Full text of Federal Reserve Bulletin : August 1952
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL
ESERVE
BULLETIN
AUGUST 1952
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Real Estate Markets in 1952
853-860
1952 Survey of Consumer Finances:
Part II. Purchases of Durable Goods and Houses in 1951 and
Buying Plans for 1952.
861-876
Joint Statement of the Executive Committee of the National Association of
Supervisors of State Banks, the Federal Deposit Insurance Corporation,
the Comptroller of the Currency, and the Board of Governors of the Federal
Reserve System.
877-881
Current Events and Announcements
881
Law Department.
882-883
National Summary of Business Conditions.
884-885
Financial, Industrial, Commercial Statistics, U. S. (See p. 887 for list of tables).
887-941
International Financial Statistics (See p. 943 for list of tables)
943-961
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
962
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
963
Federal Reserve Board Publications.
964-965
Map of Federal Reserve Districts.
966
Subscription Price of Bulletin
A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription
price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba,
Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama,
Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 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 12 months.
FEDERAL
VOLUME 38
RESERVE
BULLETIN
August 1952
NUMBER 8
REAL ESTATE MARKETS IN 1952
Construction and real estate activities are
continuing at high levels in 1952. The physical volume of new construction remains at a
record level; output of building materials
and employment in the construction industry are large; markets for residential and
business properties, both old and new, are
generally strong. Extension of home mortgage credit continues in large volume, and
outstanding mortgage debt, which is already
almost three times as large as at the end of
the war, is still rising. Construction costs,
materials prices, and real estate values have
been generally stable at or close to record
levels, and construction wage rates have risen
further.
The relative stability in real estate and
construction markets for over a year has reflected the effects on sustained demands of
general credit measures, selective restraints
on the use of credit and materials, and other
public policies, as well as the general availability of supplies. Contract awards, plans of
business and Government for construction,
and consumers' buying intentions, all of
which will influence activities in coming
months, suggest that most markets related to
real estate will continue strong. Various
other recent developments will also affect
activities to some degree. The reduction in
steel supplies as a result of the strike will
hold back some types of construction for a
time; uncertainty concerning the future reAUGUST
1952
quirements of Regulation X under the law
extending the Defense Production Act will
be a factor in plans of builders and prospective buyers; and expiration of Federal rent
controls in many areas on September 30, as
well as Federal actions to provide housing in
defense areas, will affect real estate markets.
At the recent high levels, shifts have taken
place in some activities and markets. An
increase in construction for public ownership
and a continued large volume of construction
for private business purposes have offset declines in other types. Limitations on the use
of materials needed for the defense program
have been accompanied by some temporary
adjustments in construction practices. The
number of old houses purchased has risen
somewhat, while the number of new houses
completed and purchased has declined. As
a result, an increase in lending on existing
residential properties has offset a moderate
reduction in credit extended on new.
CONSTRUCTION MATERIALS AND LABOR
During the first half of this year building
materials and labor, with few exceptions,
were readily available; prices were generally
steady, close to or above earlier record levels;
and wage rates in construction trades advanced further. Defense needs for critical
metals were below earlier expectations, and
with the expansion in supplies, allocations
of copper, aluminum, and steel for civilian
853
REAL ESTATE MARKETS IN 1952
construction were increased. Domestic output of refined copper has been large, and
imports have been rising following the revision in domestic ceiling prices on imported
copper. Early in August, the National Production Authority relaxed substantially restrictions on the use of copper and aluminum
in nondefense construction.
Steel production was at a new record level
in March. As a result of work stoppages in
early April and early May and the recent
prolonged strike, however, a marked change
has occurred in the supply situation. Effective October 1, NPA has required steel mills
to set aside from 5 to 100 per cent of the
various types of steel produced to meet defense needs.
Output and supplies. Output of most
building materials was exceptionally large
during 1950 and early 1951. About the
middle of 1951 stocks in the hands of manufacturers began to accumulate rapidly as
new orders and shipments declined below
production. Since then, output has declined
gradually and is now moderately below the
very high level of a year ago, but stocks of
most items are still not far below postwar
record levels.
Stocks of, lumber at mills and concentration
yards reached a postwar high at the beginning of this year and since then have
changed little. Retail lumber stocks, which
declined substantially during the last half of
1951, increased less than seasonally this
spring. Stocks of lumber products in the
hands of manufacturers, some of which increased by from 60 to 150 per cent during
1951, have been declining but are still substantially larger than last summer. Cement
stocks also increased considerably, reaching
a new peak early this spring. Since then,
manufacturers' stocks have declined in the
usual seasonal pattern.
854
Manufacturers' stocks of fabricated metal
building products, perhaps reflecting anticipation of shortages of critical metals and a
smaller volume of demand than had been
expected, have increased markedly from the
low levels prevailing at the end of 1950.
This spring and summer, inventories of
plumbing fixtures and equipment have been
two to four times as large as a year earlier,
and supplies of most types of heating equipment have also been larger.
Production of lumber and some lumber
products, including hardwood flooring and
softwood plywood, showed little more than
seasonal change this spring, at a level somewhat lower than last year. Manufacture of
millwork declined more than output of most
other lumber products, and man-hours
worked in this industry were one-fifth lower
in the first half of 1952 than in the first half
of 1951. Man-hours worked in the production of plumbing and heating supplies have
also declined and in the first half were about
one-sixth lower than a year earlier. Cement
production, on the other hand, has continued
at the mid-1951 record level, while output
of clay products has shown divergent movements, with brick and tile considerably below
last year and clay sewer pipe at last year's
high level.
Prices of materials. Prices of building
materials, reflecting the strength of demand
and in some cases the influence of price controls, have been generally stable for about
a year close to record levels. In July wholesale prices of building materials were 10 per
cent higher than at the time of the Korean
outbreak but 2 per cent below the spring
1951 peak. The major changes during the
past year, as can be seen from the chart,
have been in lumber and lumber products,
plumbing equipment, and asphalt roofing.
FEDERAL RESERVE BULLETIN
REAL ESTATE MARKETS IN 1952
WHOLESALE
PRICES
OF
BUILDING
MATERIALS
1947-49=100
1950
1952
1948
1950
1952
Data from Bureau of Labor Statistics. The "total" line is
a special index of wholesale prices of building materials, not
part of the monthly index of wholesale prices. Most of the
items in the groups shown, which are components of the index
of wholesale prices, are also included in the special index, in
some cases with different weights. Among materials included
in "total" but not shown on the chart are plywood, building
paper, and a number of metals and nonmetallic minerals. Latest
figures shown are for June, except "total" which is a Federal
Reserve estimate for July.
At wholesale, prices of lumber and lumber
products declined after the first quarter of
1951 from their earlier advanced levels, and
since the beginning of this year have remained 5 per cent lower than in the spring
of 1951. Prices of particular lumber items
have moved quite differently from the average, as can be seen in the chart. Plumbing
equipment prices, probably reflecting the
large accumulation of stocks, declined moderately until May, then rose slightly and in
June were 4 per cent below the earlier peak.
Prices of most other types of building materials have been generally steady since the
beginning of 1951 at all-time high levels.
Following settlement of the strike, steel price
increases averaging $5.65 per ton, or about
5 per cent, were announced on July 25.
Prices charged by building materials dealers
AUGUST 1952
to contractors have varied among the cities
for which such information is available, but
for most materials have changed little this
year.
Construction employment and wages. Employment in contract construction has been
maintained this year at about 2.5 million
workers, seasonally adjusted, a slightly
smaller number than the record employed in
the summer and autumn of 1951. All types
of such labor, skilled and unskilled, are reported to be available throughout the country, whereas a year ago bricklayers and
plasterers were reported in short supply in
some areas.
Perhaps reflecting in part this ready availability of workers, employers have been less
willing than formerly to meet demands for
increased wages and other benefits, and
strikes have been more frequent this spring
and summer than in other recent years. In
general, however, work stoppages have not
been long and costs have not been greatly
affected. During the first half of 1952 union
wage rates in the building trades increased
3 per cent, about the same as in the first half
of 1950 and 1951. Most of the change occurred in late May and June. Average
hourly earnings in contract construction were
relatively stable throughout the first five
months of this year at about $2.25, some 6 per
cent higher than a year earlier.
CONSTRUCTION VOLUME
New construction was in record volume in
the first seven months of 1952, despite a less
than seasonal rise during the spring and
summer. Increases in public construction
offset small declines in private work. Total
expenditures in this period, at a seasonally
adjusted annual rate of 33 billion dollars,
were 5 per cent larger than a year earlier, the
increase representing mainly the rise in construction costs.
855
REAL ESTATE MARKETS IN 1952
Public construction. The increases in public construction expenditures this year have
been most marked in connection with defense work. Outlays for atomic energy
plants and other publicly owned industrial
facilities have increased substantially. Expenditures for military construction, as is
shown in the chart, have risen very sharply
from 10 million dollars a month before
Korea to about 150 million in recent months,
and it seems likely that expenditures will be
close to this high level for some time.
VALUE OF NEW CONSTRUCTION ACTIVITY
SEASONALLY ADJUSTED
Millions of Doll
Millions of Dollai
Joint estimates of the Departments of Commerce and Labor,
adjusted for seasonal variation by the Department of Commerce. Latest figures shown are for July.
Expenditures for highways and public
housing have been about one-seventh and
one-half, respectively, above year-ago levels,
while other nondefense public expenditures
have been about the same as in other recent
years. Construction of some school, hospital,
administrative, and other public buildings
has been deferred as a result of restrictions
on the use of materials. The need for such
buildings is very great, and public construc856
tion may continue in large volume or increase when defense restrictions are relaxed.
Private business construction. Private expenditures on construction for business purposes have changed little since last summer.
Expenditures by public utility companies,
which in recent years have been substantially
larger than those of other types of business
enterprise, have continued to increase, reflecting further expansion in electric power, gas,
and telephone facilities. Monthly outlays for
industrial plant, which doubled in the year
following the Korean invasion, have shown
little change during the past year, and by
now much of the private industrial expansion for defense purposes has been completed.
The substantial decline in expenditures for
commercial structures during 1951, largely
as a result of Federal restraints on the use
of credit and critical materials, was mainly
in construction of stores and other retail
facilities. Outlays for such construction and
for warehouses and office buildings have
been fairly stable this spring and summer.
Residential building. Changes in total expenditures for private construction in recent
years have reflected largely changes in residential building activity, as can be seen in
the chart. During the spring and summer
of 1951 residential building activity rose
much less than usual from the advanced
level maintained in the winter by the many
plans and financial arrangements made
earlier in anticipation of regulation of real
estate credit. Such activity declined less than
seasonally this winter and since late spring
has been larger than a year ago. In the first
half of 1952 expenditures for private residential construction were 7 per cent smaller
than in the first half of 1951, but 9 per cent
larger than in the second half.
The number of new housing units started
in the first half of 1952 totaled 566,000, comFEDERAL RESERVE BULLETIN
REAL ESTATE MARKETS IN 1952
NONFARM D W E L L I N G U N I T S STARTED
Distribution of privately financed units,
by type of financing (per cent)
Number of units started (in thousands)
Total
Annually
Government underwritten
Privately financed
Period
Publicly
financed
Total
1- and
2-family
units
Multifamily
units
Total
Total
FHAinsured
VAguaranteed
Other
financing,
including
not
mortgaged
931
1025
1396
1091
18
36
43
71
914
989
1352
1020
810
827
1193
933
104
162
159
88
100
100
100
100
43
47
50
41
32
36
35
26
11
11
15
15
57
53
50
59
Quarterly
1950—1st
2nd
3rd
4th
279
427
407
283
3
6
13
21
276
420
394
262
236
372
352
234
40
49
42
29
100
100
100
100
45
45
53
56
32
32
38
38
13
13
15
18
55
55
47
44
1951—1st
2nd
3rd
4th
260
330
276
225
11
50
6
5
249
280
270
221
227
257
245
203
22
23
26
18
100
100
100
100
46
44
36
39
29
29
24
25
17
15
12
14
54
56
64
61
1952—1st
2nd
247
319
20
24
227
295
208
270
19
25
100
100
34
38
23
26
11
12
66
62
1948
1949
1950
1951
NOTE.—Data are from the Department of Labor, Federal Housing Administration, and Veterans Administration. Only new permanent family dwelling units built in nonfarm areas are represented; single-person accommodations, conversions, trailers, and all temporary
structures are excluded. Data for FHA-insured and VA-guaranteed units represent those on which a first compliance inspection has
been made by these agencies. Figures for type of structure in second quarter 1952 partly estimated by Federal Reserve.
pared with 590,000 in the corresponding
months of 1951 and a record 706,000 in the
first half of 1950. The small decrease from
the level of a year ago resulted mainly from
the decline in public starts, as can be seen in
the table.
Privately financed housing starts during
the spring, close to 100,000 a month, were
slightly higher than last year. In July private
starts rose counterseasonally to 102,400, substantially more than in July 1951. Units
started under arrangements for FHA-insured or VA-guaranteed financing have constituted a smaller proportion of total private starts this year than in other postwar
years, about 36 per cent compared with 45
per cent in the first half of 1950 and 1951.
Multi-family unit starts decreased sharply
in 1951, following the expiration of FHA
authority to insure mortgages under section
608 of the National Housing Act, and continued at a low level during the first half
of this year. An increasing number of
AUGUST 1952
rental units has been started in recent months
under FHA defense, military, and cooperative housing programs.
Fewer public housing starts were authorized in the first seven months of 1952 than a
year earlier, reflecting chiefly the fact that an
unusually large number was acted on in June
last year. Most of the public starts since
mid-1950 have been undertaken with Federal
assistance under the Housing Act of 1949
whereas earlier in the postwar period practically all were under separate State and
municipal programs in New York, Connecticut, an4 Massachusetts. Under recently
enacted legislation the maximum number of
Federally aided public housing starts has
been set at 35,000 for the current fiscal year;
this compares with 50,000 in fiscal year 1952.
REAL ESTATE TRANSFERS AND DEBT
The number of new nonfarm houses completed and sold in the first half of this year
was smaller than in other recent periods—
857
REAL ESTATE MARKETS IN 1952
about 400,000 compared with over 500,000
in each half of 1951 and an exceptional
650,000 in the six months following the
Korean outbreak. This reduced volume of
sales reflects the lower level of starts in late
1951 and early 1952 compared with a year
earlier, a change in the attitudes of prospective purchasers toward buying before completion, and the increased effectiveness of
credit restraints. The increase in starts since
last winter, recent modification of credit
regulations, and continued high levels of
personal income suggest that sales of new
houses will continue at a high level or increase in the months ahead.
The market for existing houses, according
to trade reports, is not so strong this year as
in other recent years. Properties are reported
to be selling more slowly and further below asking prices than formerly. Nevertheless, transfers of old houses in the first
half of 1952—about 850,000—were somewhat
more numerous than in either half of 1951
and about the same as in the near-record
second half of 1950.
Mortgage lending. Gross new lending on
1- to 4-family properties during the first
half of 1952 totaled about 8 billion dollars,
the same as in each half of 1951. This volume of lending, shown in the table, has resulted from the large, though reduced, number of new houses purchased; the close to
record number of purchases of old houses;
and the continued large volume of refinancing to secure better terms, additional funds,
or for other purposes. Also, the average
mortgage loan made on both old and new
houses has risen considerably further this
year, perhaps reflecting in part some change
in the areas of high market activity and some
shift to the purchase of higher priced properties.
Government insured and guaranteed lend858
ing continued to account for a much larger
proportion of credit extended on new houses
than on old—more than one-half compared
with one-sixth. On both old and new
houses, however, Federally underwritten
loans were somewhat less important this
year than in other recent periods, reflecting
in part the reduced attractiveness to lenders
of FHA-insured and VA-guaranteed mortgages and since early spring the reduced
ability of the Federal National Mortgage
Association to provide a secondary market
for such mortgages.
MORTGAGE LOANS MADE ON 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
Period
Total
On existing
properties
On
new
To
For
properties finance other
purpurchase poses
Government
underwritten
On
new
properties
On
existing
properties
Annually
11.1
16.0
16.0
4.1
6.3
6.4
4.8
6.9
6.7
2.1
2.9
2.9
2.1
3.5
3 9
1.5
2.1
1 7
1949—1st
2nd
5.0
6.0
1 .7
2.4
2.3
2.5
1.0
1.1
1.0
1.1
.7
.8
1950—1st
2nd
7.2
8 8
2.5
3.7
3.3
3 6
1.4
1 5
1.5
2 0
.9
1 1
1951—ist
2nd
7 9
8.1
3 1
3.3
3 4
3.4
1 4
1.5
2 0
1.9
9
.8
1952—1st.
8.0
2.6
3.9
1.5
1.4
.9
1949
1950
1951
Semiannually
NOTE.—Figures on total mortgage loans made are from Home
Loan Bank Board except for 1951 and 1952, which are Federal
Reserve estimates. Figures for loans made on new properties and
on existing properties are tentative Federal Reserve estimates
based on data from Government and other sources. Government
underwritten 1 oans made are loans insured by the Federal Housing
Administration and those guaranteed or insured by the Veterans
Administratio ?
Regulation X and the associated regulations of the FHA and VA were relaxed for
houses in the lower price brackets in September 1951 as required by Public Law 139,
and in June 1952 similar changes were
made for higher priced houses. The current requirements are summarized in the
table on page 892 of this BULLETIN. The
Defense Production Act Amendments of
FEDERAL RESERVE BULLETIN
REAL ESTATE MARKETS IN 1952
1952 continued authority for these regulations until June 30, 1953. It also provided,
that if, in each of three successive months,
the number of dwelling units started is
smaller than 100,000, after allowance for
usual seasonal variation, a "period of residential real estate credit control relaxation" shall
be declared, during which minimum down
payments required by the regulations may
not exceed 5 per cent. After such a period
of relaxation has been declared, required
minimum down payments may not be increased again until the number of dwelling
units started, seasonally adjusted, has exceeded 100,000 in each of three successive
months.
Outstanding mortgage debt. Outstanding
mortgage debt secured by 1- to 4-family
houses expanded by about 3.2 billion dollars
in the first half of 1952 to 57 billion on June
30, as is shown in the chart. Debt on multiMORTGAGE DEBT ON NONFARM 1- TO 4- FAMILY HOUSES
ANNUALLY
Billions of Dollars
1930
Data on outstandings at end of period and new loans made
during period are from Home Loan Bank Board except for 1951
and 1952 which are Federal Reserve estimates. Apparent retirements during period are derived from these data. Latest figures
shown for new loans made and apparent retirements are annual
rates in first half of 1952; for debt outstanding, amount on June
30, 1952.
AUGUST 1952
family and commercial properties increased
by only half a billion dollars—considerably
less than in the comparable period a year
earlier—reflecting in part the reduced volume
of construction of these types of buildings.
Farm mortgage debt, which has expanded
much more slowly than urban mortgage
debt during the postwar period, increased
somewhat less this year than last year.
Federally insured and guaranteed debt on
1- to 4-family houses increased proportionately more than the uninsured debt in the
first half of 1952, but the difference was
much smaller than in other recent years.
VA-guaranteed debt increased by a billion
dollars to almost WA billion and FHAinsured debt by less than half as much to 10
billion. In mid-1952, such Government
underwritten debt accounted for somewhat
over two-fifths of all mortgage debt outstanding on 1- to 4-family houses, about the
same as at the end of 1951.
Investors in residential mortgages. The
mortgage portfolios of private institutional
mortgage investors and of the Federal National Mortgage Association have expanded
further, as shown in the table on the following page, but changes in holdings have
differed among types of investors. The 2.3
billion dollar increase in holdings of savings
and loan associations in the year ending
June 1952 was the largest for any corresponding period, and the increases of 2 billion and
1.4 billion at life insurance companies and
mutual savings banks were exceeded only
during the preceding year. At commercial
banks the net addition to holdings was about
700 million dollars, the smallest in two years.
The Federal National Mortgage Association, in supporting the Government underwritten mortgage market, expanded its
mortgage holdings by 500 million dollars
during the year ended June 1952. Most of
859
REAL ESTATE MARKETS IN 1952
its purchases were VA-guaranteed mortgages. Sales of mortgages were very small,
little more than 5 million dollars in any
month. Early in April funds for the purchase of mortgages, except those written on
programmed defense, military, or disaster
housing, were practically exhausted. Thereafter, purchases dropped sharply from their
earlier average of 60 million dollars a month
to about 6 million monthly in the May-July
period.
RESIDENTIAL R E A L ESTATE MORTGAGE LOANS H E L D BY
SELECTED T Y P E S OF FINANCIAL
INSTITUTIONS
[In billions of dollars]
Private institutions
Total,
Savselected ings
and
instituloan
tions associations
Federal
National
Life
Muinsur- Com- tual Mortance mer- sav- gage
cial
ings Assocom- banks
ciabanks
panies
tion
1948—June 30
Dec. 31
27.6
30.2
10.3
5.9
6.8
7.6
8.1
4.3
4.8
.1
.2
1949—June 30
Dec. 31
32.1
34.9
10.8
11.6
7.5
8.2
8.2
8.7
5.1
5.6
.5
.8
1950—June 30
Dec. 31
38.7
43.5
12.7
13.7
9.3
9.5
11.0
10.4
6.1
7.1
1.1
1.3
1951—June 30
47.5
51.1
14.6
15.6
12.6
13.8
10.9
11.3
7.8
8.6
1.6
31
30
54.4
16.9
14.6
11.6
9.2
2.1
1952—June
9.7
1.8
NOTE.—Figures for sayings and loan associations are from
Home Loan Bank Board; life insurance companies, from Institute
of Life Insurance and Home Loan Bank Board; commercial and
mutual savings banks, from the Federal Deposit Insurance Corporation; Federal National Mortgage Association, from Housing
and Home Finance Agency. June 30, 1952 figures for all private
institutions and June 30 figures for all years for savings and loan
associations and life insurance companies are estimated by Federal
Reserve.
The Housing Act of 1952, approved on
July 14, provided an additional 900 million
dollars of funds for FNMA to make advance
commitments to purchase mortgages on defense, military, and disaster housing. Authorized funds previously set aside for pur-
860
chase of such mortgages—of which 362 million remained out of an original 600 million—were made available for over-thecounter purchase of other mortgages, but
such purchases had not been resumed by
August 13. The Act limits purchases of
mortgages other than those on defense, military, and disaster housing to mortgages insured or guaranteed on or after March 1,
1952. It also limits the amount of such mortgages that any lender may sell to FNMA to
not more than half of the FHA and half of
the VA mortgage loans made between
March 1, 1952, and the date of sale. Previously, lenders might sell to FNMA all of
the VA loans they had made during specified periods.
The net growth in institutional investments in residential mortgages over the past
twelve months has been facilitated by the
large flow of savings into financial institutions. Time deposits at commercial and
mutual savings banks have grown steadily
as have individuals' equities in life insurance
reserves. The situation has been similar at
savings and loan associations where net new
share purchases in the first half of 1952
exceeded 1.5 billion dollars, almost one-third
more than in the previous six months and
about two-thirds larger than in the comparable period a year ago. Even so, with
lending on mortgages at record levels, asassociations' borrowings from Federal Home
Loan Banks have exceeded repayments since
April, with the result that advances outstanding from the Banks to member institutions have been increasing again, following
steady declines earlier this year.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
PART II. Purchases of Durable Goods and Houses in 1951 and Buying Plans for 1952 x
Consumers continued to purchase automobiles,
other durable goods, and houses at very high rates
in 1951. For the first time in the postwar period,
however, there was no increase in such purchasers
over the preceding year. While numbers of consumers acquiring major household items and
houses were as large as in 1950, approximately one
million fewer purchased automobiles. The decline
in buying of automobiles occurred primarily in
the new car market. The number of used car
purchasers remained about as high in 1951 as in
1950. These findings, together with other survey
information on purchases and ownership by various
groups, throw light upon the underlying trends in
markets for durable goods.
At the end of World War II, consumer stocks
of durable goods and houses were low in both
quantity and quality, especially in relation to consumer incomes and liquid asset holdings. High
rates of production during the postwar period have
permitted consumers to build up their stocks to a
point where the most urgent demands are now
satisfied. By early 1951 automobiles were owned
by 32 million spending units, about 60 per cent of
all spending units. Television sets, which have
been produced in volume for only about four years,
were owned by nearly 16 million spending units—
30 per cent of the total number. About 23 million
nonfarm families owned their own homes.
In 1951, as compared with preceding postwar
years, consumer demand for durable goods generally was directed more toward improving the
1
This is the second in a series of articles presenting the
results of the Board of Governors' 1952 Survey of Consumer
Finances. The first article in the series, covering the general
financial position, expectations, and investment preferences
of consumers, appeared in the July BULLETIN. A final
article analyzing the distribution of incomes and the asset
holdings of consumers will appear in a subsequent issue of
the BULLETIN. Discussion of the sampling procedure and
limitations of the survey is given in a technical note to the
first article.
The present article was prepared by Tynan Smith and
John Frechtling of the Consumer Credit and Finances Section
of the Board's Division of Research and Statistics. A close
working relationship is maintained with the staff of the
Survey Research Center at all stages of the work and this
analysis has had the benefit of suggestions from the Center's
staff, particularly John B. Lansing, James N. Morgan, and
Kent Winter.
AUGUST 1952
quality than increasing the size of stocks. This
situation was clearly evident in the case of automobiles. The proportion of consumer spending
units owning automobiles did not increase in
1951 following steady increases in the preceding
years covered by the surveys. However, purchases
of more than 4 million new cars and scrappage of
a larger number of old ones reduced the average
age of cars considerably. By early 1952 the proportion of automobiles three years old or less was
larger than it was before World War II. There
were no cars between 7 and 10 years of age at the
beginning of this year while the proportion of cars
10 years old or more was larger than prewar. The
oldest cars (10 years or more) therefore may be
expected to decline in relation to the total number
in use.
Consumers are now purchasing new models of
household appliances to replace postwar as well
as prewar acquisitions, and are continuing to enlarge their stocks of new types of appliances such
as television sets, clothes dryers, and dishwashers.
For a standard item such as mechanical refrigerators, ownership appears to have been quite general in early 1952 and more than two-thirds of those
owned were postwar models. For a new item, like
a television set, ownership is still far from general,
despite substantial purchases.
While the number of families owning homes
increased about half a million in 1951, the proportion of families owning homes changed little
because of the increase in the total number of families. Postwar expansion of home ownership has
been substantial as a result of postponed demand
during the war, a high rate of family formation,
high levels of income, and large accumulations of
liquid assets. Ample supplies of mortgage money,
and especially the favorable terms available to
veterans, have also been of considerable importance
in the postwar housing market. The stimulus of
special credit terms for veterans appears to continue
to be of importance on the basis of plans to purchase houses in 1952.
In early 1952 the proportion of spending units
planning to buy automobiles during the coming
861
1952 SURVEY OF CONSUMER FINANCES
year was slightly larger than in early 1951. Plans
to buy houses were about the same, and plans to
buy furniture and major household appliances were
somewhat less frequent than a year earlier. These
buying plans indicate that consumer demand in
1952, as in 1951, is less strong than in previous
postwar years. This is consistent with the high
quality and large stocks of durable goods and
houses in the hands of consumers. To some extent it may reflect also consumer reaction to increased taxes and higher prices of other consumer
goods. Most consumers thought that the coming
year would be a bad time to buy durable goods because they expected high prices to prevail.
AUTOMOBILES
Purchases in 1951. In the population represented
by the survey, the number of consumer spending
units purchasing automobiles declined in 1951 for
the first time in the postwar period. The number
of purchasers of new and used cars fell to about
11.6 million from the 1950 level of 12.7 million.
TABLE 1
CONSUMER INTENTIONS TO BUY AND ACTUAL PURCHASES OF NONFARM HOUSES AND DURABLE GOODS *
Percentage of
spending units
Estimated number
of spending units
(in millions)
Median
expenditure 2
Average
expenditure 2
Estimated total
expenditures
(in billions)
Type of purchase
Planning
purchases
House: 4
1952 New
Existing
1951 New.
Kxisting
1950 New
Existing
1949 New
Existing
Automobile: 6
1952
1951
1950
1950 8
1949
New automobile:
1952
1951
1950
1950 8
1949
Used automobile:
1952
1951
1950
1950 8
1949
Furniture and major household appliances:
1952
1951
1950
1949
*
5
5
5
5
5
2.8
1.6
2.3
1.8
4.0
1.7
2.9
2.1
8.5
7.1
12.4
14.6
13.0
4.3
4.0
7.4
8.7
8 5
4.2
3.1
5.0
5.9
4.5
Making
purchases
Planning
purchases
1.4
3.5
1.7
2.9
1.3
2.2
1.3
0.8
1.1
0.9
1.9
0.8
1.3
1.0
21.9
24.5
21.6
4.5
3.7
6.4
7.6
6.6
8.2
10.1
2.3
2.1
3.8
4.5
8 6
13.7
14.4
13.0''
4.3
2.2
1.6
2.6
3.1
2.3
Making
purchases 3
Expected
purchasers
Actual
purchasers
11.4
4.4
5.2
4 5
""i'.i"
7.5
6.9
Expected
purchasers
Actual
purchasers
} $21.0
| r 9,000
$8,500
9,300
$9,300
18.6
$21.8
} 7,500
8,500
7,900
9,400
21.3
20.7
1 7,000
5,900
8,200
7,000
18.5
11.2
1,380
l,360
6 5
5.8
9.3
10 0
10.5
(7)
(V)
11.6
12.7
Actual
purchasers
kio.ooo
}$9,800
0.7
1.7
0.8
1.4
0.6
1.0
Expected
purchasers
(7)
(7)
(7)
(7)
2 ,300
1,970
1,920
1,920
1 ,990
600
590
540
540
630
1,400
1,420
1,400
2,220
2,110
2,090
600
550
(7)
0)
0)
(7)
2,420
2,140
1,990
1,990
2,060
r
1,330
2,396''
2,220
2,190
700
770
650
650
710
790
'730
370
360
380
390
340
350
350
760
16.0
m .2
15.1
5.6
4.5
7.6
8 9
8 8
10.3
11.7
1.6
1.3
1.7
2.0
1.7
5.7
'5.5
3.8
4 1
50
8 5
7 6
4.0
7.1
9 9
5.2
o66'"
19.6
21 .7
24 4
23.3
42.1
'41.8
39.5
10 3
11.3
12.7
11.8
22.3
21 8
20.5
290
300
290
250
280
280
250
r
1
Revised.
Planned purchases for year 1952 and actual purchases during 1951 were ascertained from interviews made during January-early
March 1952. Similar information for previous years was obtained by surveys made early in 1951, 1950, and 1949. Planned purchases
for a given year are based on reports of spending units that said they definitely or probably would buy during year and on a few reports
that purchases had been made in given year prior to interview. For automobiles and houses, reports generally indicated whether a new
or used
model would be purchased; cases where consumers were undecided on this point are distributed equally between the two categories.
2
Refers to total expenditure before deduction of value of trade-ins or existing assets sold.
3
In the case of automobiles, figures in this column represent the proportion of all spending units that bought cars during the given
year and still owned them at the time of interview.
Data on expenditure for automobiles refer (1) only to the most recent car purchase during the given year in the case of spending units
that bought more than one car but owned only one at the time of interview and (2) only to the more expensive car purchase during the
given4 year in the case of spending units that bought more than one car and owned two or more at the time of interview.
Refers to nonfarm houses and percentage of nonfarm spending units only. Farm operators are excluded from housing figures inasmuch5 as their purchases of housing are usually incidental to their purchases of farm land.
Data concerning plans to buy houses in 1950, 1951, and 1952 are not completely comparable with earlier data because of changes in
coding procedures which tended to reduce somewhat the proportions of prospective buyers relative to earlier years. Nevertheless, a larger
proportion of spending units appear to have been probable or definite buyers in 1950 than in 1949 and a smaller proportion in 1951 than
in 1950.
6
Includes both new and used automobiles.
7
Data not available.
8
Changes in coding procedures in the 1950, 1951, and 1952 surveys somewhat reduced the percentage of spending units in the "will
probably buy" category. This italicized line gives adjusted data for 1950 which are comparable with the 1949 data.
862
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
The decrease was almost entirely among new car
buyers. The number of spending units that bought
used cars was about as large in 1951 as in 1950 (see
Table 1).
TABLE 2
ACTUAL PURCHASERS OF CONSUMER DURABLE GOODS WITHIN VARIOUS GROUPS
[Purchasers as a percentage of spending units within groups]
New automobiles
Used automobiles
Croup characteristic
1950
All spending units
1949
1951
10
Furniture and major
household appliances
1950
1949
1951
1950
14
13
42
42
39
Money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
1
3
4
7
10
15
30
0)
2
6
9
13
25
40
1
4
5
8
10
21
33
6
10
14
20
17
16
7
14
17
19
19
13
4
3
10
17
17
18
13
6
21
25
38
47
49
59
67
14
32
34
51
51
59
65
18
28
41
47
50
53
55
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over
4
9
11
10
7
4
3
12
13
14
7
10
11
9
20
20
17
12
7
2
18
21
18
12
22
18
15
11
7
2
33
52
47
42
38
24
36
49
50
43
38
21
35
52
49
38
27
18
Occupation of head of spending unit:
Professional and semiprofessional.
Managerial and self-employed....
Clerical and sales
Skilled and semiskilled
Unskilled
Farm operator
All other 2
15
16
9
8
3
11
3
21
17
16
10
2
9
4
16
19
10
7
3
14
3
10
13
12
19
15
12
7
10
12
12
20
15
17
9
11
9
11
21
10
11
9
45
55
42
50
33
41
25
48
51
42
48
37
38
28
49
44
35
47
36
43
26
1
?
No cases reported or less than one-half of 1 per cent.
Includes spending units headed Ly retired and unemployed persons and by students, housewives, and persons whose occupations
were not ascertained.
TABLE 3
PRICE PAID AND N E T OUTLAY BY AUTOMOBILE PURCHASERS
[Percentage distribution of purchasers]
Price
New automobile:
Under $1,500
$l,500-$l,999
$2,000-$2,499
$2,500-$2,999
$3,000 and over
Not ascertained
All cases.
Median..
Average. .
Used automobile:
Under $500
$500-$999
$l,000-$l,499
$1,500 and over
Not ascertained
All cases. . .
Median.. .
Average. . .
1
2
3
4
1951
1950
2
26
32
24
14
2
1
38
33
21
7
100
$2 ,220
$2 ,390
41
22
21
15
1
100
$2 ,120
$2 ,220
43
24
17
12
4
100
100
$600
$790
$550
$700
Net outlay
l
New automobile:
Under $500
$500-$899
$900-$l,299
$l,300-$l,799
$l,800-$2,299
$2,300 and over
Not ascertained
All cases
Median 3
Average 3
Used automobile:
Under $500
$500-$899
$900-$l,299
$1,300 and over
Not ascertained
All cases
Median 4
Average 4
5
15
23
24
21
9
3
100
$1,400
$1,440
50
24
16
8
2
3
14
15
34
22
11
1
100
$1,590
$1,540
54
23
15
7
1
100
100
$500
$570
$490
$550
Net outlay is price of car less amount received on any trade-in or from the sale of a previously owned car.
No cases reported or less than one-half of 1 per cent.
Median and average net outlays for new cars in 1949 were $1,510 and $1,480, respectively.
Median and average net outlays for used cars in 1949 were $470 and $580, respectively.
AUGUST 1952
863
1952 SURVEY OF CONSUMER FINANCES
There appears to have been some decline from
1950 in the proportions of spending units in most
income groups that bought new automobiles.
Among spending units with incomes of $5,000 or
more, a group which has accounted for approximately half of the new car purchases in recent years,
a smaller proportion purchased new automobiles in
1951 than in 1950. On the other hand, the proportion of spending units in this group purchasing
used cars increased slightly in 1951 (see Table 2).
This suggests that some consumers in the upper
income group who might otherwise have purchased
a new automobile actually purchased a used automobile because of comparative price considerations.
The proportion of spending units in the income
group below $5,000 that bought used automobiles
fell slightly in 1951 as compared with 1950.
Prices paid for both new and used automobiles
were higher in 1951 than in 1950, according to
the survey. The median (.middlemost) price
paid by new car buyers increased approximately
$100 while the median price for used cars increased
by a smaller amount. Among new car buyers the
proportion that paid $2,500 or more rose from 3
in 10 in 1950 to 4 in 10 in 1951. The proportion
of used car buyers paying $1,000 or more also
tended to be greater in 1951 than in 1950 (see
Table 3).
The frequency of buyers who either traded in
or sold a car has been much higher among new
than among used car buyers during the postwar
period (see Table 4). In 1951 about 80 per cent
of the new car buyers and about 60 per cent of
the used car buyers disposed of a car through
trade-in or sale.
Average net outlay for new cars declined from
1950 to 1951 despite an increase in average price.2
This change was due primarily to the increased
importance of trade-ins in the 1951 automobile
market and to the fact that a larger proportion of
trade-ins were late model cars. About 4 in 10 new
car buyers in 1951 made net outlays of less than
$1,300 as compared with 3 in 10 in 1950 (see Table
3). The average net outlay of used car buyers remained virtually unchanged from 1950 to 1951.
2
Net outlay is the purchase price less the value of the
trade-in or amount received from the sale of a car previously
owned.
TABLE 5
METHOD OF FINANCING AUTOMOBILES, FURNTTURF. AND
M A J O R HOUSEHOLD APPLIANCES, AND HOUSES
[Percentage distribution of purchasers]
Method of financing
1951
Automobile: l
Full cash (including trade-in allowances)
Instalment credit and/or other borrowing
Method not ascertained
44
A 1 cases
Number of c a s e s . . . .
New automobile:
Full cash (including trade-in allowances)
Instalment credit and/or other borrowing
.
Method not ascertained
All cases...
Number of cases...
Used automobile:
Full cash (including trade-in allowances)
Instalment credit and/or other borrowing
Method not ascertained
All cases
Number of cases
1950
47
50
5S
'49
r
55
1
1949
n
r\
100
100
100
635
874
784
52
54
56
47
46
43
1
1
(2)
100
100
100
295
415
351
39
41
47
60
57
1
2
52
1
100
100
100
338
458
433
47
49
46
52
1
50
1
54
(2)
TABLE 4
TRADE-INS AND SALES IN CONNECTION WITH
AUTOMOBILE
PURCHASES
[Percentage distribution of purchasers]
Buyers of
new and
used cars
Type of
transaction
Buyers of
new cars
Buyers of
used cars
1951 1950 1949 1951 1950 1949 1951 1950 1949
57
Traded-in a car
Sold a car
10
Neither
30
Not ascertained. . .
3
All cases
53
7
38
2
49
14
37
0)
67
14
15
4
70
6
22
2
60
17
22
1
52
7
39
2
41
8
49
2
41
12
47
0)
Furniture and major household appliances :
Full cash (including trade-in allowances)
Instalment credit and/or other borrowing
Method not ascertained
All cases...
Number of cases...
r
l,471
100
'1,405
House: 3
Full cash
Mortgage
Method not ascertained
9
89
2
15
84
1
17
83
(2)
All cases...
100
100
100
129
166
107
Number of cases
100 100 100 100 100 100 100 100 100
Number of cases. . . 635 858 787 295 400 351 338 458 436
r
1
2
1
100
100
1,215
N o cases r e p o r t e d or less t h a n one-half of 1 per cent.
864
Revised.
I n c l u d e s b o t h new a n d used a u t o m o b i l e s .
N o cases r e p o r t e d or less t h a n one-half of 1 per c e n t .
•'Includes b o t h n e w a n d existing n o n f a r m houses.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
Survey findings indicate little change between
1950 and 1951 in the proportion of car buyers that
used instalment or other credit in financing their
purchases. In both years, slightly less than 5 in 10
new car purchasers and about 6 in 10 used car purchasers made use of credit (see Table 5). There
was, however, some decline from 1950 to 1951 in
the proportion of the purchase price borrowed by
those who bought on credit. This change doubtless reflected to some extent the influence of Government regulation of instalment credit terms.
Regulation was in effect throughout 1951 but only
in the last few months of 1950. Another factor
tending to reduce the proportion borrowed was the
decline in average net outlay on new cars.
The frequency with which credit is used to
finance purchases of automobiles is affected by several interrelated factors, the more important of
which are the income of the purchaser, his liquid
asset holdings, the price of the car, and the net outlay. Most purchasers of high priced new automobiles have large incomes and substantial liquid
asset holdings, and trade in their cars frequently.
With a relatively small net outlay and adequate
financial resources, such purchasers use credit infrequently. At the other extreme, purchasers of low
priced used automobiles are often persons with
small, and perhaps irregular, incomes, and little or
no liquid assets. The unfavorable financial position
of these buyers and the undesirability of low priced
used cars as collateral limit the availability of credit.
The most frequent use of credit is by purchasers
of high priced used cars. These buyers are largely
in the middle income group, and their frequent use
of credit reflects their moderate liquid asset holdings
and favorable income position. Automobile buyers
in this group generally have a relatively large net
outlay since they tend to hold cars longer than
buyers in the upper income group. Among these
spending units, however, variations in liquid asset
holdings and net outlay play an important part in
determining the use of credit.
Probably the most important factor in determining the use of credit for financing an automobile
purchase is the amount of liquid asset holdings.
Most purchases of automobiles involve a large expenditure which cannot be financed out of current
income. Consequently, purchasers at any income
level are likely to have to borrow if they do not
have liquid assets upon which to draw. The survey
shows that in 1951 automobile purchasers with
AUGUST 1952
liquid asset holdings of less than $500 at the beginning of the year used credit in about 6 in 10
cases while those with liquid asset holdings of
$2,000 or more used credit in only about 1 in 10
cases.
Net outlay is probably more significant than purchase price in determining the use of credit since it
is this net amount which purchasers have to provide
from income and liquid assets or credit. Among
purchasers of used cars in 1951, credit was used
much more frequently when the net outlay was
large than when it was small. The difference was
less marked among purchasers of new cars.
Ownership. The proportion of spending units
owning cars in early 1952 was not significantly different from the 60 per cent reported in early 1951.
During the previous two years, survey data had indicated an annual increase in automobile ownership
of nearly 10 per cent. The small increase in car
ownership in 1951 indicates that purchases of new
automobiles were largely offset by scrapping of
older cars.
The age distribution of automobiles changed
substantially between 1951 and 1952. Cars more
than seven years old accounted for 36 per cent of all
cars owned early this year as compared with 47 per
cent in early 1951 (see Table 6). The proportion
of cars no more than three years old increased,
notwithstanding a slight decline in the proportion
of cars one year old. This slight decline reflected
the falling off in sales of new cars in 1951 as compared with a year earlier.
By early 1952, the proportion of automobiles
three years old or less owned by urban families was
larger than in 1941 (see Table 7). The proportion
TABLE 6
A G E OF AUTOMOBILES O W N E D WITHIN POPULATION COVERED
BY SURVEY
[Percentage distribution of automobiles]
l
1952
1951
1949
3 years or less
1 year or less
2 to 3 years
44
14
30
39
17
22
28
12
16
More than 3 years
4 to 7 years
More than 7 years
56
20
36
61
14
47
72
(2)
72
100
100
100
Age of automobile
All cases
1
Automobiles owned at time of interview in January-March
1952 were classified for age as follows: 1 year or less—1951 and 1952
models; 2 to 3 years—1949 and 1950 models; 4 to 7 years—1946,
1947, and 1948 models; more than 7 years—1945 models and earlier.
Ages of automobiles at time of previous surveys were similarly
computed.
2
No cases because of cessation of production in war period.
865
1952 SURVEY OF CONSUMER FINANCES
of cars more than seven years old was twice as
large in early 1952 as in 1941, and in 1952 all in
this age group were more than 10 years old. The
relatively large number of very old automobiles
in early 1952 is the heritage of the wartime stoppage of car production. Within another few years
most of these old cars will be scrapped and the
age distribution may be expected to approach closer
to the prewar pattern.
TABLE 7
AGE OF AUTOMOBILE O W N E D BY URBAN FAMILIES
1
[Percentage distribution of newest cars owned]
1952
1951
1950
1949
1941
3 years or less
1 year or less
2 to 3 years
49
17
32
44
22
22
38
19
19
29
13
16
42
19
23
More than 3 years
4 to 7 years
More than 7 years
51
15
36
56
16
40
62
6
56
71
0
71
58
40
18
100
100
100
100
100
Age of automobile
All cases
1
For derivation of age of automobiles from model year information, see note 1, Table 6. Data in this table are based on the
newest automobile owned by each family. For discussion of 1941
data, see Supplementary Table 1, note 1, p. 876.
Regional information on automobile ownership
was obtained for the first time in the 1952 survey.3
The frequency of car ownership in early 1952 was
much lower in the Northeastern part of the country
than in other regions at all levels of income (see
Table 8). In this area the population is concentrated in large cities and metropolitan areas served
by well-established systems of public transportation,
and so the ownership of an automobile is less necessary than in other regions. Furthermore, the
congested streets and highways of densely populated
areas limit the advantages and increase the cost
of automobile ownership.
Planned purchases. A somewhat larger proportion of the spending units expressed fairly definite
plans to buy automobiles in 1952 than in 1951 (see
Table 1). The increase occurred primarily among
spending units planning to buy used cars. If spending units that were thinking of buying a car in
the coming year but were still undecided are included, there appears to have been little difference
between the 1951 and the 1952 level of buying plans.
Consumers planning in early 1952 to buy new
cars expected to pay more than those having simi3
The sample design of the survey has been gradually
altered over the past four years to permit a limited number
of tabulations on a broad regional basis.
866
TABLE
8
AUTOMOBILE OWNERSHIP WITHIN REGIONAL INCOME GROUPS
1
[Percentage distribution of spending units]
1951 money income
before taxes and
region
Owns
Number of
cases
All
cases
All income groups:
All regions
North East
North Central
South
West
2,820
788
1,051
623
358
100
100
100
100
100
56
47
65
49
65
4
2
5
4
7
40
51
30
47
28
Under $3,000:
All regions
North East
North Central
South
West ..
1,091
271
370
324
126
100
100
100
100
100
36
23
48
32
43
1
1
2
1
3
63
76
50
67
54
$3,000-$4,999:
All regions
North East
North Central
South
West
906
287
351
156
112
100
100
100
100
100
70
58
72
76
78
4
2
5
3
9
26
40
23
21
13
$5,000 and over:
All regions
North East
North Central
South . .
West
823
230
330
143
120
100
100
100
100
100
78
73
82
73
82
11
5
12
17
10
11
22
6
10
8
1 automobile
2 or
more
Does
not
own
lar plans in early 1951. The median price expected
for 1952 purchases was $2,300, more than $300
above that in 1951 (see Table 1). Those planning
to buy used cars in 1952 expected to pay about the
same as in 1951.
Nearly 80 per cent of the consumer spending
units that had fairly definite plans to buy in 1952
already owned automobiles. More than 8 in 10
of those planning to buy a new automobile already owned a car while 7 in 10 of those planning
to buy a used automobile owned a car. The proportion of prospective used car buyers that already
owned cars was substantially greater than in previous postwar years, and most of this group had
prewar models. The importance of frequent
trade-ins to the new car market is indicated by the
finding that more than half of the prospective buyers
of new automobiles owned cars less than three
years old.
Changes in consumer incomes and prices since
early 1952 and the suspension of Government reguFEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
lation of consumer instalment credit may already
have altered consumers' dispositions to buy. Another development that may affect the automobile
market is the recent work stoppage in the steel
industry, which has curtailed the availability of
steel for automobile production.
Some indication of longer run demand for automobiles may be obtained from the fact that, early
in 1952, 14 per cent of all consumer spending units
expressed definite or tentative intentions to buy an
automobile in 1953. This was approximately the
same proportion of spending units that expressed
an intention to purchase a car in 1952, although
plans expressed for the later year of necessity are
more tentative.
Continuation of the upward trend in the proportion of trade-ins is suggested by the finding that
spending units already owning cars constituted a
somewhat larger proportion of prospective buyers
in 1953 than in 1952.
FURNITURE AND MAJOR HOUSEHOLD APPLIANCES
Purchases in 1951. According to the survey, consumers purchased furniture and major household
appliances about as frequently in 1951 as in 1950
(see Table 1). The median expenditure by purchasers of these goods was also about the same as in
the previous year. There was a decline in the number of spending units purchasing refrigerators and
an increase in the number purchasing furniture (see
Table 9). Purchases of television sets, washing
machines, and radios were reported with about the
same frequency in 1951 as in the previous year. A
substantial increase in the number of spending units
reporting purchases of "other electrical appliances"
probably reflected the strong growth trend of newer
appliances such as dishwashers, dryers, air conditioners, and dehumidifiers.
The distribution of purchasers of furniture and
major household appliances among income, age, and
occupational groups was similar in 1951 to that
of 1950 (see Tables 10 and 11). As in previous
years, purchasers of major household durables, except radios, were relatively more frequent in the
upper than in the lower income groups.
Family status is an important element in the demand for most household durable goods. Young
married people (under 45 years of age) bought all
types of major household appliances and furniture
relatively more frequently than did other groups in
1951, as in the previous year (see Table 12). Those
without children were the most frequent purchasers
of basic household items such as furniture, refrigerators, and stoves, while those with children
TABLE
9
ACTUAL AND PLANNED PURCHASES OF FURNITURE AND SPECIFIED HOUSEHOLD APPLIANCES
Actual purchases
a
Planned purchases
Type of purchase
1951
1950
1949
1952
1951
1950
Furniture:
Percentage of spending units
Estimated number of spending units (in millions) .
Median expenditure
14.3
7.6
$210
12.6
6.5
$215
14.1
7.3
$210
8.7
4.6
$260
8.2
4.2
$290
9.6
5.0
$250
Radio:
Percentage of spending units
Estimated number of spending units (in millions).
Median expenditure
5.3
2.8
$50
-5.7
$45
7.7
4.0
$55
1.2
0.6
$40
2.7
1.4
$100
2.2
1.1
$100
Television set:
Percentage of spending units
Estimated number of spending units (in millions).
Median expenditure
6.3
$300
11.8
6.1
$300
5.6
2.9
$330
5.6
2.9
$300
5.1
2.6
$250
6.6
3.4
$260
Refrigerator: 2
Percentage of spending units
Estimated number of spending units (in millions).
Median expenditure
11.7
6.2
$265
13.4
7.0
$270
13.1
6.8
$260
4.6
2.4
$289
5.1
2.6
$290
6.0
3.1
$245
Washing machine:
Percentage of spending units
Estimated number of spending units (in millions).
Median expenditure
5.7
3.0
$185
5.1
2.7
$145
1.8
1.0
$190
2.7
1.4
$200
3.0
1.6
$165
12.0
'3.0
r
6.4
3.3
$175
r
1
Revised.
Planned purchases in 1952 and actual purchases in 1951 were ascertained from interviews made during January-early March 1952.
Similar information for previous years was obtained by surveys made early in the respective years. In each case, the percentage of spending units expecting to buy includes those who had purchased in the given year prior to being interviewed, those who said they definitely
would
buy, and those who said they probably would buy.
2
Includes home freezers.
AUGUST 1952
867
1952 SURVEY OF CONSUMER FINANCES
TABLE
10
INCOMES OF ACTUAL AND PROSPECTIVE PURCHASERS OF CONSUMER DURABLE GOODS
[Percentage distribution of spending units]
Prospective purchasers l
Actual purchasers
Type of
purchase
_ _ _
Automobile:2
1952
1951
1950
1949
Number of
cases
All
buyers
635
859
787
ioo
100
100
Under $1,000- $2,000- $3,000- $4,000- $5,000
$1,000 $1,999 $2,999 $3,999 $4,999 over
4
4
3
New automobile:
1952
1951
1950
1949
"295"
400
351
" i100
oo"
Used automobile:
1952
1951
1950
1949
"338"
458
436
" i100
o o " " " ' e6 "
9
11
13
100
6
3
8
""8"
10
14
33
31
27
250
145
464
499
100
100
100
100
6
5
4
4
7
10
11
9
16
13
16
16
19
20
20
23
16
18
16
16
36
34
33
32
"14"
16
16
18
16
13
"53"
54
47
131
80
284
325
100
100
100
100
4
3
3
1
3
5
8
5
11
8
12
8
16
14
14
22
12
24
17
19
54
46
46
45
100
100
100
100
7
7
6
7
12
17
17
17
23
18
22
30
20
29
28
23
19
10
15
11
19
19
12
12
100
100
100
100
7
3
5
6
11
11
12
11
16
17
19
21
17
23
25
25
19
13
15
15
30
33
24
22
474
100
5
6
13
20
23
33
250
104
100
100
3
(5)
6
2
10
6
26
21
20
23
35
48
18
22
28
"27"
25
25
18
16
15
" 2146 "
13
104
57
160
151
577
421
885
840
100
4
F u r n i t u r e and
major household
appliances:3
1952
1,216
1951
1950
1,490
1,407
1949
100
100
100
6
4
6
9
14
14
16
15
22
20
24
22
17
15
14
32
28
22
Television set:
1952
1951
1950
1949
100
100
100
2
2
2
5
5
2
12
10
16
21
23
26
17
21
14
43
39
40
Distribution of spending units
1951
1950
1949
Under $1,000- $2,000- $3,000- $4,000- $5,000
and
$1,000 $1,999 $2,999 $3,999 $4,999
over
18
16
14
11
17
15
376
445
221
All
buyers
22
21
21
14
17
22
.......
1
2
Number of
cases
Number of
cases
All
spending
units
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000
and over
2,820
3,415
3 512
100
100
100
13
13
14
15
17
19
18
19
21
18
]9
9
14
12
11
22
20
16
e
1
Estimated.
Includes those who had purchased in given year prior to interview, those who said they definitely would buy, and those who said
they probably would buy. Number of cases sharply reduced in 1951 by omission of one-half of nonfarm sample. Because of small number of
cases, the income distribution of prospective automobile purchasers in 1951 should be used with caution.
2
Includes both new and used automobiles.
3
Includes television sets.
4
Data not available.
5
No cases reported or less than one-half of 1 per cent.
NOTE.—Distribution of prospective purchasers in 1952 and actual purchasers in 1951 are related to distribution of income in 1951.
Data for earlier years are similarly related. Table therefore reflects shifts in distribution of both purchasers and income.
were the most frequent purchasers of washing
machines.
Instalment credit appears to have been used to
about the same extent for the purchase of furniture and major household appliances in 1951 as in
1950. Approximately 4 in 10 purchasers used instalment credit to finance the purchase of all items
bought, while another 1 in 10 bought some items
for cash and some on instalment.
In 1951, as in prior years, the use of instalment
credit for the purchase of household durable goods
was more frequent among lower than among higher
income groups. Only 4 in 10 of the purchasers
having incomes of less than $3,000 paid cash for all
such items, as compared with 8 in 10 of those with
incomes of $7,500 or more (see Table 13).
The use of instalment credit to acquire household
durable goods was also related to the amount of
liquid asset holdings at the beginning of 1951 and
the size of the net expenditure. As liquid asset
holdings increased, the proportion of purchasers
using instalment credit declined, probably because
purchasers preferred to draw upon their liquid assets rather than to pay credit charges. Instalment
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE
11
A G E AND OCCUPATION OF ACTUAL PURCHASERS OF CONSUMER D U R A B L E GOODS
[Percentage distribution of spending units]
All spending units
(Purchasers and nonpurchasers)
Group characteristic
Age of head of spending unit:
18-24
25-34
35-44
45-54 .
55-64
65 and over
Not ascertained.
All cases
Occupation of head of spending unit:
Professional and semiprofessional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
All other 2 .
All cases...
Furniture and major
household appliances
Used automobiles
1951
1950
1949
1951
1950
1949
1951
1950
1949
9
23
21
19
13
13
2
9
22
23
18
15
13
4
25
30
23
10
7
1
2
27
29
26
12
4
0)
10
23
22
18
14
12
1
0)
8
26
27
20
12
6
1
13
34
27
17
6
2
1
10
31
29
15
9
5
1
17
32
25
16
7
2
1
100
100
100
100
100
100
100
100
7
11
13
30
13
9
17
6
13
13
30
10
9
19
7
12
13
27
12
9
20
13
21
15
28
4
12
7
12
21
20
29
2
8
8
12
26
15
21
4
15
7
5
10
12
43
14
8
8
4
11
11
42
10
10
12
100
100
100
2,820 3,415 3,512
Number of cases
New automobiles
1950
1949
7
28
'24
19
12
8
2
7
26
27
19
14
7
0)
9
31
27
18
9
5
1
100
100
100
100
6
8
11
45
9
8
13
7
14
13
36
10
9
11
7
15
13
35
9
8
13
8
13
12
33
11
10
13
1951
100
100
100
100
100
100
100
100
100
295
400
351
338
415
436
1,216
1,490
1,407
1
No cases reported or less than one-half of 1 per cent.
2
Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations
were not ascertained.
TABLE 12
EFFECT OF FAMILY STATUS ON PURCHASES OF HOUSES AND SELECTED DURABLE GOODS
[Purchasers as percentage of all spending units within groups]
Type of purchase
Non-farm New au- Used auTelehouse * tomobile tomobile vision set
Family status of spending unit
Radio
Washing Refrigermachine
ator 2
Furniture
1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950
Single person:
Age 18-44
Age 45 and over
Married: 4
Age 18-44, no children under 18
Age 18-44, 1-2 children under 18
Age 18-44, 3 or more children under 18
Age 45 or over, no children under 18
Age 45 or over, 1 or more children under 18
....
1
1
1
1
11
4
9
7
4
5
6
6
4
13
4
11
4
4
3
4
4
7
3
6
4
17
13
8
11
13
21
20
22
24
9
13
15
16
18
14
12
14
6
8
5
8
5
6
1
1
(3)
(3)
3
5
4
22
4
5
8
9
14
5
7
16
17
20
16
15
7
10
6
5
6
32
25
20
14
10
11
2
3
3
13
i'i
}23
6
16
},«
15
13
6
13
15
}20
9
13
11
Nonfarm house purchasers as a percentage of nonfarm spending units.
Includes home freezers.
No cases reported or less than one-half of 1 per cent.
* Age refers to head of spending unit.
1
2
3
credit was used proportionately less when the net
expenditure amounted to less than f 100 or to $1,000
or more than when it was between these amounts.
Very large purchases were most frequently made by
the higher income groups that did not find it necessary to use instalment credit to the same extent as
the lower income groups.
The role played by instalment credit differed
AUGUST 1952
among items. The proportion of purchasers using
credit varied from 51 per cent for furniture to 43
per cent for refrigerators (see Table 14). The
latter was the only major household durable to show
a decline in the proportion of credit purchasers in
1951. For purchases of all types of household
durable goods on credit, down payments tended to
be a larger proportion of the purchase price than
869
1952 SURVEY OF CONSUMER FINANCES
T A B L E 13
M E T H O D OF FINANCING FURNITURE AND M A J O R HOUSEHOLD A P P L I A N C E S
[Percentage distribution of spending units within income groups]
Money income before taxe 3
All
spending
units
Method of financing
1951
1950
20
18
20
17
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
10
9
7
5
12
17
2
4
4
69
64
66
4
4
2
1
58
59
79
87
75
100
100
100
100
100
100
100
100
100
100
100
100
100
2,820 3,415
278
418
359
514
454
567
482
601
424
441
490
All cases
14
18
14
16
17
26
23
19
4
21
25
5
53
49
7
5
8
8
3
51
50
42
42
33
35
100
100
100
538
333
294
1949
51
45
48
43
45
47
32
44
54
42
49
42
47
58
57
1948
1947
42
34
44
35
1
Purchasers that bought two items of the same type, one for
credit
and one for cash, were classified as credit purchasers.
2
Data not available.
in 1950 when credit terms were not subject to Government regulation through most of the year.
Ownership of television sets and refrigerators.
Heavy postwar buying of major household durable
goods has substantially increased the quantity and
quality of consumer stocks. Some items, such as
radios, washing machines, and refrigerators, have
already undergone a period of rapid expansion and
have now become almost standard household items,
while others, such as television sets, dishwashers,
and clothes dryers, are relatively new products
which are still subject to strong growth trends.
The survey this year obtained information on the
distribution of ownership of two major household
appliances, television sets and refrigerators, the
former representing a new product and the latter a
well-established product.
Ownership of television sets increased rapidly
after volume production was first attained in 1949
and by early 1952 about one-third of the spending
units had acquired sets. Since most television
870
stations are located in large cities, ownership of
receiving sets is more frequent in urban areas.
About half of all spending units in metropolitan
areas owned television sets early in 1952 as compared with about one-fourth of those in smaller
cities and less than one-tenth of those in the open
country (see Table 15).
The level of consumer income also afiects television set ownership. At the beginning of this year
about 1 in 10 spending units with incomes of less
than $2,000 owned sets. This proportion ranged
upward to nearly 6 in 10 of the spending units with
incomes of $7,500 or more (see Table 15).
When classified by family status, the highest
frequency of television set ownership (4 in 10) was
among spending units consisting of married perT A B L E 15
OWNERSHIP OF TELEVISION SETS, EARLY 1952
[Percentage distribution of spending units within groups]
Group characteristic
Number of
cases
All spending units. . . 2,820
1951 money income before taxes:
278
Under $1,000
359
$l,000-$l,999
454
$2,000-$2,999
482
$3,000-$3,999
424
$4,000-$4,999
490
$5,000-$7,499
333
$7,500 and over
Place of residence of
spending unit:
Metropolitan area. . . 1,051
City, 50,000 or more. 480
City, 2,500-50,000. . . 502
Town, under 2,500... 420
Open country
367
Owns Does not Not
All
own tele- ascercases television
set
vision set tained
o
o
1950
These cases account
30
69
1
ooooooo
ooooooo
Furniture
Radio
Television set
Refrigerator
Washing machine
1951
55
7
4
10
17
32
47
54
59
94
89
82
67
52
45
40
2
1
1
1
1
1
1
ooooo
ooooo
TABLE 14
54
5
28
25
Includes cases for which information concerning items purchased and method of financing was not ascertained.
for about one-half of 1 per cent of all cases.
PERCENTAGE OF PURCHASERS OF FURNITURE AND SPECIFIED
HOUSEHOLD APPLIANCES BUYING ON INSTALMENT CREDIT 1
35
15
21
24
5
1
Type of purchase
$7,500
and over
1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950
11
12
2
Cash for all items
Instalment credit for all items...
Cash for some items*instalment
credit for others
No items bought l
Number of cases
$1,000$1,999
Under
$1,000
51
26
23
21
8
48
72
76
77
90
1
2
1
2
2
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
sons with children. Television appears to have
a special appeal to spending units headed by skilled
and semiskilled workers. About 4 in 10 of this
group owned television sets, as large a proportion
as among spending units headed by self-employed
and managerial employees with a higher level of
income.
Ownership of mechanical refrigerators was reported by nearly 7 in 10 spending units in early
1952. An even larger proportion had the use of
mechanical refrigeration equipment because many
apartment houses and rental dwellings include
refrigerators as part of the rented property.
Nearly 9 in 10 spending units with incomes of
$4,000 or more owned refrigerators (see Table 16).
The proportion was somewhat smaller among the
lower income groups, but it was 5 in 10 even among
spending units with incomes below $3,000.
pared with farm owners is probably attributable
to their lower level of income.
Ownership of refrigerators is somewhat more
frequent among spending units in the North Central
and Western regions than in other parts of the
country. In these two regions, about three-fourths
of the spending units owned refrigerators as compared with about two-thirds in the Northeastern and
Southern regions. In the Northeast, rental of
dwellings equipped with refrigerators is probably
more common than in other regions. In general,
somewhat newer refrigerators were owned by
spending units in the Southern region than in other
regions. This suggests that refrigerator ownership
has developed more recently in this area than in
other parts of the country.
A large proportion of the refrigerators owned by
spending units early in 1952 were recent models.
About 6 in 10 were postwar models and about 3 in
T A B L E 16
10 were less than three years old. There was little
O W N E R S H I P OF REFRIGERATORS WITHIN INCOME GROUPS
variation with income in the age of refrigerators
owned.
[Percentage distribution of spending units]
The purchase of used refrigerators appears to
Refrigerator
play a small, but significant, role in the refrigerator
NumNo
Not
All
1951 money income ber of
refrig- ascermarket. Somewhat more than 1 in 10 of the owners
Pur- Pur- erator
before taxes
cases cases chased
tained
chased
in early 1952 had purchased used refrigerators.
used
new
As would be expected, this proportion was some31
All spending units... 2,820
12
56
1
what larger among the lower income groups, and
reached about one-fourth in the case of spending
10
Under $1,000
278
24
66
12
$l,000-$l,999
359
39
49
units with incomes below $3,000. It should be
13
$2,000-$2,999
454
51
35
1
14
$3,000-$3,999
482
61
23
2
remembered in this connection that used refrigera11
$4,000~$4,999
424
75
14
9
$5,000-$7,499
490
1
77
13
tors are frequently included with the sale of houses.
9
$7,500 and over... 333
77
14
Buying plans for 1952. I n early 1952, consumers
1
Ownership as determined at time of interview in early 1952
expressed
intentions to purchase furniture and marelated
to 1951 income.
2
No cases reported or less than one-half of 1 per cent.
jor household appliances during the coming year
somewhat less frequently than they had a year
Renters as well as home owners frequently have earlier (see Table 1). Consumers' buying plans for
their own refrigerators. About 9 in 10 nonfarm 1952 as expressed at the beginning of the year were
home owners had refrigerators at the beginning based upon their outlook and expectations at that
of 1952 compared with nearly 6 in 10 renters. This time. In interpreting such plans, therefore, it should
would indicate that refrigerators are not provided in be remembered that a majority of consumers
many rented dwellings. Farm owners reported thought that 1952 would be a bad time to buy cars
owning a refrigerator in about 8 in 10 cases, and and major durable goods because prices were too
farm tenants in about 5 in 10 cases. The lower fre- high. Numerous price reductions on household
quency of refrigerator ownership among farm appliances and the suspension of Government reguowners than among owners of nonfarm homes re- lation of instalment credit terms have occurred
flects the lag in acquisition of major household ap- since the survey was made and have probably alpliances by farm families.
