Full text of Federal Reserve Bulletin : December 1952
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FEDERAL
ESERVE
BULLETIN
DECEMBER 1952
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
W I N FIELD 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 opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Recent Credit Expansion.
1269-1275
Recent Central Banking Developments in Southeast Asia.
1276-1284
Current Events and Announcements.
1285
National Summary of Business Conditions. .
1286-1287
Financial, Industrial, Commercial Statistics, U. S. (See p. 1289 for list of tables) .
1289-1338
International Financial Statistics (See p. 1339 for list of tables) .
1339-1357
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
1358
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Board Publications..
Map of Federal Reserve Districts. .
Index
1359
1360-1363
1364
1365-1386
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FEDERAL
RESERVE
December
VOLUME 3 8
BULLETIN
1952
NUMBER
12
RECENT CREDIT EXPANSION
Demand for credit has been large in 1952 rations, from balances accumulated for tax
and growth in the total of long-term and payments.
At commercial banks, loan expansion has
short-term credit outstanding has been substantial, particularly in recent months. Busi- been substantial in 1952. Commercial banks
nesses and consumers have expanded their have also increased their portfolios of Govborrowing throughout the year to help fi- ernment securities, although the level of
nance large expenditures for plant and their holdings has fluctuated considerably
equipment, housing, and durable consumer since midyear, increasing in connection with
goods. Business borrowing for seasonal and the major new financing operations of the
other purposes has also been large in the last Treasury but subsequently declining somehalf of the year, following a less than sea- what as banks sold short-term Government
sonal decline in the first half. Increased securities to other investors. The expansion
borrowing by State and local governments in deposits of businesses and individuals
to finance capital improvements has added which accompanied growth in bank credit
further to the demand for credit. Since in 1952 has been largely in the form of time
midyear the Federal Government has also deposits and only to a moderate extent in
demand deposits—a development which conbeen a borrower.
To a considerable extent, credit expansion tributed to sustained high level activity withhas been financed with funds accumulated out further inflation.
To obtain the additional reserves required
by individuals in savings institutions. There
has been a continuing large growth in sav- by total deposit expansion, member banks
ings deposits, savings and loan shares, in- found it necessary to increase significantly
surance and pension reserves, and certain their borrowing at the Federal Reserve
other savings forms. In addition, State, local, Banks. Since borrowing from the Federal
and foreign governments have supplied an Reserve is only a temporary means of adjustincreased amount of short-term funds to the ing a bank's reserve position, the increase in
money market, and since midyear non- such borrowing exerted a restraining influfinancial corporations have bought large ence on monetary expansion.
amounts of Treasury bills. Such funds have
CREDIT DEMAND IN CAPITAL MARKETS
become available from cash reserves and
The capital markets have supplied an extemporarily idle working balances, from cash
proceeds of financing operations completed ceptionally large volume of funds in 1952.
in advance of actual disbursements for vari- During the first nine months the increase in
ous capital projects, and, in the case of corpo- real estate mortgage indebtedness, together
DECEMBER
1952
1269
RECENT CREDIT EXPANSION
with growth in long-term financing of business corporations and State and local governments, totaled an estimated 16.3 billion
dollars—nearly one-fifth more than in the
corresponding period last year. A smaller
growth in real estate mortgage indebtedness
this year was more than offset by greater
increases in long-term corporate business and
State and local government debt, as is shown
in the chart. In the case of business corporations, the increase this year was nearly
two-fifths greater than last, while growth
in State and local government debt was more
than twice that of 1951.
GROWTH IN LONG-TERM FINANCING
SELECTED TYPES
January-September
Billions of Dollars
16
STATE AND LOCAL
GOVERNMENT
12
CORPORATE BUSINESS
REAL ESTATE
MORTGAGE
1951
1952
NOTE.—Estimates by Federal Reserve on. basis of data from
Securities and Exchange Commission, Bond Buyer, Census
Bureau, Home Loan Bank Board, and Department of Agriculture. Corporate business includes long-term debt and equity
financing.
Corporate security issues. N e w capital
raised by business through security issues in
1952 has been much greater in volume than
in any recent year and may reach an all-time
high. Public offerings and take-downs on
1270
private placements with insurance companies
for the first ten months of the year are estimated at 7.6 billion dollars, which exceeds
the total for the full year 1950 or 1951.
A somewhat higher level of business expenditures for new plant and equipment, a
marked decline in corporate funds retained
from operations, and the funding by some
companies of debt owed to commercial banks
all contributed this year to an increased corporate demand for long-term financing, both
debt and equity. Business expenditures for
new plant and equipment, including those
of unincorporated concerns, are expected to
reach a record high of about 27 billion dollars
for the year 1952.
While corporate funds retained from operations (profits before taxes plus current
depreciation accruals, less Federal income
tax and dividend payments) are estimated to
have increased appreciably from the second
to the third quarter, the total for the first
nine months of 1952 was probably about onethird less than in the same period of 1951.
Some further increase is expected for the
fourth quarter, but the volume of funds
available from internal sources for the full
year will be somewhat less than in 1951.
Electric and gas utility companies have
floated an especially large volume of securities this year, in part to place on a more
permanent basis borrowing from banks for
the initial financing of plant and equipment
expenditures. Manufacturing concerns have
also issued substantial amounts of securities.
T h e principal issuers were in chemical, machinery, petroleum, and steel industries
where facilities are being expanded in accordance with defense program objectives
of increasing productive capacity for strategic materials and specialized equipment.
Relative costs have continued to favor debt
financing over common and preferred stock
FEDERAL RESERVE
BULLETIN
RECENT CREDIT EXPANSION
financing, although there have been in- reflected in a volume of new mortgage loans
creased efforts to obtain equity capital, par- on small properties that was about one-tenth
ticularly through issuance of debentures con- larger in the January-October period of 1952
vertible into stock. The treatment of in- than a year earlier.
terest as a deductible expense for income tax
Total outstanding mortgage debt, howpurposes and the yield and underwriting ever, has been increasing less rapidly this
differentials necessary to attract investment year than in 1951. This reflects a much
funds into equity shares continued to en- smaller volume of mortgages written on
courage borrowing as a source of funds. commercial and multi-family residential
Moreover, institutional investors, such as properties, as well as a larger volume of
life insurance companies, commercial and repayments on outstanding mortgage debt.
mutual savings banks, and pension and trust
CONSUMER CREDIT
funds, invest primarily in debt obligations,
Consumer borrowing has risen sharply
and these institutions have continued to
supply the greater part of external long-term following the suspension of consumer instalfunds for business. Direct placements with ment credit regulation on May 7. Expansion
institutional investors, which have accounted has been concentrated in instalment credit.
for two-fifths of all corporate security issues With credit terms eased considerably, more
during the postwar period, continued in durable goods purchases have been financed
about that proportion during the first three on credit, and more credit has been granted
on individual purchases. As shown in the
quarters of 1952.
chart, the increase in instalment credit outState and local government borrowing.
standing was rapid in May and June. It
State and local governments accelerated expenditures for construction of schools, high- CONSUMER INSTALMENT CREDIT
ways, and other public facilities in 1952.
16
The bulk of such capital expenditures is End of M o n t h
B i l l i o n s of D o l l a r s
financed out of borrowed funds rather than
current revenues, and preliminary estimates
15
for the year indicate that the amount of
State and local government security issues
14
may exceed 4.5 billion dollars, about onethird more than last year. The volume of
prospective issues already announced, to13
gether with those approved by voters in the
recent election, indicates a sustained large
amount of State and local government fi12
nancing in 1953.
Real estate mortgage credit. The number
of new houses completed and sold during the
first ten months of 1952 was somewhat
smaller than in the same period of 1951, but
i i i i i i i i I i i i i i i i i i i i 1.1 i i i i i i i J/y\J
10
1950
1951
1952
transfers of existing properties were more
NOTE.—Federal Reserve estimates. Latest data are for
numerous. In mortgage financing this was October.
DECEMBER
1952
1271
RECENT CREDIT EXPANSION
slackened somewhat in July and August,
largely as a result of the prolonged steel
strike, which curtailed production of automobiles and some other consumer durable
goods. T h e increase since September has
again been very large. T h e ratio of consumer instalment credit granted to expenditures for durable goods is now back to prewar relationships.
FEDERAL TREASURY FINANCING
T h e Federal Government, which on a cash
basis had a balanced budget in the fiscal
year ending June 30, 1952, began in July to
operate at a deficit. While the actual cash
deficit for the current fiscal year cannot be
gauged accurately at this stage, it may
amount to several billion dollars. Seasonal
patterns in tax collections will probably
result in a cash deficit in the June-December
1952 period in excess of the deficit for the
full fiscal year. During this half-year the
Treasury will probably have borrowed from
the public a net amount of about 7 billion
dollars.
T h e first borrowing for the fiscal year
1953 was the sale on July 1 of over 4 billion
dollars of fully marketable bonds. These
bonds, which mature in 1958, were the
largest Treasury issue for new money since
1945. They were initially allotted almost
entirely to nonbank subscribers, some of
whom financed their purchases through
loans from commercial banks. In the period
immediately following the offering, banks
purchased a large amount of these bonds in
the market.
T h e remainder of the Treasury's recent
financing program has been accomplished
by temporary borrowing through tax anticipation bills. Early in October the Treasury
issued 2.5 billion dollars of such bills acceptable in payment for taxes next March 15
1272
or redeemable for cash on March 18. This
issue was sold at an average rate of L72 per
cent. In November an additional 2 billion
dollars of tax anticipation bills, acceptable
for taxes on June 15 or redeemable for cash
on June 19, was auctioned at an average rate
of 1.85 per cent. Initially, both of the issues
were acquired almost entirely by commercial
banks, with subsequent distribution made in
the market to corporations and other investors as they accumulated funds for tax
payments due in March and June.
Some of the funds obtained through these
recent security issues have been absorbed by
cash redemptions of maturing marketable
securities and the excess of redemptions over
sales of savings securities. T h e volume of
savings notes outstanding, after declining
almost a billion dollars in the first half of
the year, has since declined further, reflecting
a shift by corporate investors to marketable
securities, which under recent market conditions have yielded higher returns. Following a change in savings bond terms in May,
sales and redemptions (valued at issue price)
have come nearly into balance after a period
of more than a year when redemptions exceeded sales, sometimes by large amounts.
