference is the fact that the increase in the proportion of instalment paper sold by retail outlets since 1948 resulted in an understatement of the amount of instalment credit outstanding as shown by the old series, which did not allow for a change in this proportion. In the revised series the possibility of this type of error is avoided by the use of information obtained directly from the institutions that hold the paper. The revised estimate of charge-account balances outstanding at the end of 1952 is 1.4 billion dollars lower than the previous estimate. This is due primarily to adjustments to the new benchmark data available from the 1948 Census of Business. The revised estimates of single-payment loans and service credit are both somewhat larger than the previous estimates, mainly because of refinements in estimating techniques and more accurate methods of adjusting for nonconsumer credit. DEFINITION OF CONSUMER CREDIT Essentially the same definition of consumer credit was followed in the revised FEDERAL RESERVE BULLETIN REVISION OF CONSUMER CREDIT STATISTICS series as had been used for the old series. This definition includes all credit used to finance the purchase of commodities and services for personal consumption or to refinance debts originally incurred for such purposes. The term "credit" is interpreted to mean either an advance of funds to purchase goods and services or an advance of goods or services in exchange for a promise to pay at a later date. No minimum period for repayment is set in this definition other than some lapse of time between the transfer of the goods or services and the payment for them. The term "consumption" is interpreted to mean the process of using up goods and services as an end in itself rather than as a stage in production. Credit extended to governmental agencies and nonprofit or charitable organizations such as schools and churches, as well as credit extended to businesses, is excluded. In applying this definition to the practical problem of obtaining statistics on consumer credit, a number of modifications were necessary to provide for various traditional and institutional factors that prevented the available data from conforming exactly to any single definition. Although the consumer credit concept logically includes real estate mortgage credit on owner-occupied houses, this type of credit traditionally has been omitted. Separate statistical series are available on real estate mortgage credit. The exclusion of real estate mortgage credit limits the coverage of the series to short- and intermediate-term credit. While the definition required that no credit used for production purposes be included in the series, the practical problem of distinguishing between consumer and producer credit occasionally necessitated the adoption of arbitrary rules of thumb which did not conform strictly to the definition. APRIL 1953 In the commercial bank call reports, for example, loans to farmers are not segregated according to consumption and production purposes, and the only practical solution was to exclude them entirely from the consumer credit figures. Similarly, it was not practical to allocate between consumer and nonconsumer uses some credit obtained by individuals to purchase durable goods, such as automobiles, used for both consumption and business purposes. No data were available to provide a statistical basis for apportioning such individual credit contracts between consumer and nonconsumer uses, and all such credit was included as consumer credit. Credit extended to businesses or government organizations was excluded, however, as was any credit extended to individuals for the purchase of trucks, farm equipment, and other commodities used primarily for business purposes. Loans to individuals for consumption purposes secured by share accounts at savings and loan associations or by savings deposits at mutual savings banks were added to the series in the revision. They had not been included in the old series on the ground that the borrower was in effect using his own funds and not really obtaining credit. This reasoning was rejected by the advisory group on the new series because it appeared inconsistent with the practice of including other credit secured by assets and raised the question of offsets only when the collateral was a liability of the lending institution. Policy loans of life insurance companies were excluded from the new series although they have some of the characteristics of share loans at savings and loan associations. This decision was made on pragmatic grounds, namely, that presently available information did not provide a basis for the exclusion of the large proportion of policy loans known 339 REVISION OF CONSUMER CREDIT STATISTICS SHORT- AND INTERMEDIATE -TERM CONSUMER CREDIT, DECEMBER 31, 1952 BY TYPE OF CREDIT AND INSTITUTION (Millions of Dollars) TOTAL CONSUMER CREDIT INSTALMENT NONINSTALMENT CREDIT CREDIT AUTOMOBILE PAPER OTHER CONSUMER GOODS PAPER REPAIR & MODERN IZATION LOANS PERSONAL LOANS SINGLE-PAYMENT LOANS CHARGE ACCOUNTS SERVICE CREDIT 8,110 5,301 1,386 3,842 2,108 3,313 1,645 COMMERCIAL BANKS COS. OTHER FINANCIAL INSTITUTIONS AUTOMOBILE DEALERS 3 249 COMMERCIAL BANKS 1,813 COMMERCIAL BANKS 4,072 SALES FINANCE COS. 332 SALES FINANCE COS. 276 OTHER FINANCIAL INSTITUTIONS 453 336 OTHER FINANCIAL. INSTITUTIONS DEPARTMENT STORES (inc. mail order) FURNITURE STORES HOUSEHOLD APPLIANCE STORES OTHER RETAIL OUTLETS 1,101 . 82 166 ,852 FINANCIAL INSTITUTIONS DEPARTMENT STORES MEDICAL 1,095 709 256 OTHER RETAIL OUTLETS PUBLIC UTILITIES 323 OTHER 227 2,604 I COMMERCIAL BANKS 239 SALES FINANCE COS. 640 OTHER FINANCIAL INSTITUTIONS Information for a sample of the larger policy loans obtained from one large insurance company indicated that about 50 per cent of the number and a greater proportion of the amount of such loans were at least partly for business purposes. This information was not considered to be representative of all insurance companies and, since there appeared to be no possibility of obtaining similar data from other companies, it was decided to exclude the loans from the series because of the size of the potential error involved. 340 COMMERCIAL BANKS OTHER 900 to be for business purposes.2 Since the amount of policy loans is large, the absence of adequate data could lead to sizable errors of estimate. Inclusion of such loans in the future will be considered when sufficient information becomes available to provide accurate estimates of the amount used for consumer purposes. It was also necessary to exclude some other types of consumer credit from the series for the practical reason that adequate statistical information could not be obtained. Loans extended by one individual to another for consumer purposes and loans by businesses to their employees were the two most 2 1,138 1,376 347 2,119 important additional types of consumer credit omitted for this reason. Because of the traditional and practical difficulties indicated above, the consumer credit series necessarily departs somewhat from the strict requirements of the basic concept. It seems clear, however, that on balance the estimates understate the amount of short- and intermediate-term consumer credit outstanding. The amount of consumer credit omitted from the series far exceeds the amount of nonconsumer credit that still remains in the series. COMPONENTS OF CONSUMER CREDIT SERIES The consumer credit series covers two major types of consumer credit, instalment and noninstalment. These broad categories are in turn subdivided by type of credit and by type of institution holding the credit. The accompanying chart shows the components of the consumer credit series and the revised estimates of the amounts outstanding held FEDERAL RESERVE BULLETIN REVISION OF CONSUMER CREDIT STATISTICS by the different types of retail and financial institutions on December 31, 1952. Instalment credit. Instalment credit includes all consumer credit held by financial institutions and retail dealers which is scheduled to be repaid in two or more instalments. Revolving credit, budget, and coupon accounts are treated as instalment credit rather than as charge accounts because they involve scheduled repayment on a periodic basis. Instalment credit outstanding includes, in most cases, the finance charges on such credit and the cost of any insurance included in the contract. The four principal classes of instalment credit covered by the series are: automobile paper, other consumer goods paper, repair and modernization loans, and personal loans. "Automobile paper" and "other consumer goods paper" represent credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. This type of credit is often extended to the consumer by a retail dealer or is arranged by a retail dealer for the consumer with a sales finance company, commercial bank, or other financial institution. In other cases, instalment paper represents loans made directly by lending institutions to consumers for the purpose of purchasing goods. "Repair and modernization loans" include both FHA-insured and noninsured loans made to finance maintenance and improvement of owner-occupied dwelling units. These loans are used to finance the purchase and installation of equipment such as furnaces, hot water heaters, storm windows, and kitchen equipment, as well as major alterations and additions. "Personal loans" include all instalment loans not covered in the previous categories made by financial institutions to individuals for consumer purposes. Most of these loans APRIL 1953 are for such purposes as consolidation of consumer debts, payment of medical, educational, or travel expenses, and payment of personal taxes or insurance premiums. Some personal loans are used for the purchase of consumer goods but they are not included under "automobile paper" or "other consumer goods paper" unless they are secured by the goods purchased. The subdivisions of instalment credit used in the revised series are different from those used in the old series. Instalment credit in the old series was classified according to the originator of the credit. All credit originated by retail stores, whether retained on the books of the store or sold to a bank or other financial institution, was classified as sale credit. Loans made directly to the borrower by financial institutions were classified as loan credit. The classifications "sale" and "loan" credit are not used in the revised series. All loans held by financial institutions, whether made directly or purchased from retail outlets, are classified by type of credit and by type of institution holding the credit. Only credit extended and retained by retail stores is attributed to these institutions. Noninstalment credit. Single-payment loans, charge accounts, and service credit are the three components of noninstalment consumer credit. "Single-payment loans" are loans made to individuals for consumer purposes and scheduled to be repaid in one payment. Most of the amount outstanding in this area is held by commercial banks. Small amounts are held by pawnbrokers, mutual savings banks, and savings and loan associations. While some credit of this type is used for the purchase of consumer goods, most is for meeting short-term needs such as the payment of personal taxes or life insurance premiums. "Charge accounts" are the outstanding 341 REVISION OF CONSUMER CREDIT STATISTICS balances owed to retail dealers for purchases made by individuals for consumer purposes. "Service credit" is the amount owed by individuals to professional practitioners and service establishments. The largest component of this type of credit is the amount owed by consumers to doctors, hospitals, and other medical practitioners. Amounts owed to public utilities, after deduction of deposits and prepayments, is another substantial component of service credit. The remainder represents amounts owed for a variety of personal services such as cleaning and dyeing, education, and recreation. METHODS OF ESTIMATION The following brief discussion of the sources and methods used in preparing the revised consumer credit estimates is intended to summarize only the more important aspects of the estimating procedure. A more detailed description of the techniques used in the revision will be made available upon request. Benchmark estimates. The level of the estimates of short- and intermediate-term consumer credit is established by information derived from comprehensive benchmark data available periodically. Current monthly estimates are extrapolated from the latest benchmark estimate on the basis of sample data. The dates of the most recent benchmark data used for the various components of the series are not all the same. The 1948 Census of Retail Trade provided the basic data for the estimates of consumer instalment and charge-account credit held by retail dealers. The 1950 registration statements of lenders subject to Regulation W provided benchmark information on consumer instalment credit held by most types of financial institutions and by automobile dealers. Semiannual reports of condition to bank supervisory agencies provide com342 prehensive coverage of the credit held by commercial and mutual savings banks, while reports to other supervisory agencies provide annual information on the activities of small loan companies and credit unions. In the service credit field, chief reliance was placed on the Board's 1952 Survey of Consumer Finances for medical debt and, for the other components, on information made available by the Bureau of Labor Statistics in its 1950 Survey of Consumer Expenditures, and by various trade associations. The adjustment necessary to eliminate nonconsumer credit was a major problem in the preparation of benchmark estimates. For the credit held by retail outlets, this adjustment was based largely on estimates of the proportion of commodity sales to nonconsumers by retailers developed by the Bureau of Labor Statistics as part of its interindustry studies. This information, together with commodity sales information available from the 1948 Census, was used to estimate the amount of sales made to nonconsumers by each retail trade line. Relationships between receivables and sales were applied to the estimates of nonconsumer sales for each trade line to obtain estimates of the amount of nonconsumer receivables. It was found that in most cases retail purchases on credit by businesses and other nonconsumers took the form of open book credit. Only in the case of farm equipment and automobile dealers was it necessary to exclude nonconsumer credit from the instalment segment. All of the instalment receivables of farm equipment dealers were excluded as nonconsumer credit. The amount of business instalment credit excluded from automobile dealer holdings was estimated on the basis of information available from sales finance companies on the proportion of commercial vehicle paper to total holdings of automotive paper. This FEDERAL RESERVE BULLETIN REVISION OF CONSUMER CREDIT STATISTICS were for business purposes. This method was found to be unsatisfactory because the reporting of loans by size was not reliable and because it was found that reports of "single-payment loans to individuals" included some business loans of less than $3,000 and some consumer loans of more than $3,000. Elimination of nonconsumer repair and modernization loans was based upon Federal Housing Administration data which indicated that about 20 per cent of insured repair and modernization loans (Title I, Classes 1 and 2) in recent years and somewhat larger percentages in earlier years were on multi-family dwellings, farm dwellings, or business properties. The estimates on the outstanding repair and modernization loans at all types of financial institutions were reduced by the percentages indicated by this information. Adjustments to exclude nonconsumer credit from the reported data at the end of 1952 amounted to 1,322 million dollars for instalment loans, 1,488 million for chargeaccounts, and 2,264 million for single-payment loans. These adjustments were larger for instalment and charge-account credit but smaller for single-payment loans than in the old series. Their net effect was to reduce the estimated total amount of consumer credit outstanding at the end of 1952 by 492 million dollars from the previous total. Monthly estimates. Some i m p o r t a n t changes in the former method of computing monthly estimates were made in order to utilize additional information and to obtain as reliable estimates as possible. The new methodology will be used in obtaining future The new method of deriving consumer monthly estimates.3 loans from all single-payment loans of comSeveral important changes were made in mercial banks is more reliable than the old. the methods used to estimate retail credit. The previous method was to exclude single- Since the revised series is on a holder basis, payment loans of more than $3,000 made 3 A detailed description of sources and methods will be to individuals, on the assumption that they made available upon request. information will also be used to provide adjustments on a current basis. In the old series, nonconsumer credit had been excluded in the retail area by omitting particular trade lines which were predominantly nonconsumer. Any consumer credit in lines excluded was supposed to offset any nonconsumer credit in lines included. In the revision, however, as described above, new data made it possible to estimate the amount of nonconsumer credit involved in each retail trade line rather than to make blanket exclusions. In the financial area, a special survey was conducted in June 1952 to determine the proportion of nonconsumer loans included in the commercial bank figures. The banks included in the survey were carefully selected to provide representation for different size groups and geographic locations, and the sample of loans is believed to have been adequate for making the nonconsumer adjustment. This survey covered about 8,200 instalment cash loans and about 8,700 singlepayment loans. It showed that about 15 per cent of the amount of cash instalment loans outstanding, and about 55 per cent of the single-payment loans, were for nonconsumer purposes. This survey also indicated that an estimated 5 per cent of the amount of commercial bank automobile loans outstanding was on trucks, taxis, or other business vehicles. The relevant items for all commercial banks were reduced by these percentages for the entire period 1939 to date. Adjustments in the future will be based on periodic surveys. APRIL 1953 343 REVISION OF CONSUMER CREDIT STATISTICS paper sold by retail stores is included in the figures for the banks and sales finance companies that purchased the paper. This makes it possible to estimate the amount of such paper directly from information obtained from the holders of the paper. The old estimates, which were based for the most part on receivables reported by retail stores, did not adequately cover instalment paper sold by retailers to financial institutions. Consequently they have considerably understated instalment credit in recent years. Another important change in method applies to the monthly estimates for trade lines for which regular monthly samples were not available. Tests indicated that a formula relating receivables at a given date to sales during the preceding months (with the number of months and the weights assigned to each month determined by the maturity of the credit involved) provided a more reliable method of estimation than had previously been used.3 The procedure in the old series had been to assume that instalment receivables in these lines changed with the combined instalment receivables at furniture, household appliance, and department stores. An arrangement recently concluded with the Census Bureau to add credit questions to their annual sample survey of retail trade for the year 1952 will contribute to greater accuracy in the estimates of retail credit. Information obtained from these questions will provide a check on the level of consumer credit for the entire retail field. In the new series, repair and modernization loans (insured and noninsured) are estimated from records of financial institutions holding such credits, while in the old series (insured loans only) estimates were based on information on new loans made. This change should materially increase the accuracy of these estimates. 344 Separate estimates were prepared for each component of service credit in the new series whereas the old estimate of total service credit was based on the relationship between estimates prepared by Rolf Nugent covering the period 1929-33 and the trend of salaries and wages in service industries.4 COMPARISON OF N E W AND OLD SERIES For the end of 1952, the revised estimate of short- and intermediate-term consumer credit outstanding is 25,705 million dollars, some 1,732 million larger than the old estimate. The revised estimate for the end of 1939 is 191 million larger than the previous estimate. The factors contributing to these net differences are shown in the table on the following page. The change in technique for making nonconsumer adjustments resulted in a reduction of 492 million dollars in total consumer credit for the end of 1952 and of 110 million for the end of 1939. About 200 million was added to the series in 1952 as a result of the inclusion of consumer instalment lo_ans and single-payment loans held by mutual savings banks and savings and loan associations. Changes in the estimate for repair and modernization loans added 507 million dollars to the series at the end of 1952. This increase reflected both inclusion of noninsured repair and modernization loans and the more accurate technique of estimation. Adjustments to Census and other new benchmark data and changes in methods of estimating increased the estimate of total short- and intermediate-term consumer credit at the end of 1952 by 1,491 million dollars. The old series at the end of 1952 substantially understated consumer instal4 Holthausen, Duncan McC, "Monthly Estimates of ShortTerm Consumer Debt, 1929-42," Survey of Current Business, November 1942, p. 25. FEDERAL RESERVE BULLETIN REVISION OF CONSUMER CREDIT STATISTICS RECONCILIATION OF OLD AND NEW ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT [In millions of dollars] Item and explanation of differences December 31. 1939 New series Old series Difference Change in nonconsumer adjustment Nonconsumer adjustment—old series Nonconsumer adjustment—new series Additions to series: Repair and modernization loans Mutual savings banks ! Savings and loan associations l Other adjustments December 31, 1952 New series Old series Difference Change in nonconsumer adjustment Nonconsumer adjustment—old series Nonconsumer adjustment—new series Additions to series: Repair and modernization loans Mutual savings banks x Savings and loan associations l Adjustments to benchmark data and changes in methods 1 Total 7,222 7,031 + 191 - 110 (-1,712^ ,822) (-1, + + 202 14 54 31 Instalment credit + 4,503 4,424 79 - 149 (- 285) (- 434) + + Charge accounts - 1,414 1,544 130 - 130 (- 489) (- 619) 202 11 Singlepayment loans Service credit 787 530 257 518 533 - 15 + + 169 (- 938) (- 769) i si + 15 25,705 23,973 + 1,732 18,639 16,513 +2,126 3,313 4,759 -1,446 - 492 (-4,582) (-5,074) - 540 ( - 782) (-1,322) + 507 + 47 - 503 - 985) -1,488) + 551 (-2,815) (-2,264) 943 + 22 + 157 - 171 + 507 + 69 + 157 +1,491 +2,112 - 15 + 31 - + 2,108 1,549 559 1,645 1,152 +493 +493 Exclusive of repair and modernization loans. ment credit and overstated charge-account balances. Most of the difference between the old and the new instalment credit estimates occurred in the retail components. These large differences resulted from the long period of time during which estimates had to be projected from the previous 1939 Census benchmark on the basis of limited sample information. As has previously been stated, changes in methods of estimation and more inclusive annual survey data should substantially reduce the possibility of errors of this type in the future. Because of the more frequent benchmarks available in the financial field, and the more generally adequate sample information available, these components of the series have required less adjustment than the retail components. The 493 million dollar difference between the old and the new estimate of service credit at the end of 1952 reflects primarily the change in estimating procedure. The revised monthly estimates from DeAPRIL 1953 cember 1939 to date are given in Tables 1-6 on pages 346-53. Current monthly estimates to carry these tables forward will be published regularly in the statistical section of the Federal Reserve BULLETIN. Data were not available for the years 1929 through 1939 to permit revision of the consumer credit series in line with the conceptual changes adopted for the period from 1939 to date. Furthermore, the information necessary to prepare detailed estimates by type of holder and by type of loan was not available for the period prior to December 1939. For the convenience of the users of the statistics, however, major components of the old series have been adjusted to the level of the revised series for the 1929-39 period on the basis of the relationship between the new and old estimates at the end of 1939. As is indicated in the table on page 338, the differences between the new and the old series at the end of 1939 are small. These adjusted figures for the 1929-39 period are given in Table 7 on page 354. 345 TABLE 1 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS [Amounts outstanding, in millions of dollars] Instalment credit End of month Total Automobile paper * Other consumer goods paper» Total Noninstalment credit Repair and modernization2 loans Personal loans Total Singlepayment loans Charge accounts Service credit 1939—December 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940—January February March April May June July August September October November December 7,048 6,911 6,990 7,168 7,406 7,592 7,606 7,706 7,755 7,875 7,981 8,338 4,487 4,478 4,548 4,678 4,841 5,003 5,067 5,143 5,173 5,247 5,344 5,514 1,516 1,546 1,598 1,685 1,785 1,878 1,933 1,960 1,953 1,986 2,026 2,071 1,576 1,531 1,531 1,559 1,596 1,634 1,625 1,646 1,663 1,693 1,733 1,827 297 295 292 297 302 310 318 333 347 352 364 371 1,098 1,106 1,127 1,137 1,158 1,181 1,191 1,204 1,210 1,216 1,221 1,245 2,561 2,433 2,442 2,490 2,565 2,589 2,539 2,563 2,582 2,628 2,637 2,824 780 771 764 761 762 764 766 770 778 787 793 800 1,252 1,121 1,126 1,167 1,224 1 ,240 1,192 1,207 1,222 1,269 1,283 1,471 529 541 552 562 579 585 581 586 582 572 561 553 1941—January February March April May June July August September October November December 8,166 8,079 8,181 8,535 8,914 9,124 9,203 9,346 9,313 9,195 9,040 9,172 5,495 5,527 5,613 5,865 6,122 6,295 6,401 6,487 6,400 6,267 6,143 6,085 2,112 2,159 2,235 2,394 2,561 2,693 2,775 2,813 2,741 2,653 2,560 2,458 1,758 1,732 1,729 1,795 1,863 1,887 1,897 1,929 1,921 1,891 1,880 1,929 369 369 362 366 369 373 375 382 390 391 382 376 1,256 1,267 1,287 1,310 1,329 1,342 1,354 1,363 1,348 1,332 1,321 1,322 2,671 2,552 2,568 2,670 2,792 2,829 ,802 ,859 2,913 2,928 2,897 3,087 801 799 795 806 826 832 829 828 830 836 842 845 1,310 1,177 1,184 1,265 1,348 1 ,371 1,348 1 ,406 1,457 1,476 1,449 1 ,645 560 576 589 599 618 626 625 625 626 616 606 597 1942—January February March April May June July August September October November December 8,751 8,328 8,119 7,928 7,671 7,308 6,921 6,622 6,415 6,227 5,996 5,983 5,796 5,527 5,336 5,111 4,841 4,550 4,265 3,991 3,749 3,511 3,309 3,166 2,296 2,128 1,981 1,824 1,675 1,529 1,391 1,254 1,119 983 865 742 1,847 1,782 1,756 1,719 1,646 1,542 1,441 1,358 1,294 1,241 1,194 1,195 361 348 334 324 311 297 281 268 263 257 256 255 292 269 265 1,244 1,209 1,182 1,152 1,111 1,073 1,030 994 974 2,955 2,801 2,783 2,817 2,830 2,758 2,656 2,631 2,666 2,716 2,687 2,817 833 823 816 803 788 771 759 750 742 734 728 713 1,516 ,360 ,343 ,383 ,388 ,328 ,244 ,227 ,267 ,328 ,300 ,444 606 618 624 631 654 659 653 654 657 654 659 660 1943—January February March April May June July August September October November December 5,558 5,256 5,107 5,055 4,977 4,916 4,753 4,662 4,689 4,727 4,738 4,901 2,920 2,713 2,566 2,454 2,341 2,275 2,184 2,125 2,107 2,085 2,081 2,136 646 568 499 455 423 396 376 369 368 363 359 355 1,099 1,028 971 943 898 863 817 785 775 773 780 819 248 230 211 195 183 173 163 153 148 141 135 130 927 887 885 861 837 843 828 818 816 808 807 832 2,638 2,543 2,541 2,601 2,636 2,641 2,569 2,537 2,582 2,642 2,657 2,765 700 682 673 671 665 652 631 621 637 650 647 613 ,275 ,179 ,173 ,223 ,240 ,252 ,210 ,191 ,223 ,277 ,295 ,440 663 682 695 707 731 737 728 725 722 715 715 712 1944—January February March April May June July August September October November December 4,614 4,440 4,496 ,545 ,664 4,722 4,672 4,672 4,713 4,771 4,843 5,111 2,044 1,983 1,999 1,982 1,992 2,015 2,019 2,023 2,030 2,048 2,079 2,176 346 343 345 352 366 385 403 411 409 407 402 397 765 721 706 695 692 685 668 666 674 699 728 791 124 120 116 112 109 110 110 112 113 113 116 119 809 799 832 823 825 835 838 834 834 829 833 869 2,570 2,457 2,497 2,563 2,672 2,707 2,653 2,649 2,683 2,723 2,764 2,935 589 572 572 588 608 637 636 632 623 627 626 624 ,268 ,148 ,173 ,210 ,265 ,262 ,219 ,221 ,267 ,308 ,344 ,517 713 737 752 765 799 808 798 796 793 788 794 794 1945—January February March April May June July August September October November December 4,867 4,682 4,781 4,768 4,858 4,940 896 879 902 075 261 5,665 2,116 2,059 2,090 2,078 2,087 2,115 2,116 2,111 ,126 ,199 2,293 2,462 385 375 380 379 378 385 392 394 403 414 432 455 754 715 713 698 688 685 669 662 664 699 735 816 120 122 126 127 134 142 147 153 156 166 175 182 857 847 871 874 887 903 908 902 903 920 951 1,009 2,751 2,623 2,691 2,690 2,771 2,825 2,780 768 2,876 2,968 3,203 620 617 617 637 665 697 702 697 687 692 713 746 [,343 L ,197 L ,255 L,227 1,252 L,268 1,230 1,230 1,253 1,351 1,415 1,612 788 809 819 826 854 860 848 841 836 833 840 845 1946—January February March April. May June 5,569 5,575 5,803 6,118 6,397 6,570 2,483 2,529 2,631 2,787 2,928 3,055 475 495 525 578 627 665 800 796 813 853 892 918 190 199 213 230 247 266 1,018 1,039 1,080 1,126 1,162 1,206 3,086 3,046 3,172 3,331 3,469 3,515 778 808 841 872 897 915 1,463 1,361 1,419 1,525 1,592 1,605 845 877 912 934 980 995 776 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." FEDERAL RESERVE BULLETIN 346 TABLE 1 (cont.) REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS [Amounts outstanding, in millions of dollars] Noninstalment credit Instalment credit End of month Total Total Automobile paper * Other consumer goods paper1 Repair and modernization2 loans Personal loans Total Singlepayment loans Charge accounts Service credit 942 981 1,015 1,078 1,148 1,290 286 311 333 359 381 405 1,241 1.288 1,322 1,359 1,410 1,496 3,482 3,597 3,693 3,812 3,949 4,212 936 965 997 1,033 1,076 1,122 1,561 1,643 1,704 1,788 1,869 2,076 985 989 992 991 1,004 1,014 1,049 1,126 1,225 1,322 1 ,418 1,504 1,572 1,636 1,690 1,751 1,834 1,924 1,287 1 ,298 1,344 1,417 1,487 1 ,551 1 ,581 1,617 1,675 1,770 1,905 2,143 422 426 443 474 502 536 568 604 643 676 702 718 1,533 1,558 1,601 1,631 1,676 1,706 1,735 1,760 1,758 1,781 1,824 1,910 3,999 3,882 3,958 4,073 4,240 4,263 4,109 4,208 4,331 4,464 4,555 4,875 1,159 1,179 1,190 1,203 1,224 1,247 1,262 1,281 1,299 1,324 1,342 1,356 1,820 1,649 1,683 1,764 1,864 1,844 1,772 1,761 1,860 1,974 2,043 2,353 ,020 ,054 ,085 ,106 ,152 ,172 ,165 ,166 ,172 ,166 170 1,166 2,008 2,087 2,253 2,407 2,501 2,593 720 2,842 2,937 2,963 3,009 3,054 2,155 ,132 ,192 2,276 2,350 2,403 2,440 2,499 2,593 2,615 2,660 2,842 712 718 731 758 782 797 b05 813 826 835 845 843 1,934 ,957 ,995 ,027 ,053 094 125 2,150 166 158 2,167 2,229 4,621 4,440 4,522 4,656 4,793 4,867 4,811 4,802 4,906 5,013 5,065 5,443 1,367 1,383 1,400 1,404 1,429 1,437 1,423 1,422 1,430 1,425 1,440 1,445 2,085 1,860 1,903 2,003 2,089 2,143 2,095 2,079 2,172 2,286 2,332 2,713 1,169 1,197 ,219 ,249 1 ,275 1,287 1,293 1,301 1,304 1,302 1,293 1,285 8,857 8,814 8,930 9,162 9.463 9,735 9,945 10,233 10,501 10,788 11,073 11,516 3,050 3,081 3,232 3,418 3,631 3,798 3,970 4,179 4,336 4,489 4,622 4,699 2,764 2,722 2,681 2,707 2.769 2,814 2,836 2,878 2,966 3 ,080 3,194 3,486 819 799 791 792 802 823 821 842 853 869 885 887 2,224 2,212 2,226 2,245 2,261 2,300 2,318 2,334 2,346 2,350 2,372 2,444 5,078 4,802 4,763 4,919 5,001 5,015 4,808 4,895 5,011 5,103 5,204 5,588 1,442 1,439 1,432 1,419 1,436 1,441 1,438 1,447 1,462 479 519 1,532 2,348 2,058 2,009 2,146 2,193 2,192 2,074 2,062 2,155 2,235 2,306 2,680 1,288 1,305 1,322 1,354 1,372 1,382 1,386 1,386 1,394 1,389 1,379 1,376 July August September. October November. December.. 16,742 16,577 16,824 17,257 17,861 18,417 19,091 19,650 20,136 20,269 20,249 20,813 11,519 11,590 11,806 12,050 12,442 12,931 13,475 13,931 14,328 14,425 14,326 14,490 4,766 4,880 5,043 5,211 5,422 5,724 6,068 6,293 6,466 6,489 6,405 6,342 3,436 3,399 3,428 3,482 3,586 3,679 3,805 3,967 4,139 4,191 4,159 4,337 878 876 863 862 888 912 935 960 985 1,002 1,011 1,006 2,439 2,435 2,472 2,495 2 ,546 2,616 667 2,711 1,526 1,527 1,546 1,576 1,646 1,643 ,669 ,738 2,743 2,751 2,805 5,223 4,987 5,018 5,207 5,419 5,486 5,616 5,719 5,808 5,844 5,923 6,323 ,871 ,821 2,327 ,069 ,069 2,186 2,304 2,350 2,430 2,521 2,591 2,580 2,568 3,006 1,370 1,391 1,403 1,445 1,469 1,493 1,517 1,515 1,519 1,494 1,484 1,496 1951—January.. . February. . March April May June July August.... September. October November. December.. 20,488 20,137 20,136 20,073 20,287 20,263 20,040 20,279 20,475 20,636 20,858 21,468 14,338 14,171 14,127 14,061 14,104 14,158 14,077 14,321 14,441 14,478 14,568 14,837 6,247 6,171 6,130 6,128 6,190 6,260 6,256 6,382 6,433 6,370 6,322 6,242 4,264 4,174 4,121 4,033 3,971 3,913 3,806 3,860 3,878 3,949 4,022 4,270 993 980 981 985 999 1,001 1,010 1,028 1,045 1,066 1,087 1,090 2,834 2,846 2 ,895 2,915 2,944 2,984 3,005 3,051 3,085 3,093 3,137 3,235 6,150 5,966 6,009 6,012 6,183 6,105 5,963 5,958 6,034 6,158 6,290 6,631 ,826 ,862 ,906 ,923 ,973 ,938 ,924 ,916 ,912 ,931 1,977 1,934 2,827 2,573 2,544 2,506 2,608 2,549 2,416 2,424 2,489 2,621 2,721 3,096 1,497 1,531 1,559 1,583 1,602 1,618 1,623 1,618 1,633 1,606 1,592 1,601 1952—January.. . February.. March April May June July August.... September. October November. , December.. 20,932 20,649 20,609 20,940 21,705 22,446 22,751 23,030 23,414 24,050 24,525 25,705 14,654 14,555 14,550 14,731 15,308 16,032 16,465 16,728 17,047 17,572 17,927 18,639 6,148 6,114 6,090 6,186 6,539 6,974 7,200 7,272 7,388 7,639 7,866 8,110 4,168 4,080 4,044 4,053 4,169 4,324 4,433 4,539 4,669 4,871 4,943 5,301 1,079 1,078 1,079 1,098 1,138 1,178 1,221 1,258 1,300 1,347 1,376 1,386 3,259 3,283 3,337 3,394 3,462 3,556 3,611 3,659 3,690 3,715 3,742 3,842 6,278 6,094 6,059 6,209 6,397 6,414 6,286 6,302 6,367 6,478 6,598 7,066 ,938 ,979 ,997 ,007 ,055 2,054 2,023 2,026 2,033 2,033 2,109 2,108 2,747 2,490 2,410 2,535 2,659 2,661 2,573 2,579 2,642 2,776 2,826 3,313 1,593 1,625 1,652 1,667 1,683 1,699 1,690 1,697 1,692 1,669 1,663 1,645 1953—January?.. February?.. 25,529 25,294 18,786 18,879 8,273 8,472 5,257 5,147 1,378 1,379 3,878 3,881 6,743 6,415 2,129 2,079 2,977 2,676 1,637 1,660 1946—July August. . . . September. October. . . November. December.. 6,659 6,936 7,169 7,467 7,802 8,384 3,177 3,339 3,476 3.655 3,853 4,172 708 759 806 859 914 981 1947—January... February.. March April May June July August September. October November. December.. 8,290 8,290 8,571 8,917 9,323 9,560 9,655 9,825 10,007 10,442 10,820 11,570 4,291 4,408 4,613 4,844 5,083 5,297 5,456 5,617 5,766 5,978 6,265 6,695 1948—January.. . February. . March April May June July August.... September. October November. December.. 11,430 11,334 11,693 12,124 12,479 12,754 12,901 13,106 13,428 13,584 13,746 14,411 6,809 6,894 7,171 7,468 7,686 7,887 8,090 8,304 8,522 8,571 8,681 8,968 1949—January... February. . March April May June July August. . . . September. October November. December.. 13,935 13,616 13,693 14,081 14,464 14.750 14,843 15,128 15,512 15,891 16,277 17,104 1950—January.. . February. . March April May June ,683 ,698 ,770 P Preliminary. For other footnotes see preceding page. APRIL 1953 347 TABLE 2 REVISED ESTIMATES OF INSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial institutions Total instalment credit End of month Total Retail outlets Commercial banks Sales finance companies Credit unions Other Total Department stores » Furniture stores Household appliance stores Automobile dealers 2 Other 1939—December 4,503 3,065 1 ,079 1,197 132 657 1,438 354 439 183 123 339 1940—Tanuary February March . April May June July August September October November December 4,487 4,478 4,548 4,678 4,841 5,003 5 067 5,143 5,173 5,247 5,344 5,514 3,101 3,131 3,204 3,313 3,446 3,591 3,658 3,728 3,742 3,781 3,844 3,918 ,113 ,130 ,157 ,197 ,254 ,330 ,345 ,382 ,399 ,414 1 ,443 ,452 1,197 1,207 1 .240 1,300 L ,361 ,414 ,459 1,483 1,475 1,497 1,532 1,575 132 133 140 144 150 156 160 164 166 167 168 171 659 661 667 672 681 691 694 699 702 703 701 720 1,386 1.347 ,344 ,365 ,395 ,412 ,409 ,415 ,431 ,466 ,500 ,596 335 325 326 333 338 339 332 332 339 350 363 394 425 417 412 418 428 429 428 431 437 446 454 474 176 172 170 173 178 183 186 188 190 194 195 196 124 126 130 138 146 153 158 159 158 160 163 167 326 307 306 303 305 308 305 305 307 316 325 365 5 495 5,527 5 613 5 865 6,122 6 295 6 401 6,487 6,400 6,267 6,143 6,085 3,962 4,029 4 114 4,312 4,517 4,679 4,792 4,854 4,787 4,685 4,583 4,480 ,482 L ,518 541 ,615 1,692 1,756 1,803 1,829 1,832 ,795 1,761 1,726 1,592 1,620 1,671 1,773 1,884 1,966 >,019 2,047 1,984 1,928 1,867 1,797 171 174 179 188 195 201 206 208 207 204 201 198 717 717 723 736 746 756 764 770 764 758 754 759 ,533 ,498 1,499 ,553 ,605 ,616 1,609 ,633 1,613 L.582 1,560 1,605 370 359 358 372 379 371 349 340 323 307 304 320 459 454 452 465 481 486 486 505 499 495 490 496 189 186 187 198 209 216 220 227 225 219 211 206 169 172 178 190 203 213 219 221 214 206 197 188 346 327 324 328 333 330 335 340 352 355 358 395 5,796 5,527 5,336 5 111 4,841 4 550 4,265 3 991 3,749 3,511 3,309 3,166 4,272 4,071 3,908 3,715 3,509 3 307 3,105 2,893 2,700 2,500 2,332 2,176 1,650 1,581 1,534 I 468 1,391 [ 320 1,241 L 164 1,085 1,003 928 862 1,689 1,573 1,461 1,347 1,241 1 .130 1,027 919 828 738 665 588 186 180 178 173 167 163 158 151 146 138 132 128 747 737 735 727 710 694 679 659 641 621 607 598 1,524 L.456 L.428 L ,396 L ,332 1,243 1,160 1,098 1,049 L .011 977 990 297 282 278 271 252 226 204 192 182 175 173 181 474 462 459 456 443 418 393 374 358 342 331 331 198 197 192 187 178 165 155 144 136 126 118 111 176 163 151 139 127 115 104 94 83 72 63 53 379 352 348 343 332 319 304 294 290 296 292 314 2,920 2,713 2,566 2,454 2 341 2 275 2,184 2 125 2,107 2,085 2,081 2,136 2 015 ,859 ,755 ,657 ,577 535 ,483 446 ,431 ,408 ,395 ,413 799 732 685 642 613 591 570 555 547 537 532 532 520 459 403 364 334 309 291 278 270 263 255 252 121 116 117 112 109 109 106 105 105 103 102 103 572 552 550 539 521 526 516 508 509 505 506 526 908 854 811 797 764 740 701 679 676 677 686 723 162 152 143 138 129 123 112 107 107 109 117 127 304 286 272 269 259 251 239 235 232 231 231 235 102 95 87 81 74 68 61 54 49 44 39 37 48 42 37 34 32 31 30 30 32 31 32 31 292 279 272 275 270 267 259 253 256 262 267 293 1941—Tanuary February March April May June July August September October November December 1942—Tanuary February March April May Tune July August September October November December . . . . .... .... 1943—Tanuary February March April . May June July August September October November December. . 1944—January February March April May June July August September October November December ... 2,044 1,983 1,999 1,982 1,992 2,015 2,019 2,023 2,030 2,048 2,079 2,176 ,377 ,352 ,380 L ,371 1,383 1,413 ,433 1,439 1,439 ,438 1,444 L.486 523 510 518 518 525 541 549 553 553 556 559 574 242 237 236 236 241 249 261 266 265 265 265 262 100 98 102 99 99 100 99 99 99 97 97 99 512 507 524 518 518 523 524 521 522 520 523 551 667 631 619 611 609 602 586 584 591 610 635 690 115 107 105 103 100 97 91 92 94 102 111 127 215 204 199 197 200 199 195 194 196 204 214 230 31 28 25 24 22 21 19 18 18 19 19 19 30 30 29 30 31 33 35 36 36 35 34 33 276 262 261 257 256 252 246 244 247 250 257 281 1945—January February March April May June July August . . . . September October November December 2,116 2,059 2,090 2,078 2,087 2,115 2,116 2,111 2,126 2,199 2,293 2,462 L.468 1,446 1,478 L ,481 1,500 1,532 1,550 1,553 1,566 1,614 1,679 1,776 578 571 589 594 607 625 635 636 647 674 708 745 253 247 247 246 247 253 257 262 266 277 289 300 97 95 97 96 96 98 98 97 96 96 98 102 540 533 545 545 550 556 560 558 557 567 584 629 648 613 612 597 587 583 566 558 560 585 614 686 119 112 112 108 104 101 96 93 94 103 114 131 211 204 202 200 200 200 196 195 196 206 217 240 18 16 16 15 14 15 14 14 14 14 16 17 31 29 29 28 27 27 27 27 27 27 27 28 269 252 253 246 242 240 233 229 229 235 240 270 1946—January February March April. . . . May June 2,483 2,529 2,631 2,787 2,928 3,055 1,827 1,884 786 822 881 954 1,029 1,100 310 323 340 373 404 429 101 103 106 110 115 121 630 636 651 672 685 701 656 645 653 678 695 704 123 119 120 127 129 132 228 227 231 239 246 251 17 18 18 19 20 22 28 29 30 33 35 36 260 252 254 260 265 263 ... 1 Q7R 2,109 2,233 2,351 1 Includes mail-order houses. * Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 348 FEDERAL RESERVE BULLETIN TABLE 2 (cont.) REVISED ESTIMATES OF INSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] Financial institutions End of month 1946—July August September October November December 1947—January February March April May June July August September October November December 1948—January February March April May June July August September October November December 1949—January February March April May June July August September October November December 1950—January February March April May June July August September October November December 1951—January February March April May June July August September October November December 1952—January February March April May June July August September October November December 1953—January? February? Total instalment credit Total Commercial banks Sales finance companies Credit unions Retail outlets Other Total Department stores x Furniture stores HouseAutohold appli- mobile2 ance dealers stores Other 3,177 3,339 3,476 3,655 3,853 4,172 2,472 2,616 2,736 2,880 030 3,235 1,170 1,253 1,318 1,395 1,472 1,567 460 496 536 579 624 677 125 129 133 139 144 151 717 738 749 767 790 840 705 723 740 775 823 937 130 135 142 156 174 209 250 256 258 267 286 319 25 28 31 34 35 38 38 40 42 43 45 47 262 264 267 275 283 324 4,291 4,408 4,613 4,844 5,083 5,297 5,456 5,617 5,766 5,978 6,265 6,695 3,379 3,504 3,685 3,872 4,077 4,260 4,413 4,554 4,663 4,817 5,007 5,255 1,657 1,725 1,826 1,928 2,037 2,140 2,216 2,288 2,351 2,428 2,514 2,625 714 762 823 890 952 1,013 1,065 1,116 1,162 1,221 1,288 1,355 154 158 165 162 181 191 200 206 211 216 223 235 854 859 871 892 907 916 932 944 939 952 982 1,040 912 904 928 972 1,006 1,037 1,043 1,063 1,103 1,161 1,258 1,440 207 208 221 237 249 255 254 259 270 288 325 379 306 302 306 317 327 337 338 344 355 375 410 474 37 40 40 44 45 52 56 59 63 67 73 79 51 55 61 66 71 77 81 84 88 92 96 101 311 299 300 308 314 316 314 317 327 339 354 407 6,809 6,894 7,171 7,468 7,686 7,887 8,090 8,304 8,522 8,571 8,681 8,968 5,418 5,525 5,762 6,018 6,195 6,360 6,544 6,717 6,874 6,903 6,971 7,092 2,716 2,761 2,873 3,006 3,090 3,185 3,279 3,370 3,446 3,466 3,492 3,529 1,417 1,462 1,555 1,652 1,719 1,756 1,816 ,876 ,933 ,938 ,959 ,990 237 242 253 266 275 287 299 310 320 322 325 334 1,048 1,060 1,081 1,094 1,111 1,132 1,150 1,161 1,175 1,177 1,195 1,239 1,391 1,369 1,409 1,450 1,491 1,527 1,546 1,587 1,648 1,668 1,710 1,876 361 351 364 374 382 387 389 404 418 426 433 470 453 448 455 464 477 490 490 503 525 520 541 604 77 78 82 90 98 104 109 115 122 123 123 127 105 109 119 128 132 136 143 150 155 156 157 159 395 383 389 394 402 410 415 415 428 443 456 516 8,857 8,814 8,930 9,162 9,463 9,735 9,945 10,233 10,501 10,788 11,073 11,516 ,519 ,590 ,806 ,050 ,442 ,931 ,475 ,931 ,328 425 ,326 ,490 7,079 7,056 7,200 7,411 7,685 7,935 8,147 8,412 8,624 8,833 9,031 9,247 9,333 9,425 9,643 9,861 10,213 10,662 11,142 11,524 11,849 11,923 11,827 11,820 3,536 3,507 3,556 3,639 3,761 3,875 3,956 4,066 4,160 4,268 4,347 4,439 ,978 ,990 2,068 2,173 2,303 2,409 508 636 730 2,818 2,899 2,950 331 331 339 348 360 374 385 399 411 418 428 438 1,234 1,228 1,237 1,251 1,261 1,277 1,298 1,311 1,323 1,329 1,357 1,420 1,778 1,758 1,730 1,751 1,778 1,800 1,798 1,821 1,877 1,955 2,042 2,269 437 464 449 451 454 453 446 452 475 498 530 595 568 551 541 545 555 563 562 570 586 614 645 724 120 116 115 116 121 127 135 139 145 152 156 168 157 157 165 175 188 196 205 216 223 230 236 239 496 470 460 464 460 461 450 444 448 461 475 543 4,503 4,537 4,652 4,751 4,940 5,171 5,393 5,607 5,819 5,869 5,808 5,798 2,971 3,026 3,099 3,191 3,302 3,470 3,669 3,790 3, 3, 886 3, 829 3,785 441 447 463 475 498 525 551 573 585 586 585 590 1,418 1,415 1,429 1,444 1,473 1,496 1,529 1,554 1,557 1,582 1,605 1,647 186 165 2,163 2,189 2,229 2,269 2,333 2,407 2,479 2,502 2,499 2,670 571 591 589 598 613 620 640 663 685 694 695 743 696 681 681 689 698 704 715 728 748 749 747 791 165 165 169 174 180 189 200 221 236 237 236 239 240 243 248 253 259 269 283 289 292 293 287 284 514 485 476 475 479 487 495 506 518 529 534 613 14,338 14,171 14,127 14,061 14,104 14,158 14,077 14,321 14,441 14,478 14,568 14,837 11,759 11,630 11,624 11,614 11,692 11,782 11,775 11,961 12,012 11,993 12,025 12,077 5,791 5,720 5,724 5,720 5,736 5,747 5,705 5,764 ,738 5,753 5,760 5,771 3,734 3,671 3,631 3,617 3,647 3,700 3,707 3,801 3,843 3,813 3,801 3,769 584 583 587 586 593 600 604 614 619 623 625 635 1,650 1,656 1,682 1,691 1,716 1,735 1,759 1,782 1,812 1,804 1,839 1,902 2,579 2,541 2,503 2,447 2,412 2,376 2,302 2,360 2,429 2,485 2,543 2,760 714 737 733 715 700 682 657 718 782 813 850 920 752 732 714 698 686 674 655 655 660 675 684 760 234 228 220 214 207 202 198 197 201 203 203 207 276 269 264 261 262 264 261 267 268 263 260 255 603 575 572 559 557 554 531 523 518 531 546 618 14,654 14,555 14,550 14,731 15,308 16,032 16,465 16,728 17,047 17,572 17,927 18,639 12,007 11,976 12,002 12,177 12,679 13,324 13,725 13,950 14,203 14,614 14,955 15,423 5,769 5,769 5,808 5,899 6,144 6,458 6,654 6,807 6,967 7,189 7,352 7,576 3,703 3,661 3,623 3,662 3,853 4,111 4,263 4,294 4,362 4,523 4,670 4,833 633 637 647 661 688 717 738 759 773 789 798 815 1,902 1,909 1,924 1,955 1,994 038 070 090 101 113 135 2,199 2,647 2,579 2,548 2,554 2,629 2,708 2,740 2,778 2,844 2,958 2,972 3,216 876 864 870 875 902 927 932 951 990 ,042 019 1,101 729 711 699 700 726 750 766 782 796 821 839 900 200 192 185 183 186 198 206 210 218 223 225 239 250 247 244 247 262 282 292 295 301 313 324 336 592 565 550 549 553 551 544 540 539 559 565 640 18,786 18,879 15,665 15,886 7,696 7,816 4,930 5,031 818 827 2,221 2,212 3,121 2,993 1,068 963 865 855 231 232 343 352 614 591 P Preliminary. For other footnotes see preceding page. APRIL 1953 349 TABLE 3 REVISED ESTIMATES OF NONINSTALMENT CREDIT, BY HOLDER [Amounts outstanding, in millions of dollars] End of month Total noninstalment credit Financial institutions (Single-payment loans) Retail outlets (Charge accounts) ComDepartmercial Other ment Other banks stores l 1939—December.. 2,719 625 162 236 1,178 1940—January... February.. March April May June July August. . .. September. October. . . November. December.. 2,561 2,433 2,442 2,490 2,565 2,589 2,539 2,563 2,582 2,628 2,637 2,824 618 612 608 605 606 608 608 612 618 624 630 636 162 159 156 156 156 156 158 158 160 163 163 164 186 163 166 166 170 167 146 151 177 187 195 251 1,066 958 960 1,001 1,054 1,073 1,046 1,056 1,045 1,082 1,088 1,220 1941—January... February.. March April May June July August. .. . September. October. . . November. December.. 2,671 2,552 2,568 2,670 2,792 2,829 2,802 2,859 2,913 2,928 2,897 3,087 636 634 633 641 658 665 663 663 666 675 685 693 165 165 162 165 168 167 166 165 164 161 157 152 200 176 175 188 191 187 166 182 211 216 219 275 1,110 1,001 1,009 1,077 1,157 1,184 ,182 ,224 ,246 ,260 ,230 ,370 1942—January. . . February. . March April May June July August.... September. October. . . November. December.. 2,955 2,801 2,783 2,817 830 758 656 2,631 2,666 2,716 2,687 2,817 684 678 674 666 653 640 628 621 614 608 604 593 149 145 142 137 135 131 131 129 128 126 124 120 234 207 210 213 197 165 127 127 150 162 167 217 ,282 ,153 ,133 ,170 ,191 ,163 ,117 ,100 ,117 ,166 ,133 ,227 1943—January... February. . March.... April May June July August. . . . September. October. . . November. December.. 2,638 2,543 2,541 2,601 2,636 2,641 2,569 2,537 2,582 2,642 2,657 2,765 582 567 561 560 557 546 528 522 539 554 554 521 118 115 112 111 108 106 103 99 98 96 93 92 166 156 154 156 150 152 127 125 148 162 179 217 ,109 ,023 ,019 ,067 ,090 ,100 ,083 ,066 ,075 ,115 ,116 ,223 1944—January... February.. March. . . . April May June July August.... September. October. . . November. December.. 1945—January... February.. March. . . . April May June July August.... September. October. . . November. December.. 2,570 2,457 2,497 2,563 2,672 2,707 2,653 2,649 2,683 2,723 2,764 2,935 499 484 486 502 525 555 556 553 547 552 553 553 90 88 86 86 83 82 80 79 76 75 73 71 163 142 158 157 163 156 134 139 163 180 204 256 ,105 ,006 ,015 1,053 1,102 1,106 1,085 1,082 1,104 1,128 1,140 1,261 2,751 2,623 2,691 2,690 2,771 2,825 550 547 547 567 595 626 633 628 618 622 642 674 70 70 70 70 70 71 69 69 69 70 71 72 194 169 193 177 175 177 152 152 171 199 227 290 ,149 ,028 ,062 ,050 ,077 ,091 ,078 ,078 ,082 r152 ,188 ,322 1946—January... February.. March April May June 3,086 3,046 3,172 3,331 3,469 702 730 759 787 808 823 76 78 82 85 89 92 217 201 228 252 259 267 ,246 160 191 273 333 338 2,876 2,968 3,203 3,515 Service credit End of month 518 1946—July August. . . . 529 September. 541 October. . . 552 November. 562 December.. 579 585 1947—January... 581 February.. 586 March.... 582 April 572 May 561 June 553 July August.... 560 September. 576 October. . . 589 November. 599 December.. 618 626 1948—January... 625 February.. 625 March. . . . 626 April 616 May 606 June 597 July August.... 606 September. 618 October. . . 624 November. 631 December.. 654 659 1949—January. . . 653 February.. 654 March 657 April 654 May 659 June 660 July August.... 663 September. 682 October. . . 695 November. 707 December.. 731 737 1950—January. . . 728 February. . 725 March 722 April 715 May 715 June 712 July August. . .. 713 September. 737 October. . . 752 November. 765 December.. 799 808 1951- —January... 798 February. . 796 March. . . . 793 April 788 May 794 June 794 July August 788 September. 809 October. . . 819 November. 826 December. 854 860 1952—January... 848 February.. 841 March 836 April 833 May 840 June 845 July August 845 September. 877 October. . . 912 November. 934 December.. 980 995 1953—January P. . February P. Total noninstalment credit Financial institutions 'Single-payment loans) Retail outlets (Charge accounts) ComDepartmercial Other ment Other stores x banks Service credit 3,482 3,597 3,693 3,812 3,949 4,212 840 864 893 926 964 1,008 96 101 104 107 112 114 239 255 291 315 354 452 1,322 1,388 1,413 1,473 1,515 1,624 985 989 992 991 1,004 1,014 3,999 3,882 3,958 4,073 4,240 4,263 4,199 4,208 4,331 4,464 4,555 4,875 1,042 1,061 1,070 1,080 1,098 1,120 1,138 1,152 1,163 1,178 1,192 1,203 117 118 120 123 126 127 124 129 136 146 150 153 353 310 323 329 337 333 294 293 336 365 412 532 1,467 1,339 1,360 1,435 1,527 1,511 1,478 1,468 1,524 1,609 1,631 1,821 1,020 1,054 1,085 1,106 1,152 1,172 1,165 1,166 1,172 1,166 1,170 1,166 4,621 ,440 ,522 ,656 4,793 4,867 4,811 802 4,906 5,013 5,065 5,443 1,219 1,229 1,237 1,242 1,252 1,261 1,255 1,254 1,249 1,251 1,254 1,261 148 154 163 162 177 176 168 168 181 174 186 184 416 366 385 387 390 390 339 336 383 421 448 575 1,669 1,494 1,518 1,616 1,699 1,753 1,756 1,743 1,789 1,865 1,884 2,138 1,169 1,197 1,219 1,249 1,275 1,287 1,293 1,301 1,304 1,302 1,293 1,285 5,078 4,802 4,763 4,919 5,001 5,015 4,898 4,895 5,011 5,103 5,204 5,588 1,265 1,260 1,248 1,235 1,235 1,245 1,254 1,262 1,265 1,287 1,308 1,334 177 179 184 184 201 196 184 185 197 192 211 198 449 383 370 388 391 383 335 331 373 390 436 584 1,899 1,675 1,639 1,758 1,802 1,809 1,739 1,731 1,782 1,845 1,870 2,096 1,288 1,305 1,322 1,354 1,372 1,382 1,386 1,386 1,394 1,389 1,379 1,376 5,223 4,987 5,018 5,207 5,419 5,486 5,616 5,719 5,808 5,844 5,923 6,323 1,340 1,346 1,357 1,392 1,422 1,442 1,445 1,448 1,471 1,510 1,551 1,576 186 181 189 184 224 201 224 235 227 260 320 245 455 391 380 390 399 396 376 391 429 442 478 641 1,872 1,678 1,689 1,796 1,905 1,954 2,054 2,130 2,162 2,138 2,090 2,365 1,370 1,391 1,403 1,445 1,469 1,493 1,517 1,515 1,519 1,494 1,484 1,496 6,150 5,966 6,009 6,012 6,183 6,105 5,963 5,958 6,034 6,158 6,290 6,631 1,598 1,622 1,648 1,664 1,673 1,678 1,663 1,661 1,660 1,667 1,672 1,684 228 240 258 259 300 260 261 255 252 264 305 250 549 483 466 450 458 445 400 402 441 472 528 685 2,278 2,090 2,078 ,056 ,150 2,104 016 022 048 149 193 2,411 1,497 1,531 1,559 1,583 1,602 1,618 1,623 1,618 1,633 1,606 1,592 1,601 6,278 6,094 6,059 6,209 6,397 6,414 6,286 6,302 6,367 6,478 6,598 7,066 1,717 1,742 1,758 1,769 1,777 1,798 1,792 1,792 1,793 1,801 1,821 1,852 221 237 239 238 278 256 231 234 240 232 288 256 553 480 457 471 475 467 418 422 459 499 536 709 2,194 2,010 1,953 2,064 2,184 2,194 2,155 2,157 2,183 2,277 2,290 2,604 1,593 1,625 1,652 1,667 1,683 1,699 1,690 1,697 1,692 1,669 1,663 1,645 6,743 6,415 1,858 1,839 271 240 570 490 2,407 2,186 1,637 1,660 P Preliminary. Includes mail-order houses. 1 350 FEDERAL RESERVE BULLETIN TABLE 4 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Amounts outstanding, in millions of dollars] End of month Total instalment credit Automobile paper Purchased Direct Other consumer goods paper Repair and modernization loans Personal loans End of month 1946—July August.... September. October November. December.. 1939—December.. 1,079 237 178 166 135 363 1940—January... February. . March April May June July August September. October.... November. December.. 1,113 1,130 1,157 1,197 1,254 1,330 1,345 1,382 1,399 1,414 1,443 1,452 246 253 260 274 294 316 319 325 328 332 337 339 186 193 201 208 221 234 241 249 256 263 270 276 175 171 177 188 197 222 220 233 232 227 237 232 134 133 131 135 139 144 147 152 156 160 163 165 372 380 388 392 403 414 1947—January.. . 418 February.. 423 March 427 April 432 May 436 June 440 July 1941—January... February.. March April May June July August. . . . September. October.... November. December.. ,482 ,518 ,541 ,615 ,692 ,756 ,803 ,829 ,832 ,795 ,761 ,726 349 354 362 389 416 440 458 473 480 470 457 447 285 292 300 320 340 356 362 367 366 356 345 338 231 244 244 261 281 300 319 322 325 316 320 309 164 164 161 163 165 168 168 170 172 171 165 161 453 September. 464 October 474 November. 482 December.. 490 492 1948- -January. . . 496 February.. 497 March 489 April 482 May 474 June 471 July 1942—January... February. . March April May June July August. . . . September. October November. December.. ,650 ,581 ,534 ,468 ,391 ,320 ,241 ,164 ,085 1,003 928 862 417 389 374 349 324 302 274 259 230 202 176 149 317 298 284 269 253 236 221 201 185 167 150 134 302 295 286 275 259 243 225 207 190 175 163 153 156 151 146 142 138 134 129 125 125 124 124 124 458 September. 448 October.... 444 November. 433 December.. 417 405 1949—January. . . 392 February.. 372 March 355 April 335 May 315 June 302 July 1943—January. . . February. . March April May July August September. October November. December.. 799 732 685 642 613 591 570 555 547 537 532 532 128 110 95 84 77 71 66 64 63 62 60 58 120 111 103 98 94 90 86 86 86 86 86 86 145 129 116 106 100 92 87 81 77 74 75 76 121 114 106 100 95 91 87 84 83 81 79 77 285 September. 268 October 265 November. December.. 254 247 247 1950—January... February.. 244 March 240 April 238 May 234 232 June 235 July 1944—January. . . February.. March April May June July August. . . . September. October November. December.. 