Electrification has ready altered the situation in the direction of
come only recently in many farming areas and has strengthening consumer demand for durable goods.
yet to reach 15 per cent of the farms. The lower Other developments during 1952, such as labor disfrequency of ownership among farm tenants com- putes or an important change in the internaronal
1
o
o
ooooooo
ooooooo
AUGUST 1952
871
1952 SURVEY OF CONSUMER FINANCES
situation, could further alter the demand for consumer durable goods.
The decline in prospective demand for furniture
and major household appliances as reported early
in 1952 appears to reflect largely a decline in plans
to buy washing machines, radios, and refrigerators.
Intentions to buy other items within the year were
expressed with about the same frequency as in early
1951.
Almost one-fourth of the spending units that expressed an intention to buy a television set during
1952 already owned a set. Many consumers probably wish to obtain newer sets with larger screens.
If before the end of the year television transmission is brought into many areas not now serviced,
it is probable that the demand for television sets
will be much stronger than was indicated by consumer buying intentions early in the year.
On the average, consumers expected to spend
about the same amount for durable goods purchases
in 1952 as in the previous year (see Table 1).
Median expected prices for individual items were
about the same, except for radios. Consumers who
expected to buy radios in 1952 expected to spend
TABLE
17
PRICES OF ACTUAL AND PROSPECTIVE PURCHASES OF HOUSES
AND CONSUMER DURABLE GOODS
[Percentage distribution of purchasers]
Actual
purchasers
Prospective
purchasers l
Price
1951
House: 2
Under $5,000
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Not ascertained
All c a s e s . . .
Number of cases
Furniture and other household appliances: 4
Under $100
$100-$199
$200-$299
$300-$499
$500-$999
$1,000 and over
Not ascertained
All c a s e s . . .
Number of cases
1950
1949 1952 1951 1950 1949
24
15
22
37
2
28
16
14
42
(3)
36
21
18
24
1
12
20
13
50
5
15
17
18
43
7
22
23
21
28
6
21
26
17
30
6
100
100
100
100
100
100
100
129
166
107
119
122
176
159
14
15
24
26
14
5
2
13
14
24
27
17
3
2
18
19
21
22
14
5
1
9
10
19
23
10
5
24
8
11
16
21
11
4
29
100
100
100
100
100
100
100
1,216 1,490 1,407
577
421
885
840
8
16
?4
24
12
7
9
13
15
17
21
12
4
18
1
Includes those who purchased in given year prior to being
interviewed, those who said they definitely would buy, and those
who
said they probably would buy.
2
Includes both new and existing nonfarm houses.
8
No
cases reported or less than one-half of 1 per cent.
4
Prices refer to total value of such goods bought by a spending
unit before allowances for trade-ins.
872
much less than in the previous year; the median
expected price fell from $100 in early 1951 to $40
at the beginning of this year (see Table 9). This
appears to indicate that the prospective demand for
radios is largely for portable and table models.
NONFARM HOUSES
Purchases in 1951. Survey findings indicate that
in 1951 about 2.4 million spending units purchased
nonfarm houses for owner occupancy. Demand
for housing has been active throughout the postwar
period as incomes have continued to rise and the
population and number of families have grown
rapidly. Funds for the purchase of houses have
been available from large current incomes, substantial liquid assets accumulated during and since the
war, and mortgage credit on terms favorable to the
borrower. The trend toward suburban living, and
the shift in population among different sections of
the country exemplified by the large increase on the
West Coast, have also sustained the demand for
houses.
An estimated 700,000 purchasers bought new
houses in 1951 and about 1,700,000 bought existing—that is previously occupied—houses (see
Table I). 4 The median and average prices which
these purchasers paid for their houses, $8,500 and
$9,300 respectively, did not vary greatly from
1950. Apparently a larger proportion of purchases fell in the range $7,500 to $10,000 in 1951
than in 1950—more than one-fifth as compared
with one-seventh (see Table 17).
Apparently a larger proportion of purchasers in
1951 than in 1950 borrowed to finance their house
purchases (see Table 5). Since the number of house
buyers interviewed in any one survey is small, any
conclusions must be drawn cautiously. The proportion of purchasers that borrowed, however, has
4
Estimates of purchases of previously occupied houses
based on the Surveys of Consumer Finances agree quite
closely with the estimates, based largely on financial data,,
appearing on p. 858 of the leading article in this BULLETIN..
The latter estimates of new house purchases, based on
units started as well as financial data, are appreciably higher
than the survey estimates of houses purchased for owner
occupancy. These differences arise from several sources, important among which is probably the difficulty of getting
an adequate survey sample in new residential areas. This,
may result in some understatement of new house purchases
in survey findings. Another source of difference is that the
estimates on p. 858 include 1- to 2-family houses purchased, whereas the survey estimates include 1- to 4-family
houses purchased for owner occupancy. Differences in the
definition of nonfarm units, sampling errors, and estimating:
errors also contribute to differences in the two sets of data.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
increased each year since 1948. The amount borrowed has usually been a substantial proportion of
the price. About 4 in 10 purchasers in 1951 borrowed 80 per cent or more of the price of the
house and another 2 in 10 borrowed from 60 to 80
per cent. In dollar terms, about one-third borrowed
$7,500 or more and one-fourth borrowed between
$5,000 and $7,500.
The steady increase in the frequency of home
ownership among spending units containing veterans has depended both on the favorable credit
terms available to them and on the fact that veterans are in an age group that is active in the
housing market.
Home ownership. About 54 per cent of all nonfarm families owned their homes in early 1952
(see Table 18). This was approximately the same
proportion as was estimated for 1951 but significantly above the 49 per cent in early 1948, the first
year for which survey data were available.
The frequency of home ownership increases
TABLE
steadily with the age of the head of the family.
About two-thirds of the families headed by persons 55 years and older owned their homes, while
less than 20 per cent of those headed by persons
18-24 years of age owned their homes. Over the
period covered by the surveys, the proportions of
owners in the various age groups have not varied
appreciably from year to year, except in the age
group 25-34. This group includes a large proportion of veterans who have been able in recent
years to finance house purchases on very favorable terms. In early 1952, 49 per cent of families
containing veterans owned their own homes in contrast to 42 per cent in early 1950. The increase
in the proportion of home ownership among other
nonfarm families has been less.
The presence of children in a family was associated with a higher frequency of home ownership.
More than half of the spending units with children
and headed by married persons less than 45 years
old owned homes in 1952, while only about one18
H O M E OWNERSHIP BY N O N F A R M FAMILIES
1
[Percentage distribution of nonfarm family units within specified groups]
Number of cases
Rent-paying
Home-owning
Neither
Group characteristic
All nonfarm families
1952
1951
1950
1952
1951
1950
1952
1951
1950
2,313
2,649
2,670
54
54
51
42
41
44
Family income in preceding year
(before taxes):
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
152
228
323
359
364
488
379
225
319
352
450
372
557
361
268
372
472
538
363
392
233
48
44
39
54
55
63
76
50
46
44
50
59
61
75
43
35
47
50
55
65
71
40
49
56
45
43
36
23
36
45
51
47
38
38
24
41
56
49
48
43
33
27
Occupation of head of family:
Professional and semiprofessional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled. . . .
Unskilled and service
Retired
261
235
254
41
41
45
52
378
430
776
281
178
471
352
804
218
208
441
349
765
294
176
69
48
55
34
64
65
45
55
37
70
66
44
55
36
69
28
51
44
56
30
33
54
43
47
26
31
54
43
49
25
Age of head of family:
18-24...
25-34. . .
35-44. . .
45-54. . .
55-64. . .
65 and over.
96
497
543
494
328
303
101
525
635
554
450
368
120
585
626
555
402
354
16
41
52
62
67
65
15
37
52
65
68
65
18
33
51
60
65
65
80
56
45
36
29
28
79
58
45
30
28
30
76
62
45
35
28
Veteran status:
No veteran of World War II
'1,615
in family
One or more veterans of
World War II in family. ,
1,979
1,957
56
57
54
40
38
41
640
694
49
44
42
49
53
54
« Estimated.
1
In this table, families include single-person units.
tember 1949, Table 1, p. 1040.
AUGUST 1952
1952
1951
1950
16
9
4
2
2
2
2
3
2
2
16
6
Comparable data for 1949 are given in the Federal Reserve BULLETIN for Sep-
873
1952 SURVEY OF CONSUMER FINANCES
third of the spending units without children and
headed by married persons in this age group owned
homes (see Table 19). Since families usually retain their homes after their children have grown
up and left, the presence or absence of children
made little difference in home ownership for spending units headed by married persons 45 years and
older.
On a regional basis, the Northeast contains relatively fewer home owners at each income level
TABLE
19
HOME OWNERSHIP BY SPENDING UNITS WITHIN
STATUS GROUPS, EARLY
FAMILY
1952
[Percentage distribution of nonfarm spending units]
Num- All Home- Rentber of cases own- pay- Neither
ing
ing
cases
Family status
Single person: 1
Age 18-44
Age 45 and over
Married: 2
Age 18-44, no children
under 18
Age 18-44, children under 18
Age 45 or over, no children under 18
Age 45 or over, children
under 18
1
2
307
305
100
100
18
55
78
39
4
6
197
100
35
64
±
768
100
52
44
4
560
100
68
28
4
262
100
70
29
1
than other sections (see Table 20). This reflects
the high degree of urbanization in this region;
in metropolitan areas and large cities a smaller
proportion of families own their own homes than
in smaller communities. The disproportion is
fairly small for families having incomes of $5,000
or more, but it amounts to one-third for families
having lower incomes.
Planned purchases. About the same proportion of
consumers in early 1952 expressed plans to purchase houses during the coming year as had such
plans at the beginning of 1951. In both years, approximately 4 per cent of all nonfarm spending
units expressed definite or probable plans to buy a
home (see Table 21). In early 1951, however, a
larger proportion than at the beginning of this
year were "undecided" as to whether to buy a
house.
Consumers in general expected to pay more for
their houses in 1952 than in 1951. The median
expected price rose $800 to $9,800 and the average expected price rose approximately the same
amount.
The same characteristics are apparent among
TABLE
21
ACTUAL AND PROSPECTIVE PURCHASERS OF NONFARM HOUSES
Includes widowed, separated, or divorced people.
Age refers to head of spending unit.
TABLE
WITHIN VARIOUS GROUPS
[Purchasers as a percentage of all nonfarm spending u n i t s within
groups]
20
Actual
HOME OWNERSHIP BY FAMILIES WITHIN REGIONAL
INCOME GROUPS
Prospective *
Group characteristic
1
1951 1950 1949 1952
1951
1950
[Percentage distribution of family units]
1951 family income
before taxes
Number of
cases
All
Home- Rentown- pay- Neither
ing
ing
All income groups:
North East
North Central
South
West
681
827
501
304
100
100
100
100
45
62
51
60
52
35
43
37
Under $3,000:
North East
North Central
South
West
188
222
209
84
100
100
100
100
30
54
41
52
64
40
49
43
$3,000-$4,999:
North East
North Central
South
West
220
264
142
97
100
100
100
100
42
60
55
61
55
39
44
37
$5,000 and over:
North East
North Central
South
West
266
333
145
123
100
100
100
100
64
71
70
66
36
28
29
33
1
F o r definition of regions, see T a b l e 8, footnote 1.
874
6
6
10
5
All nonfarm spending units.
Money income
before
taxes: 2
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000 and over
Age of head of spending
unit:
18-24
25-34
35-44
45-54
55-64
65 and over
Veteran status:
Veteran of World War
II in unit
No veteran of World
War II in unit
5
5
4
4
4
6
1
2
4
5
9
7
1
2
5
7
5
6
1
1
2
5
5
6
(3)
2
5
6
9
(3)
3
4
4
4
8
4
2
6
7
9
8-
2
9
6
3
4
2
2
7
7
5
3
2
3
4
4
4
1
1
7
7
4
2
1
4
7
4
5
1
1
7
9
6
4
5
1
(3)
9
7
5
8
7
11
3
4
3
3
3
4
1
Includes those who h a d bought in given year prior to interview,
those who said t h e y definitely would buy, a n d those who said t h e y
probably would b u y .
2
Prospective purchases in 1952 and actual purchases in 1951
are related to 1951 income. D a t a for earlier years are similarly
related.
3
N o cases reported or less t h a n one-half of 1 per cent.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE
22
ACTUAL AND PROSPECTIVE PURCHASERS OF N O N F A R M HOUSES, BY INCOME, A G E , AND VETERAN STATUS "*
[Percentage distribution of nonfarm spending units]
All nonfarm spending units
Actual purch£isers
Prospective purchasers
Group characteristic
Age of head of spending unit:
18-24
25-34
35-44
45-54
55 and over
Not ascertained
All cases
Veteran status:
Veteran of World War II in unit
No veteran of World War II in unit
Not ascertained
All cases
Money income before taxes:
Under $1 000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000 and over
All cases. .
Number of cases
r
1
2
1951
1950
1949
1951
1950
1949
1952
1951
1950
9
23
21
19
26
2
9
22
23
18
11
24
22
18
5
31
32
17
10
39
23
21
25
9
26
30
26
7
2
3
36
34
20
28
4
41
26
11
16
2
7
7
12
39
23
12
13
1
100
100
100
100
100
100
100
100
100
28
70
2
25
74
1
27
73
50
50
40
58
2
52
47
1
42
57
1
50
50
100
100
100
100
100
100
100
100
11
15
18
18
15
23
11
17
18
20
13
15
36
63
1
100
3
3
4
1
8
19
22
19
12
16
5
15
18
27
32
7
19
31
14
26
8
15
27
16
30
5
8
20
20
47
11
17
20
13
38
6
21
25
18
22
12
100
100
100
100
100
100
100
100
100
2,604
3,027
3,102
129
-165
107
119
122
176
Revised.
Includes new and existing nonfarm houses.
No cases reported or less than one-half of 1 per cent.
prospective as among past house buyers. Spending
units containing veterans planned to buy with
greater frequency than other units and accounted
for one-half of the prospective buyers (see Tables
21 and 22). About 6 in 10 prospective buyers
were spending units with children headed by persons 18 to 44 years old. Units with 1951 incomes
of $4,000 or more accounted for almost 70 per
cent of prospective buyers, although they constituted only about 40 per cent of all nonfarm spending units. These higher income units made up
a larger proportion of prospective buyers in early
1952 than in previous years (see Table 22).
About 4 in 10 prospective buyers already owned
houses. Although the samples involved are small,
this apparently represented an increase over the
proportion of prospective 1951 buyers owning
houses. Such a shift reflects in part the large additions to the supply of houses and the increase in
home ownership since the war.
When asked about their longer run plans, about
8 per cent of nonfarm spending units expressed at
least tentative plans to buy a house in 1953. While
these plans are necessarily more subject to change
than plans for the current year, they indicate a
substantial market for housing next year.
(Supplementary Tables 1 and 2 are given on the following page.)
AUGUST 1952
875
1952 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 1
AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME QUINTILES 1
[Automobile owners as percentage of all families in group]
All families
Families ranked by annual
income before taxes
All cases
Highest fifth
Second.
Third
Fourth
Lowest fifth
....
Urban families
Rural families
1952 2
19512
I9492
19413
1952 2
19512
1949 2
19413
1951 2
1952 2
1949 2
1941 3
65
65
56
58
61
62
52
54
72
71
64
65
90
87
79
85
90
85
77
95
95
89
90
82
78
83
84
72
59
40
17
89
89
81
83
73
55
73
51
29
33
72
70
55
43
59
50
29
27
79
68
69
56
67
53
54
40
18
24
18
79
62
63
57
76
55
35
42
73
55
33
23
1
Data for 1952, 1951, and 1949 were obtained in the Surveys of Consumer Finances. They relate to automobiles owned at time
of interview and to income in previous year. Data for 1941 were estimated from information obtained in Family Spending and Saving
in Wartime (Bureau of Labor Statistics, Bulletin No. 822, April 1945) and Rural Family Spending and Saving in Wartime (U. S. Department of Agriculture, Miscellaneous Publication No. 520, June 1943).
The surveys covering 1952, 1951, and 1949 differ somewhat from the survey covering 1941 in definition of automobile ownership
and family unit, in the universe covered, and in sampling methods.
The figures in this table cannot be used to measure precise changes in automobile ownership. The sampling errors of the differences
(at the 95 per cent level of probability) for the proportion of car owners in each quintile of urban, rural, and all families are estimated
to be 9-10, 10-11, and 6-7 percentage points, respectively. This estimate of sampling error takes only sampling variability into account.
Reporting errors and differences in definitions and methodology are not taken into account. The 1941 definition of car ownership (ownership at any time during the year) makes for a somewhat higher frequency of ownership in 1941 relative to 1952, 1951, and 1949 (ownership at time of interview).
All families (including single-person families) were ranked by size of annual money income before taxes in 1951, 1950 and 1948, and
then classified in fifths (quintiles). For 1941, the rankings were derived from an open-end distribution of families among various income
size groups by a process of freehand graphic interpolation of cumulative frequency distributions. Urban and rural families were similarly
ranked and classified. It is believed that the data show with reasonable accuracy the nature of certain changes in the pattern of ownership 2during this period.
Ownership of an automobile at time of interview indicated by some member of the family.
3
Ownership in some period during 1941 of an automobile used wholly or partly as a family car. Excludes cars used exclusively for
business purposes.
SUPPLEMENTARY T A B L E 2
AGE
OF AUTOMOBILE O W N E D BY URBAN FAMILIES WITHIN INCOME Q U I N T I L E S 1
[Percentage distribution of cars within family income quintiles] 2
Highest fifth
Age of automobile
3 years or l e s s . . .
...
1 year or less
2 to 3 years
More than 3 years
4 to 7 years 4
More than 7
Fourth fifth
Third fifth
Second fifth
Lowest fifth
3
years....
All cases
1941
1952
1949
1941
1952
1949
1941
1952
1949
1941
1952
53
68
49
29
44
41
18
29
29
10
19
31
37
24
29
13
36
12
17
15
29
10
31
8
10
12
17
9
20
5
5
4
15
32
47
36
32
32
51
71
56
59
82
71
71
90
81
16
16
0
47
25
7
14
37
0
71
46
10
15
44
0
82
52
19
14
57
0
90
45
36
100
100
100
100
100
100
100
100
100
100
100
100
1952
1949
68
1949
1941
35
9
9
10
3
6
9
O
91
91
0
91
24
67
100
100
25
65
11
54
100
1
Data for early 1952 and 1949 were obtained in the 1952 and 1949 Surveys of Consumer Finances. They relate to latest model
automobile owned at time of interview and to income in the previous year. Data for 1941 were estimated from information obtained in
Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. 822, April 1945).
The surveys covering 1952 and 1949 differed somewhat from the survey covering 1941 in definition of automobile ownership and the
family unit, in the universe covered, and in sampling methods.
The figures in this table cannot be used to measure precise changes in automobile ownership. However, it is believed that the data
show2 with reasonable accuracy the nature of certain broad changes in the pattern of ownership during this period.
All urban families (including single-person families) were ranked by size of annual money income before taxes in 1951, 1948, and
1941, respectively, and then classified in fifths or quintiles. The rankings for 1941 were derived from the distribution of urban families
among
various income size groups.
3
For derivation of age of automobile from model year information, see Table 6, note 1.
4
An insignificant number of automobiles were in this age group as of early 1949 because of the cessation of production during the
war.
876
FEDERAL RESERVE BULLETIN
JOINT STATEMENT OF THE
EXECUTIVE COMMITTEE OF THE NATIONAL ASSOCIATION OF
SUPERVISORS OF STATE BANKS, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE COMPTROLLER OF
THE CURRENCY, AND THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
COORDINATION OF PRACTICES IN FIELDS OF MUTUAL OR JOINT RESPONSIBILITY
The Executive Committee of the National Association of Supervisors of State Banks and the
Federal Deposit Insurance Corporation have considered, through joint conferences, matters of mutual interest touching upon bank capitalization,
meetings of bank examiners with boards of directors, problem banks, and internal audit and controls
of banking institutions. While the matters which
gave rise to these conferences concerned only the
Supervisors of State Banks and the Federal Deposit
Insurance Corporation, the Comptroller of the Currency and the Federal Reserve Board were invited
and participated in the discussions and lent valuable advice and counsel during the conferences and
join in the understandings reached as a matter of
desirable public policy.
In preparing this statement with respect to the
coordination of the practices of the several agencies
in fields of mutual or joint responsibility, it is intended, of course, that each agency will fully carry
out the duties and responsibilities vested in it by
statute, and all the agencies mutually recognize the
statutory prerogatives of the others.
State banking authorities have the sole right to
charter State banks, the right to authorize or deny
branches of such banks if permitted by State law.
Federal Deposit Insurance Corporation, in the case
of nonmember insured State banks, must give its
prior approval to the establishment and operation
of any new branch of such banks, and in the case
of out-of-town branches of State member banks, the
Board of Governors must authorize any new branch
of such banks. State banking authorities have the
primary power over State banks as to solvency,
capital adequacy, and sound management, including disciplinary action. State authorities also have
the final sanction of revocation of State bank
charters. State banking authorities recognize the
protection and benefits derived from Federal DeAUGUST 1952
posit Insurance Corporation insurance and Federal
Reserve membership and will conduct their supervisory powers with a view to minimizing the insurance risks of the Federal Deposit Insurance
Corporation and maximizing the ability of those
State banks which are Federal Reserve members
to take advantage of their Federal Reserve membership.
The Comptroller of the Currency has the sole
charter power over national banks, the sole right
to authorize or deny branches of such banks if
permitted by State law, and the primary power
over national banks as to solvency and sound management, including disciplinary action. In case of
deliberate violation of law by a national bank, suit
may be brought in the name of the Comptroller of
the Currency for the forfeiture of the bank's
charter. He has special and additional concern for
adequate capitalization and sound management due
to the obligations of his office to the Federal Deposit
Insurance Corporation and the Federal Reserve
System which agencies are automatically involved
when a national bank is chartered and which normally do not examine or exert disciplinary action
over national banks.
The Federal Deposit Insurance Corporation has
the sole responsibility for granting to or withholding deposit insurance from nonmember State
banks and of withdrawing insurance protection
from insured banks. Normally, the Federal Deposit Insurance Corporation examines only insured
State nonmember banks and normally it exerts influence toward adequate bank capitalization and
sound management of such banks through State
banking departments in the interest of protecting
depositors and reducing the loss exposure of the
Federal Deposit Insurance Corporation.
The Board of Governors of the Federal Reserve
System has the sole power to grant to or to with-
877
JOINT STATEMENT
hold Federal Reserve membership from State banks
and to withdraw membership privileges from State
banks. Federal Reserve authorities normally examine only State member banks and normally exert
influence towards adequate capitalization and sound
management of such banks through State banking
departments in the interest of maintaining a sound
credit structure and maximizing the ability of
State member banks to use their membership
privileges. They recognize a special and additional
concern as to adequate capitalization and sound
management of State member banks due to their
obligation to the Federal Deposit Insurance Corporation which agency is automatically involved by
the granting of Federal Reserve membership to a
State bank and which normally does not examine
or exert disciplinary action over State member
banks.
In the case of problem banks, it should be the
objective of the agencies directly concerned to
achieve and maintain close liaison in working out
solutions of the problems. Periodic consultations
should be held to lay plans for such disciplinary
or corrective action as may be necessary. It would
be expected that the State supervisory authority
would take the lead in carrying out the appropriate
disciplinary or corrective policies where Statechartered institutions are concerned, although the
Federal agency involved would retain its right to
act independently if circumstances warranted.
As to new banks, the State banking authority has
the power to charter any new State bank which
has capital funds sufficient to meet requirements of
State law and the commissioner's judgment as to
adequacy, likewise, in such circumstances, to authorize any new branch of a State bank when permitted by State law. Federal Deposit Insurance
Corporation, in the case of nonmember insured
State banks, must give its prior approval to the
establishment and operation of any new branch of
such banks, and, in the case of out-of-town branches
of State member banks, the Board of Governors
must authorize any new branch of such banks.
The Comptroller of the Currency has the power to
charter any national bank which has capital funds
sufficient to meet the requirements of the National
Bank Act and the Comptroller's judgment; also,
in such circumstances, to authorize any national
bank branch if permitted by State law. Before
approving the application of a State nonmember
878
bank for deposit insurance, the Board of Directors
of the Federal Deposit Insurance Corporation is
required by statute to give consideration to the
adequacy of the bank's capital structure as well as
to the other factors specified in the law. The Federal Reserve authorities have the power to admit
any newly chartered State bank to membership if
it has minimum capital funds required by the National Bank Act or they can refuse to admit to
membership a newly chartered bank whose capital
funds seem inadequate in their judgment. There
should be consultation between appropriate Federal and State authorities if the prospective bank
is to have a State charter and is to become an insured bank or a member of the Federal Reserve
System and between all Federal authorities if the
bank is to have a national charter.
In determining the adequacy of capital of new
institutions the agencies should use at least a threeyear projection of the probable amount of deposits
and should take into account other factors, such as
type of community, overbanking, ability to generate
earnings sufficient to provide adequate compensation for good management and the accumulation of
additional capital funds for future growth, risk
asset ratio, etc., as well as any other factors required
by law.
We believe that much good can come from consultations between supervisory agencies on matters
of mutual interest. To better provide for such consultations, it is agreed that a standing committee,
consisting of one official representative of each of
the four supervisory entities referred to in the first
paragraph of this statement, shall be organized and
that this committee shall hold at least two meetings
a year in Washington, D. C.
We acknowledge also the benefits that may often
flow from conferences between bank managements
and bank examiners or other agency officials.
Where these conferences are sought by institutions
at the conclusion of examinations or at other times,
their requests should be readily granted.
The primary responsibility for calling disciplinary conferences with problem institutions rests
with the supervisory agency primarily responsible
for solvency and sound management, that is, the
Comptroller of the Currency or the State banking
department. Where the problem bank is a State
member bank or a nonmember insured State bank,
the appropriate Federal agency may call a discipliFEDERAL RESERVE BULLETIN
JOINT STATEMENT
nary meeting, if the State banking authority does
not call such meeting.
Boards of directors of banks should be encouraged through the examination procedure to
interest themselves in the adequate audit and internal control of their institutions. Boards of directors of banks too small to maintain competent
internal audit staffs should be encouraged to employ qualified outside auditors for periodic inspection of their banks' affairs.
/S/
MAPLE T. HARL,
Chairman, Federal Deposit Insurance
Corporation.
/S/
PRESTON DELANO,
Comptroller, Office of the Comptroller
of the Currency.
/S/
W M . MCC. MARTIN, JR.,
Chairman, Board of Governors of the
Federal Reserve System.
July 3, 1952.
PROCEDURES TO IMPLEMENT THE JOINT STATEMENT
1. Circumstances under which examiners or superpected that the State supervisory authority would
visors hold meetings with boards of directors of banks.
take the lead in disciplinary or corrective action
l(a) Whenever a board of directors or a group although the Federal agency involved would retain
of directors requests a meeting with the bank ex- its right to act independently if circumstances waraminers at the close of an examination, the requests ranted.
should be granted.
3. In problem banks a decision as to whether a
l(b) The supervisory agencies may well con- disciplinary conference should be held is usually
sider encouraging boards of directors to take ad- made after the examination report is filed. For
vantage of visits by examiners to obtain the first- problem State banks the decision as to where the
hand views of the examiner as to the condition of conference is to be held would normally be made
their bank. Much valuable information can be by the State bank supervisor. Normally, the Fedgained from an informal discussion during which eral Reserve Bank or the Federal Deposit Insurance
the examiner would have an opportunity to bring Corporation would be invited to have a representato bear his broad experience in the examination of tive at such disciplinary conference, depending on
banks of many kinds in a way which he would not whether the bank is a State member bank or a nonfeel free to do in a formal examination report.
member insured State bank. The appropriate Fed2. In the case of problem State banks, it should eral agency has the power to call a disciplinary
be an objective of the agencies to achieve ever closer meeting at a place which it may decide, if the State
liaison between the State banking supervisor and banking authority does not call such a meeting for
the appropriate Federal agency in working out a problem bank. In such a case the State authority
solutions of the problems. A problem bank may be would be invited to participate.
in that category for a variety of causes, such as
4. In unusual circumstances, where an immediate
management deficiencies, weak assets, insufficient conference is needed with a board of directors of a
capital funds, lack of adequate internal audit con- State bank, the State bank examiner would nortrols, etc.
mally take the initiative. If the State bank exThe State agency and the appropriate Federal aminer declines to do so, the appropriate Federal
agency should compare their lists of problem banks examiner is free to call such a meeting, in which
and the reasons why the banks are on the problem case he would notify his district chief and the State
list. It would be hoped that the thinking of the bank supervisor's office.
State and Federal agencies would be alike in the
II. Methods of providing adequate bank capital
great majority of cases although each agency
would retain its independence of judgment where funds.
there might be differences of opinion.
A. In the case of a new ban\—
The State agency and the appropriate Federal
1. There should be consultation between approagency would discuss the desirable steps to be taken
to correct the problem situation. It would be ex- priate Federal and State authorities if the prospec/S/
WILLIAM A. LYON,
Chairman of the Executive Committee,
National Association of State Bank Supervisors.
AUGUST
1952
879
JOINT STATEMENT
tive bank is to have a State charter and is to become
an insured bank or a member of the Federal Reserve System and between all Federal authorities if
the bank is to have a national charter.
2. In determining the adequacy of capital of new
institutions the agencies should use at least a threeyear projection of the probable amount of deposits
and should take into account other factors, such as
type of community, overbanking, ability to generate earnings sufficient to provide adequate compensation for good management and the accumulation of additional capital funds for future growth,
risk-asset ratio, etc., as well as any other factors
required by law.
3. The State banking authority has the power to
charter any State bank which has capital funds
sufficient to meet requirements of State law and the
commissioner's judgment as to adequacy.
4. Before approving the application of a State
nonmember bank for deposit insurance, the Board
of Directors of the Federal Deposit Insurance
Corporation is required by statute to give consideration to the adequacy of the bank's capital structure
as well as to the other factors specified in the law.
5. The Federal Reserve authorities have the
power to admit any newly chartered State bank to
membership if it has the minimum capital funds
required by the National Bank Act or they can refuse to admit to membership a newly chartered
bank whose capital funds seem inadequate in their
judgment. Usually the Federal Reserve authorities
agree with the Federal Deposit Insurance Corporation judgment as to minimum adequate capital
funds, but in doubtful cases, they discuss the merits
carefully with the Federal Deposit Insurance Corporation and act independently in unusual cases.
6. The Comptroller of the Currency has the
power to charter any national bank which has
capital funds sufficient to meet the requirements of
the National Bank Act and the Comptroller's
judgment.
2. For State banks the State bank supervisor
would normally see to it that steps are taken to
improve the protection afforded depositors either
through special attention devoted to strengthening
capital or through urging upon the institutions a
lesser degree of risk taking in loans and investments.
C. In the case of problem ban\s due to insufficient capital funds—
1. In the case of a national bank, if the undercapitalized position cannot be corrected through
use of the measures utilized in the case of moderately under-capitalized banks, the Comptroller
of the Currency must weigh the risk inherent in a
specific situation and determine whether a closer
degree of supervision is required.
2. The State supervisor normally would take
corrective action in the case of State banks but
would welcome support from the appropriate Federal agency. Under such circumstances the Federal
authority would act independently only in the event
that its statutory responsibility is not fully discharged by the action of the State agency. In the
latter case, the Federal agency would keep the State
agency informed as to its recommendations and
plan of action.
III. Methods of improving bank audit and control
procedures.
1. An important part of the solution of obtaining
better internal controls in banks is to achieve a
greater understanding on the part of some directors
and officers as to what are adequate methods. There
is need for a long-range program on this score.
The matter should be brought to the attention of
bank directors and officers repeatedly and a good
vehicle for such education is the examination report
of the bank.
2. The board of directors of a bank can maintain
better control of the bank's operations with a view
to honesty, efficiency and accuracy if experienced
B. In the case of moderately under-capitalized outside auditors are occasionally employed to audit
ban\s—
the balance sheet, systems and controls and pref1. The Comptroller of the Currency endeavors erably to verify loans, mortgages and deposits. It
to obtain additional capital through the sale of is not proposed that external audits be used as a
new common stock, or to obtain correction through substitute for internal auditing in banks which are
a reduction in the volume of those risk assets sub- large enough to maintain an audit staff but rather
ject to the greatest degree of risk plus such correc- as a supplementary procedure for the more comtion as may be possible in the form of retained plete protection of the bank and its directors. For
banks too small to have a regular audit staff, it is
earnings.
FEDERAL RESERVE BULLETIN
JOINT STATEMENT
obvious that a periodic inspection by qualified outside auditors should be of great value. The cost
of such outside audits for the typical small bank
would seem a small annual figure to pay for providing this valuable additional measure of protection to the bank and its board of directors, and
from the standpoint of increasing the efficiency of
the bank's operations.
/ S / WILLIAM A. LYON,
Chairman of the Executive Committee,
National Association of State Bank Supervisors.
/ S / MAPLE T. HARL,
Chairman, Federal Deposit Insurance
Corporation.
/S/
PRESTON DELANO,
Comptroller, Office of the Comptroller
of the Currency.
/ S / W M . MCC. MARTIN, JR.,
Chairman, Board of Governors of the
Federal Reserve System.
July 3, 1952.
CURRENT EVENTS AND ANNOUNCEMENTS
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 June 16, 1952 to July 15, 1952:
AUGUST 1952
California
Mar Vista—Mar Vista Commercial and Savings
Bank.
881
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
struction of which has been started during each
calendar month, and, on the basis of such estimates,
make estimates of the annual rate of construction
starts during each such month, after making reasonPursuant to section 607 of the Defense Produc- able allowance for seasonal variations in the rate of
tion Act as added by the Act of June 30, 1952, the
construction. The Secretary shall transmit the said
President on July 14, 1952, issued Executive Order
estimates to the Board of Governors of the Federal
10373 amending Executive Order 10161, delegating
Reserve System.
certain authority to the Secretary of Labor and the
(c) The concurrence of the Housing and Home
Board of Governors of the Federal Reserve System
Finance Administrator specified in section 501 (b)
with respect to estimates of housing starts and reof this Executive order shall not be necessary to the
quired announcements provided for by the amendprescribing, changing, or suspending of the proments to the law. The text of the Executive Order
follows, together with the text of a joint release visions of any regulation of the Board of Governors
issued by the Board of Governors and the Housing of the Federal Reserve System issued pursuant to
and Home Finance Agency July 15, 1952, with section 501 hereof with respect to extensions of
credit during any "period of residential credit conrespect to this matter.
trol relaxation" announced pursuant to the said
section 607, and the requirements of section 502 (b)
EXECUTIVE ORDER 10373
hereof shall not be applicable during any such
AMENDING EXECUTIVE ORDER NO. 10161 WITH REperiod.
Real Estate Credit
Delegations of Authority Pursuant to Defense
Production Act Amendments of 1952
SPECT TO REAL ESTATE CREDIT
By virtue of the authority vested in me by the
Constitution and statutes, including the Defense
Production Act of 1950, as amended, and as President of the United States, it is ordered that Executive Order No. 10161 of September 9, 1950, 15 F. R.
6105-6108, as amended, shall be, and it is hereby,
further amended by adding the following at the
end of Part V thereof:
Sec. 503. (a) Except as otherwise provided in
section 503(b) of this Executive order, the functions conferred upon the President by section 607
of the Defense Production Act of 1950, as amended,
are hereby delegated to the Board of Governors of
the Federal Reserve System. The Board shall perform the functions delegated by this subsection subject to the concurrence of the Housing and Home
Finance Administrator and upon the basis of estimates made pursuant to section 503(b) of this
Executive order.
(b) The Secretary of Labor shall, pursuant to
section 607 of the Defense Production Act of 1950,
as amended, make estimates of the number of permanent, non-farm, family dwelling units the con-
HARRY S. TRUMAN.
The White House,
July 14, 1952.
JOINT RELEASE
OF THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE.
SYSTEM
AND
HOUSING AND HOME FINANCE AGENCY
The Board of Governors of the Federal Reserve
System and the Administrator of the Housing and
Home Finance Agency announced today the procedures that will be followed in carrying out the
new housing credit provisions of the Defense Production Act Amendments of 1952 and of the new
Executive Order implementing those provisions.
Under the amendments to the Defense Production Act, if housing starts for any consecutive three
months fall below an annual rate of 1,200,000,
residential credit controls shall be relaxed so as
not to require a down payment of more than 5 per
cent of the transaction price. The amendments
further provide that such relaxation shall begin
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
not later than one month after the expiration o£
the consecutive three months during which housing
starts were at an annual rate of under 1,200,000.
The amendments to the Defense Production Act
authorize the President to estimate the rate of
housing starts and to announce the beginning or
termination of a period of relaxed credit controls.
This authority has been delegated by the President,
in amendments to Executive Order 10161, to the
Department of Labor with respect to estimates of
starts and to the Federal Reserve Board and the
HHFA with respect to required announcements.
Acting under that delegation, the following procedures have been determined upon:
Housing starts will be estimated, for purposes
of possible credit relaxation under the amendments,
beginning with starts for the month of June 1952.
These estimates will be made by the Labor Department's Bureau of Labor Statistics, which will
also make estimates of the annual rate of starts
each month adjusted for seasonal variations in the
rate of construction. The housing to be counted
in the estimate shall consist of permanent, nonfarm,
family dwelling units. BLS will transmit its estimates to the Federal Reserve Board.
If the estimates show that for three consecutive
AUGUST 1952
months, starts are below a seasonally adjusted annual rate of 1,200,000, then the Federal Reserve
Board,*with the concurrence of the HHFA Administrator, will announce a period of residential credit
control relaxation to begin not more than a month
after the termination of the three-month period.
For example, if housing starts during June, July,
and August are below a seasonally adjusted annual
rate of 1,200,000 for each of those months, the
period of credit control relaxation would begin not
later than October 1.
Such a period of relaxation could be terminated
by the Board, with the concurrence of the Administrator, any time after construction starts during
three consecutive months exceeded an annual rate
of 1,200,000.
The authority of the Federal Reserve Board and
the Administrator of the Housing and Home
Finance Agency to administer credit controls remains unchanged until a period of credit control
relaxation has been announced, the two agencies
pointed out. Both agencies made it clear, however, that no change in the down payment requirements on residential properties is contemplated at
this time, particularly in view of the fact that these
requirements were modified as recently as June 11.
883
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 28'and released for publication July 30]
Industrial production and rail freight traffic decreased sharply further during June and most of July
owing mainly to the effects of the steel dispute, but
recovery began following settlement of this dispute
towards the end of the month. Activity in construction and other industries was generally maintained
in June and July. Wholesale prices changed little
and consumer prices rose to a new high.
INDUSTRIAL PRODUCTION
The Board's production index in June was 203
per cent of the 1935-39 average, as compared with
211 in May and 222 in February. The further drop
in June reflected work stoppages at steel works and
iron ore mines. In July the index is expected to
decrease about 10 points reflecting curtailments in
steel consuming industries and reduced operations
because of vacation schedules in some other industries.
Durable goods production declined 10 per cent in
June as steel mill activity was curtailed to 18 per
cent of capacity as compared with 90 per cent in
April and May. Steel production was scheduled at
about 15 per cent of capacity during most of July
but increased substantially at the end of the month.
Activity in most steel consuming industries was
maintained through June and inventories were reduced rapidly. Passenger auto assemblies were virtually unchanged but in July have been reduced
three-fifths to about 160,000 units. Activity in
INDUSTRIAL
PRODUCTION
PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • IOO
machinery industries held steady in June at a
level somewhat below the first quarter, and output
of aircraft and other military equipment continued
to increase.
Output of nondurable goods rose in June reflecting a further expansion in activity at textile mills
and resumption of operations at oil refineries. Activity in most other nondurable goods industries
changed little.
Minerals production in June and July, while
above the sharply reduced May level, was more than
10 per cent below April, as iron ore mining was curtailed to levels about four-fifths below a year ago
and coal output was reduced further. The drop in
crude petroleum production during the refinery
shutdowns in May was considerably greater than
estimated earlier, and in June and July crude oil
output has remained moderately below the April
level.
CONSTRUCTION
Value of construction contract awards declined
slightly in June reflecting a decrease in private
awards. New work put in place continued close to
record levels. The number of housing units started,
at 106,000, was little changed from that in each of
the three preceding months.
EMPLOYMENT
Seasonally adjusted total employment in nonagricultural establishments showed only a small
decline in June, as employment outside the steel
industry was generally maintained. The average
work week at manufacturing plants rose somewhat
to 40.4 hours and average hourly earnings remained
at $1.66. Unemployment increased seasonally by
about 200,000 in June, but was 150,000 below a year
ago. By mid-July, claims for unemployment compensation were substantially above the June level,
mainly because of layoffs in various steel-consuming
lines.
AGRICULTURE
100
100
1948
1949
1950
1951
1952
1948
1949
1950
1951
1952
Federal Reserve indexes. Monthly figures, latest shown are
for June.
884
Crop production in 1952 is expected to be about
4 per cent larger than last year, according to official
reports based on July 1 conditions. Marked inFEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
creases are forecast in output of wheat and corn,
with some rebuilding of stocks in prospect. Milk
and egg ouput decreased in June reflecting largely
above normal temperatures. Meat production in
July has remained somewhat above year-ago levels.
DISTRIBUTION
Department store sales in the first three weeks of
July were slightly above year-ago figures but were
down somewhat from June on a seasonally adjusted
basis. Sales of television sets and appliances continued strong. Department store stocks showed
about the usual seasonal change through June.
Sales of passenger autos decreased in June and,
owing mainly to the reduced supplies of new cars,
a further more marked drop apparently occurred
in July.
COMMODITY PRICES
The general level of wholesale commodity prices
changed little from mid-June to the fourth week
in July. There were advances in prices of foodstuffs—particularly eggs and hogs—textile products, and nonferrous metals, while steel scrap, rubber, cotton, burlap, tallow, and feedstuffs declined.
Following settlement of the steel dispute, ceiling
prices for finished steel were raised about 6 per cent.
The consumers price index rose .3 per cent in
June to a new high. Prices of food—meat and
PRICES AND TRADE
1947-49 = 100
eggs—rose seasonally and rent and other services
advanced further, while prices of housefurnishings
declined.
BANK CREDIT
Bank credit expanded substantially in the early
part of July, reflecting financing associated with
Treasury borrowing and further increases in instalment borrowing by consumers, State and local government financing, real estate financing, and farm
borrowing. Bank reserve positions continued generally tight in late June and the first half of July
owing in large part to a currency outflow and an
increase in required reserves associated with seasonal
Treasury financing operations. Discounts at the
Federal Reserve Banks increased and the rate on
Federal funds remained high.
Interest rates charged by commercial banks on
short-term business loans averaged 3.51 per cent in
the first half of June compared with 3.45 per cent
in the first half of March. The largest rate increases occurred in the southern and western sections of the country, while rates declined in some
northern and eastern cities.
SECURITY MARKETS
Common stock prices generally rose during the
first half of July, reaching on July 16 their highest
level since April 1930. Yields on short-term U. S.
Government securities rose during the latter part of
June and the first three weeks of July, the rate on
new Treasury bill issues reaching 1.88 per cent, the
highest level since early January.
LOANS AT COMMERCIAL BANKS
tib
60
TOTAL
55
/
50
j
/
r
80 U
1948
BUSINE
\
\^
EAL ESTAT E
/
100
f
\
45
1949
1950
1951
1952
1948
1949
1950
1951
1952
Seasonally adjusted series except for prices. Wholesale prices,
Bureau of Labor Statistics indexes. _ Consumer prices, total
retail sales, and disposable personal income. Federal Reserve
indexes based on Bureau of Labor Statistics and Department of
Commerce data. Department store trade, Federal Reserve
indexes. Monthly figures, latest shown are for June.
AUGUST 1952
V
10
_ •
s
CONSUMER
-
S**
/
35
1948
1949
1950
1951
Federal Reserve data.
for June.
1952
1948
1949
1950
1951
1952
Monthly figures, latest shown are
885
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items.
Federal Reserve Bank rates, reserve requirements; margin requirements; tees and rates under Regulation V; terms under Regulation X
Federal Reserve Bank statistics
Guaranteed Regulation V loans
Deposits and reserves of member banks
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 insured commercial banks in the United States, by classes
Weekly reporting member banks
Life insurance company commitments
Commercial paper, bankers' acceptances, and brokers' balances
Money rates; bank rates on business loans; bond yields.
Security prices and new issues
Corporate sales, profits, and dividends
Treasury
finance
Government corporations and credit agencies.
Business indexes
Department store statistics
Consumers' prices
Wholesale prices
Gross national product, national income, and personal income
Consumer credit statistics
Member bank operating ratios, 1951
Changes in number of banking offices in the United States.
Number of banking offices on Federal Reserve par list and not on par list
889-890
890-892
893-895
895
895-896
896
897
898
899-901
902-903
904-906
906
907
908
909-910
910-912
913—915
916
917—926
927-930
930
931
932—933
934—936
937-939
940
941
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System 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 principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
AUGUST 1952
887
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billiops of Dollars
Wednesday Figures
Billions of Dollars
15
10
10
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
30
FEDERAL RESERVE CREDIT
HOLDINGS OF U S GOVERNMENT SECURITIES - TOTAL
10
FEDERAL RESERVE FLOAT
DISCOUNTS AND ADVANCES
1943
1944
1945
1946
1947
1948
1949
1950
Wednesday figures, latest shown are for July 30. See page 889.
1951
1952
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
Bonds
Bills,
certificates,
and
notes
All
other* Total
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Treasury deTreas- posits
Nonury
with
memcash
hold- Federal ber deposits
Reings
serve
Banks
Member bank
reserve balances
Other
Federal
Reserve
ReExacTotal
quired2
counts
Wednesday
figures:
128 22,653
179 22,758
165 22,806
220 22,843
6,869
6,936
6,736
6,809
15,784 765 23,546 21,756
15,822
846 23,783 21,756
16,070 1,178 24,150 21,755
16,034 852 23,916 21,755
4,644
4,647
4,648
4,650
27,520
27,499
27,479
27,601
1,303
1,289
1,285
1,286
July
3.
July 11.
July 18.
July 25.
181
236
300
78
22,977
23,092
23,081
23,057
6,822
5,822
5,822
5,822
812 23,970 21,756
16,155
17,270 938 24,267 21,757
17,259 1,223 24,605 21,758
17,235
928 24,063 21,759
4,654
4,656
4,656
4,658
27,948
27,893
27,781
27,706
,287
,296
,296
,305
Aug.
1.
Aug.
8.
Aug. 15.
Aug. 22.
Aug. 29.
408
200
242
214
278
23,081
23,118
23,151
23,084
23,066
5,822
5,822
5,822
5,822
5,822
17,259
17,296
17,329
17,262
17,244
24,282 21,759
24,046 21,759
24,360 21,800
24,175 21,800
24,001 21,800
4,663
4,665
4,666
4,667
4,668
27,842
27,904
27,925
27,932
28,034
Sept.
Sept.
Sept.
Sept.
243
325
359
216
23,079
23,108
23,135
23,474
5,822
5,822
5,822
5,822
17,257 684 24,006 21,854
17,286 951 24,384 21,853
17,313 1,289 24,783 21,934
17,652
988 24,677 22,013
4,672
4,673
4,674
4,676
3.
10.
17.
24.
31.
69
79
69
152
186
24,039
24,072
23,848
23,666
23,552
5,325
5,325
5,325
18,214 922 25,030 22,015
18,247
875 25,025 22,055
18,523 1,200 25,117 22,105
18,341 1,024 24,841 22,144
18,227
690 24,427 22,234
Nov. 7.
Nov. 14.
Nov. 2 1 .
Nov. 28.
243
274
227
483
23,507
23,397
23,275
23,239
5,325
5,325
5,334
5,334
Dec. 5 .
Dec. 12.
Dec. 19.
Dec. 26.
959
710
449
797
23,239
23,239
23,239
23,503
2.
9.
16.
23.
30.
105
198
135
112
210
Feb.
6.
Feb. 13.
Feb. 20.
Feb. 27.
139 1,102
129
,095
433
,099
418
,139
684
686
774
775
19,198
19,487
19,482
19,102
18,335
865
18,417 1,070
18,642
840
18,564
538
179
253
612
424
,014
,107
,183
,191
764
768
766
767
19,189
19,364
19,380
19,088
18,556
18,459
18,465
18,440
633
905
915
648
,308
,298
,288
,292
,291
557
203
495
434
557
,175
,016
,113
,096
999
722
720
719
718
717
19,099
19,328
19,285
19,172
18,871
18,430
18,441
18,468
18,517
18,485
669
887
817
655
386
28,262
28,216
28,140
28,137
,299
,294
,285
,288
408
474
477
816
,022
,047
923
1,024
714
713
730
731
18,825
19,167
19,835
19,369
18,406
18,555
18,864
18,837
419
612
971
532
4,680
4,680
4,681
4,683
4,686
28,320
28,448
28,385
28,301
28,410
,284
,286
,296
291
288
397
335
326
509
493
966
1,002
975
886
818
753
750
851
850
780
20,004
19,939
20,068
19,833
19,557
18,843 1,161
18,868 1,071
18,950 1.118
19,144
689
19,060
497
18,182
845 24,595 22,284
18,072
930 24,602 22,283
17.941 1,243 24,745 22,333
17,905
22
957 24,679 "",332
4,686
4,688
4,689
4,693
28,534
28,601
28,701
28,742
,291
,284
,285
,288
452
245
364
548
843
815
800
750
778
776
774
774
19,667
19,850
19,843
19,603
18,988
18,976
19,211
19,229
679
874
632
374
5,357
5,376
5,334
5,342
17,882
883 25,081 22,381
17,863 1,031 24,980 22,382
17,905 2,057 25,745 22,491
18,161 1,276 25,576 22,621
4,699
4,700
4,703
4,704
28,891
29,037
29,263
29,403
,292
,284
,269
,289
501
266
6
289
787
740
776
880
770 19,919
770 19,964
827 20,798
832 20,208
19,196
19,317
19,767
19,637
723
647
1,031
571
23,658
23,452
23,119
22,993
22,785
5,344
5,344
5,344
5,344
5,344
18,314 1,062 24,825 22,697
18,108 904 24,,554 22,772
17,775 1,118 24,372 22,822
17,649 1,010 24,116 22,872
17,441
711 23,707 22,931
4,706
4,707
4,710
4,711
4,716
29,143
28,800
28,526
28,342
28,347
,275
,280
,291
,280
,302
8
69
138
11
221
694
771
719
663
729
745
743
744
743
742
20,364
20,369
20,488
20,660
20,013
19,685
679
19,551
818
19,590
898
19,573 1,087
19,455
558
283
619
454
42:
22,614
22,499
22,400
22,555
5,344
5,344
5,471
5,636
17,270 759 23,656 22,990
17,155
63- 23,753 23,011
16,929 1,033 23,887 23,071
16,919
773 23,750 23,110
4,717
4,717
4,721
4,722
28,378
28,425
28,387
28,390
,317
,276
,308
,308
52
261
491
712
728
685
749
730
741
741
738
735
20,148
20,094
20,007
19,710
19,415
19,304
19,293
19,224
Mar. 5 .
Mar. 12.
Mar. 19.
Mar, 26.
384
357
126
170
22,514
22,530
22,82.
22,528
5,636
5,636
5,636
5,636
16,878 986 23,883
16,894 891 23,778
17,189 1,265 24,216
16,892
715 23,413
23,290
23,291
23,292
23,291
4,726
4,726
4,729
4,731
28,464
28,452
28,361
28,329
,296
,296
,285
,282
670
639
6
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
16'
622
830
676
22,514
22,494
22,467
22,372
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
17,22'
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
,281
,273
,288
,287
,284
295
381
520
87
450
776
763
853
809
784
827
827
825
824
19,81
19,652
20,218
19,875
19,940
19,166
19,076
19,225
19,087
19,143
646
576
993
788
797
May 7.
May 14.
May 2 1 .
May 28.
1,043
671
499
816
22,329
22,315
22,283
22,273
5,136
5,136
5,136
5,136
17,193
695 24,06' 23,297
17,179
779 23,764 23,297
17,147 1,013 23,794 23,298
17,13
653 23,742 23,296
4,739
4,739
4,739
4,741
28,523
28,497
28,483
28,710
,286
,293
,279
,286
749
516
384
558
762
796
813
813
747
745
745
745
20,034
19,953
20,127
19,667
19,071
19,092
19,181
19,217
963
861
946
450
June 4.
June 11.
June 18.
June 25.
926
834
541
30'
22,378
22,492
22,997
22,564
5,136
5,136
5,136
5,136
17,242
775 24,079 23,296
17,356
803 24,128 23,297
17,861 1,289 24,828 23,297
17,428
23,753 23,346
4,747
4,750
4,751
4,752
28,842
28,830
28,787
28,814
,282
,284
,286
,290
527
507
9
134
824
834
768
813
742
742
794
793
19,906
19,978
21,232
20,006
19,207
19,226
19,736
19,621
699
752
1,496
385
480 22,869
22,860
974 22,723
1,073 22,726
1 403 22,844
5,136
5,136
5,136
5,136
5,136
17,733
17,274
17,58;
17,590
17,708
4,755
4,754
4,756
4,756
4,761
29,180
29,148
28,988
28,884
28,952
,277
,264
,271
,275
,286
90
760
906
38
988
30
482 1,016
605 1,042
798 20,153 20,104
799 20,413 20,008
797 20,422 P19.844
797 20,326 19,810
724 20,409 P 1 9 , 7 7 2
149
405
P578
1951—June 6.
June 13.
June 20.
June 27.
Oct.
Oct.
Oct.
Oct.
Oct.
1952—
Jan.
Jan.
5.
12.
19.
26.
July 2.
July
9.
July 16.
Tuly 23.
July 30.
794
727
967
877
657
806
923
974
875
660
24,155 23,346
24,465 23,347
24,671 23,348
24,674 23,350
24,90 23,350
733
790
714
486
P516
P637
p Preliminary.
1
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Back figures,—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
2
AUGUST
1952
889
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
Gold
stock
Treasury
cur- Money
cirrency inculaouttion
standing
U. S. Government
securities
Date or period
Discounts
and
advances Total
All 1
Bills,
certifi- other
Bonds cates,
and
notes
Total
End of period:
1929—June 29. . .
1933—June 30. . .
1939—Dec. 30. . .
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 1 . . .
1949—Dec. 3 1 . . .
1950—June 30. . .
Dec. 30. . .
1951 - J u n e . . , , . .
145
147 1,400
216
71
1,037
,998
58 2,220
44! 1,557
164
,484 1.351 1,133
102 2,593
7
,254 1,467
787
104 2,361
3
,262
580 25,091
249
947 23,315
,350
581 24,093
163
753 42.597
536 23,181
85 22,559 2,853 19,70f
542 24,097
333 10 ,977 12,356
223
536 19.499
885 7 218 11,667
78
329 18,703
331 5 ,618 12,713
43
778 4 ,620 16,158 1,371 22,216
67
6,822 16,160 1,007 24,043
53
4,037
4,031
17,644
22,737
20,065
20,529
22,754
24,244
24,427
24,231
22,706
21,756
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4,636
4,655
1951^ July
Aug
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May
June
July
,078 5,822 17,256
679 24,033 21,759
277
,127 5,822 17,305
630 24,309 21,854
552
190 23,734 5,822 17,912 1,134 25,058 22,013
690 24,427 22,233
186 ,552 5,325 18,227
871 24,734 22,382
624 ,239 5,334 17,905
,801 5,344 18,457 1,189 25,009 22,695
19
726 23,783 22,951
328
,729 5,344 17,385
778 23,904 23,191
598
,528 5,636 16,892
623 23,270 23,291
133
,514 5,636 16,878
593 23,632 23,298
676
,363 5,136 17,227
927 24,152 23,296
952 22,,27
5,136 17,137
586 23,551 23,346
59
,906 5,136 17,770
699 24,821 P 2 3 , 3 5 0
1,270
,853 5,136 17,717
666
673
681
688
700
709
717
727
736
739
748
754
761
Averages of
daily figures:
1951—May
June
July
1952—May
*
June
July
438
170
194
573
585
1.09:
22,438 6,654 15,784
811 23,686 21,757
643
6,826 15,971
22,79
946 23,913 21,755
23,059 6,113 16,946 1,032 24,285 21,757 4,656
22,308 5,136 17,172
823 23,704 23,29 4,740
5,136 17,481
22,61
941 24,144 23,308 4,751
22,798 5,136 17,662
895 24.786 23,348 4 , 7 5 6
For footnotes see preceding page.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
TreasdeTreas- ury
posits
ury
with
cash
hold- Federal
Reings
serve
Banks
374
346
251
291
495
607
563
59C
70f
771
714
765
2,356
2,292
11,653
12,450
15,915
16,139
J 7,899
20,479
16,568
15,934
17.681
19,020
,302
27,851
28,155
,287
28,288
,285
28,417
,283
28,809
,288
29,206
,270
28,386
,319
28,465
.287
28.473
,277
28,464 1,281
28,767
1,274
20,026
1 .283
P28.975 Pi,282
584 1,159
459 1,038
936 1,127
493
818
481
794
247
889
162
766
558
796
169
845
450
784
541 1,094
333
846
638
991
716
727
780
772
746
741
733
801
749
743
783
723
18,863 18,396 467
19,181 18,464 717
19,391 18,822 569
19,557 19,060 497
19,670 19,180 490
20.056 19,667 389
20.077 19,443 634
19,982 19,254 728
19,733 19,241 492
797
19.940 19,143
19,778 19,187 591
19,381 19,513 -192
20,323 P19,75O P 5 7 3
1,291
1,286
1.291
1,281
1 ,282
1 ,270
640 1,243
280 1,162
405 1,158
553
838
328
843
306
960
696
731
756
745
767
791
18,892
19,309
19,229
19,767
20,140
20,535
27,324
27,548
2 7,859
28,557
28.843
29,0:
204
264
2,409
2,215
2,287
2,272
,336
,325
,312
,298
,293
,281
2%
Feb. 1, Mar. 30, Effec19471949tive
Mar. 29, Jan. 16, Jan. 17,
1951
1949
1951
75
75
50
50
75
75
75
50
75
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, and February 1947, p. 162.
890
23
475
5,209
3,085
1,458
562
1,499
1,202
1,018
436
1,172
416
590
834
756
628
709
18,302
18,475
18,473
19,139
19,431
Net demand deposits 1
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
Country
banks
Time
deposits
(all
member
banks)
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30 . . .
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect Aug. 1, 1952 *....
22M
26
24
22
20
22
24
17^
20
12
14
5
6
26
22
24
21
20
V2
2H
MARGIN REQUIREMENTS *
[Per cent of market value]
Regulation T :
For extensions of credit by brokers
and dealers on listed securities
For short s a l e s . . . .
Regulation U:
For loans by banks on stocks
36
35
634
867
977
393
870
1,123
821
950
668
317
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
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.
Prescribed in accordance with
Securities Exchange Act of 1934
2,333
1,817
6,444
9,365
14,457
15.577
16,400
19 27?
15,550
15,498
16,500
18,604
28
166
653
1,360
1,308
822
961
1,189
1,51?
1,431
1,460
1,262
4,459
5,434
7,598
11,160
28,515
28.952
28,868
28,224
27,600
27,156
27 741
27,809
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935Dec. 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
Nonmember deposits
Member bank
reserve balances
Other
Federal
Reserve
ReacTotal quired2 Excounts
16
"15
14
13
23^
23
22^
22
23
12
19
18
19
»7
*7
»6
35
2
3
6
13
24
20
24
20
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).
2
Requirement became effective at country banks. 3 Requirement
became
effective at central reserve and reserve city banks.
4
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.
Back figures.—See Banking and Monetary Statistics, Table 107, p. 400.
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
Rate on
July 31
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
July 31
21, 1950
21, 1950
25, 1950
25, 1950
25, 1950
24, 1950
25, 1950
23, 1950
22, 1950
25, 1950
25, 1950
24, 1950
Previous
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
rate
In effect
beginning—
Rate on
July 31
21, 1950
21, 1950
25, 1950
25, 1950
25, 1950
24, 1950
25, 1950
23, 1950
22, 1950
25, 1950
25, 1950
24, 1950
Previous
rate
Jan. 14, 1948
Oct. 30,1942
Aug. 23, 1948
Aug. 25, 1950
2
Oct. 28,1942
Aug. 24, 1950
Aug. 13,1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14,1948
2
Oct. 28, 1942
2
2
I"
2V2
4
2
2
2
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
2
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Maturity
Rate on
July 31
In effect beginning—1
2
Dec. 18, 1951
Dec. 18, 1951
Dec. 18, 1951
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Previous
Maturities not exceeding five years
rate
[In effect July 31.
1- 90 days
91-120 days
121-180 days
2H
1M
IK
To industrial or
commercial
businesses
2
1
Dates effective at Federal Reserve Bank of New York.
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars.
Back figures.—See Banking and Monetary Statistics, Table 117, pp.
443-445.
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]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 1
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect July 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Per cent per annum]
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
8
8
1
2
3
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above th<» discount
rate.
5
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.
Interest rate
Commitment rate.
AUGUST
1952
891
REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS
OF FHA AND VA
Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home
Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as
issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as
amended, and Executive Order 10161, as amended.
1- to 4-family units and farm residences
Value or sales price
per family unit
Regulation X and FHA
Nonresidential
properties 1
(Regulation X)
Multi-unit
residences
(Reg. X and FHA)
VA
Maximum loan
per property
Maximum loan per family unit 2
(in per cent of value unless otherwise specified)
Not more than $7,000
$7,001-$10,000. . .
95
$6,300 plus 75 per cent
of excess over $7,000
(95-86)
$10,001-$12,000...
$8,550 plus 55 per cent
of excess over $10,000
(86-75)
100 per cent of sales price
(closing costs
to be paid in cash)
$6,720 plus 90 per cent
of sales price over $7,000,
plus total amount
of closing costs
(96-94 per cent
of sales price3)
$9,420 plus 84 per cent
of sales price over $10,000,
plus total amount
of closing costs
(94-93 per cent
of sales price3)
$15,001-$16,000....
$7,950 plus 54 per cent
of excess over $10,000
(80-71)
50 per cent of value
$10,650 plus 50 per cent
of excess over $15,000
(71-66)
$16,001-$20,000....
$11,300 plus 45 per cent
of excess over $15,000
(75-67)
$12,900 plus 43 per cent
of (1) sales price over
$16,000 and (2) closing costs
(81-72 per cent of sales
price plus closing costs)
$20,001-$21,000....
Over $25,000. . .
$6,300 plus 55 per cent
of excess over $7,000
(90-80)
$11,100 plus 45 per cent
of (1) sales price over
$12,000 and (2) closing costs
(93-81 per cent of sales price
plus closing costs)
$12,OO1-$15,OOO...,
$21,001-$25,000
90
$14,000 plus 25 per cent
of excess over $21,000
(67-60)
60
$15,050 plus 30 per cent
of (1) sales price over
$21,000 and (2) closing costs
(72-65 per cent of sales
price plus closing costs)
1 $13,150 plus 37 percent
of excess over $20,000
(66-60)
65
60
Maximum maturity (years)
Not more than $12,000
Over $12,000
25
20
4 20
>
None specified
\
25
Amortization requirements
All v a l u e s . . . .
Minimum annual reduction of 5 per cent of original loan
until amount outstanding is 50 per cent or less of property value at time the loan was made or liquidation of
loan by maturity through substantially equal periodic
payments or payments of principal
None specified under Regulation X; periodic payments satisfactory to Commissioner on FHA loans
Liquidation of loan by
maturity through substantially equal periodic
payments or payments
of principal
Effective date
June 11, 1952 5
June 11, 19525
February 15, 1951
June 11, 1952
1
Properties generally described as commercial and recreational.
* Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family
residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value.
»These percentages should be increased by the percentage that closing costs are of sales price.
4
Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years.
«For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510.
NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate
credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspended
or relaxed as provided by the Defense Housing and Community Facilities and Services Act of 1951 and as prescribed by the Administrator.
For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve
Banks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices.
892
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1952
July 30
Assets
July 23
July 16
1952
July 9
July 2
July
1951
June
July
Gold certificates
Redemption fund for F. R. notes....
21,452,252 21,452,252 21,452,252 21,474,251 21,464,252 21,452,253 21,452,251 19,843,402
689,150
694,090
690,626
694,092
696,979
697,216
691,036
660,639
Total gold certificate reserves...
22,146,344 22,149,231 22,149,468 222,163,401 22,154,878 22,146,343 22,143,287 20,504,041
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds
350,112
343,073
316,945
304,804
350,772
317,079
340,343
1,388,235 1,058,096
15,000
15,000
4,728
4,638
958,661
15,000
4,713
667,549
15,000
4,780
464,570 1,255,135
15,000
15,000
4,592
4,951
44,047
15,000
5,068
276,651
162,500
254,800
345,800
265,400
381,100
565,692
349,985
199,400
11,940
5,568
5,135
154,500
867,216 11,856,216
,568,073
568,073
135,823
135,823
,901,516 11,819
,568,073 5,568,
,135,823 5,135
"5,741
11,883,216 11,820,716
,196,892
5,568,073 5,568,073 13 ,493,248
5,135,823 5,135,823
,822,102
Total U. S. Government securities.
22,843,512 22,725,612 22,722,612
Total loans and securities
24,251,475 23,803,346 23,700,986 23,547,541 23,353,733 24,127,239 22,969,827 23,360,326
Due from foreign b a n k s . . . .
F. R. notes of other Banks.
Uncollected cash items
Bank premises
Other assets
23
193 ,394
3,267
45 219
207 015
Total assets.
23
23
185,799
196,875
,578,065 4,172,632
45,594
45,678
198,631
190,898
22,869,212 22,852,512 22,905,712 23,077,934
23
23
28
199,019
158,070
146 ,995
,572,065 3,772 ,627 3,175,286
45,202
45 ,451
45,466
175 ,261
208,188
182,956
28
157,716
,117,886
44,931
188,567
38
154,554
,960,497
41,991
185,160
50,461,151 50,321,961 50,788,473 49,986,467 49,953,777 50,252,072 48,939,321 47,546,950
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
24,817,264 24,749,457 24,833,640 24,948,333 24,961,070 24,842,583 24,826,402 23,726,167
20,408,544 20 ,326.