Since May there has been a small increase in
the amount of savings bonds outstanding,
reflecting the accrual of discount on bonds.
SOURCES OF LONG-TERM CREDIT
An increased proportion of the credit in
1952 has been supplied from savings accumulated by individuals. Financial assets of individuals have expanded greatly
through deposits in savings accounts at commercial banks and mutual savings banks,
additions to shares in savings and loan associations, and growth in life insurance company resources, as is shown in the chart.
In the first ten months of 1952, this growth
FEDERAL RESERVE BULLETIN
RECENT CREDIT EXPANSION
totaled 9.2 billion dollars, as compared with
6.8 billion in the same period last year. In
addition to making a substantial volume of
funds available for investment by intermediary institutions, individuals have increased their direct purchases of corporate
and State and local government securities.
The increased volume of savings accumulated at major savings institutions other than
commercial banks has been used almost entirely to finance capital expenditures by
businesses and consumers, with a particularly
large amount of credit granted to business
for plant and equipment outlays. In the first
ten months of the year, these savings institutions expanded their holdings of corporate
GROWTH IN SAYINGS - SELECTED FORMS
10
January - October
Billions of Dollars
TIME
DEPOSITS:
COMMERCIAL BANKS
MUTUAL SAVINGS
BANKS
SAVINGS SHARES-
LIFE INSURANCE —
1950
1951
1952
NOTE.—Data from Institute of Life Insurance, Home Loan
Bank Board, and Federal Reserve. Increase in savings and
loan shares estimated by Federal Reserve on basis of data for
January-September. Life insurance represents increase in total
assets.
INCREASE IN ASSETS OF CERTAIN M A J O R
INSTITUTIONAL
INVESTORS
[In billions of dollars]
January-October
Asset and institution
1951
1952
Total assets
5.8
7.7
Business loans and securities
Life insurance companies
Mutual savings banks l
2.4
2.2
0.2
3.3
2.7
0.6
Real estate mortgages
Life insurance companies
Mutual savings banks
Savings and loan associations
5.6
2.8
1.4
1.4
4.9
1.7
1.2
2.0
United States Government securities
Life insurance companies
Mutual savings banks
Savings and loan associations 2
-2.9
-2.1
-0.9
0.1
-0.9
-0.7
-0.3
0.1
Other loans, investments, and assets
Life insurance companies
Mutual savings banks
Savings and loan associations 2
0.7
0.6
0.1
(3)
0.4
0.3
(3)
0.1
2
1
Includes changes in holdings of State and local government
securities.
2
First
nine months.
3
Less than 50 million dollars.
Source.—Institute of Life Insurance, Federal Reserve System,
Home Loan Bank Board.
securities reflected the higher yields on corporate obligations, as compared with yields
on mortgages, particularly Government insured and guaranteed mortgages. Acquisitions of FHA-insured mortgages by life insurance companies, for example, have been
one-fourth smaller this year than last, and
acquisitions of VA-guaranteed mortgages
have been two-thirds smaller. For conventional mortgages, on which interest terms
are more flexible, acquisitions by life insurance companies have shown only a small decline.
BANK CREDIT EXPANSION
Total loans at commercial banks, excluding interbank loans, increased about 4 billion
securities by about 3.3 billion dollars, as is dollars during the first ten months of both
shown in the table. This investment com- 1951 and 1952. From the middle of this
pares with 2.4 billion in 1951. Holdings of year through October, however, such loans
real estate mortgages by these institutions rose about 2% billion dollars, considerably
increased 4.9 billion dollars in 1952—some- more than in the corresponding period of
1951. The recent loan expansion has been
what less than last year.
dominated
by a large but essentially seasonal
To a large extent the greater attraction of
institutional investor funds into corporate growth in loans to business enterprises and
DECEMBER
1952
1273
RECENT CREDIT EXPANSION
a sharp expansion in consumer instalment
credit. Real estate and agricultural loans
have also increased.
Business borrowing from commercial
banks has been large since midyear, as is
shown in the chart, but the increase until
recent weeks was about the usual seasonal
volume. From June through October, business loans at weekly reporting banks increased about 1.7 billion dollars as compared
with 1.4 billion during the same period of
1951 and 2.7 billion in 1950. In November,
however, the expansion was considerably
larger this year than last. Seasonal growth
in business borrowing from banks usually
begins about mid-July, quickens from about
mid-August through mid-November, and
then slackens through mid-December. This
year the rise began later than usual, lagged
in August, but picked up sharply thereafter.
BANK LOANS
24
WEEKLY REPORTING
B i l l i o n s of D o l l a r s
BANKS
22
20
18
16
14
8
OTHER
REAL ESTATE
SECURITY
i
i i
i i
1 I
i i i
i
1950
i i i
i i i
1951
i
i i
1952
NOTE.—Business includes agricultural loans. Latest data are
for November 26.
1274
The growth in bank loans to businesses
from midyear through October was largely
concentrated in those industries—food manufacturers, commodity dealers, and trade
concerns—that customarily borrow in the
fall. There was also an expansion in loans
to petroleum and chemical companies and
to sales finance companies, the latter reflecting the growth in consumer instalment
credit. In the fall of 1951 there was a large
growth in credit to concerns engaged in defense and defense-related activities, mainly
metal and metal product manufacturing and
public utilities. This year, loans to these
concerns were fairly stable through October,
but increased thereafter.
Consumer instalment loans at commercial
banks have expanded rapidly since May
when regulation of the terms of such borrowing was suspended. In the period MayOctober, consumer instalment credit at
banks increased 1.2 billion dollars, about
half of the rise in total instalment borrowing
by individuals over this period. Banks have
also financed consumer purchases indirectly
through an increase in their lending to finance companies and retailers.
Real estate loans at commercial banks
have increased more this year than last, but
bank lending in this area continues to be
less than in the early postwar period. Increases in real estate loans have been primarily at small and medium-sized banks.
Since midyear agricultural loans of banks
have increased at a somewhat more rapid
rate than a year ago. The rise has been
primarily in Federally guaranteed loans
made in connection with the price support
program for wheat.
Commercial bank holdings of State and
local government securities continued to increase through August at about 100 million
dollars a month, approximately the rate of
FEDERAL RESERVE BULLETIN
RECENT CREDIT EXPANSION
growth shown over the last several years. originally taken up almost wholly by comSince August, however, total bank holdings mercial banks, which find it profitable to
of these securities have declined somewhat, subscribe for such offerings to obtain Treasreflecting primarily a contraction at New ury tax and loan deposits. As the borrowed
funds have been drawn on by the Treasury,
York City banks.
Commercial bank credit has played an however, banks have been under pressure to
important role in the new financing opera- sell these or other short-term securities.
tions carried out by the Treasury since mid- During October, as the chart shows, weekly
1952, as is shown in the chart. Initially, banks reporting banks increased their holdings of
bought Government securities and subse- Government securities when the tax anticiquently sold the same or other Government pation bills were issued and thereafter sold
securities to nonbank investors. Of the 4!/4 securities in the market to other investors.
billion dollars of Treasury intermediate-term
Total commercial bank holdings of Govbonds issued in early July, commercial banks ernment securities have increased since June,
absorbed over half, largely through market largely at country banks. In the third
purchases. In the three months July-Sep- quarter, Government security portfolios of
tember, however, the weekly reporting banks these banks are estimated to have increased
reduced sharply their holdings of short-term 800 million dollars, whereas holdings of
Government securities, so that their total New York City banks declined 600 million,
portfolios at the end of September were and the portfolios of other large city banks
smaller than at the end of June.
showed little net change.
Treasury tax anticipation bills offered in
Expansion of bank credit and deposits in
early October and in late November were 1952 through November has not been accompanied by an increase in reserves supBANK FINANCING OF U. S. GOVERNMENT
plied through Federal Reserve open market
40
operations. Member banks have been obWEEKLY REPORTING BANKS
Billions of Dollars
liged to borrow increasingly from the Federal Reserve Banks in order to maintain the
reserve positions required by law. Member
bank borrowing from the Federal Reserve
outstanding in November averaged about
1.5 billion dollars, as compared with only
35
about 350 million dollars a year ago and
about 500 million in the spring of this year.
From the standpoint of the individual bank,
borrowing is only a temporary source of
reserve funds. As such borrowing increases,
banks have a growing need to make other
30
adjustments that will restore their reserve
2
LOANS on
positions. To make such adjustments, borGOV'T SECURITIES
rowing banks are under pressure to liquidate
assets or at least to curtail further credit
1950
1951
1952
expansion.
NOTE.—Latest data are for November 26.
DECEMBER
1952
1275
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
Postwar political changes in almost every Asian
country have led to a variety of economic and financial reforms. Prominent among these is the establishment or modification of central banks. New
central banks have been established in no less than
R\c countries in the area extending from the Philippines to Pakistan, while in two other countries important changes affecting existing central banks
have been made. In most of these countries it is
still too early to tell how effective the central banks
and the new powers of credit and monetary regulation will prove to be. The purpose of this article
is primarily to review the changes which have
taken place and to examine the types of laws and
institutions adopted to meet the central banking
needs of the nations in this area.1
Most of the changes have resulted from the emergence of independent states and the redrawing of
national boundaries. Thus, central banks have been
set up for the first time in the Philippines, Ceylon,
Burma, and Pakistan. Indochina, previously served
by a bank of issue, has an entirely new institution
created to meet the difficult problems arising from
the establishment of the three Associated States of
Indochina. In India and Indonesia existing central
banks have been nationalized, and other important
changes have either been introduced or are now
under consideration.
very high reserve ratios in the absence of central
bank lending facilities. With the attainment of independence it was recognized that the stability,
growth, and development of the domestic economy
could be facilitated by the establishment of a more
flexible credit and monetary system.