523 510 518 518 525 541 549 553 553 556 559 574 56 55 54 54 55 58 63 64 64 62 61 59 85 85 86 90 94 98 99 100 99 100 99 101 79 73 70 69 69 71 71 71 72 77 80 87 74 71 70 68 68 69 70 71 73 73 75 75 229 September. 226 October 238 November. 237 December.. 239 245 1951—January. . . 246 February.. 247 March 245 April 244 May 244 June 252 July 1945—January. . . February. . March April May June July August.... September. October November. December.. 578 571 589 594 607 625 635 636 647 674 708 745 57 56 56 56 55 56 56 57 59 60 63 66 102 102 108 109 111 115 117 117 120 126 132 143 92 89 90 92 93 93 93 99 106 114 75 76 78 79 82 86 89 92 94 100 106 110 252 September. 249 October 259 November. 261 December.. 269 276 1952—January... 280 February.. 277 March 281 April 289 May 301 June 312 July 1946—January... February. . March April May June 786 822 881 954 1,029 1,100 70 74 81 94 105 112 152 160 169 185 201 217 127 132 140 152 170 185 115 121 131 141 150 162 322 September. 335 October 360 November. 382 December.. 403 424 1953—January?... August.... August.... June August.... August.... August.... August.... FebruaryP .. Automobile paper Repair and modernization loans Personal loans Purchased Direct Other consumer goods paper 1,170 1,253 1,318 1,395 1,472 1,567 118 131 139 148 159 169 231 246 257 273 291 311 205 223 236 257 274 299 172 187 200 214 226 242 444 466 486 503 522 546 1,657 1,725 1,826 1,928 2,037 2,140 2,216 2,288 2,351 2,428 2,514 2,625 184 198 220 239 256 278 290 303 318 327 342 352 331 354 381 404 429 445 461 476 482 496 516 539 323 334 349 372 401 427 444 454 466 485 511 550 248 252 262 279 297 319 338 359 385 408 423 437 571 587 614 634 654 671 683 696 700 712 722 747 2,716 2,761 2,873 3,006 3,090 3,185 3,279 3,370 3,446 3,466 3,492 3,529 365 380 412 441 460 484 513 540 559 569 572 575 561 577 610 639 661 683 707 729 738 739 747 753 594 597 619 658 676 690 710 731 761 768 775 794 442 445 456 476 491 508 518 527 542 553 564 568 754 762 776 792 802 820 831 843 846 837 834 839 3,536 3,507 3,556 3,639 3,761 3,875 3,956 4,066 4,160 4,268 4,347 4,439 568 575 600 632 663 685 715 751 776 807 831 849 752 752 773 798 830 854 883 908 927 940 950 946 810 782 773 783 816 836 847 863 889 929 958 1,016 565 562 567 574 588 612 620 647 665 688 706 715 841 836 843 852 864 888 891 897 903 904 902 913 4,503 4,537 4,652 4,751 4,940 5,171 5,393 5,607 5,819 5,869 5,808 5,798 865 889 924 956 998 1,058 1,124 ,162 ,202 ,208 ,191 ,177 955 972 ,005 ,036 ,083 ,148 ,215 ,278 ,317 ,322 ,304 ,294 1,058 1,048 1,082 1,106 1,163 1,208 1,263 1,338 1,429 1,463 1,444 1,456 712 714 705 708 729 754 773 795 816 830 833 834 913 914 936 945 967 1,003 1,018 1,034 1,055 1,046 1,036 1,037 5,791 5,720 5,724 5,720 5,736 5,747 5,705 5,764 5,738 5,753 5,760 5,771 ,154 ,136 ,122 ,118 ,133 1,144 1,143 1,158 1,170 1,159 1,151 1,135 ,293 ,299 ,313 ,326 ,335 ,33 5 ,324 ,341 ,346 ,337 ,324 ,311 1,476 1,429 1,415 1,394 1,376 1,365 1,334 1,329 1,270 1,281 1,293 1,315 822 812 811 815 823 825 831 845 858 874 887 1,046 1,044 063 067 069 078 073 1,091 1,094 1,102 1,105 1,122 ,769 ,769 ,808 ,899 6,144 6,458 6,654 6,807 6,967 7,189 7,352 7,576 1,117 1,116 1,114 1,136 1,218 1,313 1,364 1,392 1,430 1,485 1,534 1,596 ,309 ,318 ,336 ,368 ,432 ,508 ,540 ,554 1,567 1,599 1,625 1,653 323 301 291 289 331 394 1,452 1,512 1,564 1,647 1,709 1,813 882 881 881 899 931 967 1,004 1,036 1,070 1,110 1,131 1,138 ,138 ,153 ,186 ,207 ,232 ,276 ,294 ,313 ,336 ,348 ,353 ,376 7,696 7,816 1,631 1,665 1,684 1,733 1,861 1,884 1,132 1,134 1,388 1,400 Total instalment credit Preliminary. APRIL 1953 351 TABLE 5 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Amounts outstanding, in millions of dollars] End of month Total instalment credit Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 1939—December.. 1,197 878 115 148 56 1940—January February... March April May June July August September.. October.. . . November.. December.. 1,197 1,207 1,240 ,300 ,361 ,414 ,459 ,483 ,475 ,497 ,532 1,575 879 890 922 978 1,032 1,079 L ,118 L ,130 1,112 1,131 1,156 1,187 115 114 115 118 122 124 125 127 128 130 130 136 147 147 146 147 149 152 157 166 175 176 186 190 56 56 57 57 58 59 59 60 60 60 60 62 1941—January.... February... March April May June July August September.. October November.. December. . ,592 ,620 ,671 ,773 ,884 1,966 2,019 >,047 1,984 1,928 1,867 1,797 ,206 ,236 ,287 1,383 1,485 1,561 1,609 1,625 1,554 1,495 1,437 1,363 134 133 134 138 145 149 152 158 160 162 162 167 190 190 188 189 190 191 193 198 204 206 203 201 62 61 62 63 64 65 65 66 66 65 65 66 1942—January.... February... March April May June July August September.. October.. . . November.. December. . 1,689 1,573 1,461 1,347 1,241 L ,130 L.O27 1,270 1,167 L 064 919 828 738 665 588 963 871 781 701 613 538 466 405 341 161 157 157 151 147 137 127 118 109 99 90 78 193 185 176 170 161 151 140 131 126 120 118 117 65 64 64 63 62 61 59 57 55 53 52 52 1943—January February... March April May June July August September. October November.. December.. 520 459 403 364 334 309 291 278 270 263 255 252 290 247 207 185 168 153 145 140 138 135 133 131 69 63 57 51 46 42 39 38 36 36 34 34 112 102 92 82 75 69 63 57 53 49 45 42 49 47 47 46 45 45 44 43 43 43 43 45 1944—January February... March April May June July August September.. October November.. December.. 242 237 236 236 241 249 261 266 265 265 265 262 127 126 127 130 138 147 157 162 161 161 159 153 32 30 29 28 28 28 29 30 30 30 30 28 39 38 35 34 31 30 30 30 30 30 31 33 44 43 45 44 44 44 45 44 44 44 45 48 1945—January February... March April May June July August September.. October.. . . November.. December.. 253 247 247 246 247 253 257 262 266 277 289 300 146 141 139 138 138 141 144 145 149 153 160 164 27 25 24 23 21 20 19 20 20 23 23 24 34 35 37 38 41 44 46 49 50 53 56 58 46 46 47 47 47 48 48 48 47 48 50 54 1946—January February... March April May June 310 323 340 373 404 429 170 176 188 207 225 236 25 28 29 33 37 39 61 64 67 74 82 88 54 55 56 59 60 66 Total instalment credit Automobile paper Other consumer goods paper 1946—July August September.. October November.. December. . 460 496 536 579 624 677 255 274 298 322 345 377 43 47 51 57 61 67 97 106 115 125 133 141 65 69 72 75 85 92 1947—January February... March April May June July August September.. October.... November.. December. . 714 762 823 890 952 1,013 1,065 1,116 1,162 1,221 1,288 1,355 403 437 478 522 564 601 632 661 687 718 758 802 67 78 87 97 104 114 121 129 137 157 169 185 150 150 157 169 178 190 202 215 226 233 241 242 94 97 101 102 106 108 110 111 112 113 120 126 1948—January February... March April May June July August September.. October.. . . November.. December.. 1,417 1,462 1,555 1,652 1,719 L ,756 1,816 1,876 1,933 1,938 1,959 L.990 845 884 969 1,049 1,094 1,128 1,187 1,247 1,303 1,316 1,345 1,378 203 203 206 216 231 236 240 242 246 241 235 232 232 234 235 241 247 243 239 236 231 227 223 216 137 141 145 146 147 149 150 151 153 154 156 164 1949—January February... March April May June July August September.. October.. . . November.. December.. 1,978 1,990 2,068 2,173 2,303 2,409 2,508 2,636 2,730 2,818 2,899 2,950 1,384 1,408 1,499 1,613 1,746 1,852 1,952 2,082 2,183 2,280 2,370 2,425 235 242 245 248 255 264 277 289 298 300 301 303 195 177 162 154 147 141 131 121 108 99 91 83 164 163 162 158 155 152 148 144 141 139 137 139 1950—January February... March April May June July August September.. October.... November.. December. . 2,971 3,026 3,099 3,191 3,302 3,470 3,669 3,790 3,888 3,886 3,829 3,785 2,462 2,529 2,609 2,700 2,805 2,957 3,140 3,249 3,336 3,343 3,298 3,257 298 294 294 300 307 320 334 342 348 340 324 313 76 71 65 60 58 57 56 56 58 58 58 57 135 132 131 131 132 136 139 143 146 145 149 158 1951—January February... March April May June July August September.. October.. . . November.. December. . 3,734 3,671 3,631 3,617 3,647 3,700 3,707 3,801 3,843 3,813 3,801 3,769 3,198 3,139 3,100 3,091 3,119 3,172 3,180 3,260 3,292 3,255 3,233 3,183 302 294 285 274 265 256 247 248 249 246 243 241 56 54 54 53 55 56 57 59 61 64 67 70 178 184 192 199 208 216 223 234 241 248 258 275 1952—January February... March April May June July August September., October November.. December.. 3,703 3,661 3,623 3,662 3,853 4,111 4,263 4,294 4,362 4,523 4,670 4,833 3,116 3,074 3,033 3,063 3,237 3,466 3,589 3,608 3,660 3,804 3,940 4,072 238 235 233 232 240 260 281 289 301 312 317 332 68 66 65 65 67 68 70 71 74 78 79 82 281 286 292 302 309 317 323 326 327 329 334 347 1953—January*.., FebruaryP. 4,930 5,031 4,159 4,260 337 339 81 80 353 352 End of month Repair and modernization loans Personal loans ^Preliminary. 352 FEDERAL RESERVE BULLETIN TABLE 6 REVISED ESTIMATES OF INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT 1 [Amounts outstanding, in millions of dollars] End of month Total I instalj ment credit Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 1939—December. 789 81 24 15 669 1940—January.. . February.. March April May June July August.... September. October. . . November. December. 791 794 807 816 831 847 854 863 868 870 869 891 81 84 85 87 92 96 97 97 99 100 100 102 24 25 25 26 28 29 29 30 30 30 29 30 16 15 15 15 14 14 14 15 16 16 15 16 670 670 682 688 697 708 714 721 723 724 725 743 1941—January. . . February.. March.... April May June July August... . September. October. . . November. December. 888 891 902 924 941 957 970 978 971 962 955 957 103 105 108 112 117 123 127 127 127 126 124 122 29 29 30 33 35 35 36 37 37 37 35 36 15 15 13 14 14 14 14 14 14 14 14 14 741 742 751 765 775 785 793 800 793 785 782 785 1942—January. . . February.. March . . . . April. . . . May Tune. . . July August September. October November. December. 933 917 913 900 877 857 837 810 787 759 739 726 116 111 108 104 100 95 91 87 83 76 71 65 36 37 36 36 35 34 33 29 29 28 27 27 12 12 12 12 12 12 12 12 12 13 14 14 769 757 757 748 730 716 701 682 663 642 627 620 1943—January February.. , March April May Tune July August September. October November.. December. . 693 668 667 651 630 635 622 613 614 608 608 629 60 58 57 54 52 51 49 49 49 49 48 49 25 24 24 23 20 20 20 17 18 17 17 17 15 14 13 13 13 13 13 12 12 11 11 11 593 572 573 561 545 551 540 535 535 531 532 552 1944—January... February. . March April May June July August September. October November.. December. . 612 605 626 617 617 623 623 620 621 617 620 650 48 47 49 48 48 49 49 49 49 49 49 51 17 17 17 17 17 17 17 17 17 17 17 19 11 11 11 10 10 11 10 11 10 10 10 11 536 530 549 542 542 546 547 543 545 541 544 569 1945—January February... March April May June July August September.. October November.. December. . 637 628 642 641 646 654 658 655 653 663 682 731 49 47 48 48 47 46 48 48 48 48 50 54 18 18 18 17 17 17 18 18 18 19 19 20 11 11 11 10 11 12 12 12 12 13 13 14 559 552 565 566 571 579 580 577 575 583 600 643 1946—January.. . . February... March April May June 731 739 757 782 800 822 55 56 57 59 61 64 20 20 21 23 25 26 14 14 15 15 15 16 642 649 664 685 699 716 End of month 1946—July August.... September. October. . . November. December. Total instalment credit Automobile paper Other consumer goods paper Repair and modernization loans 842 867 882 906 934 991 66 68 70 73 74 77 27 28 30 32 35 34 17 18 18 20 22 22 732 753 764 781 803 858 Personal loans 1947—January... February.. March.... April May June July August. September. October November.. December. . 1,008 1,017 1,036 1 ,054 1,088 1,107 1,132 1,150 1,150 1,168 1,205 1,275 80 82 85 91 98 103 108 112 115 118 122 130 36 37 41 42 47 50 54 55 57 59 63 69 24 24 24 26 27 27 28 30 32 35 38 39 868 874 886 895 916 927 942 953 946 956 982 1,037 1948—'January. . . , February... March April May June July August September. October November.. December. . 1,285 1,302 1,334 1,360 1,386 1,419 1,449 1,471 1,495 1,499 1,520 1,573 132 137 143 150 154 162 170 176 182 183 188 189 72 72 77 80 84 86 87 89 93 94 97 99 38 39 40 41 44 46 48 50 53 55 58 59 1,043 1,054 1,074 ,089 ,104 ,125 ,144 ,156 ,167 ,167 ,177 1,226 1949—January... . February... March April May June July August September.. October November.. December. . 1,565 1,559 1,576 1,599 1,621 1,651 1,683 1,710 1,734 1,747 1,785 1,858 189 189 195 200 204 211 215 222 227 232 235 240 98 97 98 100 108 110 119 121 125 126 129 137 59 60 62 64 67 70 70 74 80 82 88 89 1,219 1,213 1,221 1,235 1,242 1,260 1,279 1,293 1,302 1,307 1,333 1,392 1950—January.... February... March April May June July gt September.. October November.. December. . 1,859 1,862 1,892 1,919 1,971 2,021 2,080 2,127 2,142 2,168 2,190 2,237 244 247 257 266 277 292 306 315 319 323 325 330 134 135 137 140 146 151 158 169 175 179 179 182 90 91 93 94 101 101 106 109 111 114 120 115 1,391 1,389 1,405 1,419 1,447 1,477 1,510 1,534 1,537 1,552 1,566 1,610 951—January. . . . February... March April May June July August September.. October November.. December. . 2,234 2,239 2,269 2,277 2,309 2,335 2,363 2,396 2,431 2,427 2,464 2,537 326 328 331 332 341 345 348 356 357 356 354 358 183 179 182 179 180 180 184 190 198 200 203 209 115 114 116 117 121 120 122 124 126 128 133 132 1,610 1,618 1,640 1,649 952—January.. . February.. March.... April May June July August... . September. October. . . November. December. 2,535 2,546 2,571 2,616 2,682 2,755 2,808 2,849 2,874 2,902 2,933 3,014 356 359 363 372 390 405 415 423 430 438 443 453 210 212 216 225 231 244 252 255 261 267 269 276 129 131 133 134 140 143 147 151 156 159 166 166 ,840 ,844 ,859 ,885 ,921 ,963 1,994 ,020 ,027 ,038 ,055 2,119 953—January?.. Februarys.. 3,039 3,039 456 462 281 283 165 165 2,137 2,129 667 ,690 ,709 ,726 ,750 ,743 ,774 ,838 P1 Preliminary. Includes consumer finance companies (operating 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. APRIL 1953 353 TABLE 7 ADJUSTED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MAJOR PARTS, 1929-39 [Amounts outstanding, in millions of dollars] Noninstalment credit Noninstalment credit End of month 1929—January... February.. March April May Total Instalment credit Total Single- Charge payacment loans counts Service credit End of month July August.... September. October. . . November. December. 5,576 5,500 5,610 5,769 5,938 6,073 6,103 6,169 6,248 6,323 6,287 6,444 2,600 2,556 2,611 2,733 2,874 ,000 ,089 ,149 3,153 3,174 3,140 3,151 2,976 2,944 2,999 3,036 3,064 3,073 3,014 3,020 3,095 3,149 3,147 3,293 1,019 1,034 1,050 1,066 1,081 1,093 1,103 1,111 1,115 1,117 1,114 1,112 1,402 ,351 ,386 ,404 ,415 ,409 ,338 ,335 ,406 ,456 ,456 ,602 555 1934—July 559 August 563 September. 566 October. . . 568 November. 571 December. 573 574 1935—January.. . February.. 574 March 576 April 577 May 579 1930—January.. . February.. March April May June July August September. October. . . November. December. 6,149 5,956 5,933 5,955 5,937 5,919 5,813 5,756 5,756 5,741 5,674 5,767 3,012 2,898 2,858 2,884 2,875 2,886 2,868 2 ,835 2,792 2,759 2,692 2,687 3,137 3,058 3,075 3,071 3,062 3,033 2,945 2,921 2,964 2,982 2,982 3,080 1,108 1,102 1,096 1,090 1,086 1,080 1,075 1,068 1,063 1,053 1,045 1,037 ,451 ,383 ,404 ,408 ,403 ,381 ,299 ,281 ,335 ,367 ,378 ,476 July 578 August.... 573 September. 575 October. . . 573 November. 573 December. 572 571 572 1936—January.. . February.. 566 March.... 562 April 559 May 567 1931—January... February.. March.... April May June July August September. October. . . November. December. 5,479 5,292 5,226 5,206 5,181 5,130 5,001 4,908 4,876 4,827 4,712 4,760 2,577 2,484 2,429 2,435 2,445 2,445 2,422 2,381 2,335 2,294 2,225 2,207 2,902 2,808 2,797 2,771 2,736 2,685 2,579 2,527 2,541 2,533 2,487 2,553 1,022 1,005 985 964 941 916 890 866 842 818 796 772 ,325 ,252 ,263 ,261 ,252 ,228 ,151 ,129 ,171 ,192 ,172 ,265 July 555 August... . 551 September. 549 October. . . 546 November. 543 December. 541 538 532 1937—January.. . February.. 528 March.... 523 April 519 May 516 1932—January... February.. March.... April May June July August.... September. October. . . November. December. 1933—January... February.. March April May June July August September. October. . . November. December. 4,478 4,279 4,175 4,080 3,997 3,911 3,750 3,661 3,635 3,593 3,524 3,567 2,100 2,000 1,924 1,873 1,832 1,795 1,723 1,673 1,631 1,589 1,545 1,521 2,378 2,279 2,251 2,207 2,165 2,116 2,027 1,988 2,004 2,004 1,979 2,046 754 737 716 696 680 661 642 624 606 587 569 549 ,121 ,041 ,029 ,008 986 960 896 880 918 939 933 1,020 July 503 August... . 501 September. 506 October. . . 503 499 November. 495 December. 489 484 1938—January.. . 480 February.. 478 March.... 477 April 477 May 3,393 3,276 3,229 3,216 3,233 3,250 3,215 3,253 3,322 3,375 3,372 3,482 1,467 1,418 1,379 1,385 1,420 1,462 1,484 1,533 1,562 1,583 1,575 1,588 ,926 ,858 ,850 ,831 ,813 ,788 ,731 ,720 ,760 ,792 ,797 ,894 532 515 500 487 474 463 456 450 448 448 450 450 920 874 886 887 887 876 827 822 863 892 894 990 July 474 August... . 469 September. 464 October. . . 457 November. 452 December. 449 448 448 1939—January.. . 449 February.. 452 March.... 453 April 454 May 3,359 3,309 3,359 3,439 3,521 3,582 1,546 1,526 1,548 1,607 1,676 1,732 ,813 ,783 ,811 ,832 ,845 ,850 454 456 459 462 465 468 905 873 898 915 927 929 454 454 454 455 453 453 June 1934—January... February.. March.... April May June Total Instalment credit Total Single- Charge payacment loans counts Service credit 3,575 3,612 3,676 3,747 3,761 3,904 ,765 ,798 ,806 ,836 ,839 ,871 ,810 ,814 ,870 ,911 ,922 ,033 471 475 480 484 489 493 889 893 948 987 995 1,102 450 446 442 440 438 438 3,789 3,765 3,876 4,037 4,135 4,260 4,317 4,392 4,492 4,590 4,697 4,911 ,852 ,856 1,923 2,037 2,146 2,249 2,345 2,429 2,480 2,527 2,586 2,694 ,937 ,909 ,953 2,000 989 2,011 1,972 1,963 2,012 2,063 2,111 2,217 497 503 511 517 523 529 536 542 551 560 567 575 1,000 965 996 1,036 1,018 1,033 985 970 1,009 1,049 1,089 1,183 440 441 446 447 448 449 451 451 452 454 455 459 822 810 949 5,137 5,351 5,470 ,538 ,618 5,743 5,858 5,917 6,135 2,686 2,690 2,801 2,955 3,114 3,245 3,347 3,413 3,459 3,487 3,502 3,623 2,136 2,120 2,148 2,182 2,237 2,225 2,191 2,205 2,284 2,371 2,415 2,512 585 595 607 618 630 642 652 664 676 688 698 707 1,087 1,058 1,071 1,090 1,129 1,101 1,053 1,051 1,114 1,186 1,216 1,300 464 467 470 474 478 482 486 490 494 497 501 505 June 5,978 5,929 6,069 6,209 6,370 6,500 6,518 6,588 6,658 6,691 6,654 6,689 3,575 3,546 3,639 3,766 ,898 ,021 ,075 4,118 4,118 ,094 ,032 4,015 2,403 2,383 2,430 ,443 ,472 2,479 2,443 2,470 2,540 2,597 2,622 2,674 719 731 741 753 763 775 786 794 800 802 799 797 1,172 134 166 1,162 1,176 1,166 1,118 1,135 1,199 1,253 1,281 1,336 512 518 523 528 533 538 539 541 541 542 542 541 June 6,421 6,210 6,159 6,141 6,105 6,083 5,974 5,973 6,020 6,040 6,114 6,338 3,905 3,770 3,715 3,692 3,673 3,653 3,603 3,597 3,578 3,566 3,585 3,691 2,516 2,440 2,444 2,449 2,432 2,430 2,371 2,376 2,442 2,474 2,529 2,647 794 790 786 781 777 775 772 772 772 774 775 777 1,183 1,116 1,129 1,144 1,136 1,139 1,087 1,095 1,163 1,195 1,248 1.362 539 534 529 524 519 516 512 509 507 505 506 508 6,146 6,074 6,150 6,247 6,398 6,506 6.507 6,586 6,742 6,870 6,947 7,222 3,647 3,619 3,686 3,779 3,918 4,036 4,099 166 2,499 2,455 2,464 2,468 2,480 2,470 2,408 2,420 2,528 2,569 2,581 2,719 778 780 780 781 781 783 783 784 786 786 787 787 1,211 1,166 1,175 1,179 1,191 1,178 1,115 1,126 1,232 1,271 1,281 1,414 510 509 509 508 508 509 510 510 510 512 513 518 June June June July August... . September. October. . . November. December. 4,214 ,301 ,366 4,503 NOTE.—Data were not available for the years 1929 through 1939 to permit conversion of the old series to a holder basis or to make other conceptual changes adopted in the revision. For the convenience of users of the statistics, the major components of the old series were linked to the revised series on the basis of the relationship between the old and new estimates at the end of 1939. As indicated by the table on page 338, the amounts involved in these adjustments were relatively small. 354 FEDERAL RESERVE BULLETIN REVISION OF MONTHLY BANK DEBITS AND WEEKLY REPORTING MEMBER BANK SERIES Beginning with March 1953 the Board has revised both its monthly bank debits series and its weekly reporting member bank series. The revised debits series, which measures the extent to which depositors are using their checking accounts, comprises only debits to demand deposit accounts of individuals, partnerships, and corporations, and of States and political subdivisions; it excludes debits to United States Government accounts and to time deposit accounts. Thus this monthly series is on substantially the same basis as the weekly figures previously collected from reporting member banks, and the weekly debits reports are no longer collected. The reporting burden of the cooperating banks has been reduced substantially, while the value of the debits data made available has been increased. One of the main uses of the debits series is to follow changes in the rate of deposit turnover. Since the turnover of time deposits is very low as compared with that of demand deposits, the inclusion of debits to time accounts in the former monthly series may have produced differences in velocity between centers and periods of time that had no relation to actual divergencies in economic conditions.1 Instead, they may have reflected to some extent either varying proportions of time and demand deposits at reporting banks in different centers, or varying proportions of savings deposited in reporting banks and in nonreporting institutions such as mutual savings banks and savings and loan associations. 1 See "Velocity of Time Deposits" by George Garvy in the forthcoming June 1953 issue of Journal of the American Statistical Association. APRIL 1953 Bank debits series. The new debits series is a much better measure than the old series of the activity of checking accounts, which reflect the volume of current payments in various localities. Thus it permits more significant comparisons between various centers and various periods of time. Elimination of debits to Treasury Tax and Loan Accounts and to accounts of Directors of Internal Revenue at commercial banks removed from the monthly series an irregular factor not related to economic conditions, particularly in any center without a Federal Reserve Bank or branch but having a Director of Internal Revenue. Payments from Treasury accounts at the Federal Reserve Banks are more accurate indicators of Government spending activity than are figures of debits to Government accounts at commercial banks, which reflect principally the shifting of deposits from the commercial banks to the Federal Reserve Banks in anticipation of payments and have little or no relation to spending activity in the localities concerned. Certain miscellaneous Government demand accounts such as those of disbursing officers, post exchanges, hospitals, etc., have not been entirely eliminated. Since they are often carried in the same ledger with accounts of private depositors and might be burdensome to segregate for reporting purposes, respondent banks have been given the option of including or excluding them. The amount of such debits not only is very small in relation to total debits, but is likely to reflect local spending activity in timing and amount. 355 REVISION OF MONTHLY BANK DEBITS AND WEEKLY MEMBER BANK SERIES Elimination of debits to time deposit accounts has had little effect on the volume of debits, since the rate of turnover of time deposits is generally very low. Nevertheless, as previously explained, it has improved the significance and comparability of rates of deposit turnover, particularly as between centers and over extended periods of time during which the proportion of time and demand deposits varied. Current monthly releases and future issues of the BULLETIN will show year-ago figures on the new basis. Monthly estimates have been made for each reporting center on the revised basis for 1952. These estimates, together with percentage comparisons with the former series, will be published in a special release. Monthly estimates of district totals on the revised basis are being prepared back to 1943. Revised estimates for individual centers will not be published except for New York City and six other centers that are being combined into a new grouping. These estimates of prior years will be available later this year. Revision of the series has reduced the annual figure of aggregate debits in 1952 by about 3 per cent and lowered the corresponding amounts for many centers, including New York City, by approximately the same percentage. Changes for other individual centers varied, in a few cases rather widely. The largest reductions were in cities having an office of the Director of Internal Revenue but no Federal Reserve Bank or branch. These larger reductions resulted from the elimination of debits representing transfers of Federal tax receipts from reporting banks to a Federal Reserve Bank. Some of the smaller reductions, and the few increases, were in cities in which new reporting banks 356 or branches were added. The smallest reductions were in cities in which one or more banks had not reported debits to Government accounts in the old series and, consequently, were not affected by the elimination of the debits from the series. Wherever reporting errors were discovered, allowances were made for them in estimating the revised figures for prior years. The grouping of cities to obtain three breakdowns of the national series was changed. New York City continues to be shown separately, but the series for 140 other leading cities and 201 other reporting centers were eliminated and replaced by two new groups of 6 other centers (Boston, Philadelphia, Chicago, Detroit, Los Angeles, and San Francisco) and 338 centers. The new 6 centers series, which accounts for about a third of the debits outside New York City, and the new 338 centers series are expected to provide more significant comparisons than the previous combinations. The former series for 140 leading centers had been maintained principally because of its continuity since 1919 on a fairly comparable basis, but it included a number of relatively small centers and did not include a number of important centers for which figures were not available back to 1919. Monthly debits figures are more significant than weekly figures for most purposes, since they smooth out wide weekly variations. Monthly debits to demand deposits were previously derived from weekly reporting member bank data by prorating split weeks at the beginning and end of months, a procedure which could yield only approximations of doubtful accuracy. As more and more banks went on a five-day-week basis, this problem became more troublesome. FEDERAL RESERVE BULLETIN REVISION OF MONTHLY BANK DEBITS AND WEEKLY MEMBER BANK SERIES Weekly reporting member bank series. Changes in the weekly reporting member bank series were relatively minor as compared with the changes in the monthly bank debits series. Aside from relieving weekly reporting banks from including the debits item, the principal change was to expand the coverage of the series by making a net addition of eight banks. A minor change in reporting was the elimination of the breakdown of loans for purchasing or carrying securities between loans on United States Government securities and those on other securities for all cities except New York and Chicago, where most of such loans are made. The expanded coverage of the reporting member bank series resulted in an increase of 960 million dollars in total loans and investments and 719 million in demand deposits adjusted on March 4, 1953. A comparison of the new and old series was given in the Board's weekly press release of March 18, and March 4 figures on both bases appear in the tables on pages 378-80 of this BULLETIN. The revised series will be carried back to the first Wednesday in March 1952, and comparable year-ago figures will be made available upon request. DISCONTINUANCE OF SPECIAL REQUIREMENT FOR DEALERS WITH FEDERAL RESERVE OPEN MARKET ACCOUNT1 The Federal Open Market Committee has discontinued, effective today, its requirement that transactions with the Open Market Account be confined to dealers in Government securities who meet certain specified qualifications. The requirement, adopted by the Committee in 1944 to meet wartime condi1 Statement by the Federal Open Market Committee released for publication on Apr. 15, 1953. APRIL 1953 tions, is no longer deemed necessary or desirable now that open market operations of the Federal Reserve Banks are divorced from support of any pattern of prices or yields in the Government securities market. Discontinuance of the requirement was recommended by the Open Market Subcommittee appointed in 1952 to make a technical study of the operations of the System Account. 357 CURRENT EVENTS AND ANNOUNCEMENTS Historical Supplement to Monthly Chart Book on Bank Credit, Money Rates, and Business The spring edition of the historical supplement to the monthly Federal Reserve Chart Book on Money Rates, Bank Credit, and Business will be available for distribution about mid-May, on the terms indicated on page 442. The format of the book and most of the charts included will be the same as in the September 1952 edition. Most charts will include the latest data available in April. Election of Class A and Class B Directors On March 20, 1953, the Federal Reserve Bank of New York announced the elections of the following Class A and Class B directors of the Bank: N. Baxter Jackson, Chairman of the Board, Chemical Bank and Trust Company, New York, N. Y., was elected a Class A director of the Federal Reserve Bank of New York for the term ending December 31, 1955. He succeeded Mr. John C. Traphagen, Chairman of the Board, The Bank of New York, New York, whose term expired. Mr. Jackson served as the Member of the Federal Advisory Council to represent the Second Federal Reserve district from January 1, 1950 through December 31, 1952. Lansing P. Shield, President, The Grand Union Company, East Paterson, N. J., was elected a Class B director of the Federal Reserve Bank of New York for the term ending December 31, 1953. He succeeded Mr. Marion B. Folsom, Treasurer and Director, Eastman Kodak Company, Rochester, N. Y., who resigned to accept appointment as Under Secretary of the Treasury. John E. Bierwirth, President, National Distillers Products Corporation, New York, N. Y., was elected a Class B director of the Federal Reserve Bank of New York for the term ending December 31, 1954. He succeeded Mr. J. E. Crane, Vice President, Standard Oil Company (New Jersey), New York, N. Y., who resigned to accept appointment as a Class C director and Chairman and Federal Reserve Agent of the Federal Reserve Bank of New York. Resignation of Class C Director On March 18, 1953, the Board of Governors accepted the resignation of Mr. Philip Young, Dean, 358 Graduate School of Business, Columbia University, New York, N. Y., as a Class C director of the Federal Reserve Bank of New York. Mr. Young resigned to accept appointment as the Chairman of the Civil Service Commission. He had served as a Class C director since April 29, 1952. Resignation of Branch Director Effective March 13, 1953, the Board of Governors accepted the resignation of Mr. John A. Hannah, President, Michigan State College, East Lansing, Michigan, as a director of the Detroit Branch of the Federal Reserve Bank of Chicago. Mr. Hannah resigned following his appointment as Assistant Secretary of Defense. He had served as a director of the Detroit Branch since January 1, 1951. Appointment of Branch Director On April 7, 1953, the Board of Governors announced the appointment of Mr. Clifford M. Hardin, Director, Michigan Agricultural Experiment Station, Michigan State College, East Lansing, Michigan, as a director of the Detroit Branch of the Federal Reserve Bank of Chicago for the term ending December 31, 1954. Mr. Hardin succeeded Mr. John A. Hannah, who resigned. Tables Published Annually and Semiannually, with Latest BULLETIN Reference Semiannually Banking offices: Analysis of changes in number of. . . On, and not on, Federal Reserve Par List, number of Annually Bank suspensions Earnings and expenses: Federal Reserve Banks Member banks: Calendar year First half of year Banks and branches, number of, by class and State Operating ratios, member banks Issue Page Feb. 1953 181 Feb. 1953 184 Feb. 1952 135 Feb. 1953 182-183 May 1952 Oct. 1952 556-566 1159 May 1952 Aug. 1952 567-568 937-939 Admission of State Bank to Membership in the Federal Reserve System The following State bank was admitted to membership in the Federal Reserve System during the period February 16, 1953 to March 15, 1953: Iowa West Liberty—West Liberty State Bank. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 27 and released for publication March 30] Economic activity rose further in February and March. Industrial output reached new postwar highs and construction activity increased somewhat from earlier advanced levels. Retail trade expanded as auto sales showed considerable strength and other lines generally gained somewhat. Wholesale prices continued at about the January level, while consumer prices were somewhat lower. INDUSTRIAL PRODUCTION The Board's industrial production index rose further in February to 239 per cent of the 1935-39 average. Output of both durable and nondurable goods increased moderately. The March index is estimated at 241, with the gain reflecting mainly greater activity in the automobile industry. Production of passenger cars since mid-February has been at an annual rate of about 6.5 million units, close to 50 per cent above the reduced rate of a year ago; output for the entire first quarter was not far below the 1951 record for this period. Output of major household goods in February apparently changed little following the rapid expansion of last autumn and early winter. Activity in industrial and military equipment lines has continued at advanced levels. Output of metals and building materials was maintained in February in unusually large volume, and in March steel ingot production rose to a new record level. Activity in the cotton textile, leather, paper, and INDUSTRIAL PRODUCTION printing industries rose somewhat further in February. Production of shoes and of paperboard was in exceptionally large volume. Output of manufactured dairy products continued to expand and was considerably greater than a year ago owing mainly to a sharp increase in butter. Meat production in the first half of March was moderately above a year ago as substantially larger beef output more than offset a decline in pork. Bituminous coal mining declined further in February and early March. Crude petroleum output was maintained in February but has been curtailed slightly in March. CONSTRUCTION Value of construction contract awards declined slightly in February, reflecting chiefly decreases in awards for public construction. Housing units started advanced to a seasonally adjusted annual rate of 1.23 million from 1.16 million in January. Total new construction activity declined less than seasonally from earlier advanced levels. EMPLOYMENT Seasonally adjusted employment in nonagricultural establishments at 47.9 million in February was up moderately from January. Hourly earnings and the average work week at factories remained at about the January level. Unemployment, after a seasonal rise in January, declined to 1.8 million in February, a postwar low for this month. CONSTRUCTION CONTRACTS AWARDED Million. .1 Dollar, _ _ 2000 MINERALS 0 500 PUBLIC OWNERSHIP 1949 1950 1951 1952 1953 Federal Reserve indexes, for March. APRIL 1953 1949 1950 1951 1952 1953 Monthly figures, latest shown are 1949 1950 1951 PRIVATE ' NONRESIDENTIAL 1952 1953 1949 1950 1951 1952 1953 F. W. Dodge Corporation data for 37 Eastern States. Monthly figures, latest shown are for February. 359 NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION Total retail sales rose in February after seasonal adjustment and as in other recent months were substantially higher than a year ago. Sales by automotive dealers were up considerably and sales at other durable and most nondurable goods stores showed moderate gains. Seasonally adjusted sales at department stores increased somewhat in February and the first three weeks of March; during the corresponding period last year they had shown some decline. Stocks at department stores are estimated to have changed little in February, after rising in January, and at the end of the month were moderately higher than a year ago. COMMODITY PRICES The average level of wholesale prices changed little from mid-February to the end of March. Following removal of controls, prices of coffee, cigarettes, and various industrial materials were raised. Grains also advanced, while rubber, hides, and some cotton textiles declined. Prices of passenger automobiles were reduced by a major producer. The consumer, price index declined somewhat further in February, reflecting chiefly further decreases in beef prices. Little change is indicated in March. Member bank reserve positions were generally tight in the first half of March, reflecting an increase in currency in circulation and a further outflow of gold. In the week ending March 11, member bank borrowing from the Federal Reserve averaged 1.4 billion dollars, almost 900 million dollars more than excess reserves. After the middle of the month, however, there was some temporary easing in reserve positions due in large part to Treasury operations around the quarterly tax date. SECURITY MARKETS Yields on intermediate and long-term Treasury bonds and on corporate bonds rose to new postwar highs during the first three weeks of March. Yields on Treasury notes and short-term bonds were relatively stable and bill rates declined somewhat. Common stock yields declined moderately as a result of a continued rise in stock prices. PRICES AND TRADE BANK CREDIT Loans and investments at banks in leading cities increased somewhat in the first half of March following substantial reductions in January and February. The March rise was due in part to a sharp expansion in borrowing by businesses in a number of lines. Outstanding loans to commodity dealers and food processors, however, continued to decline seasonally. Consumer and real estate loans of banks rose further and bank holdings of United States Government securities continued to decline. 360 Seasonally adjusted series except for prices. Price indexes compiled by Bureau of Labor Statistics. Total retail sales and disposable personal income, Federal Reserve indexes based on Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for February. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 363-364 Federal Reserve Bank rates; margin requirements; reserve requirements 364-365 Reserves and deposits of member banks Federal Reserve Bank statistics Regulation V: guaranteed loans, fees, and rates Bank debits and deposit turnover; Postal Savings System Money in circulation Consolidated statement of the monetary system; deposits and currency. . All banks in the United States, by classes All commercial banks in the United States, by classes Weekly reporting member banks Commercial paper and bankers' acceptances Life insurance companies; savings and loan associations Government corporations and credit agencies Security prices and brokers' balances Money rates; bank rates on business loans; bond and stock yields Treasury finance New security issues Business finance Real estate credit statistics Statistics on short- and intermediate-term consumer credit Business indexes Merchandise exports and imports Department store statistics Consumers' and wholesale prices Gross national product, national income, and personal income List of tables published in BULLETIN annually or semiannually, with references for latest data 366 367-369 369-370 370 371 372 373-375 376-377 378-380 380 381 382-383 384 385 386-391 392 393-394 395-397 398-400 401-410 410 411-415 416-417 418-419 358 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication. Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. APRIL 1953 361 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars 35 ~ ~ Wednesday Figures "~ Billions of Dollars MONEY IN CIRCULATION RESERVE BANK I CREDIT REQUIRED RESERVES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1944 1945 1946 1947 1948 I FEDERAL 1949 I RESERVE 1950 1951 1952 I CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL NOTES AND CERTIFICATES DISCOUNTS AND ADVANCES V1'* 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for March 25. 362 1951 1952 1953 See page 363. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S. Government securities Date or period Discounts and advances Total All Bills, 1 Total certifi- other Bonds cates, and notes Gold stock Treasury currency outstanding Money in circulation Member bank reserve balances TreasOther Treas- ury deposits Non- Fedury eral with memcash ReFederal ber de- serve holdReposits ReExings acTotal quired2 cess2 serve counts Banks Wednesday figures: 1952—Feb. 6. Feb. 13. Feb. 20. Feb. 27. 283 22,614 619 22,499 454 22,400 422 22,555 5,344 17,270 759 23,656 22,990 5,344 17,155 634 23,753 23,011 5,471 16,929 1,033 23,887 23,071 5,636 16,919 773 23,750 23,110 4,717 4,717 4,721 4,722 28,378 28,425 28,387 28,390 1,317 1,276 1,308 1,308 52 261 491 712 728 685 749 730 741 20,148 741 20,094 738 20,007 735 19,710 19,415 19,304 19,293 19,224 Mar. 5 . Mar. 12. Mar. 19. Mar. 26. 384 22,514 357 22,530 126 22,825 170 22,528 5,636 5,636 5,636 5,636 16,878 986 23,883 23,290 16,894 891 23, 778 23,291 17,189 1,265 24, 216 23,292 715 23,413 23,291 16,892 4,726 4,726 4,729 4,731 28,464 28,452 28,361 28,329 1,296 1,296 1,285 1,282 670 639 6 7 895 841 742 736 787 19,787 785 19,781 803 21,038 804 20,276 19,166 621 19,182 599 19,627 1,411 19,500 776 Apr. 2 . Apr. 9 . Apr. 16. Apr. 2 3 . Apr. 30. 130 22,514 167 22,494 622 22,467 830 22,372 676 22,363 5,636 5,636 5,136 5,136 5,136 16,878 766 23,409 23,291 16,858 731 23,393 23,293 17,331 1,020 24,109 23,293 17,236 771 23,973 23,295 17,227 593 23,632 23,297 4,736 4,736 4,737 4,738 4,739 28,445 28,526 28,436 28,333 28,460 1,281 1,273 1,288 1,287 1,284 295 381 520 877 450 776 763 853 809 784 827 19,812 827 19,652 825 20,218 824 19,875 749 19,940 19,166 19,076 19,225 19,087 19,143 646 576 993 788 797 May 7. May 14. May 21. May 28. 1,043 22,329 671 22,315 499 22,283 816 22,273 5,136 23,297 23,297 23,298 23,296 4,739 4,739 4,739 4,741 28,523 28,497 28,483 28,710 1,286 1,293 1,279 1,286 749 516 384 558 762 796 813 813 747 20,034 745 19,953 745 20,127 745 19,667 19,071 19,092 19,181 19,217 963 861 946 450 733 790 714 486 5,136 17,193 695 24,067 779 23,764 17,179 17,147 1,013 23,794 17,137 653 23,742 926 834 541 307 22,378 22,492 22,997 22,564 5,136 5,136 5,136 5,136 775 24,079 23,296 17,242 17,356 803 24,128 23,297 17,861 1,289 24,828 23,297 17,428 882 23,753 23,346 4,747 4,750 4,751 4,752 28,842 28,830 28,787 28,814 1,282 1,284 1,286 1,290 527 507 9 134 824 834 768 813 742 19,906 742 19,978 794 21,232 793 20,006 19,207 699 19,226 752 19,736 1,496 19,621 385 480 683 974 1,073 1,403 22,869 22,860 22,723 22,726 22,844 5,136 5,136 5,136 17,733 17,724 17,587 17,590 17,708 806 923 974 875 660 24,155 23,346 24,465 23,347 24,671 23,348 24,674 23,350 24,907 23,350 4,755 4,754 4,756 4,756 4,761 29,180 29,148 28,988 28,884 28,952 1,277 1,264 1,271 1,275 1,286 90 760 38 906 307 988 482 1,016 605 1,042 798 20,153 799 20,413 797 20,422 797 20,326 724 20,409 20,104 20,008 19,973 19,875 19,829 49 405 449 451 580 Aug. 6. Aug. 13. Aug. 20. Aug. 27. 843 22,977 770 23,051 979 23,032 897 23,092 5,163 5,236 5,236 5,236 17,814 17,815 17,796 17,856 620 732 799 614 24,440 23,350 24,553 23,344 24,810 23,344 24,603 23,344 4,763 4,764 4,766 4,768 29,041 29,051 29,068 29,129 1,279 1,277 1,281 1,276 270 982 422 1,057 526 1,057 707 1,084 722 20,260 718 20,136 721 20,267 721 19,797 19,675 19,692 19,652 19,643 585 444 615 154 Sept. Sept. Sept. Sept. 3. 10. 17. 24. 968 23,182 880 23,229 313 23,740 400 23,715 5,236 17,946 666 24,816 5,236 17,993 764 24,872 5,236 18,504 1,195 25,249 5,236 18,479 742 24,857 23,344 23,344 23,344 23,343 4,774 4,776 4,780 4,781 29,391 29,364 29,292 29,247 1,285 1,279 1,281 1,274 715 1,066 347 948 6 998 264 889 717 19,760 715 20,340 729 21,067 726 20,581 19,511 249 19,549 791 19,957 1,110 19,901 680 Oct. Oct. Oct. Oct. Oct. 1. 8. 15. 22. 29. 544 23,694 1,019 23,663 772 23,663 1, 130 23,663 1,171 23,624 4,522 4,522 4,522 4,522 4,522 19,172 725 24,963 23,342 19,141 702 25,384 23,341 19,141 891 25,325 23,341 19,141 1,074 25,867 23,340 19,102 710 25,505 23,340 4,787 4,787 4,787 4,790 4,790 29,417 29,545 29,617 29,511 29,540 1,287 1,280 1,276 1,281 1,289 523 596 212 618 588 884 972 854 929 891 882 20,098 880 20,239 881 20,613 878 20,779 877 20,449 19,762 19,567 20,089 20,128 19,975 336 672 524 651 474 Nov. Nov. Nov. Nov. 5. 12. 19. 26. 1,663 23,520 4,522 1,583 23,567 4,522 1,486 23 ,563 4,526 1,615 23,761 4,528 18,998 532 25,714 23,339 19,045 546 25,696 23,338 ,337 19,037 1,143 26,193 19,233 925 26,301 23,338 4,794 4,794 4,797 4,797 29,748 29,905 29,842 30,152 1,278 1,282 1,292 1,267 789 505 703 317 893 883 949 981 805 805 803 801 19,884 19,906 20,073 20,409 450 541 665 508 Dec. Dec. Dec. Dec. Dec. 3. 10. 17. 24. 31. 1,591 23,968 1,752 24,239 1,022 24,469 1,728 24,613 156 24,697 4,539 4,537 4,533 4,530 4,522 19,429 1,191 26,751 23,337 870 26,860 23,337 19,702 19.936 1,547 27,039 23,277 20.083 1,519 27,860 23,186 971 25,825 23,187 20,175 4,803 4,804 4,806 4,809 4,812 30,274 30,370 30,487 30,732 30,433 1,278 1,280 1,269 1 ,266 1,270 719 881 645 1,036 371 937 665 930 1,005 800 20,939 20,371 802 20,868 20,288 860 21,198 20,582 863 21,400 20,531 777 19,950 20,520 568 580 616 869 -570 1953—Jan. Jan. Jan. Jan. 7. 14. 21. 28. 1,336 24,391 1,076 24,205 862 24,034 1,307 23,970 4,522 4,522 4,522 4,522 19,869 969 26,695 23,137 19,683 885 26,166 23,137 19,512 1,009 25,904 23,088 732 26,009 23,036 19,448 4,814 30,153 4,814 29,884 4,814 29,687 4,815 29,592 1,280 1,280 1,291 1,298 622 455 343 745 913 1,063 970 949 776 20,902 776 20,660 774 20,741 775 20,502 20,309 20,274 20,255 20,095 593 386 486 407 Feb. Feb. Feb. Feb. 4. 11. 18. 25. 1,38. 1,329 732 806 23,989 23,929 23,890 23,853 4,522 4,522 4,522 4,522 19,467 774 26,148 22,935 19,407 653 25,912 22,832 ,722 19,368 1,027 25, 74 25,406 22,662 19,331 4,820 4,820 4,821 4,821 29,657 29,776 29,654 29,735 1,331 1,312 1,288 1,291 672 431 395 389 898 702 665 770 20,584 770 20,376 835 20,318 834 19,975 19,956 19,894 19,979 19,791 628 482 339 184 Mar. Mar. Mar. Mar. 4. 11. 18. 25. 824 23,85. 1,315 23,853 1,009 23,963 705 23,869 4,522 4,522 4,522 4,522 ,662 19,331 1,066 25,742 774 25,941 22,611 19,331 19,441 ,206 26,178 22,612 19,347 814 25,,387 22 ,562 4,824 4,824 4,826 4,826 29,772 29,780 29,708 29,600 1,295 1,299 1,305 1,306 488 331 752 926 877 862 830 20,090 829 20,212 852 20,865 852 20,148 ^19,889 P19.849 P19.990 P19.768 P201 P363 ^875 20,334 20,447 20,738 20,917 P280 ^Preliminary. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 APRIL 1953 363 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollarsl Reserve Bank credit outstanding Gold stock TreasTreasdeury Money Treas- ury posits curury cirwith rency in cash culaouthold- Federal Restand- tion ings serve ing Banks 4,037 4,031 17,644 22,737 20,065 20,529 22,754 24,244 24,427 24,231 22,706 21,756 22,695 2,019 2,286 2,963 3,247 4,339 4,562 4,562 4,589 4,598 4,607 4,636 4,655 4,709 U. S. Government securities Date or period Discounts and advances Total All 1 Bills, certifi other Bonds cates, and notes Total Member bank reserve balances Other Non- Fedmem- eral Reber de- serve posits acTotal counts ExRequired5 cess2 End of period 1929—June 29. 1933—June 30. 1939—Dec. 30. 1941—Dec. 31. 1945—Dec. 31. 1946—Dec. 31. 1947—Dec. 31. 1948—Dec. 31. 1949—Dec. 31. 1950—June 30. Dec. 30. 1951—June 30. Dec. 3 1 . 216 1,037 164 1,998 7 2,484 3 2,254 249 24,262 163 23,350 85 22,559 223 23 ,333 78 18,885 43 18,331 67 20,778 53 22,982 19 23,801 1952—Mar Apr May June.... July Aug Sept Oct Nov Dec 1953—Tan Feb Mar 133 22,514 676 22,363 952 22,273 59 22,,906 1, 270 22,853 1, 318 23,146 477 23,694 1,591 23,575 1,895 23,821 156 24,697 1,735 23,944 1, 309 23,875 485 23,806 147 71 145 58 441 1,557 1,351 1,133 102 1,467 787 104 580 947 23,315 753 22,597 581 2,853 19,706 536 10,977 12,356 542 7,218 11,667 536 5,618 12,713 329 4, 620 16,158 1,371 204 264 2,409 2,215 2,287 2,272 1,336 ,325 ,312 ,298 ,293 ,281 ,270 36 35 634 867 977 393 870 1,123 821 950 668 317 247 28 166 653 1,360 1,308 822 961 1,189 1,517 1,431 1,460 1,262 889 374 346 251 291 495 607 563 590 706 771 714 765 746 16,878 623 23,270 23,291 736 28,473 ,277 17,227 593 23,632 23,298 739 28,464 ,281 17,137 927 24,152 23,296 748 28,767 ,274 17,770 586 23,551 23,346 754 29,026 ,283 17,717 699 24,821 23,350 762 28,978 ,281 17,910 751 25,216 23,344 4,776 29,293 ,269 18,458 577 24,747 23,342 786 29,419 ,278 19,053 689 25,855 23,339 795 29,644 ,268 19,294 1,024 26,740 23,338 4,802 30,236 1,261 20,175 971 25,825 23,187 4,812 30,433 1,270 19,422 800 26,478 22,986 4,820 29,691 1,308 19,353 1,010 26,194 22,662 4,824 29,793 1,284 19,284 635 24,927 •22,562 '4,827 P29.747 Pl.299 169 450 541 333 638 488 508 770 378 389 809 336 222 845 784 1,094 846 991 1,157 881 887 1,056 1,005 1,094 923 801 19,733 19,241 492 749 19,940 19,143 797 743 19,778 19,187 591 783 19,381 19,573 -192 723 20,323 19,828 495 718 20,411 19,576 835 723 20,066 19,747 319 805 20,616 19,996 620 801 21,149 20,354 795 777 19,950 20,520 -570 770 20,611 19,997 614 833 20.511 19,796 715 850 19,322 •19,707 P 3 8 5 333 549 553 328 306 501 326 550 591 569 552 500 244 845 875 838 843 960 1,044 997 941 986 1,035 1,016 862 908 790 818 745 767 791 720 721 876 803 832 775 800 1,400 2,220 2,593 2,361 25,091 24,093 23,181 24,097 19,499 18,703 22,216 6,822 16,160 1,007 24,043 5,344 18,457 1,189 25,009 5,636 5,136 5,136 5,136 5,136 5,236 5,236 4,522 4,527 4,522 4,522 4,522 4,522 4,459 5,434 7,598 11,160 28,515 28,952 28,868 28,224 27,600 27,156 27,741 27,809 29,206 2,356 2,292 11,653 12,450 15,915 16,139 17,899 20,479 16,568 15,934 17,681 19,020 20,056 2,333 23 1,817 475 6,444 5 ,209 9, ,085 14,457 1,458 15,577 562 16,400 1,499 19,277 1,202 15,550 1,018 15,498 436 16,509 1,172 18,604 416 19,667 389 Averages of daily figures: 1952—Mar Apr May June July.... Aug Sept Oct Nov Dec 1953—Tan Feb Mar 314 365 573 585 1,092 1,059 723 1,,0Q3 1,577 1,633 1,372 1,336 1,220 22,634 22,448 22,308 22,617 22,798 23,027 23,471 23 ,657 23 ,638 24,400 24,202 23,918 23,892 942 23,890 23,278 4,728 5,636 16,998 913 23,726 23,293 5,354 17,094 737 823 23,704 23,297 4,740 5,136 17,172 941 24,144 23,308 4,751 5,136 17,481 895 24,786 23,348 4,756 5,136 17,662 738 24,824 23,346 4,765 5,216 17,811 861 25,055 23,343 4,778 5,236 18,235 19,135 931 25,681 23,340 4,788 4,522 958 26,172 23,338 4,796 4,524 19,114 19,878 1,266 27,299 23,276 4,806 4,522 4,522 19,680 1,012 26,586 23,101 4,814 826 26,080 22,797 4,821 4,522 19,396 913 26,025 22,606 4,825 4,522 19,370 28,437 28,459 28,557 28,843 29,028 29,088 29,343 29,555 29,904 30,494 29,920 •29.718 29,751 1,283 1,278 1,281 1,282 1,270 1,276 1,275 1,276 1,277 1,271 1.280 1 ,299 1,296 20,207 19,322 19,777 19,127 19,767 19,139 20,140 19,431 20,535 19,926 20,306 19,657 20,514 19,736 20,611 19,963 20,744 20,087 21,180 20,457 20,958 20,251 20,520 19,882 20,416 885 650 628 709 609 649 778 648 657 723 707 638 r P Preliminary. Revised. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 MARGIN REQUIREMENTS 3 [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months In less than 90 days 2V2 2Y2 2*2 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. 364 Prescribed in accordance with Securities Exchange Act of 1934 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Mar. 30, Jan. 17, Effec19491951tive Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 50 50 75 75 50 50 50 75 50 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Federal Reserve Bank Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Other secured advances ' [Sec. 10(b)] In effect beginning— In effect beginning— Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco.. . . Tan. Jan. Jan. Jan. Jan. an. an. an. an. Jan. an. an. 20,1953 16,1953 16,1953 16,1953 23,1953 16,1953 16,1953 16,1953 16,1953 16,1953 23,1953 20,1953 Jan. Jan. an. an. Jan. Jan. an. an. Jan. Jan. Jan. Jan. FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate on Mar. 31 Maturity 1- 90 days 91-120 days 121-180 days 2V8 2H 2% In effect beginning— Jan. 16, 1953 Jan. 16, 1953 Jan. 16, 1953 Boston New York Philadelphia. . . . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas City. . . . Dallas San Francisco... 1 2 3 On commitments Remaining portion iJi On commitments y25 2-2Y2 (2) Including loans made in participation with financing institution?. Rate charged borrower less commitment rate. 4 Rate charged borrower. Rate charged borrower but not5 to exceed 1 per e cent above the discount rate. Charge of % P r c e n t P e r annum is made on undisbursed portion of 6 loan. Charge of ^ per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. APRIL 1953 Effective date of change 2 2V8 To financing institutions Portion for which institution is obligated Net demand deposits 1 Previous rate On discounts or purchases On loans 1 Jan. Jan. Jan. Aug. Jan. Jan. Aug. Jan. Jan. Jan. Jan. Jan. 20,1953 16,1953 16,1953 16,1953 23,1953 16,1953 16,1953 16,1953 16,1953 16,1953 23,1953 20,1953 [Per cent of deposits] FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect March 31. Per cent per annum] Federal Reserve Bank In effect beginning— MEMBER BANK RESERVE REQUIREMENTS NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. To industrial or commercial businesses Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) 1917—June 21 Central reserve city banks Reserve city banks Country banks Time deposits (all member banks) 13 10 7 3 1936—Aug. 16 1937—Mar. 1 May 1 22M 26 1938—Apr. 16 22 K 1941—Nov. 1942—Aug. Sept. Oct. 1 20 14 3 26 24 22 20 1948—Feb. June Sept. Sept. 27 11 16 24 22 24 1949—M a y May June July Aug. Aug. Aug. Aug. Aug. Sept. i 5 30 1 1 11 16 18 25 1 15 20 2 20 14 4 6 12 5 14 6 16 26 22 24 21 20 15 14 13 23H 19H 23 22H 22 19 12 »7 «7 *6 »5 18 1951—Jan. 11 Jan. 16 Jan. 25 Feb. 1 23 19 24 20 In effect Apr. 1, 1953 4 . . . 24 20 13 «6 2 6 14 14 6 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 23 Requirement became effective at country banks. Requirement became effective at central reserve and reserve city banks. * Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. 365 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member 1 banks Central reserve city banks Reserve city banks Country banks » New York Chicago 20,310 20,469 19,995 21,180 20,958 20,520 5,275 5,335 5,209 5,357 5,184 5,050 1,356 1,347 L.3O5 1,406 1,379 1,356 7,922 7,967 7,757 8,323 8,277 8,082 5,756 5,819 5,723 6,094 6,118 6,031 20,592 20,409 20,365 20,314 20,581 20,498 5,034 5,020 5,043 5,013 5,148 5,118 ,354 L.345 1,362 ,348 1,382 ,372 8,112 8,044 8,018 7,975 8,049 8,063 6,091 6,000 5,942 5,978 6,001 5,946 Month, or week ending Wednesday Total reserves held: 1951—December 1952—January February December 1953—January February Feb. Feb. Mar. Mar. Mar. Mar. 18 25 4 11 18 25 Central reserve city banks New York Chicago Reserve city banks Country banks» 184 200 136 120 119 95 596 643 557 576 589 531 582 500 465 501 Excess reserves: 1951—December 1952—January February December 1953—January February Feb. Feb. Mar. Mar. Mar. Mar. 826 933 695 723 707 638 44 90 5 30 5 14 3 -1 -3 689 580 567 557 P627 10 7 7 -25 30 8 -5 -9 -1 -10 4 102 82 96 91 71 112 P522 P472 657 210 365 1,593 1,347 1,310 151 2 9 486 320 255 64 34 82 232 335 277 354 130 220 639 529 624 89 45 53 236 163 155 1,263 1,084 1,168 1,408 1,299 924 248 152 136 229 281 157 291 209 218 276 299 235 579 577 660 727 573 401 145 146 154 176 146 131 18........ 25 4 11 18 25 A -6 -3 Borrowings a t Federal Reserve B a n k s : Required reserves: 1951—December 1952—January February December 1953—January February Feb. Feb. Mar. Mar. Mar. Mar. All member banks » 18 25 4 11 18 25 19,484 19,536 19,300 20,457 20,251 19,882 5,231 5,245 5,205 5,328 5,180 5,036 1,353 ,348 1,308 1,409 1,385 1,359 7,738 7,767 7,621 8,203 8,157 7,986 19,902 19,828 19,798 19,758 5,024 5,012 5,036 5,038 5,118 5,109 1,359 1,354 1,363 1,358 1,378 ,374 8,010 5,509 7,962 5,500 7,922 5,477 7,885 5,477 7,979 P 5 , 4 7 9 7,951 P 5 , 4 7 4 P19,954 P19.908 5,161 5,176 5,166 5,518 5,529 5,500 1951—December 1952—January February December 1953—January February Feb. Feb. Mar. Mar. Mar. Mar. 18 25 4 11 18 25 p Preliminary. Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 1 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Item All member banks Central reserve city banks New York Chicago Reserve city banks Country banks All member banks February 1953 Gross demand deposits: Total Interbank Other J Net demand deposits .. Time deposits 3 Demand balances due from domestic banks... Reserves with Federal Reserve Banks: Total Required Excess Borrowings at Federal Reserve Banks. New York Chicago Reserve city banks Country banks February 1952 107,339 12,139 95,200 93,802 33,609 22,511 3,873 18,639 20,423 2,243 5,987 1,161 4,827 5,369 1,175 41,495 5,967 35,528 35,898 13,447 6,037 43 116 1,835 4,044 20,520 19,882 638 5,050 5,036 14 1,356 1,359 -3 8,082 7,986 95 624 1 ,310 Central reserve city banks 37,345 103,970 12,162 1,138 91,808 36,207 90,907 32,113 16,744 31,240 23,217 3,929 19,288 21,202 1,936 5 ,740 1,144 4,596 5,163 1,146 39,683 5,941 33,743 34,365 12,470 35,329 1,148 34,181 30,176 15,689 6,066 40 113 1,860 4,053 6,031 5,500 531 19,995 19,300 695 5,209 5,205 5 1,305 1,308 -3 7,757 7,621 136 5,723 5,166 557 155 365 82 220 53 1 Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 366 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item End of month 1953 1953 Mar. 25 Assets Gold certificates Redemption fund for F . R. notes Mar. 18 Mar. 11 20,619, 100 20 674,102 20,674, 749,145 752, 754, 125 Total gold certificate reserves Mar. 4 Feb. 25 Mar. 1952 Feb. 20,724,100 20, 724,103 20 ,619, 103 20,724,1 748,134 756,072 755,972 752,358 Mar. 1,416,254 699,122 21,373, 225 21,423,247 21,426,459 21 ,476,458 21,480,175 21,367,237 21,480,072 22,115,376 Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans U. S. Government securities: Bills Certificates: Special Other Notes Bonds 380, 711 379,851 379 ,353 689, 564 15,000 3, 532 994,978 1,292 919 14,000 22 000 3,795 3 950 514,754 560,954 560,954 416,654 370,502 425,007 370,480 801,682 22,000 4,108 783,843 22,000 3,789 467,239 1,286,951 18,000 22,000 3,653 4,026 120,237 13,000 5,247 560,954 560,954 514,754 399,976 583,954 110,000 63 000 ,995,716 4,995 716 4,995,716 4,995,716 4,995,716 4,995,716 11,809,806 4,995 716 13,773 671 13 ,773,671 13,773 671 13,773,671 13,773,671 13,773,671 13,773,671 5,068,073 ,521,975 4,521 975 4,521,975 4,521,975 4,521,975 4,521,975 5,635,823 4,521, 975 Total U. S. Government securities 23,869,116 23,962,316 23,852,316 23,852,316 23,852,316 23,806,116 23,875,316 22,513,702 Total loans and securities 24,577,212 24,975,089 25,171,185 24,680,106 24,661,948 24,295,008 25,188,293 22,652,186 Due from foreign banks F. R. notes of other Banks Uncollected cash items Bank premises Other assets 23 167 ,712 4,334 ,095 49 ,457 178 ,224 Total assets 28 23 23 23 23 23 23 162,063 167,555 167,011 184,032 169 ,656 178,136 191,748 ,287,755 3,698 ,594 3,998,374 3,916,744 3,766,936 3,996,508 3,078,533 44,336 49,525 49,207 49,362 49,163 49 ,188 49,179 167,092 170,206 185,864 170,231 185 ,046 176,534 166,359 51,060,659 52,453,251 51,079,504 50,958,786 50,882,858 50,201,943 51,493,329 48,590,094 Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts U. S. Treasurer—general account Foreign Other 25,439,622 25,545,623 25,619,050 25,635,977 25,631,035 25,560,203 25,680,584 24,371,386 20,865,276 20,211,732 20,089,551 19 ,975,279 19,322,123 20 ,510. 720 19 ,732,566 168,605 ,467 330, 790 221,631 336, 300 488,272 388,543 555,297 581, 204 510 967 496 ,410 511,732 454,156 535,610 290,010 344,438 411 591 380 ,617 240,657 210,907 342,009 20,148 7. 510 350 Total deposits Deferred availability cash items Other liabilities and accrued dividends Total liabilities Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 21,017,481 21,750,770 21,468,164 21,330,212 21,028,885 20,421,373 21,769,578 20,746,478 ,460,424 3,523. 4,085,131 2,928, 2,936,976 ,173,112 3,135,168 2,990, 15,526 17,082 17,734 17, 16, 17, 16,029 17,445 49,998,852 51,398,606 50,032,255 49,919,194 49,850,477 49,134,478 50,457,974 47,593,814 256,878 584,676 27,543 192,710 Total liabilities and capital accounts Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per c e n t ) . . . . Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 256,809 584,676 27,543 185,617 256,762 584,676 27,543 178,268 256,650 584,676 27,543 170,723 256,399 584,676 27,543 163,763 256,891 584,676 27,543 198,355 256,543 584,676 27,543 166,593 242,225 538,342 27,543 188,170 51,060,659 52,453,251 51,079,504 50,958,786 50,882,858 50,201,943 51,493,329 48,590,094 45.3 27,951 2,857 27,938 2,624 27,499 2,506 27,538 2,403 27,403 3,079 29,406 2,756 27,518 2,817 8,089 6,468 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total Within 15 days 16 days to 90 days 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years U. S. Government securities—total Within 15 days 16 to 90 days 91 days to 1 year Over lyear to 5 years Over 5 years to 10 years Over 10 years 1 704 ,564 1 ,008,978 662 ,839 970,735 41 ,698 38,213 27 3 ,532 1 ,229 47 1 ,908 348 23,869 ,116 138 500 1,577 ,020 13,314 ,575 6,410 550 1,070 ,224 1,358 ,247 30 3,795 1,251 52 2,153 339 23 ,962,316 156,200 ,652,520 13,314,575 6,410,550 1,070,224 1,358,247 ,314,919 823,682 805,843 485,239 ,308,951 ,097,505 599,703 570,184 442,450 ,076,142 217,384 232,801 223,971 235,651 40,848 30 8 8 1,941 3,950 4,026 4,108 3,789 3,653 380 628 740 759 648 965 718 685 702 556 2,256 2,315 2,350 1,972 2,289 349 333 356 160 365 23,852,316 23,852,316 23 852,316 23 ,806,116 23 875,316 22 46,200 75,500 46,200 8,500 23,000 ,652,520 ,577,020 ,652,520 552,454 560,954 13,069,925 13,069,925 14,207,691 13,314,575 14,207,691 655,200 6,655,200 6,655,200 6,410,550 6,655,200 070,224 070,224 1,070,224 070,224 ,070,224 358,247 358,247 1,358,247 358,247 ,358,247 133,237 101,237 32,000 5,247 1,009 273 2,724 1,241 513,702 430,031 441,352 013,614 628,705 Callable U. S. Government securities classified according to nearest call date. APRIL 1953 367 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1953 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago San Francisco St. Louis Minneapolis Kansas City Dallas 533,173 323,217 909,204 576,097 2,577,059 51,351 25,295 40,809 Assets Gold certificates. 20,619,103 Redemption fund forF. R. notes. 748,134 681,962 6,884,566 1,206,812 1,478,086 783,246 63,528 75,313 59,717 83,787 634,245 4,031,436 74,722 58,086 127,706 29,946 57,874 Total gold certificate reserves.. 21,367,237 745,490 6,959,879 1,266,529 1,561,873 857,968 692,331 4,159,142 584,524 348,512 950,013 606,043 2,634,933 Other cash 370,502 67,977 24,271 29,274 25,969 25,380 67,142 32,803 19,850 6,664 12,945 43,644 14,583 Discounts and advances: Secured by U. S. Govt. securities. . . 466,910 63,270 11,590 11,300 21,850 18,485 25,610 161,690 38,450 19,065 43,800 46,800 5,000 18,329 5,310 1,350 900 Other 1,188 1,856 774 450 2,466 684 1,818 723 810 3,653 3,155 23 348 127 Industrial loans.. U. S. Govt. securities 23,806,116 1,653,888 5,258,886 1,491,192 2,312,359 ,701,804 1,522,433 3,458,179 1,265,623 721,115 945,341 1,149,383 2,325,913 Total loans and securities 24,295,008 1,673,561 5,327,466 1,507,287 2,325,515 1,724,577 1,549,165 3,622,335 1,313,107 760,142 965,129 1,155,193 2,371,531 Due from foreign 2 2 1 1 2 1 3 1 1 1 banks 1 17 23 F. R. notes of 8,522 10,212 30,701 17,752 17,144 other Banks... 27,905 10,752 6,954 7,203 6,866 2,884 20,116 167,011 Uncollected cash 3,766,936 355,251 83,360 173,085 171,166 344,419 items 792,111 218,723 340,243 310,882 260,290 577,355 140,051 49,362 3,825 4,618 4,911 4,642 3,706 6,770 2,963 1,044 2,242 Bank premises... 6,823 619 7,199 13,024 185,864 11,289 18,196 13,390 12,989 26,301 9,644 5,624 8,040 Other assets 18,197 9,258 39,912 Total assets 50,201,943 2,820,822 13,214,667 3,042,138 4,288,243 2,967,810 2,579,190 8,476,800 2,080,892 1,212,301 2,118,321 1,964,066 5,436,693 Liabilities 25,560,203 1,568,417 5,628,908 1,817,660 2,357,085 1,788,130 1,382,397 4,888,347 1,192,201 F. R. notes Deposits: Member bk.— reserve accts. 19,322,123 5,964,457 918,150 1,498,166 830,185 901,196 2,945,795 696,194 U. S. Treas.— 592 458 558 532 591 500 214,000 1,256 gen. acct.. . . 221,631 46,607 25,330 535,610 37,995 21,784 69,404 19,251 30,903 2 178,439 Foreign 2,935 4,083 342,009 939 4,198 652 836 7,214 Other 283,193 642,331 1,010.779 730,710 450,833 902,260 997,983 2,393,150 534 12,665 760 745 19,251 2,853 Total deposits. . . 20,421,373 Deferred availability cash items 3,135,168 Other liabilities and accrued dividends 17,734 790 22,797 885 1,075 51,184 33,461 925,109 1,022,455 2,478,870 859,240 6,640,089 957,542 1,549,563 859,008 924,888 3,016,567 723,250 464,792 325,017 641,520 186,950 280,973 262,392 221,547 421,860 120,779 75,681 140,047 161,300 297,102 963 5,524 1,041 2,107 858 774 2,661 695 498 572 654 1,387 Total liabilities. . 49,134,478 2,753,637 12,916,041 2,963,193 4,189,728 2,910,388 2,529,606 8,329,435 2,036,925 1,183,302 2,076,507 1,915,119 5,330,597 Capital Accounts Capital paid in. . Surplus (Sec. 7).. Surplus (Sec. 13b) Other capital accounts 256,891 584,676 27,543 13,768 36,462 3,011 81,276 167,503 7,319 17,462 43,578 4.489 24,550 54,064 1,006 11,162 29,248 3,349 10,879 25,803 762 32,884 84,628 1,429 8,891 23,628 521 5,785 15,131 1,073 9,720 21,925 1,137 12,619 25,381 1,307 27,895 57,325 2,140 198,355 13,944 42,528 13,416 18,895 13,663 12,140 28,424 10,927 7,010 9,032 9,640 18,736 Total liabilities and capital accounts 50,201,943 2,820,822 13,214,667 3,042,138 4,288,243 2,967,810 2,579,190 8,476,800 2,080,892 1,212,301 2,118,321 1,964,066 5,436,693 Reserve ratio 46.5% 30.7% Contingent liability on acceptances purchased for foreign correspondents 29,406 1,706 Industrial loan commitments.. 2,756 1 2 3 56.7% s 9,694 45.6% 40.0% 32.4% 30.0% 52.6% 30.5% 2,097 2,572 1,398 1,202 3,830 1,063 1,086 751 59 110 31.5% 699 i .... 49.1% 34.6% 52.4% 1,063 1,258 2,824 750 After deducting $16,000 participations of other Federal Reserve Banks. After deducting $357,153,000 participations of other Federal Reserve Banks. After deducting $19,712,000 participations of other Federal Reserve Banks. 368 FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars) Wednesday figures Item End of month 1953 Mar. 25 F. R. notes outstanding (issued to Bank). Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Government securities Mar. 18 Mar. 11 1953 Mar. 4 Feb. 25 Mar. 1952 Feb. Mar. 26,572,334 26,602,491 26,624,370 26,709,971 26,681,462 26,547,494 26,678,507 25,282,203 12,624,000 12,704,000 12,744,000 12,744,000 12,744,000 12,524,000 12 ,744,000 12 ,699,000 333,252 627,359 475,046 375,477 377,093 257,553 844,621 76,901 14,760,000 14,660,000 14,660,000 14,660,000 14,660,000 14 ,760,000 14 ,660,000 13 ,675,000 Total collateral 27,717,252 27,839,046 28,031,359 27,779,477 27,781,093 27,541,553 28,248,621 26,450,901 EACH FEDERAL RESERVE BANK ON MARCH 31, 1953 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco F. R. notes outstanding (issued 26,547,494 1,625,501 5,838,698 1,893,748 2,439,592 1,884,895 1,440,971 4,986,206 ,243,615 654,500 1,036,022 766,096 2,737,650 to Bank) Collateral held: Gold certificates 12,524,000 400,000 4,520,000 745,000 820,000 500,000 310,000 2,600,000 280,000 155,000 280,000 80,000 214,000 1,700,000 257,553 11,590 Eligible paper.. 60,390 21,850 46,800 38,450 19,098 40,800 18,575 U. S. Govt. se14,760,000 1,300,000 1,500,000 1,200,000 1,700,000 1,450,000 1,200,000 2,400,000 1,025,000 505,000 800,000 580,000 1,100,000 curities Total collateral.. 27,541,553 1,718,575 6,080,390 1,956,590 2,520,000 1,971,850 1,510,000 5,000,000 1,351,800 698,450 1,099,098 794,000 2,840,800 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday or last day of period) Applications approved to UctlC Number Amount 3,511 3,542 3,574 3,607 . . . . 3,649 3 608 3,736 544,961 565,913 586,726 615,653 629,326 651.389 710,931 Participations ApLoans Commit- of financproved ments ing instioutbut not com- standing2 standing tutions outpleted * (amount) (amount) standing3 (amount) (amount) LOANS GUARANTEED THROUGH FEDERAL RESERVB BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 [Amounts in thousands of dollars] Guaranteed loans authorized to date Guaranteed loans outstanding JJdlC 1945 1946 1947 1948 1949 1951 320 4,577 945 335 539 4 819 3,513 1,995 554 1,387 995 2,178 2.632 4,687 1,644 8,309 7,434 1,643 2,288 3.754 6,036 1,086 2,670 4,869 1,990 2,947 3.745 11,985 1952 Amount Total amount Portion guaranteed 1950 Dec. 3 1 . . . 62 31,326 8,017 6,265 8,299 254 484 729 854 1 ,154,942 1 ,395,444 300,955 654,893 68,833 252,100 492,167 675,459 56,973 209,465 400,652 546,597 47,822 276,702 450,013 472,827 1,023 1,050 1,066 1,092 1,113 1,130 1,143 1,159 1 ,463,443 1 ,530,388 1 ,677,786 1 ,727,729 1 ,787,755 1 ,867,643 1 ,922,388 2 ,023,403 2 ,052,327 2 ,069,697 2 ,081,888 2 ,124,123 715,928 763,838 836,739 838,073 870,174 883,262 909,688 907,899 922,129 993,856 989,678 979,428 580,381 617,674 672,974 672,678 695,814 703,774 726,452 725,943 736,833 811,132 811,117 803,132 525,129 511,786 467,392 595,098 601,752 615,139 648,065 692,067 656,995 591,762 600,304 586,303 Tan. 3 1 . . . 1,173 Feb. 28... 1,188 2 ,147,953 2 ,170,443 984,295 999,794 808,986 822,257 578,061 548,916 1951 Feb. 2 9 . . . Mar. 3 1 . . . Apr. 30. . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 30. . . Oct. 31 . . . Nov. 3 0 . . . Dec. 31. . . 3,741 3,741 3,743 3,743 3,745 3,746 3,750 3,750 3,751 3,752 3,753 721.144 725.787 730,482 734,049 738,721 743,629 748,451 752,042 757,277 762,620 766,492 772 108 571 235 1,083 1,589 2,142 1,370 1,601 1,351 1,638 4,957 5,296 5,207 5,211 5,101 4,624 4,690 4,496 4,311 3.868 3,921 6,845 6,467 6,536 6,083 5,947 6,184 6,152 6,327 3,720 4,044 3,210 10,307 10,474 10,339 10,262 10,105 9,814 10,128 9,978 7,174 7,010 3,289 1953 3,754 Tan. 32 18 .. .. .. 3,755 Feb. 770,541 773,013 2,513 1,185 3,895 4,054 3,176 2,816 3,236 3,234 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. APRIL Number Additional amount available to borrowers under guarantee agreements outstanding 1953 Mar. Tune Sept. Dec. 31... 30. . . 30... 31. . . 1952 Jan. 3 1 . . . Feb. Mar. Apr. May 29... 31. . . 30... 31... June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 31. . . Nov. 3 0 . . . Dec. 3 1 . . . 901 934 971 998 1953 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 369 POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 [In effect March 31] [In millions of dollars] Assets Depositors' balances l Total 1945—December 1946—December 1947—December 1948—December 1949—December 1950—December 1951—December.... 1952—February March April May June July August September. . . October November December 2,933 3,284 3,417 3,330 3,188 2.924 2,705 2,681 2,669 2,651 2,633 2,617 2,601 2.586 2,572 2,561 2.555 2,547 3,022 3,387 3,525 3,449 3,312 3,045 2,835 2,813 2,794 2,778 2,761 2,746 2,751 2,758 2,766 2,760 2,749 2,736 1953—Tanuary February. . . v2 535 ^2,524 Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan Percentage of loan guaranteed 70 or less 75 80 85 90 95 Over 95 . Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower 10 15 20 25 30 35 40-50 10 15 20 25 30 35 40-50 . Maximum Rates Financing Institutions May Charge Borrowers [Per cent per annum] Interest rate Commitment rate. End of month Cash in depository banks U. S. Government securities Cash reserve funds, 6 6 6 7 7 11 28 31 32 32 33 33 33 34 33 33 33 33 2,837 3,182 3,308 3,244 3,118 2,868 2,644 2,609 2,599 2,598 2,574 2,557 2,554 2,554 2,554 2,553 2,553 2,551 179 200 212 198 187 166 162 173 163 147 153 156 164 170 179 174 162 151 P Preliminary. Outstanding principal, represented by certificates of deposit. Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 1 2 BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts, except interbank accounts Year or month 1952—February March April May June July August September October November December 1953—January February Debits to demand deposit accounts, except interbank and Government Annual rate of turnover of demand deposits, except interbank and Government New York Cityi 140 other centers * Other reporting centers New York City Other reporting centers New York City 2 Other leading cities 2 New York City 2 Other leading cities 2 1,125,074 1,249,630 1,231,053 1,403,752 1,577,857 1,692,136 405,929 449,002 452,897 513,970 551,889 615,670 599,639 667,934 648,976 742.458 854,050 895,906 119.506 132,695 129,179 147,324 171,917 180,560 21.0 23.6 24.1 26.6 26.9 28.7 11.9 12.9 12.4 13.4 14.5 14.4 400,468 445,221 447,150 508,166 540,990 598,855 598,445 660.155 639,772 731,511 837,491 871,030 24.1 27.2 28.2 31.4 32.2 34.8 18.0 19.2 18.7 20.3 21.7 21.5 128,022 139,977 139,141 135,965 144,769 146,984 124,641 139,078 154,239 130,152 170,648 45,375 50,180 52,057 49,535 54,922 57,052 43,166 49,278 55,560 44,746 65,692 68,738 75,089 72,607 71.898 74,948 74,908 67,412 74,608 82,171 70,751 87,824 13.908 14,708 14,476 14,532 14,899 15,024 14,063 15,192 16,508 14,655 17,132 27.8 27.9 28.8 27.4 30.9 30.3 23.6 28.8 30.0 27.7 34.8 14.5 14.6 14.1 13.9 14.8 14.2 12.8 14.6 14.7 14.7 15.7 44,419 50,213 49,745 49,830 55,385 50,472 44,101 47,798 51,703 46,673 63,091 67,466 74,545 70,189 71,485 73,019 69,980 68,271 71,343 77,203 71,985 83,558 32.5 34.0 34.4 34.3 38.6 35.1 31.4 34.6 34.4 36.3 41.9 21.4 22.0 21.1 21.3 22.2 20.7 20.2 21.5 21.3 22.8 23.1 '•148,997 131,419 52,803 46,319 79,983 70,851 16,211 14,248 28.7 29.7 14.5 14.7 53,112 45,473 79.699 69,401 36.2 35.7 22.0 22.2 Total, all reporting centers 1947 1948 1949 1950 1951 1952 Annual rate of turnover of total deposits, except interbank r r Revised. National series for which bank debit figures are available beginning with 1919. Weekly reporting member bank series. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise be*n reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1953. As described in the article on pp. 355-57 of this BULLETIN, the monthly series on bank debits will be revised beginning with figures for March; it will be on substantially the same basis as the weekly bank debits figures previously collected; collection of the latter has been discontinued. 1 2 370 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Coin and small denomination currency 2 Total in circulation x Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 27,600 27,741 29,206 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19,305 20,530 1952—February. . . . March April May June July August September.. . October November. . . December. . . End of year or month Large denomination currency $2 $5 $10 590 559 648 610 751 695 880 801 1,019 909 1,156 987 1,274 1,039 1,361 1,029 1,404 ,048 1,464 ,049 1,484 ,066 1,554 ,113 1,654 ,182 36 39 44 55 70 81 73 67 65 64 62 64 67 1,019 1,129 1,355 1,693 1,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 2,120 1,772 2,021 2,731 4,051 5,194 983 6,782 6,497 6,275 6,060 5,897 5,998 6,329 ,096 ,705 ,224 9,201 9,310 9,119 8,846 8,512 8,529 9,177 28,465 19,904 28,473 19,937 28,464 19,936 28,767 20,231 29,026 20,449 28,978 20,398 29,293 20,659 29,419 20,739 29,644 20,897 30,236 21,392 30,433 21,450 1,630 ,110 1,637 ,113 1,651 ,114 1,665 ,132 1,678 ,140 1,686 ,129 1,695 ,140 1,705 ,164 1,722 1,175 1 ,739 1,199 1,750 1,228 66 65 66 67 68 67 67 68 68 69 71 2,013 2,016 2,004 2,040 2,054 2,034 2,062 2,070 2,074 2,123 2,143 8,934 8,940 8,960 9,066 9,187 9,190 9,319 9,365 6,405 9,453 6,600 9,661 6,561 9,696 20,799 20,918 1.721 1,157 1,725 1,158 69 2,051 6,359 2,052 6,432 1953—January 29.691 February.... 29,793 Coin $20 Total 2 $50 $100 3,837 5,580 7,730 7,834 8,518 8,850 8,698 8,578 8,438 8,678 460 538 724 1,019 1,481 1,996 2,327 2,492 2,548 2,494 2,435 2,422 2,544 919 1,112 1,433 1,910 2,912 4,153 4,220 4,771 5,070 5,074 5,056 5,043 5,207 191 227 261 287 407 555 454 438 428 400 382 368 355 425 523 556 586 749 990 801 783 782 707 689 588 556 20 30 24 9 9 10 7 8 5 5 4 4 4 32 60 46 25 22 24 24 26 17 17 11 12 12 8,563 8,537 8,529 8,537 8,578 8,582 ,635 8,682 8,749 8,846 8,985 2,503 2,496 2,498 2,508 2,531 2,531 2,551 2,559 2,577 2,612 2,669 5,152 140 137 5,142 5,166 5,172 5,211 5,252 5,304 5,367 5,447 351 349 347 346 344 344 342 342 342 342 343 545 540 535 530 525 522 519 517 514 513 512 4 4 4 4 4 4 4 4 4 4 4 10 9,442 8,894 2,634 5,399 9,483 8,877 2,629 5,390 341 340 508 507 4 4 ,576 2,048 ,800 2,489 2,545 3,044 152 6,165 6,141 6,261 6,323 291 376 368 $500 $1,000 $5,000 $10,000 Unassorted 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Total outstanding, As security Feb. 28, against Treasury 1953 gold and cash silver certificates Gold Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890. . Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes National Bank notes Total—Feb. 28 1953 Tan. 31, 1953 Feb. 29, 1952 22 662 21,517 26,679 4,824 492 21,517 3 87 52 253 36 2,116 CO 23,886 24,168 24,365 4 () C O 1,145 2,369 2,116 2,369 1,169 414 347 210 76 3 2 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents 18,665 Feb. 28, 1953 Jan. 31, 1953 2,816 1,182 425 37 37 25,410 4,346 25,337 4,317 4 199 198 34l"' ' ' 2 i 0 2 8 " "2i607" 39 1,120 1,116 406 406 6 312 32 305 207 3 208 75 1 75 10 2 3 1 (5) 1,284 1,308 1,287 Money in circulation 1 18,665 18,975 19,177 4,423 4,713 4,413 29,793 Feb. 29, 1952 38 24,179 4,248 188 1 ,999 1 ,056 386 313 228 79 29^691 28,465 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above and totals by weeks in the table on p. 363. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. * To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special 5 significance and is not shown. See note for explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates 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. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. APRIL 1953 371 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total assets, Bank credit D ate Gold 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec 194g—Dec. 1949—Dec 1950—June Dec. 1951—Tune Dec. 29 30 30 31 . 31 31 31 31 30 30 30 31 1952—Feb. 27 . M a r 26 A p r 30 M a y 28 June 30 July 30 . Aug. 27 Sept 24 Oct. 29 Dec 1953—Jan. Feb. Treasury currency U. S. Government abligations Total Loans, net Total Commercial and savings banks Federal Reserve Banks Other Other securities Total liabilities and capital, net Capital and Total deposits misc. acand currency counts, net 037 031 644 737 065 754 244 427 231 706 756 22 695 2,019 2,286 2,963 3,247 4,339 4,562 4,589 4,598 4,607 4,636 4,655 4,706 58,642 42,148 54,564 64,653 167,381 160,832 160,457 162,681 164,348 171,667 173,447 181,323 4 1 , 082 957 7 7 , 157 76 605 3 0 , 387 023 48 341 49 604 51 999 60 366 821 67 597 5 10 73 79 178 107 100 100 98 96 94 97 ,741 ,328 ,105 ,049 .417 ,086 ,694 ,456 ,709 ,560 ,450 ,808 5,499 8,199 19,417 25,511 101,288 81,199 74,097 78,433 77,320 72,894 68,726 71,343 1 2 7, 74 77 73 18 18 70 7? 73 716 998 484 254 767 559 333 885 331 778 982 801 1,204 1,284 2,867 3,328 3,264 3,138 3,058 2,888 2,742 2,664 26 131 11,819 9,863 9,302 8,999 8,577 10,723 11,422 12,621 13,640 14,741 15,176 15,918 64,698 48,465 75,171 90,637 191.785 188,148 189,290 191 706 193,186 199,009 199,858 208,724 55,776 42,029 68,359 82,811 180,806 175,348 176,121 177,313 178,568 184,385 185,038 193,404 8,922 6,436 6,812 7,826 10,979 12,800 13,168 14,392 14,618 14,624 14,820 15.320 71 23 23 73 4,700 4,700 4,700 4,700 4,754 4,800 4,800 4,800 4,800 4.800 4,812 179,300 180,100 179,900 180,600 182,980 185,300 185,300 186,500 188,900 191,500 192,866 67 67 68 68 69 70 70 71 7? 74 7S 000 700 100 500 712 000 500 600 900 300 484 96 96 9S 95 96 98 97 97 98 99 100 ,200 ,100 ,200 ,300 ,266 ,100 ,300 ,600 ,600 ,900 ,008 71,100 70,900 70,200 70,500 70,783 72,700 71,700 71,300 72,400 73,600 72,740 7? 77 7? 77 7? 7? 73 73 73 73 74 600 500 400 300 906 800 100 700 600 800 697 2,600 2,600 2,600 2,600 2,577 2,600 2,600 2,600 2,600 2,600 2,571 16,100 16 400 16,600 16,800 17 002 17,200 17,500 17,400 17,300 17,300 17 374 207,200 208 200 207,900 208,700 211 080 213,400 213,400 214 600 217,000 219 600 220 865 191,500 192 300 192,200 192,900 194 960 197,200 197,000 197,900 199,900 202 700 204,220 15,700 15 900 15,700 15,800 16,120 16,100 16,400 16,700 17,100 16,900 16,647 74 900 75 000 98 97 ,800 ,800 72,300 71,400 74 000 23 900 2,600 2,500 17,500 219 000 202,100 17,500 217,800 201,000 16,900 16,800 4 4, 17 22, 70 22, 74 24 ?4 7? 23 73 100 300 300 300 346 400 300 300 300 300 187 26 31 23 23 23 25P 73 000 22 700 4,800 191,200 4,800 190,300 Deposits and Currency U. S. Government balances I )ate Total 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec 1947—Dec. 194g—Dec. 1949—Dec. 1950—June Dec. 1951—June Dec. 29 30 30 31 31 ,960 ,200 ,000 ,900 ,900 ,700 704 ,220 2,200 2,200 2,200 2,300 2,319 2,600 2,600 2,500 2,500 2,500 2,501 ,100 ,000 2,500 2,300 31 193 404 Nov. 26 Dec. 31 1953—Tan. 28?' Feb. 25P 204 264 2,409 2,215 2,287 1,336 1,325 1,312 1,298 1,293 1.281 1,279 175 348 176 121 29 365 50 1,217 1,498 2,141 1,682 2,103 2,150 2,555 2,518 2,424 2,279 31 31 31 30 30 30 1952—Feb. 27 Mar. 26 Apr. 30 M a y 28 June 30 July 3 0 . . Aug. 27 Sept 24 Oct 776 42 029 68 359 811 180 806 Foreign bank deposits, Treasury net cash 177 313 178 568 184 385 18S 038 191 19? 197 197 194 197 197 197 199 707 201 500 300 200 900 At comAt mercial Federal and Reserve savings Banks banks 381 852 846 1 895 74 608 36 35 634 867 977 3 749 3 801 1 ,123 821 950 615 247 1 452 7 451 870 Deposits adjusted and currency Time deposits 3 Total 54,790 40,828 63,253 76.336 150,793 170,008 169,119 169,781 169,964 176.917 174,684 185,984 Demand deposits 2 Mutual savings banks* Postal Savings System 28,611 21,656 27,059 27,729 48,452 56,411 57,520 58,616 59,739 59,247 59,948 61,447 19,557 10,849 15,258 15,884 30,135 35,249 35,804 36,146 36,719 36,314 36,781 37,859 8,905 9,621 10,523 10,532 15,385 17,746 18,387 19,273 19,923 20,009 20,382 20,887 1,186 1,278 1,313 2,932 3,416 3,329 3,197 3,097 2,923 2,785 2,701 3,639 4,761 6,401 9,615 26,490 26,476 26,079 25,415 25,185 25,398 25,776 26,303 ,508 62,000 62,400 62,700 63,000 63,676 63,800 64,100 64,500 64,900 64,800 65,799 38,200 38,500 38,600 38,900 39,302 39,400 39,600 39,800 40,100 40,000 40,666 21,100 21,300 21,400 21,600 21,755 21,900 22,000 22,200 22,200 22,300 22,586 2,700 2,700 2,700 2,600 2,619 2,600 2,600 2,600 2,600 2,600 2,547 25,600 25,700 25,900 26.000 26,474 26,200 26,300 26 600 26,700 27,400 27,494 ,500 ,300 66,100 66,400 40,700 41,000 22,800 22,900 2,500 2,500 26,800 26,900 87 ,121 8S ,520 85 750 85 ,040 668 317 1,300 1,300 1,300 1,300 1,283 1,300 1,300 1,300 1,300 1,300 1,270 3 900 5 800 4 500 4 400 6 121 7 000 6 700 6 ,500 5 300 7 ,000 5 ,759 500 600 333 600 700 300 600 300 389 183,400 182,900 183,800 184,400 184,904 185,800 186,200 187,400 190,200 191,600 194,801 95 94 9S 95 94 9S 95 96 98 99 101 1,300 1,300 4 5 .200 ,400 700 400 193,300 191,600 100 98 700 Commercial banks 77 540 14 411 79 793 38 ,992 7S ,851 2 989 6 337 Currency outside banks Total 92 ,272 88 ,960 98 ,234 700 ,800 ,100 300 ,754 ,700 800 ,400 600 400 149 r P Preliminary. Revised. Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 5 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics. Table 9, pp. 34-35, for back figures for deposits and currency. 1 2 3 372 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Total All b a n k s : 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1948—Dec. 1949— Dec. 1950—Dec. 1951—Dec. 1952—Feb. June Aug. Sept. Oct. Nov. Dec. 1953—Tan. Feb. Other Cash assets l Total U. S. Government obligations Other securities Loans Total Interbank 1 Total Number capital of accounts banks Demand Time 30 31 31 31 2 . . . 31 31 30 31 27 30.... 27. . . . 24 29 26.... 31. . . . 28*»\ . 25*... 50,884 61,126 140,227 134,92 133,693 140,598 148,021 154,869 154,790 157,528 160,100 160.750 163.200 165,490 165,626 165,030 164,580 22,165 26,615 30.362 43,002 48,174 49,544 60,386 67,608 67,630 69.742 70,970 72,090 73,470 74,600 75,512 75,330 75,630 28,719 34,511 109,865 91,923 85,519 91,054 87,635 87,261 87,160 87,786 89,130 88,660 89,730 90,890 90,114 89,700 88,950 19,417 25,511 101,288 81,199 74,097 78,433 72,894 71,343 71,060 70,783 71,670 71,280 72,400 73,560 72,740 72,250 71,410 9,302 8,999 8,577 10,723 11,422 12,621 14,741 15,918 16,100 17,002 17,460 17,380 17.330 17,330 17,374 17,450 17,540 23,292 27,344 35,415 38,388 39,474 36,522 41,086 45,531 39,820 41,667 39,160 40,980 41,220 42,620 45,584 40,800 41,350 68,242 81,816 165,612 161,865 161,248 164,467 175,296 185,756 178,770 184,130 182,770 185,440 187,260 190,620 195,552 188,590 188,760 9,874 10,982 14,065 13,033 12,269 12,710 14,039 15,087 12,900 13,513 12,890 13,870 13,810 13,880 15,321 13,520 13,260 32,516 44,355 105,935 95,727 94,671 96,156 104,744 111,644 106,240 109,247 108,020 109,350 110,800 114,190 116,633 111,210 111,280 25,852 26,479 45,613 53,105 54,308 55,601 56,513 59,025 59,630 61,369 61,860 62,220 62,650 62,550 63,598 63,860 64,220 8,194 8,414 10,542 11,948 12,479 13,088 13,837 14,623 14,690 15,039 15,070 15,170 15,260 15,280 15,367 15,370 15,440 15,035 14,826 14,553 14,714 14,703 14,687 14,650 14,618 14,615 14,599 14,603 14,599 14,591 14,586 14,575 14,571 14,563 All c o m m e r c i a l b a n k s 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 2. . . 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 3 1 . . . . 1952—Feb. 27. . . . June 3 0 . . . . Aug. 27 Sept. 24 Oct. 29. . . . Nov. 26. . . . Dec. 31 1953—Tan. 28* T. . Feb. 25*> 40,668 50,746 124,019 116,284 114,298 120,197 126,675 132,610 132,240 134,43 136,550 137,090 139,440 141,660 141, < 140,780 140,100 17,238 21,714 26,083 38,057 42,488 42,965 52,249 57.746 57,590 59,233 60,210 61,200 62,410 63,400 64.163 63,860 64,070 23,430 29,032 97,936 78,226 71,811 77,232 74,426 74,863 74,650 75,204 76,340 75,890 77,030 78,260 77,461 76,920 76,030 16,316 21,808 90,606 69,221 62,622 67,005 62,027 61,524 61,260 61.178 61,960 61,610 62,860 64,090 63,318 62,760 61,900 7,114 7,225 7,331 9,006 9,189 10,227 12,399 13,339 13,390 14,026 14,380 14.280 14,170 14,170 14,143 14,160 14,130 22,474 26,551 34,806 37,502 38,596 35,650 40,289 44,645 38,970 40,702 38,380 40,130 40,400 41,820 44,666 39,920 40,500 57,718 71,283 150,227 144,103 142,843 145,174 155,265 164,840 157,620 162.348 160,770 163,260 164,990 168,340 172,931 165,780 165,830 9,874 10,982 14,065 13,032 12,269 12,709 14,039 15,086 12,900 13,512 12.890 13,870 13,810 13,880 15,319 13,520 13,260 32,513 44,349 105,921 95,711 94,654 96,136 104,723 111.618 106,210 109,222 107,990 109,320 110,770 114,160 116,600 111,180 111,250 15,331 15,952 30,241 35,360 35,921 36,328 36,503 38,137 38,510 39,614 39.890 40,070 40,410 40,300 41,012 41,080 41,320 6,885 7,173 8,950 10,059 10,480 10,967 11,590 12.216 12,280 12,60i 12,630 12,720 12,800 12,820 12,888 12,890 12,950 14,484 14,278 14,011 14,181 14,171 14,156 14,121 14,089 14,086 14,070 14,074 14,070 14,062 14,057 14,046 14,042 14,035 All m e m b e r b a n k s : 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Feb. 27 June 30 Aug. 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 1953—Jan. 2 8 P ' \ . . Feb. 2 5 P . . . . 33,941 43,521 107,183 97,846 95,616 101,528 107,424 112,247 111,771 113.502 115,: 115,533 117,604 119,564 119,54 118,625 117,975 13,962 18,021 22,775 32,628 36,060 36,230 44,705 49,561 49,364 50.526 51,331 52,192 53.317 54,283 55,034 54,698 54,868 19,979 25,500 84,408 65,218 59,556 65,297 62,719 62,687 62,407 62,976 63,889 63,341 64,287 65,281 64,514 63,927 63,107 14,328 19,539 78,338 57,914 52,154 56,883 52,365 51,621 51,294 51,261 51,839 51,406 52,484 53,486 52,763 52,137 51,348 5,651 5,961 6,070 7,304 7,402 8,414 10,355 11,065 11,113 11,715 12,050 11,935 11,803 11,795 11,751 11 .790 11,759 19,782 23,123 29.845 32,845 34,203 31,317 35,524 39,252 34,216 36,046 33,730 35,363 35,535 36,896 39,255 35.053 35,614 49,340 61,717 129,670 122,528 121,362 123,885 133,089 141,015 134,370 138,769 136,872 139,052 140.431 143,478 147.527 140,913 140,949 9,410 28,231 10,525 38,846 13,640 91,820 12,403 81,785 11,641 80,881 12,097 82,628 13,447 90,306 14,425 95,968 12,325 91,141 12,812 94,169 12,215 92,687 13,161 93,773 13,074 94,959 13,120 98,006 14,617 100,020 12,876 95,116 12,645 95,186 11,699 12,347 24,210 28,340 28,840 29,160 29,33(5 30,623 30,904 31.788 31,970 32,118 32,398 32,352 32,890 32,921 33,118 5,522 5,886 7,589 8,464 8,801 9,174 9,695 10,218 10,271 10,526 10,549 10,606 10,680 10,700 10,761 10,763 10,812 6,362 6,619 6.884 6,923 6,918 6,892 6,873 6,840 6,834 6,815 6,810 6,807 6,804 6,801 6,798 6,791 6,785 All m u t u a l savings banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 2 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Feb. 27 June 30 Aug. 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 1953—Tan. 28* »\ . . Feb. 2 5 * . . . . 10,216 10,379 16,208 18,641 19,395 20,400 21,346 22,259 22,550' 23.091 23,550 23,660 23,760 23,830 24,003 24,250 24,480 4,927 4,901 4,279 4,944 5,686 6,578 8,137 9.862 10,040 10,509 10,760 10,890 11.060 11,200 11,349 11,470 11,560 5,289 5,478 11,928 13,696 13,709 13,822 13,209 12.398 12,510 12,582 12,790 12.770 12,700 12,630 12,654 12,780 12,920 3,101 3,704 10,682 11,978 11,476 11,428 10,868 9.819 9,800 9.606 9,710 9,670 9,540 9.470 9,422 9,490 9,510 2,188 1,774 1,246 1,718 2,233 2,394 2,342 2.579 2,710 2,976 3,080 3.100 3,160 3,160 3,231 3,290 3,410 818 793 609 886 878 873 797 886 850 966 780 850 820 800 918 880 850 10,524 10,533 15,385 17,763 18,405 19,293 20,031 20,915 21,150 21.782 22,000 22,180 22,270 22,280 22,621 22,810 22,930 3 6 14 17 17 20 22 26 30 26 30 30 30 30 33 30 30 10,521 10,527 15,371 17,745 18,387 19.273 20,009 20,888 21,120 21,755 21,970 22,150 22,240 22,250 22,586 22,780 22,900 1,309 1,241 1,592 1,889 1,999 2,122 2,247 2.407 2,410 2,438 2,440 2,450 2,460 2,460 2,479 2,480 2,490 551 548 542 533 532 531 529 529 529 529 529 529 529 529 529 529 528 r * Preliminary. Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. APRIL 1953 373 ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Class of bank and date Total Central reserve city member bainks: New York Ci 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 311952—Feb. 27 June 30 Aug. 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 1953—Jan. 2 8 ? ' . . . . Feb. Chicago: 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec1952—Feb. June Aug. Sept. Oct. Nov 25P 31 30 31 . . . . 31 31 31 30 31 27 30 27. 24 29 ... 96 Dec. 31 1953—Jan. 28* ' Feb. 2 5 P 9 339 12 896 96 143 20 393 18 759 19 583 20 612 ?1 379 21 115 21 .710 ?1 ,325 21 ,246 21 ,283 21 ,696 22 ,130 21 ,233 21 ,049 ? ,105 2 ,760 5 ,931 5 ,088 4 ,799 S ,424 5 ,569 S ,731 5 ,626 5 ,664 S ,735 5 ,679 5 ,839 6 ,112 6 ,240 6 ,037 5 ,910 Total U.S. Government obligations Other securities 3, 296 4, 072 7, 334 7, 179 8 048 7, 550 9, 729 11 146 11 216 11 268 11 142 11 363 11 680 11 973 12 376 12 127 12 112 6 ,043 8 ,823 18 ,809 13 ,214 10 ,712 12 ,033 10 ,883 10 ,233 9 ,899 10 ,442 10 ,183 9 ,883 9 ,603 9 ,723 9 ,754 9 ,106 8 ,937 4,772 7,265 17,574 11,972 9,649 10,746 8,993 8,129 7,808 8,212 7,839 7,612 7,518 7,695 7,678 7,012 6,840 J 279 1,559 1,235 1,242 1,063 1,287 .890 2,104 2,091 2,231 2,344 2,271 2,085 2,028 2,076 2,094 2,097 6 ,703 6 ,637 6 ,439 7 ,261 7 ,758 6 ,985 7 ,922 8 ,564 7 ,211 8 ,135 6 ,769 7 ,297 7 ,267 7 ,818 8 ,419 6 ,994 7 ,224 14, 509 17, 932 30 121 25, 216 ?4 024 23 983 25, 646 ?6 859 24 935 26 745 94 746 25 288 25 111 26 108 27 309 24 817 24 769 569 954 333 801 783 618 083 468 366 380 401 399 444 1 ,536 1 ,806 4 ,598 3 ,287 3 ,016 3 ,806 3 ,487 3 ,264 3 ,260 3 ,284 3 ,334 3 ,280 3 ,395 ,520 3 ,493 3 ,443 3 ,341 1,203 1,430 4.213 2,890 2,633 3,324 2,911 2,711 2,733 2,721 2,763 2,709 2,827 2,933 2,912 2,862 2,779 333 376 385 397 383 482 576 552 527 563 571 571 568 ^ 330 4 057 7 046 6 402 6 293 6 810 7 109 7 402 6 944 7 027 7 129 7 196 7 215 7 368 7 686 7 186 7 222 888 ,035 1,312 1,217 1,064 ,191 ,228 1,307 ,162 ,182 ,199 L.239 ,240 L ,221 1,350 1,171 1,182 1 2 5 4 4 4 4 4 4 4 4 4 4 581 581 562 ,446 ,566 ,489 ,739 ,932 ,850 2 ,034 ? ,196 2 ,029 1 ,899 9 ,022 2 ,084 9 ,119 9 ,120 2 ,010 2 ,083 2 ,098 6 ,944 8 ,243 31 ,594 22 ,591 91 ,047 23 ,931 11 ,779 93 ,043 22 ,953 9S .346 23 ,796 93 ,433 94 ,105 24 ,477 23 ,886 23 ,853 23 ,470 5,194 6,467 29,552 20,196 18,594 20,951 19,084 19.194 19,015 19,123 19,404 19,113 19,761 20,127 19,624 19,543 19,161 1,749 1,776 2,042 2,396 2,453 2,980 3,695 3.849 3,938 4,223 4,392 4,320 4,344 4,350 4,262 4,310 4,309 6 ,785 8 ,518 11 ,286 13 ,066 H ,317 12 ,168 13 ,998 IS ,199 13 ,437 13 .925 13 ,308 14 ,086 14 ,004 14 ,585 15 ,544 13 ,898 14 ,152 17 741 99 313 49 085 46 467 4S 943 47 559 SI ,437 9 13 32 29 99 30 33 51 818 S3 ,425 53 090 54 ,013 54 ,766 55 923 57 357 54 893 54 912 J.686 1.460 6,448 5,649 5,400 5,713 6,448 6,976 5,866 5.908 5,876 6,226 6 289 6,278 7,001 6,104 5,991 5 ,456 6 ,628 3,159 4,377 26,999 22,857 21,278 21,862 21,377 21.587 21,738 21,206 21,833 21,972 22,378 22,731 22,549 22,720 22,568 2,297 2,250 2,408 3,268 3,504 3,665 4,193 4.561 4,557 4.698 4,743 4,773 4,806 4,830 4,832 4,805 4,791 13 ,762 17 ,415 44 ,443 4S ,102 45 ,534 48 ,897 59 ,288 50 ,673 51 .571 51 ,907 52 ,555 53 ,339 54 ,079 55 ,175 54 ,017 54 ,046 598 822 L.223 1,073 964 1,001 1,133 1,309 1,107 1.083 1 .038 1,100 1,157 1,181 1,301 1,164 1,105 Loans 1 1 1 1 2 ? 2 2 9 2 9 9 592 2 748 2 594 2 569 Reserve city member banks: 12 ,272 1939—Dec. 30 IS ,347 1941—Dec. 31 40 ,108 1945—Dec 31 36 ,040 1947—Dec. 31 1948—Dec. 31 35 ,332 38 ,301 1949—Dec. 31 1950—Dec. 30 . . . 40 ,685 4 ? ,694 1951—Dec. 31 42 ,355 1952—Feb. 27 43 ,091 June 30 44 ,086 Aug. 27 44 ,163 Sept 24. 45 ,381 Oct. 2 9 46 ,104 Nov. 26 Dec. 31 r 45 ,583 1953—Tan. 28? . . . . 45 , 533 Feb. 2 5 P 45 ,271 19 402 19 745 20 290 90 ,730 91 ,276 21 ,627 21 697 21 ,680 21 ,801 Country member banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec- 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Feb. 27 June 30 Auc 27 Sept 24 Oct. 29 Nov 26 Dec. 31 1953—Jan. 28*"Feb. 2 5 P 4 ,768 s ,890 s ,596 10 ,199 11 ,945 1? ,692 14 ,988 16 .296 16 ,380 17 ,133 17 ,498 17 ,700 17 ,917 18 ,091 18 ,213 18 ,297 18 ,386 10 ,224 1? ,518 35 ,002 36 ,324 36 ,726 38 ,219 40 ,558 4? ,444 42 ,675 43 .037 44 ,074 44 ,445 45 ,101 45 ,652 45 ,594 45 ,822 45 ,745 Other Cash assets l 5 7 8 13 14 14 17 329 105 514 449 285 370 906 19 651 ?9 ,407 26 ,125 ?4 ,782 ?S ,527 25 ,570 ?6 ,148 26 ,295 25 .904 ?6 ,576 26 ,745 27 ,184 27 ,561 27 ,381 27 ,525 27 ,359 587 4 ,848 6 ,402 10 ,632 10 ,778 11 ,196 10 ,314 11 ,571 13 ,292 11 ,539 12 .087 11 ,631 11 ,896 12 ,145 12 ,373 13 ,281 12 ,078 12 ,140 Total 1 54 466 43 ,418 Interbank i 4,238 4,207 4,657 4,464 4,213 4,192 4,638 4,832 4,190 4,639 4,102 4,596 4,388 4,440 4,965 4,437 4,367 Demand 9, 533 12, 917 94, 227 19, 307 18 131 18, 139 19, 287 90, 348 19 110 20 311 18 957 18 971 19 19 on 20 884 18 504 18 601 589 947 546 015 273 227 535 778 952 644 681 784 808 812 4 981 5 132 4 843 4 872 Total Number capital of accounts banks Time 736 8O7 ,236 ,445 680 ,651 ,722 ,679 ,635 ,795 ,687 791 1,712 1,784 1,840 1,779 1,813 495 476 719 O13 1,001 1,083 1,103 1,143 1,138 L,164 1,146 L ,149 1,163 L 166 1,205 1,172 1,168 439 047 877 395 153 182 342 35 218 33 519 34 764 34 362 34 861 3S ,422 36 604 37 095 35 499 35 551 1,616 t.806 9,760 11,423 11,391 11,664 11,647 12,272 12,433 12,754 12,852 12,926 13,055 13,041 13,261 13,290 13,370 7 312 10 335 5,852 6,258 12,494 14,560 14,768 14,762 14,865 15,530 15,698 16,075 16,285 16,322 16,468 16,361 16,585 16,680 16,767 79 ,700 28 810 ?9 370 99 771 32 899 3S 449 33 ,868 34 .414 34 ,584 35 ,133 35 ,714 36 ,537 37 ,289 36 ,173 36 ,174 2 ,462 2 ,477 2 ,476 2 ,505 2 ,508 2 ,525 36 36 37 37 35 25 23 22 22 22 22 22 22 22 22 22 22 250 288 377 426 444 470 490 513 510 530 529 531 534 14 13 12 14 13 13 13 13 13 13 13 13 13 537 13 1 ,828 1 ,967 2 ,566 2 ,844 ? ,928 3 ,087 ^ ,322 ,521 3 ,546 663 3 ,655 3 ,675 346 351 359 353 335 341 336 7, 711 319 1 592 1 648 9 120 2 ,259 9 306 2 ,312 2 ,351 9 425 2 ,438 2 ,460 9 473 541 537 537 3 ,720 3 ,745 3 ,742 3 ,762 1 ,851 1 ,982 ? ,525 2 ,934 3 ,123 ,305 3 ,532 ,760 3 ,777 3 ,873 ^ 892 3 ,938 3 ,958 3 ,967 3 ,970 3 .976 3 ,988 13 13 13 321 320 319 319 319 319 319 320 322 5,966 6,219 6,476 6,519 6,535 6,513 6,501 6,484 6,479 6,461 6,456 6,453 6,450 6,447 6,444 6,436 6,428 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 374 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Total All Insured c o m m e r c i a l banks: 1941—Dec. 31 1945—Dec 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 Other Cash assets ' Total U. S. Government obligations Other securities Loans Total Interbank* Total Number capital of accounts banks Demand Time 49,290 121.809 114,274 124,822 130,820 132,557 139,770 21,259 25.765 37,583 51,723 57,256 58.730 63,632 28,031 96,043 76,691 73,099 73,564 73,827 76,138 21,046 88,912 67,941 60,986 60,533 60,117 62,308 6,984 7,131 8,750 12,113 13,031 13.710 13,831 25,788 34,292 36,926 39,821 44,176 40,258 44,222 69,411 147,775 141,851 153,288 162,908 160,355 170,971 10,654 13,883 12,670 13,744 14,777 13,100 14,990 43,059 104,015 94,300 103,499 110,382 108,036 115,371 15,699 29,876 34,882 36,045 37,749 39,219 40,610 6,844 8,671 9,734 11,263 11,902 12,282 12,563 13,426 13,297 13,398 13,432 13,439 13,434 13,422 National m e m b e r banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 27,571 69,312 65,280 72,090 75,255 76.036 80,180 11,725 13,925 21,428 29,184 32,317 33.054 36,004 15,845 55,387 43,852 42,906 42,938 42.982 44,176 12,039 51,250 38,674 35,587 35,063 34.604 35,835 3,806 4,137 5,178 7,320 7,875 8,378 8,341 14,977 20,114 22,024 23,763 25,951 23,928 26,333 39,458 84,939 82,023 89,281 94,173 92,720 98,974 6,786 9,229 8,410 9,133 9,788 8.584 9,918 24,350 59,486 54,335 60,251 63,477 62,255 66,362 8,322 16,224 19,278 19,897 20,908 21,880 22,694 3,640 4,644 5,409 6,313 6,653 6.879 7,042 5,117 5,017 5,005 4,958 4,939 4,925 4,909 State member banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 15,950 37,871 32,566 35,334 36,992 37,466 39,367 6,295 8,850 11,200 15,521 17,243 17.472 19,030 9,654 29,021 21,365 19,813 19,748 19,994 20,337 7,500 27,089 19,240 16,778 16,558 16.657 16,928 2,155 1,933 2,125 3,035 3,191 3.337 3,409 8,145 9,731 10,822 11,762 13,301 12,119 12,922 22,259 44,730 40,505 43,808 46,843 46,049 48,553 3,739 4,411 3,993 4,315 4,637 4,227 4,699 14,495 32,334 27,449 30,055 32,491 31.914 33,658 4,025 7,986 9,062 9,438 9,715 9.908 10,196 2,246 2,945 3,055 3,381 3,565 3,647 3,719 1,502 1,867 1,918 1,915 1,901 1,890 1,889 Insured nonmember commercial b a n k s : 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 5,776 14,639 16,444 17,414 18,591 19.073 20,242 3,241 2.992 4,958 7,023 7,701 8.210 8,605 2,535 11.647 11,486 10,391 10,890 10,863 11,638 1,509 10.584 10,039 8,632 8,923 8.867 9,556 1,0 5 1,0(3 1,448 1,759 1,967 1.996 2,081 2,668 4r448 4,083 4,299 4,926 4.215 4,970 7,702 18,119 19,340 20,216 21,912 21,606 23,464 129 244 266 297 353 289 373 4,213 12,196 12,515 13,194 14,415 13.867 15,351 3,360 5.680 6,558 6,726 7.144 7.450 7,740 959 1,083 1,271 1,570 1,686 1,757 1,804 6.810 6,416 6,478 6,562 6,602 6,622 6,627 Noninsured n o n m e m ber c o m m e r c i a l banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 312 1950—Dec. 30 1951—Dec. 31 1952—Tune 30 Dec. 31 1,457 2,211 2,009 1,853 1,789 1.880 1,854 455 318 474 527 490 503 531 1,002 1.893 1,535 1,327 1,299 1,377 1,322 761 1.693 1,280 1,040 991 1 .061 1,010 241 200 255 286 308 317 312 763 514 576 468 469 443 444 1,872 2.452 2,251 1,976 1,932 1.993 1,960 329 181 363 294 308 412 329 253 365 478 458 388 396 402 329 279 325 327 314 320 326 852 714 783 689 650 636 624 All n o n m e m b e r c o m mercial b a n k s : 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 2 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 7,233 16,849 18,454 19,267 20,380 20.954 22,096 3,696 3.310 5,432 7,550 8,192 8.714 9,136 3,536 13,539 13,021 11,718 12,189 12.240 12,960 2,270 12,277 11,318 9,672 9,914 9.928 10,567 1,266 1,262 1,703 2,040 2,275 2.312 2,393 3,431 4.962 4,659 4,767 5,395 4.658 5,414 9,574 20,571 21,591 22,193 23,843 23.598 25,424 457 425 629 591 661 700 702 5,504 14,101 13,926 14,417 15,650 15.052 16,580 3,613 6.045 7,036 7,184 7,533 7.846 8,142 1,288 1,362 1,596 1,897 1,999 2,077 2,129 7,662 130 261 251 252 258 7,251 Insured m u t u a l savings banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec: 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 1,693 10,846 12,683 15,101 16,190 16,857 17,621 642 3,081 3,560 6,086 7,523 8.043 8,691 1,050 7,765 9,123 9,015 8,668 8.814 8,930 629 7,160 8,165 7,487 6,921 6.730 6,593 421 606 958 1,528 1,746 2.084 2,337 151 429 675 617 695 756 732 1,789 10,363 12,207 14,320 15,368 16.081 16,785 12 14 19 23 23 30 1,789 10,351 12,192 14,301 15,343 16,056 16,753 164 1,034 1,252 1,513 1,678 1.700 1,730 52 192 194 194 202 205 206 8,687 5.361 5,957 6,245 6,069 6,234 6,382 4,259 1,198 1,384 2,050 2,339 2,466 2,658 4,428 4,163 4,573 4,194 3,730 3,768 3,075 3.522 3,813 3,380 2,897 2,876 2,829 1,353 641 760 814 833 892 895 642 180 211 180 191 209 187 8,744 5,022 5,556 5,711 5,547 5,702 5,836 8,738 5.020 5,553 5,708 5,544 5,699 5,833 1,077 558 637 734 729 738 749 496 350 339 335 327 324 323 Noninsured m u t u a l savings b a n k s : 1941—Dec. 31 1945—Dec. 31 2 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 3,724 1,291 1.905 1,411 1,224 1,235 1 ,186 1,229 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. APRIL 1953 375 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Total loans and invest1 ments Total Class of bank and call date All commercial banks :3 1947—Dec. 3 1 . . . 1950—Dec. 30. . . 1951—Dec. 31. . . 1952—June 3 0 . . . Investments Loans for Compurchasing meror carrying cial, Other securities inReal loans clud- Agrito culesing 2 Total in- Other tate open- tur- To di- loans loans al brokmarvidTo ers ket uals 2 and othpadeal- ers per ers U. S. Government obligations Total Obligations Direct of States Othei and Guar- polit- secuCertifian- ical rities cates teed subinBills of debt- Notes Bonds diviedsions ness 116,284 126,675 132,610 134,437 38,057 52,249 57,746 59,233 18,167 1,660 830 1,220 9,393 5,723 1,063 21,927 2,905 1,802 1,057 13,541 10,120 1,573 25,879 3 ,408 1,581 980 14, 580 10,451 1,681 25,312 3,652 2,113 965 15,019 11,417 1,608 78,226 74,426 74,863 75,204 69,221 62,027 61,524 61,178 2,193 4,236 7,337 6,241 7,789 1,969 7,657 7,798 All insured commercial banks: 1941—Dec. 31. .. 49,290 1945—Dec. 31...121,809 1947—Dec. 31. ..114,274 1950—Dec. 30...124,822 1951—Dec. 31...130,820 1952—June 30... 132,557 Dec. 31...139,770 ,259 ,765 37,583 51,723 57,256 58,730 63,632 9,214 1,450 614 662 9,461 1,314 3 164 3,606 18,012 1,610 823 1,190 21,776 2,823 1,789 1,036 960 25,744 3,321 942 25,1763,562_,_._ 27,739 3,805 2,050 1,082 4, 545 2,361 1,181 5,654 1,028 10,049 1,534 450 10,378 1,645 884 11,340 1, 570 572!12,603 1,683 28,031 96,043 76,691 73,099 73,564 73,827 76,138 21,046 88,912 67,941 60,986 60,533 60,117 62,308 988 2,455 2,124 4,118 7,219 6,090 7,622 19,071 7 552 1 932 7 526 7 653 5 494 Member banks, total: 1941—Dec. 31... 43,521 1945—Dec. 31...107,183 1947—Dec. 31. .. 97,846 1950—Dec. 30...107,424 1951—Dec. 31. ..112,247 1952—June 30... 113,502 Dec. 31. ..119,547 18,021 22,775 32,628 44,705 49,561 50,526 55,034 8,671 8,949 16,962 20,521 24,347 23,732 26,232 972 594 598 855 3 ,133 3,378 1,046 811 1,065 1,808 1 ,770 927 851 2,140 1 ,551 2,264 2 ,084 829 2,416 2 ,032 966 25,500 3, 3,494 3,455 1,900 1,104 84,408 65,218 7,130 , , 4,662 10,522! 8,314 438 62,719 ,687 11,3341 8,524 11,628| 9,268 473 62,976 12,214 10,396 1,577 64,514 19,539 78,338 57,914 52,365 51,621 51,261 52,763 971 2,275 1,987 3,665 6,399 5,423 6,565 4,072 7,334 7,179 9,729 11,146 11,268 12,376 2,807 3,044 5,361 6,328 7,852 7,659 8,680 169 412 2,453 1,172 267 545 285 1,421 1,219 262 1,619 234 286 1,531 New 6,034 53,191 17,033 38 ,778 11,408 35 ,101 11,,246 35 ,867 3,159 12,797 4,102 3,651 3,333 22 3,873 3,258 16,045 51,3211 14 5,129 3,621 5,918 52,334 11 7,933 4 ,179 16,756 38,168 989 4,042 21 11,256 34,511 25 9,627 4,083 11,099 35,251 3,854 9,977 11,714 37,456 22 3,007 16,985 14,271 816 1,468 6,010 6,134 4,255 14 5,276 3,729 118 4,281 11 21 9,198 4,141 25 9,844 4,182 4,815 45 14,054 33 9,596 29 9,468 30 9,835 32 729 3,832 3,090 2,871 16 3,254 2,815 792 10 4,199 3,105 286 8 6,640 3,714 170 7,528 3,538 601 8,125 3,590 215 3,342 8,409 087 York City:* 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—June Dec. 31. .. 12,896 31... 26,143 31. .. 20,393 30... 20,612 31. .. 21,379 30. .. 21,710 31... 22,130 Chicago:* 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—June Dec. 31. .. 31... 31. . . 30. . . 31... 30. . . 31... 2,760 5,931 5,088 5,569 5,731 5,664 6,240 954 732 1,333 760 1,801 1,418 2,083 1,567 2,468 1,977 2,380 1,856 2,748 2,080 Reserve city banks: 1941—Dec. 3 1 . . . 1945—Dec. 31. . . 1947—Dec. 31. .. 1950—Dec. 3 0 . . . 1951—Dec. 31. . . 1952—June 3 0 . . . Dec. 31. . . 15,347 40,108 36,040 40,685 42,694 43,091 45,583 7,105 3,456 8,514 3,661 13,449 7,088 17,906 8,646 19,651 10,140 19,745 9,756 21,697 10,842 300 205 225 392 513 519 501 Country banks: 1941—Dec. 3 1 . . . 1945—Dec. 31. . . 1947—Dec. 31. . . 1950—Dec. 3 0 . . . 1951—Dec. 31. . . 1952—June 30. . . Dec. 3 1 . . . 12,518 35,002 36,324 40,558 42,444 43,037 45,594 5,890 5,596 10,199 14,988 16,296 17,133 18,213 1,676 1,484 3,096 3,980 4,377 4,462 4,630 659 648 818 1,407 1,610 1,733 1,901 183 471 227 187 178 179 191 All nonmember banks :3 1947—Dec. 31. . . 1950—Dec. 3 0 . . . 1951—Dec. 3 1 . . . 1952—June 30. . . 18,454 19,267 20,380 20 ,954 5,432 7,550J 8,192 8,714 1,205 614 1,405 1,096 1,533 1,268 1,580 1,388 156 130 130 136 48 211 73 110 94 166 239 123 554 80 287 111 564 442 930 514i 920 426! 981 386 1,136 298 330 460 551 524 539 96 52 233 87 69 63 61 66 51 149 207 180 183 211 40 26 87 109 83 120 729 8,823 7,265 311 1,623 3,652 1,679 18,809 17,574 477 3,433 3,325 10,337 1 606 638 13,214 11,972 1,002 558 9,771 640 1,123 10,883 8,993 824 250 1,711 6,206 1,385 10,233 8,129 1,122 616 1,428 4,960 1,436 10,442 8,212 ,062 692 1,400 5,058 1,453 9,754 7,678 1,079 233 1,170 5,195 ,806 1,430 ,598 4,213 3,287 2,890 3,487 2,911 ,264 2,711 3,284 2,721 3,493 2,912 256 133 1,467 132 235 232 131 334 332 366 371 407 224 153 749 248 700 520 494 607 903 1,864 2,274 1,847 1,526 1,490 1,674 119 182 181 213 335 351 363 384 830 629 604 767 719 794 623 193 204 185 242 201 201 197 1,512 194 1,527 114 404 855 427 1,503 1,459 170 484 3,147 1,969 366 386 4,423 3,498 603 207 347 4,651 3,518 572 203 258 354 4,799 3,805 559 218 422 5,099 4,347 595 8,243 31,594 22 ,591 22,779 23,043 23 ,346 23,886 6,467 29,552 20,196 19,084 19,194 19,123 19,624 295 1,034 373 1,218 2,524 2,080 2,387 6,982 2,358 499 2,493 2,520 1,774 751 5,653 1,901 5,536 3,640 3,656 3,854 820 4,248 1,173 956 15,878 5 1,126 916 3 1,342 1,053 15,560 1 2,184 1,511 11,830 2,458 1,390 10,528 16 2,832 391 10,851 11,594 14 2 ,934 328 1,823 1,881 3,827 5,591 6,099 6,337 6,662 1,530 707 363 1,979 229 3,679 288 3,906 303 4,299 308 4,702 322 6,628 29 ,407 26 ,125 25,570 26,148 25,904 27,381 4,377 26,999 22,857 21,377 21,587 21,206 22,549 110 630 480 1,390 2,418 1,914 2,692 481 4,544 2,108 6,107 4,008 3,918 4,204 2,926 16,713 17,681 13,287 12,587 12,817 13,625 861 1,222 ,028 5,102 2,583 588 2,568 2,551 2,024 2,266 3,024 3,252 3,397 1,061 1,807 1,927 2,149 13,021 11,318 11,718 9,672 12,189 9,914 12,240 9,928 206 1,973 1,219| 571 501 2,979 939 1,647 1,812 819 1,664 1,778 7,916 5,618 5,510 5,662 1,078 1,478 1,671 4 1,720 625 567 604 592 111 134 146 135 1,342 ,067 6 2,006 ,262 5 2,998 ,194 5 !s ,334 ,227 5|3,494 1,204 4 3,639 1,194 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 376 FEDERAL RESERVE BULLETIN ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Class of bank and call date Reserves with Cash Federal in Revault serve Banks BalDeances mand with dedoposits mestic5 ad- 6 banks justed Interbank deposits mestic Foreign Do- Time deposits Certified U. S. States and Gov- politica and ern- subdi- officers' ment visions checks, etc. U. S. IndiGov- States viduals, and ernpartner- Inter- ment politships, bank ical and and corPostal subdiporaSav- visions tions ings All commercial banks: 3 1947—Dec. 3 1 . . 1950—Dec. 30. . 1951—Dec. 31. . 1952—June 3 0 . . 17 17 19 19 ,796 ,458 ,911 ,331 2 ,216 2 ,174 2 ,697 2 ,396 10 ,216 10 ,863 11 ,969 10 ,312 87,123 92,282 98,243 94,766 11,362 12,102 13,123 11,521 1 ,430 1 ,343 1 ,476 2 ,806 1 ,413 3 ,359 1 ,376 5 ,837 6 ,799 2 ,581 84 8 ,012 2 ,918 90 8 ,426 3 166 96 8 ,822 2 [742 91 ,987 ,986 ,666 ,822 240 462 550 614 111 189 278 312 All insured commercial banks: 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952—June 30. . Dec. 31. . 12 ,396 15 ,810 17 ,796 17 ,458 19 ,911 19 ,33\ 19 ,809 1 ,358 1 ,829 2 ,145 2 ,145 2 ,665 2 ,365 2 ,720 8 ,570 11 ,075 9 ,736 10 ,463 11 ,561 9 ,935 11 ,489 37,845 74,722 85,751 91,099 97,048 93,652 100,329 9,823 12,566 11,236 11,955 12,969 11,286 12,948 673 1 ,761 1 ,248 23 ,740 1 ,379 1 ,325 1 ,442 2 ,788 1 ,381 3 ,344 1 ,339 5 ,797 1 ,437 4 ,912 3 ,677 5 ,098 6 ,692 7 ,892 8 ,288 8 ,682 8 ,776 1 ,077 2 [585 2 ,559 2 ,898 3 J47 2 ,721 2 ,938 36 72 83 89 95 90 98 ,544 ,593 ,723 ,922 ,604 ,836 ,746 158 70 54 347 427 475 605 59 103 111 189 278 312 346 Member banks, total: 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952—Tune 30. . Dec. 31. . 12 ,396 15 ,811 17 ,797 17 ,459 19 ,912 19 ,333 19 ,810 1 ,087 1 ,438 1 ,672 1 ,643 2 ,062 1 ,821 2 ,081 6 ,246 7 ,117 6 ,270 6 ,868 7 ,463 6 ,470 7 ,378 33,754 64,184 73,528 78,370 83,100 80,347 85,543 9,714 12,333 10,978 11,669 12,634 11,013 12,594 671 1 ,709 1 ,243 22 ,179 1 ,375 1 ,176 1 ,437 2 ,523 1 ,369 3 ,101 1 ,329 5 ,439 1 ,431 4 ,567 3 ,066 4 ,240 5 ,504 6 ,400 6 ,666 6 989 7 029 1 009 2 450 2 401 2 ,724 2 961 2 S55 2 744 33 ,061 62 ,950 72 ,704 78 ,659 83 ,240 79 186 85 680 140 64 50 341 422 469 592 50 99 105 183 257 288 321 New York City:* 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952—Tune 30. . Dec. 31. . 5 105 4 015 4 ,639 4 693 5 ,246 5 266 5 059 93 111 151 118 159 168 148 141 78 70 78 79 92 84 10,761 15,065 16,653 15,898 16,439 16,070 16,288 3,595 3,535 3,236 3,207 3,385 3,193 3,346 607 1 ,105 1 ,217 1 ,162 1 ,128 1 ,096 1 ,154 450 338 105 087 289 079 1 120 11 15 17 17 17 17 17 282 712 646 490 880 275 919 6 17 12 268 318 350 465 1 021 942 1 070 1 216 1 407 1 259 1 144 43 36 30 30 32 30 32 298 200 175 133 165 135 169 2,215 3,153 3,737 3,954 4,121 3,903 4,126 1,027 1,292 1 196 1,177 1 269 1,136 1,308 1 ,651 1 ,143 319 237 290 258 321 305 322 8 20 21 48 38 39 37 127 1 ,552 72 174 242 306 343 233 237 285 284 240 287 242 34 66 63 70 66 52 56 2 3 3 4 4 4 4 152 160 853 250 404 037 491 3 866 6 ,940 267 451 858 1 I 1 1 866 34,383 1,384 34,930 1,536 36,323 1,624 37,679 65 90 34 94 10 ,059 11 ,590 12 ,216 12 ,601 15,146 29,277 33,946 34,525 35,986 37,333 38,700 10 215 61 82 30 85 181 6 ,844 8 ,671 9 ,734 11 ,263 11 ,902 12 ,282 12 ,563 11,878 23,712 27,542 28,032 29,128 30,196 31,266 4 5 ,886 208 7 ,589 54 8 ,464 79 9 ,695 26 10 ,218 69 10 ,526 165 10 ,761 778 1 ,648 2 ,120 2 ,259 2 ,351 2 ,425 2 ,460 2 ,505 492 496 826 1,331 1,485 1,574 1,564 418 399 693 1,121 1,238 1,303 1,303 37 43 53 59 29 20 14 37 22 21 29 2 3 5 4 4 9 10 11 11 11 20; 38i 45; 60 85! 90, 243 160 332 105; io 12 CapiIndital viduals Boracpartner- rowships, ings counts and corporations 1,206 ' 195 30 1,418 70 1,647 5 1.614 20 1,721 132 1,752 Chicago:4 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—June Dec. 3\ . . 31. . 31. . 30. . 31. . 30. . 31. . Reserve city banks: 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31 . . 1952—June 30. . Dec. 31. . Country banks: 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952—Tune 30. . Dec. 31. . 6 5 4 6 7 6 7 7 7 060 326 095 806 582 312 788 425 494 562 519 639 551 651 2 2 2 2 2 2 2 590 174 125 206 356 083 419 11,117 22,372 25,714 27,938 29,489 28,703 30,609 4,302 6,307 5,497 6,174 6,695 5,624 6,662 54 110 131 217 192 182 230 491 8 221 405 976 1 124 2 097 1 814 1 1 2 2 2 2 2 144 763 282 575 550 689 693 286 611 705 852 822 719 791 11 22 26 28 30 29 31 127 281 003 938 722 258 798 104 30 22 57 90 101 109 2 4 4 4 5 5 5 210 527 993 745 676 495 820 526 796 929 976 1 231 072 1 250 3 4 3 4 4 4 4 216 665 900 450 862 159 706 9,661 23,595 27,424 30,581 33,051 31,671 34,519 790 1,199 1,049 1,111 1,285 1,060 1,278 2 8 7 10 11 12 11 225 5 465 432 922 876 1 384 1 267 1 2 2 3 3 3 3 370 004 647 282 554 708 772 239 435 528 715 783 705 777 8 21 25 27 30 28 31 500 797 203 980 234 616 473 30 17| 17 12 13 12 13 544 532 3 3, 4, 3, 947 996 507 843 13,595 13,912 15,144 14,420 385 432 489 508 55 38 44 47 167 283 258 397 1, 295 1, 612 761 i ! 