605,083
481.
784,646
765
256,889
249
Total deposits.
20 422,008 20 412,869 20 152,771 20,323,
307,485
700,493
288,399
38,270
638,231
267,620
90,438
575,580
184,235
637,
723,
266
22,055,162 21,823,492 21,718,385 21,356,990 21,003,024 21,951
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
19,380,649
332,951
548,153
297,394
,863,283
584,321
840,290
318,400
20,559,147 20,606,294
2,536,747
,971,204 2,481
,287,368
3,203,061 2,654,141
2,612,394 2,707
12,034
14,143
14
13,223
13,283
11,588
14,577
49,499,397 49,295,081 49,768,309 48,972,747 48,946,886 49,289,376 47,934,330 46,633,972
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
246,187
538,342
27,543
149,682
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
246,115
538,342
27,543
214,880
245,814
538,342
27,543
208,465
245,634
538,342
27,543
202,201
245,460
538,342
27,543
195,546
246,232
538,342
27,543
150,579
245,187
538,342
27,543
193,919
232,559510,022
27,543
142,854
50,461,151 50,321,961 50,788,473 49,986,467 49,953,77 50,252,072 48,939,321 47,546,95Q
47.3
48.8
46.3
9,098
6,185
8,069
5,946
24,836
3,767
,270,135
682,549
479,570
59,047
,073,096
973,661
,403,235
431,313
,182,208
37,191
624,525
994,207
914,400
,321,845
48,242
87,867
15,408
57,539
59,184
78,829
81,330
6,448
485
15
60
77
60
60
5,068
4,780
4,951
4,592
4,713
4,638
4,728
789
737
743
649
850
796
660
345
1,017
995
824
963
843
845
2,962
2,990
2,901
2,801
2,676
2,777
3,003
972
225
222
224
223
218
220
22,843,512 22,725,612 22,722,612 22,860,212 22,869,212 22,852,512 22,905,712
190,500
310,100
293,600
308,400
324,400
193,500
273,266
,062,000 7,106,500
93,500 5,956,500
986,500
6,956,500
123,000
,386,441 6,359,941
6 ,478,941
,461,941
398,441 6,503,941
425,775
,941,352 5 941,352
941,352
5 ,941,352
941,352 5 ,941,352
941,352
070,224 1 070,224
1 ,070,224
070,224
070,224 1 ,070,224
070,224
,072,095 2 072,095
072,095
2 ,072,095
072,095 2 ,072,095
072,095
276,651
262,395
14,181
75
5,741
342
906
3,866
627
,077,934
,797,083
,668,842
,591,359"
,878,166
,031,904
,110,580*
47.2
47.6
47.6
47.9
9,096
6,086
9,138
6,426
9,129
6,531
9,080
6,442
9,094
6,000
Maturity Distribution of Loans and U. S. Government Securities *
Discounts and advances— t o t a l . . . .
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 1 year to 5 years
Over 5 years to 10 years
Over 10 years
Federal Reserve Notes—Federal Reserve Agents* Accounts
F. R. notes outstanding (issued to Bank)..
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Total collateral.
1
25,804,625 25 ,888,480 25,940,894 25,896,629 25,822,608 25,787,225 25,753,569 24,706,795
13,094,000 13,094,000 13 ,094,000 13 ,194,000 13 149,000 13,094,000 13,149,000 12 ,184,000
379,734
598,131
685,603
292,355
885,683
20,684
922,158
256,145
13,475,000 13 ,475,000 13 ,475,000 13 ,375,000 13, 375,000 13,475,000 13,375,000 13,225,000'
27,491,158 27,167,131 27,254,603 26,948,734 26,816,355 27,454,683 26,544,684 25,665,145
Callable U. S. Government securities classified according to nearest call date.
AUGUST
1952
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1952
[In thousands of dollars]
Item
Total
Assets
Gold certificates. 21,452,253
Redemption fund
forF. R. notes.
694,090
Boston
New
York
Philadelphia
Cleveland
Richmond
696,845 6,621,598 1,187,073 1,406,404
885,119
77,581
79,967
61,695
70,849
54,454
Atlanta
Chicago
881,153 4,572,123
47,042
103,312
St.
Louis
Minneapolis
538,717
357,179
879,261
48,073
24,521
38,170
381,700
8,710
917,431
11,616
18,000
390
96
97,874
1,396
Total gold certificate reserves. . 22,146,343 758,540 6,692,447 1,241,527 1,483,985 965,086 928,195 4,675,435 586,790
Other cash
62,863
29,561
19,417
34,295
18,397
20,556
32,501
63,035
350,772
Discounts and
advances:
Secured by
U. S. Govt.
462,340
securities. . . 1,253,380
11,000
93,210 137,450
87,825
36,300 153,870
87,005
16,755
4,530
Other
1,170
966
1,555
765
745
2,188
1,085
4,592
3,794
Industrial loans..
611
91
U. S. Goyt.
22,852,512 1,590,095 5,470,371 1,420,588 2,256,233 1,527,631 1,308,188 3,245,094 1,225,012
securities
Total loans and
securities. . . 24,127,239 1,602,061 5,937,241 1,518,762 2,395,238 1,616,312 1,345,844 3,401,152 1,313,102
Due from foreign
1
banks
23
1
7
2
2
1
3
1
1
F. R. notes of
other Banks.
199,019
5,451
25,760
10,949
9,551
41,672
15,259
6,883
21,016
Uncollected cash
items
3,175,286 314,197
560,748 192,762 269,844 242,975 197,578 512,081 138,123
2,950
4,731
4,733
Bank premises...
3,129
3,572
45,202
985
7,706
6,564
12,849
14,260
20,937
Other assets
10,989
12,451
208,188
16,601
46,403
29,452
Total assets
50,252,072 2,727,397 13,333,175 2,999,218 4,218,585 2,903,434 2,541,158 8,702,881 2,079,573
Kansas
City
719,448
San
Francisco
Dallas
681,002 2,745,779
27,237
61,189
708,239 2,806,968
38,483
11,338
22,800
570
45,706
1,395
989,430 1,035,990 2,064,432
737,934 1,088,700 1,059,360 2,111,533
1
1
1
2
17,658
8,555
8,224
28,041
94,441
1,064
6,428
180,824
2,362
9,185
155,136
636
9,901
316,577
6,770
18,832
620,375
986,181
472,107
987,893 1,011,456 2,332,636
Liabilities
F. R. notes
24,842,583 1,529,200 5,500,855 1,752,098 2,251,853 1,726,338 1,356,636 4,738,915 1,138,188
Deposits:
Member bk.—
915,998 3,250,055 718,051
reserve accts. 20,323,406 843,487 6,505,790 914,398 1,521,932
U. S. Treas.—
36,301 2 178,565
49,374
60,360
637,546
40,059
27,535
92,283
40,319
gen. acct... .
232,930
54,834
723,641
35,853
30,229
43.586
64,676
97,717
26,714
Foreign
201,405
266,979
1,441
3,002
3,960
4,680
1,863
5,197
8,310
Other
Total deposits.. . 21,951,572
Deferred avail.
cash i t e m s . . . . 2,481,171
Other liab. and
accrued div....
14,050
32,189
18,278
2,847
35,208
26,714
1,222
22,030 2,519,914
23,023
26,714
742
22,330
65,396
32,310
928,517
975,625 3,444,735
793,394
207,907
432,707
152,527
224,484
196,436
164,618
383,490
108,050
75,524
142,561
129,546
263,321
971
4,039
697
1,652
685
663
2,157
627
428
557
511
1,063
928,571 7,118,690 1,020,047 1,650,928
525,421 1,051,037 1,061,935 2,452,672
Total liabilities. . 49,289,376 2,666,649 13,056,291 2,925,369 4,128,917 2,851,976 2,497,542 8,569,297 2,040,259 1,221,748 2,180,336 1,914,022 5,236,970
Capital Accts.
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other cap. accts..
246,232
538,342
27,543
150,579
13,187
34,192
3,011
10,358
77,113
159,743
7,319
32,709
17,177
41,493
4,489
10,690
23,691
50,648
1,006
14,323
10,817
27,025
3,349
10,267
10,176
23,871
762
8,807
31,852
79,601
1,429
20,702
8,630
21,788
521
8,375
5,470
14,063
1,073
5,582
9,313
20,367
1,137
7,521
11,937
18,210
1,307
7,359
26,869
47,341
2,140
13,886
Total liabilities
and cap. accts. 50,252,072 2,727,397 13,333,175 2,999,218 4,218,585 2,903,434 2,541,158 8,702,881 2,079,573 1,247,936 2,218,674 1,952,835 5,327,206
Reserve r a t i o . . . .
Cont. liab. on accept, purch.—
foreign corresp.
Industrial loan
commitments..
47.3%
To.9%
9,098
564
6,1851
53.0%
3
44.8?
38.0%
36.4%
39.8%
57.1%
3O4%
33.3%
45.0%
39.7%
56.4%
2,747
710
837
464
1,265
346
846
"I
1,759
915
61
2,255
800
395
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued
to Bank)
25,787,225 1,582,000 5,752,439 1,802,845 2,323,915 1,809,254 1,410,363 4,837,670 1,176,147
Collateral held:
Gold certificates 13,094,000 400,000 4,520,000 750,000 810,000 450,000 485,000 2,900,000 270,000
447,940
93,210
885,683
11,036
84,725
87,320
Eligible paper..
U. S. Govt. sec. 13,475,000 ,300,000 1,400,000 1,100,000 1,575,666 1,400,000 950,666 2,000,666 950,000
638,222 1,015,405
752,122 2,686,843
170,000
18,000
505,000
259,000 1,800,000
45,406
545,000 1,000,000
280,000
98,046
750,000
Total collateral.. 27,454,683 1,711,036 6,367,940 1,943,210 2,385,000 1,934,725 1,435,000 4,900,000 1,307,320 693,000 1,128,046 804,000 2,845,406
1
2
After deducting $16,000 participations of other Federal Reserve Banks.
After deducting $$490,694,000 participations of other Federal Reserve Banks,
s After deducting $6,351,000 participations of other Federal Reserve Banks.
894
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
[Amounts in thousands of dollars]
Date (last
Wednesday
or la st day
of period)
1944
1945
1946
1947
1948
1949
1950
Applications
approved
to date
Number
Amount
3 ,489
3 ,511
3 ,542
3 ,574
3 ,607
3 ,649
3 ,698
525,532
544,961
565,913
586,726
615,653
629,326
651,389
Approved
Loans Commitments
outbut not
outcom- standing2
pleted i (amount) standing
(amount)
(amount)
1 295
320
4 577
945
335
539
4 819
3 894
1 995
554
1 387
995
2 178
2 632
4,165
1,644
8,309
7,434
1,643
2,288
3,754
Participations
of financing institutions
outstanding 8
(amount)
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Date
Number
2,705
1,086
2,670
4,869
1,990
2,947
3,745
June 30. . .
July
Aug.
Sept.
Oct.
Nov.
Dec.
31. . .
31...
30. . .
31. . .
30. . .
31. . .
671,432
678,477
691,536
695,178
700,040
706,215
710,931
,738
,741
,741
,743
,743
,745
716,210
721,144
725,787
730,482
734,049
738,721
3
6
12
4
2
3
3
221
730
197
394
943
073
513
,762
,750
,062
,447
,505
,687
3,740
3,767
6,050
6,478
7,151
6,361
6,036
6,199
6,115
7,860
11,420
11,990
12,064
11,985
4 ,621
4 ,957
5 ,296
5 ,207
5 ,211
5 .101
7,125
6,845
6,467
6,536
6,083
5 .947
12,018
10,307
10,474
10,339
10,262
10,105
5
5
5
5
4
4
4
801
31 . . .
29. . .
31 . . .
30...
M a y 31. . .
June 3 0 . . .
3
3
3
3
3
3
832
772
108
571
235
1 083
Total
amount
Portion
guaranteed
3
23
62
1,000
13,585
31,326
2,340
8,017
2,232
6,265
3,335
8,299
119
161
254
328
402
484
568
658
729
776
815
854
109,433
122,541
300,955
421,267
514,626
654,893
828,584
1,052,337
1,154,942
1,218,988
1,302,342
1,395,444
23,778
44,250
68,833
126,080
183,610
252,100
325,299
405,043
492,167
556,839
615,812
675,459
19,837
36,537
56,973
106,053
151,858
209,465
267,715
332,618
400,652
454,789
502,524
546,597
13,748
33,840
47,822
185,001
205,629
276,702
349,905
384,852
450,013
495,512
476,699
472,827
3 1 . . . 901
2 9 . . . 934
971
31. . .
3 0 . . . 998
3 1 . . . 1,023
3 0 . . . 1,050
1,463,443
1,530,388
1,677,786
1,727,729
1,787,755
1,867,643
715,928
763,838
836,739
838,073
870,174
883,262
580,381
617,674
672,974
672,678
695,814
703,774
525,129
511,786
467,392
595,098
601,752
615,139
1951
Jan. 3 1 . . .
Feb. 28. . .
Mar. 31. . .
Apr. 3 0 . . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 31. . .
Nov. 3 0 . . .
Dec. 31. . .
1952
Jan.
Feb.
Mar.
Apr.
Amount
1950
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
1951
3 ,724
3 ,727
3 ,731
3 ,732
3 ,734
3 ,736
3 ,736
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Guaranteed
loans
outstanding
1952
Jan.
Feb.
Mar.
Apr.
May
June
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
J
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.
8
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.
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.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
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
Counbanks
Second half of June 1952
First half of June 1952
Gross demand deposits:
Total
Interbank
Other
2
Net demand deposits
Time deposits 8 . .
Central reserve
city banks
103,370
11,633
91,736
90,354
31,981
23,098
3,820
19,279
21,129
2,112
5,736
1,148
4,588
5,147
1,157
39,444
5,630
33,814
34,043
12,716
35,091
1,036
34,056
30,035
15,996
105,342
11,857
93,485
92,080
32,106
23,988
3,980
20,008
21,863
2,133
5,933
1,187
4,746
5,318
1,156
40,321
5,650
34,671
34,803
12,780
35,100
1,040
34,060
30,096
16,036
5 ,909
45
112
1,825
3,927
5,980
42
126
1,909
3,902
19,812
19,239
573
5,157
5,198
-41
1 ,291
1,305
-14
7,669
7,571
97
5 696
5,165
531
20,468
19,624
844
5,492
5,375
117
1 ,343
1,346
-3
7,901
7,728
173
5,732
5,176
556
715
218
37
326
134
443
119
8
231
85
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
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.
* Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
AUGUST
1952
895
POSTAL SAVINGS SYSTEM
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks i
Month, or
week ending Wednesday
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
[In millions of dollars]
Total reserves held:
1951—June
1952—May
June
19,309
19,767
20,140
5,230
5,163
5,324
1,300
1,281
1,317
7,402
7,674
7,785
5,377
5,649
5,714
June
June
July
July
July
July
18
25
2
9
16
23
20,255
20,355
20,275
20,746
20,649
20,519
5,324
5,383
5,476
5,593
5,514
5,415
1,333
1,352
1,335
1,351
1,358
1,350
7,806
7,867
7,834
7,951
7,978
7,926
5,792
5,753
5,630
5,851
5,799
5,828
Excess reserves :
1951—June
1952—May
June
834
628
709
106
-1
38
7
-5
-8
219
123
135
501
511
544
783
700
595
702
P694
P656
35
13
33
-11
13
-15
5
-1
-6
-4
4
-9
131
119
111
114
122
98
612
569
457
603
P555
P582
170
563
579
25
105
169
3
26
23
73
321
278
69
111
109
293
189
740
1,006
1,100
1,138
48
5
213
248
283
193
13
4
30
31
55
106
119
92
420
623
624
693
113
88
77
104
138
146
June
June
July
July
July
July
18
25
2
9
16...
23
Borrowings at Federal
Reserve Banks:
1951—June
1952—May
June
June
June
July
July
July
July
18
25
2
9
16
23
Assets
Country
banksi
P
Preliminary.
1
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.
Depositors'
balances *
Total
1943—December.
1944—December.
1945—December.
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
1,788
2,342
2,933
3,284
3,417
3,330
3,188
2,924
1951—January...
February..
March
April
May
June
July
August....
September.
October...
November.
December.
2,901
2,877
2,852
2,831
2,808
2,788
2,772
2,754
2,738
2,724
2,714
2,705
1952—January . . .
February
March
April
May
June
P2.698
P2,685
End of month
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.*
1,843
2,411
3,022
3,387
3,525
3,449
3,312
3,045
10
1,716
8
2,252
6 . 2,837
6
3,182
6
3,308
7
3,244
7
3,118
11
2,868
118
152
179
200
212
198
187
166
3,022
2,998
2,974
2,954
2,933
2,909
2,893
2,877
2,861
2,851
2,842
2,835
11
11
11
17
21
23
22
23
23
25
25
28
153
152
169
172
164
165
166
173
158
156
168
162
2,858
2,835
2,793
2,765
2,748
2,722
2,704
2,680
2,680
2,670
2,649
2,644
P2,670
P2,656
P2.637
P2,619
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
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
New
York
City 2
Other
leading
cities *
New
York
City«
Other
leading
cities 2
Year or month
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers
New
York
City*
140
other
centers *
Other
reporting
centers
New
York
City
1946—old series »8
1946—new series
1947
1948
. .
1949
1950
1951
}l,050,021
1,125,074
1,249,630
1,231,053
1,403,752
1,577,857
417,475
405,929
449,002
452,897
513,970
551,889
527,336
599,639
667,934
648,976
742,458
854,050
105,210
119,506
132,695
129,179
147,324
171,917
18.9
21.0
23.6
24.1
26.6
26.9
10.0 {
11.9
12.9
12.4
13.4
14.5
374,365
407,946
400,468
445,221
447,150
508,166
540,990
449,414
522,944
598,445
660,155
639,772
731,511
837,491
25.5
25.2
24.1
27.2
28.2
31 4
32 2
16.9
16.5
18.0
19.2
18.7
20.3
21 7
1951—June
July
August
September
October
November
December
135,031
124,425
125,291
121,205
139,308
132,158
144,800
48,588
43,224
41,363
41,145
47,971
44,802
53,500
72,110
67,532
69,827
66,359
75,799
72,428
76,049
14,332
13,669
14,101
13,700
15,539
14,928
15,251
27.9
26.0
23.8
26.0
26.4
27.8
30.7
14.5
14.1
13.5
14.4
14.4
15.4
15.1
49,398
41,673
39,007
41,688
45,334
42,503
55,184
72,179
64,826
67,441
66,941
72,515
69,685
76,007
34.4
31.1
27.0
31.7
30.4
31.4
37.9
22.2
20.9
20.0
21.8
20.9
22.0
22.6
138,520
128,022
139,977
139,141
r
135,965
144,769
48,106
45,375
50,180
52,057
49,535
54,922
74,953
68,738
75,089
72,607
71,898
74,948
15,462
13,908
14,708
14,476
r
14,532
14,899
26.4
27.8
27.9
28.8
27.4
30.9
14.4
14.5
14.6
14.1
13.9
14.8
45,425
44,419
50,213
49,745
49,830
55,385
71,986
67,466
74,545
70,189
71,485
73,019
30.1
32 5
34.0
34.4
34 3
38.6
20.6
21 4
22.0
21.1
21 3
1952—January
February
March
April...
May
June
Other
reporting
centers
22.2
r
1
Revised.
National series for which bank debit figures are available beginning with 1919.
>
Weekly reporting member bank series.
8
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June
1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.
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 been 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 1935.
896
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currencya
Total
in circulation^
Total
Coin
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27.600
27,741
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
442
452
478
517
537
550
590
648
751
880
,019
,156
,274
,361
,404
,464
.484
.554
402
423
460
499
505
524
559
610
695
801
909
987
,039
,029
,048
,049
,066
,113
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
64
62
64
1951—May
June
July
August...
September...
October
November...
December. . .
27,519 19,260
27,809 19,521
27,851 19,560
28,155 19,813
28,288 19,896
28,417 19,955
28,809 20,283
29,206 20,530
,568
,578
,590
,602
,616
,631
,642
,654
,087
,092
,092
,103
,124
,132
,144
,182
.
1952- - January
February....
March. . .
April
May
June . . . .
28,386 19,807
28,465 19,904
28,473 19,937
28,464 19,936
28,767 20,231
29,026 20,449
,631
,630
,637
,651
1,665
1,678
,115
,110
,113
,114
,132
,140
End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
,
»$1
$2
$5
Large denomination currency1
$10
$20
Total
$50
$100
$500 $1,000 $5,000 $10,000
719
771
815
906
905
946
,019
,129
,355
,693
,973
,150
2,313
2,173
2,110
2,047
2,004
2,049
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6.060
5,897
5.998
,342
,326
,359
,501
,475
,481
,576
,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8.512
8,529
,360
,254
,369
,530
,542
,714
,048
,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8.578
8.438
364
337
358
399
387
409
460
538
724
1,019
,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
125
112
122
135
139
160
191
227
261
287
407
555
454
438
428
400
382
368
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
707
689
588
63
64
64
64
64
65
65
67
1,995
2,011
2,008
2,031
2,038
2,041
2,075
2,120
6,024
6,113
6,088
6,176
6,181
6,160
6,291
6,329
8,523
8,663
8,718
8,837
8,874
8,927
9,067
9,177
8,259
8,289
8,292
8,344
8,393
8,463
8,528
8,678
2,382
2,405
2,409
2,428
2,437
2,452
2,482
2,544
4,938
4,947
4,952
4,989
5,034
5,092
5,133
5,207
357
356
354
353
353
353
352
355
65
66
65
66
67
68
2,009
2,013
2,016
2,004
2,040
2,054
6,088
6,152
6,165
6,141
6,261
6,323
8,898
8,934
8,940
8,960
9,066
9,187
8,582
508
8,563
503
8,537
496
8,529
498
8,537
508
8,578 2,531
5,161
5,152
140
5,137
5,142
5,166
352
351
349
347
346
344
Unassorted
6
17
20
30
24
9
9
10
7
8
5
5
4
4
10
7
16
18
12
32
32
60
46
25
22
24
24
26
17
17
11
12
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
3
3
2
570
570
565
562
557
554
549
556
4
4
4
4
4
4
4
4
8
8
8
8
8
8
8
12
1
2
2
2
2
2
2
2
550
545
540
535
530
525
4
4
4
4
4
4
8
8
8
9
2
2
1
1
1
1
8
5
7
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.
« Paper currency only; $1 silver coins reported under coin.
Backfigures.—-SeeBanking 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 in circulation l
Money
held by
For
Federal
Federal
Reserve
30, May 31, June 30,
Reserve Banks and June
1951
1952
1952
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
June 30,
against
Treasury
1952
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—June 30, 1952
May 31 1952
June 30, 1951
22,181
23,346
22,181
25,754
4,754
3 2,347
492
2,093
254
2,093
2 2,347
1,118
403
347
223
78
(4)
(4)
(4)
2
1,165
64
54
2,816
1,085
317
38
24,605
4,383
38
24,356
4,373
39
23,456
4,314
43
3
191
190
180
5
3
2
258
20
6
26
2
1
2,089
1,093
393
318
221
77
2,091
1,083
392
318
222
78
2,093
1,020
378
318
243
81
4,218
4,126
4,197
29,026
(5)
(5)
24,528
24,496
22,895
19,328
1,283
1,274
1,281
19,328
19,288
17,699
28,767
27,809
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. 889.
''Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
J
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
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
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.
AUGUST 1952
897
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Assets
Liabilities
and CaDital
Total
assets,
Bank credit
Gold
Treasury
currency
Other
Other
securities
Total
liabilities
and
capital,
net
U. S. Government obligations
Total
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Capital
Total
and
deposits misc.
and
accurrency counts,
net
1929—June 29
1933—June 30
1939—Dec 30
1941—Dec 31
1945—Dec. 31
1946—Dec 31.
1947—Dec. 31
1948 Dec 31
1 OAO June 30
Dec. 31
1950—June 30
Dec. 30
4,037
4,031
17,644
22,737
20,065
20,529
22,754
24,244
24,466
24,427
24,231
22,706
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,597
4,598
4,607
4,636
58,642
42,148
54,564
64,653
167,381
158,366
160,832
160,457
156,491
162,681
164,348
171,667
41,082
21,957
22,157
26,605
30,387
35,765
43,023
48,341
47,148
49,604
51,999
60,366
5,741
10,328
23,105
29,049
128,417
113,110
107,086
100,694
97,428
100,456
98,709
96,560
5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
74,877
78,433
77.320
72,894
216
1,998
2,484
2,254
24,262
23,350
22,559
23,333
19,343
18,885
18,331
20,778
26
131
1,204
1,284
2,867
3,202
3,328
3,264
3,208
3,138
3.058
2,888
11,819
9,863
9,302
8,999
8,577
9,491
10,723
11,422
11,915
12,621
13,640
14,741
64,698
48,465
75,171
90,637
191,785
183,457
188,148
189,290
185,554
191,706
193,186
199,009
55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
171,602
177,313
178,568
184,385
8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
13,952
14,392
14,618
14,624
1951—June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
21,756
21,800
21,800
22,000
22,200
22,300
22,695
4,655
4,700
4,700
4,700
4,700
4,700
4,706
173,447
173,300
174,300
176,400
178,300
179,400
181,323
63,821
63,400
64,000
65,000
65,800
66,500
67,597
94,450
94,600
95,000
95,900
97,000
97,400
97,808
68,726
68,900
69,200
69,700
70,800
71,500
71,343
22,982
23,100
23,100
23,500
23,600
23,200
23,801
2,742
2,700
2,700
2,700
2,700
2,700
2,664
15,176
15,300
15,300
15,400
15,500
15,500
15,918
199,858 185,038
199,700 184,500
200,700 185,200
203,000 187,300
205,200 189,200
206,400 190,500
208,724 193,404
14,820
15,200
15,500
15 700
16,000
15,900
15,320
1952—Jan.
Feb.
Mar.
Apr.
May
June
22,900
23,100
23,300
23,300
23 300
23,300
4,700
4,700
4,700
4,700
4,700
4,800
179,900
179,300
180,100
179,900
180,600
182,500
66,700
67,000
67,700
68,100
68,500
69,600
97,300
96,200
96,100
95,200
95.300
96,000
71,800
71,100
70,900
70,200
70,500
70,800
22,800
22,600
22,500
22,400
22,300
22,600
2,700
2,600
2,600
2,600
2,600
2,600
15,900
16,100
16,400
16,600
16,800
17,000
207,600 191,600
207,200 191,500
208,200 192,300
207,900 192,200
208,700 192 900
210,600 195,000
15,900
15,700
15 900
15,700
15 800
15,600
30P
27P
26P
30?
28P
25P
Deposits and Currency
U. S. Government balances
Total
1929—-June 29
1933—june
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec
1947—Dec
30
30
31
31
31
31
Dec. 31
104.0
Tune
Dec.
1950—June
Dec.
30
31
30.
30
1951—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
25
29
. . .
26
31
28 . .
31
1952—Jan.
Feb
Mar.
Apr.
May
June
27P
26P
30P
28P
1,217
1,498
2,141
1,885
1,682
2,103
1,927
2,150
2,555
2,518
185 038
184,500
185,200
187,300
189,200
190,500
193,404
2,424
2,400
2,300
2,200
2,100
2,100
2,279
191,600
191 500
. 192,300
192,200
192,900
195,000
2,100
2,200
2,200
2,200
2,300
2,300
. .
30P
25P
55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
171,602
177,313
178 568
184,385
. . .
1948
.
.
Foreign
bank
deposits, Treasury
net
cash
365
50
204
264
2,409
2,215
2,287
2.272
1,336
1,325
1,307
1,312
1,298
1,293
At comAt
mercial Federal
and
Reserve
savings Banks
banks
381
852
846
1,895
24,608
3,103
1,452
2,451
2,304
3,249
3,801
2,989
Deposits adjusted and currency
Time depsoits 3
Total
Demand
deposits2
950
668
54,790
40,828
63,253
76,336
150,793
164,004
170,008
169,119
165,626
169,781
169.964
176,917
36
35
634
867
977
393
870
1,123
438
821
Currency
outside
banks
Total
Commercial
banks
Mutual
savings
banks 4
Postal
Savings
System
22,540
14,411
29,793
38,992
75,851
83,314
87,121
85,520
81,877
85,750
85,040
92,272
28,611
21,656
27,059
27,729
48.452
53,960
56,411
57,520
58,483
58,616
59,739
59,247
19,557
10,849
15,258
15,884
30,135
33,808
35,249
35,804
36,292
36,146
36,719
36,314
8,905
9,621
10,523
10,532
15,385
16,869
17,746
18,387
18,932
19,273
19,923
20,009
1,186
1,278
1,313
2,932
3,283
3,416
3,329
3,259
3,197
3,097
2,923
3,639
4,761
6,401
9,615
26,490
26,730
26,476
26,079
25,266
25,415
25,185
25,398
149
1,300
1,300
1L.300
1,300
11,279
6,332
4,600
4,100
5,100
3,700
3,800
3,615
317
400
600
800
500
500
247
174,684
175,800
177,000
177,900
181,600
182,700
185,984
88,960
90,700
91,400
92,000
95,000
96,300
98,234
59,948
60,000
60,300
60,500
60,900
60,600
61,447
36,781
36,800
37,100
37,200
37,500
37,300
37,859
20,382
20,400
20,500
20,600
20,700
20,600
20,887
2,785
2,800
2,800
2,700
2,700
2,700
2,701
25,776
25,100
25,300
25,400
25,700
25,800
26,303
1,300
1,300
,300
L,300
.300
1,300
2,800
3,900
5,800
4,500
4,400
5,900
200
700
185,200
183,400
182,900
183,800
184,400
185,300
97,900
95,700
94,800
95,100
95,300
95,800
61,700
62,000
62,400
62,700
63,000
63,500
38,000
38,200
38,500
38,600
38,900
39,100
21,000
21,100
21,300
21,400
21,600
21,800
2,700
2,700
2,700
2,700
2,600
2,600
25,600
25 600
25,700
25,900
26,000
26,000
1,281
11,300
500
600
100
v Preliminary.
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
8
898
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]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
Other
Cash
assets l
U. S.
Government
obligations
Other
securities
Total 1
Interbank 1
Demand
Time
Total Number
capital
of
accounts banks
All banks:
1939_Dec. 30.
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 312
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
1952—Feb. 27?
Mar. 2 6 P
Apr. 3 0 P
May 2 8 P
June 25P
50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
147,742
154,869
154,790
155,280
155,250
156,150
157,890
22,165 28,719
26,615 34,511
30,362 109,865
35,648 96,050
43,002 91,923
48,174 85,519
49,544 91,054
60,386 87,635
63,840 83,901
67,608 87,261
67,630 87,160
67,990 87,290
68,490 86,760
68,920 87,230
70,100 87,790
19, 417
25, 511
101 288
86, 558
81 199
74 097
78 433
72, 894
68 726
71 343
71, 060
70 920
70, 210
70 450
70 840
9 ,302
8 ,999
8 ,577
9 ,491
10 ,723
11 ,422
12 ,621
14 ,741
15 ,176
1S ,918
16 ,100
16 ,370
16 ,550
16 ,780
16 ,950
23 ,292
27 ,344
,415
35 ,041
38 ,388
,474
36 ,522
41 ,086
38 ,235
4S ,531
39 ,820
40 ,230
40 ,050
39 ,350
40 ,460
68,242
81,816
165 612
155,902
161,865
161,248
164,467
175,296
171,860
185 756
178,770
180 140
179,360
179 310
182,540
9 ,874
10 ,982
14 065
12 ,656
13 ,033
,269
12 ,710
14 ,039
11 ,947
1S ,087
12 ,900
,200
12 ,340
,200
12 ,690
32,516
44,355
105 935
92,462
95,727
94 671
96,156
104,744
102,527
111 644
106,240
106 890
106,670
106 400
108,650
25,852
26,479
45 613
50,784
53,105
54,308
55,601
56,513
57,386
59,025
59,630
60,050
60,350
60,710
61,200
8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,236
14,623
14,690
14,770
14,890
14,940
14,990
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,636
14,618
14,615
14,606
14,602
14,608
14,604
All commercial banks:
1939—Dec. 30 . .
1941—Dec. 31
1945—Dec. 3 1 . . . .
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Tune 30
Dec. 31
1952—Feb. 2 7 P
Mar. 2 6 P
Apr. 3 0 P
May 2 8 P
June 25P
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
126,045
132,610
132,240
132,530
132,340
133,060
134,770
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
54,821
57,746
57,590
57,840
58,220
58,520
59,570
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
71,224
74,863
74,650
74,690
74,120
74,540
75,200
16, 316
21, 808
90 606
74, 780
69, 221
62, 622
67, 005
62, 027
58, 521
61 524
61, 260
61 120
60, 450
60, 700
61, 230
7 ,114
7 ,225
7 ,331
8 ,091
9 ,006
9 ,189
10 ,227
12 ,399
12 ,703
IS ,339
13 ,390
13 ,570
13 ,670
13 ,840
13 ,970
22 ,474
26 ,551
34 ,806
34 ,223
37 ,502
38 ,596
35 ,650
40 ,289
37 ,384
44 ,645
38 ,970
39 ,380
39 ,220
38 ,530
39 ,490
57,718
71,283
150,227
139,033
144,103
142,843
145,174
155,265
151,457
164,840
157,620
158,810
157,910
157,720
160,740
9 ,874
10 ,982
14 ,065
12 ,656
13 ,032
12 ,269
12 ,709
14 ,039
11 ,946
15 ,086
12 ,900
13 ,200
12 ,340
12 ,200
12 ,690
32,513
44,349
105 921
92,446
95,711
94,654
96,136
104,723
102,507
111 618
106,210
106 860
106,640
106,370
108,620
15,331
15,952
30,241
33,930
35,360
35,921
36,328
36,503
37,004
38,137
38,510
38,750
38,930
39,150
39,430
6,885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
11,951
12,216
12,280
12,340
12,460
12,500
12,530
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14,107
14,089
14,086
14,077
14,073
14,079
14,075
All member banks:
33,941
1939—Dec. 30
1941—Dec. 31
43,521
I945—Dec. 31
107,183
96,362
1946—Dec. 3 1 .
I947—Dec. 31
97,846
95,616
1948—Dec. 31
1949—Dec. 31
101,528
1950—Dec. 30.
107,424
1951—June 30
106,563
112,247
Dec. 3 1 .
111,771
1952—Feb. 2 7 P
112,030
Mar. 2 6 P
111,753
Apr. 3 0 P
May 2 8 P . . . 112,379
114,026
June 2 5 P
13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
46,866
49,561
49,364
49,524
49,806
50,026
50,955
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
59,698
62,687
62,407
62,506
61,947
62,353
63,071
14 328
19, 539
78 338
63, 042
57 914
S,651
5 ,961
6 ,070
6 ,625
7 ,304
7 ,402
8 ,414
10 ,355
10 ,590
11 ,065
11 ,113
11 ,279
11 ,357
11 ,527
11 ,641
19 ,782
23 ,123
79 ,845
29 ,587
3? ,845
34 ,203
31 ,317
,524
33 ,244
39 ,252
34 ,216
,631
34 ,528
33 ,982
34 ,770
49,340
61,717
129,670
118,170
122 528
121,362
123,885
133,089
129,737
141,015
134,370
135,587
134,650
134,519
137,267
9 ,410
,640
12 ,060
,403
11 ,641
12 ,097
13 ,447
11 ,347
14 ,425
12 ,325
,623
11 ,796
11 ,665
12 ,151
28 231
38,846
91 820
78,920
81 785
80 881
82,628
90 306
88,678
95 968
91,141
91 852
91,607
91 418
93,447
11,699
12,347
24,210
27,190
28,340
28,840
29,160
29,336
29,712
30,623
30,904
31,112
31,247
31,436
31,669
5,522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
9,987
10,218
10,271
10,319
10,419
10,453
10,479
6,362
6,619
6,884
6,900
6,923
6,918
6,892
6,873
6,859
6,840
6,834
6,829
6,824
6.821
6,820
10,216 4,927
10,379 4,901
16,208 4 279
17,704 4,526
18,641 4,944
19,395 5,686
20 400 6 578
21,346 8,137
21,697 9 020
22,259 9,862
22,550 10,040
22,750 10,150
22,910 10,270
23,090 10,400
23,120 10,530
5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12,677
12,398
12,510
12,600
12,640
12,690
12,590
,188
818
10,524
10,533
15,385
16,869
17,763
18,405
19 293
20,031
20,404
20,915
21,150
21,330
21,450
21,590
21,800
3
1
6
14
16
10,521
10,527
15,371
16,853
17,745
18,387
19,273
20,009
20,382
20,888
21,120
21,300
21,420
21,560
21,770
1,309
1,241
1,592
1,784
1,889
1,999
2,122
2,247
2,285
2,407
2,410
2,430
2,430
2,440
2,460
All mutual savings
banks:
1939—Dec. 30
1941—Dec. 31 . . . .
I945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
1949—Dec 31
1950—Dec. 30 . . . .
1951—June 30
Dec. 31
1952—Feb. 2 7 P
Mar. 2 6 P
Apr. 3 0 P
May 2 8 P
June 2 5 P
5? 154
56, 883
5? 365
49, 108
51 621
51, 294
S1 227
50, 590
50 826
51, 430
3 101
704
10, 682
11 778
11, 978
11, 476
11, 428
10 868
10 205
9, 819
9, 800
9, 800
9, 760
9, 750
9, 610
1 ,774
1 ,246
1 ,400
1 ,718
2 ,233
,394
2 ,342
2 ,472
2 ,579
2 ,710
2 ,800
2 ,880
2 ,940
2 ,980
793
609
818
886
878
873
797
851
886
850
850
830
820
970
10 ,525
1
1
1
2
2
2
2
2
2
17
17
20
22
20
26
30
30
30
30
30
551
548
542
541
533
532
531
529
529
529
529
529
529
529
529
P Preliminary.
* "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.
AUGUST
1952
899
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]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30. . .
1941—Dec. 31
, .
1945—Dec. 31
1946—Dec. 31
1947—Dec 31
1948—Dec. 3 1 . . . . .
1949—Dec. 31
1950—Dec. 30
1951—May 30
June 30 . . . .
Dec. 31
1952—Feb. 27*,
Mar. 26*
Apr. 3 0 P
May 28*
June 25P
Total
Cash
assets 1
Total
U.S.
Government
obligations
Other
securities
Loans
9,339
12,896
26,143
20,834
20,393
18,759
19.583
20,612
19,930
20,604
21,379
21,115
21,134
20,990
21,346
21,833
3,296
4,072
7,334
6,368
7,179
8,048
7,550
9,729
9,939
10,234
11,146
11,216
11,068
11,113
11,168
11,449
6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
9,991
10,370
10,233
9,899
10,066
9,877
10,178
10,384
4,772
7,265
17,574
13,308
11,972
9,649
10,746
8,993
8,144
8,460
8,129
7,808
7,905
7,775
8,008
8,193
1.272
1,559
1,235
1,158
1,242
1,063
L.287
1,890
1,847
.910
2,104
2,091
2,161
2,102
2,170
2,191
Chicago:
1939_Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—May 30
June 30
Dec. 31
1952—Feb. 27*
Mar. 26*
Apr. 30*
May 28*
June 25P
2,105
2,760
5,931
4,765
5,088
4,799
5,424
5,569
5,368
5,520
5,731
5,626
5,747
5,456
5,458
5,688
569
954
1,333
1,499
1,801
1,783
1,618
2,083
2,206
2,215
2,468
2,366
2,409
2,370
2,402
2,468
1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,487
3,162
3,305
3,264
3,260
3,338
3,086
3,056
3,220
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
' 2,617
2,742
2,711
2,733
2,798
2,545
2,511
2,664
333
376
385
355
397
383
482
576
Reserve city member
banks:
1939_Dec. 30
1941—Dec. 31. . . .
1945—Dec. 31
1946—Dec. 3 1 . . . .
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—May 30
June 30
Dec. 31
1952—Feb. 27*
Mar. 26*
Apr. 30*
May 28*
June 25P
12,272
15,347
40,108
35,351
36,040
35,332
38,301
40,685
39,709
39,991
42,694
42,355
42,435
42,463
42,559
43,373
5,329
7,105
8,514
10,825
13,449
14,285
14,370
17,906
18,599
18,558
19,651
19,402
19,511
19,577
19,563
19,900
6,944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
21,110
21.432
23,043
22,953
22,924
22,886
22,996
23,473
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
17,385
17.659
19,194
19,015
18,934
18,807
18,829
19,240
1,749
1,776
2,042
2,276
2,396
2,453
2,980
3,695
3,725
3,774
3,849
3,938
3,990
4,079
4,167
4,233
Country member
banks:
1939—Dec. 30 .
1941—Dec. 3 1 . . . .
1945—Dec 31
1946—Dec. 3 1 . . . .
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—May 30
June 30
Dec. 31
1952—Feb. 27*
Mar. 26*
Apr. 30*
May 2 8 P
June 25*
10,224
12,518
35,002
35,412
36,324
36,726
38,219
40,558
40,643
40,448
42,444
42,675
42,714
42,844
43,016
43,132
4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
15,810
15,858
16,296
16,380
16,536
16,746
16,893
17,138
5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,570
24,833
24,590
26,148
26,295
26,178
26,098
26,123
25,994
3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
20,547
20,247
21,587
21,738
21,590
21,463
21,478
21,333
2,297
2,250
2,408
2,836
3,268
3,504
3,665
4,193
4,286
4,343
4,561
4,557
4,588
4,635
4,645
4,661
545
564
552
527
540
541
545
556
Total i
Interbank i
Demand
Total Number
capital
of
accounts banks
Time
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
6,875
7,393
8,564
7,211
7,601
7,682
7,684
7,732
14,509
17,932
30,121
24,723
25,216
24,024
23,983
25,646
23,711
25,064
26,859
24,935
25,590
25,266
25,548
26,191
4,238
4,207
4,657
4,246
4,464
4,213
4,192
4,638
4,011
4,107
4,832
4,190
4,379
4,175
4,171
4,282
9,533
12,917
24,227
19,028
19,307
18,131
18.139
19,287
18,104
19,291
20,348
19,110
19,465
19,374
19,605
20,117
736
807
1.236
[,449
1,445
1,680
1,651
1,722
1,596
1,666
1,679
1,635
1,746
1,717
1,772
1,792
1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,357
2,398
2,425
2,438
2,438
2,458
2,454
2,451
30
36
37
37
37
35
25
23
22
22
1.446
1,566
1,489
1,545
L.739
1,932
1,850
J.034
1,913
1,898
J.196
5,029
1,884
1,994
1,992
> ,015
3,330
4,057
7,046
5,905
6,402
6,293
6,810
7,109
6,706
6,921
7,402
6,944
7,058
6,877
6,913
7,070
888
1,035
1,312
1,153
1,217
1,064
1,191
1,228
1,038
1.040
1,307
1,162
1,275
1,091
1,085
1,184
1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,778
4,573
4,756
4,952
4,644
4,651
4,645
4,689
4,738
495
476
719
829
913
1,001
1,083
1,103
1,095
1,126
1,143
1,138
1,132
1,141
1,139
1,148
250
288
377
404
426
444
470
490
14
13
12
14
14
13
13
13
495
501
513
13
13
13
tS.785
8,518
11,286
11,654
13,066
13,317
12,168
13,998
12,618
13.175
15,199
13,437
13,611
13,454
13,147
13,478
17,741
22,313
49,085
44,477
46,467
45,943
47,559
51,437
48,732
49.874
54,466
51,818
52,328
51,900
51,593
52,941
{.686
4,460
6,448
5,570
5,649
5,400
5,713
6,448
4,923
5,264
6,976
5,866
5,875
5,502
5,421
5,671
9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
32,158
32,791
35,218
33,519
33,998
33,879
33,586
34,577
i 1.616
4,806
9,760
10,858
11,423
11,391
11,664
11,647
11,651
11.819
12,272
12,433
12,455
12,519
12,586
12,693
1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,379
3,431
3,521
3,546
3,565
3,606
3,625
3,642
346
351
359
355
353
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
10,584
10,779
13,292
11,539
11,535
11,398
11,159
11,545
13,762
17,415
43,418
43,066
44,443
45,102
45,534
48,897
47,804
47,877
52,288
50,673
50,611
50,607
50,465
51,065
598
822
1,223
1,091
1,073
7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
31,937
31,840
35.449
33,868
33,738
33,709
33,538
34,015
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14,865
14,973
15,101
15,530
15,698
15,779
15,870
15,939
16,036
1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,532
3,615
3,658
3,760
3,777
3,803
3,835
3,850
3,860
5,966
6,219
6,476
6,494
6 519
6,535
6,513
6,501
6,505
6,500
6,484
6,479
6,474
6,469
6,466
6,465
964
1,001
1,133
894
936
1,309
1,107
1,094
1,028
988
1,014
510
513
520
524
526
22
22
22
22
22
22
13
13
13
13
13
335
341
336
325
324
321
320
320
320
320
320
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 page.
900
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investment s
Class of bank
and date
All insured commercial
banks:
1941—Dec. 3i
1945—Dec. 31.
1948—Dec. 31
1949—Dec. 3i
1950—Dec. 30
1951—j une 3o.
Dec. 31
Total
Other
Cash
assets x
Total
U.S.
Government
obligations
Other
securities
Loans
Total i
Interbank i
Total Number
capital
of
accounts banks
Demand
Time
49,290
121,809
112,286
118,278
124,822
124,132
130,820
21,259
25,765
41,968
42,485
51,723
54,306
57,256
28,031
96,043
70,318
75,793
73,099
69,825
73,564
21,046
88,912
61,388
65,820
60,986
57,427
60,533
6,984
7,131
8,929
9,974
12,113
12,398
13,031
25,788
34,292
38,087
35,207
39,821
36,960
44,176
69,411
147,775
140,642
143,138
153,288
149,461
162,908
10,654
13,883
11,900
12,368
13,744
11,582
14,777
43,059
104,015
93,300
94,914
103,499
101,328
110,382
15,699
29,876
35,441
35,856
36,045
36,551
37,749
6 844
8,671
10,158
10 645
11,263
11 622
11,902
13 426
13,297
13,413
13 429
13,432
13 437
13,439
National member
banks:
1941—Dec. 31
1945—Dec. 31
194g—Dec. 31
1949—Dec. 31
1950—Dec. 30.
1951—June 30
Dec. 31
27,571
69,312
63,845
67,943
72,090
71,014
75,255
11,725
13,925
23,752
23,853
29,184
30,479
32,317
15,845
55,387
40,093
44,090
42,906
40,534
42,938
12,039
51,250
34,852
38,161
35,587
32,965
35,063
3,806
4,137
5,241
5,930
7,320
7,569
7,875
14,977
20,114
22,974
20,995
23,763
22,198
25,951
39,458
84,939
81,407
83,113
89,281
86,589
94,173
6,786
9,229
7,842
8,278
9,133
7,625
9,788
24,350
59,486
54,020
55,034
60,251
58,715
63,477
8,322
16,224
19,545
19,801
19,897
20,248
20,908
3,640
4,644
5 657
5,920
6 313
6,504
6 653
5,117
5,017
4 991
4,975
4 958
4,946
4 939
State member
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—j une
Dec.
banks:
31
31
31
31
30
30
31.
15,950
37,871
31,771
33,585
35,334
35,550
36,992
6,295
8,850
12,308
12,378
15,521
16,386
17,243
9,654
29,021
19,463
21,207
19,813
19,163
19,748
7,500
27,089
17,301
18,722
16,778
16,143
16,558
2,155
1,933
2,161
2,484
3,035
3,020
3,191
8,145
9,731
11,228
10,322
11,762
11,046
13,301
22,259
44,730
39,955
40,772
43,808
43,149
46,843
3,739
4,411
3,799
3,819
4,315
3,722
4,637
14,495
32,334
26,862
27,594
30,055
29,963
32,491
4,025
7,986
9,295
9,359
9,438
9,464
9,715
2,246
2 945
3,144
3 254
3,381
3,483
3,565
1,502
1 867
1,927
1 917
1,915
1,913
1 901
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec 31
1948—Dec. 31.
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
5,776
14,639
16,685
16,766
17,414
17,585
18,591
3,241
2,992
5,911
6,258
7,023
7,446
7,701
2,535
11,647
10,774
10,508
10,391
10,139
10,890
1,509
10,584
9,246
8,947
8,632
8,330
8,923
1.025
1,063
1,528
1,561
1.759
L.810
1.967
2,668
4,448
3,887
3,892
4,299
3,718
4,926
7,702
18,119
19,296
19,269
20,216
19,741
21,912
129
244
297
235
353
4,213
12,196
12,419
12,285
13,194
12,650
14,415
3,360
5,680
6,618
6,712
6,726
6,857
7,144
959
259
272
L 083
1,358
1,473
1,570
1,637
6,810
6 416
6 498
6,540
6,562
6,581
6 602
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31.
1948—Dec. 31 *
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
1,457
2,211
2,013
1,919
1,853
1,913
1,789
455
318
520
481
527
514
490
1,002
1,893
1,493
1,438
1,327
1,399
1,299
761
1,693
1,234
1,185
1,040
1,094
991
241
200
259
253
286
305
308
763
514
509
442
468
423
469
1,872
2,452
2,201
2,036
1,976
1,996
1,932
329
181
368
341
294
364
308
1,291
1,905
1,353
1,223
1,224
1,178
1,235
253
365
479
472
458
453
388
329
279
322
321
327
329
314
852
714
758
727
689
670
650
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 *
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
7,233
16,849
18,698
18,686
19,267
19,499
20,380
3,696
3,310
6,431
6,739
7,550
7,960
8,192
3,536
13,539
12,267
11,947
11,718
11,538
12,189
2,270
12,277
10,479
10,132
9,672
9,423
9,914
1,266
1,262
1,788
1,814
2,046
2,115
2,275
3,431
4,962
4,396
4,334
4,767
4,141
5,395
9,574
20,571
21,497
21,305
22,193
21,737
23,843
457
425
628
613
591
599
661
5,504
14,101
13,772
13,508
14,417
13,828
15,650
3,613
6,045
7,097
7,184
7,184
7,310
7,533
1,288
1,362
1,680
1,794
1,897
1,966
1,999
7,662
7,130
7,256
7,267
7,251
7,251
7,252
Insured m u t u a l savings
banks:
1941 Dec 31
1945—Dec. 31
1948—Dec. 31.
1949—Dec 31
1950—Dec. 30
1951—June 30
Dec. 31
1 693
10,846
13,312
14,209
15,101
15,668
16,190
642
1 050
7,765
9,202
9,394
9,015
8,839
8,668
629
421
151
3,081
4,109
4,814
6,086
6,829
7,523
7,160
7,795
7,832
7,487
7,169
6,921
1,789
10,363
12,772
13,592
14,320
14,924
15,368
1
12
14
8 687
5 361
6,083
6 192
6 245
6 029
6,069
4 259
1,198
1,577
1,764
2,050
2 191
2,339
4 428
4,163
4,506
4 428
4,194
3 838
3,730
3 075
3,522
3,680
3 596
3,380
3 036
2,897
Noninsured m u t u a l
savings banks:
1941 Dec 31
1945—Dec 31
1948—Dec. 31 2
1949—Dec 31
1950—Dec 30
1951 Tune 30
Dec 31
1,407
1,562
1,528
1,670
1,746
429
684
682
617
688
695
1 .353
642
641
180
826
832
194
191
814
802
833
180
163
191
8,744
5,022
5,633
5,702
5,711
5,479
5,547
16
1
2
19
18
23
6
2
3
3
3
2
3
1,789
10,351
12,757
13,575
14,301
14,905
15,343
8,738
5,020
5,631
5,699
5,708
5,477
5,544
KS4.
52
1,034
L,334
L,420
L ,513
1,582
1,678
194
201
202
ft77
558
350
665
702
734
702
729
192
193
192
496
339
339
335
328
327
For footnotes see preceding two pages.
Backfigures.—SeeBanking 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.
AUGUST 1952
901
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Loans for
purchasing
or carrying
•ecurities
Commercial,
Total
loans
and
investments
Total1
All insured
commercial
banks:
1941—Dec. 3 1 .
1945—Dec. 31
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
49,290
121,809
112,286
118,278
124,822
130,820
21,259
25,765
41,968
42,485
51,723
57,256
9,214
9,461
18,761
16,935
21,776
25,744
1,450
1,314
2,775
2,963
2,823
3,321
Member banks,
total:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 31.
43,521
107,183
95,616
101,528
107,424
112,247
110,997
18,021
22,775
36,060
36,230
44,705
49,561
49,429
8,671
8,949
17,631
15,857
20,521
24,347
24,276
1,800
1,945
1,808
2,140
2,155
Class of bank
and
call date
8
Chicago:2
1941—Dec. 3 1 .
1945—Dec, 3i
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 31.
954
732
2,760
760
5,931 1,333
4,799 1,783 1,412
5,424 1,618 1,211
5,569 2,083 1,567
5,731 2,468 1,977
5,224 2,403 1,927
6
2
4
7
9
16
12
3,456
3,661
7,282
6,704
8,646
10,140
10,021
300
205
437
457
392
513
487
1,676
1,484
3,296
3,150
3,980
4,377
4,414
1,356
1,480
1,407
1,610
1,655
543
512
478
459
Country banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 3 1 .
12,518
35,002
36,726
38,219
40,558
42,444
42,638
15,347 7,105
8,514
14,285
14,370
17,906
19,651
19,555
5,890
5,596
11,945
12,692
14,988
16,296
16,531
Real ConOther
estate sumer loans Total
loans loans
614
662 4,773
4,^ 45
28,031
3,164 3,606 4,677 1,351 2,191 96,043
939
1,336
10,666 4,907 2.992 70,318
1.749 855 11,405 6,002 3,124 75,793
1,789 1 036 13 380 7,628 3,955 73.099
1,571 960 14,450 7,742 4,282 73,564
594
598
972
855 3,133 3,378
1,324 834
758
1,737
1,770 927
1,551 851
837
1,202
12,896 4,072 2,807
26,143 7,334 3,044
18,759 8,048 5,642
19,583 7,550 4,792
20,612 9,729 6,328
21,379 11,146 7,852
20,892 10,940 7,914
40.108
35,332
38,301
40,685
42,694
42,242
U. S. Government obligations
dud- Agriculing
To
open- tural brok- To
ers oth*ket~
and ers
padeal
per
ers
New York City:*
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 31.
Reserve city
banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 31
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 31.
Investments
3,494
3,455
8,244
8,834
10,522
11,334
11,405
123
80
224
256
442
514
472
5 54
76
509
313
636
377
621
540
850
520
950
518 1,013
8,823
18.809
10,712
12,033
10,883
10,233
9,953
52
233
63
56
69
63
80
22
36
51
51
65
70
70
96
26
65
115
88
115
91
147
147
117
172
109
177
1,806
4,598
3,016
3,806
3,487
3,264
2,821
659
648
48
211
71
109
no
94
73
114
194
427 1 .503
130
360
309
183
207
386
203
347
149
333
1,430
4,213
2,633
3,324
2,911
2,711
2,276
971
256
133
183
331
232
334
87
1,527
1,459
3,503
3,742
4,423
4,651
4,679
1,609
1,965
2,567
2,512
2,507
21,047
23,931
22,779
23,043
22,687
18,594
20,951
19,084
19,194
18,692
1,056
1,189
1,218
2,524
2,023
1,1 30
6,628
492
578 29,407
1,895 817 24,781
2,320 884 25,527
2.913 1 .054 25,570
3.046 1,163 26,148
3,102 1,190 26,108
4,377
26,999
21,278
21,862
21,377
21,587
21,465
110
630
760
1,512
433
12,797 4,102 3,651 3,333
22 3,873 3,258
51,321
8 5,509 3,420
45,100
6 6,400 3,574
43.833
I
I
7.933 4,179
38,168
21 8,989 4,042
34,511
3,007
16,985 14,271
7,999 2,800
10,409 5,085
1 .468 14.054
6,010 9,596
6,125 9,499
11,729 3,832 3,090 2,871
16 3,254 2,815
44,792
5 4,480 2,922
38,761
4 5,274 3,140
37,996
8 6,640 3.714
33.170
15 7,528 3,538
29,601
14 7,960 3,434
29,421
729
7,265 311
1.623 3,652 1.679
477 3,433 3.325 10,337
1
606
17,574
589 1,183
365 7,512
563
9,649
720 1,785
835 7.405
752
10.746
250 1,711 6.206
8.993 824
' 2 1,123
616 1,428 4,960
2 1,385
8,129 1,122
927
671 1,411 4,733
7,741
1,517
169
225
219
285
262
243
954
2,275
2,588
3,389
3 665
6,399
5,115
3,159
16,045
3,394
5,810
16.756
11,256
19,071
10,065
12,479
1 932
7,526
19.539
78.338
52,154
56,883
52 365
51,621
50,174
412
1 .410
1,421
1,219
2,455
2,821
3,692
4,118
7,219
25,500
84,408
59,556
65,297
62,719
62,687
61,568
3 1,102
2.453 1.172
988
21,046
88,912
61,388
65,820
60.986
60,533
1,977
2,658
2,809
3,585
3,863
4,060
3 , ( 92
1,027
3,933
4,776
6,167
6,195
6,236
Total
Obligations
Direct
of
States Other
and
CertifiGuar- polit- secucates
an- ical rities
of
inBills debt- Notes Bonds teed subdiviedsions
ness
295
8,243 6,467
826 31,594 29,552 1,034
1,118
1,212
1,534
1,578
1,680
20
42
21
36
13
35
25
183
471
187
173
187
178
181
1,823
1,881
4,467
4,784
5,591
6,099
6,184
20
31
12
12
18
20
64
228
105
97
109
109
8 54
1,282
2,535 1,509
1,224 323 214 11,647 10,584
2,426 975 334 10,774 9,246
2,575 1,225 315 10,508 8,947
2,872 1,461 370 10.391 8.632
3,121 1,546 419 10,890 8,923
1,467
275
690
131
332
207
153
749
217
358
700
520
497
903
119
1,864
1,958
1,945
1,847
1,526
1,485
182
181
210
290
335
351
356
830
629
500
535
767
719
695
193
204
174
192
242
201
189
751 4,248 1,173
956
820
5 1,126
916
6,982 5,653 15,878
1 1,421 1,032
3,201 1,090 13,247
4 ,180 2,124 13,457
1,727 1,254
499 5,536 11,830
2,184 1,511
' 8i 2,458
2,493 3.640 10,528
1,390
10 2,670 1,325
2,550 3,594 10,515
481 2,926
5,102 4,544 16,713
3,340 1,128 16,046
1,148 3.753 1,768 15,189
588 6,107 13.287
1,390
2,418 2,568 4,008 12,587
2,078 2,697 3,997 12,688
861
9
4
4
5
5
4
1,222
1,342
2,286
2,505
2.998
3,334
3,417
1,028
1,067
1,217
1,160
1,194
1,227
1,226
152 1,069
2,087 1,774 6,538
594 6,349
2,066
725 5,846
2,071
465 2 702 5.008
1,516 1,660 4,921
271
6
3
2
3
6
563
619
1,030
1,127
1,294
1,462
462
443
498
434
465
505
Insured nonmember c o m mercial banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
5,776 3,241
14,639 2,992
16,685 5,911
16,766 6,258
17,414 7023
18,591 7,701
1,131 975
1,078 1,018
1,255 1 ,015
1,397 1,181
17
180
234
303
453
820
* 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." 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.
For other footnotes see opposite page.
902
FEDERAL RESERVE BULLETIN
ALL INSURED 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
DeBalances mand
dewith
posits
domestic3 ad- 4
banks justed
Interbank
deposits
ForDomestic* eign
Ml insured commercial banks:
1941—Dec. 31. .
1945—Dec. 31. .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30. .
1951 —Dec. 31. .
12,396
15,810
20,404
16,428
17,458
19,911
1,358 8,570 37,845 9,823
1,829 11,075 74,722 12,566
1,939 8,947 84,211 10,344
1,984 9,466 84,576 10,885
2,145 10,463 91,099 11 955
2,665 11,561 97,048 12,969
Member banks,
total'.
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 31. .
1952—Mar. 31. .
12,396
15,811
20,406
16,429
17,459
19,912
19,586
1,087
1,438
1,486
1,521
1,643
2,062
1,772
6,246
7,117
5,674
6,194
6,868
7,463
6,372
33,754
64,184
72,152
72,658
78,370
83,100
78,753
New York City: 2
1941— Dec. 31. .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949 —Dec. 3 1 . .
1950— Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—Mar. 31. .
5,105
4,015
5,643
4,462
4,693
5,246
5,349
93
111
117
112
118
159
137
141
78
67
68
78
79
264
Chicago:1
1941—Dec. 31. .
1945—Dec. 3 1 .
1948—Dec. 31 .
1949 -Dec. 31. .
1950—Dec. 30.
1951—Dec. 3 1 . .
1952—Mar. 31. .
1,021
1,325
1,183
1,216
1,407
1,153
43
36
28
27
30
32
27
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 31. .
1948—Dec. 31. .
1949-Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 3 1 . .
1952—Mar. 31. .
4,060
6,326*
7,701
6,413
6,806
7,582
7,664
Country banks:
1941- Dec. 31. .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—Dec. 30. .
1051—Dec. 3 1 . .
1952—Mar. 31. .
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions
checks,
etc.
U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment
politships,
and
ical
and cor- bank Postal
subdiporaSav- visions
tions
ings
1,761
23,740
2,323
3,050
2.788
3,344
3,677
5,098
7,182
7.419
7 892
8,288
1,077
2,585
2,113
2.338
2 8^8
3,147
36,544
72,593
81,682
82,106
89,922
95,604
158
70
69
169
347
427
59
103
117
182
189
278
9,714
12,333
10,098
10,623
11,669
12,634
10,841
671 1,709
,243 22,179
,480 2,122
,310 2,838
L ,437 2,523
L.369 3,101
,308 5,409
3,066
4,240
5 850
6.017
6,400
6,666
6,816
1,009
2,450
1.962
2,185
2,724
2,961
2,219
33,061
62,950
70,947
71,589
78.659
83,240
77,007
140
64
63
164
341
422
446
50
99
111
175
183
257
272
10,761
15,065
15,773
15,182
15,898
16,439
15,931
3.595
3.535
2,904
2,996
3,207
3,385
2,943
L.105 6,940
445
1,278
640
1,084
451
1,162
858
1,128
L.O72 1,583
11,282
15,712
16,695
16,408
1,087 17 490
1,289 17,880
835 17,033
6
17
31
113
268
318
334
14
38
37
43
48
298
200
143
159
133
165
22
2,215
3,153
3,604
3,797
3,954
4,121
2,757
1,027
1,292
1,038
1,151
1,177
1,269
1,454
8
20
26
40
48
38
35
425
494
483
482
519
639
553
2,590
2,174
1,845
1,965
2,206
2,356
2,078
11,117
22,372
25,072
25,744
27,938
29,489
28,651
4,302
6,307
5,213
5,498
6,174
6,695
5,396
54
110
168
176
217
192
188
2,210
526
796
4,527
858
5,736
901
4,371
976
4,745
5.676 1.231
5,420 1,054
3,216
4,665
3,619
4,002
4,450
4,862
4,007
9,661
23,595
27,703
27,935
30,581
33,051
31,413
790
2
8
8
9
10
11
13
271
391
453
463
503
603
2,325
3,959
3,273
3,273
3,596
4,099
4,092
10,537
12,059
11,918
12,729
13,948
942
Insured nonmember commercial banks:
1941—Dec. 31
1945—Dec. 3 1 . .
1948—Dec. 31 .
1949—Dec. 3 1 . .
1950—Dec. 30
1951—Dec 3 1 . .
1,199
943
979
1 .111
1,285
1,048
108
233
246
261
286
335
673
,248
,488
,315
,442
,381
607
2
5
8
6
5
12
866
127
319
237
241
196
258
321
312
450
1,338
750
895
io
233
237
284
286
?8*
240
252
34
66
53
60
70
66
89
2,152
3,160
3,702
3.932
4.250
4,404
2,779
I
5
5
4
1,144
1,763
2,401
2,478
2,575
2,550
2,586
286
611
649
650
852
822
646
11,127
22,281
25,302
25,912
28,938
30,722
28,834
104
30
19
38
57
90
94
20
38
46
1,370
2,004
2,925
3,058
3,282
3,554
3,666
239
435
510
579
715
783
650
8,500
21,797
25,248
25,337
27,980
30,234
28,360
1.560
53
611
858
201
213
265
243
1,332
1.402
1,492
1,622
68
135
151
153
174
186
3,483
9,643
10,736
10,517
11,262
12,364
t .552
188
258
174
242
455
491
8.221
801
1.142
976
1,124
2,074
225
5,465
688
797
922
876
1,297
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
15,146
29,277
34,244
34,442
34 525
35,986
10
215
54
14
82
30
1,051
1,121
1,238
1,291
11,878
23,712
27,801
27,934
28,032
29,128
29,556
4 5,886
208 7,589
45 8,801
11 9,174
79 9,695
26 10,218
299 10,385
29
20
20
24
37
22
26
1,206
1,646
1,590
1,647
1,614
1,666
492
496
1,080
1,232
1,331
1,485
418
399
927
778
6,844
8,671
10,158
10,645
11,263
11,902
1,648
2,120
2,306
2,312
70 2,351
5 2,425
1 2,443
195
25
1 069
288
377
444
470
490
513
516
60
85
86
243
160
547
617
631
714
752
4,542
9 563
10,798
10,987
10,956
11,473
11,634
1,967
2,566
2,928
3,087
3,322
' 4 3,521
158 3,590
30
17
13
13
12
13
13
31
52
49
73
8?