Establishment of a central bank. The Central Bank
of the Philippines was one of the first of the new
Asian central banks. Authorized by the Central
Bank Act of June 15, 1948, it commenced operations early in 1949 as an entirely new institution,
not a replacement or modification of any existing
bank. The new Central Bank is a completely
Government-owned and controlled institution with
the statutory objective of maintaining monetary
stability, preserving the international stability and
convertibility of the peso, and promoting the orderly
growth of production, employment, and real income. It performs banking operations only for
other banks and the Government, and is authorized
to deal directly with the public only in the course of
its open market operations. In addition to sole
responsibility for the note issue, the Bank has broad
regulatory authority over the credit and exchange
operations of the banking system and has the right
to examine all banks periodically. It has responsibility for developing and maintaining a market for
Government securities and serves as the Government's general fiscal agent and adviser on financial
THE PHILIPPINES
and economic matters.
Before achieving independence in 1946, the PhilPhilippine central banking legislation gives conippines had not developed a central monetary and
siderable
attention to the problem of attaining cobanking authority. Broadly speaking, the Philippine peso was based on a 100 per cent U. S. dollar ordination of monetary and fiscal policies. The
reserve, and the currency was issued principally by Secretary of Finance is a member of the seven-man
the Philippine Treasury. Variations in the size of Monetary Board which determines Central Bank
the issue corresponded with the rise and fall in the policy and is authorized to preside at its meetings.
country's U. S. dollar reserves, creating great diffi- The Governor of the Bank, also a member of the
culty in cushioning the domestic economy from the Monetary Board, is an ex-officio member of the Na•deflationary effects of adverse short-term fluctuations tional Economic Council. These arrangements dein the balance of payments. Such flexibility as ex- rive from the idea that the Monetary Board should
isted was provided by the credit operations of the be in a position to influence Government policy.
The legal tie between the peso and the U. S.
commercial banking system, which in turn were
restricted in part by the banks' need to maintain dollar was not entirely removed. Under the Executive Agreement between the United States and
1
This article was written by Reed J. Irvine under the the Philippines, pursuant to the Philippine Trade
direction of Arthur C. Bunce, Chief of the Far East Section
Act of 1946, the approval of the President of the
of the Board's Division of International Finance.
1276
FEDERAL RESERVE BULLETIN
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
United States is required before the Philippines can
alter the exchange rate, suspend convertibility, or
restrict the transfer of funds to the United States.
Nevertheless, the Philippine international reserve is
no longer restricted to dollars, and no minimum
ratio between the size of the reserve and the amount
of currency in circulation is prescribed by law. The
Republic is free to adjust the currency issue independently of balance-of-payments fluctuations.
The Philippines' balance of payments, which had
been unfavorable in 1948, deteriorated very rapidly
in 1949, despite the imposition of import controls
early in the year. This was due to a drop in exports
and a large capital outflow. To halt the alarming
drain of foreign exchange reserves, the Philippine
Congress passed legislation instituting exchange controls in December 1949. On March 28, 1951, a 17
per cent tax on sales of foreign exchange was put
into effect. Both of these measures received the
required approval of the President of the United
States.
The Bank possesses a number of anti-inflationary
weapons, including the power to conduct open market operations, using securities of its own issue for
this purpose when necessary. It may vary the discount rate in accordance with the character and
terms of the credit requested and the requirements
of national monetary policy. It also has broad
power to alter reserve requirements on commercial
bank deposits. These may be varied within the
range of 10 to 50 per cent against demand deposits
and 5 to 25 per cent against time deposits. The
reserves must ordinarily consist of deposits with the
Central Bank, but the Monetary Board may permit
part of the reserves to be held in the form of other
assets. It has from the beginning permitted up to
five-eighteenths of the required reserves to be held
in the form of Government securities. When the
Monetary Board sees fit, it may bar further credit
expansion by requiring maintenance of reserves as
high as 100 per cent against any further increase
of deposits.
The Central Bank may also regulate specific
types of credit. It may (a) set maximum rates of
interest, commissions, and charges which banks
may apply to different types of loans, (b) prescribe
minimum cash margins for opening letters of credit,
with authority to relate the size of the required
margin to the nature of the transaction to be financed, (c) set maximum permissible maturities
for bank loans and investments and indicate the
DECEMBER
1952
type and amount of security to be required, (d)
set an upper limit on the total loans or investments a bank may hold, either in the aggregate or by specific categories, or limit the rate of
increase of such assets within a specified period of
time, and (e) require observance of minimum ratios
of capital and surplus to volume of assets or specified categories of assets.
The Central Bank has the usual central bank authority to rediscount and lend against commercial
paper. Paper having relatively long maturity may
qualify as eligible for these purposes, the limit being
180 days for acceptable paper resulting from commercial transactions, and 270 days for bills related
to processing and production. Advances may also
be made against gold and securities for periods of
180 days. The maturity for advances secured by
acceptable collateral may be extended to a maximum
of one year under special circumstances. In periods
of grave emergency the Monetary Board is authorized to make advances secured by any collateral approved by at least five of its seven members.
The Bank is permitted to make provisional shortterm advances to the Government and its political
subdivisions to finance authorized expenditures, but
such advances may not exceed 15 per cent of the
borrower's average revenues for the three preceding
years and must be repaid before the end of the first
quarter of the following fiscal year. The Bank is
also authorized to make loans to the Rehabilitation
Finance Corporation under special circumstances.
With these exceptions, the Bank may purchase
Government securities only for reasons of monetary
policy. However, under authority that expired
June 30, 1951, the Bank was permitted to make loans
to the Government against the security of Government bonds having a maximum maturity of 15
years. The total of such loans could not exceed
200 million pesos and the uses to which the funds
could be put were limited to productive and incomeproducing projects or the amortization of external
debt.
Anti-inflationary measures. The Central Bank has
made only moderate use of its anti-inflationary
powers. The Bank publishes no discount rate, and
it is not known what, if any, variations have been
made in the rates it has charged. In general commercial banks have maintained substantial excess
reserves, a condition which would operate to reduce
the influence of both the discount rate and open<
market operations on their lending policy. Reserve
1277
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
requirements have remained at the level at which
they were first set—18 per cent against demand deposits, 5 per cent against time deposits, and 10 per
cent against deposit liabilities in foreign currencies.
In November 1949 the Bank imposed an 80 per
cent margin requirement against letters of credit
covering the import of specified nonessential goods,
and banks were prohibited from granting credit
facilities of any kind for financing such imports.
These measures were directed toward strengthening
import controls and curbing speculative credit expansion. In 1950 the Bank enjoined the Rehabilitation Finance Corporation from making further
loans for residential construction. The Philippine
National Bank, a Government-owned commercial
bank, was ordered to halt the extension of credit
to Government agencies and to make no loans to the
public for speculative purposes. The Central Bank's
advances to commercial banks were sharply contracted, but inflation, fed by a large budget deficit,
did not abate.
In the latter part of the year, a policy of encouraging imports was adopted by the Government and
the Central Bank encouraged credit expansion for
this purpose. In the last half of 1951 the Bank
adopted a more restrictive policy, especially with respect to letters of credit. It required that commercial banks have net foreign exchange holdings,
excess reserves, cash in vaults, and securities in an
amount equal to at least 70 per cent of their total
letters of credit outstanding. Nevertheless, bank
credit continued to expand until late in the first
half of 1952.
The National Government ran budgetary deficits
from 1949 to 1951,financedin part by Central Bank
short-term credits. During this period the Central
Bank also utilized the special authority described
above to grant large long-term credits to both the
Government and the Rehabilitation Finance Corporation. As a result, by the end of 1951 the Bank
held 43 per cent of the total domestic public debt.
In the 1952 fiscal year the budget was in balance
and no further demands were made upon Central
Bank credit for budgetary purposes. The Bank's
holdings of Government obligations have been relatively stable since May 1951.
CEYLON
Legislation establishing the Central Bank of Ceylon was enacted in December 1949, and the Bank
commenced operations on August 28, 1950. Previ-
1278
ously, the Ceylonese monetary system had been
under the supervision of a Currency Board, which
maintained a 100 per cent foreign exchange reserve
against the note issue. As in the Philippines, the
domestic economy was unprotected from short-term
adverse fluctuations in the balance of payments.
Since the domestic banking system was underdeveloped and the interests of existing banks lay
largely in the financing of foreign trade, it was
felt that a modern central bank would assist in both
the stabilization of the economy and the growth of
banking and credit facilities necessary to the country's economic development. The background situation was very similar to that which existed in the
Philippines, and the newly adopted central banking
legislation resembled the Philippine Act in many
respects.
The Bank is a State-owned institution, with overall responsibility for its management, operations, and
policy centered in a three-man Monetary Board
consisting of the Permanent Secretary to the Ministry of Finance and two members appointed by the
Government, one of whom is the Governor of the
Bank. The Governor is the only member expected
to devote full time to the affairs of the Bank.
As in the Philippines, the 100 per cent foreign
exchange currency reserve requirement has been
eliminated as a feature of the monetary system.
The Monetary Board determines whether or not
there is actual or potential overexpansion of the
currency or excessive drain on the foreign exchange
reserves. The Board is required to watch certain
economic indicators closely and to base its actions
on their movements rather than on any prescribed
legal reserve requirement.
Another important change in the monetary field
is the redefinition of the value of the Ceylonese
rupee in terms of gold, and the removal of its tie
with the Indian rupee. The Central Bank may hold
foreign exchange reserves in gold and unspecified
foreign currencies, but the Act stipulates that the
Bank should endeavor to hold at least a nuclear
reserve in gold or in currencies freely convertible
into gold. Previously, the reserves had been limited
to Indian or sterling exchange.
The powers of the Central Bank of Ceylon to
administer credit regulations, to provide credit for
other banks, to examine banks, and to act as advisor
as well as fiscal agent to the Government are generally parallel to those of the Philippine Central
Bank. To promote monetary stability, it may adFEDERAL RESERVE BULLETIN
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
just interest and discount rates, vary commercial
bank reserve requirements within a range of 20 to
40 per cent for demand deposits and 5 to 20 per
cent for time deposits, engage in open market operations, and apply selective credit regulations similar
to those authorized in the Philippine Central Bank
Act. As in the Philippines the maximum maturities
for Central Bank loans against eligible securities
are 180 days and 270 days, depending on the nature
of the security, but extensions of up to one year
may be granted in time of deflation.