833 180 195 205 187 12 284 12, 326 13 426 12, 635 All nonm ember banks :3 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31 1952—June 30. . 635 575 190 120 128 145 476 719 902 1,089 1,128 1,150 1,190 288 377 426 490 513 530 541 739 4,542 9,563 11,045 10,956 11,473 11,913 12,417 1 ,967 2 2 ,566 1 2 ,844 3 ,322 4 3 ,521 25 3 ,663 8 3 ,745 31 52 45 82 125 141 152 146 219 337 443 491 521 525 6,082 12,224 14,177 14,339 14,914 15,413 15,908 4 11 23 9 16 24 25 1 ,982 2 ,525 2 ,934 3 ,532 3 ,760 3 ,873 3 ,970 6 7 22 24 172 263 298 320 6,858 6,915 7,213 7,502 12 11 8 26 1 ,596 1 ,897 1 ,999 2 ,077 631 714 751 2 "Other loans to individuals" include, and "Other loans" exclude, single-payment loans of $3,000 and over, which were included with "Other loans" in BULLETINS for May 1951 through January 1953. 3 Breakdown of loan, investment, and deposit classifications are not available prior to 1947; summary figures for earlier dates appear in the preceding table. 4 Central reserve city banks. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. APRIL 1953 377 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Total loans and nvestments Total» Date or month Commercial, industrial. and agricultural Investments For purchasing or carrying securities To brokers and dealers To others U. S. Other U.S. O t h e r Govt. se- G o v t . seob- curi- ob- curiliga- ties liga- ties tions tions U. S. Government obligations Real Loans to Other Total estate loans banks loans Bills Total CerOther tifisecucates 2 rities of in- Notes Bonds debtedness Total— Leading Cities 1952—March 73,678 34,807 21,305 207 1953—January.... 77,788 38,379 February.. . 76,921 38,337 March 5 77,799 39,193 22,933 22,750 23,204 334 1,208 367 1,177 1,1 22 940 6,013 38,871 31,873 3,988 3,696 5,939 18,250 6,998 559 5,646 582 131 656 132 662 7 >3 6,017 6,041 6,164 520 7.173 39,409 32,077 3,893 2,419 5,949 19,816 7,332 547 7,258 38,584 31,205 3,224 2,361 5,876 19,744 7,379 587 7,532 38,606 31,067 2,901 2,215 5,913 20,038 7,539 102 1953—Jan. 7... Jan. 1 4 . . . Jan. 2 1 . . . Jan. 2 8 . . . 78,110 77,961 7.7,739 77.341 38,490 38,359 38,381 38.287 22,980 23,007 22,908 22.837 467 282 256 331 1,265 1,173 1,188 1.205 133 128 133 130 651 655 659 660 6,005 6,017 6,015 6.031 448 535 618 478 7,134 7,155 7,197 7,208 39,620 39,602 39,358 39.054 32,370 32,263 31,987 31.687 4,076 3,999 3,854 3.644 2,401 2,435 2,427 2,413 5,971 5,959 5,945 5,921 19,922 19,870 19,761 19,709 7,250 7,339 7,371 7,367 Feb. 4 . . . Feb. 11. . . Feb. 18. . . Feb. 2 5 . . . 76,990 76,902 77,050 76,745 38,201 22,780 38,278 22,814 38,494 22,709 38,376 22,697 407 425 350 287 1,171 1,173 1,198 1,165 129 133 132 132 672 662 659 656 6,032 6,032 6,045 6,057 364 386 730 707 7,241 7,249 7,267 7,276 38,789 38,624 38,556 38,369 31,432 31,278 31,089 31,024 3,403 3,224 3,172 3,097 2,450 2,519 2,253 '2,222 5,900 5,868 5,863 '5,876 19,679 19,667 19,801 19,829 7,357 7,346 7,467 7,345 Mar. Mar. Mar. Mar. Mar. 76,574 77,534 77,844 78,010 77,808 38,345 38,770 38,973 39,441 39,588 22,729 22,922 23,139 23,418 23,337 255 1,221 1, 182 1, 589 1, 505 1, 513 134 655 79 6 79 1 79 2 75>2 6,066 6,156 6,167 6,159 6,173 567 569 389 615 776 7,320 7,455 7,507 7,561 7,607 38,229 38,764 38,871 38,569 38,220 30,849 31,276 31,328 31,014 30,650 2,952 3,010 3,144 2,855 2,595 2,184 2,234 2,218 2,239 2,169 5,878 5.934 5,925 5,895 5,897 19,835 20,098 20,041 20,025 19,989 7,380 7,488 7,543 7,555 7,570 20,986 11,137 7,932 174 739 23 215 470 428 1,329 9,849 7,752 1,077 646 937 906 967 43 40 34 232 231 235 377 377 384 313 L.552 9,046 6,973 334 1,577 8,826 6,739 327 1,637 8,886 6,761 726 541 548 228 1,076 4,943 2,073 240 1,055 4,903 2,087 192 1,073 4,948 2,125 4 5.. 4 5.. 11. . . 18. . . 25... New York City 1952—March 1,364 4,665 2,097 1953—January.. . 21,105 February... 20,802 March « . . . . 21,083 12,059 11,976 12,197 8,565 8,499 8,653 222 195 146 . . . . 21,277 21,090 21,035 21,018 12,092 11,994 12,086 12,062 8,560 8,593 8,564 8,541 304 193 161 229 974 912 917 944 47 45 42 40 230 233 234 233 381 378 372 376 242 272 423 316 L.536 1,550 1,555 1,566 9,185 7,129 9,096 7,030 8,949 6,866 8,956 6,868 793 750 669 690 226 229 225 233 1,096 1,085 1,068 1,055 5,014 4,966 4,904 4,890 2,056 2,066 2,083 2,088 Feb. 4... Feb. 1 1 . . . Feb. 1 8 . . . Feb. 2 5 . . . 20,772 20,712 20,893 20,833 11,914 11,872 12,071 12,049 8,504 8,520 8,482 8,490 214 217 173 174 923 888 905 907 39 41 40 40 239 233 229 224 375 374 380 381 217 207 472 442 1,586 1,575 1,573 1,575 8,858 8,840 8,822 8,784 6,784 6,778 6,700 6,695 547 511 554 552 265 331 184 182 1,070 1,048 1,047 1,055 4,902 4,888 4,915 4,906 2,074 2,062 2,122 2,089 Mar. 4 5.. Mar. 4 5.. Mar. 1 1 . . . M a r . 18. . . Mar. 2 5 . . . 20,729 20.920 21,039 21,213 21,160 11,976 12,066 12,053 12,305 12,364 8,511 8,565 8,633 8,742 8,673 140 141 150 133 159 931 937 955 984 992 40 41 34 31 30 226 231 234 235 238 383 383 387 386 381 345 346 207 334 420 1,584 1,608 1,639 1,646 1,657 8,753 8,854 8,986 8,908 8,796 6,651 6,743 6,853 6,786 6,661 481 483 630 578 500 174 186 185 211 188 1,055 1,076 1,072 1,070 1,073 4,941 4,998 4,966 4,927 4,900 2,102 2,111 2,133 2,122 2,135 52,692 33 201 79 344 5,176 154 4,684 29,022 24,121 2,911 3,050 4,575 13,585 4,901 1953—Jan. Jan. Jan. Jan. 7.. 14.. 21.. 28.. Outside New York City 1952—March 23,670 13,373 1953—January.. . 56,683 26,320 February... 56,119 26,361 March 5 . . . 56,716 26,996 14,368 14,251 14,551 112 271 172 271 4 39 424 88 92 431 5: 4 5,640 207 5,621 30,363 25,104 3.167 2,191 4,873 14,873 5,259 5,664 213 5,681 29,758 24,466 2,683 2,121 4,821 14,841 5,292 5,780 , 260 5,895 29,720 24,306 2,353 2,023 4,840 15,090 5,414 7... 14... 21... 28... 56,833 56,871 56,704 56,323 26,398 26,365 26,295 26,225 14,420 14,414 14,344 14,296 163 89 95 102 291 261 271 261 86 83 91 90 421 422 425 427 5,624 5,639 5,643 5,655 206 263 195 162 5,598 5,605 5,642 5,642 30,435 30,506 30,409 30,098 25,241 25,233 25,121 24,819 3,283 3,249 3,185 2,954 2,175 2,206 2,202 2,180 4,875 4,874 4,877 4,866 14,908 14,904 14,857 14,819 5,194 5,273 5,288 5,279 Feb. 4... Feb. 11. . . F e b . 18. . . Feb. 2 5 . . . 56,218 56,190 56,157 55,912 26,287 26,406 26,423 26,327 14,276 14,294 14,227 14,207 193 208 177 113 248 285 293 258 90 92 92 92 433 429 430 432 5,657 5,658 5,665 5,676 147 179 258 265 5,655 5,674 5,694 5,701 29,931 29,784 29,734 29,585 24,648 24,500 24,389 24,329 2,856 2,713 2,618 2,545 2,185 2,188 2,069 '2,040 4,830 4,820 4,816 '4,821 14,777 14,779 14,886 14,923 5,283 5,284 5,345 5,256 Mar. Mar. Mar. Mar. Mar. 55,845 56,614 56,805 56,797 56,648 26,369 26,704 26,920 27,136 27,224 14,218 14,357 14,506 14,676 14,664 115 290 4()4 4? 4 3i\S 3( .2 94 429 52 4 52 3 52 6 5: 4 5,683 5,773 5,780 5,773 5,792 222 223 182 281 356 5,736 5,847 5,868 5,915 5,950 29,476 29,910 29,885 29,661 29,424 24,198 24,533 24,475 24,228 23,989 2,471 2,527 2,514 2,277 2,095 2,010 2,048 2,033 2,028 1,981 4,823 4,858 4,853 4,825 4,824 14,894 15,100 15,075 15,098 15,089 5,278 5,377 5,410 5,433 5,435 1953—Jan. Jan. Jan. Jan. 4 5.. 4 5.. 1 1 . . . 18... 25... r Revised. 1 Figures for 3 various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. Includes guaranteed obligations. For other footnotes see opposite page. 378 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, except interbank Date or month Reserves BalDewith Cash ances mand Fedwith dein eral vault doposits Remestic adserve banks justed' Banks Time deposits, except interbank IndiIndividvidU. S. Certiuals, States uals, States Govand fied and U. S. part- politparternand Gov- ner- politnerment ical Offiical ernships, subships, and cers' subment and and dividivi- Postal cor- sions checks, corSavetc. porapora- sions ings tions tions Interbank deposits Demand Time Domestic Bor- Caprow- ital acings counts Bank debits* For-, eign TotalLeading Cities 1952—March... . 14,899 2,557 52,733 53,695 3,452 1.506 2,921 15,385 757 170 10,274 1,229 415 1953—January... February.. March 5 . . 15,044 14,755 14,961 970 2,441 54,773 55,928 3,698 924 2,338 53,396 54,550 3,808 931 2 ,393 54,117 55,361 3,685 1,562 2,356 16,253 1,502 3,050 16,327 1 ,636 3,010 16,740 760 774 773 200 10,885 1,314 199 10,170 1,263 196 10,090 1,331 576 1,367 7,168 132,811 566 1,343 7,210 114,874 589 1,302 7,316 1953—Jan. 7 . . . Jan. 1 4 . . . Tan. 2 1 . . . Jan. 2 8 . . . 15,183 14,964 15,067 14,961 996 994 932 956 2,400 54,467 55,301 2,561 54,847 56,715 2,500 54,980 56,356 2,303 54, 799 55,379 3,643 3,579 3,687 3,845 1,558 1,728 1,548 1,414 2,709 2,183 2,197 2,337 16,267 16,231 16,251 16,261 751 761 762 765 202 202 197 200 11,145 11,305 10,976 10,114 1,338 1,310 1,310 1,297 578 577 576 574 ,515 ,301 ,228 ,423 7,182 7,154 7,154 7,182 28,409 28,465 31,564 28,668 Feb. 4 . . . Feb. 1 1 . . . Feb. 18... Feb. 2 5 . . . 14,980 14,772 14,717 14,552 881 935 908 971 2,264 53,848 2,275 53,609 2,446 53,043 2,367 53,087 54,262 54,730 54,582 54,627 3,889 3,889 3,715 3,740 1,438 1,571 1,533 1,467 2,640 2,813 3,475 3,271 16,289 16,311 16,334 16,374 770 774 772 778 200 199 200 198 10,210 10,119 10,383 9,969 1,289 1,248 1,253 1,263 567 566 565 567 ,499 ,410 ,212 ,251 7,199 7,205 7,208 7,228 31,409 26,948 30,327 25,730 Mar. 4 K 14,543 Mar. 4 5. 14,711 Mar. 1 1 . . . 14.850 M a r . 18:. . 15,452 M a r . 2 5 . . . 14,832 884 904 953 935 931 2,313 2,351 2,386 2,516 2,318 54,104 S4,819 56,317 56,143 54,165 3,744 3,790 3,628 3,665 3,659 1,545 1 ,561 1 ,462 1,782 1,740 2,712 2,762 2,089 3,020 4,170 16,455 16,720 16,744 16,747 16,749 772 776 773 770 771 195 195 196 195 198 10.176 10,221 10,087 10,409 9,643 1,273 1 ,293 1,365 1 ,359 1,306 574 579 586 595 598 ,131 ,140 ,411 ,416 ,241 7,235 32,329 7,311 7,313 7,314 7,324 2 ,996 1,023 315 203 2 ,394 50,213 3,026 1,057 2,880 1 ,020 2,876 1,065 453 440 459 339 2,459 53,112 379 2,472 45,473 341 2,492 53.157 S3,876 54,841 54,479 53,275 681 6,908 124,758 New York City 1952—March... . 5,389 16,286 17,119 238 704 1,080 1,556 1953—January.. . February.. March 5 . . . 5,042 4,935 5,112 147 144 140 16,044 16,914 15,627 16,590 15,841 16,827 285 296 239 695 704 758 671 1,630 784 1,645 909 1,734 1953—Jan. 7 . . . Jan. 14... Jan. 2 1 . . . Jan. 2 8 . . . 084 003 049 031 152 154 137 144 15,969 16,009 16,041 16,158 16,815 16,958 16,986 16,899 266 272 278 324 676 812 672 619 832 628 599 624 1,637 1,620 1,626 1,637 3,066 3,086 3,050 2,901 1,073 1 ,055 1,051 1,048 456 453 452 451 404 318 331 302 2,459 2,459 2,459 2,460 11,905 11,122 12,363 11,108 Feb. 4 . . . Feb. 1 1 . . . Feb. 1 8 . . . Feb. 2 5 . . . 5 ,059 4, 4,970 4,825 135 157 133 151 15,734 15,626 15,645 15,505 16,496 16,545 16,683 16,638 295 299 301 288 646 784 687 700 700 736 877 822 1,637 1,633 1,645 1,667 2,890 ,043 2,848 1,014 2,909 1,006 2,874 1,017 441 440 438 440 435 352 368 360 2,471 2,470 2,472 2,476 13,227 10,767 11,608 10,107 Mar. Mar. Mar. Mar. Mar. 4,930 4,977 5,052 5,401 5,016 135 139 150 135 136 15,713 15,891 16,196 15,797 15,481 16,590 16,774 17,189 16,947 16,399 246 247 254 235 219 694 682 701 690 652 509 805 1 ,100 876 1,338 1,706 1,714 1,737 1,743 1,743 2,928 2,935 2.808 2,987 2,774 1,027 1,045 1 ,095 1,083 1 ,039 445 450 458 461 465 190 193 329 478 364 2,477 12,755 2,495 2,491 2,491 2,490 478 4,514 74,545 4 s. 4 5. 11 . . . 18. .. 25... Outside New York City 1952—March 1953—January... February.. March 5 . . . 9,510 740 2,509 36,447 36,576 3,214 10,002 9,820 9,849 823 2,403 38 729 39,014 3,413 780 2,304 37,769 37,960 3,512 791 2,355 38,276 38,534 3,446 730 122 7,278 206 100 1,685 14,623 2,266 14,682 2,101 15,006 731 743 742 142 7,859 141 7,290 138 7,214 257 243 266 1,028 4,709 79,699 126 964 4,738 69,401 130 961 4,824 1,877 1,555 1,598 1,713 14,630 14,611 14,625 14,624 722 732 735 736 142 143 140 143 8,079 8,219 7,926 7,213 265 255 259 249 1,111 124 983 124 897 123 1,121 844 840 795 812 2,368 38 498 38,486 2,517 38 838 39,757 2,459 38,939 39,370 2,267 38,641 38,480 3,377 3,307 3,409 3,521 9,921 9,884 9,747 9,727 746 778 775 820 2,233 38,114 37,766 2,244 37, ,185 2,408 37, 37,398 37,899 2,332 37,582 37,989 3,594 3,590 3,414 3,452 792 787 846 767 1,940 2,077 2,598 2,449 14,652 14,678 14,689 14,707 740 743 741 747 142 141 142 140 7,320 7,271 7,474 7,095 246 234 247 246 126 1,064 4,728 18,182 126 1,058 4,735 16,181 127 844 4,736 18,719 127 891 4,752 15,623 4 '=. 9,613 4 5. 9,734 1 1 . . . 9,798 1 8 . . . 10,051 2 5 . . . 9,816 749 765 803 800 795 2,279 37,444 37,514 2,314 37,985 38,045 2,348 38,645 39,128 2,474 38,682 39,196 2,282 37,794 37,766 3,498 3,543 3,374 3,430 3,440 851 860 810 977 864 2,030 2,072 1,580 1,920 2,832 14,749 15,006 15,007 15,004 15,006 741 745 742 739 739 138 138 138 137 140 7,248 7,286 7,279 7,422 6,869 246 248 270 2 76 267 129 941 4,758 19,574 129 947 4,816 128 1,082 4,822 134 938 4,823 133 877 4,834 -Tan. 7 . . . 10,099 1953—Jan. Jan. 1 4 . . . 9,961 Jan. 2 1 . . . 10,018 Jan. 2 8 . . . 9,930 Feb. 4 . . . Feb. 1 1 . . . Feb. 1 8 . . . Feb. 2 5 . . . Mar. Mar. Mar. Mar. Mar. 1,841 13,829 867 798 878 882 916 876 795 4,723 4,695 4,695 4,722 16,504 17,343 19,201 17,560 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. As announced on Jan. 7, 1953, this series has been revised. Figures for Mar. 4, 1953, are shown on both the old and on the new basis; averages for March 1953 are computed from figures on the new basis. The revisions result largely from the net addition of eight reporting banks. A description of the revisions appears on p. 355 of this BULLETIN. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 4 5 APRIL 1953 379 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Period » Metals and PetroFood, Textiles, metal leum, liquor, apparel, products coal, (incl. chemical, Other and and tobacco leather machinand ery and rubber trans. equip.) Trade (wholesale and retail) Commodity dealers Comm'l ind'l, and Net agr'l changes change— classitotal' fied Public utilities (incl. transportation) Construction 63 30 175 351 44 -98 8 37 186 2,769 2,372 18 13 -28 191 -546 2,494 -808 2,422 21 63 610 465 602 330 Sales finance companies All other types of business 275 873 48 125 60 141 62 16 -421 —73 -40 1,111 176 250 76 36 -105 -634 1 141 662 -217 544 -2 -57 156 68 -17 -33 67 31 47 46 3 —34 91 -86 112 2 65 406 69 12 -32 6 69 79 90 32 199 —2 -1 40 — 10 —51 25 143 -89 -82 -129 -106 -15 15 25 -57 67 —4 -62 21 -46 26 7 —219 -153 421 -369 -140 4447 1953—Jan. 7 . Jan. 14 Jan. 21 Jan. 28 -25 20 1 -28 1 47 14 29 -9 -5 -8 20 — 13 12 2 -4 —22 -4 -11 -15 -34 -22 -30 -4 -32 -21 -17 -36 -4 11 21 -4 -5 4 -3 -1 -28 6 -13 -10 — 171 50 -46 — 52 -226 Feb Feb. -32 -39 -35 -36 13 30 15 22 -9 4 -3 -10 10 1 —6 17 9 8 9 -1 8 — 16 -28 -29 -10 -20 -11 11 5 -10 -12 -45 10 5 -6 —1 20 8 -1 —52 -12 -81 -8 -57 34 -105 -12 -29 -26 13 -20 12 39 25 2 46 32 110 10 10 7 26 -3 2 22 17 3 27 50 53 13 -28 -28 -22 -51 35 19 4 -43 -29 34 46 16 -6 7 7 13 10 10 -7 -6 50 166 272 -66 *32 217 279 -81 -243 116 932 -361 1952—Jan.-June. . . - 8 6 8 754 July-Dec Monthly: 1952—Nov Dec 1951—April-June. . July-Dec 1953—Tan Feb Mar -142 -7 43 722 -3 -10 18 Week ending: 4 ... 11.... Feb. 18 Feb. 25.... Mar. 4 . . . . Mar. 1 1 . . . . Mar. 18 Mar. 25. ... 3 1 -1 -1 27 -99 -71 11 1 Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of total2 commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. Figures for other than weekly periods are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. 4 The total change in commercial, industrial, and agricultural loans shown for Mar. 4 and for the month of March excludes an increase of 193 million dollars resulting from increasing the coverage of the weekly reporting member bank series on Mar. 4. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of year or month Based on Held by Commercial paper Total out- 1 outstanding standing Accepting banks Total Own bills Bills bought Others Imports into United States Exports from United States Dollar exchange 3 1 Goods stored in or shipped between points in United States Foreign countries 11 12 9 32 44 1947—December 1948—December 1949—December 1950—December 1951—December 287 269 257 333 434 261 259 272 394 490 197 146 128 192 197 88 71 58 114 119 109 76 70 78 79 64 112 144 202 293 159 164 184 245 235 63 57 49 87 133 2 23 25 25 30 28 55 1952—February March April May June July August September October November December 517 534 544 510 495 539 550 565 591 575 539 493 458 422 430 416 450 454 454 449 478 492 188 177 150 155 148 171 169 166 155 172 183 121 120 110 121 108 122 113 106 103 114 126 67 57 40 34 40 49 56 61 52 58 57 305 282 272 275 268 279 285 288 294 306 309 234 228 211 197 195 200 212 232 237 233 232 135 138 135 136 126 126 119 108 114 123 125 27 6 6 37 45 73 74 60 30 29 39 46 36 22 17 15 17 20 24 40 62 64 51 51 48 43 36 34 30 31 28 31 32 1953—January February 504 511 487 490 159 158 111 110 48 48 328 331 225 234 120 114 43 57 65 53 34 32 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 380 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS* UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Business securities Government securities Date Total assets Total United State and Foreign2 States local * Mortgages Real estate Policy loans Other assets 999 1,249 1,390 1,428 1,718 2,103 2,226 5,669 5,958 6,442 6,726 6,714 6,686 6,636 7,155 8,675 10,833 12,906 16,102 19,314 2,134 2,060 1,878 1,663 1 352 1,063 857 735 1,055 1,247 1,445 1,633 3,248 3,091 2,919 2,683 2,373 2,134 1,962 1,894 1,937 2,057 2,240 2,413 2,587 2,030 2,156 1,840 1,693 1,839 1,704 1,738 1,808 2,124 2,160 2,245 2,591 2,874 Total Bonds 3 Stocks 8,465 9,178 10,174 10,315 10,494 10,715 11,059 13,024 16,144 20,322 23,179 25,403 28,214 7,929 8,624 9,573 9,707 9,842 9,959 10,060 11,775 14,754 18,894 21,461 23,300 25,988 536 End of year: 4 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951. 29,243 30,802 32,731 34,931 37 766 41,054 44,797 48,191 51,743 55,512 59,630 64,020 68,292 7,697 8,359 9,478 11,851 14 994 18,752 22,545 23,575 22,003 19,085 17,813 16,066 13,670 5,373 5,857 6,796 9,295 12 537 16,531 20,583 21,629 20,021 16,746 15,290 13,459 11,011 2,253 2,387 2 286 2,045 1,773 1,429 1,047 936 1,199 1,393 1,547 1,737 915 1,010 1,037 1,140 1,130 1,060 922 End of month: 5 1950—December 1951—December 63,687 67,983 15,933 13,579 13,361 10,958 1,520 1,702 1,052 919 25,209 28,042 23,231 25,975 1.978 2,067 16,101 19,291 1,428 1,617 2,397 2,575 2,619 2,879 68,554 68,907 69,250 69,604 69,959 70,334 70,774 71,123 71,578 72,034 72,415 73,034 13,530 13,469 13,352 13,306 13,020 12,853 12,894 12,898 12,929 12,731 12,780 12,683 10,893 10,841 10,765 10,737 10,463 10,309 10,324 10,347 10,399 10,244 10,297 10,195 1,720 1,716 1,695 1,694 1,697 1,706 1,748 1,752 1,736 1,728 1,728 1,733 917 912 892 875 860 838 822 799 794 759 755 755 28,319 28,553 28,903 29,186 29,594 29,895 30,191 30,314 30,475 30,973 31,143 31,404 26 228 26,456 26,785 27 059 27,456 27,745 28 039 28,165 28,315 28,819 28,986 29,226 2,091 2,097 2,118 2,127 2,138 2,150 2,152 2,149 2,160 2,154 2,157 2,178 19,536 19,712 19,870 20 008 20,175 20,335 20,505 20,643 20 801 20,961 21,087 21,245 1 624 1,639 1,656 1 662 1,674 1,693 1 706 1,722 1 736 1,751 1,766 1,868 2,587 2,598 2,612 2 621 2,633 2,646 2 656 2,667 2 683 2,692 2,698 2,699 2,958 2,936 2,857 2,821 2,863 2,912 2,822 2,879 2,954 2,926 2,941 3,135 73,621 12,862 10,329 n.a. 31,690 29,471 2,219 21,396 1,880 2,718 3,075 1952—Tanuarv February March April.. . May June July August September October November December 1953—January 945 71 115 396 511 684 792 n.a. 554 601 608 652 756 860 n. a. Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5 These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets End of year 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952? Total i Mortgages 2 U. S. Government obligations 5,597 5,733 6,049 6,150 6,604 7,458 8,747 10,202 11,687 13,028 14,622 16,846 19.164 22,700 3,806 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 10,305 11,616 13,622 15,520 18,444 73 71 107 318 853 1,671 2,420 2,009 1,740 1,455 1,462 1,489 1,606 1,791 Assets Savings capital Cash Other s 274 307 344 410 465 413 450 536 560 663 880 951 1,082 1,293 1,124 940 775 612 493 391 356 381 416 501 566 692 866 1,083 4,118 4,322 4,682 4,941 5,494 6,305 7,365 8,548 9,753 10,964 12,471 13,978 16,073 19,211 End of quarter Savings capital Total i Mortgages 2 U. S. Government obligations 15,090 15,880 16,291 16,846 12,014 12,695 13,294 13,622 1,497 1,506 1,489 1,489 885 913 727 951 597 671 688 692 12,925 13,422 13,418 13,978 1951—1. .. . 17,232 2 17,977 3. .. . 18,429 4 19,164 13,999 14,539 15,058 15,520 1,547 1,558 1,577 1,606 844 940 852 1,082 751 849 852 866 14,286 14,910 15,317 16,073 1952—1. .. . 19,848 2 20,853 3. .. . 21,656 4. .. . 22,700 16,073 16,891 17,740 18,444 1,718 1,702 1,782 1,791 1,100 1,212 1,046 1,293 867 959 999 1,083 16,801 17,661 18,210 19,211 1950—1. .. . 2 3. .. . 4 Cash Other 3 P Preliminary. Includes gross mortgages with no deduction for mortgage pledged shares. Net of mortgage pledged shares. Includes other loans, Federal Home Loan bank stock and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. * Figures for mutual savings banks are shown on pp. 373 and 375. Figures for savings and loan associations include savings capital. 1 2 3 APRIL 1953 381 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 End of year End of quarter Asset or liability, and agency 1952 1944 1945 1946 1947 1948 1949 1950 1951 1 Loans, by purpose and agency: To aid agriculture, total Banks for cooperatives Federal intermediate credit banks Federal land banks a Federal Farm Mortgage Corporation Farmers Home Administration3 .. Rural Electrification Administration Commodity Credit Corporation Other agencies 7 878 . 799 116 768 1 711 1 578 4 199 8?8 486 369 10 1 171 153 18 147 145 3 177 22 140 138 3 231 6 1 71? 149 83 19? 151 41 77? 241 31 To financing institutions, total 716 66 131 20 767 60 19S 12 114 14 ?93 7 447 7 436 4 176 ?S9 Land, structures, and equipment, total Public Housing Administration 10 Reconstruction Finance Corporation 6 Tennessee Valley Authority 2 U. S. Maritime Commission Other agencies ** \ 978 161 ?, 187 14? 1 8 SO 9 0S3 9 , 068 424 673 370 822 9 437 9 603 097 9 242 10 168 24 114 112 3 137 35 123 169 121 189 119 201 117 223 115 246 110 108 2 101 99 2 46? 423 38 418 400 58 488 415 74 82 80 2 116 457 58 171 6 51 S 4 441 8 433 4 874 8 816 814 8 806 197 8 S89 81 83 2 464 393 72 611 7 ( ) 6S3 84 82 2 110 272 38 98 96 2 471 400 73 784 1 671 6 10? 6 000 6 078 1 ?49 343 866 14S 187 1 6 , 110 6 096 9 996 9 7 617 9 389 480 412 67 ( 716 ) 71S 864 ) 864 7 7 7 826 9 546 7 9 716 496 707 309 286 112 671 232 278 113 714 5 340 278 96 184 190 294 100 484 88 297 99 111 59 366 105 770 61 609 109 711 63 557 110 801 61 624 116 933 1 091 61 50 919 750 126 123 438 478 395 368 476 185 173 173 153 150 61 3 ,706 95 58 58 58 170 5 22? 5 182 140 6 387 5 290 6 ,649 9 714 11 ,692 12 ,733 13 228 14 ,422 14 A72 15 913 16 ,890 17 826 1 610 43 39 60 ?90 144 151 15 87 7 75 760 ?8 1 681 43 43 1 871 43 47 1 681 48 48 72 1 814 43 44 66 ? 047 43 74 39 ? 071 43 46 42 776 43 S1 43 ? 47? 43 48 43 164 43 118 US 139 ?74 ?7S 199 193 949 200 384 204 311 209 318 3 181 3 ,381 3 ,381 3 381 1 ,381 3 ,181 1 181 710 159 114 108 111 98 107 83 88 71 78 66 66 SS 11 43 67 14S 70 136 4Q 43 2 371 43 61 43 9 421 43 60 43 298 311 181 1 181 51 42 44 36 214 172 184 199 161 203 208 8 17 12 12 15 122 132 144 188 106 244 285 289 286 299 316 8 8 8 8 7 48 49 1 1 1 ) 897 1 ,045 1 020 1 ,064 1 ,205 1 307 1 ,353 1 ,409 1 421 1 ,423 1 437 1 1 1 1 1 1 1 ?0 30 171 ?44 46 24 35 11 2 , 9 4 2 2 ,288 1 ,265 1 4 SO 1 034 463 667 1 053 1 131 438 122 134 822 448 55 26 235 138 29 6 ? 11 22 16 10 9 8 8 1 ,7) ( 7) (7) 1 1 627 1 ,549 1 ,774 1 ,461 1 ,322 1 350 1 ,377 ! ,280 437 1 ,376 1 638 1 174 1 019 1 0?3 1 ,034 978 108 157 14? 179 147 186 194 32 30 28 159 164 142 149 131 16 , 2 3 7 21 ,017 16 ,924 12 ,600 3 ,060 2 ,962 2 ,945 3 ,358 3 ,406 3 ,186 3 ,212 3 ,213 ?00 ?04 1 448 1 35? 1 ?48 1 1 1 1 ,216 1 173 630 611 35 605 594 6 ,526 6 ,919 2 ,861 592 202 202 199 710 830 727 793 721 886 1 ,048 1 ,105 1 ,170 1 ,209 1 ,251 •. 75 « 3 301 3 3 113 3 5 4? 7 7 813 7 ,764 6 S07 168 189 262 1 ,948 2 ,044 1 ,793 465 206 467 581 586 590 Bonds, notes, and debentures payable (not guaranteed), total Banks for cooperatives Federal intermediate credit banks Federal land banks * Federal home loan banks 1 347 373 739 1 717 8 827 305 8 106 474 ?89 63 71 Commodities, supplies, and materials, total Commodity Credit Corporation Reconstruction Finance Corporation 6 Other agencies 345 510 154 235 246 206 101 64 800 3 450 3 ,750 3 ,750 3 750 3 ,750 448 . . . . 302 437 274 Investment in international institutions Reconstruction Finance Corporation P r o d u c t i o n credit c o r p o r a t i o n s Other agencies... 65 305 426 ) 8 ) 8 Other securities, total 070 6 6 636 191 118 73 Investments: U. S. Government securities, total Banks for cooperatives . . . . . Federal intermediate credit banks Production credit corporations 2 Federal land banks Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corporation 2 Federal Housing Administration10 Public Housing Administration Reconstruction Finance Corporation 8 Federal Deposit Insurance Corporation Other agencies /I 563 610 To other industry, total Reconstruction Finance Corporation6 Other agencies Total loans receivable (net) 4 , 018 7 ?4 8S? 141 321 21 Less.' Reserve for losses 4 719 806 To railroads, total Reconstruction Finance Corporation Other agencies All other purposes, total 6 Reconstruction Finance Corporation Public Housing Administration 10 Other agencies 4 161 425 633 60 45 80 34 32 29 27 25 S3S S39 S9S S94 606 596 S?S 999 1 301 1, 543 1 ,742 1 784 1, 831 1 873 1 920 293 1 729 898 782 710 390 859 1 426 9 5 7 6 6 6 6 5 12 1 771 205 18 771 1 884 109 SS8 734 280 1 7 1 717 S? 81 1 091 12 1 Foreign total Export-Import Bank Reconstruction Finance Corporation 6 Other agencies9 4 167 4 276 336 To aid home owners, total Federal National Mortgage 4Assn RFC Mortgage Corporation Home Owners' Loan Corporation 2 Reconstruction Finance Corporation Other agencies ... Reconstruction Finance Corporation F e d e r a l h o m e loan b a n k s . . . . . O t h e r agencies 1 617 3 232 273 986 149 S90 528 120 6 197 231 1 088 1 242 351 643 604 407 361 99 353 9 10 189 257 . 884 2 1 , 395 1 ,113 1 ,252 8 3: 24 ?4S ?74 799 7S6 818 689 69 358 965 70 480 772 1 ,190 1 ,369 1 ,214 1 ,228 1 ,301 1 ,330 78 110 170 140 112 120 181 74S 490 674 864 704 8S7 s?o 169 262 415 204 67 69 560 525 329 258 317 445 For footnotes see following page. 382 FEDERAL RESERVE BULLETIN GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than interagency itemi Assets, other than interagency items 1 Date, and corporation or agency Bonds, notes, InvestU. S. PriComand debenments Gov- vately modiLand, tures payable ernLoans ties, struc- Other Other ment owned retures, supinterliabilinterasceiv- plies, U. S. and Fully est ities est able and Govt. Other equip- sets guaranteed Other mate- secu- secu- ment rials rities rities by U. S. Total Cash 31 31 31 31 2 31 2 31 31 31 31,488 33,844 30,409 30,966 21,718 23,733 24,635 26,744 756 925 1,398 1,481 630 441 642 931 6,387 5,290 6,649 9,714 11,692 12,733 13,228 14,422 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,632 1,683 1,873 1,685 1,854 2,047 2,075 2,226 424 16,237 325 21,017 547 16,924 3 539 12,600 3,518 3,060 3,492 2,962 3,473 2,945 3,463 3,358 1952—Mar. 31 June 30 2 Sept. 30 Dec. 31 26,858 27,933 28,922 29,945 844 808 932 944 14,422 15,913 16.890 17,826 1,322 1,350 1,377 1,280 2,422 2,364 2.371 2,421 3,451 3,438 3,436 3,429 All agencies: 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950— Dec. 1951—Dec. Classification by agency, Dec. 31, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Agricultural Marketing Act Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corporation3 Farmers Home Administration Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp. Public Housing Administration Federal Housing Administration Office of the Administrator: Federal National Mortgage Association.. Other Reconstruction Finance Corporation: Assets held for U. S. Treasury is Others Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority All other 499 776 53 1 27 023 829 602 32 3,406 3,186 3,212 3,213 1,111 1,537 ,317 555 ,753 261 ,125 82 337 38 509 28 499 23 882 43 991 874 704 832 921 34 2,254 118 2,242 41 372 836 2,543 1,444 1,600 9,778 1 51 723 9 4 2,496 (7) 320 165 5,535 1,214 1,228 1,301 1,330 ,247 ,200 ,434 ,728 () 1 100 978 74 317 25 3 311 208 864 1,222 214 2,217 505 4,196 4,212 3 ,,588 2,037 1,663 1,720 ,193 ,161 181 704 421 673 . 25 1,918 1,423 507 38 44 39 53 1,395 1,113 1,252 689 965 772 1,190 1,369 445 134 38 20 110 28,015 18,886 21,030 21,995 23,842 504 472 498 143 166 183 234 329 24,010 25,104 25,780 26,456 349 357 367 378 288 64 52 1 26 () 2,022 740 2,089 2 600 2 30 28 427 (12) 350 207 316 ( () 23 ,857 27,492 24 ,810 1,173 1 24 2,193 226 227 ) 29 2,251 118 198 1 1,437 3,385 () 1,251 460 33 31 43 6 9 122 372 790 2,487 1,364 1,560 9,715 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. a This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947. Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 1° Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Debit balance of less than $500,000. 13 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 14 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. APRIL 1953 383 SECURITY MARKETS1 Bond prices Stock prices Volume of Standard and Poor's series Securities and Exchange Commission series trad-5 ing Cor(index, 1935-39=100) (index, 1939=100) Mu(in ponicipal rate Prethou(high-3 (high- ferred* sands Manufacturing Trade grade) grade)' of InfinTrans PubRail- Pubance, Min- shares) lic lic Total dusporta- utilTotal and ing trial road utility NonservTotal Duradura- tion ity ble ice ble Common Year, month, or week U. S. Government2 Number of issues 480 420 20 40 265 170 98 72 21 28 32 14 146 177 188 156 192 204 117 149 169 107 112 118 154 185 195 166 207 220 150 178 189 180 233 249 160 199 221 107 113 118 184 208 206 144 205 275 2,012 1,684 1,313 168.3 172.2 173.4 173.3 171.1 169.9 170.2 168.3 169.8 170.3 185 184 184 188 192 191 188 183 190 197 201 199 199 204 210 208 204 198 206 214 161 165 167 174 175 175 171 167 172 185 118 117 117 116 117 119 119 117 121 123 193 191 190 196 199 199 194 191 197 204 216 215 214 222 225 225 219 215 223 231 182 181 182 187 192 194 191 188 196 205 248 245 243 253 256 254 246 239 247 255 214 217 216 225 226 228 221 218 225 238 117 116 117 117 117 120 118 118 121 123 203 203 201 204 208 210 206 202 205 212 295 298 283 291 289 278 275 265 260 267 1,283 1,282 1,044 1,215 L,096 95.68 124.0 114.5 168.4 95.28 122.7 114.0 166.3 94.31 121 .6 113.4 165.7 198 196 198 214 212 215 185 181 185 124 124 125 205 202 204 232 229 232 208 204 207 255 252 256 239 235 238 124 124 124 212 210 212 261 256 263 ,623 L ,678 .931 197 196 198 199 199 213 212 215 216 215 183 182 185 186 185 124 125 125 125 125 *203 230 230 233 234 233 205 204 208 209 206 254 254 255 256 257 238 236 239 240 238 124 125 125 124 123 211 211 212 213 214 264 259 266 263 263 2,242 1,769 1,707 1,910 1,935 15 1-8 17 15 1950 average.... 102.53 133.4 122.0 181.8 1951 average 98.85 133.0 117.7 170.4 1952 average 97.27 129.3 115.8 169.7 1952—Mar Apr May June July Aug Sept Oct. . . Nov Dec 1953—Jan Feb Mar Week ending: Feb. 28. . Mar. 7. . Mar. 14.. Mar. 21. . Mar. 28. . 96.87 97.95 98.91 98.32 98.40 97 09 96.86 96 44 96.96 96.32 94.58 94.73 94.63 94.43 93.69 131.5 132.7 131.9 130.9 130.4 128.6 126.6 125.0 125.4 125.3 121.7 121.6 121.6 121.6 121.6 115.9 116.2 116.3 116.2 116.0 115.8 115.7 114.7 115.2 115.3 113.7 113.6 113.5 113.3 113.0 166.2 165.4 166.2 166.3 164.9 203 205 204 203 995 1,149 1,181 1,779 L,842 « Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual 6 dividend. Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month 1950—June December... 1951 — Tune December... Customers' credit balances 1 Debit Debit Customers' balances in balances in firm partners' debit balances investment investment and trading and trading (net)i accounts accounts Cash on hand and in banks Money borrowed* 12 9 10 12 314 397 364 378 1,256 1 .356 1 275 1,292 1952—March... April May June July 3 1,293 3 1,315 31,312 1,327 3 1,387 3 1,338 3 1,333 September October 3 1.316 November. . 3 1,347 December. . . 1,362 1953—January.... February... Credit balances 3 1 ,345 3 1,350 386 399 375 392 9 427 365 8 406 343 Other credit balances In firm In partners' investment investment In capital and trading and trading accounts accounts (net) accounts Free Other (net) 827 745 680 695 673 890 834 816 166 230 225 259 25 36 26 42 11 12 13 11 312 317 319 314 3 734 3 818 3 847 912 3 1,126 «926 3 891 3 860 3 878 920 3 756 3 756 3 725 708 3 692 3 675 3 692 3 692 3 706 724 219 23 16 324 200 35 9 315 3 908 3 871 3 732 3 730 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 32; January, 31; February, 30. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 384 FEDERAL RESERVE BULLETIN BANK RATES ON BUSINESS LOANS OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months1 AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES [Per cent per annum] U. S. Government securities (taxable) Prime bankers' accept- 3 -month bills 9-to 12- 3- to 5ances, month2 90 year days 1 Market onRate issues 3 new issues yield issues 1950 average. . . . 1951 average 1952 average.... 1.45 2.17 2.33 1.15 1.60 1.75 1.20 1.52 L .72 1.218 L .552 L .766 1.26 1.73 1.81 1.50 1.93 2.13 1952—March April May June July August. . . September October. . November December. 2.38 2.35 2.31 2.31 2.31 2.31 2.31 2.31 2.31 2.31 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.59 L.658 1.57 L.623 1.67 L.710 1.70 .700 L.81 L.824 1.83 L .876 L.71 .786 1.74 .783 L .85 1.862 2.09 2.126 1.69 1.60 1.66 1.74 1.89 1.94 1.95 1.84 1.89 2.03 2.02 1.93 1.95 2.04 2.14 2.29 2.28 2.26 2.25 2.30 1953—January.. February. March.. .*. 2.31 2.31 2.36 1.82 1.88 1.88 L.96 1.97 2.01 2.042 2.018 2.082 1.97 1.97 2.04 Week ending: Feb. 28. . Mar. 7. . Mar. 14. . Mar. 21. . Mar. 28. . 2.31 2.31 2.38 2.38 2.38 1.8 1.8 1.8 1.8 1.8 2.07 2.09 2.03 1.98 2.070 2.164 2.098 2.029 2 .036 2.02 2.04 2.02 2.01 2.09 .97 Size of loan All loans Area and period Annual averages: 19 cities: 1944 1945 1946 1947 1948 1949 1950 1951 1952 Quarterly: 19 cities: 1952—June Sept Dec. 1953—Mar. New York City: 1952—June Sept Dec 1953—Mar.. 7 Northern and Eastern cities: 1952—June Sept Dec 1953—Mar. . . 11 Southern and Western cities: 1952—June Sept Dec 1953—Mar. . . . 2.39 C 2.42 2.46 2.46 2.42 2.44 2.46 2.52 • Corrected. Monthly figures are averages of weekly prevailing rates. Series includes certificates of indebtedness and selected note and bond issues. 8 Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1 2 $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 2 4 2 2 4 3 4 3 4 2 4.2 4 4 4.6 4 5 4 7 2.1 2.1 2 5 2.7 2 7 Corporate (highgrade)4 2.5 2.8 3.0 3 0 1.8 2.2 2.4 2 4 4.0 4.2 3.4 3.7 2.9 3.3 3.51 3 49 3.51 3 54 4.90 4 91 4 88 4 89 4.21 4 22 4.21 4.25 3.72 3 74 3.77 3.75 3,29 3 27 3.29 3.32 3 27 3.29 3.33 3.31 4.53 4.66 4.51 4.55 4.03 4.06 4.06 4.13 3.55 3.60 3.63 3.55 3.14 3.15 3.19 3.17 3.46 3.44 3.49 3 50 4.90 4.85 4.85 4 95 4.17 4.20 4.21 4.24 3.71 3.72 3.74 3.74 3.27 3.24 3.29 3.30 3.90 3 84 3.84 3.90 5.05 5 04 5.06 5.02 4.33 4 31 4.30 4.31 3.86 3 82 3.91 3.91 3.63 3.56 3.51 3.62 1 Industrial stocks EarnDividends/ ings/ price ratio price ratio By groups By raitings Total Aaa 3.1 3.5 3.7 3 6 4.9 Corporate (Moody's0 8 Municipal (highgrade)3 2.2 2.0 1.7 2.6 3.1 3.5 ]Bonds U. S. Government (longterm)2 2 3 2.2 3.3 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS [Per cent per annum] Year, month, or week 3 2 3.1 Aa A Baa Industrial Railroad Public utility Preferred6 Common 7 Common 7 1-8 15 9 120 30 30 30 30 40 40 40 15 19 SO average 1951 average 1952 average 2 32 2.57 2.68 1 98 2.00 2.19 2 60 2 86 2.96 2 86 3 08 3.19 2 62 2 86 2.96 2 69 2.91 3.04 2 89 3 13 3.23 3 24 3.41 3.52 2 67 2 89 3.00 3.10 3.26 3.36 2.82 3.09 3.20 3 85 4 11 4.13 6 51 6 29 5.55 14 61 10 42 9.49 1952—March April... 2.07 2.01 2.05 2.10 2.12 2.22 2.33 2 42 2.40 2.40 2.96 2.92 2.93 2.95 2.96 2.97 2.98 3 04 2.98 2.99 3.19 3.16 3.16 3.17 3.17 3.18 3.19 3 22 3.20 3.19 2.96 2.93 2.93 2.94 2.95 2.94 2.95 3 01 2.98 2.97 3.03 3.01 3.00 3.03 3.04 3.06 3.07 3.08 3.06 3.05 3.24 3.20 3.20 3.20 3.19 3.21 3.22 3 24 3.24 3.22 3.51 3.50 3.49 3.50 3.50 3.51 3.52 3 54 3.53 3.51 2.99 2.97 2 97 2.98 2.99 3.00 3.02 3 05 3.05 3.04 3.36 3.32 3.31 3.32 3.33 3.34 3.36 3 39 3.37 3.34 3.21 3.19 3.19 3.20 3.20 3.20 3.20 3 22 3.19 3.19 4.16 4.07 4 04 4.04 4 09 4.12 4.12 4 16 4.12 4.11 5.54 5.87 5 73 5.48 5 41 5.51 5.63 5 62 5.33 5.14 r 8.98 June July August September... October November.. . December. . . 2.70 2.64 2.57 2.61 2.61 2.70 2.71 2 74 2.71 2.75 r 8.58 1953—January February... . March 2.80 2.83 2.89 2.47 2.54 2.61 3.06 3.11 3.16 3.22 3.26 3.31 3.02 3.07 3.12 3.09 3 14 3.18 3.25 3.30 3.36 3.51 3.53 3.57 3.07 3.11 3.16 3.36 3.39 3.43 3.23 3.29 3.33 4.16 4.21 4.23 5.18 5.26 5.36 Week ending: Feb. 28 Mar. 7 Mar. 14 Mar. 21 Mar. 28 2 88 2.87 2.87 2.88 2.94 2 60 2.61 2.61 2.61 2.61 3 13 3.15 3.14 3.14 3.18 3 28 3.29 3.29 3.30 3.33 3 09 3.11 3.10 3.12 3.14 3.15 3.16 3.16 3.18 3.21 3.33 3.34 3.35 3.36 3.37 3.54 3.55 3.56 3.56 3.58 3 12 3.14 3.15 3.16 3.18 3.41 3.42 3.43 3.44 3.44 3.30 3.31 3.31 3.33 3.36 4 21 4.23 4.21 4.21 4.25 5 26 5.28 5.22 5.18 5.21 Number of issues.. . May 125 125 '9.06 10.56 T 1 Revised. Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds -due or first callable after 15 years were included.4 3 Standard and Poor's Corporation. U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been 6 reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public 7 utility. Moody's Investors Service. Backfigures.—-SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490. and October 1947, pp. 1251-1253. APRIL 1953 385 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwis>e noted. In millions of dollarsl Summary Excess of receipts or expenditures ( —) Budget receipts and expenditures Period Expenditures 41,714 38,255 56,846 71,366 -3,592 1 -422 -3,358 -5,842 38,246 37,045 48,143 62,129 40,057 40,167 1 44,633 66,145 17,675 19,370 18,464 29,679 23,809 38,320 27,204 9,886 4,323 3,809 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 10,502 Net receipts Calendar year: 1949 1950 1951 1952 Fiscal year: 1949 1950 . . . . 1951 1952 Semiannual totals: 1949—July-Dec. 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec. 1952—Jan.-June. July-Dec. Monthly: 1952—Mar Apr May Tune . . . July Aug. Sept Oct Nov. Dec. 1953—Jan Feb. . Mar Sales and Trust redemptions and in market other of Govt. acagency counts obligations Surplus or deficit 38,122 37,834 53,488 65,523 Clearing account Increase or decrease (—) during period Gross direct public debt Special Avail- Inessprocof deposable itaries funds collection 2,557 2,344 2,693 4,368 J 187 L 069 1,134 L ,132 143 250 355 103 1 771 3,268 5,680 5 106 I 159 1,156 .089 1 175 841 950 690 338 321 333 389 94 143 129 250 . 146 355 176 2,557 3,268 2,344 5,680 2,693 5,106 4,368 1,187 1,156 1,069 1,089 1,134 1,175 1,132 169 450 569 333 638 496 508 333 195 125 355 184 106 161 770 396 389 811 351 222 174 103 176 350 174 448 5,228 3,779 3,690 5,106 6,027 5,190 5,217 4,145 5,984 4,368 3,318 4,376 4,983 1,110 969 1,037 1,175 1,076 1,161 1,270 1,087 1,152 1,132 1 209 1,123 1,255 1,770 4,587 -2,135 3,883 3,470 5,517 7,357 6,969 438 950 338 333 142 341 -254 40 -146 -255 -64 4,360 227 -650 -1,486 4,197 -313 8,286 1,209 838 -1,285 3,124 -3,062 2,674 -904 4,679 5,517 4,232 7,357 4,295 6,969 6,064 -245 329 -91 -326 432 -195 -229 316 -243 -145 401 -2 -135 -2,278 209 1,613 -800 3,968 113 -504 2,238 2,513 1,765 -1,447 28 1,548 957 -973 204 -981 1,461 -1,572 -376 6,840 5,393 5,421 6,969 7,925 6,952 7,156 6,175 7,636 6,064 5,689 6,024 6,908 4,331 -423 — 1,811 -3,122 1 3,510 -4,017 —420 121 366 483 -214 -401 478 219 -74 -22 384 -72 20,974 19,192 1 19,063 25,570 31,276 34,869 36,497 -3,300 178 i -599 4,109 -7,467 3,451 -9,293 -14 135 -173 468 291 -72 121 21 -43 392 -8 64 -136 46 5,704 6,016 5,659 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 6,187 4,182 -1,693 -1,850 2,865 -3,426 -968 515 -3,283 -1,009 -1,121 -676 -116 4,315 166 -229 343 -293 -43 6 456 -207 127 -218 -140 404 -209 -60 -63 14 101 26 71 -34 -45 74 -46 29 -133 12 471 -447 2,711 7,973 -41 11 182 62 335 884 -3,099 Other net assets 94 129 146 176 — 1,462 2,047 1,839 -388 234 87 — 106 -319 1 General fund balance Deposits in F. R. Banks 841 690 321 389 -140 349 56 -90 1 Balance in general fund 4,679 4,232 4,295 6,064 -362 -38 759 49 1 General fund of the Treasury (end of period) B u d g e t expenditures Major national security programs Period Total2 National defense Military assistance abroad International economic aid8 Atomic Energy Commission Total Calendar year: 1949 1950 1951 1952 Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—Tulv-Dec 1950—Jan.-June.. July-Dec. . 1951—Jan.-June.. July-Dec. . 1952—Jan.-June.. July-Dec.. Monthly: 1952—Mar. Apr May June . . July AUK Sept. Oct Nov. Dec. 1953—Jan Feb. . Mar Interest on debt AgriVetSocial culerans seture Admin- Decurity istrapropart4 tion4 ment 5 grams Housing and home finance Post Public office works deficit 41,714 38,255 56,846 71,366 r 19,452 18,509 37,154 51,121 12,849 13,476 30,275 43,176 291 1,559 2,975 6,005 4,012 3,560 2,652 560 611 1,278 1,813 5,482 5,580 5,983 6,065 6,364 5,714 5,088 4,433 3,104 1,499 1,010 1,564 1,226 1,351 1,463 1,508 — 123 — 17 694 646 1,576 :L ,551 L.438 1,573 536 643 684 775 40,057 40,167 44,633 66,145 c 19,084 '17,950 25,891 46,319 12,158 12,346 19,955 39,033 44 884 2,228 «6,279 4,941 3,863 2,904 647 524 908 1,648 5,339 5,750 5,613 5,859 6,789 6,043 5,288 4,748 2,656 2,986 635 1,219 1,110 1,375 1,415 1,424 —56 -270 460 614 L ,519 1,575 1,458 1.515 524 593 624 740 20,974 19,192 19,063 25,570 31,276 34,869 36,497 9 291 8,659 9,850 16,041 21,113 25,206 25,915 6,376 5,970 7,505 12,450 17,825 21,208 21,968 44 247 637 921 1,306 1,669 2,621 2,320 1,692 2,170 1,389 1,514 1,137 255 270 341 567 711 937 876 2,560 3,190 2,390 3,223 2,761 3,099 2,966 3,006 3,036 2,678 2,610 2,479 2,269 2,164 1,652 1,335 164 470 540 679 885 695 681 670 745 718 706 802 -95 -175 158 302 392 222 424 903 673 878 580 858 657 916 5,704 6,016 5,659 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5 595 6,187 4,104 4,499 4,541 4,357 4,695 3,814 4,518 4,373 3,876 4,640 4,216 4,168 3,414 3,771 3,788 3,683 3,884 2,971 4,008 3,723 3,302 4,081 3,632 3,501 ^3,790 226 239 228 231 293 352 184 298 266 275 277 316 523 212 281 319 352 351 266 133 142 128 117 138 171 P177 141 162 154 192 140 144 155 160 150 127 158 151 157 689 350 172 1,518 320 183 559 572 185 1,146 235 311 563 388 375 355 343 391 354 343 354 345 378 348 339 358 83 52 85 187 117 126 49 192 112 289 357 285 P280 66 149 76 148 158 109 116 191 124 104 180 109 Pll -1 100 37 -42 41 21 71 79 101 112 -80 19 -3 98 90 94 162 157 148 158 174 140 138 89 70 P4,666 P90 209 383 260 364 320 420 355 C iso * i75 180' 160 -30 Transfers to trust Other accounts 1,425 961 1,016 1,193 916 1,383 2,673 2,464 2,315 2,487 C 2,177 r 1,305 972 2,781 2,277 2,402 1,226 c 1,528 157 804 168 848 457 737 78 50 99 80 397 94 64 23 93 67 20 101 P58 l,254 1,210 1,066 1,249 1,153 1,333 200 170 200 178 292 169 191 245 184 252 213 192 *>194 r c P Preliminary. Revised. Corrected. 1 Beginning N o v e m b e r 1950, i n v e s t m e n t s of wholly o w n e d G o v e r n m e n t c o r p o r a t i o n s in public d e b t securities a r e excluded from b u d g e t ex- penditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were 2 made by the Treasury in the November 1950 and January 1951 figures. Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 1 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other 4 nonmilitary foreign aid programs, as well as State Department expenditures. Excludes transfers to trust accounts, which are shown separately. 5 Excludes expenditures for forest development of roads and trails, which are included with public works. 386 FEDERAL RESERVE BULLETIN TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources Period Income and old-age insurance taxes Withheld by employers Calendar year: 1949 1950 1951 1952 Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—July-Dec. . . 1950—Jan.-June.. July-Dec. . . 1951—Jan.-June... July-Dec. . . 1952—Jan.-June.. July-Dec. . Monthly: 1952—Mar Apr May June. . . . July.... Aug Sept Oct Nov Dec 1953—Tan Feb Mar Deduct Taxes on carriers and on employers of 8 or more Other receipts Total budget receipts Appropriations to oldage trust fund Refunds of receipts Net budget receipts Individual income and oldage insurance taxes Corporation Withheld profits taxes and come and Other gift taxes Excise and miscellaneous taxes Estate in- ,428 ,775 ,392 ,658 19,894 8,326 17,361 8,771 26,876 9,392 34,174 10,416 794 770 944 902 2,123 1,980 2,337 2,639 42,565 42,657 58,941 71,788 1,666 2,667 3,355 3,814 2,777 2,156 2,098 2,451 38,122 37,834 53,488 65,523 11,591 7,828 12,006 12,963 7,384 9,937 18,840 10,362 16,565 23,090 11,980 22,140 754 658 801 849 7,529 8,150 8,682 9,558 ,532 ,180 ,654 ,889 19,641 18,189 24,218 33,026 8,348 8,303 9,423 9,726 787 776 811 994 2,466 1,862 2,263 2,364 42,774 41,311 53,369 67,999 690 106 120 3,569 2,838 2,160 2,107 2,302 38,246 37,045 48,143 62,129 11,743 7,996 11,762 7,264 15,901 9,908 21,313 11,545 11,554 10,854 14,388 21,467 797 706 730 833 7,585 7,599 8,704 8,971 ,613 ,566 ,209 ,445 ,947 ,942 ,716 7,670 10,520 6,841 17,376 9,499 23,526 10,647 4,311 3,992 4,779 4,644 4,748 4,978 5,438 323 453 317 494 449 545 357 921 941 ,039 ,223 ,114 ,251 ,388 18,838 22,472 20,185 33,184 25,757 42,242 29,546 850 1,256 1,411 1,709 1,646 1,922 1,891 314 1,846 311 1,796 302 2,000 451 5,657 17,675 19,370 6,105 18,464 6,858 29,679 9,043 23,809 9,798 38,320 11,515 27,204 11,574 1,761 5,889 5,503 4,965 1,881 4,971 8,027 9,416 2,335 7,149 9,210 14,318 2,770 7,821 351 356 303 427 374 459 390 3,911 3,688 4,462 4,241 4,440 4,531 5,027 ,019 978 ,009 ,983 ,007 ,995 ,751 997 ,085 ,882 989 ,544 ,091 7,717 3,191 549 7,106 1,435 445 4,029 1,214 436 3,088 3,111 1,479 8,551 825 849 828 845 949 862 877 923 888 939 842 856 993 79 17 105 59 22 106 54 17 104 54 30 271 160 10,800 152 5,187 197 4,688 228 10,220 236 3,649 177 4,585 164 6,875 204 3,355 219 4,731 387 6,350 260 5,232 150 6,300 158 11,870 460 252 476 142 182 434 235 204 533 303 117 486 425 2,133 1,583 221 1,478 393 93 1,653 164 109 358 5,913 1,278 2,855 839 501 404 113 88 80 48 84 70 59 57 51 70 77 65 718 742 750 804 863 780 808 911 795 870 760 782 Period Calendar year: 1949 1950 1951 1952 Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—July-Dec. 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec.. 1952—Jan.-June. July-Dec . Monthly: 1952—Mar Apr May June July Aug Sept Oct Nov Dec 1953—Jan Feb Mar Other Miscellaneous internal revenue Internal revenue collections (on basis of collectors' reports) 455 9,886 612 4,323 403 3,809 283 9,796 151 3,316 102 4,050 55 6,585 51 3,099 47 4,151 45 6,003 54 5,061 336 5,479 944 10,502 537 1,330 3,955 707 1,539 4,012 232 1,634 3,968 190 1,144 4,990 351 5,659 958 357 2,442 927 352 2,785 Treasury receipts—Continued Trust and other accounts Internal revenue collections—cont. (on basis of collectors' reports) Social security, retirement, and insurance accounts Excise and miscellaneous taxes Total1 Manufacturers' and retailers' excise Other Other i 3,584 6,214 4,507 4,942 -22 271 329 -325 -333 786 508 2,311 -402 3,360 3,361 2,884 6,484 3,752 4,885 196 275 -410 -62 353 530 3,035 3,231 3,312 3,939 3,967 4,242 4,073 1,099 -1,501 1,557 1,803 1,352 2,009 1,495 1,914 4,570 1,644 2,108 2,398 2,486 2,456 —22 219 52 223 106 -36 -26 -307 660 126 404 105 655 433 999 997 707 930 399 361 958 718 248 869 596 153 256 486 702 307 361 53 22 388 363 -103 223 61 414 407 420 412 410 403 399 399 383 462 447 449 488 Investments Expenditures -362 -38 759 49 5,512 6,543 7,906 8,315 1,965 56 3,155 3,504 1,832 1,806 1,936 2,032 -420 121 295 219 5,185 6,266 7,251 8,210 1,121 1,125 1,394 1,446 1,343 1,481 1,573 936 870 994 942 1,045 988 1,127 -14 135 -173 468 291 -72 121 228 239 243 273 268 253 223 248 268 313 283 308 162 157 169 163 210 173 180 221 131 212 154 155 166 -229 343 -293 -43 6 456 -207 127 -218 -140 404 -209 Liquor 7,529 8,150 8,682 9,558 2,204 419 460 2,727 ,320 ,348 ,446 ,662 2,221 2,519 2,790 3,054 1,784 1,864 1,986 2,115 7,585 7,599 8,704 8,971 2,211 2,219 2,547 2,549 ,322 ,328 ,380 ,565 2,221 2,245 2,841 2,824 3,911 3,688 4,462 4,241 4,440 4,531 5,027 1,191 1,028 1,391 1,156 1,304 1,245 1,482 663 665 683 697 748 817 845 718 742 750 804 863 780 808 911 795 870 760 782 204 210 204 220 246 205 258 285 269 220 188 186 124 135 134 148 140 149 147 157 127 125 136 133 Tobacco Investments 3 Receipts Total Other accounts 2 18 14 24 -52 1 36 -9 -1 93 -14 233 -54 38 95 15 273 -228 -32 -124 500 -148 34 -125 188 154 -217 p Preliminary. * Excess of receipts, or expenditures (—). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflects principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). APRIL 1953 387 TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Net Budget receipts Period Plus: Trust acct. receipts Equals: Cash operating income Cash operating outgo, other than debt Plus: Plus: Tr. acct. Less: Noncash 6 Exch. Stabilization Fund 6 Clearing account Equals: Cash operating outgo Net cash operating income or outgo Budget expenditures Less: Noncash expenditures Accru- Intraals to Govt. public3 trans. 4 Total Total Less: net Nonreceipts cash 1 Total Less: Noncash' 38,122 37,834 53,488 65,523 38,246 37,045 48,143 62,129 99 171 222 184 100 120 256 138 5,956 7,001 8,582 8,707 5,714 6,669 7,796 8,807 ',603 1,211 5,508 ',649 5,232 5,623 5,244 »,7O5 41,374 42,451 59,338 71,396 41,628 40,970 53,439 68,093 41,714 38,255 56,846 71,366 40,057 40,167 44,633 66,145 403 503 567 734 389 436 477 710 ',588 ,307 5,625 5,807 5,152 5,754 5,360 5,837 4,210 6,923 4,397 4,825 3,511 6,881 3,945 4,952 164 65 90 28 183 13 138 4 102 -262 -26 38 98 -207 -13 9 -234 -87 106 319 -366 -483 214 401 42,642 41,969 58,034 72,980 40,576 43,155 45,804 67,956 -1,267 482 1,304 -1,583 1,051 -2,185 7,635 137 17,675 19,370 18,464 29,679 23,809 38,320 27,204 40 80 91 164 58 77 107 3,231 3,438 3,562 4,234 4,349 4,458 4,248 19,420 ,446 L ,178 21,551 1,033 20,900 1,210 32,537 1,298 26,799 1,406 41,293 1,243 30,104 20,974 19,192 19,063 25,570 31,276 34,869 36,497 215 222 281 196 371 338 396 L ,541 1,213 L ,075 L,279 1,346 1,488 1,319 2,159 4,722 2,201 1,744 2,653 2,298 2,527 2 10 55 82 8 -4 32 55 -262 -142 -341 254 -40 146 255 64 21,290 21,865 20,105 25,700 32,334 35,622 37,357 -1,871 -315 796 6,839 -5,534 5,671 -7,254 9,886 4,323 3,809 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 10,502 4 2 2 32 24 2 3 4 3 71 43 3 684 476 1,050 1,026 738 959 427 401 975 747 286 920 649 5,704 6,016 5,659 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 6,187 43 39 59 93 74 42 46 56 83 95 82 38 132 111 134 844 457 127 112 86 128 409 100 129 347 434 197 669 473 556 -73 587 367 617 296 346 758 1 -2 2 -11 5 2 1 -2 3 23 8 2 245 -329 91 326 -432 195 229 -316 243 145 -401 2 135 6,120 5,972 5,751 6,978 6,233 5,622 6,066 6,514 5,558 7,364 5,442 5,754 4,316 -1,283 -1,029 3,010 -2,640 -744 832 -3,097 -561 -1,044 -203 513 Cal. yr.—1949 1950 1951. 1952 Fiscal yr.—1949 1950 1951 1952 Semiannual totals: 1949—July-Dec... 1950—Jan.-June.. July-Dec... 1951—Jan.-June.. July-Dec... 1952—Jan.-June.. July-Dec. . Monthly: 1952—Mar Apr May June July Aug Sept Oct Nov Dec 1953—Jan Feb Mar 129 108 134 801 438 128 111 79 127 360 65 128 10,436 4,689 4,722 9,988 3,593 4,878 6,898 3,418 4,997 6,320 5,239 6,267 Total -13 22 16 -21 -14 25 5 -19 19 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). s Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6 Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Period Cal. yr.—1949 1950 1951 1952 Fiscal yr.—1949 1950 1951. 1952 Semiannual totals: 1949—July-Dec 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec.. 1952—Jan.-June. July-Dec Monthly: 1952—Mar Apr May June .. .. .. .. .. July AUJT. Sept Oct. Nov.. Dec 1953—jan# Feb Mar.. . Details of net cash borrowing from or Plus: Cash InLess: Noncash debt transactions Equals: Net cash repayment (—) of borrowing to the public 2 issuance of crease, 1 borrowsecurities of or deAccruals to public inv. ing, or crease Federal agencies Net Postal Direct Savings in Fed. ( - ) , in bonds Savings Sav. Sys. Other 4 sec. by Int. on sav. Payts. in repayt. Non( - ) of mktable. gross Guarnotes (issue & conv. special Govt. agen. bonds and form of guarborrow- issues 3 price) dir. pub. anteed issues anteed & tr. funds Treas. bills Fed. sec. ing debt 585 15 - 1 4 6 3,020 1,739 -2,275 -285 1,125 -115 2,156 -25 4,331 -250 94 602 163 198 751 355 1,021 -6 -929 -2,649 -423 718 9 9 7 — 1,099 —1,191 37 3,418 1 2 5 46 18 -1,242 1,999 2,711 770 -74 -113 -122 -102 3,833 -406 -1,784 12 3,353 5,778 7,973 580 40 -2,513 -5,351 2,630 -293 463 2,420 -28 -85 -46 478 574 -150 -158 4,231 -308 68 3,601 211 728 -8 -14 4,587 638 -5,795 -3,943 10 3,557 -149 -657 - 1 , 0 9 3 -467 -2,135 374 365 -155 779 -79 -88 3,636 -717 -1,209 -82 16 1,639 3,883 -525 99 -70 3,079 1,141 307 -147 2,767 2 19 15 268 4,360 112 -80 1,152 -1,450 265 219 834 -33 462 -10 -176 227 -170 -2,081 -2,761 1,544 337 -56 187 388 292 4 371 -650 -923 -3,714 -1,184 2,014 301 -92 -845 -13 -758 5 -5 -1,486 3,183 -74 2,472 1,404 417 -33 -255 51 -432 13 51 4,197 -81 -134 -2,998 -1,544 2,232 361 -45 -955 -139 -285 3 -313 7,322 -32 6,351 1,601 409 -29 -829 37 -121 8 11 8,286 -2,278 209 1,613 -800 3,968 113 -504 2,238 2,513 -41 11 182 -3,099 4 4 1 -11 5 1 5 6 -63 171 46 -3 —66 13 101 37 66 -34 -50 68 270 510 650 308 397 44 21 481 41 63 96 77 44 49 58 84 —2 -4 18 11 -27 -3 —2 -1 3 -6 2 -50 35 -134 1 11 349 130 170 100 97 84 40 -7 -2 17 -2,551 -163 1,057 -1,463 3.597 -229 -628 2,116 ' 2,022 -527 -173 -178 -1,289 -54 -1,138 — 162 754 -663 3,830 -192 -259 2,200 1,915 -172 -199 -82 -2,504 —81 —91 -28 142 412 -54 -46 -7 -8 -5 112 93 58 -859 — 173 -111 -292 -13 62 -302 -99 -38 -768 -10 -24 -17 -30 -2 Q -13 -60 —62 6 104 24 74 -31 —64 53 -46 21 — 138 A 1 2 3 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 388 FEDERAL RESERVE BULLETIN TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Period Total Cal# yr#—1949 1950 1951 1952 Fiscal yr.—1949 1950 1951.. 1952 Semiannual totals: 1949—July-Dec 1950—Jan.-June July-Dec 1951—Jan.-June July-Dec 1952—Jan.-June July-Dec Monthly: 1952—Mar Apr. . . May June Tuly Aug. Sept Oct. Nov Dec 1953—Jan Feb. Mar Cash operating outgo Direct Direct taxes on taxes on corporindivid1 ations uals Excise and misc. taxes Social ins. receipts 2 Other cash income 3 Deduct: Refunds of receipts Total Major VetSocial Inter- erans natl. sec. est security Other pro- 4 debton5 pro- 8 programs grams grams 7 41,374 42,451 59,338 71,396 41,628 40 970 53,439 68,093 18,403 19,191 27,149 32,728 18,725 18,115 24,095 30,713 12,006 9,937 16,565 22,140 11,554 10,854 14,388 21,467 7,572 8,113 8,591 9,567 7,551 7,597 8,693 8,893 3,864 5,121 6,362 6,589 3,899 4,438 5,839 6,521 2,306 2,245 2,769 2,823 2,737 2,126 2,531 2,801 2,777 2,156 2,098 2,451 2,838 2,160 2,107 2,302 42,642 41,969 58,034 72,980 40,576 43,155 45,804 67,956 19,738 '18,347 37,279 51,195 19,370 17,879 26,038 46,396 4,186 4,072 4,137 4,230 3,889 4,264 4,052 4,059 6,819 8,864 6,121 5,209 7,201 9,146 5,980 5,826 4,333 7,566 4,400 '6,286 4,915 5,582 5,613 6,733 3,561 6,555 4,14:0 7,126 4,458 5,276 5,206 6,469 19,420 21,551 20,900 32,537 26,799 41,293 30,104 6,894 11,220 7,971 16,124 11,025 19,687 13,041 5,889 4,965 4,971 9,416 7,149 14,318 7,821 3,960 3,637 4,476 4,217 4,374 4,519 5,048 1,927 2,510 2,611 3,228 3,135 3,386 3,202 1,064 1,065 1,182 1,348 1,418 1,383 1,443 314 1,846 311 1,796 302 2,000 451 21,290 21,865 20,105 25,700 32,334 35,622 37,357 9,438 8,441 9,905 16,133 21,146 25,250 25,944 2,194 2,075 1,997 2,058 2,079 1,984 2,246 3,259 5,887 2,977 3,003 3,117 2,709 2,500 2,348 2,392 2,007 2,450 2,465 2,741 2,872 4,051 3,070 3,219 2,056 3,527 2,938 3,795 10,436 4,689 4,722 9,988 3,593 4,878 6,898 3 418 4,997 6,320 5,239 6 267 3,477 2,727 2,811 3,335 1,386 2,719 3,162 1,135 2,686 1,952 3,558 4,198 5,913 1,278 712 762 608 342 181 192 455 612 409 492 970 257 302 908 344 298 245 223 233 204 187 243 234 345 106 724 243 139 497 485 442 424 464 408 398 409 407 477 492 456 459 532 934 415 403 283 151 102 55 51 4,107 4,500 4,544 4,339 4,684 3,841 4,520 4,375 3,877 4,646 4,218 4,151 457 437 748 797 865 792 818 866 6,120 5,972 5,751 6,978 6,233 5,622 6,066 6,514 5,558 7,364 5,442 5,754 625 284 351 100 781 391 431 149 269 397 390 418 459 478 522 259 252 1,014 350 778 192 713 731 1,028 102 438 5,659 958 357 2,442 927 352 2,785 838 868 501 404 765 791 214 1 ,013 255 197 P568 47 45 54 336 944 P4,687 576 506 P437 r P Preliminary. Revised. Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. Represents mostly nontax receipts. * Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 6 Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid 6by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. 1 2 8 UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds All series Year or month Sales 1941 1942 1943 1944 1945 1946 1947 1948 . . 1949 1950 1951 1952 3,036 9,157 13,729 16,044 12,937 7,427 6,694 7,295 5,833 6,074 3,961 4,161 1952—Feb... Mar.. . Apr. . . May.. June.. July... Aug... Sept... Oct.... Nov.. . Dec... 1953—Jan. . . Feb... 339 331 313 292 364 367 356 330 348 303 375 504 414 Redemp- Outstandtions and ing (end of maturities period) 162 343 1,576 3,321 5,503 6,278 4,915 4,858 4,751 5,343 5,093 '•4,530 359 381 391 380 390 418 355 374 353 310 r379 390 320 Series A-E and H • Sales 6,140 15,050 27,363 40,361 48,183 49,776 52,053 55,051 56,707 58,019 57,587 57,940 1,643 5,989 10,344 12,380 9,822 4,466 4,085 4,224 4,208 3,668 3,190 3,575 57,682 57,680 57,644 57,614 57,685 57,709 57,753 57,758 57,794 57,850 57,940 58,134 58,268 288 284 267 250 293 316 309 290 310 271 334 441 362 Redemp- Outstandtions and ing (end of maturities period) 160 307 1,452 3,063 5,135 5,667 4,207 4,029 3,948 4,455 4,022 P3.622 290 304 313 303 313 334 279 299 284 P239 P299 P320 P251 Series F, G, J and K Sales Redemp- Outstandtions and ing (end of period) maturities 4,750 10,526 19,573 29,153 34,204 33,410 33,739 34,438 35,206 34,930 34,728 35,324 1,393 3,168 3,385 3,664 3,115 2,962 2,609 3,071 1,626 2,406 36 124 258 368 611 708 829 803 888 770 586 1,071 P908 34,826 34,849 34,839 34,843 34,905 34,950 35,019 35,055 35,116 35,206 35,324 35,511 35,657 52 47 47 42 71 52 47 39 38 32 42 64 52 69 77 78 76 76 85 75 75 69 2 P70 P80 P70 P68 1 ax dim savniKs notes Sales 1,390 4,523 7,790 11,208 13,979 16,366 18,314 20,613 21,501 23,089 22,859 22,616 2,479 6,479 8,055 8,533 5,504 2,789 2,925 3,032 5,971 3,613 5,823 3,726 22,856 22,831 22,804 22,772 22,780 22,759 22,734 22,704 22,678 22,645 22,616 22,623 22,611 630 185 409 636 198 279 176 114 176 173 168 107 80 r P Preliminary. Revised. NOTE.—Sales and redemptions of bonds are shown at issue price: amount outstanding at current redemption value. Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding. APRIL 1953 Redemp- Outstandtions and ing (end of maturities period) 8 2,565 5,853 7,276 7,111 5,300 3,266 3,843 2,934 2,583 6,929 5,491 2,471 6,384 8,586 9,843 8,235 5,725 5,384 4,572 7,610 8,640 7,534 5,770 126 8,044 6,911 7,057 7,470 6,612 6,440 6,330 6,039 6,026 6,089 5,770 5,676 5,642 1,317 262 223 1,056 451 286 405 189 110 488 200 114 Maturities of notes and 389 UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues Nonmarketable Marketable Total gross debt* Total gross direct2 debt Total 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—June Dec 1947—June Dec 1948—June Dec 1949—June Dec 1950—June Dec 1951—June Dec 50 ,942 64 ,262 112 ,471 170 ,108 232 ,144 278 ,682 269 ,898 259 ,487 258 ,376 256 ,981 252 ,366 252 ,854 252 798 257 ,160 257 ,377 256 ,731 255 ,251 259 ,461 45 ,025 57 ,938 108 ,170 165 ,877 230 ,630 278 ,115 269 ,422 259 ,149 258 ,286 256 ,900 252 ,292 252 ,800 252 ,770 257 ,130 257 ,357 256 ,708 255 ,222 259 ,419 39 ,089 50 ,469 98 ,276 151 ,805 212 ,565 255 ,693 245 ,779 233 ,064 227 ,747 225 ,250 219 ,852 218 ,865 217 ,986 221 ,123 222 ,853 220 ,575 218 ,198 221 ,168 1 310 3 5 , 645 2 ,002 4 1 , 562 6 ,627 10 534 76, 488 115, 230 13 ,072 22 843 161 648 16 ,428 30 401 198 778 17 ,037 38 155 189 606 17 ,039 34 804 176 613 17 ,033 29 987 168 702 15 ,775 25 296 165 758 15 ,136 21 220 160 346 13 ,757 22 588 157 482 12 ,224 26 525 155 147 11 ,536 29 427 155 123 12 ,319 29 636 155 310 13 ,533 18 ,418 5 ,373 152 450 13 ,627 137 917 13 ,614 9 ,509 142 685 18 ,102 29 ,078 1952—Mar April May June July Aug Sept Oct Nov Dec 1953—Jan Feb ' Mar 258 ,124 258 ,337 259 ,951 259 ,151 263 ,107 263 ,225 262 ,722 264 ,964 267 ,483 267 ,445 267 ,450 267 ,634 264 ,536 258 ,084 258 ,292 259 ,905 259 ,105 263 ,073 263 ,186 262 ,682 264 ,919 267 ,432 267 ,391 267 ,402 267 ,584 264 ,485 219 ,301 219 ,356 220 ,540 219 ,124 222 ,963 222 ,753 222 ,216 224 ,430 226 ,557 226 ,143 226 ,226 226 ,187 223 ,025 141 376 141 820 142 ,625 140 ,407 144 340 144 ,148 143 ,895 146 ,775 148 ,772 148 ,581 148 ,574 148 ,445 145 ,988 End of month i Total Bills 16 ,863 17 ,462 18 ,267 17 ,219 17 ,213 17 ,206 17 ,207 19 ,712 21 ,715 21 ,713 21 ,709 21 ,710 19 ,211 Certificates of Notes indebtedness 29 ,079 28 ,423 28 ,423 28 ,423 28 ,170 28 ,019 27 ,763 16 ,902 16 ,902 16 ,712 16 ,712 15 ,958 15 ,959 Bonds Bank eligible* 6 ,178 5 ,997 9 ,863 11 ,175 23 ,039 22 ,967 18 ,261 10 ,090 8 ,142 11 ,375 11 ,375 7 ,131 3 ,596 8 ,249 20 ,404 39 ,258 35 ,806 18 ,409 28 33 44 55 66 68 66 69 69 68 62 61 60 55 53 44 42 41 18 ,450 18 ,952 18 ,956 18 ,963 18 ,971 18 ,974 18 ,982 30 ,246 30 ,253 30 ,266 30 ,275 C 3C ,282 30 ,327 40 942 40 943 43 061 48 343 52 ,579 52 ,579 52 ,579 52 ,578 52 ,578 58 ,874 58 ,864 59 ,483 59 ,482 156 563 519 591 931 403 043 866 852 391 990 966 951 283 319 557 928 049 Bank restricted 4 ,945 12 ,550 24 ,850 52 ,216 53 ,459 49 ,636 49 ,636 49 ,636 49 ,636 49 ,636 49 ,636 49 ,636 49 ,636 49 ,636 36 ,061 36 ,048 Convertible bonds Total 6 3,444 8,907 21,788 36,574 50,917 56,915 56,173 56,451 59,045 59,492 59,506 61,383 62,839 66,000 67,544 68,125 13 573 66,708 12 060 66,423 36 ,042 12 018 36 ,040 11 516 33 ,918 11 512 27 ,460 13 095 27 ,407 13 145 27 ,369 13 ,186 27 ,365 13 ,182 27 ,338 12 ,491 27 ,324 12 ,499 21 ,016 12 ,500 21 ,013 12 ,491 21 ,012 12 ,484 21 ,009 12 ,438 65,907 66,019 66,403 65,622 65,478 65,419 65,139 65,164 65,285 65,062 65,161 65,258 64,599 Tax and savings notes Savings bonds Special issues 3 ,195 6 ,140 15 ,050 27 ,363 40 ,361 48 ,183 49 ,035 49 ,776 51 ,367 52 ,053 53 ,274 55 ,051 56 ,260 56 ,707 57 ,536 58 ,019 57 ,572 57 ,587 2,471 6,384 8,586 9,843 8,235 6,711 5,725 5,560 5,384 4,394 4,572 4,860 7,610 8,472 8,640 7,818 7,534 5,370 6,982 9,032 12,703 16,326 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,896 32,356 33,707 34,653 35,902 57 ,680 57 ,644 57 ,614 57 ,685 57 ,709 57 ,753 57 ,758 57 ,794 57 ,850 57 ,940 58 ,134 58 ,268 58 ,371 6,911 7,057 7,470 6,612 6,440 6,330 6,039 6,026 6,089 5,770 5,676 5,642 4,879 36,493 36,746 37,198 37,739 37,945 38,307 38,360 38,390 38,788 39,150 39,097 39,302 39,354 c Corrected. 1 a Includes fully guaranteed securities, not shown separately. Includes noninterest-bearing debt, not shown separately. 8 Includes amounts held by Government agencies and trust funds, which aggregated 6,869 million dollars on Feb. 28, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Held b y Total gross U. S Government debt agencies and1 trust fundvS End of month (including guaranteed Spe- ial Public securiissues issues ties) Held by the public Total Federal Reserve Banks Commercial banks » savings banks Insurance companies Other corporations Mutual 1940— Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec t945—Dec 1946—June Dec 1947—June Dec 1948—June Dec 1949—June Dec 1950—June Dec 1951—June Dec 50,942 64,262 112,471 170,108 232,144 278,682 269,898 259,487 258,376 256,981 252,366 252,854 252,798 257,160 257,377 256,731 255,251 259,461 5,370 6,982 9,032 12,703 16,326 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,896 32,356 33,707 34,653 35,902 2,260 2,558 3,218 4,242 5,348 7,048 6,798 6,338 5,445 5,404 5,549 5,614 5,512 5,464 5,474 5,490 6,305 6,379 43,312 54,722 100,221 153,163 210,470 251,634 240,768 228,564 225,565 222,622 216,606 215,526 214,510 217,800 219,547 217,533 214,293 217,180 2,184 2,254 6,189 11,543 18,846 24,262 23,783 23,350 21,872 22,559 21,366 23,333 19,343 18,885 18,331 20,778 22,982 23,801 17,300 21,400 41,100 59,900 77,700 90,800 84,400 74,500 70,000 68,700 64,600 62,500 63,000 66,800 65,600 61,800 58,400 61,600 3,200 3,700 4,500 6,100 8,300 10,700 11,500 11,800 12,100 12,000 12,000 11,500 11,600 11,400 11,600 10,900 10,200 9,800 6,900 8,200 11,300 15,100 19,600 24,000 24,900 24,900 24,600 23,900 22,800 21,200 20,500 20,100 19,800 18,700 17,100 16,400 2,000 4,000 10,100 16,400 21,400 22,000 17,700 15,300 13,900 14,100 13,600 14,800 15,700 17,000 19,000 20,800 21,100 21,600 1952—Jan Feb Mar Apr May 259,813 260,399 258,124 258,337 259,951 259,151 263,107 263,225 262,722 264,964 267,483 •=267,445 267,450 36,233 36,360 36,493 36,746 37,198 37,739 37,945 38,307 38,360 38,390 38,788 39,150 39,097 6,454 6,500 6,503 6,500 6,524 6,596 6,689 6,712 6,692 6,681 6,757 6,743 6,895 217,126 217,538 215,128 215,091 216,229 214,816 218,473 218,206 217,670 219,893 221,938 '221,552 221,458 22,729 22,528 22,514 22,363 22,273 22,906 22,853 23,146 23,694 23,575 23,821 24,697 23,944 62,100 61,200 60,100 60,500 61,000 61,100 62,700 61,800 61,500 63,000 64,100 63,300 62,600 9,800 9,800 9,800 9,800 9,800 9,600 9,800 9,700 9,700 9,600 9,500 9,500 9,500 16,400 16,300 '16,300 16,200 '16,000 15,700 '16,000 '16,100 16,100 16,000 16,100 16,000 16,200 21,900 22,600 21,200 20,700 21,600 20,000 20,800 21,300 20,800 21,000 '21,400 21,300 21,800 June July Aug Sept Oct. Nov Dec 1953—Jan State and local governments 500 700 1,000 2,100 4,300 6,500 6,500 6,300 7,100 7,300 7,800 7,900 8,000 8,100 8,700 8,800 9,400 9,600 Individuals Savings Other bonds securities 2,800 5,400 13,400 24,700 36,200 42,900 43,500 44,200 45,500 46,200 47,100 47,800 48,800 49,300 49,900 49,600 49,100 49,100 7,800 8,200 10,300 12,900 17,100 21,400 20,000 20,100 20,900 19,400 18,600 17,600 17,900 16,800 17,000 15,600 15,300 '14,700 Miscellaneous investors 3 700 900 2,300 4,400 7,000 9,100 8,600 8,100 9,600 8,400 8,700 8,900 9,600 9,400 9,700 10,500 '10,700 '10,600 9,900 49,100 14,600 10,500 10,000 49,100 15,200 10,800 10,100 49,100 15,400 10,600 10,200 '49,000 15,100 11,300 10,200 49,000 14,900 11,500 10,400 '49,000 '14,600 '11,600 10,700 '49,000 '15,100 '11,500 10,800 '49,000 '14,800 '11,500 10,900 '49,000 14,700 11,300 10,900 '49,000 '14,800 '12,000 10,900 '49,100 '14,800 '12,200 11,000 49,200 14,900 11,700 11,100 49,300 14,900 12,100 c ' Revised. Corrected. Includes the Postal Savings System. Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 1 2 3 390 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding March 31, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Treasury bills » Apr. 2, 1953 Apr. 9, 1953 Apr. 16, 1953 Apr. 23, 1953 Apr. 30, 1953 1,201 1,399 1,400 1,400 1,500 May 7, 1953 May 14, 1953 May 21, 1953 May 28, 1953 1,300 1,500 1,301 1,301 June June June June June 1 3 Issue and coupon rate Certificates June 1, 1953 Aug. 15, 1953 Feb. 15, 1954 1% 2 2% Treasury notes Dec. 1, 1953 Mar. 15, 1954 1,301 Mar. 15, 1955 1,202 Dec. 15, 1955 1,201 Apr. 1956 2,003 Oct. 1, 1, 1956 1,201 Apr. 1, 1957 Oct. 1, 1957 4, 1953 11, 1953 18, 1953 19, 1953 2 25, 1953 Amount 4,963 2,882 8,114 2V8 10,542 \% 4,675 \y2 5,365 1 % 6,854 \y2 1,007 550 1H 531 \y2 804 \y2 Issue and coupon rate Issue and coupon rate Amount Treasury bonds—Cont. Treasury June 15, Sept. 15, Dec. 15, Dec. 15, Dec. 15, Dec. 15, June 15, Mar. 15, Mar. 15, Sept. 15, Sept. 15, Mar. 15, June 15, June 15, Dec. 15, June 15, Dec. 15, Dec. 15, June 15, Sold on discount basis. See table on Open-Market Money Rates, p. 385. 4 Partially tax exempt. Maturity June 15, 1954. * Maturity June 15, 1955. Amount 725 Dec. 15, 1963-68. ..2Y2 7,986 June 15, 1964-69 « ' 510 Dec. 15, 1964-69 «. 5,825 Mar. 15, 1965-70 «. 1,501 Mar. 15, 1966-71 «. 8,662 June 15, 1967-72«.. 2 681 Sept. 15, 1967-72...2 2,611 Dec. 15, 1967-72 «..2 1,449 982 Postal Savings 3,822 bonds 2Y2 927 Panama Canal Loan.. 3 4,245 919 620 5,280 Convertible bonds 3,467 Investment Series B 1,485 Apr. 1, 1975-80. . .2% 2,117 2,828 3,757 3,833 4,724 2,966 1,895 2,716 3,834 74 50 12,438 * Tax anticipation series. « Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month U.S. Fed- Com- MuTotal Govt, eral out- agenmer- tual cies Restand- and cial 1 savserve banks ing trust Banks banks funds [nsurance jompanies Other Life Other Type of security: Total marketable and convertible: 155,310 5 350 1950—June 152,450 5 364 Dec 1951—June..... 151,490 6 177 154,745 6 251 Dec 153,502 6 447 1952—June 161,081 6 613 Dec 1953—Jan Treasury bills: 1950—June Dec 1951—June Dec 1952—June Dec 1953—Jan Certificates: 1950—June Dec 1951-June Dec 1952—June Dec 1953—Jan Treasury notes: 1950—June Dec 1951—June Dec 1952—June Dec 1953—Jan Marketable bonds:8 1950—June Dec 1951-June Dec 1952—June Dec 10 ,876 10 143 9 ,504 9 ,123 8 ,843 8 ,740 14 ,080 12 737 11 ,138 10 ,289 9 ,613 9 ,514 4 ,046 4 116 4 ,161 4 ,301 4 ,246 4 ,711 161,065 6 765 23,944 55,088 8 ,818 9 ,592 4 ,750 13,533 13,627 13,614 18,102 17,219 21,713 3 35 26 50 41 86 21,709 206 18,418 5,373 9,509 29,078 28,423 16,712 7 2 ) 17 49 60 27 3,856 3,703 1,296 3,888 527 3,750 596 6,773 381 5,828 1,341 7,047 35 33 122 71 103 137 26 391 756 428 504 464 652 6,538 156 483 128 64 7 37 41 120 37 107 1 113 217 76 56 274 52 174 445 378 317 5,357 2,334 3,194 12,793 11,821 5,061 5,354 1,544 2,753 6,773 6,877 4,791 64 83 72 104 92 119 16,712 27 4,996 4,799 68 62 317 20,404 39,258 35,806 18,409 18,963 30,266 29 3,500 11,204 10 12,527 15,833 14 12,439 13,704 3 5,068 10,465 2 5,568 10,431 16 13,774 10,955 154 136 120 67 42 49 66 165 208 1 5 8 337 542 478 315 327 486 30,275 18 13,774 10,945 51 6 498 102,955 94,193 78,989 77,097 75,802 79,890 5 ,310 5 319 3 215 3 243 2 908 3 ,046 79,877 3 077 1953—Jan 18,331 58,965 20,778 54,884 22*982 51,671 23 80154,302 22,906 54,038 24,697 55,828 5,618 38,705 4,620 33,620 4,108 31,298 4,130 30,119 4,422 30,710 4,522 32,849 End of month 10 ,624 13 ,881 3 ,370 9 ,967 12 ,180 3 ,438 7,974 7,139 3 ,125 7 ,697 6 ,720 3 ,120 7 ,221 5 ,855 3 ,087 7,165 5 ,807 3 ,429 4,522 32,621 7 ,197 5 ,861 3 ,448 Total outstanding U.S. Insurance Govt. Fed- Com- Mucompanies agen- eral mer- tual Resavcies Otller and serve cial 1 ings trust Banks banks banks Life Other funds Type of security: Convertible bonds (Investment 43,664 Series B): 44,428 1950—June Dec. 45 855 46,679 1951—June .. 13 573 2,905 12 060 2,905 47,411 Dec 13 095 3,437 50,979 1952-June 12 500 3,438 Dec 52,108 12 491 3,438 1953—Jan 5,846 Marketable secu7,901 rities, due or 8,360 callable: 10,080 Within 1 year: 117 42 448 10,268 1950—June 58 013 81 Dec 12,518 1951—June 129 60 860 72 790 155 Dec 13,546 146 70 944 1952—June 163 74 261 Dec 7,255 1,434 74 247 283 3,221 1953—Jan 8,761 1-5 years: 327 51 802 9,092 1950—June 189 33 378 Dec 6,424 139 31 022 1951—June 155 28 678 Dec 6,445 130 29 434 1952—June 123 30 196 5,114 Dec 10,044 125 30 205 8,841 1953—Jan 2,489 5-10 years: 423 2,587 1950—June 15,926 412 17 411 4,978 Dec 376 16 012 1951—June 11 206 309 4,984 Dec 524 13 321 1952-June 17 564 629 25,447 Dec 25,049 637 17 564 22,129 1953—Jan 22,068 After 10 years: 45 134 4,482 21,600 1950—June 43 648 4,682 Dec 23,072 30 023 2,629 1951—June Dec 23,151 30,012 2,726 26 707 2,211 1952—June 26 560 2,259 Dec 1953—Jan 26 557 2,282 2 ,714 1 ,214 714 9 ,718 16 16.003 20 13 ,962 21 15 ,057 30 13 ,822 29 15 ,613 28 312 318 362 360 3 3 3 3 185 1 ,346 3 180 360 3 983 068 088 596 348 540 853 218 614 249 655 799 270 954 626 1 206 778 1 203 532 638 1 106 550 577 1 204 490 15 20 22 24 25 27 304 281 864 987 463 117 389 718 143 361 583 615 1 220 28 602 619 1 112 10 442 398 744 5 661 113 643 5 168 119 566 3 ,993 123 567 4 183 120 653 4 ,690 669 4 661 927 5 675 2 ,439 1 129 906 1 ,042 7 329 2 ,125 842 1 ,017 6 275 2 ,010 712 945 2,442 1 ,925 3 274 2 ,092 1 090 1 ,089 6 426 2 ,052 1 127 1 ,342 4 186 4 615 6 ,655 17 839 1 ,148 982 1 ,032 1 ,014 1 ,070 1 ,070 2 2 3 3 127 1 ,058 568 534 227 853 142 600 138 352 133 822 14 ,860 28 084 5 ,116 33 1 ,285 24 3 ,878 20 5 ,102 18 5 ,941 18 6 ,655 17 1 ,252 1 ,246 1 ,356 1 ,352 921 923 172 179 166 172 191 185 135 121 4 ,460 3 ,859 4 ,183 4 ,918 1 ,070 6 451 2 ,035 1 128 1 ,348 4 ,895 4 094 7 ,130 12 114 2 934 7,180 10 ,778 2 781 5 ,389 6 056 2 740 5 ,276 5 ,758 2 681 4 ,707 4 ,589 2 543 4 ,713 4 ,510 1 ,394 1 ,531 1 ,236 1 ,269 1 ,122 1 ,152 13 ,571 14 ,035 10 ,534 10 ,828 10 ,038 10 ,024 1 ,358 2 529 4 ,718 4 ,549 1 ,154 9 ,968 2 ,349 2 ,508 1 ,397 1 ,415 1 ,358 1 ,358 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holding by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" 1 2 are residuals. Includes stock savings banks. Less than $500,000. 3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. APRIL 1953 391 NEW SECURITY ISSUES 1 [Estimates. In millions of dollars] Proposed u s e s of n e t p r o c6e e d s , all c o r p o r a t e i s s u e r s Gross proceeds, all issuers 2 Year or month Total FedU.S. Governeral ment 8 agency 4 New capital Corporate Noncorporate State and mu- Other 5 Total nicipal Bonds PrePri- ferred Pubstock Total licly vately offered placed Common stock Total New money 7 Miscellaneous purposes Retirement of bank debt, Retirement of securities etc." 115 1,108 13 1,128 109 1,238 69 2,155 50 2,164 24 2,677 2,044 1,979 2,386 691 703 758 86 98 183 25 87 108 762 681 325 569 7 26 19 215 1,206 69 1,695 174 1,854 38 1 2 1 506 956 524 435 661 795 30 5 97 22 47 2,667 1,062 1,170 3,202 6,011 2,389 1,578 811 917 506 411 621 369 990 2,670 1,892 778 4,855 3,851 1,004 167 112 124 369 758 110 1,040 647 34 408 56 753 163 397 1,347 868 474 308 657 1,080 28 35 27 47 133 144 1,583 138 396 73 789 49 2,389 134 4,555 10,217 10,589 10,327 11,804 9,687 357 1,157 2,324 2,690 " 216' 2,907 30 3,532 56 451 156 132 282 6,900 6,577 7,078 6,052 6,361 4,881 3,019 1,862 1,126 5,035 2,888 2,147 761 5,973 2,963 3,010 492 4,890 2,435 2,455 424 4,920 2,360 2,560 631 3,889 5,115 6,651 5,558 4,990 3,279 4,591 5,929 4,606 4,006 231 168 234 315 364 379 2,868 356 1,352 307 488 401 637 620 1,271 21,265 27,096 9,778 12,577 1 .212 7.120 1,425 8,964 6.531 8,327 226 178 363 459 486 604 1952—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1,698 1,649 2,336 2,494 2,452 6,441 1,175 1,339 2,046 1,135 2,137 967 515 722 928 978 4,898 110 3.189 459 4,105 222 145 397 228 396 624 226 201 428 294 219 389 231 154 433 161 939 135 939 163 971 112 798 157 1,256 50 45 407 70 1,047 48 369 181 924 413 875 844 925 747 1,234 280 386 875 332 859 7 19 24 9 5 8 10 7 11 27 38 13 45 70 38 46 14 5 14 161 11 26 36 15 13 126 38 34 125 48 94 37 31 1953—Jan Feb 1,619 1,463 611 494 466 554 5 7 22 20 20 30 5,926 5,687 6,564 2,480 2,332 2,517 1941.. 1942 1943 1944 . 1945 15,157 35,438 44,518 56,310 54,712 11,466 33,846 42,815 52,424 47,353 1946 1947 1948 . 1949 1950 18,685 19,941 20,250 21,110 19,893 1951 1952 1938 1939 1940 444 531 480 547 30 1,353 1,276 1,628 446 7,741 233 9,721 5.691 7,725 31 478 16 972 22 967 54 1,116 2 848 8 1,309 2 428 4 463 66 1,156 25 412 4 966 314 748 771 870 652 1,119 348 381 979 343 725 59 419 398 544 211 787 125 158 401 126 132 255 329 372 327 441 332 223 223 578 217 593 838 572 10 63 61 83 84 33 29 37 8 21 59 351 457 186 307 164 150 56 42 376 347 80 522 622 2.364 3.326 3,638 4,086 891 778 614 736 811 903 116 123 494 581 Proposed uses of net proceeds, by major groups of corporate issuers Commercial and miscellaneous Manufacturing Year or Transportation Public utility Real estate and financial Communication month Total net proceeds New Retire- Total net cap- ments 10 proital • ceeds 2,180 1,391 1,175 3,066 4,042 2,126 1,347 1,026 2,846 3,818 1952—February... March April May June July. August September.. October.... November.. December.. 285 366 350 559 287 351 132 185 650 196 334 253 362 345 514 285 342 97 145 626 179 320 1953—January February... 132 148 126 143 1948 1949 1950 1951 1952 New Retire- Total net cap- ments10 proital' ceeds New Retire- Total net cap- ments 10 proitals ceeds 54 ' 403 338 44 538 149 518 221 553 224 382 310 474 462 535 21 28 63 56 17 748 795 806 490 966 691 784 609 437 749 56 11 196 53 217 2,150 2,276 2,608 2,412 2,710 31 4 5 45 2 9 35 39 23 16 14 13 61 66 40 44 51 36 19 28 16 149 12 55 61 40 44 51 34 19 26 16 149 2 5 5 44 109 167 156 58 78 112 40 33 45 107 44 i 108 167 89 ' " " 6 8 ' 35 23 78 " " 8 5' 27 1 40 2 31 12 32 15 93 6 5 16 75 16 72 i' 1 1 1 3 51 50 38 32 14 18 New Retire- Total net cap- ments 10 proital ceeds 2,005 2,043 1,927 2,326 2,617 New Retire- Total net x capproitals ments ceeds 144 233 682 85 93 891 567 395 605 817 890 517 314 600 812 110 393 265 276 349 250 105 168 345 48 217 107 3 388 5 265 268 8 348 1 249 1 105 168 279 " "67 48 215 2 3 6 47 26 29 493 22 18 26 49 97 3 6 45 26 29 493 22 18 26 47 96 246 251 246 248 3 7 3 7 3' 2 49 81 5 5 3 i 1 New Retirecap- ments 10 ital s 587 593 739 515 481 557 558 639 449 433 13 20 56 40 70 68 14 25 59 53 51 13 20 56 35 70 44 10 18 59 47 50 64 79 64 79 30 35 100 66 48 5' 24 4 8 6 1 1 1 2 3 8 6 Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Includes issues guaranteed. * Issues not guaranteed. Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission- 392 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Quarterly Annual Industry- 1951 i 1947 1948 1949 1950 1951 1952 1952 2 4 3 1 2 4 3 Manufacturing Total (200 corps.) : Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (94 corps.): 2 Sales Profits before taxes Profits after taxes Dividends Durable goods industries (106 corps.): 3 Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods and kindred products (28 corps.): Sales Profits before taxes . . . . Profits after taxes . . . . Dividends . . ... Chemicals and allied products (26 corps.): Sales Profits before taxes . . Profits after taxes Dividends . . . Petroleum refining (14 corps.): Sales Profits before taxes . . . Profits after taxes Dividends Primary metals and products (39 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (27 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (15 corps.): Sales Profits before taxes Profits after taxes Dividends 30 ,869 37 ,008 36 ,738 44 ,118 51 067 5? 536 13 ,047 1? ,?97 13 013 1? ,760 1? ,606 ''12.213 14 Q57 4 ,104 5 ,317 5 038 7 893 8 557 7 041 ? ? i o 1 ,964 ? 137 1 940 1 ,618 r1 ,493 1 9 9 0 932 '678 839 762 624 927 2 ,524 3 ,312 3 ,101 4 ,055 3 ,411 3 ,044 815 1 ,170 1 ,404 1 ,660 ? ,?40 1 986 1 ,980 475 48? 567 475 476 547 475 tt ,313 n ,407 1? 8S3 14 777 17 371 17 546 4 ?88 4 ? 9 4 4 ,441 4 335 4 ,216 r 4 363 4 ,632 1 ,787 ? ,?10 1 847 ? 70? 3 184 ? 606 599 773 741 705 660 814 64? 368 1 167 1 47S 1 ?13 1 513 1 411 1 ?56 34? 334 308 314 ?87 347 889 845 863 ?0? ?03 19 ,502 ? 3 ,S66 ? 3 ,885 ? 9 341 33 696 34 991 ? 31? 3 ,105 3 191 5 19? 5 374 4 435 1 ,355 l ,835 1 ,887 2 542 2 000 1 ,789 746 950 1 ,351 1 141 1 ,118 615 8 759 1 405 497 273 8 003 1 191 428 551 710 657 ?4? 8 57? 1 396 565 325 273 ?10 3 3?3 379 ?35 135 3 49? 469 ?57 143 3 873 407 199 140 3 911 377 175 135 901 86 40 35 94? 93 46 3? 1 ,004 104 5? 4? 959 86 40 3? 942 128 3 503 411 ?58 136 3 108 547 337 215 3 549 656 409 254 3 557 675 404 31? 4 447 1 110 560 438 5 433 384 484 355 5 553 1 184 449 373 1 377 365 1?0 85 1 351 34? 111 87 1 ,367 31? 175 100 1 373 318 108 87 ? 906 3 945 7?1 548 17? 3 865 5?5 406 17? 4 934 4 999 s 1 ,704 703 118 55 1 ?46 718 127 55 1 345 77? 148 64 Q ,066 8 187 10 446 1? 501 11 557 993 1 700 ? 09? 1 161 775 565 578 854 380 ?85 367 377 3 198 3 034 49? 176 86 3 ??6 519 717 170 3 231 421 ?59 456 350 1?7 7 ,545 891 ?47 1 174 7?0 ?70 3 ,634 443 270 1H 4 5?9 567 333 1?5 545 4 353 519 650 442 ?05 5 058 847 4?4 ?08 861 516 731 6 167 998 367 191 3?0 690 488 ?53 557 193 85 ?05 206 '984 M04 M-8 32 1 026 94 45 38 1 337 ?81 105 87 1 367 1 476 300 1?8 111 1 318 ?04 129 64 1 ,275 147 111 60 1 ,325 3 073 475 ??0 88 ? 38S 98 ?9 87 ? 605 93 4? 33 ?85 M08 88 165 ••115 60 r?08 rOO *6 7 078 1 563 1 434 1 690 1 590 1 7?6 r1 697 301 97? ?10 73? ?37 738 »?13 379 199 8? 47 73 48 1?3 54 81 49 80 48 *-90 49 577 11 805 1? 438 1? 8? 7 3 ,331 508 1 473 ? 305 1 915 1 950 695 183 704 861 1 087 479 119 451 461 671 ?,'899 405 14? 119 ? ,939 488 185 119 3 035 503 170 116 3 4?7 596 191 114 ? 681 '347 M43 114 3?0 138 6 69? 8 0Q3 809 1 ni 63Q 44 S 195 ?8? q 8 685 ?4? 8 4? 5 8 390 r 7 ,K51 10 3 ? 5 1 ?34 1 019 >-85? 1 330 '984 580 501 338 270 273 270 305 1 40? 174 133 69 3 494 430 217 106 ? 065 ?89 1?8 53 3 684 504 191 117 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends . Electric power: Operating revenue Profits before taxes Profits after taxes Dividends . Telephone: Operating revenue Profits before taxes Profits after taxes Dividends r 1 ... ... ... . . 1 384 783 312 1 ?60 699 289 8 580 700 438 252 Q 473 10 391 479 236 4 ?01 954 643 494 4 830 983 657 493 5 055 1 1?9 757 553 ? ?83 215 138 131 ? 694 292 186 178 ? 967 333 ?07 213 Q 67? 777 1 148 ? 596 146 63 ? 583 750 1?4 53 ? 77? 505 3?0 111 ? 587 ?95 141 80 ? 53? ?61 149 74 ? 328 0 580 436 816 336 5 431 1 303 8?4 619 5 867 1 , 480 818 661 6 ??4 1 718 97? 709 1 419 344 195 161 1 4?3 3?0 168 16? 1 571 403 776 181 1 603 498 757 17? 1 491 400 714 173 1 513 382 177 1 618 439 ?44 186 3 34? 580 331 276 3 7?9 691 341 318 4 136 787 384 355 918 931 160 7? 81 976 18? 86 81 993 194 93 1 073 ?05 98 85 87 1 037 182 88 91 1 084 206 104 93 693 ?75 174 9? 79 633 368 208 6o ?07 ? 8?8 51? 318 116 Revised. For manufacturing, certain tax accruals for the first six months of 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. For public utility corporations,2 1951 quarterly profits after taxes are as reported. Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 3 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). APRIL 1953 393 PROFITS, TAXES, AND DIVIDENDS OF UNITED STATES CORPORATIONS [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] Year or quarter All types Year or quarter In- Profits Cash Undiscome after divi- tributed taxes taxes dends profits Profits before taxes 1939 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES [Estimates, in millions of dollars] New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 2,182 2,721 -539 1,939 2,550 243 171 72 4.9 5.1 6.2 6.1 3.8 1941 1942 1943 1944 1945 2,793 1,151 1,333 3,424 6,457 2,817 1,464 2,129 3,899 6,846 -24 -313 -796 -475 -389 2,391 929 996 2,693 4,924 2,516 402 -125 1,327 -398 222 1,800 -804 337 3,391 -698 731 5,995 - 1 , 0 7 1 1,533 301 137 329 508 851 101 85 8 223 682 5.8 6.6 7.3 7.5 9.0 8.1 12.0 13.5 8.8 12.3 1946 1947 1948 1949 1950 7,180 6,882 7,570 6,732 7,224 4,798 2,523 1,684 1,875 3,500 2,382 4,359 5,886 4,856 3,724 4,721 5,015 5,938 4,867 4,806 3,625 2,011 1,284 1,583 2,802 1,096 3,004 4,654 3,284 2,004 2,459 1,867 1,632 1,865 2,418 1,173 512 400 292 698 18.7 17.1 9.0 9.1 9.6 8.0 1951 1952 9,137 10,974 2,704 2,646 6,433 5,687 8,328 7,598 2,042 2,293 3,644 3,450 5,305 3,377 662 353 2,788 5,024 9.2 9.3 7.7 8.0 1,140 1,951 1,077 1,406 493 398 584 715 1,008 1,071 159 128 556 943 8.9 9.6 9.3 9.0 9.5 6.8 6.7 8.3 1951—3.... 1,792 4 . . . . 2,477 1952—1.... 2,438 2 . . . . 3,087 3 . . . . 2,459 4 . . . . 2,990 652 526 24.3 21.8 21.2 23.0 16.9 17.3 18.4 16.4 16.0 17.3 558 602 716 770 1,880 2,485 1,743 2,220 1,640 2,183 1,822 1,953 489 513 611 680 1,151 1,670 1,211 1,272 798 904 637 1,038 69 89 105 90 729 815 532 948 24.4 18.4 9.0 9.4 5.0 3.8 1941 1942 1943 1944 1945 17.2 21.1 25.1 24.3 19.7 7.8 11.7 14.4 13.5 11.2 9.4 9.4 10.6 10.8 8.5 4.5 4.3 4.5 4.7 4.7 1946 1947 1948 1949 1950 23.5 30.5 33.8 27.1 39.6 9.6 11.9 13.0 10.8 18.4 13.9 18.5 20.7 16.3 21.2 1951 1952 42.9 39.7 24.2 22.6 1951—3 4 38.6 39.5 21.8 22.2 1952—1 2 3 4»... 42.7 38.2 37.2 40.3 1953—1 2. . . 42.8 1.2 1 Figures, except those for cash dividends, are estimates based on the past relationship of corporate profits to private nonfarm gross national product. 2 Preliminary estimates by the Office of the Economic Adviser to the President. Source.—Department of Commerce. -611 L.286 1,355 1,232 L ,572 L.72O 1 Reflects cash transactions only. As compared with data shown on p. 392, new issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 392. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS [Estimates, in billions of dollars] 1 Curreniu assets Current 1iabilities U. S. Gov- Notes and accounts ernment securities receivable' Notes and Federal accounts8 income tax liabilities payable Net working capital Total Cash 1939 24.5 54.5 10.8 2.2 1941 1942 1943 1944 1945 32 3 36 3 42.1 45 6 51.6 72 83 93 97 97 9 6 8 2 4 13 9 17 6 21.6 21 6 21 7 4 0 10.1 16.4 20.9 21.1 1946 1947 1948 1949 1950 56.2 62.1 68 6 72 4 78.4 108 1 123 6 133 0 133 1 156.1 22 8 25 0 25 3 r 26.5 '27.4 End of year or quarter Stocks 1939. 1.5 6.5 Bonds and notes l Inventories Other Total 22.1 18.0 1.4 30.0 21.9 1.2 6.9 28.0 27.3 26.9 26.5 25.9 25.6 27.3 27.6 26.8 26.3 1.4 1.3 1.3 1.4 2.4 40.7 47.3 51.6 51.7 45.8 26.4 26.0 26.3 26.8 25.7 7.1 12.6 16.6 15.5 10.4 8.7 8.7 9.4 9.7 15.3 14.1 14 8 16.8 »-20.5 30.7 38.3 42.4 '43.0 '53.9 37.6 44.6 48.9 '45.3 '52.6 1.7 1.6 1.6 1.4 1.7 51.9 61.5 64.4 '60.7 '77.7 31.6 37.6 39.4 '37.5 '47.2 10.7 11.5 '9.3 14.8 11.8 13.2 13.5 14.0 15.7 Other 7.2 8.5 1951—3 4 '82 8 »-82.5 r 170 3 174.4 '28 2 '29.6 r2l.O '57.7 '58.8 '61.3 '62.6 2.1 '21.3 2.1 '87.5 '91.9 '52.5 '55.4 18.1 19.7 16.8 16.7 1952—1 2 3 4 '83.2 '84.5 »-85.3 86.5 173.9 171.9 177.7 183.4 '28.2 '•29.5 '29.9 31.0 '20.7 19.7 '20.2 21.0 '59.3 '59.1 '63.4 66.4 '63.5 '61.5 '61.9 62.7 2.2 2.1 2.3 2.3 '90.7 '87.4 '92.5 96.9 '55.3 '53.9 '57.4 61.4 17.9 15.8 16.2 16.8 17.4 17.8 18.9 18.7 1 2 ' Revised. Excludes banks and insurance companies. Includes amounts due from the U. S. Government. « Includes amounts due to the U. S. Government. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Year 1939 1945 1946 1947 1948 1949 1950 1951 1952 1953 4 Total Manufacturing 5,512 8,692 14,848 20 612 22,059 19 285 20,605 '25,644 '26,455 1,943 3,983 6,790 8 703 9,134 7 149 7,491 '10,852 '11 994 26,991 12,039 Mining Railroads 326 383 427 691 882 792 280 548 583 889 1,319 1 352 707 1,111 '929 1,474 '880 '1,391 910 1,294 Transporation other than rail 365 574 923 Public Comutili- muni- Other 2 cations ties 520 505 792 r 1,212 1,490 r 363 1,539 2,543 3,125 3,309 '3,664 '3,838 1,380 4,368 I 298 1,285 887 302 321 817 1,399 1,742 1,320 1,104 1,319 1,598 1,776 2,378 4,516 6,093 5,154 4,660 5,671 5,916 5.391 Total Manu- Transfactur- portation ing incl. ' and railminroads ing All Public utili- other* ties 1951—3' 4' 6,505 7,173 2,979 3,466 729 778 1,055 983 1,814 1,874 1952—1' 2' 3' 4' 6,141 6,808 6,244 7,265 2,867 3,384 3,026 3,596 716 758 591 692 821 928 947 1,142 1,737 1,738 1,680 1,835 1953—14' 6,541 6,968 3,236 3,376 639 711 1,030 1,199 1,636 1,682 Quarter 24 7 000 l 2 ' Revised. Corporate and noncorporate business, excluding agriculture. Includes trade, service, finance, and construction. 4 3 Includes communications, trade, and other. Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 394 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] Nonfarm All properties End of year or quarter 1939 1940 1941 1942 1943 . . 1944 1945 1946 1947 1948 1949 1950 . . . . 1951 1952P 1951—March June September.... December. . . . 1952—March P TuneP . . . September P. . . Decemberp. . . All holders 35.5 36 5 37 6 36.7 35 3 34.7 35 5 41.6 48 7 56 0 62 S 72 5 81 9 90 6 '75.0 •77.8 '79.9 81.9 83.7 85 9 88.3 90.6 Other holders Financial insti- Selected Inditutions Federal viduals and agenothers cies All holders 14.7 14 8 14.9 14.2 13.6 13.3 13.6 15.0 16 4 17.6 18 6 19.5 20.4 21 2 19.8 20.2 20.3 20.4 20.5 20.8 20.9 21.2 28.9 30.0 31.2 30.8 29.9 29.7 30.8 36.9 43.9 50.9 57 1 66.7 75.6 83.8 69.1 '71.6 '73.6 75.6 77.3 79.3 81.6 83.8 18.6 19 5 20 7 20.7 20.2 20.2 21 0 26.0 31 8 37 8 42 9 51 6 59.5 66 9 '53.7 '56.0 '57.8 59.5 61.0 63 0 65.1 66.9 2.2 2 1 2 0 1.8 1 4 1.1 9 .6 5 6 1 l 1 4 2.0 2 4 1.6 1.7 1.8 2.0 2.2 2.2 2.3 2.4 Farm 1- to 4-family houses Multi-family and commercial properties l Total Financial institutions Other holders Financial institutions 16.3 17.3 18.4 18.2 17.8 17.9 18.5 23.1 28.2 33.3 37 5 45.1 51.9 58.2 '•46.8 '48.6 '50.3 51.9 53.2 54.8 56.5 58.2 9.3 10.2 11.2 11.5 11.5 11.7 12.2 16.0 20.5 25.0 28.4 35.3 41.2 46.8 36.8 '38.4 '39.9 41.2 42.3 43.8 45.4 46.8 7.0 7.1 7.2 6.7 6.3 6.2 6.4 7.0 7.6 8.3 9 1 9.8 10.7 11.3 10.1 10.3 10.5 10.7 10.9 11.0 11.1 11.3 Total 12.5 12.6 12.9 12.5 12.1 11.8 12.2 13.8 15.7 17.6 19 6 21.6 23.7 25.6 22.2 23.0 23.3 23.7 24.1 24.6 25.1 25.6 Other holders All holders Financial Other insti- holders2 tutions 7.8 7.8 4.8 4.8 8.0 7.8 7.4 4.8 4.7 4.6 6.4 6.0 5.4 1.5 1.4 1.3 4.9 4.5 4.1 7.2 7.5 8.4 9.6 10.9 12 4 14.0 15.7 17.3 14.5 15.1 15.4 15.7 16.0 16.4 16.9 17.3 4.6 4.7 5.4 6.1 4.9 4.7 4.8 4 9 3.6 3.4 3.3 3.1 6.7 7.2 7.6 8.0 8.3 1.3 1.3 1.5 1 7 5 4 2 1 3 3 5.8 6.3 6.8 2.3 2.6 3.5 3.7 7.7 7.9 7.9 8.0 8.1 8.1 8.2 8.3 6.0 6.2 6.3 6.3 6.4 6 6 6.7 6.8 2 8 2.4 2.5 2.6 2.6 2.6 2.7 2.8 2.8 4 0 3.5 3.7 3.7 3.7 3.8 3 9 3.9 4.0 6.6 6 5 5.1 1.5 1 5 1.9 5.1 5 0 3.2 r P Preliminary. Revised. Derived figures, which include negligible amount of farm loans held by savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. 1 2 MORTGAGE LOANS HELD BY BANKS 1 [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 4 Nonfarm End of year or quarter Nonfarm Residential 3 Farm Total Total Total FHA- VA- Con- Other inguar- vensured anteed tional 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 4,266 4,578 4,906 4,746 4,521 4,430 4,772 7,234 9,446 10,897 11,644 13,664 14,732 '15,867 3,697 4,003 4,340 4,256 4,058 3,967 4,251 6,533 8,623 10,023 10,736 12,695 13,728 '14,530 1951—March June September December 13,945 14,286 14,540 14,732 12,945 10,625 13,255 10,904 13,500 11,270 3,421 2,921 4,929 13,728 n.iool 1952—March June September December 14,860 15,176 15,590 15,867 13,830 14,113 14,530 14,809 r 1 2 Residential 3 Total Farm Total Total 2,671 1,026 569 4,836 4,807 2,963 1,040 575 4,859 4,829 1,048 566 4,812 4,784 3,292 924 491 4,627 4,601 3,332 802 463 4,420 4,395 3,256 749 463 4,305 4,281 3,218 856 521 4,208 4,184 3,395 5,146 1,387 702 4,441 4,415 6,933 1,690 823 4,856 4,828 1,957 874 5,806 5,773 8,066 8,676 2,060 909 6,705 6,668 10,431 2,264 968 8,261 8,218 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 '12,188 '3,675 '3,012 '5,501 '2,621 1,067 11,359 11,309 11,350 11,602! 11,970 12,188 3,432 3,441 3,580 3,675 2,928 2,952 3,000 3,012 4,990 5,209 5,390 5,501 Kevised. Includes all banks in the United States and possessions. Includes loans held by nondeposit trust companies but exclu 2,320 1,000 8,650 2,351 1,031 9,137 2,400 1,040 9,515 2,458 1,004 9,916 8,605 9,091 9,468 9,869 2,480 1,030 10,203 10,156 2,512 1,063 10,554 10,506 2,560 1,060 10,940 10,880 2,621 1,058 11,379 11,306 FIIA- VA- Con- Other inguar- vensured anteed tional 3,875 3,914 3,884 3,725 3,558 3,476 3 387 3,588 3,937 4,758 5,569; 7,054! 8,595 2,567 1^726 i',303 9,841 3,198 2,116 4,527 932 915 900 876 837 805 797 827 891 1,015 1,099 1,164 1,274 1,468 29 30 28 26 25 24 24 26 28 34 37 44 47 50 7,400 7,833 8,200 8,595 2,567 1,205 1,258 1,268 1,274 45 46 47 47 1,313 1,361 1 ,394 1,431 47 48 60 73 1,726 4,303 8,843 2,720 1,815 9,145 2,898 1,917 9,485 3,025 2 ,069 9,875 3,168 2,237 4,308 4,330 4,392 4,470 tments of commercial banks. March and September Bank Call Report and from weekly reporting member . data for insured commercial banks. Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory mcies; Comptroller of the Currency; and Federal Reserve. APRIL 1953 395 REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Year or month Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 FHAinsured Nonfarm VAguaranteed Farm Total Other FHAinsured Total 898 855 Farm VAguaranteed Other 5,669 5,958 6,442 6,726 6 714 6,686 6,636 7,155 8,675 10,833 12,906 16,102 19,314 21,275 4,782 5,061 5,529 5,830 5 873 5,886 5,860 6,360 7,780 9,843 11,768 14,775 17,787 19,600 815 1,096 1 286 1,408 1,394 1,228 1,398 2,381 3,454 4,573 5,257 5,700 887 897 913 896 256 844 1,106 1,224 2,026 3,131 3,350 4,876 5,538 6,356 7,090 8,176 9,399 10,550 800 776 795 895 990 1 138 1,327 1,527 1,675 668 841 935 976 1,661 2,786 3,407 3,430 4,980 5,111 3,975 1,483 2,520 3,114 3 123 4,621 4,704 3,600 1,202 1,350 1,572 1,051 850 366 131 930 1,268 450 600 1,469 1,546 1,642 2,119 2,385 2,300 178 266 293 307 359 407 375 December 325 328 326 301 344 353 307 303 364 288 390 284 286 292 270 316 325 285 280 337 260 352 69 75 66 63 80 69 66 79 79 65 86 58 40 45 34 32 34 29 12 30 22 31 157 171 181 173 204 222 190 189 228 173 235 41 42 34 31 28 28 22 23 27 28 38 19,712 19,870 20,008 20,175 20,335 20,505 20,643 20,801 20,961 21,087 21,245 18,161 18,306 18,425 18,574 18,716 18,870 18,998 19,147 19,298 19,411 19,560 5,338 5,377 5,402 5,429 5,476 5,517 5,542 5,592 5,626 5,648 5,690 3,213 3,245 3,272 3,290 3,304 3,321 3,334 3,326 3,333 3,340 3,349 9,610 9,684 9,751 9,855 9,936 10,032 10,122 10,229 10,339 10,423 10,521 1,551 1,564 1,583 1,601 1,619 1,635 1,645 1,654 1,663 1,676 1,685 1953—January February 347 327 309 289 78 75 28 24 203 190 38 38 21,396 21,547 19,701 19,834 5,725 5,751 3,358 3,367 10,618 10,716 1,695 1,713 1952P 1952—February 1^1 arch April.. . May June July August September October November . . . . 451 P Preliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY O F ALL SAVINGS AND LOAN ASSOCIATIONS [In millions of dollars] Average amount reOther corded (dollars) Insurance companies Com- Mutual mersavcial ings banks banks 1,288 1,456 1,628 1,351 ,274 ,446 .639 . .. 2,497 2,567 2,535 2,488 3,032 2,878 3,028 3,507 4,031 4,732 3,943 3,861 4,606 5,650 10,589 11,729 11,882 11,828 16,179 16,405 18,018 1,058 1,283 1,490 1,170 1,237 1,560 2,017 3,483 3,650 3,629 3,646 5,060 5,295 6,452 287 334 404 362 280 257 250 503 847 1,016 1,046 1,618 1,615 1,420 891 1,006 1,166 886 753 878 1,097 2,712 3,004 2,664 2,446 3,365 3,370 3,600 143 170 218 166 152 165 217 548 597 745 750 1,064 1,013 1,137 1,128 1,238 1,454 1,359 1,439 1,746 2,069 3,343 3,631 3,828 3,940 5,072 5,112 5,409 2,722 2,769 2,906 2,918 3,031 3,186 3,448 4,241 4,570 4,688 4,755 5,335 5,701 5,950 1952-Feb.... 111 Mar... 128 16^073 """874" 3,"i62 12,037 Apr 127 May... 136 June... 138 16,891 887 3,228 12,776 July... 141 Aug... 138 Sept... 138 17,740 898 3,341 13,501 Oct.... 148 Nov 117 132 '18,444 906 3,398 14,136 Dec... 219 238 250 256 256 268 270 267 285 245 252 1,271 1,393 1,482 1,511 1,513 1,590 1,598 1,588 1,727 1,492 1,553 428 494 540 557 564 586 592 593 627 526 540 115 118 114 114 108 113 119 118 135 116 126 256 283 293 303 305 317 313 316 342 298 305 69 71 81 90 96 105 108 103 117 104 112 403 427 454 447 440 469 466 458 506 448 470 5,800 5,860 5,921 5,907 5,909 5,937 5,916 5,943 6,051 6,085 6,171 1953-Jan.... Feb.... 228 229 1,401 1,391 477 503 111 110 278 269 93 84 442 425 6,136 6,068 Home purchase Other purposes l 986 1,200 1,379 1,051 1,184 1,454 1,913 3,584 3,811 3,607 3,636 5,237 5,250 6,617 301 399 437 190 106 95 181 616 894 1,046 1,083 1,767 1,657 2,105 340 426 581 574 802 1,064 1,358 2,357 2,128 1,710 1,559 2,246 2,357 2,955 3,806 345 4,125 375 4,578 361 4,583 287 4,584 276 295 M,800 5,376 374 611 •7,141 8,856 789 851 10,305 994 11,616 13,622 1,224 1,236 r 15,520 1,557 '"18,444 1952-Feb.... Mar... Apr.... May... June... July... Aug.... Sept... Oct.... Nov... Dec... 428 514 549 586 587 596 617 616 659 523 541 131 172 183 198 192 190 200 193 208 163 161 186 214 239 252 257 265 279 285 303 243 248 1953-Jan.... Feb.... 497 523 147 164 222 222 128 137 Total 3 FHAinsured 563 717 841 864 906 VAguaranteed Conventional3 2,397 7^345 2,586 8,313 2,969 9,812 3,125 11,530 3,398 14,136 '1 Revised. Includes loans for repair, additions and alterations, refinancing, etc. 'Prior to 1948, data are not available for classifications shown. * Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Number Savings & loan assns. New construction 396 Amount, by type of lender Year or month Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 [Number in thousands; amounts (except averages) in millions of dollars] Loans outstanding (end of period)2 Loans made, by purpose Year or month N O N F A R M MORTGAGE RECORDINGS O F $20,000 OR LESS 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Source,—Home Loan Bank Board. FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS VIADE [In millions of dollars] VA-guaranteed loans 3 FHA-insured loans Home mortgages Year or Total month Total New properties 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948!........ 1949 1950 1951 1952 Projecttype Existing mortprop- gages i erties 52 13 14 21 85 56 20 13 360 609 Property im- Total provement loans2 Governmentunderwritten Home mortgages Alteration Exand isting repair2 properties New properties 3,058 5,074 5,222 5,250 7,416 6,834 5,830 1,788 3,341 3,826 4,343 3,220 3,113 1,434 1,319 1,637 1,216 969 208 175 183 208 210 224 217 302 418 684 892 856 713 974 July. . . Aug.. . . Sept... Oct.... Nov. . . Dec... 452 443 487 452 469 458 463 484 526 503 519 211 207 242 249 273 269 260 267 306 259 293 63 61 61 65 68 80 81 94 108 97 108 65 66 69 74 76 85 82 91 103 87 98 18 19 49 39 27 31 32 13 26 17 23 64 61 64 71 102 73 66 69 69 59 63 242 236 244 203 196 189 203 217 220 243 227 171 164 159 128 124 126 134 142 141 157 155 71 72 85 74 70 63 68 75 78 85 71 .5 .7 .5 .4 .5 .4 .5 .4 .7 .6 .5 1953—Jan.... Feb., . . 539 539 296 265 108 103 103 86 18 15 67 61 243 274 161 184 82 90 .6 .5 925 991 925 991 1,152 1,121 1,152 1,121 934 877 857 934 877 665 756 1952—Feb.... Mar. . . Apr... . May.. . June.. . 486 588 728 766 553 484 257 120 477 1,021 1,157 584 322 179 216 228 126 86 114 192 171 321 2,302 534 3,286 614 1,881 594 1,424 694 3,073 707 3,614 848 2,721 793 3 5 6 6 629 1,865 1,202 942 2,667 890 1,824 i Monthly figures do not reflect mortgage amendments included in annual totals. 2 FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or les s need not be secured, whereas those tor3 more than that amount must be. Prior to 1949, data are not available for classifications shown. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans rlo sed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loam?, 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 [In millions of dollars] Author- Commitized funds ments unundiscommitted bursed End of year or month 1948... 1949. . . 1950. . . 1951... 1952... ....| 528 848 918 661 1 ,085 227 824 485 239 323 Mortgage holdings Total FHAinsured VAguaranteed 199 828 1,347 1,850 2,242 188 403 169 204 320 11 425 1,178 1 ,646 1,922 Mort- Mortgage gage pursales chases (during (during period) period) 198 672 1,044 677 538 242 255 264 266 275 299 315 326 322 323 2,053 2,083 2,075 2,068 2,064 2,068 2,097 2,154 2,199 2,242 232 239 236 236 237 245 257 272 297 320 1,821 1,844 1,839 1,832 1,827 1,823 1,840 1,882 1,902 1,922 Conventional Total FHA Total 1939 1940 1941 1942 1943 1944 1945 1946 1947... . 1948 1949. . . 1950 1951. 1952P VA- guar-insured anteed 16.3 17 3 18.4 18.2 17 8 17.9 18.5 23.1 28 2 33.3 37 5 45.1 51.9 58.2 12.5 15.0 18.9 22 9 25.4 9 7 10^8 8.1 10^3 13 2 14^6 14^5 13.7 13^7 13.9 16*8 18.6 20.8 22 .5 26^2 29 0 32^8 1951—Mar. . . 46.9 June.. . 48.7 S e p t . . . 50.4 D e c . . . 51.9 20.0 21.0 22.0 22.9 8.9 9.2 9.5 9.7 11.1 11.8 12.5 13.2 26.9 27.7 28.4 29.0 1952—Mar.p.. JuneP. . Sept.P. . Dec.P. . 23.5 24.0 24.7 25.4 9.9 10.1 10.4 10.8 13.6 13.9 14.3 14.6 29.7 30.8 31.7 32.8 53.2 54.8 56.5 58.2 1.8 1.8 2 3 3 0 2 3 3.7 3.0 3.7 4 1 4 2 4 1 4 2 4.6 6.3 9^6 4.1 37 3^8 5^3 6.9 8^6 14.5 15.0 .5 2 .6 5.8 7^2 P Preliminary. NOTE.—Foi total debt outstanding, figures for first three quarters are Federal Reserve estimates. For conventional, figures are derivecI. Sources.—Home Loan Bank Board. Federal Housing Administration, Veterans Administration, and Federal Reserve. FEDERAL HOME LOAN BANK LENDING [In millions of dollars] Year or month 1941 1942 1943 1944 1945 1946 1947. 1948 1949 1950 1951 1952 3 2 4 5 6 3 13 3 40 4 1952—March 6 April 72 3 56 May 14 June 65 July 10 321 2,286 338 1,948 61 August 1,043 1953—January 3 September. 313 2,329 358 1,971 53 1,008 February October.. . 7 322 2,394 395 1,999 81 934 March November. December. 1 During the period from late March through early July, the bulk of these funds as available only for the purchase of mortgages on defense, disaster, and military 1953—January... February.. msine. March.... 1952—March 1412 April 1411 May 1416 June 1,311 July 1,283 August September. . . 1,238 1,170 October November. . . 1,129 1,085 December 86 39 4 7 20 469 111 56 End of year or quarter Advances Repayments Advances outstanding (end of period) Short-1 term Long- 158 99 157 239 278 329 351 360 256 675 423 586 140 190 176 219 213 231 209 280 337 292 433 528 219 129 110 131 195 293 436 515 433 816 806 864 105 54 69 106 176 184 218 257 231 547 508 565 115 76 41 25 19 109 217 258 202 269 298 299 23 29 34 83 58 56 56 63 59 106 46 36 24 21 54 25 28 26 20 33 589 581 591 653 656 687 715 752 791 864 361 353 359 409 416 436 460 491 520 565 227 229 232 244 240 251 255 261 271 300 16 14 30 197 71 46 683 627 610 439 401 391 245 226 219 1 2 Secured or unsecured loans maturing in one year or less. Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. APRIL 1953 397 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End of year or month Total Total Noninstalment credit Repair and modernization loans 2 Other Automobile consumer paper l goods paper J Personal loans Total Singlepayment loans Service credit Charge accounts 1939 1940 1941 1942 7,222 8,338 9,172 5,983 4,503 5,514 6,085 3,166 1,497 2,071 2,458 742 1,620 1,827 1,929 1,195 298 371 376 255 1,088 1,245 1,322 974 2,719 2,824 3,087 2,817 787 800 845 713 1,414 1,471 1,645 1,444 518 553 597 660 1945 1946 1947 1948 1949 1950 1951 1952 5,665 8,384 11 570 14,411 17 104 20,813 21,468 25,705 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,639 455 981 1,924 3,054 4,699 6,342 6,242 8,110 816 1,290 2,143 2,842 3,486 4,337 4,270 5,301 182 405 718 843 887 1,006 1,090 1,386 1,009 1,496 1,910 2,229 2,444 2,805 3,235 3,842 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,066 746 1,122 1 3^rt 1,445 L,532 1,821 L,934 2,108 1,612 2,076 2,353 2,713 2,680 3,006 3,096 3,313 845 1,014 1,166 1,285 1,376 1,496 1,601 1,645 1952—January February March April May June July August September October November December 20,932 20,649 20,609 20,940 21,705 22,446 22,751 23,030 23,414 24,050 24,525 25,705 14,654 14,555 14,550 14,731 15,308 16,032 16,465 16,728 17,047 17,572 17,927 18,639 6,148 6,114 6,090 6,186 6,539 6,974 7,200 7,272 7,388 7,639 7,866 8,110 4,168 4,080 4,044 4,053 4,169 4,324 4,433 4,539 4,669 4,871 4,943 5,301 1,079 1,078 1,079 1,098 1,138 1,178 1,221 1,258 1,300 1,347 1,376 1,386 3,259 3,283 3,337 3,394 3,462 3,556 3,611 3,659 3,690 3,715 3,742 3,842 6,278 6,094 6,059 6,209 6,397 6,414 6,286 6,302 6,367 6,478 6,598 7,066 1,938 1,979 1,997 2,007 2,055 2,054 2,023 2,026 2,033 2,033 2,109 2,108 2,747 2,490 2,410 2,535 2,659 2,661 2,-573 2,579 2,642 2,776 2,826 3,313 1,593 1,625 1,652 1,667 1,683 1,699 1,690 1,697 1,692 1,669 1,663 1,645 1953—January? FebruaryP 25,529 25,294 18,786 18,879 8,273 8,472 5,257 5,147 1,378 1,379 3,878 3,881 6,743 6,415 2,129 2,079 2,977 2,676 1 ,637 1,660 p1 Preliminary. Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Back figures by months beginning December 1939 are shown on pp. 346-54 of this BULLETIN; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding. In millions of dollars] Financial institutions End of year or month Total instalment credit Total Commercial banks Sales finance companies Credit unions Retail outlets Other Total Department stores 1 Furniture stores Household appliance stores Automobile dealers 2 Other 1939 1940 1941 1942 4,503 5,514 6,085 3,166 3,065 3,918 4,480 2,176 1,079 1,452 1,726 862 1,197 1,575 1,797 588 132 171 198 128 657 720 759 598 1,438 1,596 1,605 990 354 394 320 181 439 474 496 331 183 196 206 111 123 167 188 53 339 365 395 314 1945 1946 1947 1948 1949 1950 1951 1952 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,639 1,776 3,235 5,255 7,092 9,247 11,820 12,077 15,423 745 1,567 2,625 3,529 4,439 5,798 5,771 7,576 300 677 1,355 1,990 2,950 3,785 3,769 4,833 102 151 235 334 438 590 635 815 629 840 1,040 1,239 1,420 1,647 1,902 2,199 686 937 1,440 1,876 2,269 2,670 2,760 3,216 131 209 379 470 595 743 920 1,101 240 319 474 604 724 791 760 900 17 38 79 127 168 239 207 239 28 47 101 159 239 284 255 336 270 324 407 516 543 613 618 640 1952—January February March April May June July August September October November December 14,654 14,555 14,550 14,731 15,308 16,032 16,465 16,728 17,047 17,572 17,927 18,639 12,007 11,976 12,002 12,177 12,679 13,324 13,725 13,950 14,203 14,614 14,955 15,423 5,769 5,769 5,808 5,899 6,144 6,458 6,654 6,807 6,967 7,189 7,352 7,576 3,703 3,661 3,623 3,662 3,853 4,111 4,263 4,294 4,362 4,523 4,670 4,833 633 637 647 661 688 717 738 759 773 789 798 815 1,902 1,909 1,924 1,955 1,994 2,038 2,070 2,090 2,101 2,113 2,135 2,199 2,647 2,579 2,548 2,554 2,629 2,708 2,740 2,778 2,844 2,958 2,972 3,216 876 864 870 875 902 927 932 951 990 1,042 1,019 1,101 729 711 699 700 726 750 766 782 796 821 839 900 200 192 185 183 186 198 206 210 218 223 225 239 250 247 244 247 262 282 292 295 301 313 324 336 592 565 550 549 553 551 544 540 539 559 565 640 1953—Januaryp 18,786 18,879 15,665 15,886 7,696 7,816 4,930 5,031 818 827 2,221 2,212 3,121 2,993 1,068 963 865 855 231 232 343 352 614 591 Februaryp P Preliminary. Includes mail-order houses. Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1 2 398 FEDERAL RESERVE BULLETIN STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding. INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT In millions of dollars] [Estimated amounts outstanding. End of year or month Total noninstalment credit Retail outlets (charge accounts) Financial institutions (single-payment loans) Commercial banks Other DepartOther ment stores * Service credit 1939 1940. 1941 1942 2,719 2,824 3,087 2,817 625 636 693 593 162 164 152 120 236 251 275 217 1,178 1,220 1,370 1,227 518 553 597 660 1945 1946 1947 1948 1949 1950 1951 1952 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,066 674 1,008 1,203 1,261 1,334 1,576 1,684 .852 72 114 153 184 198 245 250 256 290 452 532 575 584 641 685 709 1,322 1,624 1,821 2,138 2,096 2,365 2,411 2,604 845 1,014 1,166 1,285 1,376 1,496 1,601 1,645 1952-January February.. . March April May June July August September.. October.... November.. December. . 6,278 6,094 6,059 6,209 6,397 6,414 6,286 6,302 6,367 6,478 6,598 7,066 1,717 1,742 1,758 1,769 1,777 1,798 1,792 1,792 1,793 1,801 1,821 1,852 221 237 239 238 278 256 231 234 240 232 288 256 553 480 457 471 475 467 418 422 459 499 536 709 2,194 2,010 1,953 2,064 2,184 2,194 2,155 2,157 2,183 2,277 2,290 2,604 1,593 1,625 1,652 1,667 1,683 1,699 1,690 1,697 1,692 1,669 1,663 1,645 1953-JanuaryP... FebruaryP.. 6,743 6,415 1,858 1,839 271 240 570 490 2,407 2,186 1,637 1,660 P Preliminary. Includes mail-order houses. In millions of dollars] Automobile paper Repair and modernization loans Personal loans Purchased Direct Other consumer goods paper 1,079 1,452 1,726 862 237 339 447 149 178 276 338 134 166 232 309 153 135 165 161 124 363 440 471 302 745 1,567 2,625 3,529 4,439 5,798 5,771 7,576 66 169 352 575 849 1,177 1,135 1,596 143 311 539 753 946 1,294 1,311 1,653 114 299 550 794 1,016 1,456 1,315 1,813 110 242 437 568 715 834 888 J 13R 312 546 747 839 913 1,037 1,122 1,376 1952-January February... March April May 5,769 5,769 5,808 5,899 6,144 June 6,458 July 6,654 August 6,807 September.. 6,967 O c t o b e r . . . . 7,189 November.. 7,352 December. . 7,576 1,117 1,116 1,114 1,136 1,218 1,313 1,364 1,392 1,430 1,485 1,534 1,596 1,309 1,318 1,336 1,368 1,432 1,508 1,540 1,554 1,567 1,599 1,625 1,653 1,323 1,301 1,291 1,289 1,331 1,394 1,452 1,512 1,564 1,647 1,709 1,813 882 881 881 899 931 967 1,004 [,036 1,070 1,110 1,131 1,138 1,138 1,153 1,186 1,207 1,232 1,276 1,294 1,313 1,336 1,348 1,353 1,376 1953-Januaryp.. . 7,696 FebruaryP.. 7,816 1,631 1,665 1,684 1,733 1,861 1,884 1,132 1,134 1,388 1,400 End of vear or month 1939 1940 1941 1942 1945 1946 1947 1948 1949 1950 1951 1952 . . . Total instalment credit P Preliminary. 1 INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] Other consumer goods paper Repair and modernization loans Total instalment credit Automobile paper 1939 . . 1940 1941 1942 . 1,197 1,575 1,797 588 878 1,187 1,363 341 115 136 167 78 148 190 201 117 56 62 66 52 1945 1946 1947 1948 1949 1950 1951 1952 300 677 1,355 1,990 2 950 3,785 3,769 4,833 164 377 802 1,378 2,425 3,257 3,183 4,072 24 67 185 232 303 313 241 332 58 141 242 216 83 57 70 82 54 92 126 164 139 158 275 347 3,703 3,661 3,623 3,662 3,853 4,111 June. 4,263 July 4,294 August September. . . 4,362 4,523 October 4,670 November December.... 4,833 3,116 3,074 3,033 3,063 3,237 3,466 3,589 3,608 3,660 3,804 3,940 4,072 238 235 233 232 240 260 281 289 301 312 317 332 68 66 65 65 67 68 70 71 74 78 79 82 281 286 292 302 309 317 323 326 327 329 334 347 4,930 5,031 4,159 4,260 337 339 81 80 353 352 End of year or month 1952—January February.... March April .... May 1953—January?.... Februarys Preliminary. APRIL 1953 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] Other consumer goods paper Repair and modernization loans Total instalment credit Automobile paper 1939 1940 1941 1942 789 891 957 726 81 102 122 65 24 30 36 27 15 16 14 14 669 743 785 620 1945 1946 1947 1948 1949 1950 1951 1952 731 991 1,275 1,573 1,858 2,237 2,537 3,014 54 77 130 189 240 330 358 453 20 34 69 99 137 182 209 276 14 22 39 59 89 115 132 166 1,037 1,226 1,392 1,610 :1,838 2,119 1952—January February.... March April May June July August September. . . October November.... December.... 2,535 2,546 2,571 2,616 2,682 2,755 2,808 2,849 2,874 2,902 2,933 3,014 356 359 363 372 390 405 415 423 430 438 443 453 210 212 216 225 231 244 252 255 261 267 269 276 129 131 133 134 140 143 147 151 156 159 166 166 1,840 1,844 1,859 1,885 1,921 1,963 :1,994 >,020 ',027 >,038 >,055 >,119 1953—January? FebruaryP 3,039 3,039 456 462 281 283 165 165 >,137 M29 End of year or month Personal loans Personal loans 643 P Preliminary. NOTE.—Institutions included are consumer finance companies (operating 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. 399 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued FURNITURE STORE STATISTICS Percentage change from preceding month Item RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE » Percentage change from corresponding month of preceding year Feb. 1953? Jan. 1953 Dec. 1952 Feb. 1953? Jan. 1953 Dec. 1952 -4 -10 -45 -46 -3 + 14 +6 -49 -31 +2 -4 +6 +1 +6 -2 0 +39 +57 +37 +30 + 15 -4 + 18 +9 -1 -4 -4 +9 +7 +23 +20 +23 + 19 +21 + 19 Collections during month: Total Instalment -9 -9 +5 +2 +4 +3 +5 +4 +5 +6 +5 +8 Inventories, end of month, at retail value. +3 +1 -10 -1 -3 -5 Net Sales: Total Cash sales Credit sales: Instalment Charge account ... Accounts receivable, end of month: Total Instalment Preliminary. Instalment accounts Year or month January February March April May June July August September October November December January February? Charge accounts Household ap- Department pliance stores stores Department stores Furniture stores 19 18 20 18 19 18 17 17 18 18 17 17 10 10 11 10 11 10 10 11 11 11 10 10 13 13 13 13 13 12 12 11 12 11 11 11 47 45 48 46 48 46 46 46 47 50 48 48 17 15 10 9 11 10 47 44 1952 , 1953 p Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average = 100 Averages of monthly data: 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1952—January February March April May June July August September October November December 1953—January FebruaryP Accounts receivable at end of month Sales during month Year or month Total Cash Instalment 46 53 60 67 75 93 99 103 98 101 104 103 44 57 72 82 92 105 103 103 94 93 95 93 55 45 84 77 79 91 72 83 99 100 93 90 90 84 39 36 37 56 85 105 110 136 133 142 78 89 71 81 .. 101 116 120 190 89 102 108 176 110 106 122 118 137 126 113 136 149 178 174 >-233 .... 84 78 76 69 121 120 Percentage of total sales Collections during month Charge account Instalment Charge account Instalment Charge account 48 48 49 53 59 84 95 104 101 106 111 109 76 60 35 29 28 38 67 108 125 177 181 189 53 48 42 44 50 73 92 105 103 111 124 127 58 60 47 41 40 53 78 106 117 146 165 158 47 51 50 52 59 78 92 103 104 111 118 120 Cash sales Instalment sales 48 56 61 64 64 59 55 52 51 48 48 47 9 6 5 4 4 4 6 7 8 10 9 10 Charge account sales 43 38 34 32 32 37 39 41 41 42 43 43 89 190 142 180 165 48 10 42 83 96 182 178 124 117 162 170 129 118 48 48 10 10 42 42 107 106 99 175 176 178 121 122 120 153 153 148 108 115 114 48 47 47 9 10 10 144 145 111 100 48 48 11 11 43 43 43 41 41 118 128 138 183 151 159 160 167 103 119 123 134 46 46 47 49 11 11 11 9 43 43 42 42 147 126 179 162 172 131 47 47 11 11 42 42 177 180 107 108 108 124 127 200 80 90 190 201 211 231 87 81 226 224 r P Preliminary. Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 411. 400 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms' 'adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)2 1947-49 = 100 Industrial production (physical volume)* * 1935-39=100 Manufactures Year or month Total Durable Nondurable Minerals Total Residential Employment and pa^trolls 3 1947-49=100 All other Nonagricultural employment Freight carloadManufacturing ings* production workers 1935-39 = 100 Employment Payrolls AdAdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed 1919 1920 1921 1922 1923 1924 1925 72 75 84 93 62 60 71 83 34 34 26 18 58 73 88 82 53 81 103 95 57 67 72 69 66 71 98 89 76 92 30 43 45 51 27 41 49 57 32 43 42 46 96 114 79 100 69 73 67 107 83 100 68 90 107 1926 1927 1928 1929 1930 99 110 91 117 132 98 1931 1932 1933 1934 1935 75 58 69 75 87 103 95 1936 1937 1938 1939 1940 109 125 1941 1942 1943 1944 1945 162 199 239 235 203 170 187 192 176 200 1946 1947 1948 1949 1950 .. . 1951 1952 1951 September October November December 75 59 85 93 84 99 107 93 69 71 73 63 49 76 52 30 67 79 80 34 22 41 41 54 65 83 70 79 81 90 67 76 80 86 15 14 17 20 8 7 7 13 20 18 24 25 108 100 99 30 22 35 25 27 36 40 122 78 70 70 62 Adjusted 61.6 62.2 55 4 58.7 64.6 63 8 65.5 68.7 69.0 52 8 58.4 66.9 62 1 64.2 31.1 37.1 24 0 25.7 32.6 30 4 32.1 120 129 27 32 110 121 142 139 30 30 34 34 146 36 67.9 68 2 68.3 71.3 67.0 65.5 64 1 64.2 68.3 59.5 33.0 32 4 32.8 35.0 28.3 152 37 147 37 60 6 53.7 53 9 59.0 61.6 50 2 42.6 47 2 55.1 58.8 21 5 14.8 15 9 20.4 23.5 105 32 78 82 89 92 24 24 27 29 66.2 70.6 66.4 69 6 73.6 63.9 70.1 59.6 66 2 71.2 27.2 32.6 25.3 29.9 34.0 107 33 148 152 131 37 38 35 Unadjusted Unadjusted 74.0 85.7 76 4 71 6 72.9 73 1 75.0 75 6 74 2 73.3 73.3 71.4 65.0 62.0 62.9 61.9 56.1 65 58 55 57 58 0 4 3 2 7 47.4 42.1 42 8 48.7 52.0 59 3 61.4 60 3 59 4 59.9 52.5 56.1 51.1 50.1 51.1 62 9 69 7 74 0 75.2 76 9 56.8 64.2 67.0 67.6 68.8 112 97 109 109 106 139 115 117 201 142 125 66 54 74 129 132 140 137 89 37 22 36 49 24 10 16 116 45 30 50 87.9 49.3 103 9 72 2 121.4 99.0 118.1 102.8 104 0 87.8 44 158 176 171 166 83.1 91 2 96.6 95.3 92 1 130 279 360 353 274 138 137 140 135 50 56 62 192 220 225 202 237 165 172 177 168 187 134 149 155 135 148 82 84 102 113 159 87 86 98 116 185 79 83 105 111 142 95 1 99.6 101 6 98.8 101 4 97.9 81 2 103.4 97.7 102 8 105 1 93.8 97.2 99 2 111.2 132 143 138 116 128 90 98 104 98 105 83 95 102 101 102 4 5 8 8 8 78.7 96.4 104.4 99.2 103.1 220 273 194 164 171 i70 172 280 160 183 183 105.4 129.2 P104.2 P134.3 109 189 106.6 183 P1O7.7 134 219 110 111 0 113.5 114.8 126 111 6 112.1 112 8 113 1 113.4 113.7 113.6 113.5 113 1 112.4 112 A 112 9 113.0 113 4 114.1 114.3 114 1 114.2 114 3 114.1 113.0 112.5 112.3 111.8 111.6 111.2 111.8 112.2 111.8 111.1 110.7 109.6 113.9 113.4 109.9 109.6 32 35 39 44 37 43 40 44 223 271 192 167 147 168 219 218 222 220 217 274 277 282 188 188 185 174 170 163 140 156 166 160 146 145 127 162 180 103.9 103.4 103.3 103.5 105.8 105.1 104.3 104.4 130.9 129.8 129.8 132.9 221 217 189 167 161 142 173 106.8 103.6 152 107.0 103.8 157 107.0 103.7 158 107.0 104 0 156 107.1 103.4 158 106.5 100.8 165 106.1 99.2 217 107.9 103.4 218 108 7 105.6 227 109.0 106.5 207 109 5 r 107.8 219 1 0 9 . 9 108.5 103.2 103.6 103.6 102 9 101.8 99.7 97.5 104.2 107 4 108.1 108.8 109.4 130.4 131.0 131.9 128 1 128.1 126 4 121.1 133.3 142 1 144.2 r 145 6 '149.2 218 218 sales* (retail value)4 1947-49 = 100 Wholesale Consumers'8 comprices modity 1947-49 prices 8 - 1 0 0 1947-49 = 100 106 95 113 89 .. 66 39 45 Department 133 106.8 106.6 106.8 107.1 111 89 101 109 35 32 35 37 70 133 106 135 137 133 109 113 109 141 109 1952 222 221 February. . April May 216 218 217 215 282 284 285 277 190 188 183 167 164 166 156 164 171 163 174 189 July August September October .. November December 211 204 193 215 228 230 234 235 211 205 194 218 232 233 235 233 277 247 230 267 290 300 r 304 ••313 181 186 179 191 194 195 197 ••194 140 147 142 156 175 164 171 168 168 172 177 207 207 210 196 205 186 193 196 193 191 185 178 183 1953 January February March 236 P239 «241 232 P235 «237 316 P322 e 327 195 P198 «197 164 P163 «162 190 P175 173 P186 . . 201 109.7 109.1 108.7 146.8 P168 P109.9 P109.6 P109.5 •147.6 136 133 126 106 105 103 122 108 102 125 134 128 134 131 108 111 105 114 106 115 113 115 134 130 132 P112 111 '113 r • Estimated; all estimates are those of the Federal Reserve. v Preliminary. Revised. *1 Average per working day. For indexes by groups or industries, see pp. 402-405. 8 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 409. 1 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 =100. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 411-415. Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, December 1951, pp. 1490-1515. APRIL 1953 401 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average =100] 1953 1952 Industry Feb. Industrial Production—Total Manufactures—Total Durable Manufactures Iron and SteelJ Pig iron Steel Open hearth Electric Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 222 221 216 211 204 193 275 228 230 234 235 236 v239 232 231 225 224 214 202 225 237 242 245 247 249 v253 r304 '313 284 285 277 277 247 230 267 290 300 316 *>322 261 263 245 246 140 139 244 270 281 283 r286 287 P291 235 304 221 239 309 225 205 278 196 208 278 195 42 66 39 38 83 36 221 283 202 242 319 222 247 332 233 244 334 231 247 335 238 249 333 235 247 337 234 892 911 855 867 256 418 Machinery 360 359 354 353 352 331 336 354 363 r371 385 392 v399 Transportation Equipment 322 327 329 338 339 287 300 353 371 r376 r393 394 v406 219 222 227 231 229 162 175 247 265 '272 '284 286 P301 217 218 218 216 210 201 213 225 r237 240 r246 249 P253 249 252 257 259 247 242 251 248 251 251 258 266 P279 204 204 203 199 195 184 197 216 231 236 '241 242 P242 162 158 152 142 146 141 149 155 155 161 rl65 171 vl72 154 176 149 175 143 170 128 168 134 169 128 165 135 175 140 183 138 189 146 191 149 '196 162 189 P161 P192 224 222 220 217 222 214 221 222 224 221 222 224 v234 P242 255 279 P\1\ Automobiles (including parts) (Aircraft; Railroad Equipment; Shipbuilding — Private and Government) * Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products Furniture Stone, Clay, and Glass Products Glass containers Clay products Other stone and clay products 2 Nondurable Manufactures Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 2 Wool textiles Carpet wool consumption Apparel wool consumption Wool and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Sheep and lamb leathers Shoes Manufactured Food Products Wheat flour Cane sugar meltings 2 Manufactured dairy products Butter Cheese Canned and dried milk Ice cream a 860 1013 1040 1064 1022 1029 1071 223 239 257 177 224 239 244 175 225 242 238 173 227 243 230 168 247 269 222 170 243 266 215 158 243 261 231 163 245 261 227 161 241 254 231 163 r232 242 233 222 225 254 ••162 '161 225 232 257 169 190 188 183 181 186 179 191 194 195 197 rl94 195 P198 160 152 144 151 154 147 170 177 172 176 169 169 vl71 151 140 350 149 339 146 150 295 139 141 288 131 130 280 137 135 287 138 133 312 129 111 343 152 143 369 158 145 377 154 142 361 158 149 356 152 141 337 122 133 116 117 114 120 126 112 123 110 108 103 114 113 108 117 110 103 96 112 109 117 113 123 112 108 116 123 112 75 125 113 106 124 124 103 71 120 103 97 112 113 123 120 139 120 112 131 123 137 148 149 130 121 144 136 134 140 142 126 117 140 138 137 153 137 127 120 138 141 '138 146 130 149 129 118 108 134 137 107 108 102 105 103 91 116 112 112 113 107 116 90 101 73 72 74 118 86 98 68 69 72 122 84 95 72 64 69 114 90 105 67 67 72 115 92 106 69 67 79 111 81 91 60 71 66 98 97 110 79 67 89 129 97 107 90 65 88 123 103 115 87 77 93 118 103 117 84 83 86 120 100 112 88 '80 76 112 102 115 87 79 80 126 165 166 163 160 166 162 164 168 165 161 rl63 113 103 108 103 113 109 109 108 109 113 108 138 66 163 120 142 71 169 133 146 148 73 183 163 147 69 180 164 145 70 176 152 148 69 178 168 148 146 73 176 155 147 152 85 209 155 73 181 149 71 178 166 73 191 152 164 130 rl24 115 '136 165 P167 114 PIO9 '151 151 89 209 142 90 205 138 P Preliminary. * Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may abe obtained from the Division of Research and Statistics. Series included in total and group indexes but not available for publication separately. 1 Because of a ^classification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 402 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average =100] 1952 1953 Industry Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal ... Processed fruits and vegetables Confectionery Other food products Alcoholic Beverages 170 196 155 131 89 171 123 134 175 143 136 172 147 131 M67 165 207 135 79 79 146 167 140 84 76 148 170 137 99 78 147 163 144 109 68 158 180 149 121 ... 171 133 143 172 150 135 169 146 128 169 147 130 175 161 121 185 184 183 181 188 171 138 117 189 190 190 185 ... 171 170 157 150 152 162 151 155 162 180 173 171 154 149 161 176 165 160 154 73 327 193 68 292 208 62 298 205 51 231 214 38 185 207 19 198 224 21 234 175 26 148 263 Tobacco Products Cigars Other tobacco products Paper and Paper Products Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate and sulphite pulp 3 Paper Paperboard Fine paper 2 Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard). Printing and Publishing Newsprint consumption Printing paper (same as shown under Paper) Petroleum refining Gasoline Fuel oil 169 194 153 131 96 179 230 141 81 85 Malt liquor Whiskey Other distilled spirits Rectified liquors Petroleum and Coal Products 77 170 200 151 125 87 182 228 153 84 85 174 181 188 109 97 176 202 163 124 97 169 181 175 113 100 167 184 '181 170 142 145 182 M84 166 158 159 177 182 28 182 325 31 133 369 44 127 228 175 53 160 180 169 58 139 221 -124 r 128 150 134 P173 P146 175 174 184 178 189 172 186 187 190 181 172 179 194 105 244 68 109 243 59 110 259 62 114 245 64 116 264 65 113 240 54 111 261 68 123 257 65 134 258 66 124 249 57 98 243 59 110 249 64 111 276 61 193 192 185 182 181 160 188 192 203 205 196 200 207 189 188 175 176 154 180 181 192 194 185 237 114 99 279 181 209 181 241 117 99 284 180 205 228 110 95 269 174 202 221 108 92 260 168 207 227 121 89 266 168 201 195 124 68 226 148 182 229 132 82 267 172 222 220 125 83 256 175 233 233 125 89 274 186 246 236 108 92 280 188 249 220 112 91 258 180 235 191 233 112 92 275 185 236 197 238 118 95 280 191 245 191 184 176 129 189 190 178 131 186 186 161 122 175 162 149 130 182 168 153 134 150 174 124 126 168 180 148 130 165 187 146 126 178 206 150 123 182 193 161 121 179 195 M51 116 185 >"201 162 119 193 201 167 118 177 177 175 170 176 157 165 16S 176 175 168 173 180 166 173 169 157 162 167 ... r 163 164 164 166 169 164 162 281 278 261 209 251 259 280 282 279 290 T-291 291 v288 212 242 177 208 210 227 183 223 205 218 177 211 157 167 124 133 216 228 185 199 225 231 174 226 231 235 181 230 2^?4 232 179 208 225 226 182 207 233 239 171 225 229 239 164 241 230 241 160 250 P236 188 179 459 204 197 420 166 161 326 165 161 311 72 71 84 67 67 52 169 168 184 177 174 299 179 178 243 182 179 268 186 182 312 188 183 353 188 183 367 297 294 292 292 298 299 302 302 304 308 309 310 P306 157 299 562 155 269 563 152 267 559 151 270 558 151 307 563 157 32 5 154 354 568 155 370 567 15* 358 578 '159 '159 351 ••598 160 348 597 P\60 344 P590 *264 '273 268 2 Kerosene Other petroleum products 2 Coke By-product coke Beehive coke Chemical Products Paints Rayon Industrial chemicals Other chemical products 2 565 350 595 r P229 Rubber Products 243 242 235 242 246 225 242 252 260 Minerals—Total 167 164 166 140 147 142 156 175 164 171 168 164 P163 Fuels 174 170 171 140 161 155 161 180 167 177 176 172 P170 123 135 77 199 111 122 68 199 110 119 74 201 100 107 73 159 96 102 74 193 84 91 57 190 93 102 61 194 133 144 88 203 93 93 95 203 125 135 87 202 115 125 71 207 105 116 60 204 99 109 60 P205 128 125 141 143 65 65 131 149 145 138 117 rl20 P123 182 176 205 207 71 71 188 219 212 200 166 '170 P176 47 76 48 47 78 77 51 75 52 71 54 63 50 63 48 63 47 69 48 67 46 66 46 67 Coal Bituminous coal Anthracite Crude petroleum Metals Metals other than gold and silver Iron ore (Copper; Lead; Zinc) 2 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1953 403 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average=100] 1953 1952 Industry Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Industrial Production—Total 218 217 215 Manufactures— Total 229 228 224 211 224 205 194 215 203 233 235 233 228 242 245 246 246 246 P249 305 311 313 P319 283 '286 287 P291 281 283 277 278 249 232 269 292 263 245 246 140 139 244 270 281 235 304 221 892 239 309 225 911 205 278 196 208 278 195 42 66 39 256 38 83 36 Machinery 360 359 Transportation Equipment 322 327 219 222 Pig iron Steel . Open hearth Electric Automobile? (including parts) (Aircraft; Railroad 2 equipment; Shipbuilding—Private and Government) Nonferrous Metals and Products Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products Lumber Furniture Stone, Clay, and Glass Products Glass products Glass containers Cement Clay products Other stone and clay products 2 Nondurable Manufactures Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 2 Wool textiles Carpet wool consumption Apparel wool consumption. . Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products Leather tanning Cattle hide leathers Calf and kip leathers . . . Goat and kid leathers Sheep and lamb leathers Shoes Manufactured Food Products.... Wheat flour Manufactured dairy products Butter ... Cheese Canned and dried milk 2 Ice cream . . 855 867 354 353 329 227 338 231 352 339 229 418 331 287 162 232 P235 232 261 Durable Manufactures Jan. Feb. 218 301 Iron and Steel1 Nov. Dec. 221 242 247 244 247 249 247 319 332 334 335 333 337 283 202 222 233 231 238 235 234 860 1013 1040 1064 1022 1029 1071 336 354 363 '371 385 392 P399 300 353 371 '376 '393 394 175 247 265 '272 '284 286 P301 217 218 218 216 210 201 213 225 '237 '241 '246 249 P253 249 252 257 260 246 241 251 248 251 251 259 266 P279 204 204 203 199 195' 184' 197 216 231' 236 '241 148 149 152 145 155 150 160 167 164 '160 151 133 ,176 135 175 143 170 133 168 148 169 143 165 152 175 159 183 151 189 208 212 216 224 225 216 231 232 235 '226 218 232 196 168 224 239 200 167 225 242 226 168 240 260 241 167 245 266 237 169 235 255 236 160 251 272 261 169 248 267 263 167 242 P242 151 P156 143 128 191 196 132 P138 189 P192 215 210 P217 247 '234: 210 262 245 210 267 252 231 173 167 166 222 P236 227 248 209 212 157 P162 P193 186 184 180 180 187 181 195 201 200 199 193 191 160 152 144 151 154 147 170 177 172 176 169 169 P171 146 150 295 139 141 288 131 130 280 137 135 287 138 133 312 129 111 343 152 143 369 158 145 377 154 142 361 158 149 356 152 141 337 151 140 350 122 112 113 123 112 108 116 123 112 103 123 120 139 120 112 131 123 137 148 149 130 121 144 136 140 142 126 117 140 138 137 117 110 103 96 112 109 117 134 123 110 108 103 114 113 109 108 102 105 102 90 116 111 112 96 109 77 74 81 118 86 98 67 68 70 122 84 95 69 66 66 90 105 64 66 77 115 90 102 70 68 78 111 77 86 60 70 62 98 95 107 83 65 92 129 95 105 88 66 86 123 104 116 89 77 93 118 149 148 154 165 174 185 192 99 109 108 108 118 197 94 217 95 215 86 214 76 245 227 256 227 217 176 199 173 133 116 117 114 120 126 114 101 97 58 116 64 134 108 152 131 108 114 149 104 152 75 188 168 75 125 113 106 124 124 71 120 103 97 112 113 138 149 339 130 153 164 137 130 127 1 2 4 120 115 138 136 141 146 149 129 118 108 134 137 114 107 116 107 121 85 80 91 120 99 112 87 80 72 112 103 118 85 79 75 126 178 165 160 153 P150 115 114 107 114 P110 173 69 133 63 107 67 98 74 182 153 158 126 106 55 151 120 155 115 143 110 109 80 168 124 r P Preliminary. Revised. Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may 2be obtained from the Division of Research and Statistics. Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1 404 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average=100] 1953 1952 Industry Nov. Dec. Jan. Feb. 208 266 163 116 95 199 237 178 105 106 166 178 173 96 98 174 114 158 193 165 100 151 184 157 92 149 P157 173 163 142 134 143 28 472 325 136 31 280 369 145 44 140 228 144 53 104 180 152 58 83 221 197 184 159 178 184 110 249 63 111 260 59 Feb. Mar. Apr. May June July Aug. Sept. Oct. Meat packing Pork and lard Beef Veal Lamb and mutton. 175 223 140 74 86 165 214 128 76 83 152 188 127 78 77 147 167 140 88 78 147 170 134 99 73 137 144 146 109 65 138 139 150 118 75 154 158 163 138 93 169 183 167 149 100 190 230 161 141 89 Other manufactured foods Processed fruits and vegetables Confectionery Other food products 155 84 144 176 153 82 125 176 151 89 107 175 154 96 100 178 166 124 89 189 179 179 96 193 195 234 144 194 207 279 175 194 191 190 171 195 152 155 155 158 176 186 159 159 155 73 196 193 159 68 190 208 162 62 179 205 170 51 139 214 203 38 115 207 220 19 115 224 188 21 126 175 161 26 202 263 167 164 174 178 197 179 193 198 Manufactured Food Products—Continued Alcoholic Beverages.. Malt liquor Whiskey Other distilled spirits Rectified liquors Tobacco Products . . . Cigars Cigarettes Other tobacco products 105 229 66 109 226 59 110 241 62 114 245 64 116 278 66 113 252 54 111 274 66 123 275 69 134 268 71 124 254 59 98 224 51 194 192 186 182 182 159 188 191 203 205 195 200 208 190 238 119 99 279 182 209 188 242 125 99 284 180 205 181 230 121 95 269 174 202 175 222 117 92 260 168 207 177 227 122 89 266 169 201 153 193 110 68 226 147 182 180 227 116 82 267 172 222 181 217 112 83 256 175 233 192 232 116 89 274 186 246 194 237 114 92 280 188 249 185 220 113 91 258 179 235 191 233 117 92 275 185 236 198 238 123 95 280 193 245 191 191 176 129 189 190 178 131 186 188 161 124 175 162 149 131 182 171 153 135 150 167 124 124 168 180 148 129 165 187 146 126 178 208 150 123 182 193 161 123 179 189 151 114 185 199 162 119 193' 209 167 118 Printing and Publishing 175 180 180 174 175 145 157 180 183 Newsprint consumption Printing paper (same as shown under Paper) . Petroleum and Coal Products 159 171 174 173 168 141 146 182 184 251 259 280 282 279 Paper and Paper Products Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate and sulphite pulp 3 Paper Paperboard2 Fine paper Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard). Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products 2 Coke By-product coke Beehive coke 281 278 261 168 178 165 290 '291 164 291 '288 •229 P236 212 242 175 218 210 227 181 227 205 218 184 215 157 167 129 134 216 228 185 187 225 231 172 210 231 235 179 221 234 232 179 206 225 226 182 207 233 239 171 231 229 239 163 248 241 155 255 188 179 459 204 197 420 166 161 326 165 161 311 72 71 84 67 67 52 169 168 184 177 174 299 179 178 243 182 179 268 186 182 312 188 183 353 188 183 367 Chemical Products 298 295 291 296 295 299 305 309 313 314 311 >309 155 299 562 155 269 563 153 267 559 155 270 558 156 307 563 155 325 565 152 354 568 153 370 567 158 358 578 '157 350 595 159 351 598 157 348 597 •159 344 '590 Rubber Products 243 242 235 225 242 252 260 '273 268 Minerals—Total 162 158 165 143 149 144 161 180 166 no 163 159 158 174 170 171 140 161 155 161 180 167 177 176 172 '170 123 135 77 199 111 122 68 199 110 119 74 201 100 107 73 159 96 102 74 193 84 91 57 190 93 102 61 194 133 144 93 93 95 203 125 135 87 202 115 125 71 207 105 116 60 204 99 109 60 '205 91 90 130 159 74 81 164 178 164 131 84 83 v87 121 98 118 94 189 238 238 348 90 41 101 71 244 381 265 418 241 363 185 248 108 83 109 86 116 Paints Rayon Industrial chemicals Other chemical products 2 Coal.. Bituminous coal Anthracite Crude petroleum Metals. . . Metals other than gold and silver Iron ore (Copper; Lead; Zinc)2 Gold Silver 203 For other footnotes see preceding page. N O T E . — F o r description and backfiguressee B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1953 405 OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers ,1947-49 average =100] 1953 1952 Product group Total Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 102 104 103 105 108 71 84 121 125 134 134 142 147 Passenger automobiles 96 103 109 110 114 47 63 122 125 131 129 134 146 Household goods, total Carpets 108 75 103 95 158 106 80 102 98 141 97 83 106 82 118 99 81 109 85 115 101 44 110 89 136 98 61 113 74 135 108 76 113 94 141 119 81 115 89 205 124 99 118 91 214 137 98 120 114 237 139 94 '125 115 236 150 103 121 125 279 149 Furniture ... Major appliances Radios and television . 122 124 273 ' Revised. NOTE.—Figures for February are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1952 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. ADJUSTED FOR SEASONAL VARIATION Total 12,835 12,832 12,862 12,794 12,465 12,268 12,795 13,058 13,168 13,328 13,418 13,498 13,555 Durable goods 7,285 7,281 7,331 7,302 6,916 6,674 7,188 7,430 7,534 '7,664 '7,749 7,808 7,865 1,182 1,186 720 Primary metal industries 1,154 1,148 1,143 686 1,153 1,156 '1,167 '1,173 1,153 1,116 882 895 777 '868 Fabricated metal products 799 745 821 843 799 802 806 795 859 1,291 Machinery except electrical 1,275 1,255 1,215 1,267 1,276 1,263 1,193 1,199 1,218 1,248 '1,277 1,289 812 796 784 Electrical machinery 720 710 706 715 714 715 726 747 758 '772 1,501 Transportation equipment 1,251 1,307 1,323 1,192 1,330 1,380 '1,421 '1,460 1,484 1,266 1,288 1,169 670 666 '682 Lumber and wood products 685 635 690 709 705 691 680 688 709 '694 313 311 '311 Furniture and fixtures 290 294 297 299 302 304 293 293 297 307 459 465 '460 Stone, clay, and glass products. . 449 449 453 456 460 465 449 452 448 '466 Instruments and related prod255 254 251 ucts 250 232 232 233 240 242 245 235 233 238 Misc. manufacturing industries.. 398 401 388 415 '418 '416 376 375 403 408 411 382 418 Ordnance and accessories 60 60 59 64 '65 56 63 '64 55 58 59 63 65 Nondurable goods 5,492 5,549 5,594 5,550 5,551 5,531 5,607 5,628 5,634 '5,664 '5,669 5,690 5,690 Textile-mill products 1,088 1,082 1,114 1,102 1,150 1,140 1,093 1,147 1,150 1,106 1,137 1,153 1,139 Apparel and other finished textiles 1,048 1,021 1,030 '1,054 '1,057 1,065 1,020 1,011 1,004 1,018 1,034 1,037 1,045 362 361 '364 335 351 '360 336 344 347 350 348 Leather and leather products. . . 339 345 1,165 1,146 1,169 1,140 1,138 1,140 '1,132 '1,126 1,159 1,161 Food and kindred products 1,155 1,153 1,163 83 84 85 82 81 81 Tobacco manufactures 82 84 84 83 83 83 83 418 '420 416 Paper and allied products 410 '417 402 399 400 405 416 398 413 403 Printing, publishing and allied 517 519 518 industries 519 507 514 517 511 510 510 511 512 515 528 '525 528 530 523 524 '525 530 Chemicals and allied products... 528 523 530 525 532 202 202 202 195 201 203 197 Products of petroleum and coal. 189 200 202 199 169 189 229 214 214 220 225 228 214 Rubber products 218 217 223 213 216 208 WITHOUT SEASONAL ADJUSTMENT 12,820 12,815 12,733 12,588 12,329 12,061 12,886 13,285 13,377 13,462 13,529 13,447 13,538 Total 7,306 7,316 7,329 7,262 6,888 6,559 Durable goods 7,146 7,444 7,583 '7,719 '7,815 7,819 7,888 Primary Metal Industries 1,160 1,154 1,143 1,141 716 676 1,110 1,153 1,162 1,173 '1,185 1,188 1,192 * Blast furnaces, steel works 573 751 570 567 155 540 568 558 557 134 565 566 and rolling mills 891 '881 807 769 783 806 798 726 821 847 904 807 863 Fabricated Metal Products r 1,289 '1,283 1,280 1,261 1,181 1,282 1,269 1,203 1,193 1,212 1,297 1,281 l, 242 Machinery except Electrical 250 250 249 248 244 249 249 247 242 247 247 247 Metalworking machinery... 804 800 820 722 706 708 727 714 708 685 743 766 '784 Electrical Machinery Electrical apparatus (gen282 285 275 273 270 274 267 266 254 259 269 '279 erating, etc.) 269 331 331 273 273 309 267 268 265 281 297 '321 Communication equipment. 1,251 1,266 1,288 1,307 1,323 1,169 1,192 1,330 1,380 '1,421 '1,460 1,484 1,501 Transportation Equipment 779 634 643 '742 '761 663 667 672 521 525 680 706 Motor vehicles and equip493 478 500 ment 424 428 430 454 466 448 437 447 472 Aircraft and parts 653 '679 '701 653 668 670 678 709 727 719 701 635 697 410 Lumber and Wood Products '424 393 396 398 405 427 442 438 430 387 424 319 '317 Sawmills and planing mills.. 315 316 296 296 292 285 295 304 310 287 288 227 226 227 Furniture and Fixtures 207 208 205 202 210 216 222 202 202 '465 457 460 447 449 '468 452 441 458 462 467 Household furniture 449 453 254 256 255 233 234 236 230 238 242 246 251 233 233 Stone, Clay, and Glass Products. . 415 381 382 424 380 375 395 414 '426 429 376 382 '437 Instruments and Related Products. 64 55 56 58 60 59 63 63 65 '65 59 60 '64 Misc. Manufacturing Industries.. Ordnance and Accessories For footnotes see following page. 406 FEDERAL RESERVE BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1952 Industry group or industry Feb. Nondurable goods Textile-mill Products Broad-woven fabric mills... Knitting mills Apparel and Other Finished Textiles Men's and boys' furnishings. Women's and misses' outerwear Leather and Leather Products.... Footwear (except r u b b e r ) . . . Food and Kindred Products Meat products Canning and preserving Bakery products Tobacco Manufactures Paper and Allied Products Pulp, paper and paperboard mills Printing, Publishing and Allied Industries Newspapers Commercial printing Chemicals and Allied Products... Industrial organic chemicals. Products of Petroleum and Coal.. Petroleum refining Rubber Products Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 5,514 1,123 527 210 5,499 1,113 518 210 5,404 1,093 507 210 5,326 1,083 503 209 5,441 1,082 506 212 5,502 1,081 509 209 5,740 1,120 519 221 5,841 1,141 522 225 5,794 1,150 524 228 ••5,743 1,162 '527 230 '5,714 1,164 530 229 5,628 1,151 524 223 5,650 1,156 1,052 233 1,051 238 996 239 959 238 972 240 982 239 1,050 249 1,068 253 1,066 255 r 1,065 '256 '1,073 -"257 1,065 255 1,079 309 342 221 1,060 244 105 187 80 404 306 344 222 1,057 239 104 189 78 401 275 336 217 1,057 233 114 186 77 398 252 330 213 1,074 230 122 183 77 398 252 340 221 1,138 232 155 190 78 403 269 340 219 1,215 234 211 195 78 395 292 357 232 1,279 232 280 194 87 408 292 355 228 1,314 236 313 195 91 411 284 355 224 1,233 235 222 196 91 418 '284 '358 225 r 1,160 245 '149 195 88 '421 '298 '362 231 '1,112 247 '126 191 87 '424 302 362 235 1,066 240 114 186 84 418 210 208 206 206 209 203 209 208 210 210 213 211 507 152 166 538 168 193 153 215 508 152 167 538 168 194 152 215 507 152 166 530 163 197 155 213 507 154 167 517 161 168 126 213 511 154 167 512 163 190 155 215 507 154 165 511 166 191 158 202 509 154 165 513 168 205 161 212 515 155 167 526 168 203 159 217 522 155 170 534 170 203 159 222 524 156 170 '535 172 203 159 227 526 157 172 '535 173 201 159 230 519 154 171 533 174 200 159 230 368 1,062 82 420 517 536 200 230 ' Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for February 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Industry group 1952 Feb. Average hours worked (per week) 1953 Dec. Jan. 1952 INDUSTRIES Average hourly earnings (dollars per hour) 1953 Feb. Feb. Dec. Jan. Feb. 1952 Feb. Dec. 1953 Jan. Feb. Total 66.91 '72. 22 71.51 71.42 40.7 '41.7 41.1 41.0 1.644 1.732 1.740 1.742 Durable goods 72.18 '78.51 77.43 77.43 41.7 '42.6 41.9 41.9 1.731 1.843 1.848 1.848 Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment 75.83 71.27 79.70 69.93 79.24 '84.06 '78.59 '84.08 73.91 '87.71 84.78 76.82 83.05 73.93 85.10 81.26 76.75 83.40 74.54 86.72 41.2 41.8 43.6 41.6 41.4 41.8 43.3 43.7 42.5 '42.6 41.6 42.3 43.1 42.1 41.8 41.0 42.1 43.1 41.9 42.2 1.841 1.705 1.828 1.681 1.914 '2.011 '1.815 '1.924 1.739 '2.059 2.038 1.816 1.927 1.756 2.036 1.982 1.823 1.935 1.779 2.055 Lumber and wood products Furniture and fixtures Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing industries Ordnance and accessories 59.11 60.26 65.23 71.02 60.18 78.76 '63.93 '65.01 '71.10 '77.19 65.92 '77.06 62.25 62.89 69.94 74.80 65.06 75.93 62.28 63.43 70.58 74.52 64.79 80.57 40.6 41.5 41.0 41.7 40.8 44.7 '41.7 42.8 '41.8 '43.1 42.5 '41.7 40.9 41.4 40.9 42.0 41.6 40.8 41.0 41.7 41.3 41.7 41.4 42.7 1.456 1.452 1.591 1.703 1.475 1.762 '1.533 '1.519 '1.701 '1.791 1.551 '1.848 1.522 1.519 1.710 1.781 1.564 1.861 1.519 1.521 1.709 1.787 1.565 1.887 60.12 63.67 63.16 63.16 39.5 40.5 39.9 39.8 1.522 1.572 1.583 1.587 Textile-mill products Apparel and other finished products Leather and leather products Food and kindred products Tobacco manufactures 52.22 47.56 50.19 63.30 43.69 '55.77 '48.32 '53.21 '67.02 '47.75 54.86 48.24 53.23 66.82 47.36 54.80 48.97 53.54 65.53 46.51 38.8 36 38.7 41.4 36.9 40.8 37.4 39.5 42.1 39.2 40.1 36.8 39.4 41.3 38.5 40.0 37.3 39.6 40.7 37.6 1.346 1.296 1.297 1.529 1.184 '1.367 '1.292 '1.347 '1.592 '1.218 1.368 1.311 1.351 1.618 1.230 1.370 1.313 1.352 1.610 1.237 Paper and allied products Printing, publishing and allied products Chemicals and allied products Products of petroleum and coal Rubber products 66.57 77.64 68.81 82.09 73.31 '72.78 '83.66 '72.30 '88.36 '79.00 71.93 81.70 72.05 88.47 77.82 72.06 82.59 71.96 87.48 n.a. 42.4 38.4 41.4 40.8 40.5 '44.0 39.5 41.6 40.7 '41.8 43.2 38.7 41.1 40.6 41.0 43.2 38.7 40.7 40.2 n.a. 1.570 2.022 1.662 2.012 1.810 1.654 '2.118 '1.738 '2.171 '1.890 1.665 2.111 1.753 2.179 1.898 1.668 2.134 1.768 2.176 n.a. Nondurable goods r Revised. n.a. Not available. N O T E . — D a t a are for production and related workers. of Labor Statistics. APRIL 1953 Figures for February 1953 are preliminary, Back data are available from the Bureau 407 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Year or month 1945 1946 1947 1948 1949 1950 1951 1952 Contract construction Transportation and public utilities Trade Finance Service 826 852 943 981 932 904 920 875 1,132 1,661 1,982 2,165 2,156 2,318 2,569 2,547 3,872 4,023 4,122 4,151 3,977 4,010 4,144 4,168 7,522 8,602 9,196 9,491 9,438 9,524 9,804 9,946 1,394 1,586 1,641 1,716 1,763 1,812 1,883 1,961 4,055 4,621 4,786 4,799 4,782 4,761 4,759 4,762 5,967 5,607 5,454 5,613 5,811 5,910 6,390 6,628 15,877 15,894 15,931 15,870 15,547 15,362 15,924 16,196 16,324 '16,509 '16,621 912 911 899 894 810 777 889 881 871 '872 '873 2,593 2,523 2,517 2,497 2,536 2,544 2,575 2,582 2,569 '2,567 '2,517 4,147 4,154 4,116 4,134 4,139 4,099 4,160 4,206 4,249 '4,237 '4,238 9,860 9,862 9,849 9,912 9,964 9,965 9,967 9,981 9,988 '10,032 '10,096 1,929 1,937 1,942 1,948 1,957 1,964 1,973 1,981 1,991 '1,993 '2,001 4,738 4,728 4,748 4,772 4,789 4,783 4,796 4,781 4,750 '4,760 '4,757 6,538 6,543 6,554 6,572 6,606 6,676 6,686 6,693 6,680 6,712 6,741 47,741 47,850 16,704 16,775 874 866 2,490 2,534 4,194 4,186 10,064 10,081 1,998 2,004 4,748 4,748 6,669 6,656 45,899 46,001 46,299 46,329 46,292 46,006 47,124 47,789 47,908 '48,058 '48,926 15,859 15,869 15,795 15,654 15,410 15,162 16,028 16,430 16,542 '16,642 '16,727 902 904 896 893 814 784 897 886 873 '873 '872 2,308 2,296 2,416 2,522 2,663 2,722 2,781 2,763 2,697 '2,618 '2,467 4,111 4,118 4,096 4,131 4,168 4,140 ,208 ,228 4,242 '4,233 '4,238 9,643 9,668 9,845 9,773 9,838 9,792 9,784 9,970 10,114 '10,320 '10,881 1,919 1,937 1,952 1,958 1,977 1,993 1,993 1,971 1,971 '1,973 '1,981 4,667 4,681 4,748 4,796 4,837 4,855 4,844 4,829 4,774 '4,736 '4,709 6,490 6,528 6,551 6,602 6,585 6,558 6,589 6,712 6,695 6,663 7,051 47,183 47,154 16,649 16,755 867 857 2,266 2,255 4,158 4,150 9,928 9,858 1,988 1,994 4,677 4,677 6,650 6,608 Total Manufacturing 40,069 41,412 43,371 44,201 43,006 44,124 46,401 46,879 15,302 14,461 15,247 15,286 14,146 14,884 15,931 15,991 46,594 46,552 46,556 46,599 46,348 46,170 46,970 47,301 47,422 '47,682 '47,844 Mining Federal, State, and local government SEASONALLY ADJUSTED 1952—February March April May June July August September October November December 1953—January February UNADJUSTED 1952—February March April May June July August September October November December 1953—January February r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. February 1953 figures and 1952 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total noninstitutional population Year or month 1945 1946 1947 1948 1949 1950 1951 1952 105 370 106,370 107,458 108,482 109,623 110,780 111,924 (2) 1952—March April 112,762 112,844 112,946 113,050 113,158 C 113,265 113,374 May June . July August September October November December . . .. 1953—January February March Total labor force 65,140 60,820 61,608 62,748 63,571 64,599 65,832 (2) 65,006 65,260 66,298 67,884 67,642 C 67,419 67,166 (2) (2) (2) (2) 2 ( ) (2) 2 (2) (2) () (2) 2 ( ) 2 ( ) Employed Total J Unemployed Not in the labor force Total In nonagricultural industries In agriculture 53,860 57,520 60,168 61,442 62,105 63,099 62,884 62,966 52,820 55,250 58,027 59,378 58,710 59,957 61,005 61,293 44,240 46,930 49,761 51,405 50,684 52,450 53,951 54,488 8,580 8,320 8,266 7,973 8,026 7,507 7,054 6,805 1,040 2,270 2,142 2,064 3,395 3.142 ,879 1,673 40,230 45,550 45,850 45,733 46,051 46,181 46,092 46,710 61,518 61,744 62,778 64,390 64,176 63,958 63,698 63,146 63,646 62,921 59,714 60,132 61,176 62,572 62,234 62,354 62,260 61,862 62,228 61,509 53,702 53,720 54,216 54,402 54,636 55,390 54,712 54,588 55,454 55,812 6,012 6,412 6,960 8,170 7,598 6,964 7,548 7,274 6,774 5,697 L.804 L ,612 ,602 L ,818 ,942 ,604 ,438 L.284 L ,418 1,412 47,756 47,584 46,648 45,166 45,516 45,846 46,208 46,928 46,552 47,394 62,416 62,712 63,134 60,524 60,924 61,460 55,072 55,558 55,740 5,452 5,366 5,720 1,892 L ,788 ,674 48,232 48,224 48,076 c 1 2 Corrected. Includes self-employed, unpaid family, and domestic service workers. Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 408 FEDERAL RESERVE BULLETIN VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Public Private Year or month Business Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 8 198 8,682 11,957 14,075 8,301 5,259 5 633 12,000 16,689 21,678 22,789 28,749 31,025 32 329 1952—March April . May June Tulv August . . . September October.... November December 1953—January February March? Preliminary. 4,389 5,054 6,206 3,415 1,979 2,186 3,235 9,638 13,256 16,853 16,384 21,610 21,684 21,785 Residential Total 2,680 2,985 3,510 1,715 1,229 1,561 2,082 1,287 885 815 759 989 Indus- Comtrial mercial 254 292 346 156 208 642 155 33 56 203 442 801 1,672 4,195 4,896 5,693 5,322 5,680 7,183 7,343 1,689 1,702 1,397 972 1,062 2,117 2,298 1,132 856 1,253 1,027 1,288 1,371 1,095 213 85 \ .970 L ,857 L ,798 1,773 1,784 L,789 1,794 1,812 1,846 L,864 1,010 953 902 885 896 902 911 942 973 992 626 n, 768 2 914 2,998 L,868 .965 2,061 '950 1,015 1,084 683 771 872 786 570 725 827 1,374 2,338 3,043 3,323 3,330 3,695 3,950 480 508 614 413 335 382 463 1,428 2,050 2,580 2,795 3,330 3,528 3,341 3,809 3,628 5,751 10,660 6,322 3,073 2,398 2,362 3,433 4,825 6,405 7,139 9,341 10,544 922 903 910 856 845 860 848 853 874 120 124 123 109 107 100 98 103 116 246 225 231 222 220 235 228 207 207 76 74 71 67 64 65 64 63 65 458 480 486 900 949 130 127 214 264 68 68 488 490 937 126 266 70 475 348 409 1,100 4,015 6,310 8,580 8,267 12,600 10,973 11,101 2 835 2,779 2 701 2,683 2 640 2,634 2,654 2,660 2,699 2,738 Total Public utility Other nonresidential 211 199 189 187 186 182 176 175 172 80 84 84 84 88 93 99 105 109 328 329 330 339 340 337 333 322 316 321 284 284 283 276 277 276 275 273 277 270 '646 672 '•186 195 693 208 ••125 134 130 335 343 355 ••272 278 284 620 613 612 611 611 608 597 596 602 Military 125 385 1,620 5,016 2,550 837 690 188 High- Conservation way All other 1,381 1,302 1,066 570 734 446 362 398 895 357 285 163 130 240 1,733 1,413 2,565 4,553 3,041 1,711 1,180 1,039 1,384 2,264 3,344 3,700 5,062 5,660 204 158 137 177 1,019 1,346 1,451 1,774 2,131 2,381 2,400 2,700 122 245 915 528 500 394 629 793 881 860 838 470 480 480 78 485 458 454 460 Source.—Joint estimates of the Departments of Commerce and Labor. ' Revised. 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] By type of ownership By type of construction Nonresidential building Total Year^or month Public 1945 1946 1947 1948 1949 1950 1951 1952 Private 3,299 7,490 7,760 9,430 10,359 14,501 15,751 16,775 1,311 1,754 2,296 3,107 3,718 4,409 6,122 6,711 1,988 5,735 5,464 6,323 6,641 10,092 9,629 10,064 885 339 554 636 558 559 619 501 547 767 961 1952—February... March April May June July August September. . October November. . December.. . 1,321 1,598 1,564 1,489 1,511 1,439 2,029 1,321 1,249 1,467 1953—January February.. . 1,076 1,021 1,006 1,269 410 491 478 930 893 937 760 911 758 990 450 351 626 671 Residential building Public works and Factories Commercial Educational Other 377 404 597 public utilities 3,142 3,154 3,608 4,239 6,741 6,205 6,668 1,027 1,317 346 773 785 975 885 100 221 392 725 824 1,142 2,883 2,562 1,208 915 979 1,180 1,335 1,472 1,127 1,376 1,651 1,689 1,686 1,631 1,890 2,155 2,476 2,578 2,723 3,408 396 593 682 754 582 608 628 519 602 528 439 61 120 205 79 166 140 142 995 113 117 313 62 71 75 80 74 92 94 87 103 85 100 104 119 134 146 127 122 145 87 126 117 146 74 154 148 158 184 208 139 93 138 143 154 187 265 354 347 356 341 291 248 238 259 316 460 76 87 106 138 209 563 941 840 559 885 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars] Federal Reserve district Month Total (11 districts) Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas 1951—December 1952—January February 1,099,509 902,091 885,206 117,458 126,078 38,402 133,898 40,649 16,440 92,166 172,982 127,308 178,151 69,220 82,234 180,381 114,783 77,168 98,910 116,133 126,042 78,336 64,179 46,255 28,658 28,944 23,504 54,145 59,472 57,342 1952—December. 1953—January.. February....... 1,467,384 1,075,868 1,021,310 41,183 221,415 119,670 144,201 162,085 268,780 182,231 100,864 154,306 90,576 96,756 110,437 117,354 153,509 51,386 181,532 60,791 100,690 106,229 159,856 137,100 78,539 53,314 56,654 22,043 20,550 18.573 54,328 172,909 78,877 99,325 42,628 105,871 APRIL 1953 54,890 54,388 39,819 69,337 76,190 89,944 409 PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Year or month Total 1939 1941 1945 1946 1947 1948 1949 1950 1951 1952 1952—March April May Government-underwritten Total 1family 2family 373 533 185 590 740 763 792 1,151 892 20 28 9 24 34 46 35 42 40 66 58 15 48 72 104 162 159 88 Public Multifamily VA Total FHA 57 87 1 8 3 18 36 44 71 158 220 47 152 440 393 466 686 413 158 220 41 69 229 291 361 486 264 6 83 211 102 105 200 149 359 434 134 404 480 525 589 828 595 610 156 272 75 267 369 407 436 568 496 517 458 620 208 663 846 914 989 1.352 1,020 1,069 939 46 84 58 420 279 141 104 106 110 104 103 99 101 101 86 72 59 59 61 56 52 51 53 54 46 41 45 47 49 47 50 48 48 47 40 31 91 96 101 97 101 97 99 99 82 68 79 85 90 87 90 85 87 87 72 58 4 4 4 4 4 4 5 4 3 3 8 7 7 7 7 8 8 8 7 6 13 9 9 7 2 2 2 2 4 4 28 38 38 39 42 38 42 43 34 29 19 26 26 26 29 25 28 27 21 19 9 12 12 13 13 13 14 16 13 10 *71 n.a. n.a. n.a. n.a. n.a. n.a. *67 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. P4 P5 27 27 18 17 9 10 . . . . July August September October November December Private Rural nonfarm 515 706 209 671 849 932 1.025 1,396 1,091 1,127 . . June Urban 1953—Tanuarv February March J»77 P97 P72 ?88 P9 P Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average = 100] Monthly— seasonally adjusted Monthly—unadjusted Annual 1952 Class 1953 Jan. Feb. Feb. Sept. Oct. Nov. Dec. Jan. Feb. 131 134 130 126 145 138 138 120 121 119 111 108 97 120 135 93 123 111 108 97 191 131 69 152 248 144 45 184 128 62 154 278 151 44 181 114 57 146 275 149 45 203 137 57 140 69 140 47 187 138 93 151 352 155 48 185 157 117 146 314 158 48 195 144 95 149 258 150 47 200 123 66 135 77 135 43 193 128 59 139 70 138 42 191 112 46 140 69 140 43 1951 1952 Feb. Sept. Oct. Nov. Dec. Total 134 126 136 134 128 134 Coal Coke Grain Livestock Forest products 121 109 120 135 93 123 208 143 69 150 205 147 48 168 142 69 144 181 140 46 192 140 72 146 277 149 49 189 123 70 140 235 144 45 188 157 76 139 233 145 46 195 147 76 152 233 144 46 Ore Miscellaneous Merchandise, 1. c. 1 1953 1952 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Excess of exports Merchandise imports * Month 1951 1952 1953 1951 1952 1953 1,025 910 1 102 1,034 1,018 930 922 893 964 *927 839 817 877 918 804 1,051 332 451 483 420 638 306 188 270 348 295 382 338 J>348 895 881 721 834 819 800 -51 166 193 r 336 '337 366 292 390 510 319 569 638 1,025 922 P927 -51 332 P348 January 974 February .076 ,295 ,369 1,354 1,297 1,186 1,270 11,232 L ,152 1,388 iL.438 1,254 1,344 1,447 1,352 1,473 1.167 L,O27 1,087 1,225 1,213 .186 1,390 *1,275 974 1,254 *1,275 March April May June July . September October November... ... . January p Preliminary. r 932 835 861 1951 1952 1953 Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065: 1952, 1,981; January 1953, 268. . • • * General imports including imports for immediate consumption plus entries into bondedI warehouses. wai Source.—Department of Commerce. 410 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100J Federal Reserve district United States Year or month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 98 104 98 105 109 110 99 102 99 103 105 104 99 103 98 101 105 99 96 104 100 106 109 109 97 105 98 105 111 110 97 103 100 105 113 116 96 103 101 109 115 124 98 104 97 104 108 106 97 104 98 104 105 106 106 105 103 108 111 105 114 106 115 113 115 100 104 99 101 103 106 109 101 109 105 108 100 98 96 96 98 95 102 95 105 98 101 110 109 102 107 107 106 115 105 114 109 111 108 106 104 103 112 105 113 105 116 113 117 ••112 114 108 116 122 106 127 112 120 115 121 112 114 116 127 138 120 131 121 126 128 130 ••104 103 100 104 105 97 111 103 113 108 116 111 P112 104 P106 97 96 111 115 116 115 119 P118 127 P124 ••84 92 103 108 105 84 98 112 119 133 195 75 87 103 102 103 73 83 111 111 127 193 82 86 94 95 95 69 76 100 110 123 175 ••81 97 103 108 102 76 86 110 120 143 195 83 95 104 105 105 82 99 110 119 139 194 83 96 110 115 114 87 100 121 128 142 214 85 ?88 84 P80 78 79 82 85 87 89 93 107 100 109 129 118 95 105 100 110 124 110 98 105 97 104 124 111 93 107 99 108 127 113 93 107 100 106 128 111 r H5 115 116 118 118 120 118 120 120 120 119 112 109 111 109 110 110 109 109 109 111 110 ••106 108 111 112 113 116 111 110 110 111 111 113 113 112 114 113 114 112 113 114 113 114 110 111 109 107 113 109 112 111 113 112 123 P122 113 P114 114 110 116 115 1952—February March April May . June July August September October November December ••112 120 122 120 112 110 114 124 134 136 108 107 112 114 112 102 99 103 112 123 131 104 ••103 113 116 115 105 102 107 116 124 128 102 111 119 121 116 105 100 107 117 131 131 100 1953—January February 111 P119 103 P108 101 107 101 112 Minne- Kansas Dallas City apolis San Francisco 98 104 99 105 104 104 98 103 99 108 111 113 94 105 102 113 117 124 99 104 98 105 109 114 100 99 98 102 111 99 110 104 114 106 113 113 94 98 104 100 104 115 98 110 107 110 106 105 104 112 114 114 119 108 113 117 r 120 115 115 114 128 132 123 127 119 128 129 130 108 102 105 118 114 110 116 114 118 128 119 107 109 108 106 r 99 109 114 P113 129 125 116 117 94 110 118 122 117 96 115 126 132 145 221 ••80 89 99 104 103 82 97 110 116 129 186 80 89 101 106 103 81 98 110 121 126 179 83 80 101 105 96 84 103 108 124 120 175 85 93 104 112 106 93 110 115 120 132 196 93 105 114 125 116 104 114 128 134 145 215 ••87 90 103 113 108 96 112 115 117 136 207 84 P90 97 P104 82 84 79 85 ••74 81 86 P90 101 101 91 94 94 105 101 114 133 132 90 108 102 120 140 130 89 111 100 110 128 115 93 106 100 112 131 122 91 110 100 104 117 107 93 108 100 113 132 124 89 110 101 112 132 126 93 107 100 110 131 125 rl25 127 126 131 139 140 136 132 130 132 132 129 126 125 126 125 129 129 130 133 136 142 113 113 114 114 113 118 115 118 118 118 114 112 111 114 124 125 120 129 132 130 130 128 102 103 104 106 105 108 109 113 113 111 107 122 120 121 124 122 128 127 129 124 124 123 122 124 122 124 123 130 127 131 129 130 130 123 119 123 128 128 125 123 126 134 127 126 144 136 140 P140 117 118 130 125 111 P114 127 P129 135 P133 132 131 109 116 117 111 100 102 104 116 124 128 98 ••122 136 136 135 127 128 134 137 146 148 116 128 132 132 127 120 121 127 135 145 153 124 111 118 118 116 107 107 110 119 131 136 106 109 118 122 124 118 112 125 140 147 143 112 99 107 109 108 100 105 104 113 120 123 99 121 126 127 126 119 120 120 129 135 140 109 r 121 131 129 125 114 120 125 134 141 146 120 117 122 129 132 126 120 118 129 147 141 112 104 P112 127 133 126 P139 109 115 113 122 105 Pill 118 J»128 122 P131 119 125 SALES i 1947 1948 1949 1950 1951 1952 SEASONALLY ADJUSTED 1952—February March April May June July August September October November December .... 1953—January February UNADJUSTED 19 52—February March April !May June Julv August. . September October November December ... 1953—January February STOCKS» 1947 1948 1949 1950 1951 1952 ... SEASONALLY ADJUSTED 1952—February M^arch April May June July August September October November December February . . 110 114 P113 UNADJUSTED r P Preliminary. Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. APRIL 1953 411 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In million.3 of dollars) Ratios to sales * Sales 2 (total for month) Stocks2 (end of month) Outstanding orders 2 (end of month) Receipts 3 (total for month) 246 276 345 365 381 361 376 391 395 574 604 767 887 979 925 1,012 L,2O2 1,093 596 775 964 588 494 373 495 460 433 244 277 373 366 386 358 391 390 395 256 291 354 364 363 358 401 379 398 1952—February.. . March April May June July August September.. October November.. December. . '300 348 373 382 353 289 343 387 448 462 736 r 1,055 1,119 1,137 1,102 1,017 997 1,040 1,131 L,230 1,275 1,018 '419 365 293 273 410 520 539 592 573 454 358 '359 '412 391 347 268 269 386 478 547 507 479 1953—January.. . . February?.. 325 302 L,O27 .098 452 452 334 373 Year or month 1944 average 1945 average 1946 average 1947 average 1948 average 1949 average 1950 average 1951 average 1952 average Outstanding orders Stocks plus outstanding orders Receipts 2.4 2.3 2.3 2.5 2.7 2.7 2.8 3.2 2.9 2.5 3.0 3.0 1.7 1.4 1.1 1.4 1.3 1.2 5.0 5.3 5.3 4.3 4.1 3.8 4.2 4.4 4.1 1.0 1.0 1.1 • 1.0 1.0 1.0 1.1 1.0 1.0 '380 '358 319 327 405 379 405 531 528 388 383 3.5 3.2 3.0 2.9 2.9 3.4 3.0 2.9 2.7 2.8 1.4 1.4 1.0 0.8 0.7 1.2 1.8 1.6 1.5 1.3 1.0 0.4 4.9 4.3 3.8 3.6 4.0 5.2 4.6 4.4 4.0 3.7 1.9 1.2 1.2 1.0 0.9 0.8 0.9 1.1 1.2 1.2 1.1 0.7 428 373 3.2 3.6 1.4 1.4 4.6 5.1 1.0 1.2 New orders 3 (total Stocks for month) r p Preliminary. Revised. The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales2 and receipts for the month. Thesefiguresare not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total3 department store sales. Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthlyfiguresfor back years, see BULLETIN for October 1952, pp. 1098-1102. 1 WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 =100] Without seasonal adjustment 1949 1950 1951 1952 1949 115 May 6. .. 104 May 5 12 13. .. 106 98 19 20. .. 95 96 26 27. .. 97 94 113 May 3 10 110 17 99 24 100 31 Ill Nov. 5. . . 12. .. 117 19. . . 99 26. .. 105 97 June 4 11 18 25 89 June 3. .. 90 June 2 9 104 10 99 16 104 17 98 23 86 24 85 30 95 June 7 14 108 21 106 28 92 89 154 Dec. 2 111 Dec. 3 9 10. .. 186 116 16 17. .. 201 98 23 24. .. 186 91 30 31. .. 68 July Aug. 6 13 20 27 78 Aug. 5 12 75 19 86 86 26 102 94 97 99 Sept. 3 10 17 24 101 Sept. 2 9 93 16 108 23 100 30.... 107 102 127 111 110 1 8 15 22 29 104 Oct. 7 14 102 21 100 28.... 101 102 112 111 105 108 Oct. 79 1950 75 July 5 12 . . . 83 . 83 82 7. .. Jan. 19 81 14. .. 26 79 80 21 28 87 88 Aug. 2 Aug. 4 9 90 87 11 16 95 Feb. 4 93 18 11. . . 23 100 97 25 18 30 110 25 100 105 Sept. 6 Sept. 1 13 114 100 8 20 113 Mar. 4 114 15 11 27 112 111 22 18 114 29 25 116 110 Oct. 4 Oct. 6 11 126 13.... 117 18. . . 124 Apr. 1. .. 116 20 8. .. 25 . . 122 . 27. ... 113 15... 22 29. .. 2 82 July 1 91 July 7 14.... 8 . . . 75 . 9 . . . 69 . 21 15 91 73 16 104 28 71 22 23 102 72 29 30 1951 1950 108 Nov. 4 109 11 118 18 113 25 May 7 14 21 28 109 Nov. 3. .. 10. .. 118 17. . . 127 24. .. 110 153 Dec. 1 ... 161 Dec. 6 8. . . 191 13 191 15. .. 213 20 220 22. .. 228 27 221 29. .. 92 82 1952 1951 70 Jan. 6 80 13 79 20 76 27 1952 121 Nov. 1 11 5 118 127 8. . . . 130 15. .. 130 123 22. .. 134 29. .. 138 98 Jan. 5 105 12 104 19 96 26 195 223 237 146 1953 78 Jan. 3. . . 10 92 17 90 24.... 83 31 .81 89 92 86 87 81 Feb. 2 84 Feb. 7 14 94 9 87 21 94 16. . . 89 28 95 23 83 88 92 85 93 84 Mar. 3 87 10 91 17 96 24 31. . . 99 Mar. 1 85 Mar. 7 14 105 8 88 21 101 15. . . .90 28 105 22. .. .89 29. .. 101 96 100 109 112 104 Apr. 7 110 14 21 88 96 28 . . 98 109 Apr. 4 101 Apr. 5 12. .. 111 11 100 19. .. 97 97 18 26. . . 105 25 101 . 118 78 Feb. 3 .82 10 80 17 76 24 r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 412 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Coif*/»K*</ [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve district, area, or city Two Feb. Jan. mos. 1953 1953 1953 United States Boston District Metropolitan Areas New Haven, Conn Portland, Maine Lowell-Lawrence, Mass, New Bedford, Mass.. .. Worcester, Mass.1 Cities Downtown Boston, Mai Springfield, Mass1 Providence, R. I. +1 +3 +4 +2 Richmond Dist. (Cont.) Areas 3-Cont. +3 Metropolitan Norfolk-Portsmouth, Va. +1 -1 +1 + 3 + 2 +1 +2 +1 +7 -1 +4 +8 +1 +1 +1 +9 +5 +4 -3 +7 Cleveland District Metropolitan Areas Akron, Ohio x Canton, Ohio i Cincinnati, Ohio x Columbus, Ohio1 1 Springfield, Ohio Toledo, Ohio ^ Youngstown, Ohio a Erie, Pa.1 Wheeling, W. Va.1 Cities Cleveland, Ohio x ! Portsmouth, Ohio Pittsburgh, Pa.1 Richmond District Metropolitan Areas 3 1 Washington, D. C. Downtown Wash., D. C. Baltimore, Md.11 Asheville, N. C. Raleigh, N. C.1 Winston-Salem, N. C.1. . Charleston, S. C.1 1 Columbia, S. C. 1 Greenville, S. C. Richmond, Va.1 Roanoke, Va.1 Charleston, W. Va.1 Cities Spartanburg, S.1C Lynchburg, Va. Newport News, Va 1 Huntington, W. Va. ... . -12 -6 —9 + 14 + 1 4 + 14 +4 + 1 9 + 1 +6 + 6 +6 -1 +2 + 4 _3 New York District Metropolitan Areas 3 New York-Northeastern New Jersey, N.Y. & N.J. -9 -5 New York City, N. Y.1 -12 -6 Newark, N. J.1 -2 -2 Buffalo, N. Y 0 +4 Buffalo City, N. Y.1 -1 +3 Niagara Falls, N . Y +6 +8 Binghamton, N. Y +1 Rochester, N.Y.1 1 -2 +9 Syracuse, N. Y. +2 + 14 Cities Bridgeport, Conn.1 + 1 (2) Albany, N . Y + 1 -4 Elmira, N. Y 2 +7 Poughkeepsie, N. Y +2 +4 Schenectady, N. Y 0 + Utica, N . Y -31 +5 Philadelphia District.... Metropolitan Areas Trenton, N. J Lancaster, Pa Philadelphia, Pa Reading, Pa Wilkes-Barre-Hazleton, Pa Wilmington, Del City York, Pa Federal Reserve district, area, or city 0 +1 2 -7 +3 +9 +4 —7 -9 —2 -1 -1 +2 +3 C +1 +3 -1 Atlanta District Metropolitan Areas 31 Birmingham, Ala. Mobile, Ala Montgomery, Ala1 Jacksonville,1 Fla. Miami, Fla. Orlando, Fla St. Ptrsbg.-Tampa, Fla.. . St. Petersburg, Fla Tampa, Fla.1 Atlanta, Ga.1 Augusta, Ga Columbus, Ga Macon, Ga.1 Savannah, Ga Baton Rouge, La.11 New Orleans, La. Jackson, Miss.1 , 1 Chattanooga, Tenn. Knoxville, Tenn.11 Nashville, Tenn. Cities Rome, Ga Meridian, Miss Bristol, Tenn +1Chicago District. * Areas +3 Metropolitan Chicago, 111.1 -2 +1 +10 +6 +2 ' + 1 + 1 +2 -9 +6 +7 -9 +5 + 19 +3 -2 0 +28 -1 "+2 -3 -5 -3 +7 -6 +5 + 18 +7 + 13 -1 -1 C ...... Two Feb. Jan. mos. 1953 1953 1953 +6 +6 +8 +8 -3 / +4 +5 +8 + 13 St. Louis District -4 -1 +7 +3 Metropolitan Areas1 Minneapolis Dist. (Cont.) Cities Mankato, Minn Great Falls, Mont. Grand Forks, N. D Duluth-Superior, Minn.-Wisc.1 La Crosse, Wise +1 +4 +9 +5 +18 + 1 P + 12 +9 +20 + 10 +5 +3 +4 P-2 + 13 +5 Kansas City District. . _5 +3 - 1 +7 +3 Metropolitan Areas -1 +22 p+6 +7 +7 + 1 + 16 +23 +9 +8 + 11 + 1 + 11 +7 +i +7 +7 +7 + +4 +3 +7 -6 +4 P-5 +7 + 14 + 17 P + 7 +20 +4 +8 +9 +7 P+6 +9 + 18 +5 +7 Denver, Colo Pueblo, Colo Topeka, Kans Wichita, Kans St. Joseph, Mo Omaha, Nebr Oklahoma City, Okla.. Tulsa, Okla +4 +20 +8 +6 + 10 +7 +4 Cities +4 Kansas City, Mo +4 Joplin, Mo +2 Hutchinson, Kans +5 Dallas District +1 + 16 Metropolitan Areas + 13 Shreveport, La Tex +6 Corpus Christi, 1 -4 +8 +8 + 11 Dallas, Tex. El Paso, Tex Fort Worth, Tex Houston, Tex.1 San Antonio, Tex Waco, Tex +5 + 13 +9 + 13 + 10 +12 San Francisco District. . - 6 +2 Metropolitan Areas 3 r+2 +1 Phoenix, Ariz.1 1 -6 1 Peoria, 111. Fort Wayne, Ind.11 Indianapolis, Ind. Terre Haute, Ind.1 Des Moines, Iowa 1 Detroit, Mich. Flint, Mich.1 Grand Rapids, 1Mich.1 Lansing, Mich. 1 Milwaukee, Wis.1 Green Bay, Wis. Madison, Wis Federal Reserve district, area, or city -9 -4 +6 +2 +5 -4 2 +1 +6 +5 -6 -3 +8 +10 +9 +28 +26 +5 +6 + 12 + 14 + 13 0 +1 +4 +11 +7 p-13 -1 P+2 -1 0 Fresno, Calif. Los Angeles, Calif.1 1 Downtown L. A., Calif. 1 Westside L. A., Calif. .. 1 Long Beach, Calif. Pasadena, Calif Santa Monica, Calif Riverside and San Bernardino, Calif 1 Sacramento, Calif. San Diego, Calif.1 1 San Fran.-Oakland, Calif. San Francisco, Calif.1....1 Oakland-Berkeley, Calif. Downtown Oakland, Calif.1 Vallejo, Calif 1 San Jose, Calif. 1 Stockton, Calif. Portland, Ore.1 Salt Lake City,1 Utah i. . . Seattle, Wash. Spokane, Wash.11 Tacoma, Wash. Two Feb. Jan. mos. 1953 1953 1953 -12 -4 -10 +6 -5 -2 r+2 0 +3 -1 +2 0 +1 +1 o + 14 -3 -5 r-1 -10 -1 -6 +1 +3 +8 +5 +2 +2 +4 +8 +7 +3 + 10 0 +7 +6 P+4 -1 +1 +2 +1 -4 +3 -4 0 -8 0 +4 +6 +3 +7 2 +1 +2 +5 +3 +8 +6 +5 + 13 + 10 +20 + 13 +4 +3 + 13 + 11 +3 + 1 + 11 +9 +2 +10 +4 +10 +7 +8 +7 +7 +3 +4 +3 +9 +5 +8 +5 + 16 + 13 • + 18 -8 +7 +2 P+3 +6 +6 +3 +3 +2 +2 1 +7 () r- 1 2 +7 +9 P+5 +3 +8 +13 +8 +5 +1 +7 +7 + 19 0 + 10 +3 +6 +6 + 10 +7 p-6 P+3 A -6 +5 +15 -1 0 +5 +5 +3 +4 (2) +8 +4 +11 +8 +4 +13 +5 Little Rock, Ark. +3 + 1 +2 Evansville, Ind P + 1 7 +20 + 18 Louisville, Ky.1 +3 +6 +38 +32 St. Louis, Mo +3 + 01 +2 -2 -2 Springfield, Mo -4 1 P+5 -6 0 +5 +3 Memphis, Tenn. 5 Cities Cities Fort Smith, Ark 1 4 3 0 -1 P + 12 3 + 18 + 16 Tucson, Ariz Quincy, 111 -3 +1 - 7 -5 -5 () 0 Bakersfield, Calif.1 -6 +4 () Boise and Nampa, Idaho. +5 + 1Minneapolis District -7 -3 Twin Falls, Idaho +3 + 10 +6 -1 +3 Metropolitan Areas 3 Idaho Falls, Idaho +8 +9 +8 -1 -4 Paul, Minn.1 -7 '0 +28 (2) Bellingham, Wash +9 +6 Mpls-St. 1 1 Minneapolis City.Minn. 0 1 0 + 12 +6 Everett, Wash. + 11 +4 1 1 r St. Paul City, Minn. .. . -1 - 1 -1 Walla Walla, Wash. +l +3 + 13 +2 -16 Yakima, Wash.1 + 10 + 12 Sioux Falls, S. D r_4 -2 ? +2 P Preliminary. # r Revised. Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. * Data not available. * Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 1 APRIL 1953 413 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Department Number of Sales Stocks stores during (end of report- period month) ing Ratio of stocks to sales x Index numbers without seasonal adjustment, 1941 average monthly sales =100 2 January Sales during period 1953 Jan. Jan. 1953 1953 GRAND TOTAL—entire store 3 360 —1 MAIN STORE—total 360 0 1953 1952 Jan. Dec. Jan. 184 650 643 649 759 684 Jan. Dec. Jan. 183 418 3 3 3 3 3.5 3.5 2.5 2.4 276 263 286 692 3.5 3.4 4.4 3.0 182 150 196 218 166 151 206 154 199 172 191 232 702 578 813 768 654 551 859 650 699 580 856 707 2.0 2.6 1.2 2.8 323 294 473 239 303 351 218 309 331 292 501 234 672 740 662 711 770 727 820 735 664 771 616 667 324 -4 Piece goods Silks, velvets, and synthetics. Woolen yard goods Cotton yard goods 300 203 173 192 -9 -13 +1 +3 -6 -2 -5 + 10 3.9 3.8 4.1 3.5 Household textiles Linens and towels Domestics—muslins, sheetings.... Blankets, comforters, and spreads. 313 281 264 247 +2 -4 +7 +7 2.1 2.5 1.4 3.0 to Cni-' to 1952 1952 +1 +1 +1+1 Piece goods and household textiles. . 1953 Stocks at end of month 351 +2 +3 4.0 3.9 167 492 163 661 678 642 Laces, trimmings, embroideries, and ribbons. . . . Notions Toilet articles, drug sundries 203 243 334 -3 -4 +2 +7 +5 +4 4.2 3.9 3.6 3.8 3.6 3.4 158 201 158 342 390 421 163 209 154 670 792 560 787 832 577 623 755 539 Silverware and jewelry 4 Silverware and clocks Costume jewelry 4 Fine jewelry anrd watches 4. 321 221 287 81 +3i -3 -4 2 —3 5.9 7.9 3.2 10 8 6.2 8.1 3.4 12 0 138 566 135 808 826 828 Small wares +6 +8 Art needlework 235 -3 -1 3.3 3.3 188 260 194 626 742 638 Books and stationery. . . Books and magazines. Stationery 280 132 244 +9 +7 +9 +9 +9 +9 3.4 2.7 3.8 3.4 2.6 3.8 189 182 185 703 545 722 173 169 169 639 487 694 611 513 592 581 449 630 356 +1 +6 2.9 2.8 178 392 176 522 497 493 356 315 289 167 331 341 349 +1 + 10 -4 +6 +8 —5 + 13 3.4 2.5 4.6 1.4 4.6 2.8 2.5 162 214 91 114 105 276 118 449 740 585 187 487 325 316 160 194 95 113 107 262 123 588 530 413 175 483 810 317 570 496 415 132 501 827 310 557 491 436 154 495 744 310 Underwear, slips, and negligees Knit underwear Silk and muslin underwear, and slips Negligees, robes, and lounging apparel 348 253 294 263 -1 0 -3 +3 +9 +3 +3 +5 0 +7 3.6 2.4 4.6 1.5 4.6 2.9 2.7 3.4 3.2 3.7 2.8 3.3 3.0 3.6 2.7 158 221 140 155 648 732 589 749 160 221 144 150 537 706 521 428 518 725 495 375 523 673 526 399 Infants' wear Handbags, and small leather goods Women's and children's shoes. Children's shoes 4 Women's shoes 4 333 340 + 14 +5 3.4 3.3 3.0 3.2 222 120 595 513 226 118 768 401 773 400 684 383 +6 +9 +5 +6 +5 +5 +5 5.7 6.8 5 5 5.7 6.6 5 5 182 301 172. 