125
134
146
219
350
400
443
491
503
6,082
12,224
14,369
14,289
14.339
14,914
15,157
4
11
12
11
9
16
61
1,982
2,525
3,123
3,305
3,532
3,760
3,836
18
6
6
5
6
5
8
4
6
6
6
22
74
97
153
182
210
247
3,276
5,579
6,459
6,524
6,510
6,876
6
7
8
3
3
4
1,083
1,358
1,473
1,570
1,686
1
4
11
10
10
11
11
476
719
989
1 OSQ
1 .128
1,099 " 7 9
2
8
959
2
3
Central reserve city banks.
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.
* 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.
AUGUST
1952
903
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans»
Date or month
ComTotal
merloans
cial,
and
indusinvest- Total i trial,
and
ments
agricultural
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S.
U.S.
Govt. Other
se- Govt.
obob- curiligaligations ties tions
U. S. Government obligations
Real Loans Other
to
estate
loans Total
loans banks
Other
securities
Bills
Total
CerOther
tifisecucates
rities
of in- Notes Bonds*
debtedness
Total—
Leading Cities
1951—June
69,900 32,579
19,128
254 1,032
126
603
1952—April
May
June
73,109 34,743
73,402 34,741
74,523 35,034
20,988
20,649
20,625
358 1,111
566 1,161
596 1,241
104
93
97
565 5,669
567 5,682
557 5,702
466 6,031 38,366 31,217 3,457 3,623 5,899 18,238 7,149
457 6,115 38,661 31,520 3,454 3,724 5,900 18,442 7,141
513 6,254 39,489 32,214 3,904 3,689 5,942 18,679 7,275
5,516
452
5,924 37,321 30,781
2,375
792
7,690 19,924 6,540
73,168 34,659 20,723
73,230 34,745 20,707
73,365 34,696 20,636
73,846 34,863 20,530
597
559
455
654
1,110
1,128
1,176
1,231
91
93
94
93
568
568
568
566
5,675
5,684
5,678
5,690
380
480
504
463
6,064
6,075
6,135
6,187
38,509
38,485
38,669
38,983
31,389 3,416 3,733 5,904 18,336
31,397 3,385 3,711 5,912 18,389
31,577 3,473 3,725 5,927 18,452
31,719 3,544 3,728 5,923 18,524
34,634 20,424
34,679 20,518
35,257 20,776
35,565 20,784
571
533
559
723
1,272
1,176
1,218
1,298
93
92
102
103
562
559
552
554
5,686
5,696
5,703
5,722
382
420
618
627
6,195
6,236
6,281
6,305
39,091
39,277
39,743
39,848
31,903
32,060
32,407
32,488
77,491
76,728
76,643
76,191
76,115
36,472 20,567 1,379 1,413
35,862 20,580 1,031 1,335
808 1,310
35,757 20,637
726 1,305
35,441 20,626
622 1,366
35,315 20,581
222
214
211
197
153
567
563
564
565
564
5,726
5,737
5,739
5,753
5,764
759
583
670
423
386
6,393
6,373
6,374
6,402
6,436
41,019
40,866
40,886
40,750
40,800
33,582 3,734 3,885 5,947 20,016 7,437
33,364 3,420 3,838 5,957 20,149 7,502
33,402 3,483 3,792 5,962 20,165 7,484
33,256 3,361 3,736 5,961 20,198 7,494
33,267 3,313 3,700 5,966 20,288 7,533
1951—June
20,098
10,064
6,743
212
795
24
255
486
348
1,341 10,034
8,173
878
174
1,542 5,579 1,861
1952—April
May
11,028
11,020
11,126
7,709
7,554
7,579
289
428
454
888
930
997
23
17
19
215
212
205
464
445
429
294
272
275
1,319 9,616
1,335 9,745
1,343 10,079
7,468
7,665
7,939
867
945
June
20,644
20,765
21,205
1,077
630
656
631
1 .365 4,606 2,148
1,366 4,698 2,080
L.363 4,868 2,140
May 7 . . .
May 1 4 . . .
May 21. . .
May 2 8 . . .
20,623
20,642
20,678
21,119
10,981
11,017
10,977
11,106
7,593
7,571
7,544
7,508
429
404
351
529
890
910
939
979
16
18
18
17
213
214
213
209
450
449
441
440
238
301
300
250
1,325
1,323
1,344
1,348
9,642
9,625
9,701
10,013
7,571
7,576
7,660
7,856
862
887
950
1,083
688
660
648
629
1,368
1,371
1,370
1,374
4,653 2,071
4,658 2,049
4,692 2,041
4,770 2,157
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
20,949
20,960
21,322
21,591
10,969
10,961
11,198
11,376
7,474
7,510
7,662
7,670
439 1,011
404 950
438 983
536 1,043
17
17
21
21
209
208
199
205
431
432
428
425
225
276
295
303
1,338
1,339
1,347
1,348
9,980 7,892
9,999 7,891
10,124 7,941
10,215 8,033
1,054
1,038
1,075
1,140
621
638
632
632
1,377
1,371
1,352
1,355
4,840 2,088
4,844 2,108
4,882 2,183
4,906 2,182
July
2...
July
9...
July 16. . .
July 2 3 . . .
July 30. . .
22,935
22,133
21,895
21,592
21,559
12,229
11,654
11,437
11,123
11,011
7,508 1,144 1,066
851 1,033
7,497
597 1,049
7,479
482 1,040
7,469
405 1,086
7,412
68
65
61
54
28
207
204
202
204
204
419
413
407
405
403
615
411
458
280
279
1,378
1,356
1,361
1,366
1,371
10,706
10,479
10,458
10,469
10,548
8,473
8,184
8,184
8,187
8,240
1,044
737
782
735
752
806
768
734
738
758
1,359
1,361
1,364
1,375
1,363
5,264 2,233
5,318 2,295
5,304 2,274
5,339 2,282
5,367 2,308
1951—June . .
49,802
22,515
12,385
42
237
102
348
5,030
104
4,583 27,287 22,608
1,497
618
6,148 14,345 4,679
1952—April
June
May
52,465 23,715
52,637 23,721
53,318 23,908
13,279
13,095
13,046
69
138
142
223
231
244
81
76
78
350 5,205
355 5,237
352 5,273
172 4,712 28,750 23,749 2,590 2,993 4,534 13,632 5,001
185 4,780 28,916 23,855 2,509 3,068 4,534 13,744 5.061
238 4,911 29,410 24,275 2,827 3,058 4,579 13,811 5,135
May 7 . . .
May 1 4 . . .
May 2 1 . . .
May 2 8 . . .
52,545
52,588
52,687
52,727
23,678
23,728
23,719
23,757
13,130
13,136
13,092
13,022
168
155
104
125
220
218
237
252
75
75
76
76
355
354
355
357
5,225
5,235
5,237
5,250
142
179
204
213
4,739
4,752
4,791
4,839
28,867
28,860
28,968
28,970
23,818 2,554 3,045 4,536 13,683 5,049
23,821 2,498 3,051 4,541 13,731 5,039
23,917 2,523 3,077 4,557 13,760 5,051
23,863 2,461 3,099 4,549 13,754 5,107
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
52,776
52,996
53,678
53,822
23,665
23,718
24,059
24,189
12,950
13,008
13,114
13,114
132
129
121
187
261
226
235
255
76
75
81
82
353
351
353
349
5,255
5,264
5,275
5,297
157
144
323
324
4,857
4,897
4,934
4,957
29,111
29,278
29,619
29,633
24,011
24,169
24,466
24,455
3,074
3,054
3,074
3,032
4,566
4,577
4,585
4,586
13,744 5,100
13,720 5,109
13,862 5,153
13,920 5,178
July 2 . . .
July 9 . . .
July 16. . .
July 2 3 . . .
July 30. . .
54,556 24,243
54,595 24,208
54,748 24,320
54,599 24,318
54,556 24,304
13,059
13,083
13,158
13,157
13,169
235
180
211
244
217
347
302
261
265
280
154
149
150
143
125
360
359
362
361
360
5,307
5,324
5,332
5,348
5,361
144
172
212
143
107
5,015
5,017
5,013
5,036
5,065
30,313
30,387
30,428
30,281
30,252
25,109 2,690 3,079
25,180 2,683 3,070
25,218 2,701 3,058
25,069 2,626 2,998
25,027 2,561 2,942
i,588
4,596
4,598
4,586
4,603
14,752 5,204
14,831 5,207
14,861 5,210
14,859 5,212
14,921 5,225
May 7 . . .
May 14. . .
May 2 1 . . .
May 2 8 . . .
June 4 . . . 73,725
June 11. . . 73,956
June 18. .. 75,000
June 2 5 . . . 75,413
July
2...
July
9...
July 1 6 . . .
July 2 3 . . .
July 30. . .
3,681
3,856
4,020
4,057
3,695
3,692
3,706
3,664
5,943
5,948
5,937
5,941
7,120
7,088
7,092
7,264
18,584 7,188
18,564 7,217
18,744 7,336
18,826 7,360
New York City
Outside
New York City
1
1
2,627
2,818
2,945
2,917
Figures for various loan items are shown gross (i. c , before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
904
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Reserves
BalDe- Indiwith :ash ances mand vid- States CertiFedwith
uals,
defied
in
eral vault
do- posits part- and
and
Remestic ad- 8 ner- political
Offiserve
banks usted ships, subcers'
Banks
and
divi- checks,
cor- sions
etc.
porations
Date or month
In millions of dollars]
Time deposits,
except interbank
Interbank
deposits
IndiU. S.
vidDemand
Bor- Capuals, States
and Govrow- ital
U. S. part- politernacings counts
Gov- nerical ment
Time
ern- ships, suband
ment and
Postal Docor- divi- Sav- mes- Foreign
pora- sions ings
tic
tions
Bank
debits 4
TotalLeading Cities
1951—June...
.
1952—April
May
14,360
14,646
14,767
14,999
June
2,421
50,553 51,338 3,598
1,325 3,342 14,593
746
134 9,221
1,316
341
378
6,664 121,577
3,761
3,954
3,698
1,596 3,245 15,414
1,571 2,998 15,501
1,729 3,145 15,627
765
775
769
170 9,838
174 9,552
175 9,824
1,246
1,242
1,258
423
426
452
762
991
976
6,948 119,934
6,996 121,315
7,016 128,404
2,705
2,928
3,441
2,917
1,221
,203
1,265
1,281
421 1,210
423
949
425
792
435 1,014
6,997
6,991
6,990
7,005
28,224
26,121
29,688
27,444
442 1,084
454 1,051
457 1,056
454
711
7,017
7,015
7,013
7,021
24,595
25,693
33,114
29,379
1,022
1,082
1,429
1,209
1,491
7,034
7,025
7,008
7,022
7,029
38,191
22,376
27,100
26,829
26,834
855 2,409 51,723 52,494
891 2,317 52,218 52,737
962 2,38 53,128 54,053
May 7... 14,784
May 14.., 14,709
May 2 1 . . . 14,952
May 28... 14,624
850
910
864
940
2,245
2,437
2,291
2,296
51,887
51,955
52,170
52,863
51,798
53,222
52,775
53,152
4,014
3,910
3,871
4,021
1,432
1,365
1,755
1,735
15,472
15,470
15,508
15,554
763
779
777
780
173
171
175
175
June
June
June
June
9,708
9,901
9,421
9,179
4..,
11..,
18..,
25..
14,691
14,691
15,809
14,806
937
990
942
977
2,304
2,363
2,532
2,350
52,516 53,227
53,202 54,368
53,924 55,334
52,870 53,285
3,809
3,600
3,570
3,812
2,691 15,583
2,258 15,608
2,044 3,202 15,634
1,984 4,429 15,681
774
770
770
762
174
176
175
178
9,624 1,277
9,770 1,245
10,262 1,243
9,641 1,265
July 2...
July 9..,
July 16..,
July 23..,
14,884
14,984
15,060
14,995
15,148
899
972
919
935
957
2,521
2,395
2,47
2,307
2,23
51,708 52,818
51,750 52,454
52,002 53,915
52,448 53,172
52,766 53,189
3,705
3,652
3,444
3,491
3,698
2,060
1,603
1,481
1,541
1,668
6,914
6,124
5,629
5,199
4,793
15,689
15,677
15,669
15,692
15,687
763
765
777
778
779
179
179
18:
18:
185
10,277
10,266
10,204
9,692
9,502
1,248
1,257
1,228
1,226
1,304
5,303
132
15,813 16,619
240
589
1,091
1,506
2,858
1,087
255
129
2,341 49,398
5,209
5,358
5,474
131
142
197
15,875 16,702
16,060 16,764
16,504 17,313
323
352
260
796 1,018
825 1,065
999
901
1,556
1,579
1,622
2,880 1,030
2,776 1,033
2,855 1,039
319
320
340
315
372
471
2,403 49,745
2,411 49,830
2,407 55,385
5,318
5,314
5,453
5,347
132
139
129
166
15,910
15,874
16,048
16,411
16,422
16,749
16,809
17,077
373
330
303
403
904
689
606 1,126
1,027 1,229
979 1,000
1,556
1,560
1,579
1,619
2,795 1,005
2,819 995
2,747 1,055
2,741 1,076
317
317
319
329
536
337
214
400
2,412
2,412
2,413
2,407
11,813
10,425
11,913
11,476
5,425
5,218
5,923
5.330
193
212
184
197
16,240
16,409
16,996
16,370
16,974
17,268
17,937
17,071
289
265
234
250
938
733
743
615
808
1,131
1,127 1,507
1,604
1,615
1,630
1,639
2,75.
2,760
3,037
2,871
1,062
1,028
1,021
1,046
334
342
344
341
600
464
535
285
2,411
2,409
2,405
2,404
10,507
10,389
14,314
12,282
5,088
5,40:
5,391
5,420
5,520
184
194
174
176
181
15,721
15,63:
15,626
15,901
15,984
16,737
16,376
16,630
16,600
16,781
229
292
261
291
316
1,166
804
697
777
904
3,100
2,761
2,469
2,217
2,001
1,616
1,59.
1,573
1,583
1,575
3,115
2,964
2,924
2,796
2,769
1,032
1,027
997
1,000
1,060
353
351
354
354
351
220
380
494
297
518
2,417
2,419
2,417
2,418
2,416
18,144
9,099
10,941
10,629
11,792
1951—June
9,057
730
2,251 13,087
721
86
249
4,323 72,179
9,437
9,409
9,525
2,38' 34,740 34,719 3,358
3,438
3,602
3,438
736
1952—April
May
June
724 2,345 35,848 35,792
749 2, 284 36,158 35,973
765 2, 354 36,624 36,740
800
746
828
2,22 13,858
1,933 13,922
2,146 14,005
739
750
746
121
125
123
6,958
6,776
6,969
216
209
219
104
106
112
447
619
505
4,545 70,189
4,585 71,485
4,609 73,019
May 7...
May 14..
May 21...
May 28...
9,466
9,395
9,499
9,277
718
771
735
774
2,219 35,977
2,402 36,081
2,253 36,122
2, 264 36,452
35,376
36,473
35,966
36,075
3,641
3,580
3,568
3,618
743
759
728
756
1,801
1,802
2,21:
1,917
13,916
13,910
13,929
13,935
738
754
752
755
124
12
126
126
6,913
7,082
6,674
6,438
216
208
210
205
104
106
106
106
674
612
578
614
4,585
4,579
4,577
4,598
16,411
15,696
17,775
15,968
June
June
June
June
4..
11..
18..
25..
9,266
9,473
9,886
9,476
744
778
758
780
2,271
2,334
2,497
2,314
36,276 36,253
36,793 37,100
36,"""
928 37 ,397
36,500 36,214
3,520
3,335
3,336
3,562
783
757
913
857
1,753
1,515
2,394
2,922
13,979
13,993
14,004
14,042
749
748
748
740
125
124
123
125
6,871
7,010
7,225
6,770
215
217
222
219
108
112
113
113
484
587
521
426
4,617
14,088
15,304
18,800
17,097
July 2...
July 9...
July 16..
July 23..
July 30..
9,796
9,58:
9,665
9,575
9,628
71
778
745
759
776
2,488 35,98! 36,081
2,364 36 ,118 36,078
2,444 36,376 37,285
2,276 36,547 36,572
2,208 36,782 36,408
3,476
3,360
3,183
3,200
3,382
894
799
784
764
764
3,814
3,363
3,160
2,98
2,792
14,073
14,084
14,096
14,109
14,112
742
743
754
756
756
126
126
128
12
131
7,162
7,302
7,280
6,896
6,733
216
230
231
226
244
112
116
117
117
117
802
702
935
912
973
4,617
4,606
4,591
4,604
4,613
20,047
13,277
16,159
16,200
15,042
July 30...
465
467
471
471
468
New York City
1951—June
1952—April
May
June
May 7..
May 14..
May 21...
May 28..
June 4..
June 11...
June 18..
June 25..
July 2 . .
July 9..,
July 16..
July 23...
July 30...
Outside
New York City
6,363
•* 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.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
jbasis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
AUGUST 1952
905
CHANGES IN COMMERCIAL A N D I N D U S T R I A L
LOANS OF A SAMPLE OF WEEKLY REPORTING
BY I N D U S T R Y
[Net declines, (—).
MEMBER
BANKS
In millions of dollars]
Business of borrower
Manufacturing anc mining
Period
2
Food,
liquor,
and
tobacco
Metals
and
Petrometal
Textiles, products leum,
coal,
apparel
(incl.
chemical
and
machinand
leather
ery and
rubber
trans.
equip.)
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'l,
ind'l,
and
Net
agr'l
changes
classi- change—total3
fied
1951—April-June. .
July-Dec
-243
932
116
-361
275
873
48
125
60
141
62
16
-421
722
63
30
175
351
44
-98
8
37
186
2,769
18
2,372
1952—Jan.-June. . .
-868
-73
1,111
176
76
-105
-634
-217
-2
18
-28
-546
-808
Monthly:
1952—March
April
May
June
July
— 191
-295
— 116
-35
-24
8
-35
-57
2
20
288
41
29
93
-109
49
-26
-34
44
29
33
6
16
6
36
20
-7
5
-32
-119
-131
-118
-53
59
54
3
35
70
-32
55
-70
19
59
-165
1
17
22
15
6
-7
-29
4
34
53
205
-499
-223
249
-189
207
-568
-266
254
-203
Week ending:
M a y 7.
M a y 14. . . .
May 2 1 . . . .
M a y 28
-31
-28
-44
-13
-3
-7
-24
-23
10
10
13
-4
-4
11
6
-46
2
2
-1
-3
7
7
-4
-17
-42
-23
-28
-26
11
-12
15
21
-23
15
10
17
4
9
5
5
9
-69
-20
-53
-81
-73
-16
-71
-106
June 4 . . . .
June 1 1 . . . .
J u n e 18. . . .
June 2 5 . . . .
-37
-7
24
-14
4
-3
5
-3
-32
62
53
10
-8
16
43
-7
-16
17
17
-1
-11
12
9
-5
-27
-12
-12
-2
15
-19
57
17
-13
15
43
13
1
2
8
4
17
8
5
5
-108
90
251
17
-106
94
258
8
July 2
July
9....
Tuly 16. . . .
July 23
July 3 0 . . . .
-37
—1
-15
22
6
-7
-44
-29
19
-18
-37
3
2
10
7
6
-5
-22
3
-10
-12
31
8
25
7
38
3
-3
-27
-43
-167
1
-13
10
3
-2
3
12
40
-214
6
57
7
-46
-217
13
57
-11
-45
2i"
2
8
14
—6
3
-3
-2
-5
Hi"
-1
Q
14
-3
9
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 95 per cent of
total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During
April and May 1951 the coverage was smaller.
2
Figures for other than weekly periods are based on weekly changes during period.
3
Net change at all banks in weekly reporting series.
OUTSTANDING
COMMITMENTS
OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND
FOR DEFENSE AND NONDEFENSE PURPOSES *
INVESTMENTS
[In millions of dollars]
Defense and defense-supporting
Nondefense
To others, on real estate mortgages
Total
End of month
Total
1951—April2
May 2
June 2
July 2
August 2
September
October
November
December
....
1952—January
February
]VIarch
April
Public
utility
Railroad
Other
business
and
industry
Total
To
business
and
industry
State,
county,
and municipal
Nonfarm residential
Farm
Total
VA
guaranteed
FHA
insured
Conventional
4,504
4 331
4,197
4,055
3 749
3,928
4,037
4,394
4,175
1,687
1,677
1,760
1,757
1,642
1,706
1,867
2,112
2,019
383
450
446
450
409
407
395
353
310
300
298
309
297
286
236
204
192
170
1,005
928
1,005
1,011
947
1,063
1,268
1,567
1,539
2,709
2,564
2,362
2,221
2,053
2,163
2,119
2,238
2,111
963
937
831
752
744
918
945
955
1,007
99
88
83
80
80
83
96
98
107
1.648
1,539
1,447
1,390
1,229
1,162
L.O78
.186
997
650
577
531
484
402
365
316
276
270
649
619
594
566
509
490
452
437
417
349
343
322
340
317
307
310
473
311
108
91
76
77
54
59
51
44
44
4,144
4,101
4,090
4,158
1,983
2,111
2,211
2,181
302
419
508
512
137
158
144
158
1,544
1,534
1,559
1,511
2,114
1,937
1,842
1,946
1,053
969
901
980
99
102
88
85
962
866
852
881
257
222
205
200
409
346
332
352
295
298
315
329
46
54
37
31
1
With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending such
revision, publication of the series is temporarily discontinued.
2
Excludes business mortgage loans ot less than $100,000 each and foreign investments, which were not reported until September.
NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated
by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.
906
FEDERAL RESERVE BULLETIN
C O M M E R C I A L PAPER A N D BANKERS' A C C E P T A N C E S O U T S T A N D I N G
[In millions of dollars]
Dollar acceptances outstanding
Based on
Held by
End of month
Commercial
paper
outstanding 1
Accepting banks
Total
outstanding
Others
Total
Own
bills
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1951—Mav
June
July
August
September
October
November
December
364
331
336
368
377
410
435
434
417
425
380
384
375
398
437
490
143
162
135
122
118
131
154
197
108
120
103
94
85
87
96
119
35
42
33
28
33
44
58
79
274
263
245
262
256
267
283
293
259
267
225
218
210
226
227
235
102
104
104
109
104
106
116
133
1
(22)
()
6
3
4
5
23
22
22
24
25
27
27
46
55
33
31
27
26
31
35
43
44
1952—January
February
March,
April
May
June
480
517
534
544
510
495
492
493
458
422
430
416
193
188
177
150
155
148
127
121
120
110
121
108
66
67
57
40
34
40
300
305
282
272
275
268
235
234
228
211
197
195
135
135
138
135
136
126
23
27
6
6
37
45
52
46
36
22
17
15
48
51
51
48
43
36
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
C U S T O M E R S ' DEBIT BALANCES, MONEY BORROWED, AND P R I N C I P A L RELATED I T E M S O F STOCK E X C H A N G E
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
investment investment
balances
and trading and trading
(net)i
accounts
accounts
Customers'
credit balances x
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June
December...
IQ50—June
December...
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1,256
1,356
5
7
11
12
7
5
6
7
7
10
5
5
12
9
253
260
333
413
399
312
333
315
326
312
419
400
386
399
196
209
220
313
370
456
395
393
332
349
280
306
314
397
619
726
853
795
498
218
223
240
283
257
493
523
827
745
424
472
549
654
651
694
650
612
576
586
528
633
673
890
95
96
121
112
120
120
162
176
145
112
129
159
166
230
15
18
14
29
24
30
24
23
20
28
20
26
25
36
11
8
13
13
17
10
9
15
11
5
9
15
11
12
216
227
264
299
314
290
271
273
291
278
260
271
312
317
1951—June
July
August
September. .
October
November. .
December...
1,275
1,266
1,260
1,290
1,291
1,279
1,292
10
375
364
26
13
319
392
378
834
»825
»816
•843
«853
»805
816
225
12
680
•672
»624
»640
*653
»649
695
259
42
11
314
1952—January
February. . .
March
April
May
June
»1,289
1,280
1,293
1,315
1 312
1,327
365
3 633
3 652
3 734
3818
3 847
912
3 809
3 790
3 756
3 756
s 725
708
219
23
16
324
9
427
.iiCU Uy U . O. VjrOVei HillCllL SCCLUilies was
WclS {III
(m llLUllUlia
millions VI
oi iaoiiars;:
/\prn, ^»; iviay, 33.
NOTE.—For explanation of these figures
see "Statistics
"Statistic
gures
on Margin Accounts" in BULLETIN for September 1936. The artic:le describes the
method
an-4 reported,
-•*—* nA A;
-*-iiucuiuu by
uy which
wiiujii the
uuc figures
iiguics are
die derived
ucuvcu and
distinguishes
the table from a "statement of financial condition," and explaiins that the last
column is
is not
not to
to be
taken as
as representing
representing the
the actual
actual net
net capital
capital oi
of the
the reporting
reporting firms.
firms.
column
be taken
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figurres prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
AUGUST
1952
907
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months1
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
9-to 12- 3- to 5ances,
month2 year 3
90
days l Market onRate
new issues issues
yield
issues
1949 average
1950 average
1951 average
1.48
1.45
2.17
L. 12
L.15
1.60
1.08
1.20
1.52
L.102
L.218
L.552
1.14
1.26
1.73
.43
.50
L.93
1951—July
August....
September.
October. . .
November.
December..
2.31
2.26
2.19
2.21
2.25
2.31
L.63
L.63
L.63
L.63
L.63
L.69
1.56
1.62
1.63
1.54
1.56
1.73
L.593
L.644
L.646
L.608
L.608
L.731
1.74
1.70
1.71
1.74
1.68
1.77
.94
.89
.93
.00
>.01
..09
1952—January. . .
February..
March
April
May
June
July
2.38
2.38
2.38
2.35
2.31
2.31
2.31
L.75
L.75
L.75
L.75
L.75
L.75
L.75
1.57
1.54
1.59
1.57
1.67
1.70
1.81
L.688
L.574
1.658
L.623
L.710
.700
L.824
1.75
1.70
1.69
1.60
1.66
1.74
1.89
..08
'.07
..02
1 .93
1 .95
.04
.14
Week ending:
July 5 . . . .
July 1 2 . . . .
July 19
July 2 6 . . . .
Aug. 2
2.31
2.31
2.31
2.31
2.31
L.75
L.75
L.75
L.75
1.75
1.75
1.77
1.81
1.84
1.86
1,788
L.793
L.810
1.850
L.877
1.85
1.88
1.88
1.91
1.89
.09
..11
.12
..16
?.20
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
3
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.
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
Area and period
loans
Annual averages:
19 cities:
1942
1943 .
. .
1944
1945
1946
1947...
. .
1948
1949 .
1950
1951 .
Quarterly:
19 cities:
1951—Sept
Dec
1952—Mar
June
New York City:
1951—Sept
Dec
1952—Mar. .
June
7 Northern and Eastern cities:
1951—Sept
Dec.
1952—Mar
June
11 Southern and
Western cities:
1951—Sept
Dec.
1952—Mar
June
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.2
2 6
2.4
2.2
2.1
2.1
2.5
2.7
2.7
3 1
4.4
4 4
4.3
4.3
4.2
4 2
4.4
4.6
4.5
4.7
3.2
3.4
3.3
3.2
3.1
3.1
3.5
3.7
3.6
4.0
2.2
2 5
2.6
2.3
2.2
2.5
2.8
3.0
3.0
3.4
2.0
2.4
3.06
3.27
3.45
3.51
4.74
4.78
4.85
4.90
3.99
4.05
4.16
4.21
3.36
3.49
3.66
3.72
2.78
3.03
3.24
3.29
2.79
3 01
3.23
3.27
4.35
4 37
4.43
4.53
3.72
3 91
3.97
4.03
3.18
3 34
3.48
3.55
2.64
2.87
3.11
3.14
3.06
3.23
3.47
3.46
4.81
4.81
4.91
4.90
3.97
4.04
4.16
4.17
3.24
3.46
3.67
3.71
2.82
3.03
3.29
3.27
3.47
3 67
3.79
3.90
4.89
4 95
5.01
5.05
4.17
4.15
4.28
4.33
3.55
3.62
3.79
3.86
3.04
3.35
3.46
3.63
2.2
2.0
1.7
1 .8
2.2
2.4
2.4
2.9
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS i
[Per cent per annum]
Corporate (Moody's)1
Year, month, or week
U. S.
Govern- Municipal
ment
(high-1
(long-2 grade)
term)
Corporate
(highgrade)4
By ratings
Aaa
Number of issues
1-8
15
1949 average....
1950 average
1951 average. ...
2.31
2.32
2.57
2.21
1.98
2.00
1951—July
August. . .
September
October...
November
December.
2.63
2.57
2.56
2.61
2.66
2.70
2.18
2.04
2.05
2.08
2.07
2.10
1952—January..
February.
March
April
May
June
July
2.74
2.71
2.70
2.64
2.57
2.61
2.61
2.10
2.04
2.07
2.01
2.05
2.10
2.12
Week ending:
July 5 . . .
July 12...
July 19...
July 26...
Aug. 2 . . .
2.62
2.61
2.59
2.60
2.63
2.12
2.12
2.12
2.13
2.13
By groups
Total
Baa
Aa
Industrial
Railroad
Public
utility
120
30
30
30
30
40
40
2.96
2.86
3.08
2.66
2.62
2.86
2.75
2.69
2.91
3.00
2.89
3.13
3.42
3.24
3.41
2.74
2.67
2.89
3.24
3.10
3.26
2.90
2.82
3.09
2.94
2.88
2.84
2.89
2.96
3.01
2.99
2.92
2.88
2.93
3.02
3.06
3.23
3.18
3.15
3.18
3.26
3.31
3.53
3.51
3.03
3.17
3.12
3.08
3.13
3.20
3.25
3.61
2.97
2.92
2.89
2.93
2.97
3.00
3.36
3.31
3.27
3.31
3.42
3.50
3.19
3.13
3.09
3.14
3.21
3.24
2.96
2.89
2.96
2.92
2.93
2.95
2.96
3.24
3.18
3.19
3.16
3.16
3.17
3.17
2.98
2.93
2.96
2.93
2.93
2.94
2.95
3.05
3.01
3.03
3.01
3.00
3.03
3.04
3.32
3.25
3.24
3.20
3.20
3.20
3.19
3.59
3.53
3.51
3.50
3.49
3.50
3.50
3.00
2.97
2.99
2.97
2.97
2.98
2.99
3.48
3.38
3.36
3.32
3.31
»3.32
3.33
3.23
3.19
3.21
3.19
3.19
3.20
3.20
2.96
2.97
2.97
2.96
2.96
3.17
3.17
3.17
3.18
3.18
2.94
2.95
2.95
2.95
2.94
3.03
3.03
3.04
3.05
3.05
3.19
3.19
3.19
3.20
3.20
3.50
3.50
3.50
3.50
3.51
2.98
2.98
2.99
2.99
2.99
3.33
3.32
3.33
3.34
3.34
3.19
3.20
3.20
3.20
3.20
2.65
c
Corrected.
1
Monthly and
a
weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday.
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.
8
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 A a groups have
been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
908
FEDERAL RESERVE BULLETIN
SECURITY MARKETS
Bond prices
i
Stock prices
Common
Year, month,
or week
Volume
of
Securities and Exchange Commission series
trading*
(index, 1939=100)
(in
thouManufacturing
Trade,
sands
finof
Trans- Public
ance, Min- shares]
Non- portautiland
ing
Durtion
Total able durservity
able
ice
Standard and Poor's series
(index, 1935-39 = LOO)
U.S. Mun- Corpop..
gov- lcipai rate
ir reern- 8
(high-1 ferred'
ment grade)* grade)
Total
Industrial
Railroad
Public Total
utility
416
365
20
31
265
170
98
72
21
28
32
14
1949 average... 102.73 128.9 121.0 176.4
1950 average... 102.53 133.4 122.0 181.8
1951 average... 98.85 133.0 117.7 170.4
121
146
177
128
156
192
97
117
149
98
107
112
128
154
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
185
132
166
207
205
1,037
2,012
1,684
1951—July
Aug
Sept. . . .
Oct .
Nov.
Dec
97.93
98.90
99.10
98 22
97.52
96.85
129.4
132.1
132.0
131.3
131.6
130.9
116.2
117.1
118.0
116.9
115.3
114.8
166.7
169.4
168.5
167.0
165.4
163.7
173
182
187
185
178
183
188
198
205
202
193
199
139
147
153
155
144
151
112
114
116
115
115
116
182
190
195
191
185
190
204
215
220
216
208
215
170
179
185
185
178
182
236
249
253
244
235
245
188
196
204
203
194
204
111
114
115
114
114
115
202
206
215
214
208
209
195
219
231
244
239
238
,463
,916
,802
,246
,367
1952—Jan
Feb
Mar
Apr
May
June
July
96.27
96.77
96.87
97.95
98.91
98.32
98.40
130.8
132.1
131.5
132.7
131.9
130.9
130.4
115.5
116.5
115.9
116.2
116.3
116.2
116.0
164.1
165.9
168.3
172.2
173.4
173.3
171.1
187
183
185
184
184
188
192
204
199
201
199
199
204
210
155
155
161
165
167
174
175
117
118
118
117
117
116
117
195
193
193
191
190
196
199
222
218
216
215
214
222
225
185
183
182
181
182
187
192
255
248
245
243
253
256
211
209
214
217
216
225
226
116
117
117
116
117
117
117
209
206
203
203
201
204
208
246
258
295
298
283
291
289
1,574
L,320
1,283
1,282
L.044
1,215
1,096
Week ending:
July 5 . .
July 12. .
July 19. .
July 26. .
Aug. 2. .
98.25
98.31
98.58
98.57
98.08
130.5
130.5
130.5
130.3
130.3
116.2 171.3
116.1 170.9
115.9 171.5
115.9 170.9
115.9 171.0
192
191
192
192
193
210
208
210
210
211
176
174
174
174
177
117
117
117
117
117
199
198
198
200
201
226
225
224
227
228
192
191
191
193
196
258
256
254
258
258
228
226
224
227
230
117
117
117
117
119
208
208
208
209
210
296
290
281
288
286
1,326
1,020
1,094
1,024
1,110
Number of issues
1-8
17
15
15
• 251
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.
8
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
* Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
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.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Total
(new
and
refunding)
Year or month
1943
1944
1945
1946
1947
1948
1949
1950
1951
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
642
2,169
913
4,216
8,006 1,772
8,645 4,645
39,691 3 7 566
10,220 9,085
9,753 8,160
3 10,900 3 8,214
*12,267 10,014
640
896
State
and
municipal
176
235
471
952
1,761
4,635
7,255
9,076
8,131
8,103
9,617
2,228
2,604
2,803
3,370
3,084
812
451
731
945
866
838
319
151
265
368
297
276
1,232
926
1952—Jan
667
852
Feb
994
Mar
1,090 1,003
Apr
1,551 1,249 1,237
M a y . . . . 3 1,555 3 1,249 1,109
June . . . . 1,403 1,245 1,239
349
285
144
452
376
615
946
1951—July. . . .
677
Auc
* 1,075
Sept
Oct
1,292
Nov
1 006
1 053
Dec
820
485
8 881
970
866
842
930
694
Total
(doCorporate
mestic
For2
Fedand
eign
eral
forTotal
Bonds
agen-x
eign)
and Stocks
cies
Total
notes
90
15
26
127
239
294
233
394
469
374
646
282
422
607
Corporate
Federal
agencies 1 Total
2
17
12
10
68
10
29
111
246
1,527
3,303
6,234
4,000
2,125
1,135
1,593
S
2,686
2,253
1,442
3,288
6,173
3,895
1,948
1,135
1,492
2,463
2,216
259
404
324
208
44
82
104
112
92
1,597
151
101
56
198
197
201
8
34
50
26
4
126
192
194
322
140
211
126
192
194
322
140
205
2
1
4
18
4
19
101
146
192
170
224
180
4
27
9
12
93
6
302
158
87
303
306
158
302
158
81
299
306
155
221
8
4
2
11
11
92
224
657
1,264
3,556
4,787
*6,177
5,095
4,339
6,064
2,084
3,567
4 5,269
4,125
3,138
4,459
1,472
1,219
40
107
485
300
427
470
569
562
334
199
370
272
371
361
39
36
38
80
56
38
538
346
812
704
677
587
437
200
619
535
453
406
8
State
and
municipal
908
971
1,200
1,605
Bonds
and Stocks
notes
685
603
284
445
257
393
1,360
1,301
93
172
170
288
89
102
31
20
20
16
47
83
31
20
14
14
23
83
71
76
63
257
144
141
10
74
13
40
151
3
7
73
13
36
142
3
497
418
912
734
422
768
943
992
2,466 2,178
4,937 4,281
2,953 2,352
1,482 1,199
527
Foreign1
394
82
288
656
601
283
28
52
58
133
6
2
24
86
1S
61
105
177
101
173
M
6
3
1
4
8
6
4
3
1
2
3
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
These figures for 1947, 1950, 1951, September 1951 and May 1952 include 244 million dollars, 100 million, 150 million, 100 million and 47
million, respectively, of issues of the International Bank for Reconstruction and Development.
«Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce* Monthly figures
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
AUGUST
1952
909
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
1938
1939
1940
1941
1942
1943
1944.
1945
1946
1947
1948
1949
1950
1951
Estimated Estimated
net
gross
proceeds 2 proceeds 3
New money
Total
Plant and
equipment
Working
capital
Total
681
325
569
868
504
170
424
661
177
155
145
207
1,206
1,695
1,854
1,583
287
141
252
638
187
167
405
442
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6 011
6,900
6 577
7,078
6 052
6,361
7,741
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6 466
6,959
5 959
6,261
7,607
1,080
3,279
4,591
5,929
4,606
4,006
6,531
2,115
3,409
4,221
3,724
2,966
5,110
861
531
847
521
714
469
508
500
436
1951—June
July
August
September
October
November. .
December
390
655
673
871
1952—January
February
IVlarch
April
947
929
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
1,119
1,637
1,726
1,483
87
59
128
100
215
69
174
144
366
667
30
72
351
438
476
196
138
73
49
134
379
356
488
637
234
315
122
620
364
396
739
7
26
19
28
35
27
47
133
231
168
1,164
1,182
1,708
882
1,041
1,421
2,389
4 555
2,868
1 352
307
401
1,271
486
2,038
4 117
2,392
1,155
240
360
1,149
391
96
363
226
471
350
242
119
63
30
9
3
58
18
342
94
54
26
24
21
3
27
15
53
29
11
12
5
14
5
26
18
29
15
13
45
64
13
7
19
22
286
404
488
682
58
144
83
90
18
12
43
45
18
10
42
42
559
413
875
688
487
278
655
490
72
134
221
197
8
36
15
16
755
617
8
35
15
13
139
136
136
343
548
570
771
595
469
954
789
605
478
972
805
May
474
308
657
381
639
660
856
Retirement of securities
67
41
2"
1
2
1
3
35
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS <
[In millions of dollars]
Manufacturing
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947.
1948
1949
1950
1951
Commercial and
miscellaneous 6
5
Railroad
Public utility
7
Communication
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
New Retire- net
New Retire- net
New Retire- net
net
New RetireNew Retire- net
New Retire- net
pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10
9
9
ceeds9
ceeds9
ceeds9
ceeds9
ceeds
ceeds
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1,175
3,066
469
226
188
353
167
738
244
463
293
89
228
199
454
504
811 1,010
2,201
981
1,974
353
1,726
54
851
44
688
149
2,617
221
"403' "304
338
229
538
262
518
337
54
182
319
361
47
160
602
1,436
704
283
617
456
28
548
63
332
56
1951—June
JulyAugust
September
October
November
December
384
154
230
156
306
214
480
336
124
198
142
263
180
428
19
17
17
13
10
21
26
52
36
22
28
40
46
39
37
21
16
19
26
22
28
5
12
3
3
1952—January
February
March
April
May
349
285
366
244
503
331
238
336
226
448
31
4
5
45
29
13
61
47
13
21
9
46
30
11
1
2
5
1
2'
24
85
115
253
32
46
102
115
129
240
546
441
301
297
26
18
9
30
18
76
22
26
18
9
30
16
61
22
17
29
12
34
123
17
29
12
34
31
30
97
186
108
15
114
500
1,320
571
35
56
11
193
34
i'
15
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2,129
3,212
2,281
2,615
2,866
2,570
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
1,971
2,317
943
1,157
922
993
292
423
1,343
2,159
1,252
939
145
234
685
104
259
188
209
145
197
273
266
242
186
198
133
179
260
251
3
1
4
2
184
125
490
376
243
177
122
461
313
221
2
49
81
5
16
102
155
94
4
21
107
206
323
286
587
593
739
515
8
9
42
55
4
13
61
85
164
189
485
440
480
368
891
567
395
605
870
505
304
594
6
14
3
51
3
8
15
37
25
2
51
3
8
15
37
24
124
74
27
14
62
14
23
72
70
12
11
48
11
18
6
3
6
8
8
2
3
6
43
22
2
3
6
40
22
14
13
20
46
25
11
12
15
44
21
7
88
9
18
4
42
65
64
24
30
35
100
66
36
2'
1
3
1
2
3
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.
Estimated
net
proceeds
are
equal
to
estimated
gross
proceeds
less
cost
of notation, i. e., compensation to underwriters, agents, etc., and
4
expenses.
Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar
for
broad
comparisons.
See
also
footnotes
5
through
8.
5
6
Prior to 1948 this group corresponds to that designated "industrial" in the old classification.
Included in "Manufacturing" prior to 1948.
7
Includes "Other transportation" for which separate figures are available beginning in 1948. 8 10Included in "Public utility" prior to 1948.
9
Includes issues for repayment of other debt and for other purposes not shown separately.
Retirement of securities only.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors,
910
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING
CORPORATIONS
|In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Year or quarter
Profits
before
taxes
Profits
after
taxes
10,621
13,041
18,342
21,841
28,312
30,421
26,600
21,372
30,869
37,008
36,738
44,118
51,067
1,212
1,848
3,165
3,408
3,693
3,538
2,429
2,038
4,104
5,317
5,038
7 ,893
8,557
999
1,277
1,523
1,224
1,263
1,258
1,132
1,205
2,524
3,312
3,101
4,055
3,411
9,263
10,695
11,847
12,313
1,400
1,821
2,190
2,482
1951—1 J
2l
41
12,711
13,047
12,297
13,013
1952—1
12,797
Sales
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949....
1950
1951. . . .
Quarterly
1950—li
Assets 0: 50 million dollars and over
(81 corporations)
Assets of 10-50 million dollars
(119 corporations)
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Sales
725
859
951
763
779
851
864
946
1,170
1 ,404
1 ,660
2,240
1 ,986
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,415
25,686
31,238
31,578
37,831
43,389
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
6,992
7,492
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
3,566
2,975
656
772
854
672
688
755
764
804
1,000
1,210
1,474
2,013
1,754
791
1,038
1,240
987
387
395
583
875
7 935
9,213
10,156
10,527
1,253
1,629
1,928
2,182
705
926
1,090
846
2,238
2,219
1,964
2,137
878
839
762
932
469
475
475
567
10,811
11,079
10,443
11,055
1,951
1 928
1,716
1,897
1,942
756
482
10,847
1,717
Dividends
PUBLIC UTILITY
Profits
before
taxes
Profits
after
taxes
1,613
1 903
2,651
3,297
4,152
4,550
4,322
3 956
5,183
5,770
5,160
6,287
7,678
141
211
387
532
582
557
453
465
681
723
531
902
1,066
116
149
194
168
167
167
168
274
420
452
332
489
436
69
86
96
91
91
96
100
142
170
194
186
228
232
347
347
534
785
1 328
1,482
1,691
1,786
147
192
262
300
86
112
150
141
41
48
50
89
765
724
658
827
420
421
422
490
1,899
1 968
1,854
1 957
287
291
248
240
113
115
103
105
48
54
53
77
668
430
1,951
225
89
62
Profits
before
taxes
Profits
after
taxes
Dividends
231
189
164
257
297
364
420
451
433
313
215
292
193
187
168
176
168
174
209
138
186
167
162
151
156
155
162
168
131
178
Dividends
CORPORATIONS
[In millions of dollars]
Electric power
Rail road
Year or quarter
Operating
revenue
Annual
1939.
1940
1941....
. . .
1942
1943 . . . .
.
1944
1945
....
1946
1947
....
1948
1949
1950
1951
1950—1
2
3
4
Quarterly
3 995
4,297
5,347
7.466
9,055
9,437
8,902
7.628
8.685
9 672
8 580
9,473
10,391
Profits
before
taxes
Telephone
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
93
189
500
902
873
667
450
287
479
699
126
535
444
159
186
202
217
246
246
235
236
289
548
527
490
502
507
534
638
643
657
757
824
818
J .137
1,206
L.334
L.508
1,691
1,815
438
692
774
847
913
902
905
964
954
983
1,129
1,303
1,480
447
437
408
410
398
407
458
494
493
700
2,647
2 797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5,055
5 431
5,867
629
249
674
1,658
2,211
1,972
756
271
777
1 148
619
661
2,148
2,283
2,694
2,967
3.342
3,729
2 230
146
153
787
821
126
1,384
1,260
312
328
2
56
2
152
2
258
2
61
53
1,985
. . . 2,238
2,534
2,715
454
574
1951—1..
2
3 .
4
2,440
2,596
2,583
2,772
229
275
250
505
2
104
2
146
2
124
2
320
1952—1 .
2,587
295
141
114
243
252
783
693
318
1,378
1,322
1,317
1,415
351
321
111
1,504
1,419
1,423
1,521
413
344
320
403
80
1,603
498
55
142
101
63
53
293
339
2
212
2
171
2
211
2
2
2
2
229
195
168
226
257
553
152
168
Q7O
333
207
580
691
331
341
116
137
2
2
853
881
158
169
157
161
904
918
175
174
162
931
160
181
976
182
172
993
194
71
84
22 84
92
2
213
2 76
318
62
67
70
76
90
2 92
72
86
81
81
93
85
2
2
77
79
1
Certain tax accruals for the first six months of 1950 and 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. Available information does not permit
a similar
redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
2
As reported.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
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).
AUGUST
1952
911
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1950 1
1949
1950
1951 i
1952
1951
Nondurable goods industries
Total (94 corps.) :•
Sales
Profits before taxes
Profits after taxes
Dividends
12,853 14,777 17,371 3,265 3,469 3,958 4,085 4,349 4,288 4,294 4,441
1,847 2,702 3,184
741
582
773
505
785
830
855
814
368
1,213 1,513 1,411
350
334
301
467
395
342
368
710
242
175
203
889
845
167
213
334
202
199
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,355
709
312
210
3,323
379
235
135
3,492
469
257
143
3,873
407
199
140
771
83
48
31
1004
104
52
42
962
88
41
32
Chemical and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,557
675
404
312
4,447
1,110
560
438
5,433
1,384
484
355
950 1,048 1,188 1,260 1,338 1,377 1,351 1,367
312
345
365
342
206
247
313
365
125
131
120
111
113
138
179
128
100
174
84
87
73
79
113
85
1,373
318
108
87
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,865
525
406
172
4,234
650
442
205
4,999
861
516
231
960
121
86
42
989 1,113 1,172 1,204 1,204 1,246 1,345
222
218
209
217
203
133
187
127
148
130
123
118
96
130
64
44
78
55
42
57
55
1,318
204
126
64
23,885 29,341 33,696 5,998 7,226 7,889 8,228 8,362 8,759 8,003 8,572
3,191
5,192
5,374
895 1,239 1,405 1,653 1,382 1,405 1,191 1,396
1,887
2,542
565
2,000
428
489
773
592
510
497
688
950
1,351
1,141
273
325
221
370
541
270
210
273
8,443
1,234
445
273
8,187 10,446 12,501 2,200 2,562 2,718 2,965 3,044 3,198 3,034 3,226
519
993
547
492
1,700
2,092
525
298
400
455
557
217
578
214
176
854
188
775
165
223
253
193
120
285
157
86
377
380
80
88
85
66
73
3,090
425
162
88
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,353
519
320
138
4,604 1,100 1,196 1,269 1,493 1,480 1,563 1,434 1,690
301
210
998
168
194
341
250
237
144
123
93
107
145
82
73
367
90
79
54
37
38
84
48
47
191
49
43
1,590
232
81
49
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 2,899 2,939
488
655
508
405
656
513
1,473
595
2,305
1,915
398
185
189
183
142
861
357
194
1,087
328
704
213
119
451
119
119
671
232
258
122
91
479
90
3,035
503
170
116
828
101
58
34
980
159
89
34
913 1,025
126
124
62
61
45
31
901
86
40
35
942
93
46
32
Durable goods industries
Total (106 corps.):*
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
5,058
847
424
208
1
Certain tax accruals for the first six months of 1950 and 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. Available information does not permit
a wmilar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
* Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied product*
(IS); and miscellaneous (1).
•Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other than automobile (6); and miscellaneous (7).
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]
Year
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33.8
27.1
39.6
42.9
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
10.8
18.4
24.2
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.7
16.3
21.2
18.7
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7.3
7.5
9.0
9.0
Undistributed
profits
2.4
4.9
5.1
6.2
6.1
3.8
8.1
12.0
13.6
8.8
12.2
9.7
Profits
after
taxes
Cash
dividends
16.5
20.6
22.5
19.0
23.7
26.0
8.1
9.3
10.7
10.9
14.4
15.3
50.1
43.3
38.6
39.5
28.4
24.5
21.8
22.2
21.7
18.8
16.9
17.3
8.6
9.0
9.2
9.3
13.1
9.8
7.7
8.0
'42.7
p
41.0
'•24.7
'23.7
'18.1
'17.3
8.9
9.6
••9.2
Profits
before
taxes
Income
taxes
1950—2
3
4
35.5
44.3
48.4
1951—1
2
3
4
1952—1
Quarter
2i
Undistributed
profits
••7.7
r
Revised.
i Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
912
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public iessues 3
End of
month
1
1
1
1
1
1
1
943—J3ec
944—Dec
945—Dec
946—Dec
947—Dec
948—Dec
949—june
Dec
1950—June . . . .
Dec
1951—June
1951—July
Sept. . . .
Oct
Nov
Dec
1952 —Jan
Feb
Mar
Apr.
May
June
July
Total
gross
debt*
Total
gross
d i r e c 2t
debt
170,
232,
278,
259
256
252
252
257
257
256
255
255
230
278
259
256
252
252
257
257
256
255
255
108
144
68?
487
981
854
798
160
377
731
251
68S
Marketable
T o t al
165 877
630
11S
149
900
800
770
130
3S7
708
222
6S7
115 ?30
161
198
176
165
157
155
155
155
152
137
13 07?
,648
778
,613
,758
,482
,147
,123
,310
,450
,917
16
17
17
1S
12
11
12
,428
037
,033
,136
,224
,536
,319
,533
n
13 ,627
13 ,614
258 298
259 604
259 419
14 ,413
1S , 0 1 ?
1S , 6 1 7
16 ,849
18 ,100
18 ,102
259
260
258
258
221
221
219
219
18
18
16
17
256 644
257 3S3
,813
399
,124
,337
259 9S1
259 ,151
263 ,107
259
260
258
. . 258
80S
565
693
064
?S0
865
986
123
8S3
575
198
2 1 8 , 618 1 3 9 , ? 7 9
219 174 139 741
219 3?1 140 , 1 6 9
220 325 141 ,753
221 391 142 ,741
221 168 142 ,685
256 677
257 386
258 336
259 647
259 461
151,
212,
255,
233,
225,
218,
217,
221,
222,
220,
218,
Certificates of N o t e s
indebtedness
Bills
Total
,775
36?
,084
,99?
259 90S
259 ,105
263 ,073
249
776
301
3S6
220 S40
219 124
222 963
,104
,104
,863
,462
18 , ? 6 7
17 ,219
17 ,213
142
142
141
141
,690
,701
,376
,8?0
142 , 6 ? S
140 ,407
144 ,340
Nonmarketable
Bonds
?? 843
30
38
29
?1
26
?9
29
18
5
9
401
1SS
987
??0
525
4? 7
636
418
373
509
Bank
eligible*
ss
11 17S
23
??
10
11
7
3
8
?0
39
35
,039
967
,090
37S
,131
,S96
,249
,404
,258
,806
66
68
69
68
61
60
55
S3
44
42
S91
,931
403
,866
391
,966
9S1
,283
,319
,557
,928
Bank
restricted
,sso
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
34,653
66,768
66,864
66,585
66,506
66,588
66,423
7,926
8,041
7,775
7,705
7,737
7,534
34,707
35,146
35,637
35,615
35,862
35,902
66,513
67,041
65,907
66,019
3S 918 11 S1? 66,403
2 7 , 4 6 0 13 ,095 65,622
2 7 , 4 0 7 13 ,145 65,478
57,664
57,682
57,680
57,644
57,614
57,685
57,709
7,539
8,044
6,911
7,057
7,470
6,612
6,440
36,233
36,360
36,493
36,746
37,198
37,739
37,945
36 360
4? ,9?3
36 ,0S8
31 010
31 , 0 1 3
4? 9?3
4? , 1 6 8
36 0S6
36 , 0 S 4
29
?9
29
?8
18
18
18
18
,421
,434
,450
,95?
42 ,167
4? ,167
41 ,049
36 ,053
36 ,0S0
36 ,048
1? , S71
1? S70
1? , S67
12 ,065
1? ,062
12 ,060
41
41
40
40
36
36
36
^6
,046
,044
,042
,040
12 ,047
1? ,034
12 ,018
11 ,516
,040
,040
,942
,943
18 9S6 43 , 0 6 1
18 ,963 48 ,343
18 ,971 52 ,579
,079
079
,079
,4?3
?8 4 ? 3
28 ,423
28 ,170
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68,125
13 ,573 66,708
8,586
9,843
8,235
5,725
5,384
4,572
4,860
7,610
8,472
8,640
7,818
,850
,?16
,636
,636
,636
,636
,636
,636
,636
,061
9 S?4
18 ,669
18 ,406
18 ,409
Total«
Special
issues
Tax
and
savings
notes
Savings
bonds
27,363
40,361
48,183
49,776
52,053
55,051
56,260
56,707
57,536
58,019
57,572
57,538
57,509
57,488
57,501
57,552
57,587
1?
24
S?
49
49
49
49
49
49
49
36
14 740
1S 317
28 016
?8 017
29 .078
Convertible
1
Includes
8
Includes
4
2
fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
amounts held by Government agencies and trust funds, which aggregated 6,596 million dollars on June 30, 1952.
Includes Treasury, bonds and minor amounts of prewar and Postal Savings bonds.
6 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
Back figures.—See Banking
and M o n e t a r y
Statistics, Tables 146-148, pp.
509-512.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JULY 31, 1952
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Trea
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
sur
7,
14,
21,
28,
4,
11,
18,
25,
2,
9,
16,
23,
30,
ybills*
1952
1952
1952
1952
1952
1952
1952
1952
1952
1952
1952
1952
1952
Certificates
Aug. 15, 1952
Sept. 1, 1952
Oct. 1,1952
Dec. 1,1952
Feb. 15, 1953
June 1, 1953
IK
\y%
\Y%
IK
\%
1%
Treasury notes
Mar. 15, 1954....
Mar. 15, 1955....
Dec. 15, 1955....
Apr. 1, 1956
Oct. 1,1956
1
Apr. 1,1957....
Treasury bonds
[Mar. 15-Sept. 15,1953.2
Issue and coupon
In millions
rate
Treasury bonds—Cont.
June 15, 1953-54
2
June 15, 1953-54 2.... 2
June 15, 1953-55... 2%
June 1953-55
3
2
June 15, 1953-554
2
June 15, 1954-564. .2^
Mar. 15, 1955-604..2K
Mar. 15, 1956-58... 2^
S e p t . 1 5 , 1 9 5 6 - 5 9 4 . m2%
Sept. 15, 1956-59... 2^
Mar. 15, 1957-59... 2%
June 15, 1958 2
%
June 15, 1958-634. .2%
June 15, 1959-62... 2M
Dec. 15, 1959-626. .2M
Dec. 15, 1960-654. .2%
June 15, 1962-67 ..23^
Dec. 15, 1963-686. .2%
June 15, 1964-696. .2^
Dec. 15, 1964-69 6.. 2 3^
M a r . 1 5 , 1 9 6 5 - 7 0 65 . . 2 J i
Mar. 15, 1966-71 . .2^
June 15, 1967-726. .iy2
Sept. 15, 1967-72... 2H
Dec. 15, 1967-725. #2K
Postal Savings
bonds
2Y2
Year or
month
Amount
5,825
8,662
1,501
510
725
681
2,611
1,449
982
3,822
927
4,245
919
5,281
3,468
1,485
2,118
2,829
3,759
3,835
4,760
2,990
1,905
2,716
3,860
84
Panama Canal Loan. 3
Total direct issues
Guaranteed securities
Federal Housing Admin.
Various
1
S o l d o n d i s c o u n tb a s i s . S e e t a b l e o n O p e n - M a r k e t M o n e y R a t e s ,
p. 2908.
M a t u r i t y D e c . 1 5 , 1 9 5 4 . * P a r t i a l l y t a xe x e m p t ,
s Maturity
Dec. 15, 1955.
5
Restricted.
1945
1946
1947
1948
1949
1950
1951
1951—July
Aug
Sept....
Oct....
Nov
Dec...
1952—Jan
Feb....
Mar....
Apr....
May...
June.. .
July...
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
Series Series Series
All
All
series EandH F andj GandK series
period
9,822
595
5,558
48,183 12,937
2,520
7,427
325
6,427
4,466
49,776
2,637
52,053
342
6,694
4,085
5,126
2,267
55,051
7,295
4,224
5,144
498
2,573
5,101
5,833
4,208
233
56,707
1,392
6,074
417
5,840
58,019
3,668
1,990
3,190
3,961
124
5,651
57,587
646
311
258
8
482
45
. 5. .7 , 5 3 8
314
267
8
38
437
57,509
273
230
7
390
36
57,488
334
274
10
50
410
57,501
316
268
9
39
364
57,552
297
254
9
401
34
57,587
441
364
57,664
16
61
493
339
288
10
42
411
57,682
331
284
9
38
428
57,680
313
267
10
37
438
57,644
292
253
8
30
423
57.614
364
293
15
56
431
57,685
367
316
9
43
468
57,709
Maturities and amounts
Year of
maturity
All
series
outstanding July 31, 1952
Series
E and H
1952
1953
1954
1955
1956
1957
1958
1 9 5 9 . ..
1960
1961
1962
1963
1964
Unclassified
3,346
6,263
7,949
6,775
4,978
4,756
4,833
4,624
5,087
1
4,431
3,655
737
365
-90
-90
Total
57,709
34,950
1
3,346
5,121
5,672
4,429
2,227
2,310
2,510
2,561
2,379
2,976
1,509
Series
F and J
1Q0
Series
G and K
952
472
493
578
461
238
255
440
198
364
119
74
1,804
1,853
2,172
1,985
2,084
1,808
2,268
1,258
1,783
618
291
3,883
18,876
1
Includes bonds with extended maturities totaling 685 million
dollars.
AUGUST
1952
913
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY
[Par value in millions of dollars]
End of month
Total
Held by
gross
U. S. Government
debt
agencies and:
(includtrust funds
ing guaranteed
securiSpecial Public
ties)
issues
issues
GUARANTEED
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Savings Other
bonds securities
Miscellaneous
investors '
1940— Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
1951—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
257,377
256,731
255,251
259,461
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,400
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
17,000
19,000
20,800
21,100
21,400
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,500
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,000
7,800
8,200
10,300
12,900
16,700
21,000
19,900
19,300
17,300
16,400
16,600
15,400
14,900
14,500
2,300
4,400
7,400
9,500
8,300
8,600
9.300
9,800
10,100
10,800
11,100
11,100
1952—Feb
Mar
Apr
May
260,399
258,124
258,337
259,951
36,360
36,493
36,746
37,198
6,500
6,503
6,500
6,524
217,538
215,128
215,091
216,229
22,528
22,514
22,363
22,273
61,300
60,200
60,500
61,100
9,800
9,800
9,800
9,800
16,300
16,200
16,200
15,900
23,200
22,200
21,300
22,000
9,700
9,800
9,900
9,900
49,100
49,100
49,100
49,000
14,800
14,800
14,600
14,600
10,800
10,500
11,500
11,800
500
700
700
900
1
2
3
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951.
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.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insurtual
agen- eral
ance
mer- savRecies
cial 1 ings com- Other
serve banks
and
panies
banks
trust Banks
funds
Type of
security:
Total:1
1949—Dec
1950—June....
Dec
1951—Tune....
Dec
1952—Apr
May....
Treasury bills:
1949_Dec
1950—June
Dec
1951—June....
Dec
1952—Apr
May . . .
Certificates:
1949—Dec
1950—June
Dec
1951—June....
Dec
1952—Apr
May . . .
Treasury notes:
1949—Dec
1950—June....
Dec
1951—June....
Dec
1952—Apr
May . . .
Treasury bonds:
1949—Dec
1950—June
Dec
1951—June
Dec
1952—Apr
May . . .
18,535
18,132
16,862
12,077
11,364
11,172
10,888
41,763
43,663
44,429
42.558
43,399
44,642
45,228
End of month
Treasury bonds
and notes, due
or callable:
Within 1 year:
1949—Dec
1950—June....
Dec
1951—June....
Dec
59,856
58,972
54,893
51,515
54,148
53,119
53,715
10,772
10,877
10,144
8,254
7,880
7,813
7,788
12,319
13,533
13,627
13,614
18,102
17,462
18,267
4,829 3,514
3,856 3,703
1,296 3,888
527 3.750
596 6,773
5,846
60
82 6,056
83
15
35
33
122
71
70 3,880
90 5,846 1-5 years:
474 7,901
1949—Dec
829 8,360
1950—June
532 10,080
Dec
107
137
840 10,609
767 11,142
29,636
18,418
5,373
9,509
29,078
28,423
28,423
48
7
17
49
11,520
5,354
1,544
2,753
6,773
6,863
6,870
107
118
8,249
20,404
39,258
35,806
18,409
18,952
18,956
562 5,569
15
29 3,500 11,204
10 12,527 15,833
14 12,439 13,704
3 5,068 10,465
107
154
136
120
67
5,568 10,414
5,568 10,438
65
61
39,235
38,691
33,607
31.286
30,104
29,968
30,313
10,480
10,624
9,967
7,973
7,697
7,530
7,466
155,138
155,325
152,471
137.944
142,724
141,862
142,668
5.327
5,350
5,365
3.272
3,345
3,467
3,490
11
3
35
26
50
104,758
102,795
94,035
78,832
76,945
76,841
76,837
18,885
18,331
20,778
20.268
22,588
21,649
21,559
6,275
5,357
2.334
3.194
12,793
72 11,659
70 11,487
2
2
5,217
5,273
5,283
3,178
3,209
3,302
3,304
7,218
5,618
4,620
4,108
4,130
4,422
4,422
169
64
7
37
41
U. S.
Govt. Fed- Com- Mu- Insurtual
agen- eral
mer- savance
Recies
cial 1 ings com- Other
and serve banks
panies
banks
trust Banks
funds
36
878 9,014
70
505 7,001
9 12,373 14,645
49 10,241 15,083
21 1,668 16,793
238
468 3,685
151
360 2,300
230
926 10,722
467 1,044 10,747
420
787 5,819
1952—Apr
24,485
May. . . 24,485
13
14
367
367
35,067
51,802
33,378
31.022
28,678
186
327
189
1951—June...
Dec
1952—Apr
10,991
May. . .
7,254
1,435
3,221 5—10 years:
1949—Dec
8,760
1950—June....
523 9,199
Dec
517 9,361
1951—June....
Dec
244 1,752
403 5,114
1952—Apr
707 10,045
May. . .
687 8,842
316 2,490 After 10 years:
1949—Dec
332 2,571
1950—June....
333 2,554
Dec
1951—June....
17,579 25,029
Dec
17,249 25,340
15,617 24,941
1952—Apr
10,264 22,023
May. . .
9,839 21,966
9,460 22,159
9,258 22,07'4
633
382
53
287
662
Total
outstanding
14,319
10,387
38,905
37.631
25,508
1,620 16,184
1,620 16,197
754
731
5,547
5,556
24,907 1,121 1,641 5,290
33,127 1,058 1,731 10,443
568 1,142 5,660
24,534
20.853
227
756 5,169
18,600
142
685 3.994
30,148
30,152
1,922
5,116
1,285
139 3.878
155 5,102
141 5.941
136 5,941
19,001
19,020
171
166
18,537
15,926
17,411
15,962
11,156
568 1,388 6,995
423 1,148 5,675
412
982 7,329
376 1,032 6,273
309 1,014 2,436
2,640
2,439
2,125
2,009
1,925
11,155
11,154
322
323
45,084
45,084
43,599
30,023
30,012
4,441
4,482
4,682
2,629
2,726
30,005
30,001
2,826 1,415 2,750 5,208 6,658 11,148
2,833 1,415 3,069 5,208 6,475 11,001
1,014 2,448 1,848
1,014 2,465 1,786
3,593
2,349
2,508
1.397
1,415
3,887
4,092
2,932
2,781
2,740
6,588
7,130
7,180
5,389
5,276
712 4,182
715 4,174
2,230
2,055
1,948
1,858
1,656
4,716
4,186
4,615
4,414
3,816
1,668 3,855
1,671 3,895
13,485
13,507
12,308
7,293
7,027
13,090
13,524
13,989
10,534
10,828
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
8 Less than $500,000.
914
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
Cash operating
income and outgo 3
On basis of daily statements of United States Treasury
Increase ( + ) or
decrease (—)
during period
Fiscal
year or
month
Net Budget Budget
surplus
reexceipts pendi- (+) or
deficit
tures
Trust Clearing
accounts, ac- 1
etc.* count
Fiscal year:
1950
37,045 40,167 —3,122
48,143 44,633 +3,510
1951
1952..