The Bank's powers to lend to the Government
are restricted. Provisional advances may not exceed
10 per cent of the estimated revenue of the Government for the fiscal year in which they are made and
must be repaid within a maximum of six months.
The Central Bank of Ceylon may not underwrite
or subscribe to any issue of Government securities
with the exception of Treasury bills, though it may
purchase Government securities in the open market.
The Central Bank of Ceylon began operations
in the midst of the post-Korean inflation, which was
fed by both a substantial export surplus and a Government deficit. Although the Monetary Board did
not at that time find that any significant volume of
credit was being created for nonessential purposes,
it cautioned the commercial banks against granting
such credit as long as the inflationary danger persisted. The Central Bank also sought to retard the
expansion of domestic credit by discouraging commercial banks from bringing their overseas balances
to Ceylon. Total bank rupee reserves increased
rapidly in the last quarter of 1950, reaching 210 per
cent of required reserves in December. In order
to reduce the risk of an unneeded expansion of
credit, the Monetary Board raised the reserve requirements against demand deposits from 10 per
cent to 14 per cent. This brought total reserves
down to 147 per cent of the required minimum in
January 1951.
The Bank expressed the view in its Annual Report for 1950 that the Government's fiscal policy
had been seriously inflationary and strongly urged
that it be changed. In 1951 the budget was very
nearly balanced and inflationary pressure was reduced. At the same time the Central Bank endeavored to make more effective use of credit and
monetary policies. The Bank requested that commercial banks refrain from subscribing to a longterm loan floated by the Government. The loan
was completely taken up by nonbank buyers, and
DECEMBER
1952
the Government substantially reduced the floating
debt held by commercial banks. The Central Bank
conducted open market operations which were
moderately disinflationary. On the other hand, the
Bank imposed no new credit restrictions in 1951,
and reversed its policy of discouraging the transfer
of overseas balances to Ceylon. The Bank decided
that inflation had largely run its course and that a
long-run policy of encouraging the banks to invest
in Ceylon could be safely inaugurated.
BURMA
The most recent central banking legislation
adopted in Southeast Asia is that providing for the
reorganization of the Union Bank of Burma, which
went into effect July 1, 1952. This legislation follows the Philippine and Ceylonese pattern in many
respects, but it has also been influenced by Indian
practice.
Early postwar legislation. Before the war the Reserve Bank of India issued currency and performed
other central banking functions for Burma. This
arrangement was upset by the war, the postwar
political and administrative changes resulting from
Burma's attainment of independence and withdrawal from the British Commonwealth. The Currency and Coinage Act of 1946 entrusted the issue
and management of the currency to a Currency
Board, located in London, which was required to
maintain a 100 per cent reserve in sterling against
all notes and coins in circulation in Burma except
for a limited fiduciary issue.
The Union Bank of Burma Act of 1947 provided
new machinery to meet central banking needs.
The Union Bank of Burma, established on January 4, 1948, served as a banker's bank and fiscal
agent for the Government, but had no control over
the currency issue and little effective influence over
credit. It had power to make credit available to
commercial banks in the form of advances against
specified types of collateral or through purchase or
rediscount of eligible commercial paper. Eligibility
was narrowly limited, however, and there was little
demand for this service. The Bank's powers to
combat undesirable credit expansion were limited to
varying the bank rate, which had little effect in view
of the negligible demand for rediscount facilities.
There was no provision for commercial bank reserve requirements or for selective credit regulation.
Extension of central banking functions.
Legislation in 1952 reorganized the Union Bank of Burma
1279
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
and greatly extended its powers. It combined control of the note issue with other central banking
functions and expanded the Bank's powers to regulate the supply and cost of credit.
Responsibility for the note issue passed from the
Currency Board to the Union Bank, and the currency reserve requirement was altered. The Bank
must maintain an international reserve consisting of
gold or specified assets in foreign currencies equal
to an amount not less than 25 per cent of its liability on account of deposits and currency in circulation. Since the ratio at the present time is far
above 25 per cent, this requirement will not restrict
the operations of the Union Bank for the time being.
Policy decisions therefore have to be based on the
judgment of the authorities (as in the Philippines
and Ceylon) rather than on the stated minimum
figure.
The new Act liberalizes the eligibility requirements of commercial paper presented to the Union
Bank for purchase, discount, or as collateral for
loans. Maximum acceptable maturities have been
increased from 90 to 180 days in the case of bills
and notes related to domestic trade, and the Board
of Directors of the Bank may suspend eligibility
requirements in periods of emergency and make
loans or advances against any collateral it deems
sufficient. The Bank recently announced that its
interest rate would be 2 per cent for advances against
Government and Government-guaranteed securities
and 3 per cent for loans secured by other types of
collateral.
The new law places no specific limit on the Union
Bank's holdings of Government bonds, but shortterm budgetary advances to the Government are
now limited to 15 per cent of the estimated revenue
of the Government for the fiscal year in which the
advance is made and must be repaid within six
months. The Bank is not barred from underwriting
issues of Government securities or subscribing to
new issues, as is the Central Bank of Ceylon. The
Bank has expressed the belief that its unrestricted
power to deal in Government securities will facilitate
the development of a substantial and expanding
market for them. Minimum reserve requirements
against commercial bank deposits have been imposed for the first time, and made applicable to all
banks operating in Burma. The Union Bank may
vary requirements between 8 per cent and 40 per
cent against demand deposits, and between 3 per
cent and 15 per cent against time deposits. Re1280
serves must ordinarily be held as cash deposits with
the Union Bank, but the Bank may at its discretion
permit any part of the reserve to be held in the form
of other assets.
The Bank also has several instruments of credit
regulation which may be applied only with the approval of the President of the Union of Burma.
They include authority to set (1) maximum rates
of interest which commercial banks may charge for
different types of loans and pay on various classes of
deposits, (2) maximum maturities for loans and
advances made by commercial banks and the types
and amounts of collateral to be required, (3) limits
on the rate of increase within specified periods of
loans, advances, and investments of banks either
in the aggregate or in any specified classes of such
assets, and (4) minimum cash margins for opening
letters of credit by banks.
Another new provision is that giving authority to
the Union Bank to license banks and inspect them
periodically. The Bank may revoke the license of
any commercial bank which it finds to be no longer
fulfilling the conditions under which it was licensed.
Under the new legislation the Union Bank may,
with the approval of the President of Burma, require that each bank or class of banks hold assets
payable in Burma equivalent to a specified minimum percentage of its total domestic liabilities.
This provision takes account of a former complaint
that banks tended to hold and invest too small a
proportion of their funds in Burma, thus depriving
the country of much needed capital.
Despite serious internal disorders, the Government of Burma has not incurred heavy budget deficits. Inflation has largely been avoided in the
postwar period, and the Union Bank has not had
occasion to invoke its anti-inflationary powers.
INDIA
Independence and partition of India brought a
number of important changes in the ownership and
powers of the Reserve Bank of India, which was
established in 1934. The Bank was originally organized as a quasi-public institution. Its entire
capital was privately subscribed. Responsibility for
policy making and supervision of Bank operations
rested with a Central Board of Directors having 16
members, half elected by the shareholders and half
appointed by the Government. Profits in excess
of approximately 6 per cent dividends to private
shareholders went to the Central Government.
FEDERAL RESERVE BULLETIN
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
Nationalization of the Reserve Bank. In 1948 the
Reserve Bank was nationalized by legislation providing for the transfer of all its stock to Government
ownership. The Reserve Bank of India Act of
1934 was amended to take account of this change.
The Central Board of Directors was reduced to 14
members, all appointed by the Government. The
Government was authorized "to give such directions to the Bank as it may, after consultation with
the Governor of the Bank, consider necessary in
the public interest."
The Central Board of Directors is required to
meet only six times a year, though meetings may be
held more frequently. The day-to-day operation of
the Bank is entrusted to the Governor. In addition
to the Central Board there are four regional boards
which may be called upon for advice or other assistance. Members of the regional boards are all
Government appointees, and the law requires that
appointments be made with regard to representation
of the interests of the area, various economic groups,
and the cooperative and indigenous banks. The
Central Board determines the functions to be performed by the local boards.
Definition of the value of the rupee in terms of
sterling was eliminated by amendment of the Reserve Bank Act in 1947. The Central Government
was given full authority to determine and vary the
exchange rate, subject to its obligations to the International Monetary Fund.
Responsibility for currency issue. The Reserve
Bank is responsible for the issue of all India's currency. The note issue must be fully covered by a
reserve, held in a separate Issue Department, composed of gold, foreign exchange, rupee coin, domestic securities, and eligible commercial paper. At
least 40 per cent of this reserve must consist of
gold and foreign exchange. The foreign exchange
component, formerly limited to sterling, may now
consist of specified assets denominated in the currency of any foreign country belonging to the International Monetary Fund. The Bank may permit its
gold and foreign exchange holdings to fall below
the required minimum with the prior approval of
the Government, but it is subject to a penalty as
long as the deficiency exists.
Instruments of credit regulation. Amendments to
the Reserve Bank Act after 1948 somewhat expanded the authority of the Reserve Bank to extend
credit to the Government and to other banks.
Statutory limitation of the Bank's holdings of GovDECEMBER
1952
ernment securities was eliminated in 1951. Power
to grant loans to other banks in time of emergency
was broadened by providing that such loans could
be made against any security the Reserve Bank
considered sufficient. The maximum maturity allowed for eligible paper derived from the financing
of agricultural operations or the marketing of crops
was increased from 9 to 15 months in 1951, but no
change was made in the 90-day maturity requirement for other forms of eligible paper.
Having been drafted in a period of deflation, the
Reserve Bank of India Act did not originally place
the same emphasis upon restraint of inflation as do
the postwar central banking acts of some other
countries. The powers authorized in this Act
which might be used to combat inflation were the
adjustment of the bank rate and the conduct of
open market operations. No provision was made
for the more selective forms of credit regulation.
The law required commercial banks to maintain
cash reserves against their deposit liabilities, but
the reserve ratios could be varied only by legislative
action and applied only to designated banks.