1,043 982 988 2.3 1.8 1.4 2 8 2.2 1.7 1.4 2 7 195 245 331 241 193 244 450 442 417 397 425 420 + 17 2.9 2.1 3.9 2.6 2.0 3.4 177 195 167 463 351 612 172 190 163 514 415 658 454 389 550 455 391 561 Women's and misses' apparel and accessories. Women's and misses' ready-to-wear accessories... Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery Women's and misses' ready-to-wear apparel. Women's and misses' coats and suits Coats * Suits4 246 213 222 354 344 231 225 +1 -2 +5 -4 2 +2 +5 +6 +5 +1 0 0 Juniors' and girls' wear Juniors' coats, suits, and dresses. Girls' wear 322 276 321 +1 +3 +3 +3 Women's and misses' dresses. Inexpensive dresses 4 Better dresses 4 347 264 276 -1 -1 —1 +3 +7 2.0 1.6 2 3 1.9 1.4 2 4 174 238 175 344 321 335 Blouses, skirts, and sportswear Aprons, housedresses, and uniforms. Furs • 346 297 267 +5 +3 +8 +7 -3 2.7 2.0 3.4 2.7 1.9 3.3 220 201 124 550 304 216 209 196 134 601 392 428 545 380 473 555 367 440 338 0 -1 4.6 4.7 154 555 153 710 710 722 270 322 311 193 -2 -8 4.0 4.8 5.4 5.8 4.2 4.8 5.1 5.8 200 128 127 157 343 714 543 444 204 126 123 151 800 620 683 910 805 607 673 929 874 616 631 891 Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers +1 +3 +4 +1 +9 +4 For footnotes see following page. 414 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Department Percentage change from a year ago Ratio of stocks 1to sales Index numbers without seasonal adjustment, 1941 average monthly sales=100 2 Number of Sales Stocks stores during (end of report- period month) ing January Sales during period Jan. 1953 Homef urnishings. 328 Furniture and bedding Mattresses, springs, and studio beds 4 Upholstered and other furniture 4 251 182 184 Domestic floor coverings Rugs and carpets 4 Linoleum 4 279 164 96 Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including small appliances) Gift shop 4 304 256 257 241 269 186 Radios, phonographs, television, records, etc. 4 Radios, phonographs, television 4 4 Records, sheet music, and instruments 229 173 125 Miscellaneous merchandise departments 164 95 96 174 173 155 122 122 91 M e n ' s a n d boys' wear 161 Men's wear 4 Men's clothing 4 Men's furnishings 146 99 117 4 Boys' wear 4 121 Homef urnishings 104 Shoes 118 NONMERGHANDISE—total 4 183 Barber and beauty shop4 68 Dec. Jan, Jan. Dec. Jan; 306 207 856 825 905 227 210 221 811 816 860 -7 -6 -3 4.8 4.7 5.6 4.9 4.8 5.2 179 189 188 854 857 928 +2 +1 +1 4.7 4.0 7.2 4.2 4.5 6.4 160 169 151 198 218 260 395 406 213 480 +3 5.0 4.2 7.7 3.1 4.4 6.8 167 807 817 793 176 707 762 702 159 1,160 1,154 1,144 193 606 630 814 218 960 965 987 -14 -12 -17 -3 2.6 2.2 4.1 2.8 2.6 3.6 +2 148 -4 A -5 +3 0 -3 -7 275 191 189 Jan. 203 Luggage Candy 4 4 Intimate apparel Hosiery 4 Underwear, corsets and brassieres 4 Coats and suits 4 4 Dresses Blouses, skirts, and sportswear 4 Girls' wear 4 4 Infants' wear Aprons, housedresses, uniforms 4 1952 3.8 1.9 4.6 0 Women's and misses' ready-to-wear. 1953 4.3 + 14 + 10 +15 -5 0 -3 -5 -2 -1 -1 0 -8 +2 +7 0 -13 -1 2 0 -4 +1 -8 0 0 -3 135 1952 3.6 1.9 4.4 323 207 1952 4.2 308 253 147 BASEMENT STORE—total 1953 1953 -2 +5 -2 +2 +7 0 -5 -3 -9 Toys, games, sporting goods, cameras Toys and games Sporting goods and cameras Domestics and blankets 4 Jan. 1953 Stocks at end of month i -25 -2 -3 +3 + 12 +2 +4 +5 0 +1 +8 +1 +7 + 15 + 11 +9 +1 i -3 +1 +5 -6 +3 (6) 4.3 4.3 10.8 15.9 7.7 11.8 15.6 9.1 5.3 1.8 4.9 1.6 2.6 2.4 1.8 1.7 2.1 2.0 2.4 2.2 2.4 1.6 1.4 2.1 2.9 2.8 2.4 2.4 2.1 2.4 1.4 1.3 2.0 2.7 2.4 1.9 3.3 3.2 3.1 2.9 3.3 3.1 2.9 3.2 440 636 686 730 604 543 629 1,175 690 500 624 657 148 68 1,163 34 1,549 82 877 59 31 71 161 592 169 850 793 165 357 170 425 422 158 346 162 334 322 317 160 558 162 521 513 522 641 826 416 3.6 3.4 3.7 3.6 143 236 156 530 534 559 4.3 4.2 129 249 129 552 544 538 (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were 3 reversed. For movements of total department store sales and stocks, see the indexes for the United States on p. 414. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. APRIL 1953 415 PRICES CONSUMERS' PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Year or month All items Foods Rent Total Gas Other and shelter^ electricity Solid House- Housefuels furnhold and ishoperafuel oil ings tion Apparel Transportation Medical care Personal care Reading and recreation Other goods and services 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45 9 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 62.9 69.7 74.0 75.2 76.9 83.4 95.5 102.8 101.8 102.8 111.0 113.5 52.2 61.3 68.3 67.4 68.9 79.0 95.9 104.1 100.0 101.2 112.6 114.6 95.0 101.7 103.3 106.1 112.4 114.6 88 4 90 4 90 3 90 6 90 9 91 4 94.4 100.7 105.0 108.8 113.1 117.9 97.6 100.0 102.5 102.7 103.1 104.5 88.8 104.4 106.8 110.5 116.4 118.7 97.2 103.2 99.6 100.3 111.2 108.5 97.2 102.6 100.1 101.2 109.0 111.8 55 6 64 9 67 8 72 6 76 3 83 7 97.1 103.5 99.4 98.1 106.9 105.8 90.6 100.9 108.5 111.3 118.4 126.2 94.9 100.9 104.1 106.0 111.1 117.3 97.6 101.3 101.1 101.1 110.5 111.8 95.5 100.4 104.1 103.4 106.5 107.0 96.1 100.5 103.4 105.2 109.7 115.4 1952—Jan.... Feb.... Mar. . . April... May... June... July... Aug Sept... Oct.... Nov. . . Dec... 113.1 112.4 112.4 112.9 113.0 113.4 114.1 114.3 114.1 114.2 114.3 114.1 115.0 112.6 112.7 113.9 114.3 114.6 116.3 116.6 115.4 115.0 115.0 113.8 113.9 114.0 114.0 114.0 114.0 114.0 114.4 114.6 114.8 115.2 115.7 116.4 116.0 116.4 116.7 116.9 117.4 117.6 117.9 118.2 118.3 118.8 119.5 120.7 103.5 103.8 103.8 103.9 104.1 104.3 104.2 105.0 105.0 105.0 105.4 105.6 117.7 117.6 117.7 117.3 115.6 115.8 115.6 119.0 119.6 121.1 121.6 123.2 110.2 110.0 109.4 108.7 108.3 107.7 107.6 107.6 108.1 107.9 108.0 108.2 110.9 110.8 111.0 111.0 111.2 111.2 111.8 111.9 112.1 112.8 113.3 113.4 107.0 106.8 106.4 106.0 105.8 105.6 105.3 105.1 105.8 105.6 105.2 105.1 122.8 123.7 124.4 124.8 125.1 126.3 126.8 127.0 127.7 128.4 128.9 128.9 114.7 114.8 115.7 115.9 116.1 117.8 118.0 118.1 118.8 118.9 118.9 119.3 111.0 111.1 111.0 111.3 111.6 111.7 111.9 112.1 112.1 112.3 112.4 112.5 107.2 106.6 106.3 106.2 106.2 106.8 107.0 107.0 107.3 107.6 107.4 108.0 113.2 114.4 114.8 115.2 115.8 115.7 116.0 115.9 115.9 115.8 115.8 115.9 1953—Jan.... Feb.... 113.9 113.4 113.1 111.5 116.4 116.6 121.1 121.5 105.9 106.1 123.3 123.3 107.7 108.0 113.4 113.5 104.6 104.6 129.3 129.1 119.4 119.3 112.4 112.5 107.8 107.5 115.9 115.8 1 Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Year or month 1947 1948 1949 1950 1951 1952 February March April May July August September October November 1953 January February All com- Farm modi- products ties Processed foods Total ToMa- Furnibacco chin- ture Nonmemanuand ery Tex- Hides, Fuel, ChemMisfacPulp, power, icals Rub- Lumand other tallic tile min- tures cellaber paper, Metals houseand moprod- skins, ber and neous erals— and and and and and hold lighttive ucts leather and bottled allied metal ing allied prod- wood prod- dur- strucand prodbevprod- prodma- products ables tural erages apucts products ucts ucts ucts ucts terials parel 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 104.4 107 3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 99 2 92 8 95 7 101 3 95 5 96 9 101 9 94.8 98 9 99 2 98.5 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 109.5 109.2 108 0 108.6 108.5 110 0 110.5 110.3 108.5 107 7 104.3 114.2 102.1 113.8 100.6 113 3 99 9 113.0 99.3 112.6 99.0 112 5 98 9 113 0 99.1 113.2 99.5 113.0 99.2 112 8 98 6 112.9 98.2 112 5 112.3 111 8 111 6 111.2 111 8 112 2 111.8 111.1 110 7 109.6 107 8 108.2 108 7 107 9 107.2 110 2 109 9 106.6 104.9 103 6 99.2 109.9 109.6 '99.6 105.5 113.1 97.9 105.1 113.1 '98.8 98.5 99.5 98.0 94.1 94.7 95.9 96 2 96.5 96.5 96.7 97 6 99.0 107.2 107.4 106.3 106.0 105.9 106 0 105.8 106.2 106.6 106.7 107.2 105.9 105.4 104.8 104.3 104.3 104.2 104.0 104.0 103.9 103.5 103.3 143.1 142.0 140.6 140.4 133.4 130 0 127.8 126.3 126.0 126.4 127.7 120.3 120.5 120.9 120.7 119.9 120 2 120.5 120.4 120.2 119.7 119.7 118.3 117.7 117.4 116.9 116.7 115 3 115.6 115.6 115.5 115.5 115.9 91.3 103.9 104 8 110.3 122.8 92.5 100.9 106.6 108.6 119.0 195.6 101.4 103.1 105.3 114.1 93.9 101.7 104.4 106.9 113.6 98.0 100.8 100.4 103.1 101.6 96.1 102.4 96.6 108.1 104.9 122.6 122.6 122.5 121.8 121.1 121.9 124.1 124.6 124.1 123.9 124.0 122.0 121.8 121.6 121.6 121.3 121.4 121.4 121.5 121.3 121.4 121.4 112.4 111.9 112.1 111.7 111.6 111.6 111.5 112.0 112.0 112.1 112.3 112.9 112.9 112.8 112.9 113.8 113.8 113.8 113.8 114.4 114.5 114.6 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 111.4 109.2 109.5 108.4 108.1 105.5 108.9 108.3 108.4 105.7 105.1 97.3 107.8 103.6 127.3 '120.5 115.8 124.0 121.5 112.7 '114.6 '112.2 103.0 98.0 107.7 103.6 126.2 121.1 115.8 124.5 121.6 112.8 114.6 112.2 101.2 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 416 FEDERAL RESERVE BULLETIN PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] 1953 1952 Subgroup Jan, Feb. Feb. Dec. 112.6 101.7 106.2 120.5 110.9 74.3 100.9 138.6 112.3 107.3 94.6 96.1 92.7 86.8 101.9 100.9 108.9 '105.3 93.9 99.6 97.2 98.3 134.7 133.3 101.6 93.1 91.2 102.7 103.5 89.1 94.9 134.5 107.4 110.8 115.1 106.8 99.3 111.9 107.6 98.2 110.9 104.8 106.1 163.1 115.4 106.8 93.9 113.0 105.0 108.2 161.9 116.9 105.4 108.0 161.9 112.8 105.3 107.9 161.9 114.4 101.0 114.4 89.9 130.2 101.7 126.4 97.7 97.0 112.6 '113.0 88.1 87.8 139.7 r 141.4 98.3 100.0 83.1 84.4 96.2 111.6 88.3 141.4 99.9 83.5 63.7 89.5 116.1 103.3 70.6 92.9 112.0 100.3 66.5 91.9 112.1 99.1 108.8 124.3 107.0 98.0 110.4 116.1 116.3 129.0 131.8 104.9 '108.0 98.5 '99.6 107.9 107.9 115.9 131.8 108.0 99.6 107.9 Nonmetallic Minerals—Structural: 117.5 108.7 93.4 51.2 108.6 109.6 104.2 112.3 106.1 91.3 52.8 111.1 113.0 103.1 122.8 106.2 91.5 r 53.5 111.2 112.9 103.1 113.1 105.9 91.4 52.7 111.0 112.7 102.9 193.3 133.4 129.1 137.3 126.3 124.3 135.5 126.3 124.3 129.4 126.3 124.3 120.6 126.3 104.8 119.8 '120.1 128.3 129.3 102.3 '108.5 120.3 131.9 110.9 114.5 87.3 123.7 130.3 108.8 89.3 124.9 124.4 108.8 83.8 124.9 123.5 Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Eggs Hay and seeds Other farm products Processed Foods: Cereal and bakery products Meats, poultry, and fish Dairy products and ice cream Canned, frozen fruits, and vegetables Sugar and confectionery Packaged beverage materials.... Other processed foods Textile Products and Apparel: Cotton products Wool products Synthetic textiles Silk products Apparel Other textile products Hides, Skins, and Leather Products: Hides and skins Leather Footwear Other leather products 62.1 92.0 112.0 r 99.2 Fuel, Power, and Lighting Materials: Coal Coke Gas Electricity Petroleum and products Chemicals and Allied Products: Industrial chemicals Paint and paint materials Drugs, Pharmaceuticals, cosmetics Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products Rubber and Products: Crude rubber Tires and tubes Other rubber products Lumber and Wood Products: Lumber Millwork Plywood Pulp, Paper, and Allied Products: Woodpulp Wastepaper Paper Paperboard 1952 Subgroup 108.8 87.0 124.9 124.2 Feb. 1953 Dec. Jan, Feb. 112.3 118.2 112.3 118.2 112.5 118.2 127.0 122.3 125.4 125.9 118.1 113.6 127.1 122.5 125.3 125.9 113.6 •113.8 127.3 124.4 125.3 125.9 114.2 113.9 Pulp, Paper and Allied Products— Continued Converted paper and paperboard. . 115.8 Building paper and board 113.4 Metals and Metal Products: Iron and steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products 123.2 125.0 120.6 125.9 116.7 114.0 115.5 113.9 113.9 113.9 124.4 126.5 126.5 126.7 121.8 121.7 121.8 121.8 125.2 128.1 126.3 129.0 136.2 129.0 126.3 129.1 123.3 120.2 121.9 119.6 121.9 119.7 122.0 120.1 121.6 120.0 119.6 119.7 119.6 '119.8 119.7 119.9 Household furniture Commercial furniture Floor covering Household appliances Radio Television Other household durable goods.... 113.5 122.8 126.5 108.0 94.1 77.6 117.6 113.0 123.2 122.7 107.5 95.0 74.9 119.6 '113.2 123.0 124.1 •107.4 95.0 ••74.5 '121.2 113.1 123.2 124.1 107.4 95.0 74.7 121.6 Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Prepared asphalt roofing Other nonmetallic minerals 114.0 113.2 112.4 121.4 117.7 98.6 111.2 114.4 113.1 112.7 124.0 117.7 106.0 115.3 114.4 113.1 112.8 124.0 117.7 106.0 115.3 114.4 113.1 112.8 124.0 117.7 106.0 115.3 107.3 98.0 114.8 111.2 119.7 105.7 102.4 118.4 111.2 119.7 112.0 102.9 120.3 110.7 119.7 112.0 102.9 120.3 110.7 119.7 114.5 113.5 100.2 100.9 121.0 113.1 102.1 92.9 101.0 120.8 112.8 97.9 92.9 101.0 120.8 112.8 94.4 92.9 101.0 121.2 Machinery and Motive Products: Agricultural machinery and equipment Construction machinery and equipment Metal working machinery General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles Furniture and Other Household Durables: Tobacco Manufactures and Bottled Beverages: Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small arms. . Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment Other miscellaneous ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. APRIL 1953 417 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates by quarters Annual totals 1951 1929 Gross national product Less: Capital consumption allowances. . Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises Equals: National income Less: Corporate profits and inventory valuation adjustment Contributions for social insurance. . Excess of wage accruals over disbursements Plus: Government transfer payments. . . Net interest paid by government. . Dividends Business transfer payments Equals: Personal income Less: Personal tax and related payments. . Federal State and local Equals: Disposable personal income Less: Personal consumption expenditures 103.8 1933 1941 1947 1948 1949 1950 1952 1952 55.8 126.4 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 343.0 360.1 8.8 7.2 9.3 14.8 17.6 19.4 21.5 24.6 28.1 25.8 26.7 27.7 28.3 29.6 7.0 .6 7.1 .7 1.2 0) 11.3 .5 1.6 18.7 .7 .3 20.4 .7 21.6 .8 .2 23.8 25.3 .9 27.2 .9 25.8 26.3 26.8 .9 1.8 27.3 .9 28.2 .9 .1 -.1 1.4 -.1 -.8 -1.3 1.1 .5 .1 -.1 -.1 39.6 103.8 198.7 87.4 10.3 .2 -2.0 .3 14.6 2.8 .0 .9 1.0 5.8 .6 .0 1.5 1.2 2.1 .7 .0 2.6 1.3 4.5 .5 85.1 46.6 2.6 1.3 1.4 1.5 .5 1.0 3.3 2.0 1.3 82.5 45.2 92.0 -3.2 .0 223.5 24.7 31.7 5.2 5.7 .0 11.1 4.4 6.6 .7 .0 10.5 4.5 7.2 .7 .0 216.3 .8 -.7 .4 78.8 46.3 82.3 3.7 -1.2 9.8 Equals: Personal saving 1.9 169.5 165.6 21.1 19.0 2.1 9 -1.6 .2 .5 239.2 277.6 290.4 285.6 288.0 42.7 29.2 34.8 41.6 40.5 42.5 8.5 8.3 8.5 8.2 5.7 6.9 .1 11.7 5.0 8.9 .9 .0 11.6 4.6 7.5 .8 .0 14.3 4.7 9.0 .0 11.5 4.9 9.0 .9 95.3 191.0 209.5 205.9 226.3 254.1 21.5 19.6 .9 18.6 16.2 2.5 20.8 18.1 2.7 188.4 187.2 205.5 177.9 180.6 194.3 10.5 6.7 11.2 -.6 11.5 5.0 9.3 .9 285.6 -.2 .0 287.7 300.2 39.9 8.4 37.8 8.6 41.5 8.8 .0 11.6 5.0 9.6 .9 -.4 12.0 5.0 9.3 .9 .0 12.2 5.0 9.0 .9 268.3 262.0 263.0 264.4 268.9 277.0 29.1 26.1 34.0 30.7 3.0 3.3 225.0 234.3 208.0 216.3 17.0 3.9 -.1 11.9 5.0 9.1 .9 .2 30.4 27.3 3.1 33.5 30.4 3.2 33.6 30.4 3.2 34.1 30.8 3.3 231.5 229.5 230.8 234.8 210.5 213.2 214.9 215.0 21.1 16.3 15.9 19.8 34.6 31.3 3.3 242.5 222.0 20.5 18.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1952 1951 1929 1933 1941 1947 1948 1949 1950 1951 1952 4 1 2 4 3 National income 87.4 39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 285.6 288.0 285.6 287.7 300.2 Compensation of employees Wages and salaries 2 Private Military Government civilian . Supplements to wages and salaries.... 50.8 50.2 45.2 .3 4 6 .6 29.3 28.8 23.7 .3 Proprietors' and rental income 3. . . . 19.7 8.3 5.7 5.8 7.2 2.9 2.3 2.0 20.8 9.6 6.9 4.3 42.4 19.8 15 6 7.1 47.3 22.1 17 7 7.5 42.1 21.6 12.8 7.7 45.2 23.7 13.3 8.2 50.6 26.2 15 6 8.9 52.5 27.6 15.2 9.6 53.1 26.6 17 0 9.4 52.1 27.3 15 4 9.4 51.9 27.6 14 8 9.5 52.5 27.5 15.2 9.8 53.6 28.2 15.5 10.0 10.3 9.8 1.4 8.4 .5 -2.0 .2 .5 -.4 -2.1 14.6 17.2 7.8 9.4 -2.6 24.7 30.5 11.9 18.5 -5.8 31.7 33.8 13.0 20.7 -2.1 29.2 27.1 10.8 16.3 2.1 34.8 39.6 18.4 21.2 -4.8 41.6 42.9 24.2 18.7 -1.3 40.5 39.7 22.6 17.1 .8 42.5 39.5 22.2 17.3 3.0 42.7 42.7 24.3 18.4 -.1 39.9 38.2 21.8 16.4 1.7 37.8 37.2 21.2 16.0 .6 41.5 40.3 23.0 17.3 1.2 6.5 5.0 4.1 3.5 4.3 5.0 5.8 6.4 7.0 6.6 6.7 6.9 7.1 7.2 Business and professional Farm Rental income of persons Corporate profits and inventory valuation adjustment . . Corporate profits before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest 4.9 .5 64.3 128.0 140.2 139.9 153.4 178.9 190.4 183.4 186.5 186.9 190.3 197.9 61.7 122.1 134.4 133.4 145.6 169 9 181.1 174 3 177 4 177.8 181.0 188.2 51.5 104.8 115.7 113.0 123.4 141.2 148.7 143.8 145.8 145.6 148.3 155.3 4.1 4.0 4.2 5.0 1.9 8.6 n.a. n.a. 9 6 10 0 10.2 n.a. 8 3 13 2 14 7 16.1 17 2 20 1 n.a. 20 9 21 7 21 9 n.a. n.a. 5.8 2.6 5.9 6.6 9.0 9.2 7.8 9.1 9.0 9.2 9.3 9.6 n.a. Not available. Less than 50 million dollars. Includes employee contributions to social insurance funds 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1 2 418 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annual totals 1952 1951 1929 1947 1941 1933 1948 1949 1950 1951 1952 1 4 Gross national product 78.8 9.4 37.7 31.7 46.3 3.5 22.3 20.6 Gross private domestic investment New construction l... Residential nonfarm Other Producers' durable equipment Change in business inventories.... Nonfarm only 15.8 7.8 3.6 4 2 6.4 1.6 1.8 1.3 1.1 .5 .7 1.8 -1.6 -1.3 18.3 6.8 3.5 3 3 7.7 3.9 3.4 30.2 13.9 6.3 7.6 17.1 -.8 1.4 42.7 17.7 8.6 9.1 19.9 5.0 3.7 33.5 17.2 8.3 9 0 18.7 -2.5 -1.6 .8 .2 1.1 8.9 1.9 .5 8.5 1.3 8.0 2.0 24.7 16.9 13.8 3.2 28.6 15.8 13.3 3.8 1 3 12.8 36.6 21.0 16.1 5.6 43.6 25.4 19.3 6.6 Net foreign investment 4 55.8 126.4 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 343.0 360.1 103.8 Personal consumption expenditures . . . Durable goods Nondurable goods Services Government purchases of goods and services . . . . Federal National security Other Less: Government sales 2 State and local .. . 3 2 } 1.3 2.0 ft 82.3 165.6 177.9 180.6 9.8 21.4 22.9 23.8 44.0 95.1 100.9 99.2 28.5 49.1 54.1 57.5 5 9 7 8 194.3 29.2 102.8 62.4 208.0 216.3 210.5 213.2 214.9 215.0 27.1 25.8 25.3 25.2 26.4 24.2 113.5 119.0 116.2 118.0 117.8 118.9 67.3 71.5 69.0 70.0 70.8 71.9 222.0 27.3 121.4 73.3 58.5 23.3 11.0 12.3 24.9 10.3 9.4 52.1 23.5 11.1 12 4 25.5 3.1 2.4 52.9 22.4 10.3 12 1 24.7 5.8 5.2 50.0 23.7 11.0 12 7 25.7 .6 -.1 49.3 23.6 11.0 12 6 25.7 .1 -.8 51.7 23.0 10.9 12.2 25.0 3.7 3.0 57.3 23.7 11.6 12.0 25.6 8.1 7.5 -2.3 .2 .2 2.6 2.2 .4 -1.6 .2 41.9 22.2 18.5 3.9 62.6 40.9 37.1 4.2 77.8 54.4 49.2 5.6 71.2 48.9 44.3 5.1 74.4 51.2 46.4 5.2 78.0 54.9 50.3 5.1 77.9 54.8 49.6 5.6 80.6 56.6 50.4 6.5 50.3 22.9 12.6 10 3 22.0 5.5 4.6 6 4 2 4 4 5 4 4 4 3 15 6 18 2 19 7 21.7 23 4 22 3 23 2 23 0 23.1 24.0 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wagev3 and salaries Year or month Personal income Wage and salary disbursements Total receipts4 Total disbursements Commodity producing industries Distrib- Service utive indusindustries tries Government Other labor income5 Dividends Proand prietors' perand sonal rental 6 income interest income Transfer payments7 Less personal contriNonbutions agriculfor tural social income9 insur-8 ance 1929.. 1933.. . 1941.. . 1947 1948 1949 1950 1951 1952 . . 85.1 46.6 95.3 191 0 209.5 205 9 226.3 254.1 268 4 50.0 28.7 60.9 119 9 132.1 131 2 142.7 166.5 177 9 50.2 28.8 61.7 122 0 134 3 133 4 145.6 169.9 181 4 21.5 9.8 27.5 54 3 60 2 56 9 63.5 74.9 79 1 15.5 8.8 16.3 35 1 38.8 38 9 41.3 45.9 48 5 8.2 5.1 7.8 15 3 16.6 17 2 18.6 20.3 21 3 5.0 5.2 10.2 17 2 18.7 20 4 22.2 28.7 32 4 .5 .4 .6 2 4 2 8 3 1 3.8 4.2 4 5 19.7 7.2 20.8 42 4 47.3 42 1 45.2 50.6 52 5 13.3 8.2 9.9 14.5 16.0 17.1 19.5 20.4 21.1 1.5 2.1 3.1 11 8 11.3 12 4 15.1 12.4 12.7 .1 .2 .8 2.1 1952—February March April May June July August . September.... October November.... December 263.5 261.9 262.5 264 5 266 7 263.9 269 6 273.8 276.1 275.8 280.0 174.5 173.9 173.4 174.6 175 8 173.9 179 0 181.9 184.0 184.4 186.4 178.0 177.3 176.7 177 9 179 3 177 4 182 5 185.3 187.5 187.9 189.9 78.2 77.7 76.9 76 7 77 2 74 0 78 7 81.6 82.9 83.5 85.2 47.1 47.0 47.0 47 7 48 5 49.3 49 4 49.3 49.9 49.6 50.0 20.9 20.8 21.0 21.3 21 3 21.5 21 5 21.6 21.8 21.9 21.9 31.8 31.8 31.8 32 2 32 3 32 6 32 9 32.8 32.9 32.9 32.8 4.3 4.3 4.4 4 4 4 5 20.5 21.0 21.5 21.5 21 4 21.3 21.4 21.4 21.3 21.3 21.2 12.4 12.4 12.3 12.6 12 5 12.4 13.1 12.9 13.0 12.8 13.4 3.8 3.8 3.6 3.6 3 8 4 5 4.5 4.6 4.6 4.7 52.1 50.7 51.2 51.7 52 8 52.2 51 8 53.4 53.5 52.9 54.6 3.7 3.8 3.7 3.8 243.4 242.7 242.9 244.9 245 9 243.4 249.4 253.0 255.4 255.7 258.8 1953—January February?.... 280.6 280.4 186.5 187.4 190.3 190.9 85.2 85.6 50.1 50.3 22.1 22.1 32.9 32.9 4.7 4.7 54.6 53.7 21.4 21.5 13.6 13.4 4.0 3.8 259.5 260.5 4.5 2.2 2.2 2.9 3.4 3.8 3.9 3.7 76.8 43.0 86.1 170.8 187.1 188.7 208.5 233.6 248.0 *1 Preliminary. Includes construction expenditures tor crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries. Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well 8as consumer bad debts and other business transfers. Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agriculturaJ net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. APRIL 1953 419 PAGE International capital transactions of the United States 422-427 Gold production 427 Reported gold reserves of central banks and governments 428 Gold movements; gold stock of the United States 429 International Monetary Fund and Bank 430 Central Banks 430-434 Money rates in foreign countries , 435 Commercial banks Foreign exchange rates 436 , 437 Price movements in principal countries: Wholesale prices Consumers' price indexes Security prices 438 ... . 439 439 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. APRIL 1953 421 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S. x Foreign securities: Return of U. S. funds 3 Inflow in brokerage balances 5 3 5 0 6 1,276.9 1.182.1 1,209.9 1 064.5 687.5 142.4 123.1 123.7 131.7 125.6 658.3 '637.5 ••575.4 '424.6 '436.3 '455.2 '486.3 '495.6 '506.6 513.6 465.9 130.7 131.8 127.0 131.1 133.4 129.7 125.5 127.6 127.9 120.1 123.8 448.3 127.3 Domestic securities: Inflow of foreign funds 8 Total Foreign officials Foreign other International Decrease in U. S. banking funds abroad * 8,343.7 8,569 l 8,763 5 10.521 1 10.140.7 6.362.3 6.963 9 6,863 9 7.890 7 8.548.1 1.121.8 2.126 0 2.197 8 2.715 ft 2.770.2 2.998 5 2.993 6 3.028 2 3.472 8 4.089.6 2.242 0 L.844.3 L.637.8 1.702.3 1.688 3 186 116 307 231 160 1952—Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31? 10.208.8 '•10,231.0 '•10,263.6 no,466.6 ••10,580.5 '•10,936.0 ••11,125.9 ••11,354.5 '11,437.1 11,566.1 11,353.2 8.638.2 8,719.2 8,829.1 9.199.l 9,287.0 9,601.0 9,771 .1 9,951.5 9,832.3 9,922.8 9,747.5 2,811.5 2,912.3 3,025.5 3.219.9 3,309.4 3,615.3 3,791.3 3,909.1 3,831.9 3,959.7 3,752.5 4.200.2 4.149.6 4,164 .9 4.285.8 4,294.1 4,219.1 4,205.9 4,261.4 4,190.6 4,217.5 4,256.5 1.626.5 1.657.3 .638.7 1.693.3 .683.5 ,766.5 ,773.9 .781.0 ,809.8 ,745.6 ,738.5 164.9 125.0 109.7 90.7 99.8 103.2 63.0 106.0 110.7 108.2 86.4 616.8 617.4 622.4 621.1 624.1 647.0 679.9 673.8 859.6 901.4 929.6 1953—Jan. 31P 11,356.4 9,725.0 3,687.7 4,290.1 ,747.1 93.4 962.5 From Jan. 2. 1935, through— 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31 31 31 31 31 Total 5 8 6 4 9 375 183 258 1.20? 618 . TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 4 [Amounts outstanding, in millions of dollars] In- Date ternational institutions Total oreign countries Official and Official 2 NethUnited erKing- France lands dom Switzerland 5 Italy Other Total Europe Europe Canada Latin America Asia All other private 1947—Dec. 3 1 . . . 1948—Dec. 3 1 . . . 1949—Dec. 3 1 . . . 1950—Dec. 3 1 . . . 1951—Dec. 3 1 . . . 2.262 0 4,854.4 1,832.1 1,864 3 5,853.7 2,836.3 1.657.8 5.960.2 2,908.1 1.722.2 66.922.6 3.425 9 1 .708.2 7.594.0 3.480.5 1952—Feb. 2 9 . . . Mar. 3 1 . . . Apr. 3 0 . . . May 31 . . June 30. .. July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 31 . . . Nov. 3 0 . . . Dec. 31 P . . 1.646.4 1,677.2 1,658.6 1,713.3 1,703.4 1,786.5 1,793.8 1,800.9 1,829.7 1,765.6 1,758.4 7,745.8 7,796.1 7.924.5 8,239.9 8,337.7 8,568.6 8,731.4 8,904.7 8,756.7 8,911.3 8,743.2 1953—Jan, 31?.. 1,767.1 8,712.0 4,398.0 3,521.8 3,622.6 3,735.8 3,930.2 4,019.7 4,325.6 4,501.6 4,619.4 4,542.2 4,670.0 4,462.8 8 326.2 546.3 574.4 656.6 642.6 167.7 192 8 171.6 260 7 289.4 143.3 122.8 170.5 193 6 148.8 446 4 538 9 576.9 553 0 521.3 153.1 739.8 333.5 738.1 303.6 717.0 314.7 799.2 300.5 1,022.2 1,976.7 2,472.4 2,513.9 «2,777.7 2,924.7 796.9 783.6 745.0 756.8 793 4 848.1 833.7 865.3 889.0 975.2 812.0 253.4 251.4 256.3 267.2 299.2 344.3 395.6 404.0 348.4 337.3 342.6 155.9 149.7 122.0 155.9 203.0 241.2 29Q.4 345.1 384.3 343.1 203.1 542.9 544.8 584.3 599.6 600.8 617.5 612.0 614.3 624.0 627.7 641.7 293.9 292.1 286.5 278.5 266.8 291.7 294.9 291.9 305.7 326.2 307.8 959.2 958.0 970.8 1,004.7 1,028.9 1,058.3 1,083.5 1,141.4 1,207.9 1,243.1 1,262.6 3.002.2 2,979.7 2,964.9 3,062 .7 3,192.2 3,401.0 3,519.1 3,662.0 3,759.4 3,852.7 3,569.7 884.4 249.5 209.4 610.3 310.5 1,229.0 3,493.1 409.6 1,216.6 775.2 1,287.0 869.1 L.436.7 899.0 1.612.9 1,307.1 ,455.2 1,057.9 1,151.8 961.0 ,378.5 1,609.6 193.7 167.4 179.5 254.5 297.4 1,336.3 1,339.7 1,397.8 1,496.0 1,503.0 1,540.3 1 ,528.1 1,530.1 1 ,373.3 1,356.5 1,391.4 1,661.9 1,687.8 L,755.0 1,826.0 1,792.0 1,757.7 L.743.5 L,795.1 L.781.9 L.812.9 ,845.0 329.1 325.9 316.6 325.9 333.2 331.6 370.7 336.8 321.5 328.1 335.6 1,416.3 1,463.1 1,490.2 1,529.3 L.517.2 1,538.0 L,570.0 1,580.7 L.520.7 1,561.2 1,601.5 1,432.1 1,581.7 1,851.4 353.7 P Preliminary. ' Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. * Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individual! domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks "and commercial 5firms. (Footnote 1 above also applies to this table.) Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—-These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 422 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Other Aus- Bel- CzechDenoslo- mark Europe tria gium vakia Date 739 .8 1047—Dec. 31 1948—Dec. 31 738.1 1949— Dec. 31 717.0 1950—Dec. 31 . 799.2 ii'.9 1951 —Dec. 31. 1,022.2 57.1 124.9 128.7 119.9 128.2 134.7 5^6 1.3 52.8 44.7 38.0 45.5 45.3 55.4 54.0 54.9 53.1 49.5 51.9 60.7 74.3 77 7 84.9 91.1 136.6 132.1 134.1 155.0 137.5 143.5 142.1 136.7 131 8 140.2 127.1 .8 .7 .7 .6 .6 .6 .6 .9 5 .5 .6 38.7 38.9 37.6 37.0 34.2 37.5 43.8 51.0 59 6 69.9 70.4 1953—Jan. 31 P. 1,229.0 94.9 125.0 .6 63.7 1952—Feb. 29. . 959.2 Mar. 3 1 . . 958.0 Apr. 30. . 970.8 May 31 .. 1,004.7 June 30. . 1,028.9 July 31. . 1,058.3 Aug. 31. . 1,083.5 Sept. 30. . 1,141.4 Oct. 31 1,207.9 Nov. 30'.'. 1,243^1 Dec. 3 1 P . 1,262.6 Finland GerNormany Greece way 30.5 19.1 25.1 18.3 27.0 89.5 178.9 149.4 221 6 405.6 34.7 21.1 29.6 32.3 45.8 30.7 26.9 23.8 23.9 21.3 22.7 24.4 25.9 26 7 38.4 41.0 41.9 41.1 41.7 38.7 39.4 39.8 41 2 42.8 47.3 Poland Portugal 56.2 77.7 69.4 43.6 99.7 ' i'.2' 2.8 47.1 37.7 38.1 45.7 40.7 8.7 7.0 6.7 6.1 6.1 12.8 13.6 15.7 21.3 17.1 96.7 104.4 100.5 100.9 94.6 96.1 101.0 104.1 109.6 109.4 110.3 5.8 2.5 2.1 2.4 2.6 4.7 3.1 2.2 3.6 1.8 3.4 42.8 41.8 41.6 43.1 40.6 45.9 49.3 51.0 46 7 49.9 57.4 6.1 6.2 6.1 6.1 6.0 5.7 5.7 5.7 6.1 6.1 17.4 17.9 17.7 20.2 18.5 18.0 17.6 20.4 24 4 21.4 19.2 64.4 62.4 65.3 65.8 68.4 70.6 77.0 77.6 82 8 84.5 91.0 4.9 2.5 2.4 2.2 2.0 2.0 2.1 5.1 28.5 353.0 361.8 380.2 390.5 453.1 464.3 457.5 486.2 534 3 544.7 551.1 32.9 531.5 50.7 106.8 2.3 47.8 6.1 20.2 86.8 26.7 Rumania Spain 6 0 Sweden Yugo- All USSR slavia other 1 58.6 73.7 49.0 21.3 90.1 10.2 115.3 4 . 0 71.7 2 . 5 12.1 19.9 7.6 13.2 7.1 138.2 119.3 117.4 52.4 57.6 2.1 1.7 10.7 11.4 12.7 14.1 13 0 13.4 12.0 58.8 57.9 54.2 55.1 47.6 44.6 46.5 46.4 45 3 45.0 45.3 3.5 12.1 44.2 4 8 8.7 7.1 7.* 7.8 Table 2b.—Latin America Latin BoAmer- Argentina livia ica Date Brazil Chile Colombia Cuba Dominican Guate- MexReico mala public Netherlands West Peru Indies and Suri- ReEl public of SalPan- vador Uruguay ama Other Vene- Latin zuela America 2 nam 1947—Dec# 1948—Dec. I949—D ec# 1950—Dec. 1951—Dec. 31 31. 31. 31. 31. 1,216 6 1,287.0 1,436 7 1,612.9 1,455.2 236 2 215.8 201 1 301.8 249.7 17 8 17.1 13 5 20.4 104.7 123.7 192 8 226.0 2 7 . 8 100.3 46.3 46.1 55.6 54.0 60.9 85.9 79.5 53.4 54.0 106.4 234.7 219.4 164.2 259.1 42.7 263.6 45.8 1952—Feb. 29. 1,416.3 Mar. 31. 1,463.1 Apr. 30. 1,490.2 May 3 1 . 1,529.3 June 30. 1,517.2 July 31. 1,538.0 Aug. 31. 1,570.0 Sept. 30. 1,580.7 Oct. 31 . 1,520.7 Nov. 30. 1,561.2 Dec. 31 P 1,601.5 212.9 189.4 177.4 167.8 146.8 130.7 128.3 129.8 131.9 146.2 138.8 23.6 118.2 21.4 99.6 21.7 98.5 24.4 89.8 24.1 80.9 23.2 93.2 22.5 87.9 21.2 88.9 18.7 72.3 16.6 78.2 24.5 72.5 59.5 96.3 57.3 95.0 58.6 91.1 52.0 80.7 54.3 73.6 58.4 77.6 61.2 85.4 58.1 88.3 62.4 87.9 69.2 96.4 79.3 118.2 265.5 288.3 307.4 318.1 316.6 321.2 341.4 321.4 285.7 284.2 301.2 1953—Jan. 31 P 1,581.7 131.7 18.9 71.9 75.7 113.4 48.9 50.5 53.4 51.5 50.4 51.2 49.9 46.6 43.3 43.5 44.2 275.9 43.5 139.2 146.7 214.6 25.4 207.1 27.3 158.2 14 9 24.3 25 9 30.2 34.9 41 8 52.6 52 8 60.2 47.2 70.3 71.8 74 3 59.2 67.7 16.1 27.8 134.0 171.9 150.4 177.3 195.7 205.1 238.0 233.5 232.1 251.0 231.2 31.3 28.8 28.2 28.4 32.2 29.1 35.5 38.0 39.5 41.9 44.3 48.8 56.3 57.0 55.9 56.5 57.1 58.5 56.2 62.0 67.0 56.4 65.7 67.9 65.6 70.5 74.2 73.3 74.5 79.5 81.1 82.4 80.8 39.0 76.8 64.5 95.4 43.7 83.5 66.5 103.6 42.5 93.0 101.4 104.1 37.2 90.4 140.4 105.1 36.8 97.6 129.8 109.2 32.6 101.5 131.0 116.2 30.5 97.3 108.3 116.2 25.4 91.5 154.3 115.6 21.6 94.8 141.6 113.4 19.9 92.8 126.2 112.5 25.6 92.5 145.5 112.2 38.5 239.3 44.5 57.0 88.2 40.1 35.9 39.5 40.0 39.7 38.3 36.4 34.4 32.4 32.2 33.2 34.3 78.0 186.5 121.7 184.1 143 2 207 4 75.1 85.2 71.3 84.7 71.9 87.8 94.2 124.3 124.5 Table 2c.—Asia and All Other Date 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. Asia 31. 31. 31. 31. 31. 1952—Feb. 2 9 . Mar. 3 1 . Apr. 3 0 . May 31. 30. 31. 31. 30. 31 30. June July Aug. Sept. Oct. Nov. Dec. 31P 1953—Jan. 3 1 * Formosa Phil ippine Thai- Tur- Other3 All and Hong Indoland key Asia other China Kong India nesia Iran Israel Japan ReMainpublic land 1,057.9 229.9 39 .8 62 .4 1,151.8 216.2 51 1 51 .8 961.0 110.6 83 9 63 .3 1,378.5 81.7 86 1 55 .7 1,609.6 87.4 62 4 62 .1 1,661.9 1,687.8 L,755.0 L,826.0 L,792.0 1,757.7 L,743 .5 L,795.1 1 ,781.9 1 ,812.9 1 ,845.0 ,851.4 81.6 78.6 80.1 80.2 76.5 76.3 80.4 84.7 83.3 80.3 77.1 64 67 65 62 65 68 69 71 70 70 4 8 6 7 9 1 6 4 2 7 70.3 59 .4 46 .3 52 .1 67 .3 58 .7 61 .6 54 .8 55 .2 54 .1 55 .0 64 .6 31.3 69 3 41 .5 81.4 15 7 214.6 114 7 20 '.3 12 .6 458.5 140 6 25 . 5 26 .6 596.0 127 141 171 190 176 154 114 4 0 1 2 5 0 5 87.3 64 9 60 0 61 0 488 6 488 3 297 3 374.4 329 7 48.2 96.7 26 .9 19 .3 655.7 331 1 25 .7 19 .8 682.4 332 2 23 .8 27 .6 696.8 335 0 23 .5 37 .8 724.8 337 2 21 .1 30 .5 730.7 333. 0 24 .7 26 .8 725.6 321 8 22 .6 26 .5 743.9 324. 6 18 .3 22 .1 772.6 319. 7 20 .1 27 .9 767.5 321. 8 18 .9 19 .3 789.1 315. 1 19 .2 18 .8 808.0 315. 1 115.0 121.0 125.8 126.5 126.8 134.9 143.8 157.9 166.6 176.5 181.0 37 .6 17 .5 9 .8 14 .3 14 •1 99 .0 204 .0 165 . 7 111 .9 168 .4 14 .9 166.1 10 .6 162 4 10 .8 166 .3 14 .2 161 5 20 .6 151 7 9 .4 154 4 9 .8 153 0 8 .8 197 2 9 .7 195 8 11 . 0 217 1 8 .4 221 5 Egypt and Union Bel- AngloAus- gian of tralia Congr Egyp- South Other 4 o tian Africa Sudan 193 7 167 4 179 5 254. 5 297. 4 30 .6 22 .2 32 . 4 19 .1 38 .5 25.0 27.7 61.6 '58! i 75.6 54. 5 110.7 46 15 6 44 329. 1 325. 9 316. 6 325. 9 333. 2 331. 6 370. 7 336. 8 321. 5 328. 1 335. 6 36 .5 38 .4 36 .7 44 .7 49 .5 47 .4 81 .2 54 .1 50 .1 48 .4 47 .2 58. 8 126.4 57. 8 127.3 6 2 . 0 123.3 6 7 . 5 118.3 7 2 . 6 117.7 7 4 . 8 116.8 8 4 . 5 104.2 90. 4 91.7 96. 6 72.1 105. 2 62.0 118. 6 59.7 11 9 13 12 10 11 14 11 13 23 23 73.5 72 0 70 .2 58 0 16 .5 26 .2 821.6 305. 7 186.7 10 .2 210 7 353. 7 51 .1 117. 8 58.4 4 8 0 0 7 0 8 0 9 4 9 2 2 8 3 0 6 36 3 91 8 101.6 79 5 57 7 86 8 95 7 93 3 80.7 1 5 5 5 7 4 5 86.5 83 82 81 86 88 89 89 90 1 p Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. < Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 2 3 APRIL 1953 423. INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Date 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. Total 31 31 31 31 31 1952—Feb. 29 Mar. 31. Apr. 30 May 3 1 . June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31* 1953—j an . 31? . . . . United King- France dom Netherlands Switzerland 5.2 3.4 7.0 6.9 3.8 8.7 948.9 1,018.7 827.9 898 0 968.4 29.2 24.5 37.2 105.7 35.0 23.4 119.0 51.8 31.4 10.1 49.1 51.4 5.0 964.4 1,004.4 1,019.7 1,038.7 1,029.6 L.026.2 L.066.3 1,023.4 1,018.7 L,021.1 L.043.0 32.8 35.4 33.5 42.0 36.2 30.9 32.2 26.8 35.8 33.8 27.9 14.1 13.2 13.8 11.6 11.7 11.6 9.2 9.3 9.4 7.6 31.9 5.6 5.7 3 4 3.3 3.1 3.8 3.3 2.6 2.7 4.4 4.4 1,036.0 32.5 28.6 6.4 Italy Other Total Europe Europe Canada Latin America Asia All other 11.2 21.1 15 8 22.6 20 7 10.3 118.9 106.3 98.5 67.1 111.2 248 6 323 8 219.2 237 0 182.8 27.5 39 8 37.6 125 8 92.0 514.3 516 6 411.1 378 8 489.3 127.0 118.8 139.7 96.3 162.4 31.5 19.7 20.4 60.0 41.9 10.3 11.6 8.6 7.3 9.8 8.0 9.8 8.4 8.0 9.2 8.7 14 4 21.5 23 5 24.9 30.4 28.6 24.6 19 6 16.4 17.2 17 8 103.0 89.6 81.1 79.1 68.8 67.2 66.5 75.1 79.0 82.7 81.9 180.2 176.9 163.9 168.2 160.2 150.0 145.7 141 8 151.4 154.8 172.6 72 4 72.1 76.4 69.5 51.4 45.1 53.3 58.3 73.7 73.8 62.3 520 6 570.2 601 1 652.2 669.6 700 1 715.2 658 3 638.6 641.8 657 1 154.6 149.5 144 8 117.4 118.0 105.2 128.4 141.6 132.8 127.9 128.6 36.7 35. T 33.5 31.5 30.4 25.8 23.7 23.4 22.2 22.8 22.4 13.5 22.9 78.4 182.4 56.3 647.5 125.9 24.1 Norway Portugal Spain Sweden YugoAll slavia other > 9.2 1.1 Table 3a.—Other Europe Other Europe Date 1947—Dec. 1948—Dec. 1945)—Dec. 1950—Dec. 1951—Dec. 31 31 31 31 31 1952—Feb. 29 Mar. 31 Apr. 30. May 31 June 30 July 31 Aug. 31 Sept. 30 Oct 31 Nov. 30 Dec. 3 1 P 1953—j an# 3 i P Austria 118.9 106.3 98.5 67.1 111.2 . . . . . .2 Belgium Denmark 15.0 21.4 19.3 21.5 39.6 2.2 103.0 89.6 81.1 79.1 68.8 67.2 66.5 75.1 79.0 82.7 81.9 (3) .1 .8 33 7 28.7 21 3 17.6 13.9 12.9 11.5 11.8 13.2 17.7 16.2 78.4 .3 16.2 .1 (8) .1 .1 1.0 1.0 Finland Germany Greece 8.0 30.5 30.5 30.0 25.4 28.3 10.6 1.2 .7 .2 .2 .1 .6 .4 3.2 4.8 3.4 8.2 2.2 3.1 4.6 4.1 4.6 4.3 3.9 2.7 1.8 3.4 2.2 3.5 2.2 2.8 2.8 3.3 3.8 4.0 2.1 5.6 27.9 27.7 27.2 26.9 23.2 23.7 25.7 27.5 28.0 25.4 26.8 3.5 5.1 24.1 3.5 3.6 2.9 2.8 8.4 7.4 1.4 2.5 1.6 .9 2.9 7.0 1.6 18.8 1.4 2 3 6.9 5.4 9 4 3 1.5 1.8 2.0 1.2 .2 .2 1.8 2.0 1.7 1.8 .6 .6 .5 .6 .2 1.9 .5 19.8 13.5 12.6 14.6 14.3 14.3 12.5 13.5 12.6 11.8 11.2 .2 1.7 .5 9.4 .1 .1 .1 .1 .2 .2 .2 1 0 .8 1.6 1.8 5.4 .7 5 .5 .8 .8 .7 4.2 3.9 35.9 29.8 22.6 4.0 4.0 1 3 4.6 .7 4.4 4.9 3.8 (3) 6.0 (3) 3 6 2 4 3.2 2.7 1.9 2.2 3.4 7.3 2.7 3.1 2.3 .5 3.6 3.6 4.4 3.7 3.3 3- 0 8.0 7 9 2.5 8.6 3.8 5.8 5.4 2.6 7.8 7.0 Table 3b.—Latin America Latin BoAmer- Argentina livia ica Date Brazil Chile Colombia Cuba NethDoerminlands ican Guate- Mex- West Remala ico Indies puband lic Suri- Peru RepubEl lic of SalPan- vador ama Uruguay Other Vene- Latin zuela America * nam 31. . 31.. 31.. 31.. 31.. 514.3 516.6 411.1 378.8 489.3 65.2 72.4 53.6 45.9 7.6 2.0 2.7 2.3 8.7 7.5 165.8 165.4 136.9 78.0 185.0 24.8 32.6 108.6 32.6 83.1 21.1 27.5 42.5 27.6 43.7 32.3 1952—Feb. 2 9 . . Mar. 31. . Apr. 30. . May 3 1 . . June 30.. July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 31 . . Nov. 30.. Dec. 31*. 520.6 570.2 601.1 652.2 669.6 700.1 715.2 658.3 638.6 641.8 657.1 7.8 8.6 7.8 7.4 8.2 7.2 7.6 8.6 8.1 9.3 8.2 9.9 8.1 8.6 9.7 8.4 8.7 6.8 6.2 6.2 6.0 5.8 217.0 234.9 272.2 320.7 358.3 392.6 403.9 374.7 356.2 354.5 356.4 23.6 29.3 29.1 27.5 26.1 27.0 23.0 21.6 18.3 20.5 25.4 36.1 33.8 31.5 34.3 35.0 34.5 34.2 32.1 34.9 36.0 41.7 1953—Jan. 31 P. 647.5 7.4 6.5 353.2 23.4 36.4 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 27.8 15.2 15.5 6.8 1.9 2 6 3^8 52.2 73.8 73.0 70.6 90.6 31.0 56.6 54.7 55.9 51.8 52.5 51.6 33.6 36.1 30.6 32.5 2.1 2.1 2.9 2.4 2.2 1.9 1.8 1.8 1.6 1.7 1.6 4.2 4.2 4.1 3.7 4.1 3.7 3.2 2.8 3.2 3.5 4.2 103.0 101.1 94.4 90.8 78.0 71.2 91.7 92.0 88.4 90.3 82.9 L.2 L.2 L.3 L.I L.2 1.2 L.I L.2 L.2 L.3 L.3 11.8 11.5 10.3 11.6 10.9 10.9 10.7 10.3 11.7 13.2 14.8 23.5 1.8 4.4 94.2 1.4 15.7 1.8 4.3 4.4 5.8 1.1 1.5 L.3 L.3 1L.2 11.0 11.8 4.7 4.6 5.3 3.1 3.0 "o\8 15.3 26.0 25.6 49.4 41.7 34.5 34.7 43.1 14.6 14.5 9.5 "i'.O 10.5 4.1 3.9 6.8 6.0 5.9 6.3 3.3 3.7 4.4 4.2 5.3 8.4 7.5 6.5 5.3 5.4 5.3 5.3 5.1 7.1 9.0 9.1 19.1 24.9 27.9 30.5 32.1 25.7 20.6 14.3 12.9 17.3 38.7 33.1 32.2 34.2 32.1 32.4 32.4 31.7 33.1 35.6 36.7 13.8 15.1 13.7 13.8 11.5 12.5 13.0 12.4 13.9 13.2 13.7 8.7 8.5 14.0 34.2 14.3 7.9 9 Preliminary. 1 See footnote 1, p. 422. »Beginning January 1950, excludes Austria, reported separately as of that date. «Less than $50,000. i Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 424 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other Date 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Feb. Mar. Apr. Formosa PhilIndoand Hong ippine Thai- Tur- Other China Kong India nesia Iran Isr£tel Japan Reland key Asia 1 Mainpublic land Asia 31. 31.. 31. 31.. 31.. 29. . 31.. 30.. May 31.. June 3 0 . . July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 3 1 . . Nov. 3 0 . . . Dec. 3 1 P . . 1953—Jan. 3 1 P . 0 8 2 6 29 6 7 3 3 7 17 4 40. 8 24 2 16 6 18. 2 10. 1 4 9 6 154.6 9 1 149 5 144 8 8. 6 117 4 8. 1 7. 3 118.0 105 2 8. 1 128 4 I 8. 3 141 6, 10. 1 10. 1 132 8 10. 1 127 9; 128 6> 10. 1 i 9 10. 4 125 127 118 139 96 162 3.4 3.0 3.1 1.6 2.8 4.2 1.8 2.4 .8 1.3 1.0 .9 1.3 1.2 1.9 .5 1.9 .2 .2 .3 .5 .7 .9 .6 1.4 .5 .6 .7 .9 .7 .9 20 .4 16 .2 13 .4 16 .8 20 .4 14 .5 9 .4 6 .5 5 .5 4 .2 3 .7 3 .5 3 .7 4 3 .6 .8 .6 9.3 9 .0 10 .1 10 .8 10 .6 10 .7 10 .3 9 .6 9 .3 10 .1 10 .2 10 ? 10 .2 .9 15 .9 14 .1 18 .9 12 .1 30 .0 12 .2 32 .4 8 .8 30 .3 9 .1 29 .3 11 .0 30 .1 12 .5 27 .7 14 .3 27 .4 10 .4 22 .9 13 .3 22 .8 10 .1 18 .7 12 .6 17 .4 12 .2 1S 1 12 S 25 .9 11 .5 27.4 37.3 23.2 4.9 29.3 27.2 22.6 23.7 27.4 20.5 6.9 10.3 5.3 6.4 3.0 7.6 10.7 17.7 1.4 1.5 2.5 2.9 3.7 2.8 3.2 2.7 2.3 3.5 3.8 3.4 4.0 3.3 2.6 14.3 .9 .6 .6 13.8 23.6 1.6 15.4 16.7 37.0 55.7 51.0 47.4 38.8 26.7 7.5 14.3 50.3 13.9 51.6 45.1 26.9 15.3 12.1 9.0 16.3 17.4 19.2 15.3 17.7 24.6 21.6 All other 31.5 19.7 20.4 60.0 41.9 36.7 35.7 33.5 31.5 30.4 25.8 23.7 23.4 22.2 22.8 22.4 24.1 Egypt and Union Bel- AngloAus- gian of tralia Congo Egyp- South Other tian Africa Sudan 9.0 4.7 7.9 40.8 22.8 17.5 17.7 13.5 12.7 12.0 9.6 8.0 8.2 8.7 10.0 10.1 9.2 4.4 5.7 6.0 7.2 7.6 7.8 8.7 8.2 7.9 6.9 6.7 6.5 6 0 7.0 .1 .4 .2 .3 .2 .1 .1 .2 .2 .2 .2 .5 .6 .5 .1 .5 1.0 14 4 7 9 4 5 7.3 6 7 6 0 5 7 7 0 4 8 4 7 3 7 3 5 3 1 2 3 2.6 2 0 2 5 8 0 6.8 7 7 7.2 6.5 7.0 5.0 5.1 6.1 4.9 4.1 3.8 4.7 4.0 3.6 3.8 4.4 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES» (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bond s and notes 4 Year or month 1947 1948 1949 1950 1951 1952* 1952—February March April May June July August September October. . November December** 1953—January P . Purchases Sales 344.8 282.4 430.0 1,236.4 673.6 531.9 15.5 19.4 13 9 31.2 39 6 39.1 37 5 34.0 188 8 49.4 43 2 42.6 283.3 330.3 333.6 294 3 1,356.6 233.8 18.7 16.3 15.8 22.2 32 0 29.2 13.3 14.2 18 8 21.1 19 5 15.9 Net purchases 61.5 —47.9 96.4 942 1 6-683.0 298.1 -3.2 3.1 -2 0 9.0 7 7 9.9 24 2 19.8 170.1 28.3 23 7 26.6 Corporate bonds and stocks * Purchases Sales Net purchases 226.1 369.7 354.1 774.7 859.8 850.3 68.3 65.7 76 2 61.6 63 6 76.8 67.6 53.3 77.2 69.8 93.7 81.8 376.7 514.1 375.3 772.3 761.0 837.4 79.6 68.1 69.2 71.9 68 3 63.7 58.9 79.2 61 .5 56.3 89.1 -150.6 -144.3 -21.2 2 4 98.7 12.9 -11.3 -2.5 7 0 -10.3 -4 7 13.1 8 7 -25.9 15.7 13.5 4 5 75.6 6.2 Total purchases 570.9 652.2 784.1 2,011.1 1,533.3 1,382.2 83.8 85.1 90.1 92.8 103.2 115.9 105.1 87.3 266.1 119.2 136.9 124.4 Net purchases of domestic securities Total sales 659.9 844.4 708.9 1,066.6 2,117.6 1,071.2 98.3 84.4 85.0 94.1 100.3 93.0 72.2 93.4 80.3 77.5 108.7 91.5 -89.1 — 192 2 75.2 944 4 —584.3 311.0 — 14 5 .6 5 0 — 1.3 3 0 22.9 32.9 -6.1 185 8 41.8 28 2 32.9 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM3 FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES (Return of U. S. Funds) [In millions of dollars] Foreign bone s Foreign stocks Year or month 1947 1948 1949. 1950 1951 1952? 1952—Fphrnnrv March April May June July August September October November DerpmhprP 1953—TnnnarvP . Purchases Sales Net purchases Purchase 3 Sales Net purchases 57.1 81 7 88.8 173 8 272.3 289.8 29.4 22.0 28.9 19 0 19.2 23.9 24 1 24.6 22.1 19 5 22.8 25.4 42.6 96.7 70.8 198 2 348.7 329.6 28.1 35.8 44 :9 20 4 29.8 33.0 22.7 26.8 20.8 16 5 20.9 26.1 14.6 -15.0 18.0 —24.4 -76.4 -39.8 1.4 -13.8 -16.0 -1.4 -10.6 -9.1 658.7 211.6 321.2 589.2 500.4 495.4 19.0 21.5 47.7 40.3 52.5 52.8 57.9 38.9 87.6 18.2 25.9 33.0 634.3 291.4 311.5 710.2 801.0 677.2 50.7 •"28.4 93.8 189.6 30.2 24.8 28.2 r 27.5 77.8 14.1 75.5 49.9 24.5 — 79 8 9.8 -121 0 -300.6 -181.8 -31.7 '-6.9 -46.1 -149 4 22.4 28.0 29 7 11.4 1.4 -2.1 1.3 3.0 1.8 -.7 9.7 4.1 -49.6 -16.8 Total purchases Total sales Net purchases of foreign securities 715.9 293 3 410.1 763 0 772.7 785.3 48.4 43.5 76.6 59 3 71.7 76.7 82 0 63.6 109.6 37 7 48.7 58.4 676 8 388 2 382.3 908 4 1,149.7 1,006.8 78.7 r 64 3 138.7 210 1 60.0 57.8 50 9 r 54 3 98.6 30 7 96.4 76.0 39 0 —94 8 27.8 — 145 4 —377 0 —221 6 -30.3 r — 20 8 -62.1 — 150 8 11 7 18 9 31 1 r 9 3 11.0 7 1 —47 7 -17.6 r P Preliminary. Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 4 Includes transactions of international institutions. Through 1949 includes transactions in corporate bonds. 6 Through 1949 represents transactions in corporate stocks only. 6 Includes net sales of 554 million dollars by Canada. APRIL 1953 425 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: N E T PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Year or month 1947 1948 1949 1950 1951 1952 P International institutions 74.5 United Kingdom Total France 87 0 121.2 -15.9 14.7 -163.6 — 199.8 -11.8 823.2 —568.4 296.3 -8.9 9 1 20.9 64.0 21.4 66.2 -50.2 —82.8 —6.8 197.8 1952—Feb.... Mar.... Apr May... June... July... Aug.... Sept.... Oct... . Nov Dec. P . . -3.3 -11.2 .8 .8 .3 .6 .4 .9 .9 -.2 4.2 -.7 2.3 .4 1.3 2.4 7.2 7.0 .7 .4 -.6 1953—Jan.P. . 7.6 -1.6 2.4 6.0 5.5 0) 1.6 .6 .7 Nether- Switzerlands land —98.2 —79 3 —25 5 -6.3 —22.2 —21.9 13.0 —40.0 44.2 19.0 45.9 50.7 -2.7 -2.3 -2.6 -2.1 -3.0 -1.4 -4.8 2.4 -.1 -1.9 .7 11.3 -6.9 38.9 -1.2 .9 .9 22.5 32.0 -7.0 174.5 40.9 27.4 1.8 7.2 .1 .5 1.2 -2.7 -2.2 6.9 8.3 5.4 5.3 4.5 25.5 7.4 4.8 1.3 -2.1 13.4 -.5 -.3 -.6 13.7 Italy Other Europe Total Europe Canada Latin America — 17.1 — 14.1 — 175.5 2 . 6 — 190 4 36.5 2 2 347.5 73.8 9.2 —43.8 107.2 6.2 7 5 —49.0 458.2 -595.5 191.9 3.2 —3.5 10 2 (i) 1.5 — .7 1.9 .5 .2 -.2 .1 .1 -.2 .3 .4 .1 .2 -.1 -.3 .3 -.6 .7 1.2 .9 .6 -.4 3.9 3.3 -9.5 -1.1 -2.1 -.9 -2.3 2.9 4.1 -.4 3.6 .7 4.4 6.8 2.6 21.3 15.1 45.9 10.2 9.2 15.7 -2.3 126.1 27.2 16.6 19.4 -10.3 -.5 2.0 4.8 4.7 -2.7 -1.2 (l) 30.1 13.9 1.4 -3.3 -1.9 10.0 —23 3 —2.1 — 15.3 2.5 -7.0 -1.2 All other Asia 0) .2 — .2 -7.3 -4.8 1.5 .9 0) 1.1 3.4 .1 .2 1.2 — .1 1.0 -1.1 .3 -4.1 2.2 —3 9 .2 2.7 — .7 1.9 .1 .3 — .2 -.2 .5 .2 .3 -.3 .1 .2 .5 -.9 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Year or month 1947 1948 1949 1950 1951 .. 1952P Other AusEurope tria * -14.1 2 6 2.2 73.8 18*4 -43.8 -11.9 6.2 .4 .3 1952—Feb.... Mar. . . - 1 . 2 Apr -.6 .7 May . . 12 June .9 July... Aug .6 Sept.. . — .4 Oct.... 3.9 Nov. . . 3.3 Dec.p . — 1.2 1953—Jan. P . . 2.0 Belgium 1 C) 0) 0) 8 0) 0) .9 -.1 .1 -.1 0) 0) -.1 3.2 3.1 -.1 .9 Colombia Latin All other America - . 9 -4.1 -9.2 -.3 .3 2.6 1.4 -.9 1.6 6.0 12.6 36.7 5.7 - 3 8 . 1 .5 3 6 0 .5 -.1 .8 .2 4 -.8 .4 -.1 -.2 .6 -1.5 0) 0) 0) 0) Norway -3.5 10.2 2.5 30.1 13.9 4 7 -.9 .3 — .8 .2 1.2 - 1 . 0 24.6 -1.2 6.1 .5 2 — 8 -.1 -2.3 -1.3 2.9 -1.3 4.1 -.4 .5 .6 - 4 . 8 1.8 1.5 .2 .9 - . 2 -4.1 .9 1.1 — .3 3.4 .5 .1 .2 Cuba -1.1 -.3 .6 .4 -1.1 1.1 .3 -.1 -1.3 -.2 .4 -.1 -1.6 -1.3 0) .3 .5 .8 -.1 -.4 -.2 1.3 -.1 -.3 0) Republic Uru- Other Latin 2 of Pan- guay America ama Mexico 2.5 2.9 .3 .5 2.5 2 6 -6.9 -4.7 4.2 .1 .8 -6 5 - . 2 -3.2 2.0 -.8 1.4 — .7 .4 — .4 - 5 . 9 .8 -.3 .7 - 2 . 3 .8 - 3 . 1 .8 .1 2.3 .3 .4 1.1 ' -s!o 2 6 2 7 1 0 -.1 .5 -.2 3 .5 1.2 -.8 -.3 0) .4 10.0 1.5 12.6 - 2 3 . 3 -2.1 -2.1 11.1 - 1 5 . 3 1 .5 4.8 6 6 —9 5 .2 -.1 1.7 1.3 .4 .5 — .2 -7.3 .6 A .2 1.2 — .1 1.0 0) 0) 0) .4 -.6 Asia 0) -1.1 -2.1 0) .3 Formosa and China Mainland Indonesia Philippine Other ReAsia public 7.0 -3.2 -1.3 7.5 -22.7 .4 -.1 -.9 -7.2 .5 .2 4.4 -3.0 .9 - 1 3 . 0 -.3 2 .3 - 2 . 1 6.8 — *3 - . 1 - 1 1 . 4 2.3 .1 -.2 .2 .1 0) 0) 0) 0) -.4 8 0) 0) 0) 0) -.3 -1.6 0) -1.0 - 71. 5 C) 0) 0) 0) .2 -.8 - 4 - 1 .1 .8 .6 1.1 .1 1.1 .1 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( —). In millions of dollars] Year or month 1947 1948 1949 1950 1951 International institutions -249 3 0) 1952P — 16 0 -3.6 — 152.7 — 118 1 Total United Kingdom 288.3 -94.9 43.8 -141.8 -224.3 -103.5 -2.0 -9.9 -13.5 -6.1 -2.0 -4.0 -3.1 -4.3 2.8 -14.9 -35.4 19.1 17.2 14.2 4.9 -12.8 8.7 -3.0 .4 .2 .5 .5 .9 - 3 1.0 1.2 .1 -.1 -.4 .3 .5 .6 -.2 -3.9 -6.7 -2.9 -.7 -.2 -.1 -.2 .4 1.7 1.0 -.2 -1.6 2.1 -.5 1.8 .4 .7 -.3 .3 -1.5 2.1 1952—Feb Mar.... Apr.... May... June... July... Aug.... Sept.... Oct Nov.... Dec.p.. .1 -4.4 0) -50.7 -.8 -58.8 -.8 -7 -30.4 r-16.4 -62.2 -100.1 12.5 18.9 31 .7 r9.3 69.8 7.9 -47.0 1953—Jan.p. . 0) -17.6 0) -.6 p Preliminary. i Less than $50,000. 426 r !l -1.1 -1.6 -1.1 -1.0 1.3 4.0 -.7 -.7 France .4 -1.3 -4.1 Nether- Switzerlands land -29.9 -5.3 — .1 -4.7 .7 Italy -.3 .1 .4 .5 1.2 1.2 0) 0)" -.2 A -.3 .1 1.0 0) .4 Other Europe Total Europe Canada Latin America 15.6 11.4 24.6 16.4 18.2 -34.4 -43.4 30.8 13.4 28.5 16.2 205.2 -102.2 -10.6 -190.0 -258.6 -141.0 89.2 40.7 20.2 29.8 33.8 25.3 .8 2.8 .4 2.1 6.1 -.4 .2 .6 3.9 .7 .3 -.8 3.1 3.3 2.3 1.2 -9.6 -10 2.0 10.6 .3 -.2 -30.6 '-10.5 -71.2 -101.5 11.2 21.4 28.3 r 6.5 39.8 8.8 -46.0 2.3 1.5 1.0 1.9 2.5 1.1 .6 13.1 .2 2.3 -1.8 -5.0 -4.1 -3.0 -2.7 6.7 2.7 .4 6.7 -1.6 -3.9 .7 1.7 -16.7 1.1 -4.1 7.8 0) Asia .5 1.6 .8 1.0 -36.0 -10.0 All other 27.8 8.4 2 6 3.9 7 0 6.0 .6 -5.5 8.8 .1 .4 .2 .6 — .2 -.3 .2 .7 .4 Revised. 8 Not available until 1950. FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Year or month Total 1947 1948 1949 1950 1951. . -11.3 -19.3 6 8.0 Nether- Switzer lands land United Kingdom France -10 -1.2 1 — 1 0 1952P —6 1 -1.8 1952—February Ill arch. April May June July August September October.... November December? 5.3 1.2 -4.8 4.1 2.3 —3 7 —4.1 2.0 3 -7.8 3.7 —1 6 1.3 -1.7 1 7 -1.2 .8 1953—January? 23.5 1.1 -.2 -1.4 -2.5 -.5 - 1 -4.8 -3.4 2 4 2,5 3 -1.0 -1.6 1.1 .2 -1.3 .4 1.0 1 0 19 -1.9 -.6 3.1 7 —3 4 J — 3 -.5 .7 8 3 9 .3 2 — l — .2 .3 — 2 -.3 -.1 - .7 -.6 Other Europe Total Europe -.2 1 2 4 ? -.6 -.5 -3.2 1 -9.3 -20.8 1.0 2 2 - 3 - 5 1 .2 (i) -1.2 .4 .2 .1 -.2 .2 .1 — .2 -.3 .3 — 4 -.2 .1 -1.5 0) -1.5 -10.7 .9 .7 -4 8 1.2 4.8 -2.7 1.7 2.9 -2.1 —1 1 -1.0 -.2 Italy -.2 - 3 .6 -2.0 1 9 3.0 —3.0 -3 3 2 8 -1.6 * -1.0 8.1 0) .1 .1 .2 -.3 -2.9 2.6 2.2 —2 1 -3.3 -1.8 9 -3.2 1.5 .6 .3 .3 Latin Canada America -.6 1.2 —1.3 -2.1 1.8 1.4 -1.5 -.3 3 '.2 4.4 3.0 —5 -.1 — .1 -.1 -1.5 .1 -2.6 2.1 .5 -2 0 .5 -.2 -.8 .2 -.3 — .2 — 1.7 .8 6 -.1 .9 .4 -.6 .6 .2 1 — l .5 4 -.8 -.8 -.7 1.1 .4 .6 1.9 2 -2.4 2.1 0) -1.4 1.8 .4 — .2 -5.0 1.0 .6 —1 8 -1.2 All Other Asia 2.0 .7 .6 0) P Preliminary. Less than $50,000. Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 86.9; U. S. brokerage balances abroad, 36.5. 1 2 GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Year or month 1941. 1942. 1943. 1944. 1945. 1946. 1947. 1948. 1949. 1950. 1Q51 . Estimated world production Total outside reported USSR* monthly 1,265.6 1,125.7 871.5 777.0 738.5 756.0 766.5 798.0 833.0 857.5 840.0 1,110.4 982.1 774.1 701.5 683.0 697.0 705.5 728.1 753.2 777.1 758.3 1952. 1952—January... February.. March April May June July August.... September. October. . . November. December. 1953—January.. . 62.5 61.0 63.3 63.3 66.2 Production reported monthly North and South America Africa South Africa Rhodesia West Belgian United Africa2 Congo* States4 Can- Mexico Colombia Chile $1 —15/21 grains of gold 9/10 fine: i. e., an ounce of fine gold =$35, 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 1« 1 403 1 17 0 22 9 12.3 66 3 153.7 13.8 14 8 413 .7 17 .4 23 .8 13 .7 67 .8 156.5 34.2 32.2 34.4 33.8 35.5 34.1 355 34! 9 34 7 35! 4 34.3 34.6 34.7 1.4 L.4 L.3 L.5 L.4 .5 .4 .6 .4 !5 .5 4 2.0 1.9 1.9 2.0 2.0 1.1 1.2 1.2 1.3 1.2 1.2 2!o 1.2 2.1 2.1 2.1 1.1 .9 5.0 4.8 4.6 5.0 5.1 5.5 6.4 6!5 6.2 6.8 6.0 5.9 2.1 1.2 4.5 1.9 1.8 2.1 1.2 1.2 1.1 12.4 12.3 12.8 12.7 12.8 12.6 13.1 13.0 13.4 14.1 13 6 13.7 13.0 .5 1.4 1.4 .9 2.1 1.6 L.4 1.2 L.6 L.5 .9 L.3 .1 L .0 1.1 3 1.8 Other 9.3 6.4 6.1 7.1 6.3 8.1 5.9 5.7 6.3 6 7 6 1 .6 .4 .5 .4 .5 .4 .6 .6 .6 .5 Nica- Austra- India 3 ragua 5 lia 7.5 8.6 7.7 7.9 7.0 6.4 7.4 7.8 7.7 8.0 8 9 8.9 7 7 .7 7 8 .8 ,7 !7 .8 !7 g 8 52.4 40.4 26.3 23.0 23.0 28.9 32.8 31.2 31.3 30.4 31.3 10.0 9.1 8.8 6.6 5.9 4.6 6.1 6.5 5.7 6.7 2.4 2.6 2.5 2.8 2.7 2.9 3^2 .6 .7 .7 .7 2 4 2 8 3.6 7 Q 8.5 .7 .7 .7 .8 .8 .7 .7 7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. * Reported bv American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 are estimates of American Bureau of Metal Statistics. 6 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. APRIL 1953 427 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States total world (excl. USSR)* Treasury Total» End of month Argentina Belgium Bolivia Brazil Canada Chile 1947—Dec 1948—Dec 1949—Dec 1950— Dec 1951—Dec. . . 34,550 34,930 35,410 35,820 35,950 22,754 24,244 24,427 22,706 22,695 22,868 24,399 24,563 22.820 22,873 322 143 216 216 268 597 624 698 587 621 23 23 23 23 23 354 317 317 317 317 294 408 496 590 850 45 43 40 40 45 1952—Mar Apr 36,000 23,290 23,297 23 296 23,346 23,350 23 344 23,342 23,339 23 337 23,186 23,428 23,450 23 502 23,533 23,536 23 528 23,525 23,521 23 504 23,252 268 268 268 268 268 268 268 268 268 624 638 650 669 735 735 718 713 711 706 23 23 23 23 23 25 22 26 23 317 317 317 317 317 317 317 317 317 317 874 877 886 893 887 883 892 885 887 896 22 986 22,662 23 079 22,751 Frances Guatemala May June.... July 36,120 Sept Oct Nov Dec. 36,200 Aug . . P36.260 1953—Jan Feb 709 701 317 317 End of month Egypt 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec 53 53 53 97 174 548 548 523 523 548 27 27 27 27 27 274 256 247 247 247 142 140 140 140 138 58 96 256 256 333 <180 1952—Mar Apr May.... 174 174 174 174 174 174 174 174 174 174 548 548 548 548 548 558 558 558 568 573 27 27 27 27 27 27 27 27 27 27 247 247 247 247 247 247 247 247 247 247 138 138 138 138 138 138 138 138 138 138 346 346 346 346 346 346 346 346 346 '280 1953—Tan Feb 174 174 573 573 27 247 247 138 138 End of month Portugal El Salvador South Africa Spain Sweden 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec 310 236 178 192 265 15 15 17 23 26 762 183 128 197 190 111 111 85 61 51 105 81 70 90 152 1952—Mar Apr. . . . May.... June.... July . . . . Aug Sept. . Oct. . . Nov.. Dec... 274 274 274 274 274 274 277 282 285 286 26 26 30 30 30 30 29 29 29 29 169 164 161 148 151 159 158 159 159 170 51 51 51 51 51 51 51 51 51 51 1953—Jan Feb 297 298 29 29 165 173 51 52 June.... July . . . . Aug Sept. . Oct. . . Nov.. Dec. India Iran Italy Java 178 '209 ••280 280 280 280 280 280 280 280 255 235 Mexico Thailand Cuba Denmark dor 32 32 32 31 31 20 21 21 19 22 45 45 42 42 41 41 42 42 42 42 321 321 321 318 304 294 280 280 254 214 31 31 31 31 31 31 31 31 31 31 22 22 22 22 22 23 23 23 23 23 42 42 214 31 31 23 23 74 NetherNew lands Zealand Norway Pakistan 231 166 195 311 316 23 23 27 29 32 72 52 51 50 50 14 27 27 27 185 185 117 70 71 72 87 104 105 340 342 344 344 350 323 326 326 394 544 32 32 33 33 33 33 33 33 33 33 50 50 50 50 50 50 50 50 50 50 38 38 38 38 38 38 38 38 38 38 P567 ?597 33 33 55 55 38 38 Turkey Ecua- 279 289 299 271 311 83 51 52 100 42 52 208 208 218 208 Switzerland Colombia United Kingdom Uruguay Venezuela Peru 20 20 28 31 46 46 46 46 46 46 46 46 46 46 Inter- Bank for national InterMone- national tary Settlements Fund 175 164 178 236 221 215 323 373 373 373 1,356 ,436 ,451 ,495 ,530 30 36 68 167 115 150 150 153 150 150 150 146 143 143 143 2,079 1,856 1,688 3,300 2,335 1,700 1,662 1,678 1,685 1,716 1,672 1,685 1,767 1,895 1,846 211 211 211 211 211 211 211 205 205 207 373 373 373 373 373 373 373 373 373 373 L.532 ,532 1,535 ,537 ,537 1,681 ,683 1,691 ,692 L,692 143 151 154 154 166 181 183 187 191 196 143 144 1,978 s 2,103 207 373 1,692 215 214 34 34 118 118 113 170 162 154 150 151 214 214 210 213 206 202 202 190 185 184 1.356 1,387 ,504 ,470 ,452 1,432 ,413 L.410 L.408 ,408 1,404 1,404 1,406 ,407 1,411 113 113 113 113 113 113 113 113 113 113 195 194 1,417 1,417 113 r Preliminary. Revised. Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central ld banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. * Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 1 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 1 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1 428 FEDERAL RESERVE BULLETIN NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter 1945 1946 1947 1948 1949 1950 1951 1952 Total United Kingdom -452.9 721.3 2,864.4 1,510.0 193.3 -1,725.2 75.2 393.7 -.2 406.9 734.3 446.3 - 1 ,020.0 469.9 440.0 68.8 173.9 101.5 -151.0 162.4 283.9 Belgium France 31.1 14.2 222.8 69.8 -41.0 278.5 -55.0 -10.3 -3.8 Netherlands 264.6 15.8 -84.8 -20.0 Switzerland Other Europe* -47.9 -10.0 130.8 116.0 40.7 63.0 -23.5 14.0 -79.8 -15.0 - 4 . 5 -34.9 -100.0 - 5 . 0 -86.8 -29.9 10.0 -5.6 -40.0 -22 y -38.0 -32.0 -15.0 22.5 -7.4 27.3 86.6 5.8 »-159.9 -68.0 -60.1 -29.3 10.5 -5.0 -10.0 -20.0 -5.0 -13.7 -11.2 2-119.1 -15.9 -13.0 -12.4 -11.9 3.4 -47.1 Portugal Sweden 80.2 238.0 3.0 Canada Argentina 36.8 337.9 311.2 -224.9 153.2 727.5 114.1 -49.9 3.4 -100.0 -10.0 7.2 Cuba Mexico -85.0 -30.0 -65.0 -10.0 -10.0 28.2 —49.9 -20.0 -20.0 —23.8 36.9 45.4 61.6 -16.1 -118.2 -60.2 87.7 1949 Jan.-Mar Apr.-June.... July-Sept Oct.-Dec -12.5 10.4 -31.0 2.5 -33.9 3.5 3.4 -49.9 -10.0 2.3 7.9 -11.3 -15.0 1950 Jan.-Mar Apr.-June July-Sept Oct.-Dec -35.0 -20.0 -201.3 -30.4 -731.0 -762.4 -580.0 -360.0 -876.3 -55.6 291.4 715.7 -400.0 -80.0 320.0 629.9 -12.3 2.0 557.3 105.7 -1.3 -268.0 520.0 20.2 -80.0 -28.5 -56.3 -79.8 -15.0 -3.0 -16.0 -4.0 -25!6' -15.8 8.2 20.0 -100.0 -40.5 -61.9 1951 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec.. -4.5 -91.7 71.7 10.0 -15.0 0 -5.0 -17.0 -5.0 -15.0 -15 -44.3 -11.2 -3.5 -1.1 -124.4 64.1 -49.9 -10.0 -20.0 1952 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec.. -80.0 22.5 -24.0 -100.0 -5.0 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES—Continued -10.1 11.3 101.4 6.9 .3 -20.0 -19.3 -25.0 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter 1945 1946 1947 1948 1949 1950 1951 1952 Uruguay Venezuela Other Latin America Asia and Oceania Union of South Africa Gold stock at end of period All other 3.7 22.9 94.3 11.9 256.0 6.9 498.6 -1.6 195.7 13.1 4-47.2 52.1 <-84.0 11.5 -2.0 —37 9 - 7 3 . 1 -9.2 -4.9 25.1 -3.7 10 7 -108.0 -14.4 -50.0 —64 8 -.9 22.2 14.9 -27.8 s -188.3 25.0 13.7 1.0 79.1 —4.1 13.4 -52.1 -7.5 -17.2 —35.4 - 1 7 . 2 s-50.1 -25.1 -4.8 3 0 -16.5 -1.0 3.6 3.7 -2.9 -11.9 -2.3 -6.6 -2.2 —41.0 72.0 55.6 48.1 19.9 .1 .1 -2.0 — 10.4 -.9 -.1 -5.9 .2 1.0 -13.9 -22.8 3.9 9.2 -26.9 -2.8 -14.7 -2.8 1949 Jan.-Mar. Apr -Tune July-Sept. Oct -Dec . . -50.0 .2 1950 Jan -M!ar Apr.-June July-Sept Oct.-Dec — 12 0 -2.0 -23.9 -26.9 1951 Tan -!Mar Apr -June July-Sept Oct.-Dec -50 9 15.0 28.0 30.1 -.9 -11.7 -5.0 3.5 -4.0 -18.8 -2.4 -3.9 -25.0 12.7 20.3 19.2 -28.0 -25.0 -31.0 1952 Jan.-Mar Anr -Tune July-Sept Oct -Dec P eriod Treasury Total i Earmarked DomesNet Increase gold gold: de- tic gold imin total port or crease producgold or inexport stock tion 2 crease (-) (-) 1942. 1943. 1944 1945. 1946 1947. 1948 1949. 1950 1951. 1952. 22 21 20 20 20 22 24 24 22 22 23 ,726 ,938 ,619 ,065 ,529 ,754 ,244 ,427 ,706 ,695 ,186 —23.0 315.7 —458.4 125.4 22,739 —757.9 21,981 68.9 —803.6 48.3 20,631 —1,349.8 —845.4 —459.8 35.8 20,083 —547.8 — 106.3 —356.7 32.0 20,706 1 623.1 311.5 465 .4 51.2 2,162.1 1,86613 2io!o 75 .8 22,868 159[2 70.9 24,399 1,530.4 1,680.4 24,563 164!6 686! 5 —495\7 67.3 22,820 — 1,743.3 —371.3 -1,352 A 80.1 22,873 52.7 —549^0 617^6 66.3 23,252 378.9 684.3 —304.8 67.8 1952—Mar... Apr. . . May. . June.. July... Aug.. . Sept... Oct.... Nov... Dec... 23 23 23 23 23 23 23 23 23 23 ,290 ,297 ,296 ,346 ,350 ,344 ,342 ,339 ,337 ,186 23,428 23,450 23,502 23,533 23,536 23,528 23,525 23,521 23,504 23,252 -8.0 -2.8 -4.4 -16.9 -252.6 1953—Jan... Feb... Mar... 22 ,986 22 ,662 23,079 22,751 — 172.8 -327.5 P22 ,562 P 2 2 , 6 4 9 51.6 22.0 51.9 30.5 3.8 P-102.7 157.1 96.6 27.2 36.6 24.5 3.1 33.3 83.5 .3 8.1 -2.2 -2.0 (4) -103.1 -75.4 27.1 19.3 -31.4 -32.6 — 13.8 -92.4 -29.0 -263.2 -171.7 -324.1 5-106.5 4.6 5.0 5.1 5.5 6.4 6.5 6.2 6.8 6.0 5.9 4.5 4.3 (4) P Preliminary. See footnote 2 on opposite page. Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 are estimates of American Bureau of Metal Statistics. 8 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. * Not yet available. • Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 5,915.4 million dollars on Mar. 31, 1953. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 1 2 10.0 4.8 -17.6 —7.4 -2.0 2.0 -3.2 -2.4 .4 .3 4.3 7.2 -.1 -1.9 1 Includes Bank for International Settlements. * Includes sale of 114.3 million dollars of gold to Italy. » Includes sales of 185.3 million dollars of gold to China. * Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. * Includes sales of 45.0 million dollars of gold to Indonesia. APRIL 1953 429 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1953 1952 1951 1952 International Bank International Fund Jan. Gold Currencies (balances with depositories and securities payable on demand): United States Other Unpaid balance of member subscriptions. Other assets Member subscriptions Accumulated net income Net currency purchased » (Cumulative—millions of dollars) Oct. 1,692 1,691 1,537 1,531 1,288 4,395 1,354 1 8,737 1,293 1,319 1,322 4,390 4,420 4,408 869 883 1,354 1 1 1 8,737 8,154 8,152 -7 -7 -7 1953 Feb. 50.0 11.4 18.8 Australian pounds Belgian francs Brazilian cruzeiros Chilean pesos Czechoslovakian koruny. Danish kroner Egyptian pounds Finnish markkaa French francs Indian rupees Iranian rials Netherlands guilders Turkish liras Pounds sterling Yugoslav dinars All other Jan. July 6.0 10.2 -5.5 4.5 125.0 100.0 8.8 48.1 10.0 300.0 9.0 -1.6 1952 Jan. Dec. Feb. 50.0 50.0 20.0 11.4 11.4 11.4 37.5 37.5 103.0 '1.8 3.6 5.4 6.0 6.0 6.0 10.2 10.2 10.2 - 5 . 5 -5.5 -5.5 4.5 4.5 125.0 125.0 125.0 100.0 100.0 100.0 8.8 48.1 48.1 75.2 10.0 10.0 5.0 300.0 300.0 300.0 9.0 9.0 9.0 -1.7 - 1 . 6 -1.6 r 694.5 715.O 716.8 Total. Dec. Gold Currencies (balances with depositories and securities payable on demand): United States Other Investment securities (U. S. Govt. obligations) Calls on subscriptions to capital stock 3 . . Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) Other assets Bonds outstanding Liability on obligations sold under guarantee Loans—undisbursed Other liabilities General reserve Special 3reserve Capital Sept. June 10 13 1,040 1,035 495 4 472 4 Dec. 6 937 945 512 4 510 4 1,409 1.330 1,270 1,113 14 13 15 10 500 568 496 436 66 423 9 59 56 33 403 407 350 7 7 10 66 58 63 50 32 30 28 24 1,807 1,807 1,691 1,688 * As of Feb. 28, 1953, the Fund had sold 851.5 million U. S. dollars; in addition, the Fund sold to the Netherlands 1.5 million pounds sterling in May 1947 and 300 million Belgian francs in May 1948, sold to Norway 200 million Belgian francs in June and July 1948, and sold to Brazil 10 million pounds sterling in January 1951. Repurchases amounted to 202.4 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." 2 Less than $500,000. 3 Excludes uncalled portions of capital subscriptions, amounting to 7,229 million dollars as of Dec. 31, 1952, of which 2,540 million represents the subscription of the United States. 771.7 CENTRAL BANKS Assets of issue department Bank of England (Figures in millions of pounds sterling) 1943—Dec 1944—Dec. 1945—Dec 1946—Dec. 1947—Dec 1948—Dec 1949—Dec. 1950—Dec. 1951—Dec. 29 27 26 25 31 29 28 27 26 1952—Mar. 26 Apr 30 May 28 June 25 July 30 Aug. 27 Sept. 24 Oct 29 Nov. 26 Dec. 31 1953—Jan. 28 Feb. 25 Gold* 2 .2 2 .... .2 .2 2 .4 .4 .4 Other assets 2 Notes and coin Discounts and advances Securities 1 100 0 1,250.0 1,400 0 1,450.0 1,450.0 1,325 0 1,350.0 1,375.0 1,450.0 12 5 13.5 20 7 23.4 100.8 36 1 33.7 19.2 14.1 2 5 5.1 8 4 13.6 15.2 16 7 14.8 29.2 18.2 307 9 317.4 327.0 327.6 331.3 401.1 489.6 384.0 389.2 17.4 41 9 39.7 59.8 36.8 43.0 57.8 57 7 40 5 51.3 23.6 27 4 11.9 21.2 21.6 7.2 5.2 9 3 52.9 37.3 6 5 .... .4 .4 1,400.0 1,450 0 1,450.0 1,500.0 1,550.0 1,500.0 1,500.0 1,500 0 1,500 0 1,575.0 .... .4 .4 41,500 0 1,500.0 .4 4 ... .4 .4 .4 .4 .4 4 Assets of banking department 9.9 11.2 7.1 Liabilities of banking department Note circulation 3 ECA Other Other liabilities and capital 17.4 97.9 .4 .6 60.4 52.3 58.5 57.3 95.5 92.1 111.2 85.0 89.8 17.9 17.8 17.8 18.1 18.1 18.1 18.1 18.1 18.1 .5 13.6 18.2 23.0 24.2 22 2 26.6 24.3 81.3 73 4 72.6 72.5 69.2 64.8 67.0 66 7 72.6 78.5 18.5 17 8 18.0 18.1 18.3 18.4 18.5 17 8 18 0 18.1 32.2 44.6 66.1 68.8 18.3 18.4 Deposits Bankers' Public J.088.7 1,238.6 L379.9 1,428.2 1,349.7 L,293.1 1,321.9 1,357.7 1,437.9 234.3 260.7 274.5 278.9 315.1 314.5 299.2 313.5 299.8 10.3 5.2 5.3 10.3 18.6 11.7 11.6 15.4 13.4 351.8 306 1 319.6 309.6 319.7 324.4 333.5 324 8 357.6 371.2 1,384.6 1,410 0 L.412.2 1,442.1 1,515.1 1,459.0 1,444.1 1,444.2 1,461.4 1,525.5 280.3 273.0 270.0 275.7 262.0 252.4 275.7 271.6 275.4 302.8 12.1 10.7 10.1 10.6 10.4 16.0 11.1 13.5 15.4 10.0 343.2 389.9 1,448.9 1,464.7 274.5 292.6 11.5 9.8 .5 .5 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. * Fiduciary issue decreased by 50 million pounds on Jan. 7 and by 25 million on Jan. 14. For details on previous changes, see BULLETIN for February 1953, p. 194. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 430 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Bank of Canada (Figures in millions of Canadian dollars) Gold Sterling and United States dollars Liabilities Dominion and provincial government securities Deposits Other assets Chartered banks Dominion government 359.9 496.0 693.6 874.4 ,036.0 ,129.1 ,186.2 ,211.4 ,289.1 ,307.4 ,367.4 ,464.2 217.7 232.0 259.9 340.2 401.7 521.2 565.5 536.2 547.3 541.7 578.6 619.0 10.9 73.8 51.6 20.5 12.9 153.3 60.5 68.8 98.1 30.7 24.7 94.9 9.5 6.0 19.1 17.8 27.7 29.8 93.8 67.5 81.0 126.9 207.1 66.1 28.5 35.1 24.0 55. 209 198. 42, 42.4 43.1 119.2 172.6 200.0 106.8 84.0 73.8 76.1 71.2 69.7 70.8 103.4 72.3 77.3 ,393.2 ,411.8 ,417.4 ,441.8 ,458.3 ,464.4 ,476.5 ,485.6 ,498.8 ,561.2 656.5 645.7 579.4 578.0 595.5 614.7 588.2 668.8 607.3 626.6 14.6 14.3 21.9 26.8 51.6 52.0 30.7 18.8 15.0 16.2 66.1 41.7 44.6 48.5 41.6 47.4 49.4 56.0 65.1 44.5 98.6 109.0 117.1 93.9 111.2 122.1 134.0 99.8 125.2 132.9 82.3 88.8 1,479.6 1,472.8 603.1 668.0 40.5 88.6 47.6 51.4 130.1 109.3 Shortterm l Other 38.4 200.9 .5 .6 172.3 156.8 1.0 2.0 .4 74.1 111.4 117.8 448.4 391.8 807.2 787.6 906.9 ,157.3 ,197.4 ,022.0 ,233.7 ,781.4 ,229.3 ,141.8 127.3 216.7 209.2 472.8 573.9 688.3 708.2 858.5 779.1 227.8 712.5 ,049.3 12.4 33.5 31.3 47.3 34.3 29.5 42.1 43.7 45.4 42.5 297.1 135.2 1952—Mar. 3 1 . Apr. 30. May 3 1 . June 30. July 3 1 . Aug. 29. Sept. 30. Oct. 3 1 . Nov. 29. Dec. 31 . 60.1 72.3 78.3 43.8 63.0 74.9 73.5 42.8 67.6 77.1 ,179.9 ,191.5 ,203.6 ,251.3 ,280.0 ,303.2 ,263.7 ,286.7 ,214.3 ,459.8 882.2 874.7 824.6 817.8 843.9 852.9 870.9 896.1 957.3 767.2 1953—Jan. 3 1 . Feb. 28. 64.3 72.0 1,351.2 1,411.9 803.0 817.5 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31. 31. 31. 31. 30. 31. 31. 31. 31. 31. 30. 31. Domestic bills (Figures in millions of francs) 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950— Dec. 1951—Dec. Gold 5 26. 84,616 31. 84,598 31. 84,598 30. 84,598 28. 75,151 27. 129,817 26. 94,817 31. 65,225 30. 65,225 29. 62,274 28. 182,785 27. 191,447 Foreign exchange Advances to Government 6 Deposits " Other assets 6 Open market Other Liabilities Assets Bank of France Otherliabilities and capital 3 Note circulation2 Note circulation Government ECA Other Other liabilities and capital Special Other Current Other 7,802 42 6,812 38 37 8,420 37 9,518 42 12,170 68 17,980 7 37,618 12 67,395 30 97,447 61,943 137,689 162,017 136,947 28,320 234,923 661 12 169 29 48 303 3,135 64 8,577 28,548 34,081 31,956 3,646 4,517 5,368 7,543 18,592 25,548 76,254 117,826 238,576 335,727 393,054 741,267 63,900 69,500 68,250 64,400 15,850 67^900 147,400 150,900 157,900 158,900 160,000 112,317 182,507 250,965 366,973 475,447 445,447 480,447 558,039 558,039 560,990 481,039 481,039 18,571 218,383 984 17,424 270,144 1 517 16,990 382,774 770 16,601 500,386 578 20,892 572,510 748 24,734 570,006 12,048 33,133 721,865 765 59,024 920,831 733 57,622 987,621 806 112,658 ,278,211 1,168 212,822 ,560,561 70 190,830 ,841,608! 29 272,294 273,149 274,111 254,301 258,560 257,589 270,264 283,717 274,454 274,003 29,239 22,984 26,128 21,871 11,779 14,404 31,784 48,089 52,225 57,042 841,006 799,004 841,897 831,044 835,599 854,081 812,416 872,793 851,545 937,459 169,300 171,100 169,000 168,000 167,800 168,600 166,300 171,100 172,000 172,000 479,982 500,982 479,982 479,982 479,982 479,982 479,982 479,982 479,982 479,982 113,099 ,861,68li 139,747 ,925,615! 118,726 ,900,526! 110,501 ,885,9291 184,957 ,984,549 169,852 .969,553 171,274 962,270 161,989 2 024,943 154,146! 006,873 123,514 159,727 22 84 39 36 55 13 83 25 10 27 15 ,783 341 6 ,645 730 816 9 ,039 539 8 ,392 10 ,887 897 188,767 156,326 171,350 143,900 121,411 137,403 129,755 158,275 139,480 137,727 41,448 29,679 38,539 43,541 43,369 46,878 61,930 49,792 55,954 49,305 124,578 2,065,210 121,445 2,067,257 56 55 730 3 ,479 128,731 146,509 57,008 52,350 1952—Mar. 27. Apr. 30. May 29. June 26. July 3 1 . Aug. 28. Sept. 25. Oct. 30. Nov. 27. Dec. 3 1 . 191,447 191,447 191,447 191,447 191,447 194,943 194,943 194,943 198,439 200,187 11,336 13,634 15,808 16,991 20,077 23,435 27,613 28,815 30,413 31,068 1953—Jan. 29. Feb. 26. 200,187 200,187 16,040 262,363 16,502 263,286 6 55,681 915,903 175,000 501,982 48,658 929,291 185,300 504,982 27,202 25,272 29,935 33,137 37,855 57,755 63,468 82,479 171,783 158.973 15 ^058 161,720 10 ,587 166,226 844,986 868,474 821,318 815,596 7,078 4,087 7,213 10,942 16,206 19,377 24.234 41,332 1 Securities maturing in two years or less. Includes notes held by the chartered banks, which constitute an important part of their reserves. Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 2 3 APRIL 1953 431 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1953 Feb. Jan. 1952 Dec. Central Bank of the Argentine Republic (millions of pesos): 1,117 Gold reported separately 906 Other gold and foreign exchange. 138 17 Government securities 2,123 2,127 Rediscounts and loans to banki. . 48,913 49,073 Other assets 201 102 Currency circulation 21,009 21,270 Deposits—Nationalized 27,547 27,276 774 Other sight obligations 786 Other liabilities and capital 3,162 3,054 Commonwealth Bank of Australia (thousands of pounds): Gold and foreign exchange 403,745 381,576 352,266 Checks and bills of other banks.. 5,322 6,275 7,094 Securities (incl. Government and 377,810 411,530 4 4 4 ,966 Treasury bills) 106,393 61,637 •' ~ " 40,135 Other assets 318,918 321,168 342,418 Note circulation Deposits of Trading Banks: 216,095 187,595 157,595 Special 56,107 56,715 52,527 Other 302,150 295 ,541 291,922 Other liabilities and capital Austrian National Bank (millions of schillings): 100 100 98 Gold 2,239 2,422 2,162 Foreign exchange 6,325 6,605 6,342 Loans and discounts 2,405 2,403 2,900 Claim against Government 41 41 38 Other assets 8,777 9,048 8,818 Note circulation 385 316 631 Deposits—Banks 259 292 354 Other 1,689 1,884 1,770 Blocked National Bank of Belgium (millions of francs): 35,069 35,448 35,295 Gold* Foreign claims and balances (net) 16,126 16,272 16,658 6,070 6,823 7,095 Loans and discounts Consolidated Government debt.. 34,723 34,723 34,763 7,678 6,386 6,708 Government securities 4,064 3,806 4,171 Other assets 96,602 96,301 97,190 Note circulation 2,111 3,269 1,694 Deposits—Demand 1,319 209 1,341 ECA 3,729 3,650 4,463 Other liabilities and capital Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (y Gold at home and abroad a 1,516 Foreign exchange (net) 31,984 Loans and discounts 1,858 Government securities 1,830 Other assets 350 Note circulation 5,503 Deposits ^ 1,238 Other liabilities and capital 797 Central Bank of Ceylon (thousands of rupees): 395,142 405,352 401 ,089 Foreign exchange 87,600 89,000 85,000 Advances to Government 73,331 80,745 75,650 Government securities 2,010 3,349 3,897 Other assets 386,924 385,598 388,828 Currency in circulation 1,818 7,013 7,108 Deposits—Government 133,500 147,997 131,926 Banks 37,838 37,774 35,840 Other liabilities and capital Centra] Bank of Chile (millions of pesos): 1,247 1,248 1,174 Gold 84 161 279 Foreign exchange (net) 277 332 221 Net claim on Int'l. Fund * 2,136 1,708 2,633 Discounts for member b a n k s . . . . 4,059 4,059 4,059 Loans to Government 8,280 7,447 6,932 Other loans and discounts 2,699 2,827 2,780 Other assets 12,219 12,787 12,488 Note circulation 2,635 2,409 2,002 Deposits—Bank 542 422 584 Other 2,941 2,906 2,705 Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos): 318,495 299,185 295,895 Gold and foreign exchange 24,374 24,373 24,373 Net claim on Int'l. Fund « 6,582 7,164 7,159 Paid-in capital—Int'l. Bank Feb. 1953 Central Bank (Figures as of last report date of month) Feb. Bank of the Republic of Colombia—Cont. 814 Loans and discounts 902 Government loans and securities. 2,094 Other assets 42 ,628 Note circulation 302 Deposits 17,298 Other liabilities and capital 25,728 Central Bank of Costa Rica 879 (thousands of colones): 2.834 Gold Foreign exchange Net claim on Int'l. Fund * 320,930 Loans and discounts 5,884 Securities Other assets 629,357 Note circulation 102 ,833 Demand deposits 294,971 Other liabilities and capital National Bank of Cuba 455,2 70 (thousands of pesos): 41,079 Gold 267,685 Foreign exchange (net) Foreign exchange (Stabilization Fund) 51 Silver 565 Net claim on Int'l. Fund « 6,367 Loans and discounts .,408 Credits to Government 39 Other assets 8,177 Note circulation 346 Deposits 406 Other liabilities and capital 1,501 National Bank of Czechoslovakia 6 National Bank of Denmark (millions of kroner): 30,483 Gold 22 ,949 Foreign exchange 8,064 Contributions to Int'l. B a n k . . . . 34,823 Loans and discounts .,409 Securities 3,272 Govt. compensation account. . . . 93 ,638 Other assets 2 ,354 Note circulation 1,140 Deposits—Government 10,869 Other Other liabilities and capital Central Bank of the Dominican 1,370 Republic (thousands of dollars): 693 Gold 1,223 Foreign exchange (net) 1,845 Net claim on Int'l. Fund 4 255 Paid-in capital—Int'l. Bank 4,115 Loans and discounts 606 Government securities 665 Other assets Note circulation Demand deposits 636,621 Other liabilities and capital 11,964 Central Bank of Ecuador 3,356 (thousands of sucres): 3,129 Gold* 404,847 Foreign exchange (net) 5 36,115 Net claim on Int'l. Fund * 171,200 Credits—Government 42,907 Other Other assets Note circulation 1,214 Demand deposits—Private banks 189 Other 107 Other liabilities and capital 1.835 National Bank of Egypt (thou670 sands of pounds): 6,270 Gold' 3,087 Foreign exchange 8,545 Foreign and Egyptian 2,127 Government securities 317 Loans and discounts 2 ,382 Advances to Government Other assets Note circulation 254,335 Deposits—Government 24,371 Other 7,126 Other liabilities and capital 1952 Jan. Dec. Feb. 384,956 365,286 424 ,144 241,347 176,547 174,759 170,083 148,352 88,197 82,176 79,155 127,810 537,959 538,879 609,727 455,831 392,280 344,151 325,267 281,317 66,194 68,912 69,914 65,816 11,511 01,301 7,031 75,314 7,125 23,968 138,865 66,559 20,826 11,511 11 511 11,511 76,144 87 009 70,510 7,031 7,031 7, 031 67,872 84 051 100,831 7,205 7,593 7. 125 23,519 23 360 22,978 132 547 135,081 116,292 59,097 67 086 64,323 18,281 20 454 20,662 213,748 213,748 310,564 58,276 74,035 55,734 135,471 138,561 105,220 41,228 33,380 34,365 12,511 12,511 12,511 15,965 50,489 52,454 10,542 46,918 46,746 27,270 43,248 41,251 411,899 424 ,414 392,935 170,866 178,340 178,508 7,592 11,275 10,918 69 736 69 780 69 765 102 442 3,314 355 1,849 1,481 1,514 175 98 443 3,347 178 1,863 1,522 1,344 186 134 442 3,348 324 1,966 1,497 1,444 175 69 520 11 96 140 3,872 533 1,703 1,883 1,475 180 12,076 12,076 18,874 20,189 1,250 1,250 42 43 870 1,217 7,154 7,154 2,236 2,643 33,955 35,124 7,423 7,651 1,449 1,472 12,066 18,967 1,250 41 331 6,962 713 29,553 9,027 1,750 138,880 338 ,818 338,642 .33,851 230,231 234,168 18,757 18,757 18,757 135,939 224,333 94,879 48,466 153,079 75,360 51,365 155,425 51,560 136,589 544,911 169,864 74,448 189,847 200,699 05,875 180,013 62,042 10,347 205,873 80,761 335,822 44,732 18,758 220,599 197,676 184,754 463,424 157,342 144,730 236,845 60,553 60,553 60,553 19,513 20,817 19,710 60,553 24,942 23,383 299,012 291,737 12,940 19,092 23,490 2,761 4,372 3,361 4,717 4,175 5,803 97,661 200,574 99,803 84,177 80,510 81,206 22,658 107,562 98,099 20,440 19,993 23,858 329,470 28,326 12,076 17,218 1,250 43 1,016 9,848 2,198 33,515 8,650 1,485 1,712 192,274 115,306 115,669 21,754 * Latest month available. iOn Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June J950. gold reserves have been revalued at a rate of 60 bolivianos per dollar. 8 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 5 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78; January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 432 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange (net) Net claim on Int'l. Fund 1 Loar? and discounts Government debt and securities.. Note circulation Deposits . Other liabilities and capital Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits Other liabilities and capital Bank of G e r m a n States (millions of German marks): Gold Foreign exchange Loans and discounts Loans to Government Other assets Deposits—Government Banks Other Other liabilities and capital Bank of Greece (billions of drachmae) : Gold and foreign exchange (net) . Loans and discounts Advances—Government Other Note circulation Deposits—Government. Reconstruction and relief accts Other Other liabilities and canital Bank of G u a t e m a l a (thousands of quetzales): Gold Cxolti contribution to Int'l Fund Rediscounts and advances Other assets Circulation—Notes Coin Banks Other liabilities and capital National Bank of Hungary 2 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad . . Indian Govt. securities Rupee coin Note circulation . . . Banking department: Notes of issue d e p a r t m e n t . . . . 1952 V 53 Central Bank (Figures as of last report date of month) 1 F eb. 73 330 70 ,116 1 566 14 043 5 677 1 SS8 Jan. 73 404 56 ,589 1 ,566 1 9 434 6 ,409 1 747 Dec. 73 478 30 ,140 1 56r 33 707 6 800 1 778 99 ,522 96 ,691 94 ,187 S9 076 54 659 4S 701 7 ,532 7 ,800 7 ,743 5 ,862 5 ,863 5 ,863 9 ,249 11 ,313 7 ,427 1 ,679 4 ,430 4 ,666 39 ,965 47 , 643 1 ,162 1 ,139 290 2 ,009 41 ,104 46 ,153 3 ,889 4 ,145 16 ,719 16 ,773 38 ,075 1 ,165 2 ,287 44 ,238 1 ,050 16 ,016 Feb. Bank of Italy (billions of lire): Gold Foreign exchange Advances to Treasury Loans and discounts Government securities Other assets Note circulation Deposits—Government Demand Other Other liabilities and capital Bank of Japan (millions of yen): 5 ,865 Bullion 22 ,330 Advances to Government 4 ,545 Loans and discounts 64 144 57 ,8S0 1 S66 16 448 5 ,435 1 44 S 90 ,458 49 464 6 ,966 20 ,239 1 ,030 2 ,479 43 ,428 1 ,988 11 ,072 587 116 4 ,468 4 ,280 4 308 2 ,853 2 ,920 3 ,990 6 ,887 7 ,026 7 556 998 948 1 033 10 570 10 349 10 S09 1 ,368 1 ,580 1 747 1 ,972 2 990 2 ,071 249 767 ?4? 1 ,726 1 ,731 1,966 2 094 4 328 9 009 633 9 416 2 469 1 943 770 2 081 695 775 (Nov.)* 1,591 129 9,100 3 41 rt 1 600 2 773 1 275 188 8 016 3 557 1 911 1 961 7 394 7 130 ^1 S 6 254 2 714 3 470 87^ 97 18 1 8 71 43 3 3 11 15 ??8 410 9S0 415 897 956 SOS 056 637 047 97 11 1 8 71 44 3 7 9 13 9?8 783 9 SO 9S8 697 103 SOO 983 671 6S9 1 048 27 18 1 5 17 39 3 4 11 11 228 671 250 614 525 739 392 511 077I 624! 400 5 S87 4 501 838 ^) 064 400 5 38? 4 S01 847 10 9 ? 1 400 6 032 4 681 683 11 396 257 1 600 116 34 1 200 2 848 208 1 673 70 33 400 1, 41 S 25 68 1 664 3 , 252 319 Bills discounted Loans to Government 1 ,19?, Other assets 2 , 832 Deposits 358 344 Other liabilities and capital.. . Central Bank of Ireland (thousands •f pounds): 7 646 7 646 7 646 Gold 60, 796 60, 237 63, 886 Sterline funds 63, 442 62, 883 66, 532 Other assets Other Other liabilities The Java Bank (millions of rupiah): Gold* Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Deposits—ECA Other Other liabilities and capital Bank of Mexico (millions of pesos): Monetarv reserve * "Authorized" holdings of securities, etc Bills and discounts Note circulation Demand liabilities Other liabilities and c a p i t a l . . . . Netherlands Bank (millions of guilders): Gold » Silver (including subsidiary coin). Foreign assets (net) Loans and discounts . . . . Govt. debt and securities Other assets Note circulation—Old New Deposits—Government ECA Other Other liabilities and capital Reserve Bank of New Zealand (thousands of pounds): Gold . . . Foreign exchange reserve Loans and discounts Advances to State or State undertakings Investments .... Other assets Note circulation Other liabilities and capital Bank of Norway (millions of kroner): Gold II 2 , 646| 55, 24l| 57, 887I Loans and discounts Securities Occupation account (net) Other assets Note circulation Deposits—Government Banks ECA—MSA Other liabilities and capital 1953 Feb. 1952 Jan. Dec. Feb. 4 4S 573 373 249 774 4 45 574 299 249 738 4 43 576 329 250 776 4 38 590 260 185 832 1 ,2 75 1,299 65 57 1,381 38 79 1,193 210 69 390 360 365 98 119 74 137 49 3S8 98 r 448 448 448 501 37 ,501 37,931 38,390 39,368 376 065 329 845 317 763 345 273 194 369 233 240 286 141 92 845 r 108 500 107 274 123 619 103 192 S71 137 519 765 576 431 457 277 86 744 80 475 91 627 71 480 6 0 411 63 076 59 251 25 216 48 ,590 45]472 39,051 27,207 788 47 669 5 ,181 298 4 ,352 826 21 739 5,193 344 4,182 1 ,521 1,429 1,015 615 892 24 726 4,555 411 4,008 496 1,218 885 1,060 996 605 1,841 1,067 3,137 861 1,572 1 ,203 1,213 1,224 1,143 3 ,229 529 320 3 ,302 1 ,M)8 470 3,361 462 328 3,332 1,521 511 3,406 473 297 3,479 1,416 504 2,952 448 492 3,163 1,411 2 ,187 15 1 ,531 2,149 2,061 1,201 14 14 35 1 ,451 508 1,416 33 1,451 595 1,497 68 1,451 605 18 967 113 36 38 39 45 2 ,983 994 1 ,163 330 221 2,966 3,118 2,866 1,155 1,155 1,778 6,015 6,013 39,239 31,119 6,019 6,019 5,638 21,352 6,019 58,377 58,132 1,440 63,626 97,772 7,822 54,221 58,132 1,236 69,247 79,849 7,644 54,817 54,182 4,601 62,217 77,231 7,161 779 280 30 S^ 44 279 331 40 50 44 243 403 54 58 45 24 412 16 45 44 5 ,546 43 5,546 48 2,740 2,020 784 732 299 496 299 496 295 489 2 ,717 2 ,096 672 930 341 227 888 283 214 5,546 52 2,916 1 ,969 462 2,850 633 240 439 413 6,206 52 2,510 1,827 1 169 925 576 9 r * Latest month available. Revised. 1 This figure represents the amount oi the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. « Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. < Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. * Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 79; January 1952, p. 103; and January 1951, p. 113. APRIL 1953 433 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad... Sterling securities ; Pakistan Goyt. securities.. Govt. of India securities... India currency Rupee coin Notes in circulation Banking department: Notes of issue department.. Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and capital. Central Bank of Paraguay (thousands of guaranies): Gold Foreign exchange (net) Net claim on Int'l. Fund > Paid-in capital—Int'l. Bank Loans and discounts •.-.••• Government loans and securities. Other assets Note and coin issue Deposits—Government Other capital. Other liabilities and capH Central Reserve Bank of Peru (millions of soles): Gold and foreign exchange 2 Net claim on Int'l. Fund * Contribution to Int'l. Bank Loans and discounts to banks. . . Loans to Government Other assets.. Note circulation Deposits Other liabilities and capital Central Bank of the Philippines (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund l Loans Domestic securities Other assets Note circulation Demand deposits Other liabilities and capital Bank of Portugal (millions of eicudos) : Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government.. ECA Other Other liabilities and capital South African Reserve Bank (thousands of pounds): Gold' Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities and capital Bank of Spain (millions of pesetas): Gold Silver Government loans and securities. Other loans and discounts 1953 1952 Jan. Feb. Dec. 67 2,053 81 416 ,146 126 300 66 ,038 2,008 83 98 48 518 505 112 3 153 418 525 97 81 416 1,146 126 300 23 525 522 108 81 423 1,059 126 300 68 Feb. 81 1,117 715 126 300 16 2,295 60 379 99 1 399 841 96 1,138 63,860 11 -1,020 92,676 316,768 274,892 378,976 49,251 129,589 190,510 559 67 2 305 906 143 1,379 369 235 626 21 2 217 778 249 1,199 363 331 18, 552 18,427 432, 807 435,729 29, 504 29,504 54, 140 54,165 235, 233 235,438 148, 279 149,220 561. 631 579,584 219, 305 205,899 137, 579 136,999 14,355 466,127 29,504 55,433 240,586 149,352 573,332 247,176 134,848 4,547 11,629 988 1,430 498 9,528 1,389 29 6,111 2,036 4,479 11,881 685 1,417 635 9,003 1,512 53 6,352 2,175 60,255 69,469 14,792 43,305 91,646 71,903 24,272 68,397 66,204 18,177 33,991 81,595 83,215 21,959 563 570 563 369 369 366 15,810 15 ,576 15,189 ,762 25,085 23,227 553 378 16,284 16,791 563 67 2 314 912 168 ,353 421 253 61,157 57,896 23,186 42,626 87,468 75,178 22,219 ,437 ,888 ,804 ,998 ,498 ,639 ,991 Central Bank (Figures as of last report date of month) 1953 Feb. Jan. Dec. Bank of Spain—Cont. ,533 31,729 31,456 Other assets ,033 37,140 38,493 Note circulation ,440 2,250 1,294 Deposits—Government ,604 4,544 4,658 Other ,429 29,066 28,218 Other liabilities and capital Bank of Sweden (millions of kronor): 429 406 428 Gold ,320 1,313 1,351 Foreign assets (net) 129 129 129 Net claim on Int'l. Fund l 11 12 12 Paid-in capital—Int'l. Bank Swedish Govt. securities and ad- 4 ,665 2,666 3,240 vances to National Debt Office 321 301 294 Other domestic bills and advances 729 755 717 Other assets ,365 4,350 4,577 Note circulation 525 449 371 Demand deposits—Government.. 192 580 286 Other 514 609 542 Other liabilities and capital Swiss National Bank (millions of francs): ,905 5,907 5,876 Gold 469 491 464 Foreign exchange 219 224 310 Loans and discounts 70 67 103 Other assets ,787 4,784 5,122 Note circulation ,672 1,686 1,454 Other sight liabilities 199 204 197 Other liabilities and capital Central Bank of the Republic of Turkey (millions of pounds): 402 Gold 402 402 Foreign exchange and foreign 133 212 151 clearings.. ,709 1,760 1,785 Loans and discounts 26 26 26 Securities 124 120 136 Other assets ,272 1,240 1,238 Note circulation 153 153 172 Deposits—Gold 791 817 801 Other 258 258 262 Other liabilities and c a p i t a l . . . . . Bank of the Republic of Uruguay (Nov.)* (thousands of pesos): 310,763 Gold 9,358 Silver 314 Paid-in capital—Int'l. Bank Advances to State and Govern130,018 ment bodies 357,441 Other loans and discounts 500,928 Other assets 370,836 Note circulation 93,116 Deposits—Government 315,113 Other 529,757 Other liabilities and capital Central Bank of Venezuela (millions of bolivares): 1,141 1,141 Gold 186 132 Foreign exchange (net) 93 92 Other assets 976 1,000 Note circulation 255 274 Deposits 165 115 Other liabilities and capital Bank for International Settlements (thousands of Swiss gold francs): # 656 518 657,029 599,415 Gold in bars Cash on hand and with banks. . . 57. 355 62,167 48,700 10 699 7,480 15,320 Sight funds at interest Rediscountable bills and accept213 287 267, 015 267,912 ances (at cost) 39 536 78,467 91,563 Time funds at interest Sundry bills and investments. . . . 232, 606 290,229 346,985 297 201 297,201 297,201 Funds invested in Germany 1 425 1,386 1,333 Other assets 460 501,011 480,021 463 Demand deposits (gold) Short-term deposits: 476,330 612,112 640 ,318 Central banks—Own account. 46,086 66.C Other 228,909 228,909 228 ,909 Long-term deposits: Special.... 273,880 273 436 273,096 Other liabilities and capital Feb. 23,178 35,458 1 2,153 19,573 465 1,383 88 10 2,559 237 875 3,895 769 349 605 5,894 270 233 73 4,569 1,704 198 419 124 1,436 27 102 1,121 153 663 171 321,119 9,647 313 146,561 341,721 417,298 369,308 80,101 305,449 481,799 1,141 -37 100 858 266 78 386,887 52,781 2,104 112,518 22,251 248,616 297,201 1,916 218,132 333,028 75,773 228,909 268,430 *1 Latest month available. This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 4 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120« 434 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect Dec. 31, 1946 Jan. 10. 1947 . 2 8 9 3H 3 2H Rate Feb. 28 Date effective Apr. 6, 1950 Oct. 1, 1951 Apr. 1, 1946 June 4, 1942 3 3 Aug. 1. 1952 July 26, 1941 Jan. 9, 1946 July 1, 1948 Peru Portugal.... South Africa. Spain 6 2H 4 4 Nov. Jan. Mar. Mar. Sweden Switzerland.. Turkey United Kingdom USSR \ 1936 1953 1952 1950 Canada...... Chile Colombia. . . Costa R i c a . . . . 2 4 4 Oct. June July Feb. 17, 13, 18, 1, 1950 Netherlands.. 1935 New Zealand. 1933 Norway 1950 Pakistan Denmark Ecuador Egypt El Salvador. . . 5 10 3y2 3 Nov. May July Mar. 2, 13. 1, 22, 1950 1948 1952 1950 Finland . France Germany Greece India Ireland 14 12 Dec. Nov. Jan. July Nov. Mar. 16, 1951 9, 1951 8, 1953 12, 1948 15, 1951 25, 1952 I* Rate Feb. 28 4 5.84 3 4H 1, 22. 18, 30. 3K 2H&3 Central bank of— Date effective 3H Mar. Jan. Dec. Sept. 6 Argentina Austria Belgium Bolivia 2^ Italy Japan Java Mexico i5 3H&4 *4H 14 3% 2H 3% 3 *6 3 4 13, 1947 12, 1944 27, 1952 18, 1949 3 4 . . . . Jan 22 1952 Mar. 12 May 29 , Aug. 1 Aug. 21 Dec 18 Jan. 8, 1953 . . In effect Feb. 28, 1953 IM &2M Aug. 27 Oct. 9 June 28, 1948 Sept. 6 Oct 1 May 27, 1949. . July 14 Oct. 6 June 8, 1950 Sept. 11 Sept 26 Oct. 27 Dec 1 Apr. 17, 1951.. July 5 Sept 13 Oct. 11 Nov. Nov. Central bank of— SwitzUnited Ger- Bel- Nether- SweerKing- France many gium lands den land dom 3M 4 15 3 3 4 14 3 Dec. 1, 1950 Nov. 26, 1936 Feb. 26, 1951 4 4 Mar. 12, 1952 July 1, 1936 1 14 4 H 3 3 IK Rate established for the Land Central banks. NOTE.—Changes since Feb. 28: Austria—Mar. 26, from 5 ^ to 5 per cent; Netherlands—Apr. 7, from 3 to 2XA per cent. OPEN-MARKET RATES [Per cent per annum] United Kingdom Canada Month 1943—Tanuarv 1944—January 1945—January 1946—January 1947—January 1948—January 1949—January 1950—January 1951—January 1952—January 1952—February March April May June July August September.... October November.... December 1953—January Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money .51 .41 .37 .36 .40 .41 .41 .51 .63 .89 1.03 1.03 1.03 .53 .53 .54 .56 .69 .69 1.50 1.01 1.01 1.01 .50 .50 .51 .52 .52 .51 .97 1 .08 1.08 1.00 .63 .63 .63 .63 .63 .63 1.00 .91 .94 .98 1.02 1.08 1.11 1.10 1.14 1.19 1.21 M.35 1.50 2.48 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 .99 2.01 2.35 2.37 2.43 2.46 2.46 2.49 2.43 2.38 2.41 1.35 3.00 2.39 France Bankers' allowance on deposits Day-today money .50 .50 .50 .50 .50 .50 .50 .50 .50 .75 1.61 1.62 1.65 1.27 1.48 2.02 2.09 2.18 2.45 3.50 1.00 1.82 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 .75 1.57 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.25 2.00 Netherlands Treasury bills 3 months Day-today money Sweden Switzerland Loans up to 3 months Private discount rate 3-53^ 3-5 H 3-5 H 234-5 2K-4M 23^-41^ 2 3^-4K 2K-4^ 3-5 3-5 1.25 1.25 1.25 1.25 1.25 1.50 1.63 1.50 1.50 1.50 ''l!66' .77 .57 1.13 1.22 .83 1.00 3.93 '3.51 '3.65 '3.77 3.66 3.84 3.77 4.00 3.98 3.98 3.93 i ] 6i 1.44 1.28 1.23 1.31 1.31 1.18 1.17 1.38 1.40 1.25 1.20 1.05 .85 .85 .84 .87 .92 1.00 1.00 1.00 .90 .75 .75 .58 .62 .50 .54 .58 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1 .50 1.50 3.97 .83 .54 3-5 1.50 r Revised. NOTE.—For monthlyfigureson money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. APRIL 1953 435 COMMERCIAL BANKS Assets United Kingdom » (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call and Bills dis- Treasury deposit2 counted receipts short notice 1947—December. 1948—December. 1949—December. !950—December, 1951—December, 502 502 532 540 531 480 485 571 592 598 793 741 1,109 1,408 972 1952—March April May June July August September October... November December. 492 501 491 504 501 510 503 498 503 549 526 512 518 537 535 516 530 500 516 529 1953—January... February.. 498 491 515 456 Liabilities Loans to Securities customers Deposits Other assets Total Demand Time ,483 ,478 ,512 .528 ,965 ,219 ,396 .534 .660 ,950 567 621 579 735 867 5,935 6,200 6,202 6,368 6,333 3,962 4,159 4,161 4,262 4,290 1,972 2,041 2,041 2,106 2,042 396 420 427 550 651 854 883 936 ,064 ,139 ,239 ,295 ,122 ,142 ,248 ,935 ,934 ,932 ,917 ,917 ,918 ,921 2,142 2,138 2,148 ,959 .967 ,901 ,875 ,834 ,765 ,758 1,759 1,755 1,764 789 821 713 726 696 638 662 676 655 748 5,887 5,994 5,903 6,064 6,063 6,048 6,126 6,167 6,183 6,460 3,914 3,952 3,840 3,909 3,903 3,878 3,910 3,948 3,949 4,232 1,974 2,042 2,063 2,155 2,159 2,170 2,216 2,219 2,234 2,228 667 623 587 559 558 537 543 530 526 528 ,204 ,046 2,148 2,130 1,764 1,783 659 649 6,259 6,029 4,025 3,836 2,234 2,192 528 525 1,288 1,397 793 456 102 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Liabilities Security loans abroad and net Securities Other due from loans and foreign discounts banks Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash reserves Security loans Other liabilities and capital Other assets Total Demand Time Other liabilities and capital 6,412 7,027 7,227 7.828 7,896 2,671 2,970 2,794 3,270 3,284 3,740 4,057 4,433 4.558 4.612 ,544 ,537 .477 ,667 ,714 Notes» 1947—December. 1948—December. 1949—December. 1950—December.. 1951—December . 731 749 765 824 907 105 101 133 134 107 1,999 2,148 2,271 1.776 3,028 106 144 146 171 227 3,874 4,268 4,345 4,286 3,876 ,159 ,169 ,058 .304 ,464 1952—February. . March April May June July August September. October November. December.. 809 880 897 785 813 847 828 843 879 827 916 95 97 140 132 138 145 147 135 130 121 155 2,918 2,949 2,960 3,012 3,048 3,053 3,048 3,093 3,212 3,350 3,289 231 202 236 255 328 279 260 250 278 308 326 003 095 068 100 067 4,134 ,139 4,202 4,147 4,006 3,955 ,353 ,390 ,370 ,350 ,453 ,278 ,306 ,383 ,396 ,424 ,516 7,761 7,979 7,987 7,979 8,120 8,079 8,075 8,191 8,319 8,291 8,421 3,076 3,231 3,230 3,210 3,328 3,243 3,205 3,290 3,418 3,376 3,497 4,685 4,748 4,757 4,769 4,792 4,836 4,870 4,901 4,901 4,916 4,924 ,648 ,634 ,685 ,655 ,727 ,658 ,652 ,716 ,722 1,746 1,736 1953—January... 835 135 3,293 308 3,981 1,321 8,188 3,244 4,945 1,684 Assets France (4 large banks. End of month figures in millions of francs) 18 16 14 Liabilities Cash reserves Due from banks Bills discounted Loans 1947—December. 1948—December. 1949—December. 1950—December. 1951—December. 22,590 45,397 40,937 48.131 60,215 19,378 35,633 42,311 52.933 72,559 219,386 354,245 426,690 527.525 627,648 86,875 126,246 129,501 135,289 165,696 1952—January... February.. March.... April May June July August September October. . . November. December P 53,133 50,662 48,669 45,646 48,832 50,436 45,999 46,383 48,279 45,375 47,709 51,147 75,407 73,868 75,148 72,947 75,533 72,818 70,090 69,715 67,886 67,846 68,646 68,269 534,792 538,245 555,883 556,151 618,190 554,963 560,877 624,623 584,558 595,383 666,402 636,427 189,098 183,504 174,048 180,550 172,693 193,942 196,665 177,289 183,491 185,930 163,992 169,508 Deposits Other liabilities and capital Total Demand Time Own acceptances 27,409 34,030 29,843 31.614 38,114 341,547 552,221 627,266 749.928 906,911 338,090 545,538 619,204 731.310 879,767 3,457 6,683 8,062 18.618 27,145 25,175 30,638 26,355 28,248 33,774 8,916 12,691 15,662 17,316 23.547 36,548 38,310 40,219 41,474 43,093 44,463 45,990 43,318 44,415 47,721 51,882 61,909 831,691 827,946 834,482 831,729 891,422 848,354 846,689 890,582 855,024 863,250 914,021 896,076 801.854 796,396 802,481 800,944 861,703 819,030 817,569 860,668 824,874 831,713 882,233 864,033 29,837 31,551 32,002 30,786 29.719 29,324 29,120 29,915 30,150 31,536 31,789 32,043 30,433 30,414 28,953 28,482 27,025 25,529 23,811 19,221 17,810 18,292 20,222 24,957 26,854 26,227 30,531 36,556 39,893 42,738 49,121 51,525 55,794 60,713 64,388 66,225 Other assets P Preliminary. 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 1 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 436 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Belgium Argentina (peso) Year or month Basic 1947 1948 1949 1950 1951 1952 . . 1952—April . . . June July August SeDtember October November December 1953—-January February March Year or month 1947 1948 1949 1950 1951 1952 1952—April May June July August September October November December . .. 1953—January February March Year or month 1947 1948 1949 1950 1951 1952 1952—April May June July August September October November December 1953—January February March tralia (pound) "Bank notes" account 8.289 7 067 7.163 2 2817 2.2816 2 2009 1.9908 1 9859 1.9878 13.333 13 333 13 333 13 333 13.333 13 333 13.333 13 333 13 333 7.164 7 169 7 183 7 196 7.194 7 195 7.196 7 198 7 198 224.10 223 24 221 88 222 17 222.19 221 73 222.55 223 12 223 58 1.9838 1 9838 1.9838 1 9842 1.9879 1 9920 1.9965 1 9979 1 9941 13 333 13 333 13.333 7 198 7.198 7.198 224 13 224.62 224.35 1 9934 1.9966 1.9976 13.333 13 333 13.333 20 000 20 000 20 000 20 000 20.000 20 000 20.000 20 000 20 000 20 000 20 000 20.000 Ceylon (rupee) Free 321 00 321.22 293 80 223.15 223 07 222.63 29 773 29 773 29 774 26.571 20 000 20 000 Denmark (krone) 20.864 20 857 19 117 14.494 14 491 2 14.492 Finland (markka) France (franc) Official Free .84 07 4354 .4354 .3240 3017 .2858 2856 .2856 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .2856 .2856 2856 .2856 2856 .2856 .2856 .2856 .2856 21.068 21.088 21.061 .4354 .4354 .4354 .2856 .2856 .2856 Norway (krone) PhilipPortupine gal Republic (escudo) (peso) South Africa (pound) (krona) 27 839 20.850 20 849 20.903 . Preferential (franc) Aus- 21.003 20 961 20.834 20 871 20.875 20 854 20.903 20.984 21.024 14.492 14.492 14.492 14.492 214.492 .4929 4671 Sweden In cents per unit of foreign currency] Brazil (cruzeiro) Free Official sia (dollar) 5 t1403 5 2 1407 1.9722 1 9622 1406 .<• 5 i1406 1406 5 *• 5 i1406 5.^1406 Canada (dollar) British 42.973 32.788 32.849 32.601 Official Free 100 000 100.000 97.491 90.909 91 999 91.691 92.881 91.474 94.939 102.149 5 i1406 32.921 32 752 32.505 32 509 32.445 32 418 32.499 32 489 32 523 101.891 101 615 102.086 103 120 103.984 104 171 103.681 102 289 103 002 5 A1406 5.4406 12.5173 2.3024 5.4406 32.560 32.612 32.586 103 014 102.302 101.666 Ireland (pound) Mexico (peso) (guilder) (pound) 37.760 37.668 34 528 26.252 26 264 26.315 322.29 350.48 365 07 277.28 277 19 276.49 5.^t406 5 /1406 5 i1406 5 iU 0 6 5.4406 5 4406 5.4406 5 4-dOri NethNew erlands Zealand Germany (deutsche mark) India (rupee) 23.838 23 838 23.838 30.164 30 169 27 706 20.870 20 869 20.922 280 38 279.68 20.577 18.860 12 620 11.570 11 564 11.588 21.031 20.988 20.870 20.892 20.893 20.866 20.921 20.976 21.025 280.77 280.07 278.46 278.82 278.85 278.26 279.30 280.01 280.59 11.569 11.566 11.561 11.574 11.623 11.623 11.611 11.622 11.623 26.340 26.337 26.317 26.324 26.317 26.291 26.312 26.289 26.277 277.96 277.29 275.71 276.06 276.09 275.51 276.53 277.24 277.81 21.074 21.089 21.061 281.28 281.90 281.56 11.625 11.620 11.614 26.281 26.269 26.321 278.50 279.11 278.78 8 3 23.838 23.838 Switzerland (franc) United Kingdom (pound) Uruguay (peso) 20.160 20 159 18.481 14.015 14.015 14 015 49.723 49.621 49.639 49 675 4.0273 4.0183 3.8800 3.4704 3.4739 3 4853 400.74 400.75 366.62 278.38 278.33 278 20 27.824 27.824 25.480 19.332 19.327 19 326 23.363 23.363 23.314 23.136 23.060 23 148 402.86 403 13 368.72 280 07 279.96 279 26 65.830 65 830 65.830 65 833 65.833 65 833 56.239 56 182 56.180 56 180 56.180 56 180 42.553 42.553 42.553 42 553 14.015 14.015 14.015 14.015 14.015 14.015 14.015 14 015 14.015 49.677 49.677 49.677 49.677 49.677 49.677 49.677 49.677 49.677 3.4906 3.4898 3.4801 3.4793 3.4848 3.4878 3.4825 3.4818 3.4839 279.80 279.03 277.42 277.78 277.81 277.23 278.25 278.96 279.54 19.327 19.327 19.327 19.327 19.327 19.327 19.325 19.323 19.323 23.013 23.078 23.138 23.240 23.288 23.320 23.329 23.330 23.332 280.79 280 07 278.46 278.82 278.85 278.27 279.30 280 01 280.59 65.833 65.833 65.833 65.833 65.833 65.833 65.833 65 833 65.833 56.180 56.180 56.180 56.180 56.180 56.180 56.180 56.180 56.180 42.553 42.553 42.553 42.553 42.553 42.553 42.553 42.553 42.553 14.015 14.015 14.015 49.677 49.677 49.677 3.4872 3.4856 3.4842 280.23 280.84 280.51 19.323 19.323 19.323 23.311 23.318 23.317 281.28 281.90 281.56 4 65.833 4 65.833 65.833 4 56.180 4 56.180 56.180 4 42.553 4 42.553 42.553 6 36.025 35.547 1 Based on quotations beginning Feb. 25, 1953. *1 Based on quotations through Aug. 14, 1952. Based on quotations through May 8, 1952. * Quotations not available Jan. 28 through Feb. 9, 1953. * Based on quotations beginning Feb. 10, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. APRIL 1953 437 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 United States (1947-49 = 100) United Kingdom (1930 = 100) Japan (1934-36 average = 100) Canada (1935-39 = 100) Mexico (1939 = 100) 67 128 146 163 12 2 166 169 14 20 2 4 79 96 139 163 229 242 260 285 311 386 175 192 219 230 262 320 34 52 89 100 108 138 16 48 68 69 104 99 103 115 179 199 131 132 193 198 211 240 France (1949 = 100) 226 400 328 145 1952—February March April May June July August September October . November.... December 113 112 112 112 111 233 231 227 225 227 400 404 407 406 405 329 333 330 328 328 152 149 147 145 143 112 226 400 327 144 1953—January February. 110 110 112 112 111 111 110 224 222 221 222 221 400 393 397 395 393 325 323 326 324 '328 144 143 141 140 141 222 221 387 384 '329 P331 P140 P139 Italy (1938 = 100) 5,159 5,443 5,169 4,897 5,581 P5.27O 5,380 5,323 5,255 5,179 5,133 5,200 5,234 5,265 5,272 5,292 P5.288 Netherlands (1948 = 100) Sweden (1935 = 100) Switzerland (Aug. 1939 = 100) 196 203 186 199 200 208 196 194 128 209 246 343 100 104 117 143 349 140 357 353 349 348 348 145 143 142 140 139 351 348 348 347 r 343 342 214 216 227 299 P317 207 205 217 206 203 227 220 224 222 221 220 220 136 137 138 138 138 139 320 322 321 321 322 320 319 316 314 305 P306 137 P303 215 214 220 220 220 218 218 217 r P Preliminary. Revised. NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] Canada (1935-39=100) United States (1947-49=100) Year or month 1943 1944 1945 1946 1947 . 1948 1949 1950 1951 1952 Other Farm Processed commodproducts foods ities May June July August September October November December 1953—January February Raw and Fully and partly chiefly manumanufactured factured goods goods Foods 69 72 83 100 107 93 98 113 n.a. n.a. n.a. n.a. 98 106 96 100 111 95 103 101 105 116 190 230 226 237 269 ••247 164 196 197 213 238 162 192 199 211 242 219 231 284 108 108 109 108 107 110 110 109 108 109 109 110 114 114 113 113 113 113 260 257 254 253 258 253 228 226 221 220 221 219 236 235 231 228 231 230 271 276 280 280 283 289 110 111 113 113 113 113 113 ••243 216 229 110 109 108 104 287 106 105 113 113 69 1952—February March Farm products United Kingdom (1930=100) 107 105 104 99 100 98 69 70 71 78 145 131 155 165 134 136 177 140 '232 r 228 '229 '229 '226 223 213 210 211 210 209 208 127 129 130 138 228 228 229 228 229 229 160 158 158 158 165 181 197 221 247 284 293 293 297 301 302 Industrial products 164 170 175 184 207 242 249 286 P364 J»352 Netherlands (1948=100) Foods ioo IndusIndustrial trial raw finished products product ioo 100 101 112 122 108 128 171 104 116 143 129 166 135 »363 »366 »358 J»355 P352 P348 P345 P343 P343 P340 P344 133 130 130 128 127 122 172 169 166 165 163 162 141 139 138 136 134 133 124 164 133 *341 128 129 129 131 132 163 164 163 162 160 133 132 132 132 132 r n.a. Not available. P Preliminary. Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 438 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items United States United King- France Netherlands dom (1949 (Jan. (1949 = 100) 15, 1952 = 100) = 100) (1947-49 = 100) i Canada (1949 = 100) 1945 1946 1947 1948 1949 1950 1951 1952 77 83 96 103 102 103 111 114 75 78 85 97 100 103 114 116 77 82 84 86 95 103 22 35 57 90 100 111 130 145 1952—February March April May June July August September October November December 112 112 113 113 113 114 114 114 114 114 114 118 117 117 116 116 116 116 116 116 116 116 100 101 102 102 104 104 103 103 104 104 105 149 148 147 145 143 143 145 146 145 144 145 1953—January February 114 113 116 116 104 146 P146 Year or month Food Switzerland (Aug. 1939 = 100) United States (1947-49 = 100) i United Kingdom (Jan. 15, 1952 = 100) SwitzerFrance Netherland lands (1949 (1949 (Aug. = 100) = 100) 1939 = 100) 100 103 117 117 67 72 76 82 91 105 21 36 57 92 100 111 128 141 100 111 121 123 164 160 170 176 174 176 181 184 113 113 114 114 115 116 117 115 115 115 114 121 118 117 116 116 116 116 116 115 116 114 100 101 104 104 109 108 107 106 108 108 109 145 144 142 139 137 136 140 142 141 140 141 124 124 125 124 124 123 120 123 123 122 122 182 182 182 183 184 185 185 186 186 186 186 113 112 114 113 109 141 P142 123 184 183 100 109 119 120 153 152 158 163 162 159 167 171 69 79 96 104 100 101 113 115 120 120 120 119 119 120 119 120 120 119 120 171 171 170 171 171 171 171 172 171 171 171 120 170 170 P120 Canada (1949 = 100) I P!24 Prior to Jan:ed States), see SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States (high grade) United Canada Kingdom (1935-39 (December = 100) 1921 =100) France (1949 = 100) Netherlands United States (1935-39 = 100) Canada (1935-39 = 100) United France Kingdom (1926=100) (1949 = 100) 480 103 278 1946 1947 1948 1949 1950 1951 1952 123 4 122 1 118.3 121 .0 122 0 117 7 115.8 117.2 118.5 105 0 107.6 109.6 95 7 86.1 132.1 130.8 129.9 126.5 121.2 117.6 108.3 131.5 120.0 106.4 100.0 99.8 101 4 111.1 109. U 105.6 107.1 106.8 106.7 87.0 85.6 139.9 123.0 124.4 121.4 146 4 176.5 187.7 115.7 106.0 112.5 109.4 131.6 168.3 173.1 96,2 94.6 92 0 87.6 90.0 97 1 91.1 1952—March April May June July August September . . . October . . . November. . . December.... 115.9 116.2 116.3 116.2 116.0 115.8 115.7 114 7 115.2 115.3 86.9 86.7 88.8 87.7 85.3 84.0 83.6 84.3 84.9 84.7 107.3 108.5 108.6 105.8 105.8 106.3 110.0 109.0 108.3 109.0 105.2 105.3 110.7 113.9 114.4 114.8 116.9 115.5 115.0 114.6 83.3 83.9 84.5 85.2 85.4 87.6 87.1 87.6 89.9 91.6 185.2 183.6 183.7 187.6 192.1 191.1 188.2 183.4 189.8 197.0 177.6 175.8 169.0 171.6 174.9 176.0 171.6 163.6 167.3 168.4 90.5 91.6 92.0 89.6 89.9 89.9 1953 —January February.... 114.5 114.0 84.5 84.2 109.1 109.7 114.3 93.6 96.3 197.6 195.9 172.3 169.0 92.0 92.0 Number of issues. . . 17 87 60 14 91.2 90.3 89.9 91.0 295 Netherlands 27 100 90 112 143 195 233 240 219 217 215 192 149 144 136 142 145 146 147 142 141 141 191 185 185 184 190 190 192 191 194 196 151 201 207 NOTK.— For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. APRIL 1953 439 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W M . M C C . MARTIN, JR., Chairman M. S. SZYMCZAK R. M. EVANS JAMES K. VARDAMAN, JR. A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KENYON, Assistant Secretary Counsel DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel OFFICE OF T H E SOLICITOR G. HOWLAND CHASE, Assistant Solicitor ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH A N D STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N . DEMBITZ, Assistant Director DWIGHT L. ALLEN, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, FEDERAL OPEN MARKET COMMITTEE W M . M C C . MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman J. A. ERICKSON O. S. POWELL R. M. EVANS J. L. ROBERTSON DELOS C JOHNS M. S. SZYMCZAK A. L. MILLS, JR. JAMES K. VARDAMAN, JR. Administrator FEDERAL ADVISORY COUNCIL ERNEST CLAYTON, BOSTON DISTRICT HENRY C. ALEXANDER, N E W YORK DISTRICT GEOFFREY S. SMITH, PHILADELPHIA DISTRICT GEORGE GUND, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT Vice President WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel EDWARD E. BROWN, CHICAGO DISTRICT FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W M . J. ABBOTT, JR., Associate Economist ARTHUR A. BRIGHT, JR., Associate Economist J. MARVIN PETERSON, Associate Economist President V. J. ALEXANDER, ST. LOUIS DISTRICT JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT CHARLES J. CHANDLER, KANSAS CITY DISTRICT D E W I T T T . RAY, DALLAS DISTRICT JOHN M. WALLACE, SAN FRANCISCO DISTRICT H. V. ROELSE, Associate Economist DONALD S. THOMPSON, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 440 HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * Bank of Deputy Chairman Vice Presidents President First Vice President Boston.... Harold D. Hodgkinson Ames Stevens J. A. Erickson Alfred C. Neal New York. Jay E. Crane William I. Myers Allan Sproul William F. Treiber Philadelphia... William J. Meinel C. Canby Balderston Alfred H. Williams W. J. Davis Cleveland. John C. Virden Leo L. Rummell (Vice Presidents in charge of branches are listed in lower section of this page) J John J. J Foogg Robert B. Harvey 3 Rb B E. O. Latham H. A. Bilby H. H. Kimball L. W. Knoke Walter S. Logan A. Phelan Carl B. Pitman O. A. Schlaikjer R F Van V Amringe A i R. F. H. V. Roelse Robert G. Rouse V. Willis R. B. Wiltse J. H. Wurts P. M. Poorman Karl R. Bopp Robert N. Hilkert J. V. Vergari « Richard G. Wilgus 2 E. C. Hill Wm. G. McCreedy W. D. Fulton Roger R. Clouse A. H. Laning 3 Martin Morrison H. E. J. Smith Paul C. Stetzelberger Donald S. Thompson K. Brantley Watson Edw. A. Wayne Chas. W. Williams Richmond. Charles P. McCormick John B. Woodward, Jr. Hugh Leach J. S. Walden, Jr. N. L. Armistead R. W. Mercer3 C. B. Strathy Atlanta. Frank H. Neely Rufus C. Harris Malcolm Bryan Lewis M. Clark V. K. Bowman E. C. Rainey 2 J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. John S. Coleman Bert R. Prall C. S. Young E. C. Harris Neil B. Dawes W. R. Diercks W. A. Hopkins L. H. Jones 2 L. G. Meyer George W. Mitchell A. L. Olson Alfred T. Sihler W. W. Turner St. Louis Russell TL. Dearmont W m. H. Bryce Dale M. Lewis Wm. E. Peterson H. H. Weigel J. C. Wotawa Minneapolis. . . Roger B. Shepard Paul E. Miller Delos C. Johns Frederick L. Deming O. S. Powell A. W. Mills H. C. Core E. B. Larson H. G. McConnell J. Marvin Peterson Otis R. Preston M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall Cecil Puckett H. G. Leedy Henry O. Koppang John T. Boysen 2 M. W. E. Park Clarence W. Tow E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten Robert J. Smith R. R. Gilbert W. D. Gentry E. B. Austin R. B. Coleman J. L. Cook 3 Watrous H. Irons L. G. Pondrom Harry A. Shuford Mac C. Smyth C. E. Earhart H. N. Mangels E. R. Millard H. F. Slade Ronald T. Symms s O. P. Wheeler San Francisco... Brayton Wilbur William R. Wallace, Jr. VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of New York Cleveland Richmond Atlanta Chicago St. Louis 1 Branch 1953 I. B. Smith Wilbur T. Blair J. W. Kossin D. F. Hagner R. L. Cherry John L. Liles, Jr. T. A. Lanford R. E. Moody, Jr. E. P. Paris H. J. Chalfont C. M. Stewart C. A. Schacht Paul E. Schroeder Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Also Federal Reserve Agent. APRIL Vice Presidents J Cashier. Federal Reserve Bank of Branch Minneapolis.... Helena Vice Presidents C. W. Groth Kansas City Denver Oklahoma City Omaha G. A. Gregory R. L. Mathes L. H. Earhart Dallas El Paso Houston San Antonio C. M. Rowland W. H. Holloway W. E. Eagle San Francisco... Los Angeles Portland Salt Lake City Seattle ' Also Cashier. W. F. Volberg J. A. Randall W. L. Partner J. M. Leisner * Counsel. 441 FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. ANNUAL REPORT of the Board of Governors of the Federal Reserve System. Issued each Available without charge upon request. year. T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947; reprinted BANKING STUDIES. Comprising 17 papers on bank- ing and monetary subjects by members of the Board's staff. August 1941; reprinted October 1952. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75 cents each. BANKING AND MONETARY STATISTICS. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- Feb- ruary 1953. 125 pages. Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). scription 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, A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; Uruguay, and Venezuela is $2.00 per annum or in quantities of 10 or more copies for single ship20 cents per copy; elsewhere $2.60 per annum or ment, 15 cents each. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS. Janu12 months. ary 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY quantities of 10 or more copies for single shipRATES, and BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supplement (listed below) available when subscription T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing prois entered or renewed. 60 cents per copy; in visions of certain other statutes affecting the quantities of 10 or more copies of a particular Federal Reserve System. 372 pages. 50 cents per issue for single shipment, 50 cents each. (Dopaper-bound copy; $1.00 per cloth-bound copy. mestic rates) HISTORICAL RESERVE COMPILATION OF FEDERAL AND STATE LAWS RELAT- CHARTS ON BANK CREDIT, MONEY RATES, AND SUPPLEMENT ING TO BRANCH BANKING IN THE UNITED STATES. BUSINESS. Issued semiannually, usually April and September. Annual subscription to monthly chart book includes one issue of supplement. Single copies, 60 cents each; in quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) (July 1, 1951.) December 1951. 33 pages. 1 TO FEDERAL RULES OF ORGANIZATION AND RULES OF PROCEDURE —Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE A more complete list, including periodic releases and reprints, appeared on pp. 1360-63 of the December 1952 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments. 442 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BOARD REPRINTS PUBLICATIONS STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- (From Federal Reserve Bulletin unless preceded by an asterisk) ERNORS MEASUREMENT OF CONSUMER CREDIT. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH November SUBCOMMITTEE ON GENERAL 11, 1952. April 1952. 4 pages. 1950. 9 pages. * T H E TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN BEFORE COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. June 1952. 18 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- April 1951. 14 pages. LATION X. June 1952. 18 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGU- LATION. July 1951. 23 pages. SAVING IN THE DEFENSE ECONOMY. 1951. NEW September 5 pages. INDEX OF OUTPUT DURABLE GOODS. OF MAJOR October 1951. CONSUMER 6 pages. October 1951. 12 pages. VOLUNTARY ACTION TO H E L P CURB INFLATION. STOCKS. December 1951. 53 pages. January 1952. 11 pages. SERIES ON DEPARTMENT STOCKS, AND ORDERS. STORE SALES, October 1952. 5 pages. RECENT CREDIT EXPANSION. RECENT CENTRAL SOUTHEAST ASIA. February 1952. 9 pages. December 9 BANKING 1952. 7 DEVELOPMENTS THE IN December 1952. 9 pages. CREDIT AND MONETARY REVIEW FOR 1952. 1953. February 1952. October 1952. pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. MONEY AND CREDIT IN 1951. July 1952. 2 pages. 9 pages. REVISED REVISED INDEXES OF DEPARTMENT STORE SALES AND February 7 pages. MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. AND BUSINESSES. PROBLEMS OF TRADE EQUILIBRIUM. November 1951. 9 pages. T H E SECOND ARMAMENT BUDGET. From June 1952 BULLETIN with supplementary information for 9 separate trades. (Also, Retail Credit Surveys— 1943, 1944, 1945, 1946, 1947, 1948, and 1949 from the June 1944, May 1945, June 1946, July 1947, July 1948, June 1949, and June 1950 BULLETINS with supplementary information.) ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS. RETAIL CREDIT SURVEY—1951. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1952. 7 pages. March 1953. 16 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. 1952 SURVEY OF CONSUMER FINANCES—From April, July, August, and September issues of BULLETIN. 67 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, and 1951 BULLETINS.) BANKING IN THE SOVIET UNION. 8 REVISED WEEKLY INDEX OF DEPARTMENT STORE APRIL 1953 SELECTED PRELIMINARY FINDINGS OF THE 1953 SURVEY OF CONSUMER FINANCES. March 1953. 2 pages. April 1952. pages. SALES. April 1952. 4 pages. March 1953. 8 pages. (Also similar article from March 1952 BULLETIN.) REVISION OF CONSUMER CREDIT STATISTICS. 1953. THE April 19 pages. TRANSITION TO FREE MARKETS. April 1953. 6 pages. 443 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES i 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 az •fy* New Orleans \ t
@FedFRASER