62,129 66,145 —4,017
1951—July. . 2,571 4,739 - 2 , 1 6 8
Aug. . 3,594 5,087 - 1 , 4 9 3
Sept.. 6,209 5,163 +1,046
Oct... 2,635 5,483 - 2 , 8 4 7
Nov... 3,521 5,178 - 1 , 6 5 8
D e c . . 5,279 5,627
-347
1952—Jan.. . 4,953 5,455
-501
F e b . . . 5,553 5,105
+448
M a r . . 9,886 5,704 +4,182
Apr.. . 4,323 6,016 - 1 , 6 9 3
M a y . . 3,809 5,659 - 1 , 8 5 0
June.. 9,796 6,930 +2,865
July . . 3,316 6,742 - 3 , 4 2 6
+99
+679
+147
+11
+83
+37
-55
+82
+196
-374
+186
+106
-291
+357
-192
-17
Gross
debt
General fund of the Treasury (end of period)
Assets
General
fund
balance
Balance
in
general
fund
Deposits in
Federal
Re-
Special
depos2 itaries
Banks
Total
+483 +4,587 +2,047 5,517 5,927
—214 —2,135 + 1,839 7,357 7,871
—401 +3,883
- 3 8 8 6,969 7,481
-14
+435 - 1 , 7 3 7 5,620 6,032
- 5 2 5 5,095 5,431
-103
+988
+30
+709 +1,822 6,916 7,356
-86
+945 - 2 , 0 4 2 4,874 5,311
- 2 5 0 4,624 5,147
+20 +1,306
-186
- 3 2 9 4,295 4,816
+7
+357
- 4 1 5 3,879 4,306
+103
-25
+587 +1,196 5,075 5,700
- 2 4 5 - 2 , 2 7 8 +1,765 6,840 7,445
+209 - 1 , 4 4 7 5,393 6,108
+329
- 9 1 + 1,613
+28 5,421 6,046
- 8 0 0 +1,548 6,969 7,481
-326
+432 +3,968
+957 7,925 8,520
950
338
333
584
459
947
493
481
321
162
558
169
450
569
333
638
Cash Cash
income outgo
Total
liaOther biliassets ties
3,268
5.680
5,106
3,694
3,244
4,547
3,021
2,901
2,693
2,048
3,216
5,228
3,779
3,690
5,106
6,027
1,709
1,853
2,041
1,754
1,727
1,861
1,798
1,765
1,801
2,096
1,926
2,049
1,879
1,787
2,041
1,855
410
514
512
412
336
439
437
523
521
427
625
605
715
624
512
594
Excess
income
(+)or
outgo
40,970 43,155
53.439 45,804
68,093 67,956
2,854 4,'843
4,600 5,565
6,555 4,862
2,855 5,801
4,293 5,642
5,642 5,621
5,183 5,473
6,275 5,328
10,436 6,120
4,689 5,972
4,722 5,751
9,988 6,978
—2 ,185
+7,635
+137
-1,989
-965
+ 1,693
-2,946
-1,348
+21
-290
+947
+4,316
-1,283
-1,029
+3,010
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
MiscellaWithneous
held
by em- Other internal
revenue
ployers 4
Fiscal year
or month
Fiscal year:
1950
1951
1952
1951—July. . .
Aug....
Sept....
Oct. . . .
Nov....
Dec...
1952—Jan
Feb....
Mar...
Apr. . . .
May...
June . . .
July . . .
10,073 18,189
13,535 24,218
21,889 33,026
726
780
2,177
1,361
4
897
3,057
2,019
EmSocial
Net
Total
ploy- Other
Refunds Security rererement ceipts
of
employceipts
ceipts
taxes
ment
receipts
taxes 6
8,303 2,883 1,862 41,311
9.423 3,931 2,263 53,369
9,726 4,562 2,364 67,999
225 2,833
177
722
806
596
228 4,165
707
449
126 6,524
885
46
169 2,708
505
211 3,951
805
823
322
155 5,576
174
383 5,153
826
805
703
131 6,194
539
160 10,800
825
849
268
152 5,187
582
197 4,688
828
845
201
228 10,220
P200
236 3,649
949
983
404
2,130
1,128 4,115
828
254
2,916
• 3,021
1,943
7,717
978 3,191
549
3,009
1,983 7,106
PI,010 1,435
On basis of reports by collectors of internal revenue
Deduct
Income taxes
2,160
2,107
2,302
88
55
57
41
30
31
52
195
455
612
403
283
151
2,106 37,045
3,120 48,143
3,569 62,129
175 2,571
516 3,594
258 6,209
32 2,635
400 3,521
266 5,279
147 4,953
446 5,553
460 9,886
252 4,323
476 3,809
142 9,796
182 3,316
Individual income
and old-age
insurance taxes
Withheld
Other
Corporation income and
profits
taxes
11,762
15.901
21,313
1,158
3,600
7,264
9,908
11,545
10,854
14,388
21,467
321
116
596
290
1,227
3,428
1,276
215
98
310
2,942
110
275
814
4,172
537
1,330
3,955
707
706
730
833
56
66
52
52
70
512
160
2,649
77
807
311
65
66
113
88
80
48
«2,330
1,464
2,133
1,583
5,913
1,278
1,478
5,659
221
Estate
and
gift
taxes
351
Excise
and
other
miscellaneous
taxes
7,599
8.704
8,971
709
771
641
831
776
712
763
754
718
742
750
804
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Fiscal year:
1950
1951
1952
1951—July . .
Aug
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar..
Apr
May
June
July
Total
National
defense
40,167
44,633
66,145
4,739
5,087
5,163
5,483
5,178
5,627
5 455
5,105
5,704
6,016
5,659
6,930
6,742
12,346
19,964
39,106
2,930
3,040
2,628
3,166
3,015
3,070
3,414
3,155
3,425
3,775
3,791
3,699
*>3,900
VetInterOther
erans
military national InterAdest
ecosecurity
minon
pro- 7 nomic
8
istradebt
aid
grams
tion
663
1,901
4,110
210
304
262
289
380
323
350
363
406
435
413
375
471
Trust and other accounts
Aid
to
agriculture
Social Security
accounts
Other
Social TransSecur- fers
to
ity
Other
InExInExpro- trust
ReReacvest- pendi- ceipts
vest- pendigrams counts
ceipts ments
tures
ments 9 tures
4,941 5,750 6,043 2,986 1,375 1,383 4,680 4,293 1,028 3,114 2,376 -1,430 3,857
3,854 5,613 5,204
635 1,415
972 5,075 5,631 2,685 2,790 2,165
872
771
2,831 5,859 4,697 1,219 1,424 1,304 5,593 6,424 2,982 3,506 2,382
654 1,517
232
252
188
247
188
261
120
214
201
277
232
222
580
497
173
1,057
228
142
689
350
172
315
337 1,518
P342
320
433
419
40
104
365
406
36
206
436
386
428
378
385
371
105
49
194
78
83
52
352
339
391
85
187
P116
114
150
58
187
121
88
158
108
*66
149
76
148
*>159
67
41
496
87
92
64
78
71
78
50
99
80
P404
480
556
550
398
293
919
421
179
669
330
732
550
486
595
371
556
246
711
558
371
355
248
P639
924
521
288
128
526
193
59
285
81
221
175
157
267
532
356
-24
264
291
117
160
243
253
475
190
282
278
326
319
320
318
171
142
146
120
126
104
305
306
310
126
505
450
—22
-66
28
245
—38
—8
189
46
14
3
291
145
29
105
323
—58
-22
293
333
99
169
87
178
-122
262
137
e
1
P Preliminary.
Correction.
Excess3 of receipts ( + ) or expenditures (—).
8
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
4
Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivors
insurance
trust
fund;"beginning
with
January
1952,
employment
taxes withheld no longer separable.
5
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
6
Beginning
with
January
1952,
includes
social
security
taxes
on self-employed8 persons.
7
Atomic Energy, Maritime activities, and military assistance abroad.
Includes State /Department.
9
Includes investments of Government agencies in public debt.
AUGUST
1952
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
able
Other
mate- Govt.
secu- 2
secu- rities
rials rities
Corporation or agency
Total
All agencies:
June 30,
Sept. 30,
Dec. 31,
Mar. 31,
Cash
25,188
25,668
26,744
26,858
1951
1951
1951
1952
Classification by agency,
Mar. 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 Corporation
Farmers' Home Administration *
Federal Crop Insurance Corp
649 13,504 1,719 2,185
659 13,906 1,515 2,236
14.422 1 .461 2.226
844 14,422 1,322 2,422
449
811
55
1
34
1,884
2,212
583
31
3.474
3,472
3.463
3,451
Bonds, notes,
U. S. Pri\ and debenGov- vately
Land,
tures payable
ernstruc- Other
Other ment owned
tures,
interasliabilinterand
Fully
est
est
ities
equip- sets guarment
anteed Other
by
U. S.
2.999
3,025
3.358
3,406
371
739
32
1,782
708 1,012
491
1,003
211
1,903
447
557
30
2,068
89
2,053
)
20
35
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 5
Other 6
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee7 Valley Authority
Allother
805
J801
2,338
1,425
1,359
8,350
1,378
932 22,533
1,399
949 22,962
1.369 1.161 23.842
1,214 1,247 24,010
(33)
()
10
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
659
854
882
991
()
106
(3)
2
7
140
745
283
58
55
1
33
()
1,884
305 1,906
2
580
3
28
25
329
350 ()
6
205
12
212 1,891
198
2,065
324
60
374
25
2
384
204
289
37
)
31
1
705
2,322
591
1
)
147
1
() i',409
()
16
3,385 1,105
329
148
229
229 4,008
315
322
320
349
61
35
16
14
8
251
70
43
122
43
63
805
732
2,294
1,303
1,316
8,286
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1952
Purpose of loan
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
32
739
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Total loans receivable (net)..
373
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
710
Farmers'
Home
Adm.
1,784
595
Home
Owners'
Loan
Corp.
Recon- ExPublic Fed. struc- portHous- home tion
Iming
loan
Fiport
Adm. banks nance Bank
Corp.
""\2\
96
402
' 'i',053
All
other
Dec. 31,
1951,
All
all
agen- agencies
cies
6 4,239
189 2,363
98
473
101
488
589
8
597
61 2,329 3,706 6,096
63
110
731
46
7
9
173
814
6,110
779
173
589
706 2,322 4,074 14,422
14,422
(3)
2
70
4,161
2,142
(3)
32
739
2
3
2
104
371
708
1,782
491
557
1
2,053
557
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstructioa
and 3Development and its subscription
of 2,750 million to the International Monetary Fund.
4
Less than $500,000.
Includes Disaster Loans, etc., Revolving Fund.
6
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.
6
Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp.
7
Figures for one small agency are for date other than Mar. 31.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30,
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152, p. 517
916
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)* 1
1935-39=100
year or month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employments and payrolls 3
1947-49=100
All
other
Nonagricultural
employment
DepartWholeConsale
Freight ment
carload- sales sumers'3 comManufacturing
prices
modity
ings*
(val- 1935-39 prices 3
production workers 1935-39 ue)*
*
= 100 1947-49
= 100 1947-49
= 100
= 100
EmployPayment
rolls
AdAdAdAdAdAd- Unad- Unad- AdAd- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
83
66
71
98
89
92
34
30
43
45
51
66
18
27
41
49
57
75
45
32
43
42
46
59
39
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
100
69
73
67
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
60.6
53.7
53 9
59.0
61.6
50 2
42.6
47 2
55.1
58.8
66.2
70.6
66 4
69.6
73.6
63.9
70.1
59 6
66.2
71.2
1919
1920
1921
1922
1923...
1924
1925 . .
75
58
73
88
82
90
1926
1927
1928
1929
1930
95
99
107
117
83
85
100
99
110
132
93
107
72
96
84
93
53
81
103
95
107
114
62
60
57
67
72
69
76
79
91
98
1931
1932
1933
1934
1935
75
58
69
87
67
41
54
65
83
90
1936
1937
1938
1939
1940
103
108
113
89
109
125
1946
1947
1948
1949
1950
1951
. .
1950
October
November.
216
215
218
1951
January
February
March
\pril
May
221
221
222
223
222
June
July
August
October
November
December
1952
January
February
March
April
May
June
July
. ..
62
34
15
14
41
20
18
22
35
122
78
109
139
106
95
109
115
112
97
106
117
32
35
39
44
25
27
37
43
36
40
40
44
162
199
239
201
279
360
142
158
176
125
129
132
66
89
37
54
49
24
74
116
45
235
203
353
274
171
166
140
137
22
36
10
16
170
187
192
176
200
220
192
220
225
202
237
273
165
172
177
168
187
194
134
149
155
135
148
164
82
84
102
113
159
171
22C
215
216
261
260
268
196
195
197
166
160
157
216
268
201
279
276
274
265
217
218
218
220
223
222
267
271
274
219
218
220
217
277
282
221
217
282
e
30
30
222
223
218
217
215
212
P204
e194
284
'285
277
277
?248
e
227
80
70
49
99
223
214
81
52
68
70
100
271
277
80
67
76
63
71
76
20
217
219
7«
70
79
69
73
26
86
221
212
222
221
216
211
P203
e
192
93
34
22
8
7
7
13
75
1941
1942
1943
1944
1945
84
71
201
199
198
198
197
187
193
192
188
164
17
123 8
143.3
127.7
119.7
121.9
122.2
125.4
37
126.4
124.0
122 6
122.5
119.4
65.0
62.0
62.9
61.9
56.1
108.7
97.6
92 4
95.7
98.1
47.4
42.1
42 8
48.7
52.0
99 1
102.7
100 8
99.4
100.2
52 5
56.1
51 1
50.1
51.1
56.8
64.2
67.0
67.6
68.8
37
37
152
38
21 5
14.8
15 9
20.4
23.5
105
78
82
32
24
24
89
27
27 2
32.6
25 3
29.9
34.0
107
33
111
89
101
109
35
32
35
37
92
35
29
130
138
137
44
50
56
30
50
140
135
62
70
105.2
116.6
123.7
125.7
128.6
87
86
98
116
185
170
79
83
105
111
142
172
95.1
99.6
101.6
98.8
101.4
106.6
97.9 81.2
103.4 97.7
102.8 105.1
93 8 97.2
99.2 111.2
105.4 129.2
132
143
138
116
128
134
90
98
104
98
105
109
139.5
159.6
171.9
170.2
171.9
185.6
78.7
96.4
104.4
99.2
103.1
114.8
160
163
177
177
171
179
149
159
176
104.3 104.5 106.2 124.3
104.5 104 4 105.5 124.0
104.8 104.7 105.6 127.4
137
136
140
103
103
109
175.6
176.4
178.8
107.7
109.3
112.1
178
188
171 105 2 105 8
164 105.9 106.8
154 106 3 106 9
219 106.6 107 1
211 106 8 106 8
217 107.1 106 8
150 107 1 106 0
143 107 0 104 8
133 106.8 103.9
127 106.6 103.4
162 106.8 103.3
180 107.1 103.5
105 2
106.6
106 6
106 0
105 0
105.6
104 2
105 7
105.8
105 1
104.3
104.4
146
125
136
133
104
104
181.5
183.8
184.5
184.6
185.4
185.2
185.5
185 5
186.6
187.4
188.6
189.1
115.0
116.5
116.5
116.3
115 9
115.1
114.2
113.7
113 4
113.7
113.6
113.5
106 8 103 6
107.0 103.8
no7
o 103 7
'106.9 '103.9
107.0 103.5
P162 P106 5 P101 0
103 2
103.6
'103 6
'102.9
101.9
P99 9
189 1
187.9
188.0
188.7
189.0
189.6
113 0
112.5
112.3
111.8
111.6
111 .3
173
163
165
156
200
162
199
193
170
166
165
167
174
156
147
140
176
168
160
170
163
156
166
189
167
161
167
164
166
141
P146
•142
27
32
30
30
34
34
36
147
148
131
Unadjusted
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
188
185
190
188
183
'181
P185
•180
152
Unadjusted
83.1
91.2
96.6
95.3
92.1
158
158
164
165
24
25
120
129
110
121
142
139
146
Adjusted
156
164
171
168
P173
187
176
174
179
146
145
142
163
174
189
186
?190
173
152
157
158
156
126.8
128.5
130.0
129 5
128 1
129.8
126.4
128 4
130.9
129.8
129.8
132.9
r
130 4
131.0
\31 9
'127.9
128.2
e
126 4
129
139
131
125
133
133
135
115
105
105
105
109
107
109
137
133
113
109
141
108
136
133
126
122
108
102
106
105
103
108
pill
c
105
Estimated; all estimates are those of the Federal Reserve.
P Preliminary.
' Revised.
*1 Average per working day.
For
indexes
by
groups
or
industries,
see
pp.
918-921.
2
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. 925.
3
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' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950, 4 interim revision of series and weights.
For indexes by Federal Reserve districts and for other department store data, see pp. 928-930.
Back figures in 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.
AUGUST
1952
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average «= 100]
1952
1951
Industry
June ' July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. ! M a y June
Industrial
Production—Total...
Manufactures— Total
Durable Manufactures
Iron and Steel 1
Pig iron
Steel
Open hearth.
Electric
Machinery
Transportation Equipment.
Automobiles (including parts)
(Aircraft; Railroad Equipment; Shipbuilding—Private
and Government) *
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin) *
Fabricating
(Copper products: Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) *
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.
Wool 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
Cane sugar meltings *
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream *
221
212
217
218
218
219
218
221
222
221
216
211
'203
231
222
226
228
226
228
228
231
232
231
225
224
213
274
265
267
271
274
277
282
282
284
285
277
277 *248
261
253
254
258
261
261
263
261
261
263
245
245 P!42
235
296
213
884
230
293
215
850
230
291
208
881
231
298
213
902
235
304
217
921
232
307
216
954
227
304
219
911
304
218
913
235
304
221
892
239
309
225
911
205
278
196
855
278'
195
870
338
328
328
336
340
347
358
359
360
359
352
352
'351
307
293
305
311
311
313
320
318
322
r327
329
338
>344
238
216
223
226
223
216
219
r222
229
233
'233
205
199
197
196
201
209
207
216
217
218
219
220
226
226
213
214
230
235
235
243
249
197
188
191
190
190
198
196
206
153
141
146
146
157
154
159
162
158
152
141
146
147
164
131
160
137
165
135
167
138
171
149
172
141
178
150
175
154
176
149
175
143
169
128
167
134
169
239
237
228
228
219
212
219
217
224
222
220
217
'222
250
269
235
184
260
285
226
177
234
249
222
176
232
246
219
173
214
222
217
172
199
204
219
173
208
216
242
172
210
223
233
182
223
239
257
177
224
239
244
175
226
242
238
228
•246
230
164
222
'166
260
'210
P247
203
204
197
187
193
192
188
188
185
189
190
188
183
181
185
160
170
163
154
157
152
157
160
152
144
151 P!58
164
157
378
138
123
379
150
145
360
145
142
334
139
140
293
142
144
289
137
136
283
142
144
296
146
150
139
141
288
131
130
280
137
135
287
137
87
153
135
119
157
159
100
27
117
105
92
123
124
115
58
132
117
108
130
135
114
63
132
117
108
129
132
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
90
121
115
112
119
131
116
120
110
109
108
109
126
122
133
116
117
114
120
126
112
123
110
108
103
114
113
108
117
110
103
'96
112
109
118
120
123
112
108
117
123
99
85
99
100
91
89
88
100
107
108
102
105
89
109
51
73
50
75
91
42
58
54
92
81
99
44
65
56
110
84
104
51
56
64
80
96
51
53
67
98
78
94
51
53
69
97
79
91
59
60
71
94
86
98
64
70
71
110
90
101
73
72
74
86
98
68
69
72
122
84
95
72
64
69
114
90
105
67
67
72
115
164
166
163
160
160
162
166
163
160 vl62
103
108
103 P112
142
71
169
133
146
73
181
149
148
73
183
163
106
165
103
150
75
183
168
111
118
167
107
108
150
77
180
169
148
77
173
160
107
143
72
165
138
133
312
109
115
109
122
140
71
163
126
137
64
158
118
136
62
161
119
137
65
165
118
165
113
138
66
163
120
147
68
180
164
r
p Preliminary.
Revised.
i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 8be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
3
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
918
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers , 1935-39 average =100]
1952
1951
Industry
Tune July Aug. Sept. Oct.
Manufactured Food
Nov. Dec. Jan. Feb.
Mar. Apr. M a y
fune
Products—Continued
Meat packing
Pork and lard
Beef
Veal
.
..
.
Other manufactured foods
.
....
Confectionery
Other food products
A Icoholic Beverages
145
188
110
95
66
152
187
126
107
70
162
207
128
110
65
168
221
126
99
64
157
198
124
109
74
168
205
143
106
75
163
200
141
84
69
162
193
145
87
80
182
228
153
84
85
179
230
141
81
85
175
160
130
173
147
127
174
139
140
176
152
136
173
163
127
168
123
149
169
128
145
171
133
143
172
150
135
186
188
188
189
183
166
121
136
178
175
178
184
/7c?
183
183
184
185 '184
188
176
174
171
170
r
r
165
207
135
79
79
146
167
140
84
76
148
170
137
99
78
169
168
143
130
170
136
143
128
183
182
186
157
150
152
149
. . . . 155
163
165
164
154
180
178
185
173
171
154
104
604
174
78
474
197
51
492
223
70
335
332
76
265
358
86
262
292
85
253
225
73
336
150
73
327
193
68
292
208
62
298
205
r
51
231
214
161
38
185
207
Tobacco Products
171
161
183
177
185
194
147
176
175
174
184
178
189
Cigars
Cigarettes .
115
98
114
123
127
129
87
108
105
109
110
114
233
66
225
57
252
73
239
70
259
44
262
84
204
60
244
67
244
68
243
59
259
62
245
64
116
264
65
208
190
196
197
196
191
184
187
193
192
185
182
182
198
235
183
230
192
234
182
223
185
229
189
237
188
241
132
93
265
183
224
137
99
271
185
216
130
97
273
185
213
112
95
278
180
205
116
94
261
176
191
111
95
271
178
197
114
99
279
181
209
117
99
284
180
205
181
228
175
221
137
78
269
176
217
191
235
187
235
123
88
275
193
247
189
228
110
95
269
174
202
108
92
260
168
207
176
227
121
89
266
169
201
180
204
167
204
185
196
192
200
190
210
191
184
189
190
i86
175
162
184
125
181
128
177
123
176
129
178
131
186
180
127
188
179
192
195
180
129
191
181
168
130
161
122
149
130
182
167
153
134
Malt liquor
Whiskey
Other distilled spirits
.
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
Printing and Publishing
Newsprint consumption
Petroleum and Coal Products
Petroleum refininc 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products *
Coke
By-product coke
Beehive coke
Chemical
...
...
...
.
165
129
171
166
174
179
177
175
174
175
177
177
175
170
176
163
166
164
167
165
163
158
159
163
164
164
166
169
263
262
265
266
269
276
281
281
281
278
'263
213
v257
212
211
213
195
209
213
209
200
208
214
213
187
216
212
214
200
214
214
226
196
215
234
192
224
211
238
188
243
212
242
177
208
210
227
183
223
205
218
177
211
157
167
124
133
P213
83
21S
194
205
Products...
Paints
Rayon
Industrial chemicals
.
Other chemical products 2
177
128
.
230
P225
188
179
188
179
204
197
179
175
476
388
457
411
452
467
456
464
459
420
329
329
302
305
306
301
298
299
298
300
297
294
293
293 v297
153
152 P155
2 70 306
187
179
183
178
187
179
185
178
185
178
185
177
161
167
165
158
156
1 58
385
548
392
554
393
557
358
560
346
556
331
563
185
178
158
317
563
r
159
322
562
157
299
562
155
269
563
267
561
r
558
P557
251
243
243
245
239
245
250
248
243
'242
234
238 v241
Minerals—Total
163
156
165
167
174
170
163
167
167
164
166
141 P146
Fuels
169
160
171
172
179
178
170
175
174
170
171
140
vl60
123
133
86
97
105
66
125
137
79
138
147
104
125
135
86
136
147
91
123
135
110
119
74
192
194
199
196
193
194
199
201
100
107
73
159
96
102
77
199
111
122
68
195
141
152
99
191
123
134
77
145
132
134
137
144
122
122
125
128
125
141 r>147
P65
209
187
194
200
212
175
174
177
182
176
204
P214
P71
52
52
67
49
58
49
58
47
62
45
65
44
70
47
72
47
48
78
47
77
51
Rubber Products
..
Coal
Bituminous coal
Anthracite
Crude petroleum
.
Metals
Metals other than gold and silver
(Copper* Lead' Zinc) 2
Gold
. .
Silver
.
. . . .
. .
73
76
74
P191
For other footnotes see preceding page.
NOTE.—For description and back figuies 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.
AUGUST
1952
919
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1951
1952
Industry
June July Aug. Sept. Oct. Nov. Dec.
Industrial
Production—Total
Manufactures
...
— Total
.
Jan. Feb.
Mar. Apr. M a y
June
P204
223
214
220
223
222
220
217
217
218
217
215
212
232
223
229
232
230
229
227
227
229
228
224
224 P214
276
266
269
273
276
277
280
280
281
283
277
278 P249
261
253
254
258
261
261
263
261
261
263
245
245 P142
235
230
230
231
235
232
227
229
235
239
205
296
213
884
293
215
850
291
208
881
298
213
902
304
217
921
307
216
954
304
219
911
304
218
913
304
221
892
309
225
911
278
196
855
278
M achinery
338
328
328
336
340
347
358
359
360
359
352
352 v35l
Transportation Equipment
307
293
305
311
311
313
320
318
322 r327
329
338 P344
238
216
223
226
223
216
221
218
219 r222
229
233 P233
Durable Manufactures
Iron
and Steel
..
*
...
Pig iron
Steel
Open hearth
Electric
..
Automobiles (including parts)
(Aircraft; Railroad
equipment; Shipbuilding—Private and
Government) 2
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
Lumber and Products
.
...
..
..
. . . .
Lumber
Furniture
Stone Clay and Glass Products
Glass products
Glass containers
Cement
Clav oroducts
*
Other stone and clay products 2 . . .
Nondurable Manufactures
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
^^oolen 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
Cane sugar meltings 2
IVlanufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
205
199
197
197
201
209
207
216
217
218
219
220 P210
225
225
213
214
230
236
235
243
249
252
257
260
197
188
191
190
190
198
196
206
204
204
203
203
164
151
158
158
158
155
141
142
148
149
152
145 P155
163
164
146
160
154
165
153
167
151
171
146
172
122
178
125
175
133
176
135
175
143
169
133 148
167 P169
241
239
238
237
230
217
212
205
208 '212
216
223 P224
248
266
251
251
273
248
241
259
251
236
251
254
200
206
237
197
201
220
179
182
207
219
188
180
218
232
196
224
239
200
184
219
228
252
179
177
169
168
226
242
226
166
240 P244
260 266
241 237
164 P165
182
.
Textiles and Products
...
P57
870
167
r
197
188
197
199
193
191
185
184
186
184
180
185
160
170
163
154
157
152
157
160
152
144
164
157
378
138
123
379
150
145
360
145
142
334
139
140
293
142
144
289
137
136
283
142
144
296
146
150
294
137
87
153
135
119
157
159
100
27
117
105
92
123
124
115
58
132
117
108
130
135
114
63
132
117
108
129
132
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
99
121
115
112
119
131
116
120
110
109
108
109
126
122
133
116
117
114
120
126
139 131
141 130
288 280
112 108
123 117
110 110
108 103
103
114 112
113 109
137
135
287
118
120
123
112
108
117
123
r
180
151 P158
133
312
98
83
98
100
91
91
88
100
109
108
102
105
86
105
52
74
50
106
71
86
42
57
50
92
80
96
47
63
58
110
83
102
50
57
62
111
80
97
52
53
67
98
81
98
52
52
73
97
79
91
58
61
67
94
86
100
62
70
66
110
96
109
77
74
81
118
86
98
67
68
70
122
84
95
69
66
68
114
90
105
64
66
77
115
165
176
189
192
177
164
158
151
149
148
149
154 P161
99
106
107
117
115
116
108
122
114
101
104
221
104
259
232
221
94
221
196
215
85
194
164
169
69
169
127
128
61
146
102
98
49
119
85
95
49
116
92
86
54
122
95
97
58
134
108
116
64
152
131
152
75
188
168
99 PIOS
197
94
245
227
217
94
255
227
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
920
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1951
1952
Industry
June
July
Aug.
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
144
188
107
95
62
141
165
127
107
67
165
123
96
188
May
June
139
159
130
108
64
149
174
136
109
69
156
186
135
124
77
188
240
148
114
75
195
264
141
79
68
193
253
148
81
85
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
181
191
104
191
200
263
151
192
209
297
175
193
192
210
167
192
174
111
161
192
166
96
150
187
157
83
149
177
155
84
144
176
153
'82
125
176
151
'87
107
175
153
93
100
178
P161
P104
191
190
179
193
197
178
154
145
P188
152
155
155
158
195
104
374
174
204
78
275
197
188
51
266
223
166
70
459
332
143
76
686
358
139
86
549
292
142
85
278
225
176
151
73
219
150
155
73
196
193
159
68
190
208
162
62
179
205
170
51
139
214
203
38
115
207
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
A Icoholic Beverages
. .
. .
...
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
. . . .
178
167
190
188
191
198
137
176
167
164
174
178
197
Cigars
Cigarettes
Other tobacco products.
115
245
67
98
236
57
114
265
71
123
256
75
127
269
47
129
267
86
87
188
53
108
244
66
105
229
66
109
226
59
110
241
62
114
245
64
116
278
66
Paper and Paper Products . .
Tobacco Products
209
189
196
196
196
191
183
187
194
192
186
182
182
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp '
Paper
Paperboard
199
235
124
88
275
193
247
182
228
122
78
269
175
217
189
226
116
93
265
183
224
191
232
122
99
271
185
216
191
233
121
97
273
185
213
187
236
119
95
278
180
205
181
223
117
94
261
175
191
185
230
116
95
271
178
197
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
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint . . .
Paperboard containers (same as Paperboard)
180
208
177
129
167
196
165
126
185
196
168
128
192
200
180
129
190
212
180
127
188
179
184
126
191
175
181
125
192
193
177
123
191
191
176
129
189
190
178
131
186
188
161
124
175
162
149
131
182
171
153
135
170
155
166
180
181
183
178
170
175
180
180
174
175
161
143
147
168
173
178
166
148
159
171
174
173
168
263
262
265
266
269
276
281
281
281
278
263
213
P257
212
215
194
193
211
213
193
194
213
209
198
199
214
213
187
214
212
214
200
214
214
226
196
237
215
234
190
231
211
238
183
248
212
242
175
218
210
227
181
227
205
218
184
215
157
167
129
134
P213
187
179
476
183
178
388
187
179
457
185
178
411
185
178
452
185
177
467
185
178
456
188
179
464
188
179
459
204
197
420
179
175
329
329
83
300
301
303
303
303
304
302
302
300
298
296
292
P294
165
385
548
165
392
554
163
393
557
157
358
560
156
346
556
157
331
563
158
317
563
156
'322
562
155
299
562
155
269
563
154
267
561
156
270
558
P\59
Rubber Products
251
243
243
245
239
245
250
248
243
234
238
P241
Minerals—Total
169
161
170
171
176
169
159
162
162
158
165
143
P148
Fuels
169
160
171
172
179
178
170
175
174
170
171
140
P160
123
133
86
191
97
105
66
192
123
134
77
194
125
137
79
195
138
147
104
199
141
152
99
196
125
135
86
193
136
147
91
194
123
135
77
199
111
122
68
199
110
119
74
201
100
107
73
159
96
102
74
166
163
115
89
88
91
90
130
P164
P80
117
94
116
94
121
98
118
94
189
238
P245
P99
46
70
45
73
43
77
43
80
42
77
44
Printing and Publishing
Newsprint consumption
Petroleum and Coal Products
r
2
Petroleum refining
Gasoline
Fuel oil . .
Lubricating oil
Kerosene
Other Detroleum Droducts ^
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products *
Coal
.
. . . .
Bituminous coal
Anthracite
Crude petroleum
....
Metals
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
Silver
. . . .
171
166
167
256
392
247
384
250
403
246
388
240
354
160
185
48
70
50
66
54
57
56
59
55
62
50
65
r
242
r
r
P225
P306
364
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.
AUGUST 1952
921
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted jor Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952
1951
Product group
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
100
102
104
103
104
106
103
109
110
110
102
83
105
'82
118
98
81
107
85
115
June
July
Aug.
Sept.
Oct.
Nov.
Total1.
123
100
101
107
103
104
98
Passenger automobiles *
140
111
112
115
108
104
93
91
96
Household goods, total
Carpets
Furniture
Major appliances
Radios and television
108
70
102
111
133
88
47
102
78
98
89
55
97
86
95
98
56
97
96
123
98
60
98
88
135
103
60
101
93
149
104
63
105
100
130
110
79
104
97
164
108
75
103
95
158
106
80
102
98
141
107
84
136
r
Revised.
Seasonal adjustment factors for passenger automobiles revised beginning January 1952.
NOTE.—Figures for June 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, D. C.
1
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1952
1951
Industry group or industry
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
ADJUSTED FOR S1ASONAL
VARIATION
Total
13,204 13,106 12,967 12,855 12,789 12,776 12,803 12,816 12,835 12,832
Durable goods
7,285 •7,281
7,256
7,440 7,352 7,303 7,265 7,248 7,264 7,261
Primary metal industries
1,152
1,154
1,148
1,143
1,156
1,154
1,178
1,162
1,173
1,171
Fabricated metal products
794
799
801
796
799
805
852
834
829
810
Machinery except electrical
1,263
1,261
1,276
1,275 1 , 2 6 7
1,221
1,246
1,247
1,248
1,225
Electrical machinery
712
707
718
720
714
••715
708
705
700
711
Transportation equipment
1,235
1,235
1,234
1,251 1 , 2 6 6
1,237
1,187
1,198
1,205
1,211
Lumber and wood products
699
667
712
685
680
765
748
736
729
730
Furniture and fixtures
290
292
287
290
293
295
296
289
283
284
Stone, clay, and glass products. .
460
457
470
449
449
485
485
482
477
480
Instruments and related products
230
232
232
231
229
226
223
226
229
227
Misc. manufacturing industries. .
374
382
••376
374
375
370
396
417
410
373
Ordnance and accessories
54
44
56
52
55
50
41
38
34
47
Nondurable goods
5,590
5,512 5,542 5,560 5,550 '5,551
5,764 5,754 5,664
5,541
Textile-mill products
1,120
1,147
1,124
1,170
1,106 1,102
1,203
1,121
1,205
1,133
Apparel and other finished textiles
1,020
1,021 1 , 0 2 0
1,029
1,032
1,053
998
985
1,047
1,007
Leather and leather products. . .
32
'336
335
330
336
319
341
351
321
317
Food and kindred products
1,133
1,159 1,161
1,132
1,144
1,154
1,170
1,177
1,148
1,158
Tobacco manufactures
83
81
82
81
79
80
81
80
82
82
Paper and allied products
'399
402
406
407
403
427
421
428
418
411
Printing, publishing and allied
industries
512
507
511
510
514
512
512
514
512
515
Chemicals and allied products...
527
530
530
531
548
542
531
544
540
533
Products of petroleum and coal.
197
195
197
195
196
194
194
196
197
197
215
214
'214
216
Rubber products
220
218
224
215
223
213
12,852 12,805 12,491
'7,323 7,316
6,978
1,146
787
1,162
805
805
'802
1,245
1,259
1,270
705
716
714
1,330
1,308
1,287
667
642
686
297
293
292
452
448
451
'235
382
'58
'5,529
1,092
235
389
59
5,489
1,088
236
394
60
5,513
1,089
1,010
'339
1,155
83
'398
1,004
344
1,153
83
400
1,012
346
1,153
82
403
'510
530
199
213
510
525
166
216
509
530
172
217
WITHOUT SEASONAL ADJUSTMENT
Total
13,064 12,885 13,069 13,087 12,997 12,904 12,911
Durable goods
7,279 7,296 7,314 7,322
7,409 7,226 7,261
Primary Metal Industries
1,172 1,155 1,165 1,162 1,160 1,149 1,16Blast furnaces, steel works
572
573
572
575
573
558
570
and rolling mills
813
806
810
843
817
805
809
Fabricated Metal Products
1,252 1,235 1,209 1,219 1,242 1,255 1,269
Machinery except Electrical
231
225
232
241
232
245
233
Metalworking machinery...
696
707
718
707
684
726
704
Electrical Machinery
Electrical apparatus (gen272
273
271
271
275
266
265
erating, etc.)
239
247
230
272
241
268
258
Communication equipment. 1,237 1,187 1,198 1.211 1,205 1,234 1,235
Transportation Equipment
684
675
679
645
655
667
738
Motor vehicles and equip360
ment
347
357
407
395
362
333
Aircraft and parts
745
748
754
696
719
740
773
Lumber and Wood Products
443
443
449
412
428
439
456
Sawmills and planing mills..
285
284
285
296
29
289
286
Furniture and Fixtures
196
196
195
208
206
201
197
478
482
484
465
47,
479
485
Household furniture
221
224
23,
226
230
228
223
Stone. Clay, and Glass Products..
383
388
381
388
390
400
388
Instruments and Related Products.
38
41
52
50
47
34
44
Misc. Manufacturing Industries..
Ordnance and Accessories
For footnotes see following page.
922
12,766 12,820 12,815
7,264 7,306 '7,316
1,162 1,160 1,154
12,724 12,599 12,357
'7,321 7,276 6,950
1,146 1,150
783
570
804
1,276
247
725
570
567
807
807
1,281 '1,280
249
249
r
727
722
560
r806
r1,276
'249
714
563
797
1,265
247
709
273
271
1,235
275
'273
273
273
1,251 r1,266
270
268
'1,287
268
267
1,308
'643
'665
429
676
406
291
205
451
*236
380
633
415
654
391
296
208
45,
23,
374
54
634
424
668
396
296
207
447
233
381
55
'428
670
398
296
208
449
234
r382
56
672
434
642
394
286
202
448
235
377
59
797
1,251
701
1,330
674
288
452
236
378
60
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
1952
Industry group or industry
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 rubber)...
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
Aug.
June
July
5,655
1,205
588
216
5,659
1,167
574
210
5,808
1,152
561
212
5,808
1,136
551
205
5,701
1,133
546
209
1,000
245
255
344
222
1,146
233
154
192
76
426
990
233
1,047
238
1,037
239
271
336
215
1,225
236
226
192
75
418
295
343
221
1,307
233
305
192
84
419
284
327
208
1,330
235
330
193
89
416
1,019
238
270
320
201
1,254
236
238
195
89
413
215
214
215
214
512
152
169
528
172
198
154
220
507
151
167
526
172
198
154
217
509
151
166
531
174
198
154
218
515
153
167
543
175
197
154
218
Sept.
Apr.
Dec.
Jan.
Feb.
5,590
1,132
544
209
5,589
1,141
548
211
5,502
1,131
540
209
5,514 '5,499 '5,403
1,123 * 1,113 '1,092
518
507
527
210
'210
210
1,008
233
1,029
228
300
330
213
1,068
246
106
187
82
405
1,052
233
279
317
198
1,160
246
145
192
85
411
1,035
235
296
323
205
1,122
252
120
190
85
410
212
212
212
211
210
517
153
169
544
172
197
154
215
519
154
170
542
173
197
154
219
520
155
171
538
171
196
155
219
510
151
170
536
170
193
153
218
507
152
166
538
168
193
153
215
Oct.
Nov.
Mar.
r
l,051
238
r
May
5,323
1,083
503
209
995
239
959
237
274
309
306
r
r
344
336
342
222
217
221
1,060 >• 1,057 ' 1,058
'239
'234
244
104
113
105
189
'187
187
78
77
80
'401
'398
404
253
330
213
1,074
231
120
184
77
398
'208
508
152
167
538
168
194
152
206
207
'507
152
166
530
163
197
155
213
507
153
167
517
161
165
122
213
June
5,407
1,089
339
1,124
78
401
509
514
173
214
' 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 June 1952 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 INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1951
1952
Average hourly earnings
(dollars per hour)
1952
June
Apr.
May
June
65.08
65.83
66.61
66.98
70.27
71.03
71.72
71.76
Primary metal industries. . .
Fabricated metal products. .
Machinery except electrical.
Electrical machinery
Transportation equipment. .
76.03
69.43
76.65
67.15
75.14
'71.08
'69.64
••78.50
••69.11
-•78.28
72.57
70.78
78.94
68.94
79.53
70.07
70.99
78.84
70.32
79.35
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries.
Ordnance and accessories
61.51
56.03
65.25
69.44
57.85
71.02
'61.36
'59.40
'65. 00
-70.63
'59.11
'76.94
60.07
59.49
65.48
71.98
60.35
78.40
63.09
60.08
65.77
72.79
60.48
77.78
Total
Durable goods.
Average hours worked
(per week)
1952
Apr.
May
June
June
Apr.
May
June
40.7
39.8
40.2
40.4
1.599
1.654
1.657
1.658
41.8
40.8
41.1
41.1
1.681
1.741
1.745
1.746
41.8
41.8
43.5
41.5
40.4
'38.8
'40.7
42.8
'40.7
'40.6
39.4
41.2
42.9
40.6
41.1
38.5
41.2
42.8
41.1
40.9
1.819
1.661
1.762
1.618
1.860
1.832
•1.711
-1.834
1.698
"1.928
1.842
1.718
1.840
1.698
1.935
.820
.723
.842
.711
.940
41.9
40.4
41.8
42.6
40.8
42.4
40.8
'40.6
40.6
'41.4
'40.1
'43.3
41.2
40.8
40.9
41.8
40.5
43.8
41.7
40.9
40.8
42.0
40.4
43.6
1.468
1.387
1.561
1.630
1.418
1.675
1.504
'1.463
'1.601
"1.706
•1.474
'1.777
1.458
1.458
1.601
1.722
1.490
1.790
.513
.469
.612
.733
.497
.784
June
58.47
'58.75
59.56
60.68
39.4
'38.4
38.9
39.4
1.484
1.530
1.531
.540
Textile-mill products
Apparel and other finished products... .
Leather and leather products
Food and kindred products
Tobacco manufactures
51.07
44.05
46.90
61.80
44.49
49.89
43.61
'48.40
'62.96
41.23
50.82
45.10
48.45
64.14
45.44
51.59
45.27
50.81
65.08
47.42
38.6
35.3
36.7
41.9
37.9
37.2
35.0
37.0
'40.7
34.5
37.7
36.4
37.1
41.3
37.9
38.3
36.3
38.2
41.8
39.0
1.323
1.248
1.278
1.475
1.174
1.341
1.246
•1,308
•1,547
1.195
1.348
1.239
1.306
1.553
1.199
.347
.247
.330
.557
1.216
Paper and allied products
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
65.56
75.82
68.72
81.20
71.27
'65.45
'78.16
'69.38
'82.09
'70.94
66.46
79.67
69.73
75.16
72.24
67.52
79.44
70.52
85.20
73.28
43.1
38.8
41.7
40.7
41.9
'41.4
'38.2
'41.2
40.4
'39.5
41.8
38.6
40.9
37.3
40.0
42.2
38.6
41.0
41.1
40.2
1.521
1.954
1.648
1.995
1.701
'1,581
'2,046
'1.684
'2,032
'1.796
1.590
2.064
1.705
2.015
1.806
1.600
2.058
1.720
2.073
1.823
Nondurable goods.
r
Revised.
NOTE.—Data are for production and related workers.
of Labor Statistics.
AUGUST
1952
Figures for June 1952 are preliminary.
Back data are available from the Bureau
923
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State, and
local
government
883
826
852
943
981
932
904
920
1,094
1,132
1,661
1,982
2,165
2,156
2,318
2,569
3,798
3,872
4,023
4,122
4,151
3,977
4,010
4,144
7,260
7,522
8,602
9,196
9,491
9,438
9,524
9,804
1,374
1,394
1,586
1,641
1,716
1,763
1,812
1,883
3,934
4,055
4,621
4,786
4,799
4,782
4,761
4,759
6,026
5,967
5,607
5,454
5,613
5,811
5,910
6,390
923
899
914
2,558
2,574
2,601
2,587
2,630
2,581
2,569
4,132
4,134
4,143
4,157
4,173
4,169
4,161
9,857
9,837
9,822
9,791
9,770
9,827
9,893
1,874
1,880
1,895
1,908
1,917
1,926
1,931
4,787
4,780
4,791
4,783
4,746
4,758
4,749
6,398
6,472
6,496
6,526
6,517
6,544
6,578
2,545
2,593
'2,523
'2,510
2,492
2,534
4,139
4,147
'4,154
'4,118
4,141
4,141
9,852
9,860
'9,862
'9,821
9,883
9,912
1,919
1,929
1,937
1,943
1,949
1,958
4,742
4,738
'4,728
4,748
4,771
4,791
6,528
6,538
6,543
6,554
6,572
6,606
2,686
2,754
2,809
2,768
2,761
2,633
2,518
4.161
4,176
4,190
4,178
4,166
4 165
4,161
9,732
9,667
9,641
9,781
9,893
10,109
10,660
1,893
1,908
1,914
1,898
1,898
1,907
1,912
4,835
4,852
4,839
4,831
4,770
4,734
4,702
6,377
6,356
6,401
6,544
6,532
6 497
6,881
2,316
2,308
'2,296
'2,410
2,517
2,661
4,103
4,111
'4,118
'4,098
4,138
4,170
9,720
9,643
'9,668
'9,817
9,744
9,787
1,909
1,919
'1,937
1,953
1,959
1,978
4,671
4,667
'4,681
4,748
4 795
4,839
6,509
6,490
6,528
6,551
6 602
6,585
Total
Manufacturing
41,480
40,069
41,412
43,371
44,201
43,006
44,124
46,401
17,111
15,302
14,461
15,247
15,286
14,146
14,884
15,931
46,626
46,602
46,555
46,465
46,415
46,482
46,608
16,097
16,026
15,893
15,801
15,748
15,761
15,811
46,471
46,594
'46,552
'46,513
46,589
46,375
15,830
15,877
15,894
15,919
15,886
15,575
46,567
46,432
46,724
46,956
46,902
46 852
47,663
15,956
15,813
16,008
16,039
15,965
15,890
15,913
927
906
922
917
917
45,913
45,899
'46,001
'46,258
46 320
46,322
15,776
15,859
15,869
15,784
15,671
15,440
909
902
'904
897
894
Mining
SEASONALLY ADJUSTED
1951—June
September
October
November
December
.
1952—January
February
March
April
May
June
912
914
916
916
916
912
'900
895
858
UNADJUSTED
1951—June
July
August
September
October
November
December
. ..
. ..
1952—January
February
March
April
May
June
917
916
862
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. June
1952 figures 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
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
Total
civilian noninstitutional1
population
Employed *
Total
Total
In nqnagricultural industries
In
agriculture
Unemployed
Not in the
labor force
93,220
94,090
103,070
106,018
107,175
108,156
109,284
108,976
54,630
53,860
57,520
60,168
61,442
62,105
63,099
62,884
53,960
52,820
55,250
58,027
59,378
58,710
59,957
61,005
45,010
44,240
46,930
49,761
51,405
50,684
52,450
53,951
8,950
8,580
8,320
8,266
7,973
8,026
7,507
7,054
670
1,040
2,270
2,142
2,064
3,395
3,142
1,879
38,590
40,230
45,550
45,850
45,733
46,051
46,181
46,092
1951—June
July
August
September
October...
November
December.
108,836
108,856
108,896
108,956
109,064
109,122
109,200
63,783
64,382
64,208
63,186
63,452
63,164
62,688
61,803
62,526
62,630
61,580
61,836
61,336
61,014
53,768
54,618
54,942
54,054
54,168
54,314
54,636
8,035
908
688
526
668
022
6,378
1,980
1,856
1,578
1,606
1,616
1,828
1,674
45,053
44,474
44,688
45,770
45,612
45,958
46,512
1952—January...
February..
March
April
,
May
June
109,260
109,274
109,274
109,328
109,426
109,556
61,780
61,838
61,518
61,744
62,778
64,390
59,726
59,752
59,714
60,132
61,176
62,572
53,540
53,688
53,702
53,720
54,216
54,402
6,186
6,064
6,012
6,412
6,960
8,170
2,054
2,086
1,804
1,612
1,602
1,818
47,480
47,436
47,756
47,584
46,648
45,166
,
1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer
available for reasons of security.
8
Includes self-employed, unpaid family, and domestic service workers.
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.
924
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
(Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars)
Month
1951
January
March
April
May
June..
.
July
August
September
October
November...
December
1952
l v5.751.1
Year
Factories
1951
1952
420.9
531.1
574.6
590.8
661.1
545.2
548.1
567.6
479 7
496.2
443 9
346.1
130.4
337.7
116.2
396.4
126.2
592.7
174.3
681.6
753.8 1,274.9
242.0
206.9
161.8
122.5
116 4
96 5
115.1
6,205.4
2,883.3
L.045.2 902.1
1,140.5 885.2
1,271.0 1,321.3
1,375.0 1,597.5
2,573.0 1,563.7
L.439.4
1,422.7
L.265.8
.096 0
1 072 0
951.1
1.099.5
. .
Nonresidential building
Residential
building
Total
1951
1952
Jan
Feb
Mar... .
Apr.. . .
May. . .
June...
July....
AUK.
Sept
Oct
Nov..
Dec
1,045
1,141
1,271
1,375
2,573
1,439
1,423
1,266
1,096
1,072
731
780
1,300
1,350
1,348
1,345
1,420
1,549
1,287
1,136
951
1,087
1,168 1,100
Year. 14,501
55.7
62.2
70.6
75.3
79.9
1951
1952
1951
84.6
81.0
128.4
103.5
123.2
128.1
150.1
127.9
98 5
94 5
79 0
136.0
98.1
104.2
118.7
134.4
145.7
126.8
132.2
139.4
133.9
175.3
148.3
146.9
123.8
116 6
159 1
123 1
163.9
1,334.6
1952
902
885
1 ,321
1 ,598
1 ,564
1 ,489
1950 1951 1952
201
306
285
332
418
481
354
456
389 1,474
428
583
636
460
438
486
364
318
308
310
320
326
381
476
4,409 6,122
15,751
297
339
554
636
558
559
1950
1951 1952
530
739
605
495
808
547
819
767
852
996
919
961
959 1,099 1,006
917
856
930
960
787
1,111 779
922
778
828
762
767
625
787
624
10,092 9,629
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
1947
1948
1949
1950...
1951
Total
Property
improve-l
ment
1,787
3 338
3,821
4,342
3,221
534
614
594
694
708
1,689.2
1951—June. .
July...
Aug...
Sept...
Oct. . .
Nov...
Dec...
255
274
270
239
300
248
227
1952—Jan. . .
Feb....
Mar...
Apr. . .
May. .
June..
«274
« 211
«207
5 242
6 249
6 273
War and Mili1- to 4- Rental
tary
and
Vetfamily group
erans' houscon- houses housing housing
ing
struc- (Title (Title (Title (Title
tion
ID
VIII)
II)
VI)2
7
13
446
880
808
7
29
1,855
2,466
1,894
21
109
54
76
66
53
74
68
65
2
2
3
4
4
4
3
146
146
154
131
145
141
125
6
17
15
7
20
4
9
88
64
61
64
71
102
4
2
2
2
2
2
159
125
124
126
128
134
18
8
1
2
*7
7
26
15
6
1,836
1,339
1,031
u
278
123
203
31
19
18
16
15
24
10
16
13
14
28
41
7
15
3
2
10
8
18
18
18
(3)
5
4
7
2
Net proceeds to borrowers.
Includes mortgages insured in connection with sale of Government
owned war housing and insured loans to finance the manufacture of
housing.
» Less than $500,000.
4
Includes 6 million dollars of Class 3 loans (program terminated
Feb.
28,
1950)
and 1 million of Sec. 8 loans.
8
Includes defense housing as follows (in millions of dollars): January, 1; February, 0.3; March, 0.5; April, 2; May, 7; June 8.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some* reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title TI) are not necessarily shown in the
month in which reinsurance took place.
AUGUST 1952
1952
161.3
178.2
223.6
266.1
278.0
310.5
295.2
219.3
198.7
137 0
160 2
295.2
206.7
187.4
265.3
353.6
347.0
2,723.2
Boston....
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
.
. .
June
June
May
105,392
203,203
105,070
150,210
150,472
205,265
211 ,351
116,664
59,247
67,051
114,925
. . .
1951
106,005
244,053
95,602
157,630
134f944
156,230
248,460
98,329
46,634
98,698
177,075
110,897
169,486
58,967
147,174
147,793
187,004
280,263
94,084
71,474
56,902
115,388
1,488,850 1 563,660
1,439,432
INSURED FHA HOMB MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Small
home
(8)
93.9
74.0
153.8
147.7
158.4
1951
1952
Federal Reserve district
Mortgages
Title 1 loans
1952
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]
Total (11 districts)
Year or
month
Other
Public ownership Private ownership
Total
1951
121.1
101.8
78.8
106.3
60.6
65.4
75.4
65.5
80.0
68.8
48.4
43.1
1952
915.3
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
1950
1951
110.1
61.0
120.2
204.8
78.9
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Educational
Commercial
Public works
and public
utilities
Savings
Com- Mutual
and
mersavloan
cial
ings associbanks banks
ations
Insur- Fedance
eral
5
com- agen- Other
panies cies 1
End of month
Total
1936—Dec
1937—Dec
1938—Dec......
1939—Dec
1940—Dec
1941—Dec.......
1942—Dec
1943—Dec
1944—Dec
1945—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156
228
430
634
902
1,162
1,465
1,669
1,705
1,590
1,506
8
27
38
71
130
186
236
256
260
263
56
110
149
192
224
254
276
292
269
253
41
118
212
342
542
789
1,032
1,134
1,072
1,000
5
32
77
153
201
234
245
79
68
13
27
53
90
133
150
179
163
159
140
122
3,102
1946—June
D e c . . . . . . . 2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
1950—Dec
6,695
2,205
693
603
2,712
60
421
7,556
8,212
2,412
903
2,554 1,072
658 3,115
689 3,453
44
71
423
373
1951—June
Dec
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation,
a
Includes mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
925
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
Total
1939
1941
1945
1946
1947
1948
1949
1950
1951
1951—August
September
October
November
December
1952—January
February
March
April
May
June
July
Urban
Private
Government-underwritten
Rural
nonfarm
Total
1family
2family
Public
Multifamily
Total
FHA
VA
515
706
209
671
849
932
1,025
1,396
1,091
359
434
134
404
480
525
589
828
595
156
272
75
267
369
407
436
568
496
458
620
208
663
846
914
989
1,352
1,020
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
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
89
96
90
75
61
46
49
44
39
31
43
47
46
36
29
88
95
89
72
60
78
81
80
64
51
3
4
3
3
2
8
10
6
6
6
1
1
1
2
1
32
30
32
27
23
21
20
20
18
14
11
10
12
9
9
65
78
104
106
P107
P106
36
43
59
59
n.a.
n.a.
n.a.
29
35
45
47
n.a.
n.a.
n.a.
62
74
91
96
54
65
79
85
n a.
n.a.
n.a.
3
3
4
4
n.a.
n.a.
n.a.
5
6
8
7
n.a.
n.a.
n.a.
3
3
13
9
23
26
28
38
38
39
n.a.
16
17
19
26
26
26
n.a.
7
9
9
12
12
13
n.a.
P104
P99
P99
P102
P8
P7
P2
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 Eidjustec
Annual
^iass
1951
May
June
June
Feb.
Mar.
Apr.
May
June
133
126
122
108
137
126
124
123
124
111
111
103
101
96
120
111
103
101
196
139
166
130
73
179
132
69
161
120
212
125
198
128
163
115
96
178
116
68
165
66
126
56
139
203
137
57
140
53
141
65
142
69
140
47
75
142
48
195
139
47
59
131
45
144
June
Feb.
Mar.
Total
128
134
131
136
Coal
Coke
Grain
Livestock
Forest products .
Ore
I^Iiscellaneous
Merchandise 1 c 1
117
121
120
120
180
135
208
143
217
123
192
140
68
141
...
172
140
53
69
150
205
147
48
61
152
207
144
47
72
146
277
149
49
1952
Apr.
1951
..
1951
1952
1950
.
Monthly—unadj usted
66
141
257
149
47
142
212
137
45
212
141
46
53
119
44
49
158
321
148
47
292
138
45
82
122
44
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. 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 irevenue data of the Interstate Commerce Commission.,
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Month
January
February
March
April ..
May
June
July
August
September
October
November
December
January-May
.
Merchandise imports 2
1950
1951
1952
1950
741
764
860
804
830
877
779
Pl.252
Pl,333
Pl.421
Pi,334
Pl,461
623
600
665
585
659
687
709
1,065
974
1,076
1.295
1,370
1,354
1,297
1,186
1,269
1,232
1,152
1,386
V 1.438
3,998
6,070
P6,801
762
911
906
977
820
859
923
855
867
3,133
E x c e s s of e x p o r t s
1951
1952
1,024
910
1,102
1,033
1,018
P930
P922
P892
P963
P933
P835
P894
P881
P721
P834
P818
P800
5,086
P4,545
1951
1952
118
164
195
219
170
190
70
-59
52
— 16
122
198
-50
166
194
337
337
P367
P292
P330
P441
866
984
1950
P458
P402
P626
P389
P511
P318
P568
P637
P2,257
P Preliminary.
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): 1950, 282; 1951, 1,065; January-May 1952, 622.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
1
926
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Minne- Kansas Dallas
City
apolis
San
Francisco
88
98
104
99
105
104
90
98
103
99
108
111
85
94
105
102
113
117
91
99
104
98
105
108
98
104
106
105
105
109
107
98
101
109
101
104
107
104
104
104
111
112
110
116
113
113
114
115
115
114
129
122
103
107
105
107
109
118
If8
106
105
103
100
104
105
111
100
99
98
102
111
97
113
94
98
104
p\00
115
106
105
104
112
P114
122
115
115
114
128
132
106
108
102
105
118
114
99
86
94
114
111
132
175
90
85
95
111
111
130
168
94
81
97
112
118
120
166
97
85
102
119
117
131
185
100
96
104
124
119
144
203
97
93
101
108
107
125
189
81
81
89
99
104
103
81
80
89
101
106
103
72
83
80
100
105
P96
86
85
93
104
112
P106
95
93
105
114
125
116
83
86
90
103
113
107
3oston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
90
98
104
98
105
109
92
99
102
99
103
105
91
99
103
98
101
105
87
96
104
100
106
109
88
97
105
98
105
111
92
97
103
100
105
112
90
96
103
101
109
115
89
98
104
97
104
108
90
97
104
98
104
105
105
105
109
107
109
113
109
98
106
108
100
103
106
106
108
103
106
101
103
104
103
103
105
111
107
108
109
105
106
107
108
108
112
114
109
110
105
121
109
114
118
109
115
113
113
112
112
122
120
101
101
107
106
109
110
109
108
106
105
103
108
Pill
102
100
104
99
101
100
100
98
96
96
98
110
110
109
102
107
107
115
108
106
104
103
112
114
109
114
108
116
119
112
114
115
127
SALES*
1946
1947
1948
1949..
1950
1951
SEASONALLY ADJUSTED
1951 — June
July
August
September
October
November . .
December
February
March
April
May
June
. .
....
P103
P122
P\3S
UNADJUSTED
1951—June
July
August
September
October
November
December
1952—January
Kebruary
March
April
Mav.
.
June
.
.
99
84
93
113
112
134
184
98
73
82
110
105
129
188
105
74
80
106
108
131
179
99
76
83
112
114
144
185
100
84
94
114
115
140
181
103
86
95
118
121
145
192
83
83
92
103
108
P105
81
75
87
103
102
P103
80
82
86
94
95
95
81
82
97
103
108
102
87
83
95
104
105
105
80
83
96
110
115
114
77
93
107
100
M09
129
85
95
105
100
110
124
85
98
105
97
104
124
81
93
107
99
108
127
78
93
107
100
M06
M28
80
94
105
101
114
134
75
90
108
102
120
140
73
89
111
100
110
128
77
93
106
100
112
131
74
91
110
100
104
117
74
93
108
100
113
132
69
89
110
101
112
132
73
93
107
100
110
131
n35
M37
134
M27
121
117
119
131
130
127
120
115
112
115
131
133
129
122
115
115
115
132
134
130
126
117
115
120
M36
M36
'130
r\25
rl\7
114
"118
rl44
146
140
135
127
125
130
141
140
144
132
130
130
133
133
139
131
124
121
115
117
143
139
139
127
119
114
119
122
124
123
116
113
107
106
141
141
143
133
123
117
121
138
141
140
135
125
120
125
136
139
138
132
124
119
119
118
116
115
116
118
^118
115
112
109
111
109
P110
114
107
108
111
112
113
115
113
113
112
114
113
114
110
110
111
109
107
133
127
127
126
131
139
133
129
126
125
126
125
114
113
113
114
114
113
106
112
111
114
124
125
106
102
103
104
106
105
122
122
120
121
124
P123
124
122
124
122
124
P!23
121
123
119
123
128
128
122
117
120
124
130
132
108
122
117
125
129
130
132
106
123
116
123
131
135
133
105
r
128
'122
M25
'130
M31
128
'104
'131
134
138
139
143
139
114
135
132
141
137
142
145
116
125
125
124
127
134
133
109
136
129
135
135
134
125
105
117
120
117
117
120
119
97
137
133
134
133
134
133
108
128
129
137
138
136
135
115
133
134
132
135
136
13?
106
105
107
112
114
112
P102
101
104
113
116
115
105
100
111
119
121
116
105
104
109
116
117
111
100
117
123
136
136
135
127
119
128
132
132
127
120
106
111
118
118
116
107
92
109
118
122
124
118
100
99
107
109
108
100
114
121
126
127
126
P119
112
120
131
129
125
P114
109
117
122
129
132
126
98
co
100
117
117
140
204
90
94
110
118
122
P117
STOCKSi
1946
1947
1948 . . . .
1949
1950
1951
SEASONALLY ADJUSTED
1951—June
July
August
September
October
November
December
1952—Tanuary
February
March
April
May
June
...
UNADJUSTED
1951—June
July
August
September
October
November
December
r
1952— January
February
March
April
May
June
106
113
120
122
120
P112
l28
126
l28
M31
M34
133
r
r
nos
r
p Preliminary.
Revised.
1
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.
AUGUST
1952
927
DEPARTMENT STORE
STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago (value)
Number of
stores
reporting
Department
Sales
during
period
May
1952
GRAND TOTAL—entire store
3
Ratio of
stocks to
sales !
Stocks
(end of
month)
Five
months
1952
Index numbers
without seasonal adjustment,
1941 average monthly sales = 100 2
Sales during
period
May
1952
Stocks at end
of month
1951
1952
1951
May
1952
May
Apr,
May
May
Apr.
May
831
357
+1
-4
-16
3.1
3.7
MAIN STORE—total
357
+1
-5
-16
3.3
4.0
210
203
208
699
722
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
321
299
201
176
191
312
278
254
244
0
-3
-3
-6
-4
-12
-4
-23
-13
-10
-26
-9
-28
-20
-34
-32
3.7
3.4
3.4
13.4
2.4
3.9
4.7
3 2
3.6
4.9
3.9
3.7
17.0
2.5
5.4
5.7
5.1
5.5
185
200
155
55
320
180
155
209
180
155
195
172
97
280
135
124
142
131
185
207
160
59
332
177
159
200
171
695
697
536
737
764
696
730
678
645
717
903
737
802
603
597
727
992
843
851
706
967
740
909
689 1,030
615
948
Small wares
Laces, trimmings, embroideries, and ribbons...
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry 4
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
348
206
241
330
316
218
280
75
237
276
130
244
-8
-2
-4
-6
-12
-17
-7
-9
-15
-2
3.7
3.0
3.0
3.4
4.5
6.7
2.5
4.2
3.1
3.1
4.0
5.3
7.8
3.0
7.8
7.1
4.3
3.6
4.5
185
266
287
164
196
166
278
259
146
160
176
262
291
151
191
689
792
853
562
893
750
708
885
806
884
889
562
599
919 1,020
115
164
136
161
113
153
123
146
117
152
129
149
708
635
491
643
720
647
457
651
831
653
477
674
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
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes 4
Women's shoes 4
Women's and misses' ready-to-wear apparel.. .
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
4
Inexpensive dresses
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
354
354
313
286
151
328
340
347
346
252
292
258
331
335
245
215
224
354
341
224
217
316
274
319
345
257
270
344
296
253
+1
+1
+ 10
2.7
3.3
2.2
4.4
1.1
4.3
3.2
2.4
3.0
3.3
3.1
2.2
3.7
218
212
290
116
143
133
303
155
246
302
231
236
236
204
237
234
228
321
110
263
204
287
150
189
233
178
172
302
222
270
215
530
627
209
586
265
445
120
163
148
547
138
842
281
334
161
623
237
809
282
586
227
490
227
786
231
458
203
240 1,079
559
652
626
467
189
574
843
355
647
834
622
493
808
479
1,113
571
684
586
549
158
590
897
384
722
939
712
503
867
487
1,136
225
149
240
261
222
146
425
266
459
347
448
304
254
274
239
278
297
293
321
248
250
<=272
233
280
489
380
631
373
508
404
662
402
515
H03
663
366
303
286
29
268
222
52
288
287
27
684
440
387
695
462
351
731
491
383
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
336
263
319
308
200
0
-2
Homefurnishings
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum 4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
(including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc. 4 .
Radios, phonographs, television 4
4
Records, sheet music, and instruments . . . .
325
250
174
182
280
163
98
302
253
256
238
267
182
229
161
121
Miscellaneous merchandise departments....
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
319
298
242
149
271
188
+2
-3
+5
+5
+5
+1
+9
+3
-3
+ 10
-7
-2
+8
+5
+8
-3
-3
-4
+8
+4
+7
+2
+4
+2
+1
-1
-6
0
+2
+2
+8
-10
+2
+1
+3
-3
-17
-1
-16
-15
-22
-7
+2
0
0
+3
-1
-14
+9
-5
-3
+5
+4
+5
+1
0
+7
-4
+2
-1
+1
-6
0
-3
0
+5
+7
+2
-2
+1
-3
+2
-3
+3
-13
+4
+1
+8
+3
+2
+3
+5
+4
+4
-5
-7
-9
-1
-18
+2
-8
-6
-13
-14
-13
-17
-3
-9
-6
-5
-6
-6
-5
-13
-13
-16
-5
-7
^
3.9
3.6
4.0
2.4
3.0
2.0
3.8
1.1
4.1
2.8
2.1
2.5
2.7
2.5
2.1
3.3
2.2
4.6
4.9
+3
1.3
1.0
1.7
2.3
1.5
13.4
2
2.