The Reserve Bank's authority in this sphere was
broadened with the passage of the Banking Companies Act of 1949. This Act empowers the Reserve Bank, if it deems it desirable from the standpoint of the public interest, to determine the policies
in relation to advances to be followed by banks
generally or by individual banks. This authority
allows the Reserve Bank to determine the purposes
for which advances may or may not be made, the
margins to be maintained with respect to secured
advances, and the rates of interest which may be
charged on advances. A provision of this Act that
became effective in March 1951 requires all banks
to maintain liquid assets (cash, gold, or unencumbered approved securities) equivalent to not less
than 20 per cent of their total demand and time
liabilities in India. This did not supersede the
existing cash reserve requirement of 5 per cent
against demand and 2 per cent against time liabilities, which was extended to apply to all banks. The
Reserve Bank is not given authority to vary required reserve ratios.
This Act also gives the Bank broad powers to
examine and license all banks doing business in
India. The Reserve Bank has made full use of this
examining authority and has instituted a system of
periodic examination of all banks.
1281
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
The Reserve Bank has made relatively little use
of its new powers to influence credit and has expressed the opinion that most banks have followed
a cautious credit policy. Since September 1949,
however, it has required commercial banks to submit reports on all new credits exceeding a specified
figure, and in 1950 it issued directions designed to
curb loans to speculators in jute and silver. In the
summer of 1951 the volume of credit failed to follow
the normal pattern of contraction and in the autumn, at the beginning of the next seasonal rise
in the demand for funds, the bank revived the use
of the traditional instruments of monetary regulation—bank rate and open market policy. In November 1951 the bank rate was raised from 3 per
cent to 3.5 per cent and the Reserve Bank announced
that it would not support Government securities
except in special circumstances. These steps immediately increased the cost and reduced the availability of credit. The Indian banks had long followed the practice of buying Government securities
in the slack season and selling them in the busy
season. The Reserve Bank's withdrawal from the
market and the consequent decline in bond prices
led the banks to seek their needed funds by borrowing from the Reserve Bank, using their securities as
collateral.
The Reserve Bank took advantage of the resulting
credit stringency to introduce a plan designed to
increase the elasticity of the Indian credit structure
by encouraging the use of commercial bills as collateral for advances. Among other things, it set a
preferential interest rate for advances against the
security of eligible commercial paper at one-half
of one per cent below the bank rate. The plan,
initially experimental and limited to large banks,
was considered sufficiently successful to be continued.
The result of all these measures appears to have
been a smaller expansion of the credit and money
supply than in the previous busy season and an
earlier and more pronounced post-seasonal contraction. Monetary policy alone does not, of course,
explain the decline in prices that India has experienced over the past year. The Reserve Bank has
observed, however, that "by and large . . . the new
monetary policy secured the objectives of preventing
a large expansion of money supply during the busy
season, and of enabling the Reserve Bank to have
more effective control of the magnitude and purpose
of bank advances."
1282
PAKISTAN
The State Bank of Pakistan, established on July 1,
1948, follows the model of the Reserve Bank of
India, with certain variations. The Government of
Pakistan was required to subscribe a minimum of 51
per cent of the Bank's capital, but the remainder
was taken up by private subscribers, who are entitled
to a minority voice in the Bank's management.
The Government is authorized to appoint the Governor, Deputy Governor, and six directors, one of
whom must be a Government official. Other shareholders are given the right to elect three directors.
The Government has the right to supersede the
entire Board of Directors if of the opinion that the
Board is failing to carry out any of its obligations.
The management of the Bank may then be entrusted to such agency as the Government may
determine. The Government is not authorized, as
in India, to give directions to the Bank, but it is in
a position to influence the Bank's management.
The State Bank is the sole bank of issue in
Pakistan. Its note issue must be backed fully by a
reserve held in a separate Issue Department, at least
30 per cent of which must consist of gold, silver,
and specified types of foreign exchange. The rest
may consist of rupee assets. The foreign exchange
reserve requirement may be suspended by the Government without penalty to the Bank.
The State Bank is authorized to make funds
available to designated banks and to local authorities through purchase and rediscount of eligible
commercial paper or through secured loans. Eligible commercial paper is strictly defined and maximum maturities are limited to 90 days except for
bills and notes drawn for the purpose of financing
agricultural operations, which must mature within
nine months of their acceptance by the Bank. To
meet emergencies, however, the Bank may at its
discretion accept commercial paper not endorsed by
a designated bank and may make loans to banks
against any collateral it deems satisfactory.
Advances to central, provincial, and State governments may be made for three-month periods, with
no restriction on amount. The volume of Government securities the Bank may hold at one time,
however, is limited to the aggregate of its capital
and reserve plus 60 per cent of its deposit liabilities.
This total has not yet been approached.
The instruments of credit regulation originally
available to the State Bank were limited to the
traditional authority to determine the conditions on
FEDERAL RESERVE BULLETIN
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
which it would make credit available and to carry State Bank has had to devote a large share of its
out open market operations. Commercial bank efforts to the task of developing a sound banking
reserve requirements were at first fixed by the law system and to the consolidation of its own organiat 5 per cent against demand and 2 per cent against zation and the improvement of its services.
time liabilities, but this was later amended to give
INDOCHINA
the Bank authority to vary the requirements as it
Division of French Indochina into three states,
saw fit above these lower limits.
The Banking Companies (Control) Act of 1948 Viet Nam, Laos, and Cambodia, which are indeextended the State Bank's powers to include provi- pendent within the framework of the French
sion for more direct credit regulation. It also gave Union, gave rise to a need for a new system of
the Bank broad supervisory authority over the bank- monetary regulation. The Bank of Indochina, a
commercial bank, had held a monopoly of the note
ing system.
This Act authorizes the State Bank to issue di- issue privilege for many years. This was withdrawn
rectives to other banks concerning the policy to be in January 1952, when the new Bank of Issue
followed in making advances, the purposes for (Institut d'Emission) was established.
which advances may or may not be made, the
The powers of the Bank include the right to issue
margins to be maintained in respect of secured notes, deal in foreign exchange (subject to French
advances, and the rates of interest to be charged. exchange control regulations), serve as banker and
Banks may be prohibited from entering into a fiscal agent for the three Associated States, and actransaction or class of transactions, or may be re- cept deposits from and grant advances to other
quired to take such action as the State Bank may banks. The Bank is under the control of a 12-man
think fit. The State Bank may examine banks, Board of Directors. The three Associated States
grant or refuse licenses to operate, and order and France appoint three directors each. One of
changes in the management of banking companies. the directors is selected as Chairman by mutual
In short, the Bank is in a position to exert very agreement of the Associated States and France. He
strong influence upon the policies and operations serves as a full-time official and is responsible for
of Pakistan's banking system.
the execution of the Board's decisions and the direcThe State Bank has made little use of its powers tion of the operations of the Bank. He may appoint
to combat inflationary pressures in recent years, a Director General to whom he may delegate all
but it reports that in the fiscal year 1951 it closely or part of his authority over the administration of
examined the position of banks offering large the ordinary affairs of the Bank. In addition, problocks of securities for sale, and it has attempted to vision is made for a committee of four inspectors,
curb credit for imports by imposing high deposit re- representing each of the Associated States and
quirements against letters of credit. As in India France, to supervise and check on all the operations
in the past, the seasonal expansion and contraction of the Bank and make reports to their respective
of commercial credit has been based largely on the Governments.
Central Bank's purchases and sales of Government
As adviser and fiscal agent of the Associated
securities. The State Bank has appreciated the States, the Bank's agreement to the terms of issue
disadvantages of this system and has given much of State bonds is required. On request the Bank
thought to encouraging the use of self-liquidating must assist in floating bond issues. It may cocredit instruments for this purpose. It has recently operate with the States in deciding questions
announced a plan very similar to that adopted by connected with the balance of payments and the
the Reserve Bank of India earlier this year to in- movement of prices and may volunteer advice on
crease the use of commercial bills as collateral for such matters. The Bank also has responsibility for
advances. It has not, however, indicated that its the administration of exchange controls.
purchases of Government securities will be disconThe new Bank may open accounts for any banktinued, although it appears that this step was an ing institution, and it is permitted, as the economic
important factor in the success of the plan in India. situation may require, to grant banks advances
Disruption of the banking system at the time of against specified types of collateral, including desigpartition created major problems for Pakistan. nated public securities and negotiable instruments
Faced with the withdrawal to India of the major arising from foreign trade transactions and appart of the area's banks and banking personnel, the proved by the Chairman or Director General of the
DECEMBER
1952
1283
RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA
Bank. Such advances are limited to 10 days and
are renewable for two periods of the same duration.
The Bank has no power to license other banks or
to exercise direct supervision over them.
The currency may be issued in notes of different
design for each of the Associated States. It is to be
freely convertible into French francs at the official
parity. A reserve equivalent to at least 50 per cent
of the note issue must be maintained by the Bank
in gold, French francs, or other foreign exchange.
This reserve must be held in interest-paying blocked
accounts with the French Treasury. Foreign exchange in excess of the amount required to carry on
normal exchange operations must also be deposited
with the French Treasury, with the exception of
exchange received directly by the Associated States
as gifts from foreign powers. The currency remains legally linked with the French franc, with
the attendant absence of local control over exchange
rates.
As the organization of the Bank indicates, the
operation of a single central bank to serve three
autonomous States involves a number of delicate
problems. One of the most difficult promises to be
the authorization of advances to the treasuries of
the Associated States. The law limits the total of
such advances to the equivalent of 33 per cent of
the Bank's liability for currency in circulation during an undefined "initial period of operation."
After this period, advances will be limited to 50
per cent of the Bank's gold and foreign exchange
reserve. All advances must be secured by negotiable
State bonds having a maximum maturity of three
months and renewable for periods of the same
length. No limit is placed on the number of renewals. Decision on applications for grants may
be made by the Board of Directors or delegated to
an ad hoc committee composed of the Chairman
of the Board and two directors, one from the applicant State and one from a nonapplicant State. This
committee's decisions are made by majority vote.