1
2
1.3
1.0
1.7
2.6
1.7
14.2
4.7
5.0
4.4
4.3
5.1
5.3
5.4
5.3
4.8
6.2
184
199
172
174
194
180
177
154
251
189
184
203
169
179
185
856
992
766
758
994
835
992
721
765
-6
-12
-9
-14
-12
-13
973
1,089
893
866
1,141
-25
-18
-32
-16
-30
-34
-20
-10
-12
-1
-49
-22
-8
-55
-62
—9
4.0
3.9
2.0
4.6
4.7
4.7
3.4
3.7
4.2
7.6
2.8
3.6
5.2
3.7
3.0
6.4
5.3
4.8
3.2
5.2
6.1
6.4
3.9
3.9
4.7
7.4
6.7
4.5
5.5
9.3
9.7
6.6
231
220
195
186
232
221
933
968
930
1,241
,066
188
165
208
885
950
1,270
241
187
157
262
315
203
172
147
167
280
254
190
161
219
321
892
778
1,196
744
1,126
874
811
1,248
789
1,140
986
890
1,211
1,479
1,460
+ 13
+20
-5
-15
-9
-5
-11
-25
-27
-10
-8
-6
-6
-28
-10
-4
-28
-28
-8
+5
+6
+3
+8
+ 11
+6
-1
+3
+5
+1
+3
+4
-23
-29
-38
-18
-11
-2
3.0
5.0
5.4
4.7
3.3
1.2
4.1
7.4
8.8
6.2
4.2
1.3
213
161
128
165
269
201
158
130
153
169
202
152
125
152
242
633
802
684
776
902
644
853
629
919
891
826
1,125
1,101
948
1,021
—1
- 2
+2
+5
0
+9
+2
-3
+5
0
0
+6
-4
-9
-9
-9
~5
2
-3
+20
- 2
—2
-3
+5
+2
+4
-7
-11
For footnotes see following page.
928
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (value)
Number of
stores
reporting
Department
Sales
during
period
May
1952
Ratio of
stocks 1to
sales
Stocks
(end of
month)
Five
months
1952
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 2
Sales during
period
May
1952
May
1952
1952
Stocks at end
of month
1951
1952
1951
1951
May
Apr.
May
May
Apr.
May
214
221
216
470
479
547
BASEMENT STORE—total
196
-1
-1
-13
2.2
2.5
Domestics and blankets 4
134
+5
-8
-30
2.6
3.9
Women's and misses1 ready-to-wear
Intimate apparel 4
Coats and suits 4
Dresses 4
Blouses, skirts,
and sportswear 4
Girls' wear 4 4
Infants' wear
188
165
172
172
155
123
124
+2
1.6
2.0
1.3
0.9
1.4
2.0
2.7
1.8
2.3
1.4
0.9
2.0
2.2
3.0
222
240
224
358
369
397
Men's and boys'
wear
Men's wear 4
Men's clothing 4 4
Mien's furnishings
Boys' wear 4
160
146
100
119
121
-5
-5
—4
-6
-6
3.3
3.2
3.2
3.2
3.4
229
228
638
610
758
-6
+4
2.9
2.9
2.9
2.8
3.1
217
+1
-10
-12
-11
2
-12
-11
-12
-14
-15
-12
-17
-13
Homefurnishings
105
-3
-8
-17
2.8
3.3
201
177
207
564
596
674
Shoes
117
-5
-4
-5
3.6
3.6
171
196
180
619
650
642
NONMERCHANDISE—total 4
176
Barber and beauty shop 4
73
-1
0
+2
-3
+4
-1
-1
-3
+2
+2
+5
+6
+7
-1
-3
-2
0
+6
c
Corrected.
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. 927.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
s
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, 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.
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES 1
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
[In millions of dollars]
Derived data *
Reported data
Year or month
Sales
(total
for
month)
L943 average...
1944 average...
[945 average...
L946 average...
[947 average...
i948 average...
L949 average...
1950 average...
[951 average...
1951—June
July . . .
Aug
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May....
June.. . .
204
227
255
318
337
352
333
347
358
326
257
309
343
388
442
608
291
271
317
340
345
P320
v Preliminary.
1
Stocks
(end of
month)
509
535
563
715
826
912
862
942
,114
1,111
1,069
L,106
1,117
1,152
1,147
929
910
956
1 ,027
1 ,036
1 ,008
P947
r
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
530
560
729
909
552
465
350
466
425
'385
434
395
404
408
373
292
379
386
332
274
252
203
226
256
344
338
356
331
361
355
246
'215
346
354
423
437
390
272
317
388
349
317
?259
223
236
269
327
336
335
331
370
345
'337
'264
307
363
427
402
309
359
324
334
291
295
P380
*>387
Revised.
These figures are not estimates for all department stores in the
United States. Figures for sales, stocks, and outstanding orders are
based on actual reports from the 296 stores. Receipts of goods are
derived from the reported figures on sales and stocks. New orders
are derived from estimates of receipts and reported figures on outstanding orders.
Back figures.—Division of Research and Statistics.
AUGUST
1952
1947-49 average = 100]
Without seasonal adjustment
1950
.107 Sept.
Sept. 2
.102
9
.127
16
.111
23
.110
30
.112 Oct.
Oct. 7
.111
14
.105
21
.108
28
Nov. 4. . . . .109 Nov.
.118
11
1 8 . . . . .127
.110
25
.153 Dec.
Dec. 2
.191
9
16
.220
23
221
. 82
30
1951
Jan.
6
13
20
27
Feb. 3
10
17
24
1951
1951
1.. . . .105
8. . . . .100
15. . . . .114
22. . . . .111
2 9 . . . ..114
6. . . . .110
1 3 . . . ..117
2 0 . . . ..116
27. . . . .113
3 . . . ..121
1 0 . . . ..127
17 . 130
2 4 . . . ..123
1. . . . .161
8 . . . ..191
15. . . ..213
22
228
29. . . . . 92
1952
. 98 Jan. 5. . . . .
.105
12... ..
19
. . .104
Q6
26. . . . .
. 81 Feb. 2 . . . . .
9 . . . ..
. 94
16. . . . .
. 94
23... ..
. 95
78
92
90
83
84
87
89
83
Mar. 3. . . . . 99 Mar.
1 0 . . . ..105
1 7 . . . ..101
24. . . ..105
3 1 . . . . . 89
Apr. 7 . . . ..101 Apr.
14. . . . .100
2 1 . . . . . 97
2 8 . . . ..101
May 5. . . ..113 May
1 2 . . . ..110
19. . . . 99
26. . . . .100
June 2 . . . . . 95
9. . . . .108 June
1 6 . . . . .106
23
92
3 0 . . . . . 89
July 7. . . . . 75 July
14. . . . . 83
2 1 . . . . . 81
2 8 . . . . . 80
Aug. 4 . . . . . 88 Aug.
11
87
18. . . . 93
2 5 . . . . . 97
1952
. 85
1
. 88
8
. 90
15
. 94
22
.101
29
.109
5
.111
12
97
19
.105
26
.111
3
.117
10
. .99
17
24
.105
31
97
7
.111
1 4 . . . . .116
21 . . .98
2 8 . . . . ..91
79
5
8S
12
19
82
2 6 . . . . . .79
2 . . 87
9
16. . .
23
NOTE.—For description and weekly indexes for back years, see
BULLETIN for April 1952, pp. 359-362.
929
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Tune M a y
1952 1952
.+5
+3
+4
+5
+3 +3
+3 +2
+4 + 1
United States
Boston
New Haven. . .
Portland
Boston Area...
Downtown
Boston
LowellLawrence . . . .
New Bedford..
Springfield
Worcester
Providence.
P+1
New York 1
-14
- 2 Richmond
-3
-1
+2
0
+ 1 +4
—3
Bridgeport .. .
Newark *
-10
Albany
-3
Binghamton...
+3
Buffalo i
-1
Elmira
-1
Niagara Falls..
+3
New York City
-19
Poughkeepsie..
0
Rochester x . . . .
-1
Schenectady...
0
Syracuse 1
0
-2
Utica
-1
Philadelphia
.
.
Trenton 1 :
+2
Lancaster
-4
Philadelphia
K.
.
-2
Reading x
-1
1
Wilkes-Barre ..
+2
York i
0
Cleveland
p+2
Akron 1
,
+9
Canton 1
-6
Cincinnati J . . . . +9
Cleveland J1
0
Columbus
+9
Springfield 1. . . .
Toledo i
+6
1
Youngstown
...
-6
Erie 1
-1
Pittsburghl i. . . .
+3
Wheeling
+4
....
Washington *. . .
Baltimore
+4
Hagerstown....
—5
Asheville, N. C.
- 3 Raleigh
Winston-Salem.
- 3 Anderson, S C..
Charleston
- 2 Columbia
—7
Greenville, S. C.
+- 21 Lynchburg
Norfolk
- 3 Richmond
- « Roanoke
+
1 Ch'ls'ton.W.Va.
- 7 Huntington....
0
2
-4
0
_2
-6
June May 6
1952 1952 mos.
1952
6
1952
-4
+7
-5
+2
+4
+2
+2
+6
-6
—1
0
0
+3
+6
-12
_2
—9
— f:
-1
+3
—6
+3
+1
+6
-1
+7
+8
+9
-4
0
-3
-3
-4
-4
-4
-3
-1
-1
—4
+2
-2
0
+6
Atlanta
Birmingham l...
Mobile
Montgomery.1 . .
Jacksonville
...
Miami 1
Orlando
St. Petersburg..
Tampa 1
Atlanta i
Augusta
Columbus
Macon l
Rome
Savannah
Baton Rouge *..
New Orleans l. .
Jackson l
Meridian
Bristol
Chattanooga *. .
Knoxville J*
Nashville
p+5
0
+25
+ 15
+33
+ 12
+ 18
+6
+6
+3
—1
+
10
+4 +4
0 +5
-3
0
-4
—7
+8
+3
+3
+2
^
p - l
-2
-2
+8
+5
-2
-4
3
Chicago l
Chicago1
Peoria
Fort
Wayne l 1...
+2 Indianapolis
.. .
7
Terre Haute 1...
-2
-6
+29
+52
+27
+5
+8
+2
0
_2
+4
-8
+7
+5
—5 Green Bay .. .
+ 14 Madison
+1
0 St. Louis
+ 1 Fort S m i t h . . . .
+ 12 L i t t l e R o c k J . .
+3 E v a n s v i l l1e . . . .
Louisville .. . .
-2
0
-3
—3
+3
+ 12
-2
Omaha
Oklahoma City
Tulsa
4
4
2
6
+ 1 Dallas
0 Shreveport....
-3
—5
+1
-5
+ 12
+2
+9j
-2
P+2
+2
+1
+5
P+8
+ 1 + 11
+ 14 +7
+ 6 +20
P+14
+9
0
+5
+5
+ 17
+7
+4
+3
+1
+4
+9
+3
+5
+4
+8
+9
+3
+1
+9
+ 15
+ 12
+ 12
+ 11
-8
-1
+7
+ 8 + 10
+ 15 + 17
+ 11 Quincy x
-6
+5 St. Louis . . . . + 11
St. Louis A r e a .
+
11
+7 S p r i n g f i e l d . . . .
-4
+5 M e m p h i s 1. . . . p+15
+ 15
+ 7 Minneapolis ..
__j
+ 7 Mankato
+ 1 Minneapolis l.. - 1- 40
+4 St. Paul i
0
+8 Great Falls
+4
+9 Grand Forks. .
6
+1
Falls
2
+27 Sioux
+7 DuluthSuperior
*.
.
.
.
+3
+5 La Crosse
—9
+1
+ 19 Kansas City.. p+4
+4 Denver
0
+8 Pueblo
+4 Hutchinson. . . - 1 6
+ 1 Topeka
+1
+ 16
-4
+6
+2 Wichita
Kansas City...
+6
2
(
)
+9 Joplin
St. J o s e p h . . . .
-
Tune M a v
1952 1952
1952
+8 +2 Chicago- con t.
+4
Des Moines. . .
+5 +2 Detroit 1
+ 11 +3 Flint i
l
+ 12 + 1 Grand Rapids
+ 14 +2 Lansing * J
+ 17 4 +6 Milwaukee 1 . . .
+3
+3
+2
+ 10
+1
+ 13 +36
- 1 0 +8
+9 +4
+ 1 +8
+ 17 + 17
+8 + 10
0 + 12
+21 + 16
+ 11 +9
p+15 +18
+9 +9
+24 +23
P+10 + 14
+ 17 + 15
+ 11 + 11
+ 15 + 17
+ 16 + 12
+ 15 + 15
+ 11
+42
+ 18
+ 13
+8
+31
+ 17
+ 15
+8
+8
6
June May
1952 1952 mos.
—8
—5
-1
-4
-5
-3
Dallas-cont.
Corpus Christi..
Dallas i
El Paso
Fort W ol r t h . . . .
Houston
San Antonio....
Waco
San Francisco
.
Phoenix 1
Tucson
+2 Bakersfield l
+3 Fresno i
+3 Long Beach l...
+3 Los Angeles
-8
Area J
+ 1 Downtown
+ 1 Angeles 1 Los
+4 Westside Los
+3 Angeles x
- 3 Oakland and
Berkeley *
-1
2 Riverside and
San Bernardino
-4
Sacramento 1. . .
+ 01 San Diego J . . . l.
.
- 3 San Francisco
San Jose l
Stockton
*
0
^ Vallejo and
Napa
Boise and
-1
Nampa
- 6 Portland *
- 1 2 Salt Lake City l.
-4
Bellingham
+2 Everett x
Seattle i l
+4 01 Spokanex
Tacoma
- 9 Yakima 1
0
-1
+ 18
+ 11
+7
+5
+ 15
+ 19
+ 15
+23 + 19
+1
+4
+2
+9
+20 +7
+39 +20
+9
+ 10
+ 10
+ 19
+18 +1
+4 + 1
+20
+ 10 + 9
<a> + 15 4 +2
p-4
P+4
P + 13
P+5
+8
+27
P+1
+24
P-14
+5
-1
+21
+3
+ 7 + 16
+ 2 + 12
+ 13 +27
+ 6 + 12
+ 4 + 12
p-2
+2
-7
+1
-1
+7
p - l
+4
p+1 +1
-5
+7
+2 - 1
+4
+3
p-2
+5
+8
0
+8
-1
i
-4
+2
+1
-6
+4
+2
+5
+2
+2
-4
-2
-5
-3
-4
-7
-3
2
-6
+1
-1
+7
+12 +14 +5
+ 4 +26 + 10
r
P Preliminary.
Revised.
Indexes for these cities may be obtained on4 request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
«January 1952.
Five months 1952.
1
2
CONSUMERS' PRICES 1
[Bureau of Labor Statistics index for moderate income families in large cities.
Year or month
1933
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—May
June
July
August
September
October
November
December
1952—January
February
March
April
May
June....
J
UIXL.
1935-39 average =100]
All items
Food
Apparel
Rent
Fuel, electricity,
and refrigeration
House
furnishings
Miscellaneous
92.4
105.2
116.6
123.7
125.7
128.6
139.5
159.6
171.9
170.2
171.9
185.6
185.4
185.2
185.5
185.5
186.6
187.4
188.6
189.1
189.1
187.9
188.0
188.7
189.0
189.6
132.5
84.1
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
204.5
227.4
227.4
226.9
227.7
227.0
227.3
229.2
231.4
232.2
232.4
227.5
227.6
230.0
230.8
231.5
115.3
87.9
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
187.7
204.5
204.0
204.0
203.3
203.6
209.0
208.9
207.6
206.8
204.6
204.3
203.5
202.7
202.3
202.0
141.4
100.7
106.4
108.8
108.7
109.1
109.5
110.1
113.6
121.2
126.4
131.0
136.2
135.4
135.7
136.2
136.8
137.5
138.2
138.9
139.2
139.7
140.2
140.5
140.8
141.3
141.6
112.5
100.0
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
144.1
143.6
143.6
144.0
144.2
144.4
144.6
144.8
144.9
145.0
145.3
145.3
145.3
144.6
144.8
111.7
84.2
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
190.2
210.9
212.6
212.5
212.4
210.8
211.1
210.4
210.8
210.2
209.1
208.6
207.6
206.2
205.4
204.4
104.6
98.4
104.0
110.9
115.8
121.3
124.1
128.8
139.9
149.9
154.7
156.5
165.4
165.0
164.8
165.0
165.4
166.0
166.6
168.4
169.1
169.6
170.2
170.7
171.1
171.4
172.5
X KJ S
. \J
^ ^ 1
,
U
^V«
.
V
JL-M..A.*
1
Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim
asion of series and weights. Back figures.— Bureau of Labor Statistics, Department of Labor.
930
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
Other commodities
All
commodities
Year or
month
1947
1948
1949
1950
1951
1951
May
June
July
August
September
October
November
December
Farm
products
Total
Tex- Hides, Fuel,
tile
power,
prod- skins,
and
and lightucts leather
and proding
apmaparel ucts terials
Chem- Rubicals
ber
and
and
allied prodprod- ucts
ucts
96.4
104.4
99.2
103.1
114.8
100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6
107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9
92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5
97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9
113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6
115.9
115.1
114,
113
113
115.7
113.9
111.1
110.4
109.9
111.5
112.0
111.3
112.3
111.3
110.7
111.2
110.9
111.6
111.0
110.7
116.8
116.2
115.7
114.9
114.8
114.6
114.5
114.6
113.0 110.0
112.5 107.8
112.3 108.2
111.8 108.7
111 .6 '107.9
111.3 107.3
110.1
109.5
109.2
108.0
108.6
108.7
114.3 103.3 102.2 107.4 106.7 144.1 120.1 118.2
114.2 102.1 99.5 107.2 105.9 143.1 120.3 118.3
113.8 100.6 98.0 107.4 105.4 142.0 120.5 117.7
99.9 94.1 106.3 104.8 140.6 120.9 117.4
113
113.0 r99 3 »"94.7 '106.0 '•104.3 140.4 '120.7 -•116.9
112.6 99.0 95.9 106.0 104.3 133.6 119.9 116.7
113.6
113.5
1952
January
February
March
April
May
June
Processed
foods
ToMa- Furnibacco
chin- ture Nonmemanuand
ery
Lum- Pulp. Metals and
facMisother tallic
ber paper, and
min- tures cellahousemoand
erals— and neous
and metal tive
hold
wood allied prod- prod- dur- struc- bottled
prod- prod- ucts
bevucts ables tural erages
ucts
ucts
114.8
112.9
111.6
108.5
105.9
103.9
103.9
104.0
1951
126.2
124.7
122.3
118.0
118.0
113.6
107.0
105.1
106.2
106.3
106.5
106.3
106.7
106.8
106.9
107.4
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry and fish
Dairy products and ice cream
Canned, frozen, fruits & 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
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
151.3
148.3
144.3
144.3
144.7
144.7
144.6
144.3
126.1
124.6
123.5
122.3
121.6
121.7
121.1
120.3
119.8
120.2
120.2
119.5
119.4
118.8
118.4
118.4
92.5
100.9
106.6
108.6
119.0
95.6
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
123.2
122.7
122.3
122.2
122.1
122.4
122.5
122.5
118.6
118.6
118.8
118.9
119.4
120.2
120.5
120.7
115.3
115.0
114.4
113.5
113.1
112.8
112.7
112.7
113.6
113.6
113.6
113.6
113.6
113.6
113.6
112.8
108.4
108.4
107.9
107.8
107.8
107.5
107.5
108.1
103.0
102.8
103.7
102.6
105.1
106.9
108.9
109.8
122.4 120.8 112.3 112.9
122.6 122.0 112.4 112.9
122.6 121.8 111.9 112.9
122.5 121.6 112.1 112.8
121. 121.6 ••111.7 '112.9
121.1 121.5 111.6 113.8
108.1
110.8
110.8
110.8
110.8
110.8
111.1
111 .4
109.
109.
1952
1951
Subgroup
Farm Products:
Fresh and dried produce. .
Grains
Livestock and poultry
Plant and animal fibers. . .
Fluid milk
111.3
110.2
108.8
108.5
108.7
108.8
108.6
108.4
91.3
103.9
104.8
110.3
122.8
nos,
108.1
1952
Subgroup
June
Apr.
May
June
94.2
94.7
119.9
155.6
101.0
106.1
102.5
138.7
127.3
100.9
106.6
119.6
108.1
81.7
95.5
136.7
128.9
98.8
108.9
114.2
104.3
74.3
96.0
137.1
124.3
95.4
107.2
118.7
104.0
81.0
98.5
136.7
106.2
117.2
106.5
104.4
109.7
161.1
122.5
107.4 107.0
109.4 112.1
112.2 110.6
104.6 -104.2
109.4 109.2
161 .9 161.9
107.8 -112.8
106.7
110.8
110.1
103.9
110.9
161.9
118.4
116.0
151.7
98.0
133.7
103.7
151.5
98.6
109.2
86.7
128.4
101.2
110.0
97.2
111.7
r
86.8
128.8
100.8
98.6
95.4
112.8
88.6
129.8
100.5
98.7
129.4
132.6
122.6
49.7
84.4
112.9
100.2
'58.1
'"84.5
••111.1
a oo.3
59.5
88.9
111.0
100.5
108.1
124.3
97.2
98.0
110.4
104.9
124.3
106.6
99.1
109.5
-104.9
124.3
-104. 2
'98.0
109.9
105.3
124.3
104.2
98.0
109.6
120.9
108.7
95.7
88.5
106.2
103.5
109.8
116.8
108.0
92.7
42.6
108.6
109.8
103.0
-115.1
107.3
'92.2
••47.2
108.6
111.5
103.0
114.9
107.0
92.2
52.0
108.6
109.9
103.0
216.4
133.9
131.1
182.7
133.0
128.2
182.7
133.0
127.6
152.7
130.5
127.6
124.2
130.9
117.7
121.3
126.4
105.6
121.1
126.4
105.6
120.0
126.4
105.7
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard. .
Building paper and board
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated struc. metal products. .
Fabricated nonstructural metal
products
Machinery and Motive Products:
Agri. mach. and equipment
Cons. mach. and equipment
Metal working machinery
General purpose mach., etc
Miscellaneous machinery
Elec. mach. and equipment
Motor vehicles
Furniture; Other Household Durables:
Household furniture
Commercial furniture
Floor covering
Household appliances
Radio, TV, and phonographs
Other household durable goods
Nonmetallic Minerals—Structural:
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Mfrs. 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
June
Apr.
May
June
115.5
222.8
117.6
132.0
117.4
113.4
113.3
70.0
123.5
130.3
115.0
113.8
113.3
55.1
123.5
-129.8
114.5
115.8
113.3
55.1
124.2
129.3
113.7
115.8
122.9
123.2
121.1
125.8
122.9
114.6
118.7
123.0
124.8
120.5
126.9
116.3
113.9
115.4
122.8
122.0
120.5
126.9
116.0
113.7
115.4
122.4
120.2
120.5
123.9
118.0
113.6
115.4
126.0
124.4
124 A
124.4
120.3
123.6
124.7
123.4
119.1
121.8
112.2
121.6
124.9
127.9
123.1
119.3
120.9
119.7
121.5
-125.3
-128.0
123.1
-119.2
120.8
119.7
121.5
125.3
128.0
123.1
119.1
120.2
119.7
116.5
124.9
146.9
108.1
92.6
117.2
113.4
123.0
126.8
107.8
90.7
117.7
113.1
123.2
120.9
107.3
90.7
119.3
113.0
123.2
120.1
107.3
90.7
119.3
114.0
112.9
112.4
121.4
117.4
105.4
110.9
114.4
112.9
112.4
121.3
117.7
98.6
111.9
114.4
112.9
112.4
121.4
117.7
98.6
111.9
114.4
112.9
112.4
121.4
117.7
106.0
111.9
105.7
101.5
107.6
107.0
119.7
107.3
98.0
114.8
111.2
119.7
107.3
98.0
114.8
111.2
119.7
107.3
98.0
114.8
111.2
119.7
116.6
96.3
101.4
100.9
120.7
113.5
110.2
96.1
101.0
121.0
113.5
108.3
r
91.5
101.0
121.0
113.5
107.9
91.5
101.0
120.5
r
Revised.
Source.—Bureau of Labor Statistics.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
AUGUST
1952
931
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
1952
1951
1929
1933
1939
1941
1947
1948
1949
1950
1951
2
Gross national product
55.8
8.8
7.2
8.1
9.3
7.0
6
-.1
7.1
1.27
9.4
1.45
11.3
1.65
.5
.1
-.1
0)
Equals: National income
87.4
39.6
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
10.3
.2
0
.9
1.0
5.8
.6
-2.0
.3
5.8
2.1
o
1.5
1.2
2.1
.7
0
2.5
1.2
3.8
.5
Equals: Personal income
17.6
19.4
21.5
24.6
24.3
25.0
25.8
26.7
27.7
18.7 20.4
7
7
.3 - 3 . 2
21.6
.28
23.8
8
-.7
25.3
9
1.4
24.7
9
5.7
25.0
9
.0
25.8
9
-.8
26.3
.9
-1.9
26.8
.9
n.a.
.0
.4
.5
1.1
.1
.2
.5
.2
14.8
-.1
.0
72.5 103.8 198.7 223.5 216.3 239.2 211.6
14.6
2.8
0
2.6
1.3
4.5
.5
24.7
5.7
0
11.1
4.4
6.6
.7
31.7
5.2
0
10.5
4.5
7.2
.7
274.8 280.2 285.6 288.0 n.a.
29.2
5.7
34.8
6.9
41.6
8.2
41.2
8.2
41.9
8.1
42.5
8.3
42.7
8.5
n.a.
8.4
0
11.6
4.6
7.5
.8
0
14.3
4.7
9.0
.8
0
11.5
4.9
9.0
.9
—2
11.6
4.9
9.0
.9
8
11.6
4.9
9.2
.9
— 6
11.5
5.0
9.3
.9
1
11.7
5.0
8.9
.9
0
11.6
5.0
9.6
.9
95.3 191.0 209.5 .205.9 226.3 254.1 251.9 256.1 262.0 263.0 264.4
85.1
46.6
72.6
Less: Personal tax and related payments. .
Federal
State and local
2.6
1.3
1.4
1.5
.5
1.0
2.4
1.2
1.2
Equals: Disposable personal income.
82.5
45.2
70.2
92.0 169.5 188.4
Less: Personal consumption expenditures
78.8
46.3
67.5
82.3 165.6 177.9
Equals: Personal saving
3 7
-1 2
2 7
. . . .
2
91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2
103.8
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
...
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
•
1
4
3
3.3
2.0
1.3
9 8
21.5
19.6
1.9
21.1
19.0
2.1
10 5
3 9
18.6
16.2
20.8
18.1
2.5
2.7
187.2 205.5
180.6 194.3
6 7
11.2
29.1
26.1
3.0
28.7
25.8
3.0
29.0
26.0
3.0
30.4
27.3
3.1
32.5
29.3
3.2
32.9
29.6
3.3
225.0 223.2 227.1 231.5 230.5 231.5
208.0 204.5 206.4 210.5 213.2 214.9
17.0
18.7
20 7
21 1
17.3
16 5
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1939
1947
1952
1948
National income.
87.4
39.6
72.5
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
29.3
28.8
23.7
.3
4.9
.5
47.8
45.7
37.5
.4
7.8
2.1
64.3 128.0 140.2 139.9 153.4 178.9 178.2 181.0 183.4
61.7 122.1 134.4 133.4 145 .6 169.9 169.3 172.1 174.3
51.5 104.8 115.7 113.0 123.4 141.2 141.2 142.0 143.8
5.0
1.9
4.1
4.2
4.0
8.5
9.1
8.6
9.6
13.2
14.7 16.1 17.2 20.1 19.6 21.0 20.9
8.3
5.9
2.6
9.0
5.8
7.8
9.0
6.6
8.9
9.1
Proprietors' and rental income 3 . . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5.7
7.2
2.9
2.3
2.0
14.7
6.8
4.5
3.5
20.8
9.6
6.9
4.3
42.4
19.8
15.6
7.1
47.3
22.1
17.7
7.5
10.3
9.8
1.4
8.4
.5
-2.0
.2
.5
-.4
-2.1
5.8
6.5
1.5
5.0
-.7
14.6
17
7
9.4
-2.6
24.7
30.5
11.9
18.5
-5.
31.7
33.8
13.0
20.7
-2.1
6.5
5.0
4.2
4.1
3.5
4.3
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
C o r p o r a t e profits t a x liability . . . .
C o r p o r a t e profits after t a x
Inventory valuation a d j u s t m e n t . . . .
Net interest
.6
5.8
103.8
198.7 223.5 216.3 239.2 277.6 274.8 280.2 285.6 288.0 n.a.
186.5 186.9
177.4 177.8
145.8 145.6
n.a.
n.a.
n.a.
n.a.
9.2
9.0
42.1
21.6
12.8
7.7
5.0
45.2
23.7
13.3
8.2
50.6
26.2
15.6
8.9
49.0
26.0
14.4
8.5
50.8
26.0
15.8
9.1
26.6
17.0
9.4
52.1
27.3
15.4
9.4
34.8
39.6
18.4
21.2
-4
41.6
42.9
24.2
18.7
-1.3
41.2
43.3
24.5
18.8
-2.1
41.9
38.6
21.8
16.9
3.2
42.5
39.5
22.2
17.3
3.0
42.7 n.a.
42.7 n.a.
24.7 n.a.
18.1 n.a.
-.1
1.7
5.8
6.4
6.4
6.5
6.6
53.1
6.7
51.9
27.6
14.8
9.5
6.9
n.a.
Not available.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOT E.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
932
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
1951
1933
1929
1939
1941
1947
1948
1949
1950
2
Gross national product
Personal consumption
expenditures
Nendurable goods
Gross private domestic
investment
Residential nonfarm
Other
Pr®ducers' durable equipment
Change in business inventories....
Nonfarm only
Net foreign investment
Government purchases of
good 8 and services
Federal
National security
Other
Less: Government sales 2
State and local
.
...
1952
1951
4
3
1
2
103.8
55.8
91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2
78.8
46.3
67.5
9.4
3.5
6.7
9.8
37.7
31.7
22.3
20.6
35.3
25.5
44.0
28.5
15.8
1.3
1.1
.5
9.9
4.9
2.7
2.2
4.6
18.3
7.8
3 6
.7
6 4
1.8
1.6 - 1 . 6
1 8 — 1.3
4.2
82.3 165.6 177.9 180.6 194.3 208.0 204.5 206.4 210.5 213 2 214.9
6.8
3.5
3.3
7.7
.4
.3
3.9
3.4
21.4
95.1
49.1
22.9
100.9
54.1
23.8
99.2
57.5
29.2
102.8
62.4
27.1
113.5
67.3
30.2
13.9
42.7
17.7
33.5
17.2
6.3
7.6
8.6
9.1
8.3
9.0
17.1
-.8
1.4
19.9
5.0
3.7
18.7
-2.5
-1.6
50.3
22.9
12.6
10.3
22.0
5.5
4.6
58.5
23.3
11.0
12.3
24.9
10.3
9.4
26.3 25.5 25.3 25.2 26.4
111.3 113.2 116.2 118 0 117.8
66.9 67.6 69.0 70.0 70.8
52.9
12.5
24.9
8.9
8 2
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
-.2
1.1
2 6
1 9
9
59.8
38 3
34.9
3.7
67.3
45.5
41.6
4.5
71.2
48 9
44.3
5.1
74.4
51 2
46.4
5.2
.5
.5
4
78.0
54 9
50.3
5.1
21.7
22.3
23.2
23.0
65.2
23.5
10.9
12.6
25 4
16.3
15.2
.8
.2
.9
1.1
8.9
1.9
.5
-2.3
.2
8.5
1 3
8.0
13.1
2 0
5.2
} 1.3
2.0
1.3
3.9
24.7
16.9
13.8
3.2
28.6
15.8
13.3
3.8
36.6
21.0
16.1
5.6
43.6
25.4
19.3
6.6
41.9
22.2
18.5
3.9
62.6
40.9
37.1
4.2
(*)
5.9
1.3
.6
.4
.2
.4
.3
7.2
7.9
7.8
12.8
15.6
18.2
19.7
21.7
21.6
56.2
22.4
9.9
4
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Personal
income
Year or month
1951
May . . .
June
July
August
September. . . .
October
November. . . .
December
1952—January
February
March
April
May
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
Government
50.0
28.7
45.1
60 9
119.9
132 1
131.2
142 7
166.5
50.2
28.8
45.7
61.7
122.0
134.3
133.4
145.6
169.9
21.5
9.8
8.8
17.4
27.5
54.3
60.2
56.9
63.5
74.9
13.3
16.3
35.1
38.8
38.9
41.3
45.9
8.2
5.1
6.9
5.0
5.2
8.2
7.8
15.3
16.6
17.2
18.6
20.3
10.2
17.2
18 7
20.4
22 2
28.7
251 4
254.3
254 5
256 7
257.3
261 7
260.9
263.4
165.3
168.2
167.3
167.9
168.8
170.5
171.3
172.6
168.9
171.6
170.7
171.2
172.1
174.0
174.8
176.0
75.1
75.4
75.0
74.8
75.7
75.9
75.8
77.5
45.5
47.0
46.3
46.5
46.3
46.5
46.5
46.7
20.3
20.4
20.4
20.4
20.4
20.7
20.8
20.8
28.0
28.8
29.0
29.5
29.7
30.9
31.7
31.0
4.2
4.2
4.2
4.2
263 A
263.5
261.9
262.5
264.5
173.1
174.5
173.9
173.4
174.6
176.7
178.0
177.3
176.7
177.9
77.3
78.2
77.7
76.9
76.7
47.1
47.1
47.0
47.0
47.7
20.8
20.9
20.8
21.0
21.3
31.5
31.8
31.8
31.8
32.2
4.3
4.3
4.3
85.1
46.6
72 6
95 3
. 191 0
209 5
205 9
226 3
254 1
1929
1933
1939
1941
1947
1948. . . .
1949
1950
1951. . .
Total
receipts4
DiviProdends
Other
prietors'
and
and
labor
personal
income 6 rental 6
income interest
income
15.5
.5
.4
5
6
2.4
2 8
3.1
3.8
4.2
4.2
4.3
4.2
4.3
4.4
4.4
19.7
13.3
7.2
Transfer
payments 7
14.7
20.8
42.4
47.3
42.1
45.2
50.6
8.2
9.2
9.9
1.5
2.1
3.0
3.1
14.5
16 0
17.1
19.5
20.4
11.8
11.3
12.4
15.1
12 A
49.0
48.8
50.1
51.5
50.9
53.4
52.5
53.3
20.3
20.4
20.4
20.5
21.0
20.8
20.5
21.1
12.6
12.7
12.5
12.6
12.4
12.7
12.4
12.1
53.4
52.1
50.7
51.2
51.7
20.1
20.5
21.0
21.5
21.5
12.8
12.4
12.4
12.3
12.6
Less
personal
contributions
for
social
insur-8
ance
.1
.2
.6
.8
2.1
2.2
2.2
29
3.4
3.6
3.4
3.4
3.3
3.3
3.5
3.5
3.4
3.9
3.8
3.8
3.6
3.6
Nonagricultural
income9
76 8
43 0
66.3
86 1
170.8
187 1
188 7
208 5
233.6
232.5
235.4
234.0
235 5
236.4
239.1
239.5
240.7
241.7
243.4
242.7
242.9
244.9
1
a
8
4
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insuraaee. Such contributions are not available by industries.
•6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
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.
• Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
AUGUST
1952
933
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of year
or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Total
consumer
credit
. . .
1951—May
June
July
August
September
October . . . .
November
December
1952—January
February
March
April
May?
JuneP
r
Total
instalment
credit
Noninstalment credit
Sale credit
Loans J
Total
Automobile
Other
2,792
3,450
3,744
1,617
882
891
1,267
1,729
1,942
175
200
1,525
1,721
1,802
1,135
707
691
942
227
715
Total
noninstalment
credit
Singlepayment
loans s
Charge
accounts
Service
credit
533
560
610
648
874
920
963
992
1,067
J .ill
1,104
1,935
2,567
3,096
3,778
3,507
1 .632
1,967
M43
1,431
1,119
1,170
L.422
2,352
3,348
4,072
4,650
5,555
5,964
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
6,638
7,134
749
896
949
1,018
1,332
1,436
J .544
1,650
1,764
1,513
1,498
1,758
.981
3,054
3,612
3,854
3,909
4,239
4,587
3,980
4,041
4,061
4,138
4,175
4,134
4,100
4,039
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,507
5,672
5,721
5,730
5,798
5,840
5,841
5,871
5,964
6,287
6,301
6,229
6,217
6,195
6,389
6,718
7,134
1,398
1,399
1,393
1,398
1,401
1,413
1,422
1,436
3,793
3,804
3,743
3,724
3,696
3,868
4,190
4,587
L.096
1,098
1,093
1,095
1,098
1,108
1,106
1,111
3,962
3,927
3,891
3,946
4,171
4,433
3,360
3,231
3,156
3,153
3,250
3,362
5,992
6,027
6,109
6,220
6,390
6,609
6,812
6,532
6,409
6,469
6,487
6,537
1,445
1,448
1,443
1,437
1,431
1,432
4,253
3,967
3 855
3,913
3,921
3,972
1,114
1,117
L 111
1,119
1,135
1,133
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,097
20;644
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,459
13,510
1,648
3,086
4,528
6,240
7,904
7,546
544
1,151
1,961
3,144
4,126
4,039
19,207
19,256
19,132
19,262
19,362
19,585
19,989
20,644
12,920
12,955
12,903
13,045
13,167
13,196
13,271
13,510
7,248
7,234
7,173
7,247
7,327
7,355
7,400
7,546
20,126
19,717
19,565
19,788
20,298
20,941
13,314
13,185
13,156
13,319
13,811
14,404
7,322
7,158
7,047
7,099
7,421
7,795
482
r
530
536
565
483
414
428
510
687
729
772
r
p1 Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Loans made by principal lending institutions
(during period)
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
Miscellaneous
lenders
523
692
784
426
316
357
477
956
448
498
531
417
364
384
439
597
701
817
929
131
132
134
89
67
68
76
117
166
204
250
291
301
99
104
107
72
59
60
70
98
134
160
175
203
229
135
174
200
130
104
100
103
153
225
312
402
525
542
96
99
102
91
86
88
93
109
119
131
142
157
176
200
268
285
206
123
113
164
322
568
739
801
864
938
207
209
211
518
522
524
162
164
166
860
872
882
1,632
1,967
2,143
. . . 1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
5,964
1,435
1,709
1,951
2,431
2,510
1,084
1,268
5,672
5,721
5,730
5,798
August
September. . 5,840
5,841
October
November .. 5,871
December... 5,964
2,506
2,515
2,492
2,521
2,524
2,522
2,509
2,510
1,131
1,151
1,167
1,181
1,203
L ,191
1,211
1,268
288
288
288
293
296
299
299
301
217
221
222
225
229
5,992
6,027
6,109
6,220
6,390
6,609
2,521
2,542
2,593
2,642
2,726
2,840
L ,273
1,275
1,285
1,302
L.320
1,346
300
301
303
307
319
230
232
235
239
246
541
545
553
568
589
176
176
177
179
181
330
254
614
183
1951—May
June
July
1952—January. . . .
February. . .
March
April
MayP
June?
Insured
repair
Comand
mercial
modern- banks
*
ization
loans *
Commercial
banks i
531
533
535
535
542
167
169
168
170
176
888
894
904
922
938
951
956
963
983
1,009
1,042
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
1,793
2,636
3.069
3,282
3,875
4,198
827
912
975
784
800
869
956
1,231
1,432
1.534
1,737
1,946
2,437
261
255
255
182
151
155
166
231
310
375
418
481
528
194
198
203
146
128
139
151
210
282
318
334
358
417
237
297
344
236
201
198
199
286
428
577
712
894
947
359
356
339
198
204
206
44
44
44
33
35
35
82
86
76
680
1,017
1,198
792
639
749
942
389
351
373
347
354
Small
loan
companies
210
183
205
228
292
49
42
52
45
50
40
35
40
38
42
38
37
41
39
44
393
373
429
429
479
184
181
216
211
236
46
46
52
50
52
496
248
56
44
90
78
86
84
85
91
95
103
116
123
p Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of June amounted to 120 million dollars, and
other2 loans made during June were 16 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.
934
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
1939
1940
1941
1942
1943
1944
1945 . . .
1946
1947..
1948
1949
1950
1951 .
1951
May
June.. .
July
August
September.
October...
November.
December .
1952
January...
February..
March
April
Mayp
June P....
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
1,525
1,721
1,802
1 135
707
691
715
377
439
466
252
172
183
198
337
650
874
Other
retail.
purPur- Direct chased
and
chased loans direct
Automobile
retail
Furniture
stores
536
599
619
440
289
293
296
386
587
750
935
1,104
1,935
2,567
3,096
3,778
3,507
1,010
1,245
1,186
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,507
1,084
1,055
1,022
1,015
1,028
1,056
1,099
1,186
890
3,360
3,231
3,156
3,153
3,250
3,362
1,129
1,082
1,060
1,064
1,101
1,132
1,029
971
Household
appliance
stores
273
302
313
188
78
50
51
118
249
387
500
710
613
Jewelry
stores
93
110
120
76
57
56
57
89
144
152
163
246
271
284
179
111
109
113
174
305
404
488
794
737
859
870
890
908
971
616
602
590
590
600
607
608
613
678
662
646
645
654
668
685
737
933
909
893
894
924
952
592
567
548
541
551
580
706
673
655
654
674
698
874
854
All
other
retail
stores
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Total
Automobile
Other
Repair Personal
instaland
modern- ment
ization 2 cash
loans
loans *
Year or month
Outstanding at end of
period:
1949
1950
1951
Total
Repair Personal
and
mod- instalerniza- ment
tion
cash
loans12 loans
4 ,416
5 ,645
5 ,434
1,143 1,223 1 ,267
1,061 1,192 1 ,031
781
905
937
944
107
,213
1951—May
June
July
August
September...
October
November...
December.. .
5 ,489
5 ,481
5 ,430
5 ,472
5 ,440
5 ,442
5 ,436
5 ,434
1,083
1,090
1,086
1,097
1,105
1,090
1,079
1,061
1,248
1,246
1,230
1,240
1,239
1,226
1,209
1,192
1 ,123
1 ,098
1 ,068
1 ,059
1 ,004
1 ,010
1 ,017
1 ,031
882
883
886
899
911
925
937
937
,153
,164
,160
,177
,181
,191
,194
,213
1952—January
February....
March
April
May?
June?
5 ,418
5 ,412
5 .446
5 ,528
5 ,744
6 ,026
1,042
1,038
1,035
1,055
1,130
1,214
1,184
1,186
1,197
1,219
1,270
1,331
1 ,034
1 ,016
1 ,008
1 ,005
1 .036
1 ,087
928
924
922
940
969
1,005
,230
,248
,284
,309
,339
,389
Volume extended during month:
1951—May
June
July
August
September...
October
November...
December...
683
666
642
738
682
744
689
686
140
143
137
162
150
150
136
117
166
160
150
187
166
168
152
149
132
115
115
131
126
153
147
157
65
64
62
70
67
82
72
70
180
184
178
188
173
191
182
193
714
679
758
807
945
131
135
144
162
228
244
170
167
185
191
235
239
146
130
138
153
162
176
57
55
62
79
92
101
210
192
229
222
228
241
1952—January
February....
March
April
May?
June?
1 ,001
854
915
922
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instalment paper 2
Repair
and
Automobile
Other
modernization
loans J 2
Personal
instalment
cash
loans
Outstanding at end
of period:
1949
1950
1951
343.2
391.0
404.1
93.6
118.5
118.9
63.1
79.7
81.2
55.4
54.9
56.5
131.1
137.9
147.5
Outstanding at end
of period:
1949
1950
1951
194.7
226.9
255.3
43.5
57.9
63.2
31.4
41.1
47.3
6.5
7.3
7.2
113.3
120.6
137.6
1951—May
June
July
August. . .
September
October...
November
December.
384.4
385.0
385.1
391.7
396.3
401.8
402.4
404.1
118.0
119.6
120.2
123.1
123.9
123.9
121.9
118.9
74.2
72.9
70.7
71.6
73.6
75.8
77.7
81.2
52.3
52.6
52.9
53.7
54.8
56.1
56.5
56.5
139.9
139.9
141.3
143.3
144.0
146.0
146.3
147.5
1951—May
June
July
August. . .
September
October...
November
December.
230.6
232.6
235.4
241.3
245.5
247.4
250.3
255.3
59.2
59.8
60.5
63.2
63.5
63.7
63.4
63.2
39.6
39.8
40.8
42.4
44.5
45.6
46.1
47.3
7.0
7.1
7.1
7.2
7.3
7.4
7.6
7.2
124.8
125.9
127.0
128.5
130.2
130.7
133.2
137.6
1952—January . .
February..
March
April. . . . .
MayP, . . .
June?....
Volume extended
during month:
1951—May
June
July
August. . .
September
October...
November
December.
402.6
403.9
405.8
410.7
426.2
441.1
116.5
116.3
116.6
119.2
128.2
138.4
81.4
81.4
81.2
81.1
82.5
84.7
56.1
56.3
55.4
55.8
57.2
58.2
148.6
149.9
152.6
154.6
158.3
159.8
1952—January . .
February..
March
April
256.2
257.7
260.9
265.5
273.2
282.7
62.5
62.4
62.6
64.0
67.7
71.0
47.0
47.4
48.8
50.0
52.2
55.2
7.2
7.1
7.0
7.0
7.0
7.2
139.5
140.8
142.5
144.5
146.3
149.3
49.3
48.8
48.5
58.4
51.2
60.0
52.3
53.6
15.2
15.6
14.9
19.4
16.2
17.3
14.6
13.1
8.3
7.8
7.6
3.8
3.9
10.4
10.4
12.2
11.8
12.8
4.5
4.1
5.2
4.1
3.4
22.0
21.5
22.2
24.1
20.5
25.3
21.8
24.3
Volume extended
during month:
1951—May
June
July
August. . .
September
October...
November
December.
34.8
36.1
35.9
42.6
37.8
41.3
39.5
43.6
8.8
9.0
8.9
4.2
4.9
5.2
7.0
6.9
7.7
6.2
6.6
0.5
0.5
0.5
0.6
0.6
0.7
0.7
0.5
21.3
21.7
21.3
23.5
20.9
23.3
23.6
27.2
1952- -January . .,
February..
March
April
,
May?. . . .
June?. . . .
52.5
51.8
57.5
58.8
69.2
73.5
14.3
15.2
16.8
18.1
25.8
27.7
11.8
10.1
10.6
10.3
11.2
12.3
3.5
3.7
4.1
5.4
6.3
6.5
22.9
22.8
26.0
25.0
25.9
27.0
1952—January . .
February..
March....
April
M y
5.7
5.7
7.1
6.8
7.9
8.8
0.5
0.5
0.6
0.7
0.8
0.7
24.0
23.2
25.4
24.0
26.3
26.0
3 8
June?3....
39.4
38.3
42.2
41.6
48.0
47.7
11.5
9.4
9.6
9.0
9.3
9.2
8.9
9.1
10.1
13.0
12.2
P Preliminary. J Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
AUGUST
1952
935
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Percentage change
from corresponding
month of preceding
year
1952P
May
1952
Apr.
1952
+3
+ 11
+ 14
-11
-4
+1
+2
+6
+21
+26
+9
+ 10
+4
+5
_2
0
-3
+1
-8
-7
June
1952P
May
1952
Apr.
1952
-6
-9
June
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
-5
-8
+23
+ 18
+27
+7
Accounts receivable, end
of month:
Total
Instalment
+3
+3
+4
+3
0
0
Collections during
month:
Total
Instalment
-6
—7
+5
+8
-6
y
-9
-8
[nventories, end of
month, at retail value.
-5
-3
+2
-16
-3
-10
-8
+9
-9
-16
-16
Preliminary.
Instalment accounts
Year or month
May
June
July
August
September
October
November
December
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
18
19
18
19
19
21
21
19
11
11
11
12
11
12
11
11
11
12
12
12
12
12
12
12
49
49
46
48
47
50
50
45
19
18
20
18
19
18
10
10
11
10
11
10
13
13
13
13
13
12
47
45
48
46
48
46
91
,
,
1952
January
February
March
April
May
June?
Charge
accounts
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
][ndex
numbers, without seasonal adjustmenit, 1947-49 average =100
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Charge
account
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948 .
1949
1950..
1951
46
53
60
67
75
93
99
103
98
101
104
44
57
72
82
92
105
103
103
94
93
95
55
45
39
36
37
56
85
105
110
136
133
48
48
49
53
59
84
95
104
101
106
111
76
60
35
29
28
38
67
108
125
177
181
53
48
42
44
50
73
92
105
103
111
124
58
60
47
41
40
53
78
106
117
146
165
47
51
50
52
59
78
92
103
104
111
118
48
56
61
64
64
59
55
52
51
48
48
9
6
5
4
4
4
6
7
8
10
9
43
38
34
32
32
37
39
41
41
42
43
1951—May
June
July
August
September
October .
November
December
100
95
75
90
101
113
129
177
91
91
71
83
90
101
115
167
112
103
90
127
138
164
171
205
109
100
76
93
107
121
138
185
178
171
163
162
166
172
182
197
118
115
103
103
113
122
136
177
163
161
148
151
151
163
169
168
114
114
106
99
97
114
121
122
48
50
50
48
47
46
47
49
8
8
9
11
10
11
10
9
44
42
41
41
43
43
43
42
1952—January
February
March
April
May.
JuneP
84
79
91
99
100
77
72
83
90
90
110
106
122
118
137
89
83
96
107
106
190
182
178
175
176
142
124
117
121
122
180
162
170
153
153
165
129
118
108
115
48
48
48
48
47
93
84
127
99
178
120
147
114
47
10
10
10
9
10
42
42
42
43
43
10
43
p Preliminary.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 92 7.
936
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1951
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed in percentages]
Federal Reserve district
Item
Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes. .
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits
All
districts
14.6
12.6
9.0
3 0
2.90
1.06
67
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government securities. . . 25.6
Interest and dividends on other securities. . 5.7
Earnings on loans
55.9
Service charges on deposit accounts
6.2
6 6
Other current earnings
Total earnings. . .
Salaries and wages
Interest on time deposits
Other current expenses
Boston
New
York
Phila- Cleve- Richdelphia land mond
Atlanta
Chicago
MinSt.
Louis neapolis
KanSan
sas Dallas FranCity
cisco
10.6
9.0
6.2
27
11.6
9.9
6.9
25
10.6
9.5
6.9
25
12.8
11.2
8.1
26
16.1
13.8
9.4
32
15.3
13.2
9.7
28
15.0
12.9
9.5
3 0
17.7
15.7
11.3
3.8
3.01
.94
56
23.1
5.3
53.4
9.7
8 5
2.95
.93
56
26.5
6.7
53.8
7.2
5 8
2.88
1.03
.68
28.6
7.4
54.3
3.9
5 8
2.79
1.02
.66
28.0
6.6
54.6
4.9
5 9
13.7
12.6
8.6
3 0
2 89
1.07
.68
23.6
4.8
60.6
4 8
6 9
3 05
1.13
.68
21.2
6.0
58.5
6.9
74
2 66
.96
.62
30.4
5.4
51.1
6.8
6 3
2 70
1.06
.68
27.4
5.9
56.0
4 4
6.3
17.3
15.2
10.4
3.7
3 10
1.12
.69
25.3
4.9
51.7
6 9
11.2
2 98
1.24
.81
23.0
4.6
59.0
74
6.0
17.7
14.7
10.7
3.8
3 04
1.19
.73
19.6
5.5
63.2
5 9
5.8
15.9
13.9
9.3
3.2
3 21
1.03
.59
21.1
3.8
59.5
7 5
8.1
100.0 100.0 100.0 100.0 .100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
31 1
9.8
22.6
32 3
10.5
25.9
31.5
13.1
23.8
27.2
14.4
22.8
27.2
13.1
23.1
29.0
12 A
21.7
31.7
7.3
23.7
31.4
10.8
21.5
31.2
7.1
22.9
31.1
11.0
21.6
33.7
4.0
20.8
34.3
1.8
24.3
33.5
13.8
20.6
63.5
68.7
68.4
64.4
63.4
63.1
62.7
63.7
61.2
63.7
58.5
60.4
67.9
Net current earnings before income taxes 36.5
31.3
31.6
35.6
36.6
36.9
37.3
36.3
38.8
36.3
41.5
39.6
32.1
47
7.8
18.8
42
8.0
19.4
3 5
8.5
23.6
4.3
8.5
23.8
2.6
10.7
23.6
4.8
10.0
22.5
4.6
8.1
23.6
5.0
8.7
25.1
4.1
9.7
22.5
4.3
10.2
27.0
6.3
8.7
24.6
3.9
9.4
18.8
Total expenses
Net losses including transfers
Taxes on net income
Net profits
Rates of return on securities and loans
Return on securities:
Interest on U. S. Government securities. . .
Interest and dividends on other securities. .
Net losses including transfers on total
securities
44
8.9
23.2
1.81
2.50
1.82
2.43
1.85
2.29
1.96
2.73
1.86
2.46
.07
.08
.06
.05
5.63
.11
5.16
.07
5.17
.06
5.22
.05
Return on loans:
E a r n i n g s on l o a n s . . . .
N e t losses o n loans 1. . .
1.76
2.63
1.76
2.30
1.79
2.48
1.83
2.24
1.78
2.48
.07
1.86
2.75
.05
.06
.08
.08
.07
5.24
.08
5.52
.04
6.03
.13
5.21
.05
5.64
.14
5.54
.06
.06
1.73
2.78
.07
1.69
2.72
.05
6.31
.16
6.88
.39
5.85
.10
Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets . . .
38.2
7.5
29.8
23.6
.7
Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits
7.8
9.4
8.5
10.2
8.4
8.1
7.3
6.5
7.3
6.8
7.2
7.1
6.7
22.1
8.5
24.5
10.6
21.9
9.5
26.6
11.5
23.5
9.2
21.6
8.9
20.4
8.0
21.3
7.0
22.6
8.0
21.9
7.9
21.0
7.8
18.3
7.2
30.2
Time to total deposits
Interest on time deposits 2
1.0
Trust department earnings to total earnings2. 3.3
30.5
1.0
4.6
44.6
.9
3.1
47.7
1.0
3.8
41.3
.9
3.7
33.0
1.1
3.6
22.1
1.0
2.6
33.7
.9
2.7
21.0
.9
2.6
19.7
7.4
35.5
1.0
2.7
10.9
1 .1
2.5
5.9
1.0
2.4
32.5
1.4
4.5
322
735
631
685
475
353
1,007
492
476
749
630
260
Number of banks"
6,815
36.2
7.8
32.0
22.8
1.1
39.8 40.4
8.9
9.1
31.7 30.7
18.3 18.9
.9
1 .0
40.3
8.4
29.8
20.7
.7
35.1
6.1
32.6
25.1
1.0
33.8
7.6
30.4
27.1
.9
43.1
7.5
26.8
21.9
.5
38.8
7.3
27.8
25.4
.6
41.0
7.2
29.5
21.5
.6
35.9
6.6
29.1
27.9
.4
31.3
6.6
29.0
32.2
.8
36.3
5.3
33.3
24.1
.9
1
"Net losses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b)
actual
recoveries credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded.
2
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average.
3
The ratios for 25 member banks in operation at the end of 1951 were excluded from the compilations because of unavailability of data
covering the complete year's operations, certain accounting adjustments, lack of comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown in the May 1952 issue of the BULLETIN. Such differences result from the fact that each
bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little
influence on the aggregate dollar amounts. Averages of individual ratios are useful primarily to those interested in studying the financial results
of operations of individual banks, while ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking,
are the more significant for purposes of general analyses of credit and monetary problems.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1951. Balance
sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for
Dec. 30, 1950, and June 30 and Oct. 10, 1951, except for a limited number of banks for which all three reports were not available; such reports
as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no
time deposits (341 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. No figures are shown
for groups of less than three banks.
AUGUST 1952
937
MEMBER BANK OPERATING RATIOS, 1951—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed in percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—total deposits (in thousands of dollars)
All
1,000
and
under
Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings. . . .
Salaries and wages
Interest on time deposits
Other current expenses
14.6
12.6
9.0
3.0
11.5
10.2
8.1
2.7
1,000- 2,000- 5,000- 10,000- 25,000- i0,00050,000
2,000 5,000 10,000
13.6
12.3
9.7
3.0
14.4
12.8
9.5
3.0
15.5
13.0
3.0
15.6
13.1
8.2
3.1
16.0
13.2
7.9
3.1
17.2
14.5
8.2
3.0
Over
15.7
13.1
7.6
3.6
2.90
3.27
3.06
2.89
2.84
2.79
2.74
2.62
2.45
1.06
.67
1.16
.81
1.14
.80
1.06
.70
1.03
.59
.99
.53
.96
.48
.97
.47
.95
.47
Under 25-50 50-75
16.4
14.2
10.1
3.5
13.8
12.0
8.4
2.8
2.85
2.93
1.14
.72
1.02
.63
12.1
10.6
7.8
2.5
75
9.4
7.9
5.9
2.5
2.87
.96
.63
.88
.56
25.6
21.4
24.7
26.1
26.4
25.2
24.8
25.0
23.9
26.1
27.8
31.7
5.7
55.9
4.2
63.6
4.9
59.0
5.8
56.4
6.5
53.7
6.4
51.5
6.0
51.6
5.5
51.9
5.2
56.9
5.7
55.2
6.2
6.6
5.3
5.5
5.6
6.1
5.6
7.0
6.4
7.3
8.1
6.7
10.5
4.9
52.4
6.0
11.9
4.3
13.3
7.0
7.0
6.2
6.8
6.6
55.4
4.7
5.5
9.7
51.8
2.2
4.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.1
9.8
22.6
34.0
7.6
23.5
30.5
10.3
22.2
30.3
10.7
22.8
30.7
10.7
23.0
31.4
9.2
24.3
31.4
7.3
23.9
30.8
6.7
23.0
33.4
3.5
23.1
30.3
12.2
22.8
63.0
63.8
64.4
64.9
62.6
60.5
60.0
65.3
5.8
100.0
31.8
9.1
22.1
63.0
100.0 100.0 100.0 100.0 100.0
27.5
18.7
21.4
24.0
26.1
19.1
69.2
Total expenses
63.5
65.1
Net current earnings before
income taxes
36.5
34.9
37.0
37.0
36.2
35.6
35.1
37.4
39.5
40.0
34.7
32.4
30.8
Net losses including transfers. v .
Taxes on net income
Net profits
4.4
8.9
23.2
3.5
6.6
24.8
3.3
7.2
26.5
4.0
8.3
24.7
5.4
9.7
21.1
5.3
10.8
19.5
5.6
11.6
17.9
5.7
13.4
18.3
6.0
14.1
19.4
4.9
9.8
25.3
4.3
8.7
21.7
3.4
7.4
21.6
4.9
6.2
19.7
Rates of return on securities and
loans
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses including transfers on
total securities
Return on loans:
Earnings on loans
Net losses on loans l
...
Distribution of assets
Percentage of total assets:
U. S. Government securities. . .
Other securities
Loans
Cash assets
Real estate assets
Other ratios
Total capital accounts to:
Total assets
Total assets less Government
securities and cash assets... .
Total deposits
Time to total deposits 2
Interest on time deposits
Trust department
earnings to
total earnings 2
Number of banks 3
1.81
1.91
1.89
1.83
1.79
1.74
1.70
1.63
1.62
1.75
1.83
1.9:
2.00
2.50
3.27
2.89
2.48
2.25
2.10
2.15
2.05
2.31
2.56
2.45
2.45
2.52
.07
.04
.03
.06
.09
.10
.09
.11
.09
.0
.0
.06
.07
5.6.
.11
6.58
.23
6.05
.13
5.70
.11
5.49
.11
5.20
.05
4.84
.05
4.63
.05
4.07
.03
5.96
.16
5.41
.08
5.30
.04
5.11
.19
37.3
6.1
30.8
25.1
.6
38.7
7.6
29.6
23.4
.7
7.8
7.1
6.7
6.3
5.8
29.3
11.8
25.3
9.7
22.4
8.5
19.1
7.3
17.4
6.9
24.1
1.1
28.3
1.1
31.0
1.0
19.7
7.7
33.6
1.0
33.6
.9
465
1,301
38.2
7.5
29.8
23.6
.7
33.3
5.3
32.8
27.9
.6
22.1
8.5
30.2
1.0
10.5
3.3
6,815
1.7
l.i
2,384
39.6
9.1
28.6
21.9
28.5
21.6
.9
2.3
1,243
807
38.2
8.4
29.6
22.6
1.0
42.9
11.7
30.1
14.7
.6
35.4
6.2
31.7
25.4
36.2
6.7
28.2
28.1
.6
39.4
7.8
30.6
21.3
.9
7.8
8.5
10.1
16.5
6.3
17.5
6.9
22.5
8.0
21.5
8.6
22.0
9.3
27.0
11.4
28.9
.9
22.8
.9
19.3
.9
10.7
1.0
38.0
1.0
57.6
1.0
79.6
1.0
4.5
5.1
6.6
3.9
3.3
2.0
1.2
291
140
184 2,919 2,581 1,270
45
37.9
6.7
29.8
24.3
1.0
40.5
8.7
31.8
18.0
For footnotes see p. 937.
938
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1951—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
Banks with ratios of time
to total d eposits of
under 25 per cent
All
groups
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
1,000
under
Summary ratios
Ranks with ratios of time
to total deposits o:
25-50 per cent
1,000- 5,000- Over
5.000 2 5,000 25,000
1,000
under
1,000- 5,000- Over 1,000 1,000- 5,000- Over
5,000 25,000 25,000 under 5,000 25,000 25,000
-
Percentage of total capital accounts: •
Net current earnings before in- j
come taxes
Profits before income taxes.
Net profits
Cash dividends declared .
14.6
12.6
9 0
13.1
11.4
16.1
14.3
10.9
18.1
15.1
16.7
14.0
3.7
9.8
3.3
7.9
3.3
9.7
8.7
6.8
2.1
13.1
11.7
15.0
12 7
3.0
9.1
3.1
2.90
3.38
2.89
2.76
2.49
3.13
3.00
2.85
1 .06
1.29
1.17
1.10
.98
.47
.99
.71
1.. 05
1.00
8.7
2.6
S.3
3.0
15.7
12.9
9.4
8.9
6.9
11.8
10.7
12.5
10.4
14.4
12.0
2. 1
S.I
2.4
2.79
3.12
2.99
2.86
2.86
.94
.47
.98
.73
.99
.68
.91
.53
.85
.48
7.8
3.2
7.2
2.6
7.7
3.0
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits.
. 67
.88
.79
.60
.70
.56
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government
securities
....
Interest and dividends on other
securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings.
25.6
18.5
24.4
25.1
23.9
23.8
25.9
26.7
26.3
27.5
27.5
28.7
5. 7
55.9
3.6
5.2
5.7
5.2
5.0
5.3
6.3
6.1
5.2
6.2
7.9
6.3
66.2
57.5
53.7
53.3
61.4
57.4
52.5
49.8
58.1
57.1
52.1
50.8
6.3
7.0
5 9
8.0
5.3
4.4
5.7
7.2
6.6
3.2
4.2
5.4
6.0
6.2
6 6
54
7 5
1? 3
54
5 7
7 3
11 9
6 0
so
59
28.4
8S
100.0 100.0 100.0 100.0 100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.1
9.8
22.6
36.4
33.8
3.2
22.5
32.5
31.3
4.1
4.5
23.5
23.6
24.4
31.5
12.2
24.8
29.9
12.5
22.5
30.3
12.0
22.8
31.3
11.6
23.4
29.8
18.5
20.7
27.1
19.1
21.0
27.4
18.8
21.9
29.9
19.4
21.4
Total expenses. .
63.5
62.3
59.5
60.2
60.2
68.5
64.9
65.1
66.3
69.0
67.2
68.1
70.7
Net current earnings before
income taxes
36. 5
37.7
40.5
39.8
39.8
31.5
35.1
34.9
33. 7
31.0
32.8
31.9
29.3
4.4
8.9
23.2
4.5
6.8
26.4
4.2
8.5
27.8
6.1
5.8
5.8
14.6
19.4
3.7
7.7
5.0
11.6
22.1
2.7
6.2
4.9
8.1
4.4
8.3
23.7
10.7
17.2
2.9
7.0
22.6
10.0
19.9
1.4
6.4
23.2
22.9
18.9
16.6
Salaries and wages
Interest on time deposits.
Other current expenses. .
Net losses including transfers
Taxes on net income.
Net profits
Rates of return on securities and
loans
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses including transfers on
total securities. .
Return on loans:
Earnings on loans. .
Net losses on loans l.
1 SI
2.4
1 8?
1 76
1 7*
1 .63
? 00
1 89
1 77
1 69
9 04
1 96
1 85
1 71
9 ?3
3 16
? 64
"> 18
2 11
3 23
'? 50
2 28
2 .04
? 50
3 34
? 68
9 1S
.07
.05
.05
.10
.10
.05
.06
.09
.09
.01
.05
.09
.07
S 63
.11
7 27
6 21
16
5 70
.16
4 37
.06
5 78
S 60
.09
5 ?5
.06
4 79
S 58
5 39
5 11
4.94
.32
.13
.02
.05
.06
.03
.01
Distribution of assets
Percentage of total assets:
U. S. Government securities.
Other securities
Loans
Cash assets
Real estate assets.
Other ratios
Total capital accounts to:
Tot?l assets
Total assets less Government
securities and cash assets
Total deposits
38.2
/.^
29.8
23.6
•7
10 2
7 6
6 4
6 ?
10 6
8 4
7 0
6 3
11 0
8 8
77
6 3
22.1
8.5
29.8
11.6
23.9
19.4
17.2
23.3
19.2
17.0
20.3
19.8
6.7
/. i
6.8
29.7
12.5
22.9
6.9
28.3
12.0
Time to total deposits
Interest on time deposits 2 . .
Trust department earnings to total
earnings 2
Number of banks s
30.2
1 0
7.3
9.4
1 0
13.7
38.6
38.3
1 i
13.5
1 ]
37.8
1 0
36.3
59.4
1 1
58.7
1 i
57.8
1 0
54.5
1 0
.6
1.9
2.9
5.7
.5
1.9
3.2
5.1
(4)
1.5
2.2
2.5
259
1,619
692
349
141
1,268
942
230
798
417
35
7 8
3.3
6,815
30.5
36.8
37.6
31.9
32.5
27.7
28.2
26.9
26.7
4.6
.5
6.6
.6
8.3
8.0
.8
9
34.5
6 2
30.8
27.4
.8
9
35.6
38.7
40.4
40.9
39.3
40.1
34.1
23.3
31.3
22.2
29.2
20.4
29.4
19.5
33.7
19.9
32.6
18.4
.7
6.0
.9
6.9
.8
9.3
8.9
.9
8.8
1.1
9
6.4
.7
65
8.1
9.8
41.8
10.6
29.9
16.7
.9
8.5
41.6
9.2
30.9
17.0
1.0
6.9
4
No ratios are shown for groups of less than three banks.
For other footnotes see p. 937.
AUGUST
1952
939
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial and stock savings banks and nondeposit
trust companies
Member banks
All
banks
Na-
Total i
Mutual savings
banks
Nonmember banks
State
member
Total
In-
sured 2
Ininsured 2 sured 1
insured
Banks (head offices)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
June
31,
31,
31,
31,
31,
31,
31,
30,
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
June
31,
31,
31,
31,
31,
31,
31,
30,
1933
1934
1941
1946
1947 a
1950
1951
1952
15,029
16.063
14.825
14,585
14,714
14,650
14,618
14,599
6,011
6,442
6,619
6,900
6,923
6,873
6.840
6,815
5,154
5 ,462
5,117
5,007
5,005
4,958
4.939
4,925
857
980
1,502
1 ,893
1 ,918
1,915
1 ,901
1 ,890
8,439
9,042
7,661
7,147
7,261
7,251
7,252
7,258
2,911
3,133
3 ,699
4,138
4,332
5 ,056
5,383
5 ,540
2,081
2,224
2,580
2,913
3 ,051
3,589
3,837
3 ,959
,121
,243
.565
,781
,870
2,230
2,370
2,453
960
981
1,015
1,132
1 ,181
1 ,359
1 ,467
1 ,506
705
783
984
1 ,068
1 ,110
1 ,254
+40
+ 10
+8
8,439
7,699
6,810
6,457
6,487
6,562
6,602
6,622
579
1,343
851
690
783
689
650
636
68
52
191
194
194
202
205
511
496
350
339
335
327
324
Branches and additional offices
1933
1934
1941
1946
1947 3
1950
1951
1952
Changes, Jan. 1-June 30, 1952
Banks
New Banks 5
Suspensions
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations 6 . .
Interclass bank changes:
Conversions—
National into State
Federal Reserve membership: 7
Admissions of State banks .
Withdrawals of State banks
Federal deposit insurance: 8
Admissions of State banks .
Net increase or decrease .
Number of banks, June 30, 1952 . .
Branches and additional offices 9
De novo branches
Banks converted into branches .
Discontinued
Interclass branch changes:
National to State member.
State member to national. .
State member to nonmember
Nonmember to national
Nonmember to State member.
Net increase or decrease.
Number of branches and additional offices
June 30, 1952
Banking facilities 10
Established
Number of banking facilities, June 30,
1952
+2
1,316
1 ,343
+26
+4
-19
-4
-17
-3
2
-1
-3
-1
—5
+2
-5
125
* 126
52
62
67
52
41
43
+30
-2
-44
-8
705
4 783
932
.006
,043
,202
,275
,300
32
115
124
152
165
170
103
42
47
61
65
68
-1
+1
+2
+3
—2
+3
-2
—5
+5
+6
+5
+ 11
+20
-14
+3
+3
-11
-3
-3
-19
-25
-14
14,599
6,815
4,925
1 ,890
,258
6,622
636
205
324
+68
+38
-5
+44
+23
+24
+ 15
+29
+6
+28
+5
+1
+1
+5
+4
+ 106
+44
-9
+97 I
+44 11
- 8 !|
-11
-3
—3
+1
+1
+5'
2
+5
+3
+ 141
5 ,365
+ 133
+ 107
3,800 !
—1
+2
—5
—5
+69
+3
+38
+26
+24
+2
+5
+3
2.313
1,487
1,327
1 ,284
43
170
68
|
+ 16
+ 15
+ 14
+1
+1
+1
175
159
140
19
16
16
1
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became
members of the Federal Reserve
System during 1941. These banks are not included in the total for "commercial banks" and are included only
2
once 8in "all banks."
Federal deposit insurance did not become operative until Jan. 1, 1934.
As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank
series announced4 in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9
branches.
Separate figures not available for branches of insured and noninsured banks.
5
Exclusive of new banks organized to succeed operating banks.
6
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
7
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership;
they 8are included under "conversions."
Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such
changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank
changes."
9
Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent.
10
Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial
agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two
national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include
branches that have also been designated by the Treasury Department as banking facilities.
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
940
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
June
States total:
31 1946
31, 1947
31, 1948
31, 1949
31, 1950
31, 1951
30, 1952 P . . . .
Total ?anks on
which checks are
drawn, and their
branches and offices
On p xr list
l
Member
Total
Not on par list
(nonmember)
Nonmember
Banks
Branches
and offices2
Banks
Branches
and offices
Banks
14,043
14,078
14,072
14,051
14,015
13,987
13,968
3,981
4,148
4,333
4,562
4,824
5,145
5,293
11,957
12,037
12,061
12,178
12,162
12,158
12,145
3,654
3,823
4,015
4,289
4,534
4,843
4,986
6,894
6,917
6,912
6,887
6,868
6,835
6,810
2 ,913
3,051
3,197
3,387
3,589
3,837
3 ,959
5,063
5,120
5.149
5,291
5.294
5,323
5,335
377
470
850
825
377
1 ,022
322
727
627
677
475
357
300
937
155
314
287
179
288
65
28
13
42
148
123
198
419
334
270
Branches
and offices
Banks
Branches
and offices
741
772
818
902
945
1 .006
1,027
Banks
2 086
2^041
2,011
1,873
1 ,853
1,829
1 ,823
Branches
and offices
327
325
318
273
290
302
307
By districts and
by States
June 30, 1952?
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago. .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. .
470
850
825
....
,096
,004
,222
2,480
,463
,276
, 753
,037
492
State
Alabama
Arizona
Arkansas
California
Colorado. . .
229
12
230
193
150
Connecticut.
Delaware
District of Columbia. .
Florida.
.
Georgia.
1 ,022
201
360
617
250
647
169
1 ,096
809
627
2 ,480
1 ,138
1 13
677
1 ,744
24
70
937
492
1 ,443
201
360
464
209
647
107
71
24
61
1 ,443
1 ,009
495
476
752
633
260
1 ,351
643
201
992
304
232
77
85
46
46
177
30
359
42
43
11
19
92
17
3
52
1
1 ,471
4
133
12
109
193
150
4
95
5
68
119
93
104
35
19
203
403
62
26
47
9
51
104
35
19
148
119
62
26
47
8
48
63
15
15
74
65
54
11
37
8
44
41
20
4
74
54
Idaho
Illinois.. .
Indiana. . .
Iowa
Kansas. .
40
891
481
663
608
62
3
121
164
2
40
889
481
663
606
62
3
121
164
2
21
512
237
160
215
57
3
64
37 7
Kentucky.
Louisiana.
Maine
Maryland
Massachusetts
377
167
63
156
175
54
86
76
142
193
377
64
63
156
175
54
63
76
142
193
112
49
38
73
138
Michigan. . .
Minnesota...
Mississippi.
Missouri.
Montana. . .
430
679
202
593
263
6
71
1
430
267
42
529
110
263
6
15
1
Nebraska. .
Nevada
New Hampshire
New Jersey
New Mexico...
New York
North Carolina.
North Dakota
Ohio
Oklahoma.
410
8
74
312
51
2
211
2
182
23
410
8
74
312
51
613
208
151
654
384
844
247
22
258
1
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota.
69
943
13
149
169
107
Tennessee.
Texas
Utah
Vermont....
Virginia
Washington . . .
West Virginia
Wisconsin
Wyoming
30
68
21
1 ,017
30
68
5
1,017
30
51
2
965
3
38
7
41
74
57
19
4
20
8
36
60
21
231
206
31
178
84
206
6
57
7
199
61
11
351
26
2
21
2
182
23
139
6
52
269
34
2
19
1
159
6
271
2
22
43
17
613
99
62
654
376
844
99
6
258
1
530
53
42
418
224
782
55
226
1
83
46
20
236
152
62
44
6
32
241
55
59
51
69
943
13
68
71
107
241
55
54
25
29
714
8
33
62
94
210
44
44
22
40
229
13
31
11
10
3
295
913
54
67
316
109
13
33
12
122
211
863
54
67
312
96
13
33
12
122
84
580
30
39
204
72
13
31
5
69
127
283
24
28
108
24
118
181
551
52
159
118
180
551
52
159
51
109
164
39
149
67
71
387
13
10
151
151
21
5
35
9
9'
i2i
55
284
'2 '
265
15
25
83
37
1
62
42
5
34
55
40
82
172
1 10
41
325
599
9
100
8
15
10
57
164
1
153"
96
244
503
391
"i'
195
595
"2"
IO3'
412
160
64
e
2
1
23
17
iO9
89
148
16
8
81 "
5
26
84
50
13
98
"l '
7
53
4" '
1
130
x
?' Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military
reservations and other Government establishments (see BULLETIN for August 1952, p. 940, footnotes 9 and 10).
Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.
2
AUGUST
1952
941
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States
944-949
Gold production
949
Reported gold reserves of central banks and governments
950
Gold movements; gold stock of the United States
951
International Monetary Fund and Bank
952
Central
Banks
952-956
Money rates in foreign countries
957
Commercial banks
958
Foreign exchange rates
959
Price movements:
Wholesale prices
960
Retail food prices and cost of living
961
Security
961
prices
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.
AUGUST 1952
943
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCB JANUARY 2, 1935, BY TYPES
[Net movement from United States, (-).
In millions of dollars]
Increase in banking funds in U. S. *
From Jan. 2. 1935,
through—
Total
Foreign
official 2
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad J
Total
Domestic
securities:
Inflow of
foreign3
funds
Foreign
securities:
Return
of U. S.
funds 3
Inflow in
brokerage
balances
31
31
31
31
31
8,009 5
8.343 7
8.569.1
8,763.5
10,521.1
5,726.1
6,362.3
6,963.9
6.863.9
7,890.7
2,333.6
1,121.8
2,126.0
2,197.8
2,715.6
2,938.7
2,998.5
2,993.6
3,028.2
3,472.8
453.8
2,242.0
1,844.3
1,637.8
1,702.3
427.2
186.5
116.8
307.6
231.4
464.5
375.5
183.3
258.5
1,202.9
1,237.9
1,276.9
1,182.1
1,209.9
1,064.5
153.7
142.4
123.1
123.7
131.7
1951—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
10,235.6
10,100.9
'"10,118.8
'10,170.7
r
10,114.5
^10,130.0
10,122.3
7,901.1
7,797.0
8,017.4
8,038.1
8,422.3
8,448.2
8,529.7
2,746.4
2,598.1
2,734.8
2,723.6
2,769.8
2,734.7
2,751.9
3,526.3
3,541.6
3,639.7
3,697.4
3,909.1
3,972.5
4,089.6
1,628.3
1,657.3
1,642.9
1,617.2
1,743.4
1,741.0
1,688.3
190 3
189 4
181.9
231.9
211.3
186.3
160.9
1,115.9
1,070.8
877.4
856.8
612.9
617.0
618.6
895.6
911.2
••911.5
••912.1
'754:4
'•687.5
132.7
132.6
130.6
131.8
124.3
124.1
125.6
1952—Jan.
Feb.
Mar.
Apr.
May
10,043.0
10,208.8
10,234.3
10,273.6
10,468.1
8,464.4
8,638.2
8,717.6
8,827.8
9,196.5
2,644.9
2,811.5
2,912.3
3,025.1
3,221.0
4,138.7
4,200.2
4,148.0
4,164.0
4,282.3
,680.9
L.626.5
,657.3
,638.7
,693.3
133.4
164.9
125.0
101.7
94.9
631.3
616.8
617.4
624.6
606.4
'688.6
'658.3
642.5
591.4
439.1
125.4
130.7
131.8
128.0
131.1
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31
29
31
30P
31P
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 4
[Amounts outstanding, in millions of dollars]
Date
International
institutions
Total foreign
countries
Official
and
private
Official*
United
NethKing- France
erdom
lands
Switzerland s
Italy
Other
Europe
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 1 . . .
1949—Dec. 3 1 . . .
1950—Dec. 3 1 . . .
473.7
2,262.0
1,864.3
1.657.8
1,722.2
6,006.5
4.854.4
5,853.7
5,960.2
6
6,922.6
3,043.9
1,832.1
2,836.3
2,908.1
3,425.9
458.9
326.2
546.3
574.4
6
656.6
245.9
167.7
192.8
171.6
260.7
224.9
143.3
122.8
170.5
193.6
372.6
446.4
538.9
576.9
553.0
267.9
153.1
333.5
303.6
314.7
850.5
739.8
738.1
717.0
799.2
1951—June 30..
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30 . .
Oct. 31 . .
Nov. 30. .
Dec. 3 1 . .
1,648.3
1,677.3
1.662 8
1,637.1
1,763.3
1,760.9
1,708.2
7,006.9
6,873.9
7,108.7
7,155.1
7,413.1
7,441.4
7,575.6
3,456.7
3,308.4
3,445.1
3,433.9
3,480.1
3,445.0
3,462.2
620.1
545.6
522.6
513.0
543.2
591.2
642.6
246.3
218.3
221.2
222.7
270.1
254.4
289.4
134.8
132 0
131.7
135.4
132.4
154.5
148.8
509.3
499.9
506.8
511.5
493.3
506.8
521.3
276.0
289.4
283.4
287.8
288.2
293.1
300.5
930.7
972.6
1,097.4
1,131.3
1,116.5
1,086.1
1,021.2
1952—Jan. 3 1 . . .
Feb. 2 9 . . ,
Mar. 3 1 . . .
Apr. 3 0 P . .
May 31 P .
1,700.9
1,646.4
1,677.2
1,658.6
1,713.3
7,517.7
7,745.8
7,794.5
7,923.3
8.237.4
3,355.2
3,521
3,622
3,735
644.6
796.9
783.6
744.3
756.8
252.8
253.4
251.4
256.2
267.2
153.7
155.9
149.7
122.7
155.9
521.6
542.9
544.8
583.4
599.6
290.2 997.8
293.9 959.2
292.1 956.4
286.5 969.6
278.6 1,004.7
Latin
America
Asia
All
other
931.8
409.6
775.2
869.1
899.0
1,104.8
1,216.6
1,287.0
1,436.7
1,612.9
,316.4
,057.9
,151.8
961.0
,378.5
232.8
193.7
167 A
179.5
254.5
964.4
2,717.3
2,657.9
931.8
2,763 .1 1,011.1
1,022.8
1,257.8
2,843,
,886
1,250.1
,923
1,307.1
1,672.9
1,614.3
1,578.3
1,532.0
1,502.2
1,461.6
1,437.8
,399. 253.3
,410. 3 259 .4
,495. 261.0
,540.8 257.6
,535.0 274.3
,555. 8 287
, 609.6 297.4
1,316.5
1,336.3
1,339.7
1,397.8
1,496.0
1,400.7
1,416.3
1,463.1
1,489.6
1,528.7
635.7 304.1
661 .9 329.1
687. 8 325 .9
.6
756.5
824.0325.59
Total
Europe
2,420.7
1,976.7
2,472.4
2,513.9
6
2,777.7
2,860
3,002
2,978.0
2,962.7
3,062.8
Canada
r
P Preliminary.
Revised.
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.
3
Beginning with 1947, these 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 individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
(Footnote 1 above also applies to this table.)
5
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 page 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030.
1
944
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
DenOther Aus- Bel- Czechoslo- mark
Europe tria gium vakia
Date
Poland
Portugal
22.2
30.5
19.1
25.1
18.3
7.1
89.5
178.9
149.4
221.6
49.3 123.5
34.7 56.2
21.1 77.7
29.6 69.4
32.3 43.6
8.9
8.7
7.0
6.7
6.1
Sweden
Yugo- All 1
USSR slavia
other
16.4
12.8
13.6
15.7
21.3
172.6
58.6
49.0
90.1
115.3
60.5
73.7
21.3
10.2
4.0
12.4
12.1
19.9
7.6
13.2
112.5
138.2
119.3
117.4
52.4
Rumania Spain
5.6
66.5
52.8
44.7
38.0
45 .5
' 4.2
39.0
47.1
37.7
38.1
45.7
124.2
129.6
138.4
132.9
143.6
145.1
134.7
3.1
3.4
2.1
2.0
1.5
1.5
1.3
44.7
41.5
39.9
44.6
47.2
46.7
45.3
22.5
26.3
27.5
23.1
24.0
27.9
27.0
357 5
403.6
481.4
502.5
488.3
455.9
405.6
38.6
38.2
40.4
41.1
39.1
41.5
45.8
60 5
65.5
99.9
! 03.0
106.3
98.6
99.7
3.3
3.6
2.1
2.3
2.4
2.6
2.8
45.6
42.9
41.5
47.9
36.4
35.4
40.7
5.9
6.0
5.7
6 0
6.0
6.0
6.1
18 3
15 8
14 0
14 4
16.8
18.4
17.1
99.4
94.5
88.8
89 3
83.7
80.3
70.7
5.0
4.7
3.5
4 1
2.5
2.3
2.5
6.5
4 2
4 2
5.3
4.0
8.2
7.1
51.8
48.0
53.4
55.6
53.6
52.7
57.6
997.8 57.0 132.8
959.2 55.4 136.6
956.4 54 0 130 4
969.6 54.9 134.1
1,004.7 53.1 155.0
.7
.8
7
.7
.6
44.0
38.7
38 9
37.6
37.0
30.0
30.7
26 9
23.8
23.9
395.1
353.0
361 8
380.2
390.5
38.9 97.7
38.4 96.7
41 0 104 4
41.9 100.7
41.1 100.9
2.4
5.8
2 5
2.1
2.4
40.7
42.8
41 8
40.0
43.1
6.0
6.1
6 2
6.1
6.1
16.6
17.4
17 9
17.7
20.2
64.3
64.4
62 4
65.5
65.8
4.2
4.9
2 5
2.4
2.2
7.7
8.7
7 1
7.6
7.8
59.5
58.8
57.9
54.2
55.1
Republic of
Pan-
El
Salvador
Uruguay
31 . .
31 . .
31. .
31..
31. .
1951—Tune
July
Aug.
Sept.
Oct.
Nov.
Dec.
30. . 930 7
3 1 . . 972.6
31 1,097.4
30. . 1,131 .3
3 1 . . 1,116.5
3 0 . . 1,086.1
31. . 1.021.2
1952—Tan.
Feb.
Mar.
Apr.
May
31..
29..
31. .
30P.
GerNormany Greece way
159.5
124.9
128.7
119.9
128.2
850.5
739.8
738.1
717.0
799 .2 ' 4 i ! 9
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31 P.
Finland
43 9
44.9
54 6
57.4
61.1
62 9
57.1
Table 2b.—Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Colombia
Brazil Chile
Dominican Guate- MexRemala ico
pub-
Cuba
lic
1945—Dec.
1947—Dec.
lQ4g__]3eCi
1949—Dec.
1950—Dec.
1 , 104 8 112 6
31 ! 1 ,216! 6 236.2
31
,287 .o 215 .8
3 l ! 1 ,436. 7 201! 1
3 1 . I ,612. 9 301.8
14.0
17.8
17.1
13.5
20.4
174
104
123
192
226
0
7
7
8
0
50.7
46.3
55 6
60.9
79.5
57.8
46.1
54.0
85.9
53.4
153
234
219
164
259
5
7
4
2
1
42! 7
1951—Tune 3 0 . 1 ,672. 9
July 3 1 . 1 ,614. 3
Aug. 31 . 1 ,578. 3
Sept. 3 0 . 1 ,532. 0
Oct. 31 1 ,502 0
Nov. 3 0 . 1 ,461. 6
Dec. 3 1 . 1 ,437. 8
343.7
330.9
320.3
312.1
299 5
277.1
249.7
24.7
22.2
21.6
26.2
24.1
25.0
27.8
212
171
151
140
132
110
100
4
5
4
4
8
1
3
69,9 58.1
57.8 50.9
56 2 52.1
55 5 46.2
52.5 61.0
47.6 79.7
54.0 106.4
327
354
336
312
305
284
251
9
3
.7
3
7
7
7
51.3
53.2
53.0
50.7
44.2
43.6
45.8
152 2
139.2
146.7
214.6
25 !i' 207.1
29.5 123.8
28.5 111.2
26.0 128 2
23.4 143 9
21.9 150.4
22.8 159.3
24.4 158.2
1 ,400. 7
1 ,416. 3
1 , 463 !1
1 ,489. 6
M a y 3 1 P 1 ,528.
225.9
212 9
189.4
177.4
167.8
23.6 98 5
23 6 118 ?
21.4 99 6
21.7 98 5
24.4 89 8
97.6
96 3
95.0
91.1
80.7
253
265
288
307
318
1
5
3
0
1
46.1
48 9
50.5
53.4
51.5
32.1
35 9
39.5
40.0
39.7
31
1952—Tan. 3 1 .
Feb. 29
Mar. 3 l !
Apr. 3 0 P
56.5
59 5
57.3
58.6
52.0
147.0
134 0
171 .9
150.4
177.3
Netherlands
West Peru
Indies*
and
Surinam
arr
d
Other
Vene- Latin
zuela America 2
16 1
14.9
24 3
25.9
30.2
40 9
41.8
52 6
52.8
60.2
77
70
71
74
59
2
3
8
3
2
25.0
28,2
27.7
30 A
30.2
31.2
34.9
54.3
52.8
54.5
52.9
51 2
48.6
47.2
58
62
66
58
64
65
67
1
0
3
6
6
7
74.0
78.0
121.7
143.2
16!T '75 .1 85.2
50 6 74 6 75.6
46 1 83 2 74.6
41 7 80 .6 74.7
37.7 79 7 76.3
32.2 79 .1 68.0
28.5 83 .0 68.1
27.8 84 .7 71.9
31.5
31 3
28.8
28.2
28.4
49.5
48 8
56.3
57.0
55.9
63
6S
67
65
70
1
7
9
6
5
36.5
39 0
43.7
42.5
37.2
7
75 .2
76 .8
83 .5
93 .0
89 .9
181.8
186.5
184.1
207! 4
71.3
93.2
86.9
87.5
85.5
85 4
86.6
85.1
67.4 97.1
64.5 95.4
66.5 103.6
101.3 104.1
140.4 105.1
Table 2c—Asia and All Other
Asia
Date
ForPhilmosa
ippine Thai- Tur- Other3
All
Indoand Hong
China Kong [ndia nesia Ira n Israel Japan Reother
land key Asia
Mainpublic
land
31
31.
31.
1,316.4
1,057.9
1,151 8
961.0
1,378.5
431.9
229.9
216.2
110.6
81.7
44.9
39 8
51 .1
83.9
86.1
43.5
62.4
51.8
63.3
55.7
41 .5
15 .7
114 .7
20.3
1951—Tune
July
Aug.
Sept.
Oct.
Nov.
Dec.
30.
31.
31.
30.
31.
30.
31.
1,399.1
1,410.3
1,495.1
1,540.8
1,535.0
1,555.8
1,609.6
79.2
84.3
89.7
93.7
90.0
88.4
87.4
61 9
61.4
62.3
60.0
60 1
62.0
62.4
80.2
75.1
64.3
68.9
59.8
57.7
62.1
135 .8
152 .9
157 .4
172 .7
128 .0
129 .1
140 .6
26 .6
26 .5
25 .8
25 .3
21 .0
21 .8
25 .5
1952—Jan.
Feb.
Mar.
Apr.
31.
29.
31.
30?
1,635.7
1,661.9
1,687.8
1,756.5
1,824.0
81.9
81.6
78.6
80.1
80.2
64.2
64.4
67.8
65.6
62.7
58.6
59.4
46.3
52.1
67.3
131 .8
127 .4
141 .0
170 .4
189 .7
26
26
25
23
23
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31.
31.
May 3 1 P
•
1
1.1
V.11111111CL1 J
127 .1
69 3
16.6
31.3
81.4
214.6
li!6 458.5
19.7 342.8
16.2 356.9
16.7 440.6
12.0 492.4
13.5 538.7
14.4 568.7
26.6 596.0
446.6
488.6
488.3
297.3
374.4
48!i
54 .7 151. 0 232
37 6
99 0 193
17 .5 204. 0 167
9 .8 165. 7 179
14 .3 111. 9 254
403.7
396.1
382.2
369.4
355.6
342.2
329.7
65.9
67.8
73.1
80.0
84.9
90.9
96.7
12 .3
14 . 3
12 .9
12 .0
12 .2
11 .4
14 .1
171. 2
158. 6
170. I
154. 5
171. 3
169. 1
168. 4
253
259
261
257
274
287
297
636.2
655.7
682.4
696.8
726.3
328.2
331.1
332.2
335.0
334.2
108.8
115.0
121.0
125.8
126.5
13 .6
14 .9
10 .6
10 .8
14 .2
164. 8
166. 1
162. 4
166. 2
161. 5
304 1
329 1
325 9
.8 20.7
.9 19.3
.7 19.8
.8 29.9
5 37.8
Egypt
and Union
Aus- Bel- Angloof Other
tra- gian Egyp- South
lia Congo tian Africa
Sudan
47.2 119.3
46.4 91.8
15 8 101.6
8
7
4
5
5
45 .5
30 6
22 .2
32 .4
19 .1
58. i
20.8
25.0
27.7
61.6
75.6
3
4
0
6
3
8
4
26 .2
23 .6
22 .3
22 .4
32 .4
36 .8
38 .5
55.0
55.4
53.1
50 3
52.2
52.6
54.5
89 4
98 9
98.7
104.8
101.7
101.2
110.7
16.8
17.3
21.8
11.6
16.0
13.6
32
36
38
36
44
54.3
58.8
57.8
62.0
68.1
121.0
126.4
127.3
123.4
117.7
9.1
316.6
325 9
.3
5
.4
.7
.7
6.0
44.0
7.0
11.8
9.0
13.9
12.4
79.5
57.7
65.9
64.2
65.2
68.5
72.0
83.7
86.8
87.3
95.7
93.3
80.6
83.1
•
Beginning January 1950, excludes Au
AUGUST
1952
945
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
1946—Dec. 31.
1947—Dec. 31..
1948—Dec. 31..
1949—Dec. 31..
1950—Dec. 31..
1951—June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
708.3
948.9
1,018.7
827.9
898.0
47.7
29.2
24.5
37.2
105.7
5.7
23.4
119.0
51.8
31.4
151.0
49.1
51.4
5.2
3.4
9.8
7.0
6.9
3.8
8.7
16.0
21.1
15.8
22.6
20.7
82.8
118.9
106.3
98.5
67.1
939.0 110.2
939.9 103.7
947.5 87.0
897.4 52.0
918.1 33.0
943.1 34.7
968.4 35.0
7.4
8.2
13.3
11.0
11.3
11.0
10.1
3.5
3.4
3.8
2.9
2.9
3.9
5.0
10.5
10.7
8.3
9.2
9.6
8.8
11.2
52.9
29.3
18.0
13.2
11.2
7.5
10.3
14.1
14.1
13.2
13.8
11.6
5.8
5.6
5.7
3.4
3.5
11.2
10.3
11.6
8.6
7.3
996.0
964.4
1,004.4
1,027.7
1,034.4
1952—Jan. 31.
Feb. 29..
Mar. 31. .
Apr. 3 0 P .
M a y 31 P.
28.5
32.8
35.4
35.9
37.6
Canada
Latin
America
Asia
All
other
312.9
248.6
323.8
219.2
237.0
52.2
27.5
39.8
37.6
125.8
226.8
514.3
516.6
411.1
378.8
99.2
127.0
118.8
139.7
96.3
17.2
31.5
19.7
20.4
60.0
87.9
89.8
88.8
86.3
92 A
97.7
111.2
272.4
245.2
219.2
174.7
160.1
163.6
182.8
117.3
119.3
101.9
101.0
102.5
118.3
92.0
386.6
401.3
429.5
437.2
463.8
465.5
489.3
102.9
117.6
141.0
128.7
146.9
153.0
162.4
59.9
56.6
55.9
55.9
44.7
42.6
41.9
12.6
14.4
21.5
23.5
24.9
114.6
103.0
89.6
81.2
80.3
186.8
180.2
176.9
166.3
165.1
89.3
72.4
72.1
82.0
69.5
520.3
520.6
570.2
601.1
649.6
161.9
154.6
149.5
144.8
118.8
37.6
36.7
35.7
33.5
31.5
Poland
PorRutugal mania Spain
Sweden
7.2
.9
2.9
7.0
1.6
4.9
5.4
1.4
2.3
6.9
6.0
13.6
20.2
23.5
14.2
17.1
16.8
18.8
7.4
6.2
4.9
4.1
4.3
6.2
5.4
7
7
5
9
1
3.5
3.9
4.0
19.0
19.8
13.5
12.6
14.6
5.2
4.3
4.2
3.6
3.2
2.4
1.3
.7
2.4
2.7
4.1
4.5
4.4
4.9
3.8
Other
Total
Europe Europe
Table 3a.—Other Europe
Other AusEurope tria
Date
Bel- CzechDenoslo- mark
gium vakia
Finland
.5
2.2
.6
.4
3.2
6.2
8.0
3.4
8.2
2.2
30.4
30.5
30.5
30.0
25.4
12.4
10.6
1.2
.7
.2
3.3
9.2
8.4
7.4
1.4
6.2
4.1
4.1
5.2
5.7
5.9
4.8
6.2
5.1
5.0
2.5
2.7
3.2
3.1
25.4
25.9
26.4
28.8
30.9
28.6
28.3
.1
.1
.2
.2
.1
.5
.2
2.3
2.1
2.0
1.8
1.7
1.1
2.5
31.. 82.8
31.. 118.9
31.. 106.3
31. . 98.5
31. . 67.1
7.5
15.0
21.4
19.3
21.5
1951—June 30. 87.9
July 31. 89.8
Aug. 31. 88.8
Sept. 30. 86.3
Oct. 31. 92.1
Nov. 30. 97.7
Dec. 31. 111.2
18.8
18.7
15.2
21.5
23.6
27.1
39.6
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1952—Jan. 31.
Feb. 29.
Mar. 31. .
Apr. 30P,
May 31 P.
114.6
103.0
89.6
81.2
80.3
.2
(*)
()
4.0
4.6
4.6
4.3
3,9
42.9
33.7
28.7
21.4
18.7
3.6
4.1
2.7
1.8
3.4
Ger- Greece Nor-
30.1
27.9
27.7
27.2
26.9
.2
.1
.1
.1
.1
1.0
1.1
.7
.5
.5
1.3
1.0
1.0
.8
.6
.7
1.0
.9
1.2
1.0
2.0
1.6
1.5
1.8
2.1
Yugo- All
USSR slavia other2
()
•(«)'
9.5
35.9
29.8
15.6
3.9
Table 3b.—Latin America
Latin
BoAmer- Argentina
livia
ica
te
Brazil Chile
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Reico Indies
mala
and
pubSurilic
nam
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31. .
31. .
31. .
31. .
31..
226.8
514.3
516.6
411.1
378.8
.8
.2
.4
.6
.9
2.3
2.0
2.7
2.3
8.7
49.8
165.8
165.4
136.9
78.0
14
27
15
15
6
.6
.8
.2
.5
.8
26
32
32
21
42
.4
.6
.6
.1
.5
25.7
108.6
83.1
27.5
27.6
i.9
1951—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30. .
31..
31. .
30..
31. .
30. .
31..
386.6 9 .5
401.3 10 .0
429.5 8 .9
8 .3
437.2
463.8 9 .3
7 .9
465.5
489.3 7 .6
8.1
7.1
8.2
7.8
7.2
7.2
7.5
95.2
104.5
112 A
135.0
155.6
164.3
185.0
12
12
15
19
20
22
24
.9
.3
.5
.5
.6
.7
.8
48
45
42
42
43
39
43
.0
.9
.7
.1
.0
.7
.7
38.8
50.6
42.0
34.0
30.1
29.4
32.3
2.0
2.0
1.8
1.5
1.7
1.7
1.8
520.3
520.6
570.2
601.1
649.6
7.1
9.9
8.1
8.6
9.7
207.3
217.0
234.9
272.2
318.8
26
23
29
29
27
.2
.6
.3
.1
.5
39
36
33
31
34
.3
.1
.8
.5
.3
29.6
31.0
56.6
54.7
55.9
2.2
2.1
2.1
2.9
2.4
1952—Jan. 3 1 . .
Feb. 29. .
Mar. 31. .
Apr. 3 0 P .
M a y 31P.
41
65
72
53
45
7 .9
7 .8
8 .6
7 .8
7.4
25.5
52.2
73.8
73.0
70.6
.8
1.1
1.5
1.3
1.3
2.6
2.7
3.0
2.8
3.4
3.2
3.8
58.6
60.4
68.6
69.1
74.1
87.4
90.6
1.4
1.4
1.2
1.4
1.1
1.4
1.2
4.0
4.2
4.2
4.1
3.7
109.1
103.0
101.1
94.4
89.8
1.2
1.2
1.2
1.3
1.1
' '2.'6
Peru
ReEl
public of SalPan- vador
ama
Uruguay
11.0
1.3
4.7
4.6
5.3
3.1
6.8
12.6
11.1
12.2
12.7
13.9
12.7
11.8
2.5
2.6
2.6
3.2
3.1
3.3
3.0
3.0
3.8
4.1
5.5
7.5
8.4
9.5
10
9
11
12
13
9
10
12.0
11.8
11.5
10.3
11.6
4.2
4.1
3.9
6.8
6.0
9.9
8.4
7.5
6.5
5.3
11
7
19
24
28
3.7
4.3
4.4
5.8
Other
Vene- Latin
zuela America 4
8
15
26
25
49
.7
.3
.0
.6
.4
26.2
34.5
34.7
43.1
14.6
.4
.9
.3
.9
.4
.3
.5
67
62
80
67
66
54
41
.1
.6
.5
.7
.9
.6
.7
13.9
14.4
14.7
13.7
13.1
12.3
14.5
.8
.9
.1
.9
.1
34 .9
38 .7
33 .1
13.7
13.8
15.1
13.7
13.8
' 8 .6
32.2
34 .2
P Preliminary.
1
See footnote 1, p. 944.
2
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
»4 Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
946
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
1946—Dec.
1947—Dec.
1948— Dec.
1949—Dec.
1950—Dec.
1951—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1952—Jan.
Feb.
Mar.
Apr.
May
Asia
Formosa
and Hong
IndoChina Kong India nesia I r a n
Mainland
99.2
127.0
118.8
139.7
96.3
102.9
117.6
141.0
128.7
146.9
153.0
162.4
161.9
154.6
149.5
3 0 P . 144.8
31*>. 118.8
31..
31..
31..
31..
31..
30..
31..
31..
30..
31..
30..
31..
31..
29..
31..
53.9
40.8
24.2
16.6
18.2
8.3
8.3
10.2
10.2
10.3
10.1
10.1
10 1
9.6
9 1
7.9
7.3
5.9
2.6
3.4
3.7
3.0
3 1
4.3
3.0
3.2
3.6
3 3
3.1
1 4
1.6
2 8
5.0
2.5
T A B L E 4 . - P U R C H A S E S A N D
12.0
29.6
20.4
17.4
16.2
15 7
13.3
14.6
12.1
9.7
13 3
13.4
14 8
16.8
20 4
14.5
9.4
PhilIsrael Japan i pR pe i - n e T l ha an i d public
1.0
.5
1.9
.2
.2 ' 6 * . 6 *18l9
.2 7 . 4 2 2 . 2
7.1 2 1 . 6
.3
.2 6 . 6 2 4 . 0
.4 7 . 5 2 5 . 7
.4 8 . 1 2 7 . 0
.4 8 6 2 7 . 8
.3 9 . 3 3 0 . 0
4 8 9 35 9
.5 9 . 0 3 2 . 4
7 10 1 30 3
.9 10.8 29.3
.6 10.6 30.2
S A L E S B Y
.2
.9
15.9
14.1
12.1
9.9
11.1
7.9
8.5
8.5
10.7
12.2
8 6
8.8
9 1
11.0
13.8
Year or month
1946.
1947 .
1948
1949
1950
1951
1951—Tune..
July
August. . .
September
October
November
December
19S2—Tanuary
February
March
AprilP
M a y p ..
T A B L E
414.5
344 8
282.4
430 0
1,236.4
673.6
210 2
30.0
25.7
11 .1
20.7
20 7
27.2
20 2
15.5
19 4
13 9
31.2
....
5 . — P U R C H A S E S
A N D
0.2
7.4
7.3
3.2
4.9
9.5
14.0
22.7
19.0
23.0
22.6
29.3
29.1
27.2
22 6
23.7
27.4
V.s'
3.1
3.7
4.4
3.9
2.8
2.4
2.5
2 1
2.9
3 7
2.8
3.2
notes4
Sales
6
2
3
3
2
1,3
4
84.2
83.3
30.3
33.6
94.3
56.6
92.4
79.3
226.7
56.1
282.5
17.4
36.0
12 7
18.7
16 3
13.7
37.7
month
65.2
57.1
81.7
88.8
173 8
272.3
17.7
16 4
19.6
26 6
25.2
24.2
24.4
34.4
29 4
22 0
28.9
19.0
.. .
.8
.8
.8
10.6
.8
.6
.5
.6
13 8
23.6
1.6
4.6
7.5
14 3
50 3
13.9
22.8
33.1
46.3
37.3
42.9
52.9
51.6
50.0
45.1
26 9
15.3
12.1
17.2
31.5
19.7
20.4
60.0
59.9
56.6
55.9
55.9
44.7
42.6
41.9
37.6
36.7
35.7
33.5
31.5
6
Net
purchases
Purchases
Sales
Net
purchases
-269.7
61.5
- 4 7 . 9
96.4
942.1
-683.0
—282 2
- 4 9 . 4
-201.1
- 4 5 . 0
-261.8
367.6
226.1
369.7
354.1
774.7
859.8
55.4
51.6
68.0
76.7
94.0
62.6
64.1
76.6
68.3
65.7
75.2
59.8
432.1
376.7
514.1
375.3
772.3
761.0
58.5
47.3
60.3
52.4
76.1
61.8
53.7
71.5
79.6
68.1
68.1
71.4
- 6 4 . 5
—150.6
-144.3
—21.2
3.4
- 8 .
7
- 3 .
3
8
6
2
1
.1
- 6 . 5
S A L E S B Y F O R E I G N E R S O F L O N G - T E R M
I N T H E U N I T E D S T A T E S , B Y
T Y P E S 3
(Return of U. S. Funds)
[In millions of dollars]
Purchases
1946
1947
1948
1949
1950
1951
1951—June
July
August
September
October
November
December
1952—January
February
March
...
AprilP
M a y p
1.4
17.7
1.4
14.3
.9
.6
BelAust r a l i a C go in a g n o
3.4
9.0
4.7
7.9
40.8
36.4
32.4
30.9
27.9
25.3
23 4
22.8
21 1
17.5
17 7
13.5
12.7
Egypt
and
Union
Angloof
Egyp- South Other
tian Africa
Sudan
.4
.1
.4
.2
.3
.4
.8
.5
3.9
.3
2
.2
.1
.1
.1
.2
2
4.4
7.0
7.3
7.7
7.7
6.9
6.7
5.7
5 3
6.0
7 2
7.6
7.8
Sales
65.6
42.6
96.7
70.8
198.2
348.7
16.4
18.1
19.6
26.6
21.4
47.6
82.6
29.9
28 1
35.8
44.9
20.4
2.4
98.7
- 3 . 1
4.2
7.7
24.3
17.9
.8
10.4
5.1
—1 1 . 3
- 2 . 5
7.1
-11.7
F O R E I G N
Total
purchases
Total
sales
782.1
570.9
652.2
784.1
2,011.1
1,533.3
265 6
81.5
93.7
87.8
114.6
83.4
91.3
96 9
83.8
85 1
89.1
91.0
1,116.3
659 9
844.4
708.9
1,066.6
2,117.6
550 9
126.7
287.0
108.5
358.5
79 2
89.7
84 2
98.3
84 4
81.9
109.1
S E C U R I T I E S
Net
purchases
—.4
14.6
- 1 5 . 0
18.0
—24.4
—76.4
1.2
— 1.7
— .1
(7)
3.8
-23.5
-58.2
4.6
1 4
-13.8
-16.0
-1.4
Purchases
755.9
658.7
211.6
321.2
589.2
500.4
39.1
45.4
21.1
73.6
53.9
73.7
38.1
33.1
19.0
21.5
43.7
35.6
Sales
4
6
2
3
7
8
90.4
34.3
91.4
11.5
10.2
00.4
73.9
28.2
'20.7
73.0
226.1
39.6
46.8
36.5
50.7
23.4
78.8
186.5
Net
purchases
265.5
24.5
- 7 9 . 8
9.8
-121.0
-300.0
- 3 4 . 8
17.3
'.4
.6
-172.2
34.2
- 8 . 7
- 3 . 5
-31.7
- 1 . 9
- 3 5 . 0
-150.9
821.2
715.9
293.3
410.1
763.0
772.7
56.8
61.8
40.7
100.2
79.1
97.9
62.5
67.5
48.4
43.5
72.6
54.6
Total
sales
5
6
3
3
9
1,1
2
3.3
8.0
6.8
7.7
7.2
6.6
6.8
7.4
7.9
4.7
5.6
6.5
4.7
7.0
5.0
5.1
6.1
5
Net
purchases
of
domestic
securities
—334 2
—89 1
-192.2
75 2
944 4
-584.3
—285 2
—45 1
-193.3
— 10 7
-2 43.9
4 2
1 6
12 7
— 14 5
6
7 2
-18.2
O W N E D
Foreign bonds
Total
purchases
10.1
14.4
7.9
4.5
7.3
9.4
9.4
9.3
8.5
7.6
6 8
6.7
6.3
6.0
5.7
7.0
4.8
T Y P E S
Corporate bonds and s t o c k s 5
Foreign stocks
Year or
All
other
Other
Asia1
F O R E I G N E R S O F L O N G - T E R M D O M E S T I C S E C U R I T I E S , B Y
( I n f l o w oi F o r e i g n
Funds)
[In minions of dollarsj
U. S. Government bond s a n d
Purchases
2
2
3
2
Turkey
56.1
76.8
88.2
82.3
08.4
49.1
90.4
46 2
'40.3
99.6
247.5
87.2
129.4
66.4
78 7
59.3
123.7
206.9
Net
purchases
of
foreign
securities
265
39
—94
27
—145
—376
—33
15r
1
0
8
8
4
4
6
6
3
6
—168 4
10 7
- 6 6 . 9
1 1
—30 3
— 15 8
— 51 1
-152.3
r
v1 Preliminary.
Revised.
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
Includes
transactions
of
international
institutions.
* Through 1949 includes transactions in corporate bonds.
5
Through 1949 represents transactions in corporate stocks only.
8
7
Includes net sales of 554 million dollars by Canada.
Less than $50,000.
AUGUST
1952
947
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES.
BY COUNTRIES
(Inflow of Foreign Funds)
[Net sales, (—). In millions of dollars]
Year or
month
International
institutions
Total
United
Kingdom
France
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
—98.6
-175.5
— 190.4
36.5
347.5
9.2
— 16.4
3.2
7.5
-49.0
458.2
-595.5
1946
1947
1948
1949
1950
1951
74.5
7.6
87^0
121 2
-15.9
—334.2
— 163.6
— 199.8
— 11.8
823.2
-568.4
—36 9
-8.9
9.1
20.9
64.0
21.4
—6.8
—50.2
—82.8
—6.8
197.8
6.0
—26 5
-98.2
— 79 3
-25.5
-6.3
-22.2
— 17.5
13.0
—40.0
44.2
19.0
45.9
— .1
-17.1
\'.9
-10.8
-14.1
2.6
2.2
73.8
-43.8
1951—June...
July...
Aug... .
Sept...
Oct....
Nov
Dec.. . .
-61.9
-11.2
-18.6
.3
-14.5
1.0
.8
-223.4
-34.0
-174.8
-20.9
-229.4
3.1
.7
-13.0
1.6
8.6
-2.5
-3.6
3.1
5.6
-35.8
-13.9
.4
-20.0
.4
.6
.7
-5.3
-6.0
-2.7
-1.4
-2.2
-4.6
-1.0
2.7
5.8
5.4
11.0
11.2
2.6
-4.3
.1
.6
-.2
.5
-.1
.2
.3
-5.4
.6
-42.6
1.0
1.9
.8
3.8
-56.7
-11.3
-31.0
-11.6
7.5
2.6
5.0
1952—Jan....
Feb.. . .
Mar....
Apr.P. .
Mayp. .
.3
-3.3
.8
.8
.3
12.4
-11.2
-.2
6.4
-18.5
5.4
7
2^3
.6
1.3
1.5
.7
.4
-.6
-1.7
-2.7
-2.3
-2.6
-3.1
10.4
-4.8
2.4
2.7
-1.9
-.1
.2
-.2
.1
.1
-1.3
.3
-1.2
-1.1
.7
14.1
-7.0
1.4
0)
(i)
1.5
— 9
-2 9
Latin
America
All
other
Asia
6.3
-3.5
10.2
2.5
30.1
13.9
—224 5
10.0
—23.3
-156.4
-25.3
-142.2
-3.1
-235.9
-1.7
-7.6
-10.7
1.7
-1.3
3.8
3.9
1.2
3.1
.5
.9
-.1
-10.1
-5.0
.9
-3.1
-.9
-2.7
3.4
-7.2
2.3
-2.3
2.9
4.1
-.4
-1.3
-1.1
-2.1
—1 0
2.2
—3.9
'2
2.7
j
—2 1
-15.3
4.8
- A
— _;
3
0)
.4
.1
.3
-.2
-.2
0)
-7.8
TABLE 6a. -DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
Year or
month
1946...
1947
1948 .
1949
1950
1951
Other
Europe
Austria 2
-1.3
.31
-1.2
— 1.11
•?
-7.3
.1
-4.7
0)
.4
0)
0)
Norway
.9
1.8
2
0)
-3^6 -29.2
1.2
0)
2.0
0)
.7
2
3.4
0)'
-.6
.5
-.1
.8
•2
.2
(l)
(l)
C1)
0)
0)
— .1
.1
-.1
i1)
ica
Colombia
6.3
—3 5
10 2
2.5
30.1
13.9
.1
.3
2
1.2
-1.2
.5
Latin
All
other
2 . 2 — 13.6
.6
— .9 —4.1 —9.2
— 3
2 6
.3
1.4
-.9
1.6
12.6
36.7
6.0
5 . 7 —38.1
.5
— 10 8
— 14.1
2^6
2.2
73.8 ' ISA
—43.8 — 11.9
1951—June.. . - 5 . 4
July...
.6
Aug... -42.6
1.0]
Sept...
Oct
1.9
Nov.. .
.8
3.8
Dec. . .
1952—Jan.. . .
Feb.. . .
Mar. . .
Apr.P. .
Mayp .
Belgium
^3
-5.0
_ 2
-.'5
.2
.4
-10.7
1.7
-1.3
3.8
3.9
1.2
3.1
— .9
1
-1.3
-1.8
.5
2.3
-2.3
2.9
4.1
-.4
Cuba
.1
1.7
— .9
-.8
-1.0
24.6
6.1
C1)
— 5
-'3
.8
.3
.3
-.3
_ 2
A
.2
.1
-.4
-.3
.6
.4
-1.1
.1
.3
.5
.8
-.1
0)
Formosa
and
China
Mainland
ReOther
public
Latin
Uruof
2
Amerguay
Panica
ama
Mexico
6.8
2 5
2.9
.3
.5
2.5
.8
2
— .3
.6
0)
.1
1.6
1.0
-.2
0)
-.8
-.7
4.5
—6.9
-4.7
4.2
.1 ' -5'.6
.8
2.6
Philippine Other
ReAsia
public
Indonesia
- 6 . 7 - 2 2 4 . 5 - 2 0 0 . 5 — 2 2 . 5 — 1.9
.4
1.5
10 0
7.0
7.5
—3 2 — 1 .3
— 1
12.6 - 2 3 . 3
.4
— 9
-22.7
-2.1
-2.1
4.4
-7.2
.2
11.1 - 1 5 . 3
-.3
' 9 -13.0
-3.0
1.5
4.8
.3 - 2 . 1
— .2
6.8
-.2
-1.6
.6
3.1
-.3
-1.5
2
.4 - 1 1 . 8
-.2
2.8
-.8
-.3
.1
.7
1 .6
2.5
.7
.7
1.5
-.6
1.1
-3.2
2.0
1.4
.4
.5
1.0
—.1
.5
-.2
-.1
.2
— .1
1.7
1.3
.5
.9
— 1
-10.1
-5.0
.9
0)
-1.3
— 1.1
-2.1
0)
-7.8
-.1
(i)
.2
— .2
.1 - 1 0 . 0
.1 - 5 . 0
(1)
0)
(0
C1)
(i)
(i)
(\)
C1)
-1.2
(i)
.1
-.2
.2
.1
-1.0
.1
C1)
-1.1
-.3
-1.6
0)
0)
(i)
-8.0
1.5
.7
.1
-.2
-.1
.9
1.2
-
.
.
.
.
.1
3
8
4
1
.1
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
1946
1947
1948
1949
1950
1951
International
institutions
-249.3
(i)
-16.0
—3 6
— 152 7
1951—June.. .
July.
Aug... .
Sept...
Oct....
Nov
Dec.
1952—Jan....
Feb.. . .
Mar....
Apr.P. .
May?..
Total
United
Kingdom
France
265 1
288.3
-94.9
43.8
— 141.8
—223 7
-20 9
-2.0
-9.9
-13.5
-6.1
-2 0
-33.6
15.6
-.2
.1
.3
-.6
.2
.3
.1
-1.0
-99.4
-1.4
.1
-4.4
C1)
-50.0
r.2
1.6
-69.0
10 7
-66 9
2.5
-30.4
-11.4
-51.1
-102.3
P Preliminary.
1
Less than $50,000.
948
.2
-3.0
-.5
.1
-1.1
Netherlands
Switzerland
-1.0
-3.1
-4.3
.4
— 1.3
-4.1
-7.0
-29.9
-5.3
-.1
-4.7
2.8
-13.9
-14.9
-35.4
19.1
17.2
14.2
.2
-.4
.2
.8
.8
-.6
.2
-.7
.8
'.7
.4
.2
1.8
.3
1.0
1 2
.2
1.4
.9
1.0
.4
.2
.5
.5
.7
.3
.5
.6
-.2
2.3
.7
.4
1.7
1.0
(i)
Italy
-.8
-.3
.1
.4
.5
1.2
0)
1
C)
0)
0)
(1)
.1
.1
(l)
0)'
.1
Other
Europe
Total
Europe
Canada
Latin
America
10.9
15.6
11.4
24.6
7.8
16.4
-32.6
-34.4
-43.4
30.8
13.4
28.5
187.6
205.2
-102.2
-10.6
-190.0
-258.0
7.5
1.4
.7
-1.1
1.4
.3
2.9
8.8
1.7
1.5
.4
3.4
2.5
4.6
-37.6
16.4
'-1.6
-2.2
-76.5
9 2
-68.0
.6
.8
2.8
4.9
-.8
3.1
2.9
1.3
2.8
-30.6
-5.5
-59.8
-102.1
0)
1.1
Asia
All
other
131.3
89.2
40.7
20.2
29.8
33 8
3
.5
1.6
.8
1.0
—36 0
—21 4
27.8
8.4
2.6
3.9
7 9
3.9
4.2
-9.1
—6 9
3.8
5.4
2.6
2.3
-1.7
-2.0
—3 9
—6 8
.4
2
.4
1.3
.6
3
9
-1.1
2.3
1.5
1.0
1.9
-4.4
-1.8
-5.0
-4.1
-3.6
.3
.6
-5.5
8.8
.1
0)
0)
" Revised.
2
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
1946
1947
1948
1949
1950
1951
9.7
-.6
-11.3
-19.3
-1.0
-1.2
.6
8.0
-6.1
1951—June
July
August
September
October
November
December
11.1
.1
-.1
.9
Nether- Switzerlands
land
-8.5
-4.8
-3.4
-2.9
-1.4
-2.5
-.5
l!5
.2
.5
-.8
-.3
.2
.6
-.3
-.2
5.3
1.2
-.8
1.1
.2
-1.1
-1.7
1.0
1.9
-23 . 8
3.1
-1.3
.8
.3
-.9
.3
1.2
-7.5
2
.4
-.2
.1
.2
.4
.2
-1.5
-10.7
.2
2.5
.3
1
A
.9
.7
-4.8
3.2
.8
Italy
0)
9.3
2.5
-.5
.1
-.2
-.7
1.2
.7
-.1
-2.0
1952—January
February
March,
April?
May?
United
Kingdom France
.6
2.5
-.7
-.3
.3
-1.9
-1.0
.1
.1
-.2
.2
-.1
0)
-.5
-.5
4.8
0)
-2.7
.3
.7
.1
0)
.2
.1
-.2
.2
-2.7
1.7
2.9
-1.9
-.6
Other
Europe
1.1
-.5
-3.2
.1
-.2
-.3
Total
Europe
-1.6
-9.3
-20.8
1.0
3.0
-3.3
.7
-.1
9.2
.2
-1.0
-4.9
.4
.2
.2
-.2
.4
.2
.2
-.3
-.5
1.0
-3.4
2.3
.3
Latin
Canada America
2.0
7.5
-.6
1.2
-2.0
.1
.9
-1.3
4.4
-3.0
2.8
-5.0
2.8
-.5
.3
2.1
.2
-1.0
-.2
.1
.4
.1
.3
-4.5
-3.1
1.3
-3.7
1.1
2.2
8.1
-2.1
-1.5
0)
-2.9
2.6
1.8
2.4
.1
All
Other
1.0
1.8
.4
-.2
3.0
-.5
.7
-1.4
-.1
.2
.6
— .1
-.4
-.2
.7
-.1
.5
0)
.6
.3
— \
0)
.5
-.4
.2
.5
-.2
-.6
0)
Q
-2.6
2.1
-2.5
Asia
0)
.6
.2
I
P1 Preliminary.
Less than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 85.8; U. S. brokerage balances abroad, 31.5.
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Year or
month
1941
1942
1943.
1944
1945
1946
1947
1948
1949
1950
1951.
. .
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
861.0
1951—May .
June
July
August .. .
September
October....
November .
December
1952—Tanuary... .
February
March. . . .
April
May
1,110 4
982.1
774 1
701.5
683 0
697.0
705.5
728.1
753.2
776.2
63.7
62.7
Production reported monthly
South
Africa
Rhodesia
W e s t Belgian United
3
4
Africa 2 Congo States
i
of gold 9/1C)
$1 =15/21 'rains
32.4
504.3
27.8
19.6
29.2
18.0
494.4
26.6
23 0
19.7
15.8
448 2
18.4
20.7
12.7
429.8
19 9
12.1
427 9
18 9
19.1
20.5
11.6
417.6
18.3
19.3
10.8
392.0
18.0
23.4
11.1
405.5
12.9
409.7
18.5
23.1
12.0
408.2
17.9
23.2
17 0
23.7
403.1
12.7
34.6
33.9
34.4
34 6
33.3
34.1
33.8
33.2
L.4
L.4
L.4
4
L.4
34.2
32 2
34.4
33 8
35 5
4
4
1.3
s
L.4
L.5
Other
North and South America
Africa
Canada
Mexico
Colombia
Chile
fine: i. t •., an ourice of fine gold = £ .35.
23.0
187.1
28 0
9 3
209.2
Nica- Austra- India3
ragua5
lia
131.0
48.8
35.8
32.5
51.2
75.8
70.9
67.3
80.1
66.3
169.4
127 8
102.3
94 4
99.1
107.5
123.5
144.2
155.4
152.7
28.0
22 1
17.8
17 5
14.7
16.3
12.9
14.2
14.3
20.9
19 8
19.4
17 7
15.3
13.4
11.7
12.6
13.3
15 1
6.4
6 1
7.1
6 3
8.1
5.9
5.7
6.3
6.7
6.1
7 5
8.6
7 7
7.9
7 0
6.4
7.4
7.8
7.7
8.0
8.8
52 4
40.4
26 3
23.0
23 0
28.9
32.8
31.2
31.3
30.4
30.5
10 0
9.1
8 8
6.6
5 9
4.6
6.1
6.5
5.7
6 7
7.6
1.1
1.1
1.2
1 3
1.1
1.1
.9
1.0
5.2
5.6
5.2
6 4
6.1
6 3
5.4
4.9
12.9
12.7
12.1
12 1
12.6
13.2
13.0
13.2
1.0
1.0
L.4
[.3
L.3
s
.5
.5
.5
5
.4
.5
.5
.4
.7
.6
.9
8
.8
7
.7
.8
2.5
2.3
2.0
2 6
2.8
2 7
2.7
2.6
.6
.6
.7
7
.7
7
.7
.7
2.0
1.1
1.2
1 3
2 4
2 6
2.5
.7
7
1.2
5.1
12.4
12 3
12.8
12 7
12.8
6
1.2
5.0
4 8
4.6
5 0
.7
1.9
1.9
1.9
1.9
1.9
2.0
2.0
2.0
2.1
1.9
2 0
2.0
.3
L.2
.9
6
4
L.2
6
7
.7
7
.8
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.
3
Reported by American Bureau of Metal Statistics,
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures
reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that
the aggregate
for the year is equal to the yearly estimate compiled by the United States Mint.
8
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.
AUGUST
1952
949
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl.
USSR)» Treasury Total 2
Argentina
Belgium
Bolivia
Brazil
Canada
Chile
33,770
34.120
34.550
34,930
35,410
35,820
20,065
20,529
22,754
24,244
24,427
22,706
20,083
20,706
22.868
24,399
24,563
22,820
1,197
1,072
322
143
216
216
716
735
597
624
698
587
22
22
23
23
23
23
354
354
354
317
317
317
361
543
294
408
496
590
82
65
45
43
40
40
35,990
35,950
21,759
21,854
22,013
22.233
22,382
22,695
21,852
21,986
22,164
22,394
22,579
22,873
288
288
276
273
268
268
595
608
638
621
619
621
23
23
23
23
23
23
317
317
317
317
317
317
671
681
691
736
805
850
Mar . . . *>36,000
Apr
May.. .
June
22,951
23 190
23,290
23,297
23,296
23,346
23,055
'23,377
23,428
23,450
23,502
268
268
268
268
268
631
610
624
638
650
669
23
23
23
23
317
317
317
317
317
317
1945—Dec
1946—Dec. . .
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—j u iy
Aug..
Sept
Oct
Nov
Dec.. . .
1952—Jpn
Feb
23.533
Colombia
127
145
83
51
52
74
Cuba
191
226
Denmark
Ecuador
2 7Q
289
299
271
38
38
32
32
32
31
21
21
20
21
21
19
45
45
45
45
45
45
281
291
311
311
311
311
31
31
31
31
31
31
22
22
22
22
22
22
860
868
874
877
886
893
45
45
45
45
42
311
311
321
321
321
318
31
31
31
31
31
31
22
22
22
22
22
Mexico
Netherlands
New
Zealand
4201
180
178
208
294
181
100
42
52
208
270
265
231
166
195
311
23
23
23
23
27
29
80
91
72
52
51
50
14
27
27
28
24
20
20
28
31
22
1
Norway
Pakistan
End of
month
Egypt
France 3
Guatemala
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
52
53
53
53
53
97
1,090
796
548
548
523
523
28
28
27
27
27
27
274
274
274
256
247
247
131
127
142
140
140
140
24
28
58
96
256
256
1951—July
Aug
Sept.. . .
Oct
Nov.. . .
Dec
174
174
174
174
174
174
548
548
548
548
548
548
27
27
27
27
27
27
247
247
247
247
247
247
138
138
138
138
138
138
256
256
281
292
323
333
229
229
229
279
279
279
195
193
191
190
191
208
311
311
311
312
312
316
31
31
31
31
31
32
50
50
50
50
50
50
27
27
27
27
27
27
46
46
46
46
46
46
1952—Jan
Feb
Mar....
Apr.. ..
May.. . .
June.. . .
174
174
174
174
174
548
548
548
548
548
548
27
27
27
27
27
27
247
247
247
247
247
247
138
138
138
138
138
138
339
346
346
279
279
279
280
280
280
207
206
185
316
317
340
342
344
344
32
32
32
32
33
33
50
50
50
50
50
27
38
38
38
38
46
46
46
46
End of
month
Portugal
El Salvador
South
Africa
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
433
310
236
178
192
13
12
15
15
17
23
914
939
762
183
128
197
1951—July
Aug
Sept.. . .
Oct
Nov.. . .
Dec
217
224
234
250
255
265
26
26
26
26
26
26
1952—Jan
Feb
Mar
Apr
May....
June
265
270
274
274
274
26
26
26
26
30
30
India
Iran
Italy
Java
4
Sweden
Switzerland
110
111
111
111
85
61
482
381
105
81
70
90
L.342
1,430
L.356
1,387
1,504
1,470
43
34
34
34
118
118
241
237
170
162
154
150
210
210
210
209
208
190
61
61
50
50
50
51
129
129
128
134
136
152
L.454
1,447
1,446
1,448
1,454
1,452
113
113
113
113
113
113
150
150
150
150
150
151
190
193
169
164
161
148
51
51
51
51
51
179
211
214
214
210
?13
1,438
1,426
1,432
1,413
113
113
113
113
113
150
150
150
150
153
150
Spain
1 410
Thailand
Turkey
United
Kingdom
5
2,476
5
2,696
5
2.079
6
1,856
5
1,688
6
3,300
5
3^269
5 2,335
5
5
2,036
1,770
& 1,700
5 1,685
Uruguay
Venezuela
Peru
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
195
200
175
164
178
236
202
215
215
323
373
373
15'
1.356
1.436
1,451
1,495
39
32
30
36
68
167
269
257
252
242
232
221
373
373
373
373
373
373
1,519
1.529
1,529
1,529
1.530
1,530
155
143
144
132
127
115
221
211
211
211
373
373
3 73
373
373
373
1 ,531
1,532
1,532
1 ,532
1,535
116
126
143
151
154
154
c
P Preliminary.
Corrected.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
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,
2
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."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Figures
are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
5
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 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.
950
FEDERAL RESERVE BULLETIN
NBT 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)
United
Kingdom
Total
Year or quarter
—452.9
721 3
2,864 4
1,510.0
193 3
-1,725.2
75.2
1945
1946
1947
1948
1949
1950
1951
Belgium
France
31.1 278 5
— .2
14 2
406.9 222.8 264.6
734.3
69.8
15.8
446.3 -41 0
1 020 0 55 0
84 8
469.9 - 1 0 . 3 - 2 0 . 0
Netherlands
Portugal
-47.9
-10 0
130.8
116.0
63 0
40.7
14 0
-23 5
79 8 — 1 5 . 0
- 4 . 5 —34.9
Sweden
Switzerland
Other
Europe l
Canada
—7 4
—86 8
36 8
80 2 —29 9
27 3
337 9
10 0
86.6
238 0
311.2
3.0
5.8
-5.6
-40 0 2-159 9
34
38 0
- 6 8 . 0 -100 0
-22 9
-60.1
-32.0 -15.0
-10.0
Argentina
Cuba
Mexico
-224 9
153 2
727 5
114.1
—49 9
—85.0
-30 0
-65 0
-10 0
-10.0
28.2
-20.0
—23 8
36 o
45 4
61.6
— 16 1
-118 2
-60.2
-10.0
2.3
79
— 11 3
-15 0
-49.9
1949
Jan.-Mar
Apr -June
July-Sept
Oct.-Dec
68.8
173 9
101.5
-151.0
....
.. . . . .
.
162.4
283.9
-12.5
-31.0
10.4
10.5
—5.0
-10 0
-20.0
-5.0
3.5
2.5
-33 9
2
-13.7
— 11.2
—119.1
-15.9
3.4
—49.9
1950
Jan.-Mar.,...,.
Apr -June
Tulv-SeDt
Oct -Dec
-80.0
-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
520.0
20.2
—28 5
-56 3 -79.8
-15.0
—3.0
-16 0
-4.0
-13.0
-25 0
-12.4
— 11.9
34
- 4 7 . 1 -100.0
-IS. 8
82
20 0
—40 5
—61 • 9
1951
Jan -Mar
Apr - Tune
July-Sept
Oct -Dec
-91.7
-4.5
71 7
-10.0
-15 0
-5 0
-5.0
-15.0
-15.0
-17.0
-44.3
-11 2
-3.5
— 1.1
-10.0
—49.9
-124 4
64 1
-20.0
1952
Jan -Mar
557.3
22.5
-10.1
11.3
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
[In millions of dollars]
Uruguay
Year or
quarter
Venezuela
Other
Latin
America
—73.1 - 2 7 . 8
25 0
-9.2
13
1
1
79.1
—3 7
7 -108 0
13.4
-52
4 -50.0
—7 5
8
-17.2
—35
7
-.9
-17.2 * - 5 0
-37 9
1945
t946
1947
1948
1949
1Q50
9
.