In addition to these advances the Bank may grant
credits to the States for expenditures in France in
pursuance of economic development programs.
These credits are also authorized by an ad hoc committee, and are limited to a sum equal to 20 per
cent of the largest annual exports of the applicant
State for any year beginning with 1951. The Bank
is also responsible for the administration of the
Autonomous Fund for the Administration and
Amortization of the Public Debt of the old Indochinese Treasury. The Bank may make advances
1284
to this fund, subject to the unanimous approval of
the directors.
Postwar inflation in Indochina has been fed principally by governmental budgetary deficits. The
new Bank of Issue, in its position as adviser to the
Governments of the Associated States, is concerned
with the adoption of budgetary policies of less inflationary character. It is too early to judge whether
the Governments of the States involved and their
representatives on the Bank's Board of Directors
will be able to overcome the obstacles they face.
INDONESIA
The Java Bank served as the sole bank of issue
in the Netherlands East Indies from the time of its
founding in 1828 until the transformation of that
colony into the independent State of Indonesia in
1949. It carried on an extensive commercial banking business in addition to central banking functions. Although its shares were privately owned,
the Government had authority to appoint the Bank's
managing directors, supervise its operations, and
share in its profits. The Bank could influence the
cost and availability of credit through its own loans
and discounts and its bank rate, but it had no direct
power to control or supervise the policies and operations of other banks. Its own credit operations were
limited by the statutory requirement that it maintain a gold reserve equal to a minimum of 40 per
cent of its total demand liabilities.
The attainment of independence by Indonesia in
December 1949 was followed by changes affecting
the Java Bank, but its structure and powers have
not yet been altered. Among the earlier developments were the replacement of a number of the
Bank's Dutch officials, including the President, by
Indonesians, and the lowering of the minimum gold
reserve requirement against liabilities to 20 per cent
in January 1951. In July 1951, the Government
revealed its intention to nationalize the Bank and
offered to pay 120 per cent of par value for all
privately held shares. Within a few months the
Government had acquired 97 per cent of the Bank's
stock, and in November 1951 an act was passed
authorizing the expropriation of the remaining
shares at the same level of compensation.
It was recognized at that time that it would be
necessary to redefine the relationship between the
Bank and the Government and to revise the statutes governing the Bank. It was announced in
October 1952 that a bill to accomplish this was
under consideration.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting in
Washington on November 16-18, 1952, and met
with the Board of Governors of the Federal Reserve
System on November 18.
A meeting of the Chairmen of the Federal Reserve Banks, which was also attended by members
of the Board of Governors, was held on December
4-5, 1952.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on December
7-9, 1952, and on December 9 the Presidents met
with the Board of Governors.
On December 8 a meeting of the Federal Open
Market Committee was held.
Election of Class B Director
The Federal Reserve Bank of Dallas on November 18, 1952, announced the election of Mr. D. A.
Hulcy, Chairman of the Board and President, Lone
Star Gas Company, Dallas, Texas, as a Class B
director of the Bank for the unexpired portion of
the term ending December 31, 1954, to succeed Mr.
George H. Zimmerman, deceased. Mr. Zimmer-
DECEMBER
1952
man was Chairman of the Board and President,
Wm. Cameron & Company, Waco, Texas.
Death of Director
Mr. Ernest H. Hahne, President, Miami University, Oxford, Ohio, who had served as a director
of the Cincinnati Branch of the Federal Reserve
Bank of Cleveland since January 1, 1949, died on
November 25, 1952.
Admission of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to membership in the Federal Reserve System during the
period September 16, 1952 to November 15, 1952:
Colorado
Englewood—Englewood State Bank.
New Yor\
Northport—Northport Trust Company.
Tennessee
Columbia—Farmers and Merchants Bank.
Wisconsin
Three Lakes—The Peoples State Bank.
1285
NATIONAL SUMMARY OF BUSINESS CONDITIONS
{Compiled November 26 and released for publication December 1]
Industrial production in October and November
was slightly above the sharply advanced September
level. Average wholesale prices of industrial commodities remained steady, while prices of farm products and foods eased further. Consumers' prices
showed little change in October at a level slightly
below their summer high. Bank loans to business
increased sharply after mid-October.
INDUSTRIAL PRODUCTION
Reflecting mainly continued gains in durable
goods industries, the Board's index of industrial
production rose 1 point further in October to 227
per cent of the 1935-39 average. In November a
similar gain is likely. Since September, output at
factories and mines has averaged about 3 per cent
above the levels prevailing during 1951 and early
1952.
Steel ingot production in October and November
was at a new record rate of 106 per cent of rated
capacity as of the beginning of this year. Activity
in most metal fabricating industries also advanced
further. Television production rose to the nearrecord annual rate of about 10 million sets in late
October and continued at this level in early November. Passenger automobile assemblies were maintained at the high September-October rates until
mid-November but subsequently declined owing
mainly to model changeovers. Aluminum producINDUSTRIAL
PER
CE
PRODUCTION
PHYSICAL VOLUME, SEASON ILLY
ilT
/ T OTAL
180
140
\ \
/"
ANUFACTU
220
180
MINERS
140
\
100
1948
\
A
1949 1950 1951
1/,
1952
kX
RES'./
Value of new construction work put in place, seasonally adjusted, during October was larger than
in other recent months. Value of contract awards
was below the near-record September total, which
included a large volume of atomic energy awards,
but was about one-fourth larger than in October
1951. Housing starts in October rose to 101,000,
as compared with 98,000 in September, and were
at a seasonally adjusted annual rate of 1,156,000.
DURABLE
JFACTURE
Seasonally adjusted employment in nonagricultural industries in October was maintained at the
record September level of 47.2 million. Employment in manufacturing rose slightly to a new postwar peak of 16.2 million, and average hours of work
and hourly and weekly earnings increased further.
Unemployment declined again in October, to a new
postwar low of 1.3 million.
MAN
DISTRIBUTION
1948 1949
1950 1951 1952
Federal Reserve indexes. Monthly figures, latest shown are
for November.
1286
CONSTRUCTION
EMPLOYMENT
ADJUSTED, 1935-39- 100
220
V
tion was reduced further in October as a result of
electric power shortages and was about 9 per cent
below the very high August level.
Nondurable goods production showed a slight
decline in October, as textile mill activity was reduced somewhat following marked recovery in the
summer and early fall. Output of paper and paperboard, however, advanced further. Meat production
was maintained in October and the first 3 weeks of
November at levels well above those in the corresponding period a year ago. Output of most other
nondurables continued at about the levels of the
preceding month.
Minerals output declined in October and rose
again in November, owing mainly tofluctuationsin
coal output. Crude petroleum production rose
throughout the period and output of metals was
maintained in large volume.
Retail sales rose sharply further in October to a
level 9 per cent above a year earlier. Both durable
and nondurable goods shared in the October adFEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
also continued to rise. The Treasury's issue of 2.5
billion dollars of tax anticipation bills in October
was bought at first largely by banks, but subsequently was purchased in substantial volume by
corporations. Most of a second issue of such bills
amounting to 2 billion dollars in mid-November
was also taken up initially by the banking system.
Member bank reserve positions tended to be fairly
tight during the mid-October to mid-November peCOMMODITY PRICES
riod. Reserve drains resulted principally from a
Wholesale prices continued to decline in Novem- currency outflow and an increase in Treasury balber largely reflecting further decreases in prices of ances at the Reserve Banks. In addition, Federal
cotton, livestock, and meats. Cotton has declined to Reserve System holdings of Government securities
about 34 cents per pound since release in early No- were reduced somewhat. The average level of
vember of a substantially larger crop estimate, and member bank borrowings exceeded 1% billion dolis now 8 cents below a year ago and 2 cents above lars over the period.
the Federal support level. Prices of some industrial
materials strengthened and prices of finished goods
SECURITY MARKETS
other than foods generally changed little.
Common stock prices rose steadily in the first
The consumers price index was about unchanged
three
weeks of November. Yields on high-grade
in October. Small decreases in foods and textile
corporate
bonds receded to the levels of early Sepproducts were offset by advances in rents, fuels, and
tember. Yields on Treasury bills and other shortservices.
term Government securities increased substantially.
BANK CREDIT
In addition to tax anticipation bills the Treasury announced the offering of an additional amount of 2
Business borrowing from banks expanded sharply
per cent certificates of indebtedness maturing
in late October and the first three weeks of NovemAugust 15, 1953, in exchange for the 1.1 billion
ber. This expansion was more widely distributed
dollars of 1 % per cent certificates maturing Decemthan the earlier rise wrhich had been concentrated in
ber 1, 1952.
such industries as food processing, commodity dealing, and trade where loans normally increase at this
BUSINESS LOANS AT MEMBER BANKS .IN LEADING CITIES
season of the year. Consumer and real estate loans
vance, with the rise in automobile sales especially
marked. Department store sales in the first half
of November were running below their high October level, on a seasonally adjusted basis. Stocks
at department stores are estimated to have continued little changed through October after seasonal adjustment.
-LIONS OF DOLLARS
BILLIONS OF DOLLARS
CONSTRUCTION CONTRACTS AWARDED
1948
1949
1950
1951 1952
Data for selected industries reported by over 200 of the largest
weekly reporting member banks. " ™ - - - 1 " ----» ~ J - ----' — J
F. W. Dodge Corporation data for 37 Eastern
Monthly figures, latest shown are for October.
DECEMBER
1952
1287
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. . .
1291-1292
Federal Reserve Bank rates; margin requirements; reserve requirements
1292-1293
Reserves and deposits of member banks. .
1294
Federal Reserve Bank statistics
1295-1297
Regulation V: guaranteed loans, fees, and rates. .
1297-1298
Bank debits and deposit turnover; Postal Savings System.
1298
Money in circulation
1299
Consolidated statement of the monetary system, deposits and currency
1300
All banks in the United States, by classes
1301-1303
All insured commercial banks in the United States, by classes. .
1304-1305
Weekly reporting member banks
1306-1308
Life insurance company commitments
1308
Commercial paper, bankers' acceptances, and brokers' balances. .
1309
Money rates; bank rates on business loans; bond yields. .
1310
Security prices and new issues
1311-1312
Corporate sales, profits, and dividends..
1312-1314
Treasury finance .
1315-1317
Government corporations and credit agencies.
1318
Business indexes .
1319-1328
Department store statistics. .
1329-1332
Consumers' prices .
1332
Wholesale prices .
1333
Gross national product, national income, and personal income. .
1334-1335
Consumer credit statistics...
1336-1338
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.
DECEMBER
1952
1289
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Jiliions of Dollars
Wednesday Figures
Billions of Dollars
TREASURY CASH AND DEPOSITS
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
I
I
I
FEDERAL RESERVE CREDIT
HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL
0 |=i
I
!
—
'I
DISCOUNTS AND ADVANCES
1943
1944
1290
1945
1946
1947
1948
1949
1950
Wednesday figures, latest shown are for Nov. 26. See page 1291.
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
Discounts
and
advances
Date or period
Total
All
Bills, other
certifiBonds cates,
and
notes
Gold
stock
Total
Treasury
currency
outstanding
Money
in circulation
Member bank
reserve balances
TreasOther
ury deFedTreasNonposits
eral
ury
memwith
cash Federal ber de- Reserve
holdposits
ExReReacings
Total quired2 cess2
serve
counts
Banks
Wednesday
figures:
3.
10.
17.
24.
31.
69 24,039
79 24,072
69 23,848
152 23,666
186 23,552
5,825
5,825
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 >4,427 22,234
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
689
19,144
497
19,060
Nov. 7.
Nov. 14.
Nov. 2 1 .
Nov. 28.
243 23,507
274 23,397
227 23,275
483 23,239
5,325
5,325
5,334
5,334
845 24,595
18,182
930 24,602
18,072
17.941 1,243 24,745
17,905
957 24,679
22,284
22,283
22,333
22,332
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
Dec.
5.
Dec. 12.
Dec. 19.
Dec. 26.
959
710
449
797
23,239
23,239
23,239
23,503
5,357
5,376
5,334
5,342
17,882
883
17,863 1,031
17,905 2 ,057
18,161 ,276
25,081 22,381
24,980 22,382
25,745 22,491
25,,576 22,621
699
700
,703
,704
28,891
29,037
29,263
29,403
,292
,284
,269
,289
501
266
6
289
787
740
776
880
770
770
827
832
19,919
19,964
20,798
20,208
19,196
19,317
19,767
19,637
723
647
1,031
571
1952—Jan.
2.
Jan.
9.
Jan. 16.
Jan. 23.
Jan. 30.
10J
198
135
112
210
23,658
23,452
23,119
22,993
22,785
5,344
5,344
,344
,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
,706
,707
,710
,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
679
19,685
818
19,551
898
19,590
19,573 1,087
558
19,455
6.
13.
20.
27.
283
619
454
422
22,614
22,499
22,400
22,555
5,344
5,344
5,471
5,636
17,270 759 23,656 22,990
,011
634 23,
17,155
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
35!
126
170
22,514
22,530
22,825
22,528
5,636
5,636
5,636
5,636
16,878 986 23,883 23,290
16,894 891 23,778 23,291
17,189 1,265 24,216 23,292
16,892
71J 23,413 23,291
4,726 28,464
28,452
28,361
4,731 28,329
,296
,296
,285
,282
670
639
6
7
895
841
742
736
787
785
803
804
19,787
19,781
21,038
20,276
621
19,166
599
19,182
19,627 1,411
776
19,500
Apr. 2 .
Apr. 9.
Apr. 16.
Apr. 23.
Apr. 30.
130 22,514
16 22,494
62: 22,467
830 22,372
676 22,363
5,636
5,636
5,136
5,136
5,136
766 23,409 23,291
16,878
731 23,393 23,293
16,858
17,331 1,020 24.109 23,293
771 23,973 23,295
17,236
593 23,632 23,297
17,227
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
877
450
776
763
853
809
784
827 19,812
_ ' 19,652
827
825 20,218
824I 19,875
749• 19,940
1951—Oct.
Oct.
Oct.
Oct.
Oct.
Feb.
Feb.
Feb.
Feb.
733
790
714
486
19,166
19,076
19,225
19,087
19,143
646
576
993
788
797
963
861
946
450
May 7.
May 14.
May 21.
May 28.
1,04
671
499
816
22,329
22,315
22,283
22,273
5,136
5,136
5,136
5,136
695 24,067 23,297
17,193
779 23,764 23,297
17,179
17,147 1,013 23, 794 23,298
653 23,742 23,296
17,137
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
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
775 24, 079
17,242
803 24, 128
17,356
17,861 1,289 24, 828
17,428 882 23,753
23,296
23,297
23 ,297
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
699
19,207
752
19,226
19,736 1,496
385
19,621
July 2.
July 9.
July 16.
July 23.
July 30.
480
683
974
1,073
1,403
22,869
22,860
22,723
22,726
22,844
5,136
5,136
5,136
5,136
5,136
17,733
17,724
17,587
17,590
17,708
806
923
974
875
660
24,155 23,346
24,465 23,347
""" 23,348
24,674 23,350
24,907 23,350
4,755
4,754
4,756
4,756
4,761
29,180
29,148
28,988
28,884
28,952
,277
,264
,271
,275
,286
90
38
307
482
605
760
906
988
1,016
1,042
798
799
797
797
724
20,153
20,413
20,422
20,326
20,409
20,104
20,008
19,973
19,875
19,829
49
405
449
451
580
Aug. 6.
Aug. 13.
Aug. 20.
Aug. 27.
843
770
979
89'
22,977
23,051
23,032
23,092
5,163
5,236
5,236
5,236
17,814
17,815
17,796
17,856
620
732
799
614
24,440 23,350
24,553 23,344
24,810 23,344
24,603 23,344
4,763 29,041
4,764 29,051
4,766 29,068
4,768 29,129
,279
,277
,281
,276
270
982
422 1,057
526 1,057
707 1,084
722 20,260
718 20,136
20,267
721 19,797
19,675
19,692
19,652
19,643
585
444
615
154
Sept.
Sept.
Sept.
Sept.
968 23,182
880 23,229
313 23,740
23,715
5,236
5,236
5,236
5,236
666 24,816 23,344
17,946
764 24,872 23,344
17,993
18,504 1,195 25,249
,344
18,479
742 24,857 23,343
4,774
4,776
4,780
4,781
29,391
29,364
29,292
29,247
,285
,279
,281
,274
715
347
6
264
1,066
948
998
889
19,760
715 20,340
729 21,067
726 20,581
19,511
249
791
19,549
19,957 1,110
19,901
680
19,762
19,567
20,089
20,128
19,975
336
672
524
651
474
20,334 19,884
20,447 19,906
20,738 P19.986
20,917 ^20,314
450
541
P752
P603
3.
10.
17.
24.
Oct. 1.
Oct. 8.
Oct. 15.
Oct. 22.
Oct. 29.
544
1,019
772
1,130
1,171
23,694
23,663
23,663
23,663
23,624
4,522
4,522
4,522
4,522
4,522
19,172
72, 24,963 23,342
19,141
702 25,384 23,341
19,141
891 25,325 23,341
19,141 1,074 25,867 23,340
19,102
710 25,505 23,340
4,787
4,787
4,787
4,790
4,790
29,417
29,545
29,617
29,511
29,540
,287
,280
,276
1,281
1,289
523
596
212
618
588
884
972
854
929
891
882I 20,098
880 20,239
881I 20,613
878 20,779
877' 20,449
Nov.
Nov.
Nov.
Nov.
1,663
1,583
1,486
1,615
23,520
23,567
23.563
23,761
4,522
4,522
4,526
4,528
18,998 532 25,714 23,339
19,045
546 25,696 23,338
19,037 1,143 26,193 23 337
19,233
925 26,301 23,338
4,794
4,794
4,797
4,797
29,748
29,905
29,842
30,152
1,278
1,282
1,292
1,267
789
505
703
317
893
883
949
981
805
805
803
801
5.
12.
19.
26.
P Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
DECEMBER
1952
1291
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
Discounts
and
advances Total
All 1 Total
Bills,
certifi- other
Bonds cates,
and
notes
Gold
stock
Member bank
reserve balances
TreasTreasOther
deury
Treas- ury
posits Non- Fedcur- Money
ury
in
cirwith
mem- eral
rency culacash Federal ber
de- ReoutholdRe- 2 Ex-1
Reposits serve
stand- tion
ings
acTotal quired
cess
serve
ing
counts
Banks
End of period:
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Dec.
1951—June
29. .
30..
30. .
31. .
31..
31..
31. .
31. .
31. .
30. .
30. .
30. .
1951—Nov
Dec
1952—Jan
Feb
Mar
liay.'.'.".'.