25
10
-14
-64
1951
Asia
and
Oceania
Union
of
South
Africa
Gold stock at
end of period
All
other
Treasury
3
3.7
7
94 3
22 9
256.0
11 9
6.9
498.6
195 7 - 1 .6
13.1 4-47.2
52.1 4-84.0
0
1
1
4
1
1949
Jan -Mar
.
3 0
Apr.-June........
— 16
July-Sept
0
Oct -Dec
-50.0
72.0
55.6
48.1
19.9
.1
.1
-2.0
3.9
9.2
-26.9
-2.8
-14.7
-2.8
3.6
3.7
—2.9
— 11.9
- 2 .3
—6 6
-2 7
—41 0
— 10 4
-.9
-.1
-5.9
1 0
- 1 3 .9
- 2 2 .8
-11.7
-5.0
3.5
-4.0
-18 8
.4
-3 9
- 2 5 .0
12.7
20.3
19.2
-17.6
.2
4.3
.2
1950
Jan -M^ar
Apr -June
July-Sept
Oct.-Dec...
— 12
-2
-23
-26
0
0
9
9
1951
Jan -Mar.
Apr.-June
Tuly-Sept
Oct.-Dec
... -50 9
15 0
28 0
30 1
— .9
-28.0
-25.0
-31.0
1952
Jan -Mar..
....
10 0
1
2
3
4
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.
6
Includes sales of 45.0 million dollars of gold to Indonesia.
AUGUST 1952
iriod
1942.
1943.
1944
1945.
1946.
1947.
1948.
1949.
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
1050. . . . . . . . 22,706
22,695
1951
1951—July.. . 21 ,759
Aug. . . 21 .854
Sept... 22,013
Oct.... 22,233
N o v . . . 22,382
D e c . . 22,695
1952—Jan. . . 22,951
Feb.. . 23,190
Mar.. . 23 290
Apr. . . 23.297
Mav. . 2 3 , 2 9 6
June.. 23.346
J u l y . . . 23,350
Total *
Earmarked
Net
Increase gold im- gold: de- Don- estic g old
in total port or
crease
gold
prod ucor inexport
stock
tior 1 2
crease
22 ,739
—23 0
315 7 - 4 5 8 4 125 4
21 ,981
—757 9
48 3
68 9 - 8 0 3 6
20 ,631 — 1,349 8 —845 4 —459 8
35 8
8
20 ,083
32 0
-547.
— 106 3 - 3 5 6 7
465 4
20 ,706
51 2
623 1 311 5
S
1
0
210
22 ,868
2,162
1 .866 3
75 R
70.9
24 ,399
1,530. 4 1 680 4 — 159 2
4
9
5
7
24 , 563
164. 6
686 5
67 3
-1 ,352 4
22 ,820 - 1 , 7 4 3 . 3 - 3 7 1
80 1
66 3
5 2 . 7 —549 0
617
22 ,873
— 19 2 - 1 6 2
-8 8
21 ,852
5 2
6 4
133. 1
-3 7
137 0
21 ,986
6 1
178 0
10 9
176 7
22 .164
6 3
229 9 - 1 8 4
243 4
22 ,394
1
5 4
185. 0
188 4
22 ,579
4 9
294. 1
289 9
22 ,873
6 5
137 5
182. 4
23 ,055
5 0
63 6
C
C
4 8
321 .5
150 3
152 2
23 ,377
4 6
157 ] - 1 0 3 1
23 .428
"51 6
22 0
— 75.4
23 ,450
96 (\
5 0
5 1
51 .9
27 2
27 1
23 ,502
10 3
5 5
30 5
36 .6
23 , 533
5
23 ,536
3 8
-31 4
(*
c
1
2
Corrected.
See footnote 2 on opposite page.
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 949, footnote 4.
3
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 4,882.0 million dollars on July 31, 1952. 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.
951
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures.
In millions of dollars]
1951
1952
1952
International Fund
International Bank
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.
Jan.
Oct.
July
Jan,
1,531
1,529
1,519
1,495
1,322 1,322 1,316 1,304
4,408 4,409 4,327 4,229
869 1,003
883
869
1
1
1
1
8,152 8,137 8,037 8,037
5
-7
-6
-6
1951
1952
Net currency purchased 1
(Cumulative—millions of dollars)
June
May
Apr.
June
20.0 20.0 20.0 20.0
11.4 11.4 11.4 11.4
88.0 103.0 103.0 65.5
5.4
5.4
3.6
3.6
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
-5.5 -5.5 -5.5 -5.5
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
8.8
8.8
8.8
75.2 75.2 75.2 75.4
9.6
5.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-.9
-1.7 -1.7
-1.6
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
French francs
Indian rupees
Iranian rials
Netherlands guilders
Norwegian kroner
Turkish liras
Pounds sterling
Yugoslav dinars
All other
750.0
Total.
June
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
inch obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special reserve
Capital 3
Mar.
6
937
5
940
512
4
490
4
Dec.
June
9
919
510
4
457
4
1,270 1,186 1,113 1,037
14
14
10
19
500
450
436
325
41
33
33
372
350
352
5
10
6
58
55
50
42
28
24
26
20
1,691 1,691 1,688 1,668
56
403
7
1
As of June 30, 1952, the Fund had sold 807.0 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 102.4 million dollars. Currencies the net transactions in
which amount to less than one million are reported under "All other."
28 Less than $500,000.
Excludes uncalled portions of capital subscriptions, amounting to
6,763 million dollars as of June 30, 1952, of which 2,540 million represents the subscription of the United States.
764.9 771.7 736.0
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of banking
department
Assets of issue
department
Goldi
.2
.2
1942—Dec.
1943—Dec
1944—Dec
1945—r)ec
1946—Dec.
1947—Dec
1948—Dec.
1949—Dec.
1950—Dec.
30
29. . . .
27
26
25
31
29
28
27
.2
2
2
.4
.4
1951—July
Aug.
Sept
Oct.
Nov.
Dec.
25
29
26
31
28
26
.4
4
.4
.4
.4
1952—Tan
Feb
Mar.
Apr.
May
June
30
27
26
30
28
25
2
2
4
4
4
.4
.4
.4
.4
.4
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
050 0
1,100.0
I,250 0
I 400 0
1,450.0
1,450 0
1,325.0
1,350.0
1,375.0
27.7
12.5
13.5
20 7
23.4
100.8
36.1
33.7
19.2
3.5
2.5
5 1
8 4
13.6
15.2
16.7
14.8
29.2
267.9
307.9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
L,400 0
I.400.0
1,400 0
1,400.0
1,400.0
1,450.0
20.1
42.9
52.4
49.7
38.2
14.1
29.7
19 0
20.8
16.8
18.2
7.7
.400 0
1,400.0
1,400.0
48.1
34.9
17.4
41.9
39.7
59.8
7.9
17.7
23.6
27.4
11.9
21.2
41,450.0
4
1,450.0
1,500.0
Liabilities o: banking department
Note
circulation 3
Deposits
Bankers'
Public
923.4
1.088.7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
223.4
234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
9.0
10.3
10.3
18.6
11.7
11.6
15.4
390.8
337.7
345.7
356.0
364.0
389.2
1,380.9
L,358.0
1,348.9
1,351.8
1,363.7
,437.9
294.4
273.6
289.9
303.9
294.7
299.8
14.8
18.5
16.6
14.5
16.4
13.4
343.7
344.2
351.8
306.1
319.6
309.6
.353.8
1,367.0
1,384.6
1,410.0
1,412.2
1,442.1
277.8
283.0
280.3
273.0
270.0
275.7
15.5
11.8
12.1
10.7
10.1
10.6
ECA
Other
Other
liabilities and
capital
17.4
97.9
.4
48.8
60.4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
17.9
17.9
17.8
17 8
18.1
18.1
18.1
18.1
18.1
2.3
88.9
98.9
91.2
93.1
89.4
89.8
18.3
18.5
18.5
17.8
18.0
18.1
.5
87.5
83.1
81.3
73.4
72.6
72.5
18.3
18.5
18.5
17.8
18.0
18.1
5.2
5.3
.9
1.1
7.2
.6
.6
.4
.5
.5
.5
13.6
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.
4
Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1 and on June 25. For details on previous
changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254.
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.
952
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
and United
States
dollars
Gold
Dominion and provincial government
securities
Deposits
Other
assets
Chartered
banks
Dominion
government
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
1,367.4
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
118.6
119.8
87.1
83.1
79.2
135.2
,370 5
,370.7
,388.0
,406.5
,407.2
,464.2
558.2
580.4
579,4
588.3
633.8
619.0
91.1
115.0
105.6
210.3
66.0
94.9
212.6
185.7
140.0
83.3
92.5
66.1
202.9
205.8
154.8
165.0
189.5
200.0
82.7
88.2
106.8
84.0
73.8
76.1
,375.6
,374.4
,393.2
1,411.8
1,417.4
1,441.8
629.2
616.7
656.5
645.7
579.4
578.0
92.8
88.5
14.6
14.3
21.9
26.8
54.9
52.1
66.1
41.7
44.6
48.5
153.4
112.5
98.6
109.0
117.1
93.9
Shortterm *
Other
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
181.9
448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712-5
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45 4
42.5
297.1
1951—July 31 ,
Aug. 3 1 .
Sept. 29.
Oct. 3 1 .
Nov. 30.
Dec. 3 1 .
116,8
100.0
87.0
96.5
128.8
117.8
,327.4
,349.6
,297.6
,317.5
,137.8
,141.8
872.5
888.1
896.1
956 4
1,043.1
1,049.3
1952—Jan. 31 .
Feb. 29.
Mar. 31.
Apr. 30.
May 31 .
June 30 .
85.4
70.3
60 1
72.3
78.3
43.8
,095.4
,058.1
,179.9
,191.5
,203.6
1,251 .3
,042.6
,027.7
882.2
874.7
824.6
817.8
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
30.
31.
31 .
31.
31.
30.
31.
31.
31.
31.
31 .
30.
225.7
Assets
Bank of F r a n c e
Gold
5
Foreign
exchange
Other
Current
112
5,818
42
7,802
38
6,812
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
5,149
2,345
3,646
661
4,517
12
5,368
169
7,543
29
18,592
48
25,548
303
76,254
3,135
64 117,826
8,577 238,576
28,548 335,727
34,081 393,054
14,200
63,900
69,500
68,250
64,400
15,850
1951—July 2 6 . . . 191,447
Aug. 3 0 . . . 191,447
Sept. 2 7 . . . 191,447
Oct. 3 1 . . . 191,447
Nov. 2 9 . . . 191,447
Dec. 2 7 . . . 191,447
154,610
145,195
131,284
82,087
31,888
28,320
232,873
236,169
225,418
168,822
153,650
234,923
5,967
1,256
9,231
23,855
32,015
31,956
454,608
472,894
540,751
670,689
716,710
741,267
145,800
160,600
160,400
166,200
160,300
160,000
481,039
481,039
481,039
481,039
481,039
481,039
191,447
191,447
191,447
191,447
191,447
191,447
20,857
15,607
11,336
13,634
15,808
16,991
233,879
245,014
272,294
273,149
274,111
254,301
31,456
29,280
29,239
22,984
26,128
21,871
757,085
850,733
841,006
799,004
841,897
831,044
166,500 481,039
174,400 481,039
169,300 479,982
171,100 500,982
169,000 479,982
168,000 479,982
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
2 8 . . . 97,267
2 6 . . . 84.616
3 1 . . . 84,598
3 1 . . . 84,598
3 0 . . . 84,598
2 8 . . . 75,151
2 7 . . . 129,817
2 6 . . . 94,817
3 1 . . . 65,225
3 0 . . . 65,225
2 9 . . . 62,274
2 8 . . . 182,785
1952—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 26...
Deposits 7
Other
assets 6
Open
market
6
Special
Other
Liabilities
Advances to
Government 6
Domestic bills
(Figures in
millions of francs)
Other
liabilities
and
capital 3
Note
circulation2
Note
circulation
Other
30,473
112,317
182,507
250,965
366,973
475,447
445,447
'67', 900' 480,447
147,400 558,039
150,900 558,039
157,900 560,990
158,900 481,039
Government
ECA
Other
Other
liabilities
and
capital
2,925
44,986
68,474
S
21,318
H5.596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
151,322
15,549
218,383
18,571
270,144
17,424
382,774
16,990
500,386
16,601
572,510
20,892
570,006
24,734
721,865
33,133
920,831
59,024
987,621
57,622
112,658 1,278,211
212,822 1,560,561
1,914
984
1,517
770
578
748
12,048
765
733
806
1,168
70
15,058
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
161,720
250,441
245,129
235,289
252,303
199,545
190,830
1,699,190
1,754,151
1 ,779,360
1,827,781
1,779,556
1,841,608
74
96
60
62
19
29
19,703
6,980
13,367
16,240
1,869
10,587
166,020
146,012
154,895
166,453
157,228
166,226
31,798
26,490
27,177
25,905
27,922
41,332
184,064
126,412
113,099
139,747
118,726
110,501
1,866,693
1,880,832
1,861,681
1,925,615
1,900,526
1,885,929
57
96
22
84
39
36
7,157 156,405
3,699 198,702
15,783 188,767
341 156,326
6.645 171,350
730 143,900
36,015
30,601
41,448
29,679
38,539
43,541
8
8
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.
4
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.
8
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
8
AUGUST
1952
953
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1952
June
May
Apr.
Central Bank of the Argentine
Republic (millions of pesos):
814
814
Gold reported separately
463
541
Other gold and foreign exchange.
2,119 2,114
Government securities
44,149 44,158
Rediscounts and loans to banks. .
33.
327
Other assets
17,434 17,260
Currency circulation
26,683 26,965
Deposits—Nationalized
80
838
Other sight obligations
2,952 2,890
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
298,05. 305,877 313,364
Gold and foreign exchange
9,492
Checks and bills of other banks. . 10,754 8,82.
Securities (incl. Government and
475,887 514,173 573 ,630
Treasury bills)
98,317 129,220 140,085
Other assets
302,721 300,471 303,971
Note circulation
Deposits of Trading Banks:
257,970 370,670 432,170
Special
33,777 21,433 30,475
Other
288,54, 265,521 269,956
Other liabilities and capital
Austrian National Bank (millions
of schillings):
98
98
Gold
559
642
665
Foreign exchange
7,206 6,74i
6,541
Loans and discounts
3,487 3,491 3,393
Claim against Government
41
42
42
Other assets
8,491 8,348 8,291
Note circulation
312
233
235
Deposits—Banks
379
370
274
Other
2,210 2,067 1,937
Blocked
National Bank of Belgium
(millions of francs):
33,468 32,485 31,886
Gold i
Foreign claims and balances (net) 23,727 24,298 24,316
5,470 6,131 7,780
Loans and discounts
Consolidated Government debt.. 34,763 34,763 34,763
10,007
9,345 10,152
Government securities
3,768 3,639 3,370
Other assets
94,671
94,401
95,773
Note circulation
1,540
1,285
1,573
Deposits—Demand
1,250
1,308
1,295
ECA
13,742 13,667 13,627
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
1,370
Gold at home and abroad 2
831
Foreign exchange (net)
1,439
Loans and discounts
1,843
Government securities
267
Other assets
4,220
Note circulation
862
Deposits
668
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
521,914
,383 566,051
Foreign exchange
43,000
,000 28,964
Advances to Government 3
32,762
,513 12,827
Government securities
2,865
,437
4,086
Other assets
394,593
402,925
409 ,133
Currency in circulation
11,759
6,828
6,
Deposits—Government
160,246 183.
151,069
Banks
33,944 33
44,898
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
1,096
1,210
Gold
218
265
Foreign exchange (net) 4
221
107
Net claim on Int'l. Fund
1,961
1,830
Discounts for member b a n k s . . . .
670
670
Loans to Government
7,392
7,044
Other loans and discounts
3,069
3,089
Other assets
9,310
9,056
Note circulation
2,212
2,420
Deposits—Bank
604
290
Other
2,501
2,451
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
223,596 135,027 246,080
Gold and foreign exchange
24,371 24,371 24,371
Net claim on Int'l. Fund *
1,405
1,404
1,402
Paid-in capital—Int'l. Bank
June
1951
1952
Central Bank
(Figures as of last report
date of month)
June
Bank of the Republic of Colombia—Cont.
Loans and discounts
874
Government loans and securities.
2,389
Other asseti
1,993
Note circulation
37,115
Deposits
282
Other liabilities and capital
14,56
24,887 Central Bank of Costa Rica
(thousands of colones):
565
Gold. . .
2.634
Foreign exchange
Net claim on Int'l. Fund 4
Loans and discounts
719,551
Securities
7,691
Other assets
Note circulation
363,087
Demand deposits
82,901
Other liabilities and capital
275,270
National Bank of Cuba
(thousands of pesos):
559,320
Gold
28,318
Foreign exchange (net)
310,322
Foreign exchange (Stabilization
Fund)
Silver
51
310
Net claim on Int'l. Fund 4
Loans and discounts
4,720
4,444
Credits to Government
Other assets
38
Note circulation
6,598
Deposits
192
612
Other liabilities and capital
2,162 National Bank of Czechoslovakia 5
[National Bank of Denmark
!
(millions of kroner):
29,307
Gold
10,768
Foreign exchange
9,901 >l
I
Contributions to Int'l. Bank. . . .
34,860
Loans and discounts
3,214 i
Securities
3,795 |
Govt. compensation a c c o u n t . . . .
86,814 j
Other assets
Note circulation
2.413 |
268
Deposits—Government
2 ,349 i
Other
j
Other liabilities and capital
Central Bank of the Dominican
1,370 ! Republic (thousands of dollars):
'571 !
Gold
1,960 \
Foreign exchange (net) 4
724 !
Net claim on Int'l. Fund
1 |
Paid-in capital—Int'l. Bank
3,887 |
Loans and discounts
27! j
Government securities
'619 i
Other assets
Note circulation
Demand deposits
Other liabilities and capital
649,888
13,972 Central Bank of Ecuador
(thousands of sucres):
68
Gold 6
1,245
Foreign exchange (net) 6 4
389,281
Net claim on Int'l. Fund
43,979
Credits—Government
187,199
Other
••44.714
Other assets
Note circulation
1 ,346
Demand deposits—Private banks
180
Other
107
Other liabilities and capital
931 National Bank of Egypt (thou675 sands of pounds):
6,309
Gold ^
2,437
Foreign exchange
7,469
Foreign and Egyptian
1,550
Government securities
1,064
Loans and discounts
1,902
Other assets
Note circulation
Deposits—Government
188,096
Other
24,369
Other liabilities and capital
1,381
May
Apr.
June
346,294 323,077 288,080
161,811 156,840 156,100
97,736 108,557 118,430
497,505 473,363 454,588
295,299 310,705 316,775
62,409 65,207 63,100
259,060
135,872
79,613
423,992
197,792
66,608
11,511
11,511
92,464
97,369
7,031
7,031
60,77
57,841
7,405
7,577
24,335
24,276
118,288 117,550 116,765
72,062 62,090 64,931
18,074 19,488 19,004
11,511
32,456
6,188
82,419
9,285
15,783
105,376
42,316
9,950
320,564 320,564
72,067 66,588
280,564
96,033
147,325
34,988
12,511
16,156
12,887
33,849
427,053
214,918
8,378
137,116
40,014
12,511
15,385
12,880
27,353
418,846
205,466
8,099
113,282
43,970
12,511
1,316
10,871
27,740
374,076
205,392
6,822
69
448
11
148
432
3,831
198
1,681
1,870
1,423
163
69
439
11
83
431
3,870
195
1,702
1,791
1,442
163
69
408
11
110
431
3,872
200
1,693
1,840
1,405
163
69
406
8
108
143
3,942
526
1,620
1,774
1,620
188
12,066
19,825
1,250
42
488
8,395
589
31,147
10,186
1,324
12,066
20,855
1,250
42
545
6,895
632
29,794
10,685
1,807
12,066
20,610
1,250
41
390
6,895
666
29,992
10,137
1,790
8,056
18,499
1,250
40
107
6,217
968
26,133
8,247
758
136,467 336,245 336,123
20,200 110,658 76,159
18,757 18,758 18,758
23,865 234,940 240,052
97,403 169,473 62,609
00,652 196,380 89,030
15,127 499 ,243 470,332
77,096 165,318 48,953
25,210 41,686 38,455
79,913 260,205 264,991
334,862
82,570
18,757
225,728
148,550
180,098
485,741
134,099
123,452
247,273
60,553 60,553 60,553
19,700 19,216 19,365
49,771
48,113
196,539
26,729
3,325
.82,422
84,833
17,624
21,482
315,460
7,950
2,308
170,820
88,544
143,050
21,188
!92,020
21,645
2,348
79,738
70,839
22,206
23,482
108,826
25,825
2,107
87,398
00,240
07,910
21,129
r
Revised.
*2 On Aug. 17, 1950, goid reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
It
is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
3
Includes special loan under Bretton Woods Agreements Act.
4
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.
6
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 1952, p. 102; January 1951, p. 112; and
January 1950, p. 118.
954
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
C e n t r a l Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
S t a t e Bank of Ethiopia 2
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 German States
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
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
Other assets.. . . ,
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 3
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue d e p a r t m e n t . . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.. .
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
1952
Apr.
June
May
73,886
46,961
1,566
10,856
6,382
1,440
82,278
51,749
7 ,064
73,946
50,076
1,566
9,248
6,375
1,334
82,150
53,389
5,865
16,584
4,970
30,626
1,070
1 ,900
45,052
2,482
13,481
5,865
19,022
6,269
26,877
960
1,892
46,579
1,547
12,759
5,865
18,628
6,930
23,296
990
1,919
44,338
1,125
12,164
388
3,113
3,569
8,422
576
9,805
2,020
2,157
279
1,806
259
2,713
3,129
8,963
610
9,748
2,1.20
1,739
264
1,803
190
2,498
3,440
9,361
640
9,644
2,113
2,143
280
1,949
1 ,403
125
8,550
430
2 ,063
1 ,945
862
1,454
140
8,160
3,370
1 ,827
1 ,985
899
1,372
167
8,069
3,353
1,877
2,021
907
6,856
1,972
6,619
2,060
3,387
6,373
2,098
3,439
27,228
16,678
1,250
4,794
17,476
40,527
3,355
7,301
5,854
10,390
27,228
17,495
1,250
5,095
19,020
41,154
3,359
3,690
6,094
15,790
27,228
22,445
1,250
4,815
18,678
39,212
3,399
4,984
11,425
15,398
64,013
63,087
1,566
10,488
6,369
1,531
84,895
55,050
7 ,006
7,109
400
400
6,032 6,032
4,646 4,646
749
752
11,366 11,458
460
845
48
8
1,384
2,341
405
372
969
110
11
1 ,506
2,607
362
2,646 2,646 2,646
55,333 55,552 56,205
57,979 58,199 58,851
June
Central Bank
(Figures as of last report
date of month)
1951
June
May
Apr
Bank of Italy (billions of lire):
4
4
4
Gold
34
36
35
Foreign exchange
590
590
590
Advances to Treasury
226
239
261
Loans and discounts
211
202
200
Government securities
786
793
797
Other assets
1,209 1,204
1,196
Note circulation
Allied military notes
152
193
153
Deposits—Government
93
62
55
Demand
331
352
368
Other. ,
73
87
73
Other liabilities and c a p i t a l . . . .
4,475 Bank of Japan (millions of yen):
1,077 1,088
1,201
Cash and bullion
38,390 38,390
-1,644
Advances to Government
279,940 287 ,589
42,326
Loans and discounts.
153,650
150,868
970
Government securities
114,091 97,892
7,480
Other assets.
444,003
462,482
39,670
Note circulation.
61,405 47,429
2,896
Deposits—Government
41,202 24,626
12,242
Other
40,540 41,291
Other liabilities
The Java Bank (millions of rupiah):
1,063 1 ,063 1,063
Gold 4
1,134
963 1,209
1,799
Foreign exchange (net)
237
216
251
4,446
Loans and discounts
2,177
1,927
2,849
9,251
Advances to Government
850
936
746
1,461
Other assets
,
3,750 3,462 3,327
8,189
Note circulation
,
496
496
496
2,292
Deposits—ECA
1,166
1,157 1,223
1,839
Other
355
287
469
1,344
Other liabilities and capital
3,294 Bank of Mexico (millions of pesos):
1,080
997 1,042
Monetary reserve 5
"Authorized" holdings of secu760
2,503 2,521 2,651
rities, etc
634
535
470
189
Bills and discounts
492
447
523
6,717
Other assets
3,013
3,034
3,081
3,519
Note circulation
,
976 1,134
1,238
2,535
Demand liabilities
473
475
469
1,790
Other liabilities and capital
885 Netherlands Bank (millions of
guilders):
1,297
1,303 1,303
4,452
Gold e
15
16
14
2,266
Silver (including subsidiary coin).
1,059
1,281 1,184
4,327
Foreign assets (net)
38
45
46
Loans and discounts
2,100 2,100 2,100
Govt. debt and s e c u r i t i e s . . . . . .
499
467
27,229
552
Other assets
44
43
43
13,446
Note circulation—Old
2,870
2,932
2,959
1,250
New
624
379
622
5,331
Deposits—Government
1,027
1,027 1,027
17,241
ECA
367
376
445
37,110
Other
207
225
200
3,314
Other liabilities and capital
2,318 Reserve Bank of New Zealand
11,189
(thousands of pounds):
5,913 5,873 5,749
'•10,565
Gold
22,444 25,464 23,424
Foreign exchange reserve
6,019
6,019 6,019
Loans and discounts
Advances to State or State un54,812 54,701 55,985
dertakings
32,182 32,182 32,182
400
Investments
6,782^
4,258 2,636 3,001
Other assets
5,166
61,225 61,876 62,600
Note circulation
56,385 57,020 55,974
575
Demand deposits
7,980 7,786
12,575
8,017
Other liabilities and capital
Bank of Norway (millions of kroner):
242
242
348
Gold,
438
473
,793
Foreign assets (net)
18
21
33
Clearing accounts (net)
75
57
62
Loans and discounts
,179
46
46
Securities
,098
6,202 6,202
Occupation account (net)
318
56
59
Other assets
,
2.573 2,589
Note circulation
,
1,913
1,999
Deposits—Government
,
1,024
2,646
1.012
Banks
,
954
49,469
966
ECA—MSA
578
52,115
568
Other liabilities and capital
64,682
82,806
1,565
782
5,636
1,419
77,089
73,341
6,459
June
4
30
590
293
206
539
1,086
2
181
74
253
66
1,082
42,645
407,955
129,177
37,089
407,704
172,011
20,015
18,217
871
612
514
1,832
554
2,809
880
' 694
1,053
2,764
379
510
2,766
1,446
493
1,177
17
122
199
3,260
615
49
2,693
i , 549
644
454
5,157
78,539
6,495
54,033
7,974
4,199
59,804
90,075
6,518
243
137
-13
59
46
6,202
130
2,376
1,865
1,044
742
777
r
1
Revised.
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.
^For last available report (July 1950), see BULLETIN for December 1950, p. 1699.
8
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.
B
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
8
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 1952, p. 103; January 1951, p. 113.
AUGUST
1952
955
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..
Bank of Paraguay—Monetary dept.
(thousands
of guaranies):
Gold 1
Foreign exchange (net) 2
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
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 3
Net claim on Int'l. Fund 2
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 2
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
EC A
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
Other assets
1952
1951
Apr.
June
81
916
665
126
300
69
2 ,092
81
1,016
665
126
300
66
2.182
65
679
730
111
700
779
92
1 ,1 95 1,195
95,642 102,295
5.261
5,261
-1.042 -1,056
307,349 269,546
63,748 63,748
23,777 20,525
311,103 277,563
126,293 129,864
5,534 54,087
2
217
864
240
1,289
374
320
644
21
2
212
842
210
1.267
370
294
665
21
2
215
833
258
1,230
428
335
16,926 16. 461 15,811
474,401 470, 908 476,892
29,504
29,504 29,
29,364
21 ,365 24.
234,730
34,680 234.
.152,866
157,147 153,
56,115
539,282 545,
251,180
252,855 249.
131,871
141,887 135.
4,415
4,420
11,598 11 ,644
657
643
1 ,417
1 ,418
599
587
8,982
8,876
1,540
1,563
29
52
6,030
6,142
2 ,099 2 ,085
57,215
70,780
16,497
30,071
85,129
68,254
21,180
58,236
65,801
17,324
30,017
83,806
66,316
21,256
555
553
377
377
15,948 15,733
19,868 20,226
27,730 26,024
June
Central Bank
(Figures as of last report
date of month)
1952
June
Apr.
Bank of Spain—Cont.
35,299 35.533
Note circulation
1 ,934 2,312
Deposits—Government
44
2,706 2 .530
Other
852
22.538
Other
liabilities
and
capital
603
138 Bank of Sweden (millions of kronor):
472
463
Gold
469
300
Foreign assets (net)
,358 1 ,346 1 ,246
43
2
88
88
Net
claim
on
Int'l.
Fund
88
,924
11
Paid-in capital—Int'l. Bank
11
n
Swedish
Govt.
securities
and
ad55
,688 2 . 729 2.600.
vances to National Debt Office5
616
258
256i
2
76
Other
domestic
bills
and
advances
99
798
853
786
Other assets
4
Note circulation
,097 3 ,962 4 ,02 1
374
685
866!
1,018
Demand
deposits—Government..
,029
234
110
96
Other.
119
654
621
61 8
Other liabilities and capital
Swiss National Bank (millions of
francs):
, 165
,815 5,822 5 ,836
Gold
,
,315
287
289
307
Foreign exchange
,256
252
232
236
Loans
and
discounts
-1 ,001
76
79
Other
assets
141 ,345
,624
4 .582
Note circulation
16 ,623
.609
1
.679
Other
sight
liabilities
32 ,907
198
197
Other liabilities and capital
179 ,793
60 554 Central Bank of the Republic of
Turkey
(millions
of
pounds):
61 ,261
Gold
Foreign exchange and foreign
109
144
126
clearings
703
,409 1 ,426 1 .437
Loans and discounts
20
27
27
Securities
2
?7
108
93
Other assets
180
105 1.121
,120
Note
circulation
712
153 1 .112
153
Deposits—Gold
96
153
631
633
Other
, 186
593
202
178
Other liabilities and c a p i t a l . . . . .
371
256
156 Bank of the Republic of Uruguay
(Mar.)*
(thousands of pesos):
321 .1 19
Gold
9,650
Silver
10. 237
313
Paid-in
capital—Int'l.
Bank
533. 970
Advances to State and Govern29. 504
157,620
ment
bodies
19. 609
343.998
Other loans and discounts
234, 536
426.435
Other assets
180. 316
365,300
Note circulation
634 443
81.052
Deposits—Government
97O|
202.
303.566
Other
170 759
509,218
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
.141
.141
Gold
93
170
Foreign exchange (net)
72
83
73
Other assets
863
871
867
Note circulation
259
236
238
Deposits
282
322
186
Other liabilities and capital
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
471
471.683 -161 .427
Gold in bars
Cash on hand and with banks. . . 34 416 100.08? 79,193
16 666 17.987 17,998
Sight funds at interest
,243
Rediscountable bills and accept,043
153, 290 188,798 242,568
ances (at cosp
,880
46 598 C 25,704 21,256
Time funds at interest
,840
Sundry hills and i n v e s t m e n t s . . . . 295. 741 281,621 224,713
,482
297
, 201 297.201 297,201
Funds irvested in Germany
,846
\ 332 1,665
1.877
Other assets
,679
195 334.632 336.023
341
Demand deposits (gold)
Short-term deposits:
662
471,371 435.993
Central banks—Own account.. 422
378
79,535 75,176
53'
Other
,865
909
228,909 228.909
228
Long-term deposits: Special
,266
271 186 270,293 270.132
Other liabilities and capital
,015
c
*1 Latest month available.
Corrected.
As of Mar 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani.
2
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
as '•he
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
3
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
4
On
Dec. 31, 1949. gold revalued from 172 to 248 shillings per fine ounce.
5
Includes small amount of non-Government bonds.
NOTE —For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.
956
1951
June
30,987
1 ,131
3,461
20,607
284
504
3,718
249
508
3,530
605
530
597
6,001
209
190
76
4,468
1 ,810
198
419
170
1 .284
15
95
986
153
593
251
424,577
10,301
318
149,982
284,644
341,222
370,310
100,626
319,831
420.278
1 ,141
-42
119
730
140
348
462,429
56,548
4,391
108,835
33,459
2 70,650
297,201
1,803
247,389
475,752
17,418
228,909
265,849
Until such time
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—•
Date
effective
Central
bank of—
United
SwitzGer- Bel- NethKing- France many
er- Sweergium lands
den land
dom
In effect Dec. 31,
1945
Nov. 7,1946..
Dec. 19. . . . . . .
Jan. 10, 1947. .
2
Aug. 27
Oct. 9
June 28, 1948.
Sept. 6
-Oct. 1
May 27, 1949. .
July 14
Oct. 6
s
June 8, 1950. .,
Sept. 11
Sept. 26
i
,Oct. 27
Dec. 1
Apr. 17, 1951. .
July 5
Sept. 13
.Oct. 11
Nov. 8
Nov. 9
Jan. 22, 1952. .
Mar. 12
4
May 29
....
In effect Tune 30,
4
1952
1H
i*
&2M
2^&3
2V2
Date
effective
30
Argentina
Austria
Belgium
Bolivia
Mar.
Dec.
Sept.
3M
Sept.
6
Canada
Chile
Colombia . . .
Costa Rica
\y2
1,
6,
13,
30,
Central
bank of—
1936 Japan
1951 Java
1951 Mexico
1950 Netherlands..
Rate
June
30
Date
effective
5.84 Oct. 1, 1951
Apr. 1, 1946
3
*H June 4, 1942
Jan. 22, 1952
3V2
33^
i 5
3H&4
3
3M
3%
3
16
4
2
4
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
New Zealand.
Norway
Pakistan
Peru
4
3H
3
6
July
Jan.
July
Nov.
26, 1941
9, 1946
1, 1948
13, 1947
Jan.
Mar.
Mar.
Dec.
12,
27,
18,
1,
3
Denmark
Ecuador
El Salvador. . .
Finland
5
10
3
Nov.
May
Mar.
Dec.
2, 1950
13, 1948
22, 1950
16, 1951
Portugal....
South Africa.
Spain
Sweden
lH
France
Germany
Greece
India
Ireland
Italy
4
Nov.
May
July
Nov.
Mar.
Apr.
9,
29,
12>
15,
25,
6,
Switzerland..
Turkey
United Kingdom
USSR
iH
12
3H
Nov. 26, 1936
Feb. 26, 1951
4
4
Mar. 12, 1952
July 1, 1936
3
3y2
3H
3
"m
Rate
June
1951
1952
1948
1951
1952
1950
4
3
1944
1952
1949
1950
15
4
15
3H
3K
1
3
Rate established for the Land Central banks,
NOTE.—Chan ges since June 30: Austria—July 3, from 5 to 6 per cent; Nether-
lands—Aug. 1, irom 33^2 to 3 per cent,
OPEN-MARKET RATES
[Per cent per annum]
United K i n g d o m
Canada
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-to-
1942—Mav
1943—Ma >
1944—Ma>
1945—Ma j
1946—Ma>
1947—Ma^
1948—MJO
J 949—Ma^
1950—Ma>
1951 —Ma)
.54
.50
.39
.37
.39
.41
.41
.50
.51
.76
1 03
1.03
1 03
1.03
1 00
1.00
1 00
1.00
1 03
1.07
1 13
1.03
.53
.53
.56
.63
.69
.69
.51
.51
.51
.52
.51
.51
.63
.63
.63
.63
.63
.63
1951—June
July
August
September....
October.......
November....
December
.75
.77
.79
.88
.93
.92
.89
.69
.93
.51
.51
.51
.51
.51
.84
.98
.63
.63
.63
.63
.63
.92
1952—January . . . .
February
March
April
May
.89
.91
.94
.98
1.02
1.00
L.00
L.00
L .38
L.50
L.50
L.50
2.48
3.00
3.00
.97
.99
2.01
2.35
2.37
day
money
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills
3 months
1952
day
money
Loans
up to
3 months
3-51^
3-5 Y2
50
.50
50
.50
.50
.50
.50
.50
.50
.50
1.62
1.66
1.61
1.38
1.34
1.46
2.12
2.43
2.68
2.61
1.00
.50
.50
.50
.50
.50
.69
.75
2.52
2.57
2.64
2.56
2.78
3.27
3.50
1.39
L.39
1.38
1.24
L.16
1.17
L.21
1.00
1.00
1.82
2.25
2.25
.75
.75
1.57
2.00
2.00
3.50
3.93
3.95
3.88
3.84
L.18
L.17
1.38
L.40
1.25
" * *i .27
1.45
1.33
1.28
1.45
1.50
N O T E . — F o r m o n t h l y figure* o n m o n e y r a t e s in these a n d o t h e r foreign countries t h r o u g h 1941, see Banking
pp 6 5 6 - 6 6 1 , a n d for description of statistics see p p . 571-572 in s a m e publication.
AUGUST
Day-to-
Sweden
Switzerland
Private
discount
rate
1 ?s
1.03
1.03
1.07
2H-4K
2^-4^
3-5
l"25
L .25
.25
L .25
1.25
L.50
.63
.50
.50
1.00
3-5
3-5
3-5
3-5
3-5
3-5
3-5
50
L 50
L 50
,50
L.50
.50
1.50
3-5
3-5
3-5
3-5
3-5
1.50
1.50
1.50
1.50
1.50
^93
1.08
.94
.91
1 00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.90
and Monetary
3-5}4
2U-5
2K-4K
2y2-^y2
Statistics.
T a b l e 172,
957
COMMERCIAL BANKS
Assets
Liabilities
United Kingdom »
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
1946—December
1947—December
1948—December
1949—December
1950—December
1951—juiy
August .
September
October......
November
December
.
1952—January
February
March
April
Mav
June
Money at
call and Bills disshort
counted
notice
499
432
610
502
502
480
485
532
571
540
592
793
741
1,109
1,408
514
583
515
573
503
514
517
531
582
579
562
598
521
492
492
501
605
526
526
512
491
504
518
537
Treasury
deposit
receipts 2
Securities Loans to
customers
1,560
1,288
1,397
793
456
1,250
1,185
1,276
1,330
901
972
290
965
856
8", 4
66
15
306
216
177
108
102
883
936
1,064
1,427
1,483
1,478
1,512
1,528
1,219
1,396
1,534
1,660
1,552
1,549
1,553
1,555
2,033
1,965
1,861
1,863
1,888
1,910
1,935
1,950
1,954
1,944
1 .93 5
1,934
1 .932
1,917
1,928
1,945
1,959
1,967
1,901
1,875
Deposits
Other
assets
994
505
567
621
579
735
756
755
741
778
787
867
824
804
789
821
713
726
Total
Demand
Time
5,685
5,935
6,200
6,202
6,368
3,823
3,962
4,159
4,161
4,262
1,862
1,972
2,041
2,041
2,106
550
6,174
6,133
6,135
6,204
6,189
6,333
4,086
4,061
4,068
4,140
4.118
4,290
2,088
2,072
2,067
2,063
2,071
2,042
624
638
654
651
6,204
5,893
5,887
5,994
5,903
6,064
4,173
3,923
3,914
3,952
3,840
3 ,909
2,031
1,971
1,974
2,042
2 ,063
2,155
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
Security
oans
abroad
and net
due from
Other
loans and foreign
banks
discounts
1,507
1,999
2,148
2,271
2,776
132
106
206
84
90
107
111
96
107
3,061
3,043
3,073
3,045
3,034
3.123
3,028
107
95
97
140
132
2,955
2,918
2,949
2.960
3,012
1946—December
1947—December
1948—December
1949—December
1 Q«50—December
753
731
136
105
749
765
101
133
824
134
1951—June
July
August
September
October
November
December
781
82
798
784
788
835
843
907
869
809
880
897
785
. .
1952—January
February
March
.
April
Mav
342
396
420
427
631
612
659
689
667
623
587
559
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
Securities
Other
assets
4,232
3,874
4,268
4,345
4,286
1,039
1,159
1,169
1,058
1,304
209
260
217
182
166
227
3,838
3,840
3.832
3,876
3,876
3,894
3,876
1,288
1,349
1,339
1,242
L,403
1,423
L.464
183
231
202
236
255
3,927
4,003
4,095
4,068
4,100
1,303
1,353
1.390
1,370
1,350
144
146
171
Note
circu ation
21
18
16
14
(")
rtt
(«)
(•)
(8)
(8)
00
(3)
(3)
(3)
(3)
00
(3)
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
6,252
6,412
7,027
7,227
7,828
2,783
2,671
2,970
2.794
3,270
3,469
3,740
4,057
4,433
4,558
1,525
1,544
1,537
1,477
1,667
7,591
7,658
7,667
7,637
7.752
7,829
7,896
3,032
3,078
3,084
3,042
3,177
3,213
3,284
4,559
4,580
4,583
4,595
4,575
4,616
4,612
1,664
1,665
1,710
1,639
1,688
1,715
1,714
7,705
7.761
7,979 J
7,987
7,979
3,066
3,076
3,231
3,230
3,210
4,639
4,685
4,748
4,757
4,769
1,637
1,648
1,634
1 ,685
1,655
Assets
Liabilities
France
(4 large banks. End
of month figures in
1946—December
1947—December
1948— December
1949—December.
1950—December
1951—May
June
July
...
August
September
October
November
December
. .,
1952—January
February
March
April
Cash
Due from
Bills dis-
Loans
Deposits
Other
liabilities
Total
Demand
Time
Own
acceptances
290,055
338,090
545,538
619,204
731,310
1,890
3,457
6,683
8,062
18,618
15,694
25,175
30.638
26,355
28,248
7,145
8,916
12,691
15,662
17,316
719,405
756,997
733,546
732,964
783,881
777,973
768.657
879,767
19,666
20,222
20,082
20,663
21 ,729
21,946
24,422
27,145
33,354
32,544
32,933
30.611
30,952
35,382
35,372
33,774
28,033
30,828
35,141
37,573
40,353
46,120
48,641
23,547
801,854
796,396
802,481
800,944
29,837
31 551
32,002
30,786
30,433
30 414
28 953
28,482
26,854
26 227
30 531
36,556
Other
18,007
22,590
45,397
40,937
48,131
18,940
19,378
35,633
42,311
52,933
195,223
219,38£
354,245
426,69f
527,525
65,170
86,875
126,246
129,501
135,289
17,445
27,409
34,030
29,843
31,614
291, 945
341 547
48,809
47,856
52,131
49,453
52.015
48.996
47,980
60,215
63,440
62,305
66,660
65,572
64,414
79,337
81,460
72,559
475.054
522,657
478,25e
485,824
540,98C
520.457
506,061
627,648
166,984
159,958
174,625
171,380
167,362
173.530
179,933
165,696
46,169
47,815
50,030
49,582
52,138
59,099
61,658
38,114
739,071
53,133
50 662
48,669
45 ,646
75,407
73,868
75,148
72,947
534,792
538,245
555,883
556,151
189,098
183,504
174,048
180,550
36,548
38,310
40,219
41,474
552 221
627,266
749,928
777 219
753
753
805
799
793
906
628
627
610
918
078
911
831 691
827, 946
834 482
831 729
c
capital
c
1
Corrected.
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.
3
Less than $500,000.
NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and 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.
958
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Basic
1946
1947 .
1948
1949...
1950
1951
1951—August
September
October .
November
December
...
1952—January
February
^larch
April . .
May
Tune
July
Year or month
Preferential
Free
Australia
(pound)
"Bank
notes"
account
8.289
7.067
2.2829
2 2817
2 2816
2.2009
1.9908
1.9859
13 333
13.333
13 333
13 333
13.333
7 103
6.952
6 974
6 937
6.986
223 01
223 01
223 06
223 15
222.61
1.9890
1.9866
1 9838
1.9838
1.9838
20.000
20 000
20.000
20 000
20.000
20 000
20.000
13.333
13.333
13.333
13 333
13.333
13 333
13.333
6.979
7 115
7.172
7 164
7.169
7 183
7.196
221.92
222.00
223.03
224 10
223.24
221 88
222.17
1.9838
1.9838
1.9838
1 9838
1.9838
1 9838
1.9842
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
Finland
2 0060
2.0060
2.0060
2.0060
2.0060
3
2.0060
20 876
20.864
20.857
19.117
14.494
14.491
2 0060
2.0060
3
2.0060
13.333
13.333
20 000
20.000
20 000
20 000
20.000
1946 .
1947
1948
1949
1950
1951
27.839
20.850
20.849
1951—August
September..
October
November
December
20 850
20.850
20.850
20.850
20 840
1952—January
February
March
April
May....
Tune
Tulv
20.799
20.818
20.916
21.003
20.961
20 834
20 871
Brazil
(cruzeiro)
Belgium
(franc)
321.34
321 00
321.22
293.80
223.15
223.07
29.773
29 773
29.773
29.774
26.571
20.000
In cents per unit of foreign currency]
2
2
Official
2.1407
1.9722
1.9622
1,9876
1.9876
France
(franc)
(markka)
Official
Free
Free
British
Malaysia1
(dollar)
Canada
(dollar)
Official
Free
95.198
100 000
100 000
97.491
90.909
93.288
91 999
91 691
92 881
91.474
94.939
6.0602
5 4403
5 4406
5.4406
5.4406
5.4406
42.973
32 788
32.849
5.4406
5.4406
5 4406
5.4406
5.4406
32 850
32.850
32 850
32 850
32.830
94 700
94.706
95 112
95.820
97.410
5.4406
5 4406
5.4406
5 4406
5.4406
5 4406
5.4406
32.691
32 662
32.783
32 921
32.752
32 505
32.509
99.490
99 869
100.375
101 891
101.615
102 086
103.120
Germany
(deutsche
mark)
8 109
India
(rupee)
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
37 813
37.760
37.668
34.528
26.252
26.264
4.4354
.8 407
.4929
.3240
.3017
.4671
.2858
.2856
23!838
23.838
30 155
30.164
30,169
27.706
20.870
20.869
4 280.38
20 581
20.577
18.860
12.620
11.570
11.564
14 492
14.492
14 492
14.492
14.492
* .4354
.4354
.4354
2856
.2856
.2855
.2856
.2856
23 838
23.838
23.838
23.838
23.838
20 870
20.870
20.870
20.870
20.861
4 280.38
280.38
280.38
11 568
11.571
11.563
11.569
11.567
26 280
26.278
26.267
26 270
26.287
14.492
14.492
14 492
14.492
14.492
14 492
14.492
.4354
.4354
.4354
.4354
.4354
4354
.4354
.2856
.2854
.2856
.2856
.2856
2856
.2856
23.838
23.838
23.838
23.838
23.838
20.819
20.839
20.949
21.031
20.988
20 870
20.892
280.38
280.38
280.38
280.77
280.07
278 46
278.82
11.562
11.561
11.564
11.569
11.566
11 561
11.574
26.320
26 329
26.319
26.340
26.337
26 317
26.324
5
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1946
1947
1948
1949
1950 .
1951
322.63
322 29
350.48
365 07
277.28
277.19
20.176
20 160
20.159
18 481
14.015
14.015
49 723
49.621
49.639
4.0501
4.0273
4.0183
3.8800
3.4704
3.4739
400.50
400.74
400.75
366.62
278.38
278.33
25.859
27.824
27.824
25.480
19.332
19.327
23.363
23.363
23.363
23.314
23.136
23.060
403.28
402 86
403.13
368 72
280.07
279.96
65.830
65.830
65.830
65 830
65.833
65.833
56.280
56 239
56.182
56 180
56.180
56.180
42 553
42 553
42.553
1951—August
September....
October
November
December
277.11
277 10
277 17
277.27
276.72
14.015
14 015
14 015
14 015
14.015
49.643
49 643
49 643
49.643
49.643
3.4727
3 4644
3 4598
3.4605
3.4726
278.38
278 38
278 38
278.38
277.79
19.327
19.327
19 327
19.327
19.327
23.015
22 963
22 916
22.882
22.900
279.88
279 88
279 94
280.05
279.49
65.833
65 833
65 833
65.833
65.833
56.180
56 180
56 180
56.180
56.180
42.553
42 553
42 553
42.553
42.553
1952—Tanuary
February
March
April
May
Time
July
275.39
275.36
276 91
277.96
277.29
275.71
276.06
14.015
14.015
14 015
14.015
14.015
14.015
14.015
49.655
49.677
49.677
49.677
49.677
49.677
49.677
3.4874
3.4863
3.4888
3.4906
3.4898
3.4801
3.4793
276.95
277.01
278.55
279.80
279.03
277.42
277.78
19.327
19.327
19.327
19.327
19.327
19.327
19.327
22.880
22.881
22.947
23.013
23.078
23.138
23.240
278.15
278.12
279.67
280.79
280.07
278.46
278.82
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
42.553
42.553
42.553
42.553
42.553
42.553
42.553
Year or month
Uruguay
(peso)
1
Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The
two rates
had been identical for a considerable period.
2
Based on quotations through Sept. 19, 1951.
3
Based on quotations through Oct. 26, 1951.
4
Based on quotations beginning Oct. 29, 1951.
8
Based on quotations through May 8, 1952.
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 1951, p. 1601; October 1950,
p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.
AUGUST
1952
959
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1947-49 =
100)
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
1950.
1951.
57
United
Kingdom
(1930 =
100)
France
(1949 =
100)
79
96
104
99
103
115
116
123
128
131
132
139
163
193
198
211
240
110
121
146
179
199
229
242
260
285
311
386
153
159
163
166
169
175
192
219
230
262
320
9
10
12
14
20
34
52
89
100
108
138
115
114
114
113
114
114
114
243
244
242
240
240
239
238
400
396
388
393
395
403
402
321
320
324
325
329
329
330
113
113
112
112
112
111
237
233
231
227
225
227
402
400
404
407
406
405
335
329
333
330
328
64
67
68
69
1951—June
July
August....
September.
October. . .
November.
December..
1952—January. . .
February..
March
April
May
June
Mexico
(1939 =
100)
Canada
(1935-39
= 100)
Japan
(1934-36
average
Italy
(1938 =
100)
D
136
153
Switzerland
(Aug. 1939'
= 100)
Sweden
(1935 =
100)
100
104
117
143
3 72
189
196
196
194
186
199
214
216
227
299
171
195
203
207
205
200
208217
206
203
227
344
340
348
353
359
359
356
145
142
142
142
143
144
145
305
305
304
304
306
317
318
2
2
2
2
2
2
2
2
2
2
2
2
2
2
8
4
2
3
7
6
8
358
357
353
349
348
145
145
143
142
140
320
320
322
2
2
2
2
2
2
2
2
2
2
2
2
7
4
2
1
0
0
5,159
5,443
5,170
905
581
2
2
2
2
4
16
48
128
209
246
342
138
135
134
138
146
151
152
5,595
5,557
5,526
5,438
5,451
5,462
5,454
153
152
149
147
145
5,415
5,380
'"5,323
5,256
P5,166
Netherlands
(1948 =
100)
^321
i>32l
P143
P328
r
P Preliminary.
Revised.
Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949 p. 754; June 1948. p. 746; July
1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1947-49=100)
Canada
United Kingdom
(1935-39=100)
(1930=100)
Year or month
Farm
products
Other
Processed commodfoods
ities
Farm
products
R a w and Fully and
chiefly
partly
manumanufactured
factured
goods
goods
Foods
Industrial
products
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
46
59
69
69
72
83
100
107
93
98
113
n.a.
n.a.
n.a.
n.n.
n.a.
n.a.
98
106
96
100
111
64
68
69
70
71
78
95
103
101
105
116
107
127
145
155
165
177
190
230
226
237
265
114
123
131
134
136
140
164
196
197
213
238
119
124
127
129
130
138
162
192
199
211
242
146
158
160
158
158
158
165
181
197
221
247
156
160
164
170
175
184
207
242
249
286
*364
1951—June
July
August
September
October
November
December
114
111
110
110
112
112
111
111
111
111
111
112
111
111
116
116
115
115
115
115
115
273
277
263
261
259
265
267
244
243
237
236
236
237
236
244
246
245
244
243
242
240
247
252
258
261
263
263
266
*>367
1952—January
February
March
April
May
June
110
108
108
109
108
107
110
110
109
108
109
109
114
114
114
113
113
113
263
251
248
245
244
250
233
228
226
221
220
221
240
236
235
231
228
231
277
271
276
280
280
283
P368
P363
P366
P358
P355
P352
P 3 6 1
P363
P363
P367
P368
P36S
Netherlands
(1948=100)
Foods
Indus] trial raw
; products
Industrial
finished
products
100
101
112
122
100
108
128
171
100
104
116
143
123
118
119
121
122
124
129
1 73
1 70
1 72
1 71
1 74
1
1 74
145
144
143
142
142
142
141
130
133
130
'130
128
1 76
1
1 69
1 66
1 65
141
141
139
138
136
•
r
n.a. Not available.
P Preliminary.
Revised.
Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935. p. 180: and March
1931, p. 159.
960
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers
Year or
month
1943
1944
1945
1946
1947
1948
1949
19S0
1951
United
CanKingUnited
France
States x
ada
(1935-39 (1935-39 (Jan.
= 100)
= 100)
= 100) 15,1952
= 100)
138
136
139
160
194
210
202
205
227
131
131
133
140
160
196
203
211
241
1951-June
July
August
September.
October...
November.
December.
227
228
227
227
229
231
232
1952-Tanuary...
February..
March....
April
Mar
June
232
228
228
230
231
232
.......
..
COST OF LIVING
[Index numbers'
....
67
72
76
82
91
12
15
21
36
57
92
100
111
128
240
250
251
251
250
250
249
91
93
93
94
95
96
97
250
248
242
240
235
237
100
100
101
104
104
SwitzNethererlands
land
(1949
(Aug.
= 100) 1939 =
100)
100
111
121
161
164
164
160
170
176
174
176
181
1943
1944 .
1945
1946
1947
1948
1949
1950
1951
127
127
127
129
132
137
139
123
127
124
124
125
123
122
180
181
182
183
184
184
184
142
145
144
142
139
123
124
124
125
183
182
182
182
183
184
P124
United
KingCanUnited
France
dom 2
States i
ada
(1949
(1935-39 (1935-39 (Jan.
= 100)
= 100)
= 100) 15,1952
= 100)
Year or
month
77
82
84
86
95
12
16
22
35
57
90
100
111
130
100
109
119
148
151
153
152
158
163
162
159
167
184
188
189
190
190
191
191
95
95
96
97
98
98
98
129
130
131
133
136
140
143
121
122
121
121
121
120
119
166
167
168
169
170
171
171
192
191
189
189
187
187
100
100
101
102
102
146
149
148
147
145
M43
120
120
120
120
119
171
171
171
170
171
171
124
126
129
140
160
172
170
172
186
118
119
119
124
136
155
161
167
185
19Sl-June
July
'.
August....
September
October. . .
November.
December.
185
186
186
187
187
189
189
1952-January...
February..
March....
April
May
June
189
188
188
189
189
190
. .
SwitzNethererlands
land
(1949
(Aug.
= 100) 1939 =
100)
P119
p Preliminary.
1
Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights.
These new indexes, which have replaced the former "interim" indexes, are weighted indexes made up of 51 commodity categories, includin g
food
the former
"interim"
A detailed
ood groups. Figures from June 1947 through December 1951 are derived ffrom th
f
" i t i " series.
i
d e t i l d description
d s c r i t i o n of th
w index is given in the Ministry of Labour Gazette, March 1952, pp. 113-114.
new
Sources.—See BULLETIN for Tanuary 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; Tanuary 1950, p. 125; July 1947, p. 935;
May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues. . .
United
States
(high
grade) *
Canada
(1935-39
= 100)
United
Kingdom
(December
1921=100)
103
105
117
118
105
107
109
95
0
2
2
5
0
6
6
7
127 5
128 3
132 1
130 8
129 9
126.5
121.2
'117.6
136 8
138 3
131.5
120 0
106 4
100 0
99 8
101.4
17
87
1944
1945
1946
1947
1948
1949
1950
1951
118.7
121.6
123.4
122 1
118.3
121.0
122.0
117.7
1951—Julv
August
September...
October
November.. .
December. . .
116.2
117.1
118 0
116 9
115.3
114.8
95 5
95 3
95 2
94 6
92 8
89.3
116 9
116 6
116 5
116 3
115.0
110.9
1952—January
February.. . .
March
April
May
June
115.5
116.5
115.9
116.2
116.3
116.2
88.2
87.8
86.9
86.7
88.8
87.7
110.4
110.5
107.3
108.5
108.6
105.8
France
(1949 =
100)
Netherlands
60
14
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France 2
Kingdom
(1926=100) (1949=100)
295
Netherlands
27
416
105
278
109 0
105 *
107 i
lOfc 8
106 7
87.0
99 8
121 5
139 9
123 0
124 4
121 4
146 4
176.5
83 8
99.6
115.7
106.0
112 5
109.4
131 6
168.3
88.6
92.4
96.2
94.6
92.0
87.6
90.0
97.1
100
92
113
195
233
240
219
217
215
101 2
102 0
103 8
103 5
103 1
103.7
84 1
80 3
78 1
81 3
80 3
78.3
172,8
181 5
187 3
185 0
177 7
182.5
162 0
169 7
179 8
183 3
174 0
177.3
97 6
96 5
97 4
99 0
97.3
94.9
106
117
127
133
125
131
208
207
212
215
207
206
103.7
104.1
104.5
105.4
112.0
P114.1
80.0
81.5
83.3
83.9
84.5
85.2
187.1
183.2
185.2
183.6
183.7
187.6
181 7
179.5
177.6
175.8
169.0
171 .6
95.0
92.8
90.5
91.6
92.0
89.6
146
152
144
141
134
P145
204
198
191
185
185
184
265
p Preliminary.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
- The French National Institute of Statistics has shifted this index to a new base period, but methods of calculation and composition have
not been changed.
NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March
1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
1
AUGUST 1952
961
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
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H . LANG, Chief Federal Reserve Examiner
LEGAL DIVISION
ROBERT C. MASTERS, Assistant
Director
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H . HACKLEY, Assistant General Counsel
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
OFFICE OF T H E SOLICITOR
LOWELL MYRICK, Assistant Director
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant
Solicitor
DIVISION OF PERSONNEL ADMINISTRATION
DWIGHT L. ALLEN, Director
DIVISION OF RESEARCH A N D STATISTICS
H. FRANKLIN SPRECHER, JR., Assistant
Director
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research DIVISION OF ADMINISTRATIVE SERVICES
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant Director
EDWIN J. JOHNSON, Assistant Director
Director
DIVISION OF SELECTIVE CREDIT REGULATION
i
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N . DEMBITZ, Assistant Director
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL,
MALCOLM BRYAN
Vice
Chairman
A. L. MILLS, JR.
C. E. EARHART
GUY E. NOYES, Director
GARDNER L. BOOTHE, II, Assistant Director
HENRY BENNER, Assistant Director
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N . BAXTER JACKSON,
NEW
GEOFFREY S. S M I T H ,
PHILADELPHIA DISTRICT
GEORGE G U N D ,
CLEVELAND DISTRICT
ROBERT V . FLEMING,
RICHMOND DISTRICT
YORK DISTRICT
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
H U G H LEACH
JAMES K. VARDAMAN, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
Vice President
PAUL M . DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
WOODLIEF THOMAS, Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
CHAS. W . WILLIAMS, Associate
Economist
H . V. ROELSE, Associate Economist
RALPH A. YOUNG, Associate
Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
962
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F . RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T . BEALS,
KANSAS CITY DISTRICT
D E W I T T T. RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT V . PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents
President
Federal Reserve Chairman 1
(Vice Presidents in charge of branches are listed in
Bank of
Deputy Chairman
First Vice President
lower section of this page)
Boston. . .
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John J. Fogg
Carl B. Pitman
Robert B. Harvey 3 O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe
New York.
Robert T. Stevens
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Philadelphia. . .
Warren F. Whittier
C. Canby Balderston
Alfred H. Williams
W. J. Davis
Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus 2
Wm. G. McCreedy
Cleveland.
George C. Brainard
John C. Virden
Ray M. Gidney
Wm. H. Fletcher
Wilbur T. Blair
Roger R. Clouse
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
Donald S. Thompson
Richmond.
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr,
N. L. Armistead
R. W. Mercer 3
C. B. Strathy
K. Brantley Watson
Edw. A. Wayne
Chas. W. Williams
Atlanta.
Frank H. Neely
Rufus C. Harris
Malcolm Bryan
L. 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.
Franklin J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
Allan M. Black
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2
St. Louis.
Russell L. Dearmont
Wm. H. Bryce
Delos C. Johns
O. M. Attebery
FrederickL.Deming H. H. Weigel
Dale M. Lewis
J. C. Wotawa
Wm. E. Peterson
Minneapolis
Roger B. Shepard
Paul E. Miller
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas C i t y . . . . Robert B. Caldwell
Cecil Puckett
H. G. Leedy
Henry O. Koppang
P. A. Debus 2
M. W. E. Park
John Phillips. Jr.
Clarence W. Tow
D. W. Woolley
Dallas.
J. R. Parten
R. B. Anderson
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
San Francisco..
Brayton Wilbur
William R. Wallace, Jr.
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms 3
O. P. Wheeler
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Federal Reserve
Vice Presidents
Branch
Branch
Vice Presidents
Bank of
Bank of
New York
Cleveland
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
Atlanta
Chicago
St. Louis
1
Also Federal Reserve Agent.
AUGUST
1952
I. B. Smith
W. D. Fulton
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
2
Cashier.
3
Minneapolis.... Helena
C. W. Groth
Kansas City.... Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
L. H. Earhart
Dallas
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner
Counsel.
963
FEDERAL RESERVE BOARD PUBLICATIONS1
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. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
BANKING AND MONETARY STATISTICS.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for available individual sections
(unbound).
RULES OF ORGANIZATION AND RULES OF PROCEDURE—
Board of Governors of the Federal Reserve System (with amendments). September 1946. 31
scription price in the United States and its pospages.
sessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
T H E FEDERAL RESERVE ACT, as amended to NovemGuatemala, Haiti, Republic of Honduras, Mexico,
ber 1, 1946, with an Appendix containing proNicaragua, Panama, Paraguay, Peru, El Salvador,
visions of certain other statutes affecting the
Uruguay, and Venezuela is $2.00 per annum or
Federal Reserve System. 372 pages. 50 cents per
20 cents per copy; elsewhere $2.60 per annum or
paper-bound copy; $1.00 per cloth-bound copy.
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one ad- T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
dress, 15 cents per copy per month, or $1.50 for
FUNCTIONS. November 1947; reprinted April
12 months.
1951. 125 pages. 75 cents per cloth-bound copy;
in quantities of 10 or more copies for single shipFEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
ment, 50 cents each. Paper-bound copies availRATES, AND BUSINESS. Issued monthly. $6.00
able without charge.
per annum including historical supplement
listed below, or 60 cents per copy. In quantities DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS, as of Decemof 10 or more copies of a particular issue for
ber 30, 1950. July 1951. 125 pages.
single shipment, 50 cents each. (Domestic rates)
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. 113 charts. April 1952 edition. Annual subscription to monthly chart book includes
supplement; single copies, 60 cents each. In
quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates)
BANKING STUDIES.
Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's stafT. August 1941; reprinted March
1949. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
1
A more complete list, including periodical releases and
reprints, appeared on pp. 726-29 of the June 1952 BULLETIN.
964
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each.
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES.
(July 1, 1951.)
December 1951. 33 pages.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR U S E IN ECONOMIC ANALYSIS. Janu-
ary 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-
LARS IN 1950. March 1951. 10 pages.
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 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
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
PLANS FOR SPENDING AND SAVING. April 1952. 6
pages. PART I. CONSUMER EXPECTATIONS AS TO
ECONOMIC TRENDS AND CONSUMER INVESTMENT
PREFERENCES. July 1952. 17 pages. PART II. PUR-
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
CONSUMER
October 1951. 6 pages.
CHASES OF DURABLE GOODS AND HOUSES IN 1951
AND BUYING PLANS FOR 1952. August 1952. 16
pages. (Other articles on the 1952 Survey will appear in subsequent issues of the BULLETIN. Also,
similar survey for 1946 from June-September 1946
BULLETINS, 28 pages; for 1947 from June-August
and October 1947 BULLETINS, 48 pages; for 1948
from June-September and November 1948 BULLETINS, 70 pages; for 1949 from June-November
1949 and January 1950 BULLETINS, 124 pages; for
1950 from April and June-December 1950 BULLETINS, 106 pages, which includes T H E METHODS
OF THE SURVEY OF CONSUMER FINANCES; for 1951
from June-September and December 1951 BUL-
CREDIT AND SALES REPORTED BY REGULATION W
REGISTRANTS. October 1951. 12 pages.
LETINS, 86 pages.
STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS BY DISTRICTS. December 1951. 53 pages.
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
January 1952. 11 pages.
ERNORS
BEFORE
SUBCOMMITTEE
ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
11, 1952. April 1952. 4 pages.
CHANGES IN INSTALMENT CREDIT TERMS.
T H E SECOND ARMAMENT BUDGET.
February 1952.
9 pages.
February 1952.
9
May 1952.
6 pages.
EXCESS
MONEY AND CREDIT IN 1951.
PUBLICATIONS
PROFITS
TAXES
OF COMMERCIAL
BANKS.
June 1952. 18 pages.
pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGUINTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
March 1952. 10 pages.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE.
March 1952. 7 pages.
BANKING IN THE SOVIET UNION.
April 1952.
8
SALES. April 1952. 4 pages.
AUGUST 1952
FINANCING OF LARGE CORPORATIONS IN 1951.
June
1952. 6 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1952. 2 pages.
pages.
REVISED WEEKLY INDEX OF DEPARTMENT
LATION X. June 1952. 18 pages.
STORE
BALANCE SHEET OF AGRICULTURE, 1952.
July 1952.
14 pages.
965
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
S
W
===== BOUNDARIES OF FEDERAL RESERVE DISTRICTS
I
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
@FedFRASER