June
July
Aug
Sept
Oct
Nov
1,037
216
164 1,998
7 2,484
3 2,254
249 24,262
163 23,350
85 22,559
223 23,333
78 18,885
43 18,331
67 20,778
53 22,982
71
147 1,400
145
441 1,557
58 2,220
1,351 1,133
102 2,593
1,467
104 2,361
787
580 25,091
947 23,315
753 22 ,597
581 24,093
2,853 19,706
536 23,181
10,977 12,356
542 24,097
7,218 11,667
536 19,499
5,618 12,713
329 18,703
4,620 16,158 1,371 22,216
6,822 16,160 1,007 24,043
4,037
4,031
17,644
22,737
20,065
20,529
22,754
23,244
24,427
24,231
22,706
21,756
624 23,239 5,334 17,905
382
871 24,734
695
19 23,,801 5,344 18,457 1,189 25,009
951
726 23,783
328 22,729 5,344 17,385
598 22,528 5 636 16,892
191
778 23,904
133 22,514 5,636 16,878
291
623 23,270
676 22,363 5,136 17,227
298
593 23,632
296
927 24,152
952 22,273 5,136 17,137
346
586 23,551
59 22,,906 5,136 17,770
350
699 24,821
1,270 22,853 5,136 17,717
344
751 25,216
1,318 23,146 5,236 17,910
342
577 24,747
477 23,694 5,236 18,458
339
689 25,855
1,591 23,575 4,522 19,053
1, 895 23,821 4,527 19,294 1,024 26,740 P23.337
2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
28,515
28,952
28,868
28,224
27,600
27,156
27,741
4,655 27,809
700
709
717
727
736
739
748
754
762
776
786
795
801
204
264
2,409
2,215
2,287
2,272
1,336
1,325
,312
,298
,293
,281
28,809
,288
29,206
,270
28,386
,319
28,465
,287
28,473
,277
28,464
,281
28,767
,274
29,026
,283
28,978
,281
29,293
,269
29,419
,278
29,644 1,268
*>30,228 Pl.268
28
166
653
1,360
1,308
822
961
1,189
1,517
1,431
1,460
1,262
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
607 16,139
563 17,899
590 20,479
706 16,568
771 15,934
714 17,681
765 19,020
2,333
23
1,817 475
6,444 5 ,209
9,365 3 ,085
14,457 1,458
15,577 562
16,400 1,499
19,277 1,202
15,550 1,018
15,498 436
16,509 1,172
18,604 416
794
481
889
247
766
162
796
558
845
169
784
450
541 1,094
333
846
638
991
488 1,157
508
881
770
887
378 1,056
772 19,670
19,180 490
19,667 389
19,443 634
19,254 728
19,241 492
19,143 797
19,187 591
19,573 -192
19,828 495
19,576 835
19,747 319
19,996 620
P 2 0 , 2 8 2 P867
36
35
634
867
977
393
870
1,123
821
950
668
317
746 20,056
741 20,077
733 19,982
801 19,733
749 19,940
743 19,778
783 19,381
723 20,323
718 20,411
723 20,066
805 20,616
801 21,149
Averages of
daily figures:
1951—Nov
Dec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
343
657
200
365
314
365
573
585
1,092
1, 059
723
1, 093
1,577
23,364
23,409
23,206
22,552
22,634
22,448
22 ,308
22,617
22,798
23,027
23,471
23,657
23,638
5,329 18,035 1.078 24,785 22,29b 4,688
5,352 18,057 1,380 25,446 22,483 4,701
5,344 17,862 1,038 24,444 22,824 4,709
5,432 17,120
909 23,826 23,039 4,719
5,636 16,998
942 23,890 23,278 4,728
5,354 17,094
913 23,726 23,293 4,737
5,136 17,172
823 23,704 23,297 4,740
5,136 17,481
941 24,144 23.308 4,751
5,136 17,662
895 24,786 23,348 4,756
5,216 17,811
738 24,824 23,346 4,765
5,236 18,235
861 25,055 23,343 4,778
4,522 19,135
931 25,681 23,340 4,788
4,524 19,114
958 26,172 23,338 4,796
28,612
29,139
28,637|
28,406
28,437
28,459
28,557
28,843
29,028
29,088
29,343
29,555
29,904
1,286
1,280
1.281
1,294
1,283
1,278
1,281
1,282
1,270
1,276
1,275
1,276
1,278
436
271
109
352
333
549
553
328
306
501
326
550
591
867
835
737
799
845
875
838
843
960
1,044
997
941
986
776 19,794 19,065
796 20,310
744 20,470
738 19,995
790 20,207
818 19,777
745 19,767
767 20,140
791 20,535
720 20,306
721 20,514
876 20,611
803 20,744
19,484
19,537
19,300
19,322
19,127
19,139
19,431
19,926
19,657
19,736
19,963
729
826
933
695
885
650
628
709
609
649
778
648
P Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
8
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933-Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
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.
1292
MARGIN REQUIREMENTS'
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Feb. 1, Mar. 30, Effec19471949tive
Mar. 29, Jan. 16, Jan. 17,
1949
1951
1951
75
75
50
50
75
75
75
50
75
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.
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
Nov. 30
Boston
New York....
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
Nov. 30
21,1950
21,1950
25,1950
25. 1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24, 1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
In effect
beginning—
Previous
rate
Jan. 14, 1948
Oct. 30, 1942
Aug. 23, 1948
Aug. 25, 1950
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
2H
2
2
4
Rate on
Nov. 30
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
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 BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Nov. 30
Maturity
1- 90 days
91-120 days
121-180 days
2y8
In effect beginning—l
Dec. 18. 1951
Dec. 18, 1951
Dec. 18. 1951
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Previous
rate
Effective date
of change
1M
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.
1917—June 21. ..
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect November 30. Per cent per annum]
1938—Apr. 16. ..
To industrial or
commercial
businesses
Federal
Reserve
Bank
To financing institutions
On discounts or
purchases
On
loans 1
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...
1
2
3
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
< Rate charged borrower but
not5 to exceed 1 per cent above the discount rate.
Charge of \i per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
DECEMBER 1952
1936—Aug. 16 . ..
1937—Mar. 1...
M a y 1. . .
Central
reserve
city
banks
Reserve
city
banks
Country
banks
Time
deposits
(all
member
banks)
10
26
15
17
20
17
1941—Nov.
1942—Aug.
Sept.
Oct.
1.
20.
14.
3.
26
24
22
20
1948—Feb.
June
Sept.
Sept.
27.
11.
16.
24.
22
24
1949—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1.
5.
30.
1.
1.
11.
16.
18.
25.
1.
20
26
22
24
21
20
23
22
22
1951—Jan. 11.
Jan. 16.
Jan. 25.
Feb. 1.
23
19
18>
18
19
24
20
In effect Dec. 1, 1952 4
24
20
14
12
14
16
15
14
13
36
13
26
ii*
14
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.
1293
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars!
Month, or
week ending Wednesday
All
member
banks»
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
CounMonth, or
try
banks * week ending Wednesday
Total reserves held:
Central reserve
city banks
All
member
banksi
New
York
Chicago
Country
banks *
Excess reserves:
1951—August
September
October
1952—August
September
October
19,174
19,396
19,868
20,306
20,514
20,611
4,925
5,029
5,225
5,223
5,256
5,215
1 ,297
1 ,307
,328
1 ,360
11,369
L.369
7,479
7,526
7,701
7,933
8,009
8,081
5,473
5,534
5,614
5,790
5.880
5,946
1951—August....
September
October
1952—August
September
October
704
721
915
649
778
648
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
20,912
20,548
20,509
20,623
20,728
20,874
5,262
5,229
5,169
5,134
5,145
5,253
1,378
1,377
1,345
1,361
L.347
1,384
8,181
8,105
8,083
8,084
8,161
8,249
6,091
5,838
5,912
6,044
6,075
5,988
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
741
534
572
712
22
29
5
12
19
26
Reserve
city
banks
5 '" -5'
8
8
108
1
5
6
63
-4
1
148
151
212
129
155
99
550
567
588
513
554
553
649
430
498
610
P75O
P631
10
12
-2
7
8
-10
-13
6
-14
8
-5
-3
95
86
90
87
110
85
P559
292
338
95
1,032
683
1,048
84
66
3
227
117
116
6
7
2
41
30
100
152
213
62
581
384
667
50
51
30
183
151
164
894
1,138
1,566
1,535
1,408
1,456
82
72
241
177
186
159
82
107
208
249
249
293
587
768
885
909
780
812
143
191
232
200
193
192
22
29
5
12
19
26
P637
Borrowings at Federal
Reserve Banks:
Required reserves:
1951—August
September
October
1952—August
September
October
18.470
18,675
18,952
19,657
19,736
19,963
4,919
5,021
5,117
5,218
5,193
5,214
1,297
1,312
1,320
1,359
1.364
1,373
7,331
7,374
7,489
7,804
7.854
7,982
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
20,171
20,013
19,937
19,911
P19.978
P20.244
5,252
5,216
5,171
5,127
5,137
5,263
L ,391
L.37O
1,359
L ,353
,352
1,387
8,086 5,442
8,019 5,408
7,993 5,414
7,997 5,434
8,051 P 5 , 4 3 8
8,165 P 5 , 4 2 9
22
29
5
12
19
26
4,923
4,967
5,026
5.277
5,326
5,393
1951—August
September
October
1952—August
September
October
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
* Preliminary.
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
1
DEPOSITS, RESERVES, AND BORROWINGS OP MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
October 1952
Gross demand deposits:
Total
Interbank
Other
2
Net demand deposits
Time deposits 8
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
Central reserve
city banks
Chicago
New
York
Reserve
city
banks
Country
banks
October 1951
108,064
12,821
95,243
94,077
32,853
23,289
4,058
19,231
21,196
2,123
6,077
1,274
4,804
5,428
1,167
41,710
6,316
35,394
35,974
13,127
36,987 102,561
1,173
12,450
35,814 90,111
31,479
89,167
16,436
30,577
6,396
48
120
1,897
4,330
20,611
19,963
648
5,215
5,214
1
1,369
1,373
-4
8,081
7,982
99
5.946
5,393
553
1,048
116
100
667
22,678
4,013
18,665
20,839
1,926
5,824
1,196
4,629
5,221
1,119
39,426
6,122
33,304
33,804
12,136
34,632
1,119
33,513
29,303
15,395
6,328
39
122
1,949
4,217
19,868
18,952
915
5,225
5,117
108
1,328
1,320
7,701
7,489
212
5,614
5,026
588
62
30
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.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
1294
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1952
Nov. 26
Nov. 19
Nov. 12
1952
Nov. 5
Oct. 29
Nov.
1951
Oct.
Nov.
Assets
Gold certificates
Redemption fund for F. R. notes..
21,418,102 21,410,102 21,420,101 21,433,103 21,423,101 21,418,101 21,433,103 20,480,181
706,467
726,947
713,926
710,453
726,948
720,716
706,468
685,436
Total gold certificate reserves.
22,145,049 22 130,818 22 ,134,027 22,139,570 22 ,133,554 2:2,145,049 22, 139,571 21,165,617
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds
328,454
311,403
1,569,926 1,441,454 1,538,427 1,618,004 1,125,703 1,849,986 1,546,404
45,000
45,000
45,000
45,000
45,000
45,000
45,000
3,927
3,580
4,150
4,210
3,838
4,281
3,786
624,105
294,348
441,250
314,992
253,250
289,291
275,450
309,915
228,200
328,793
332,200
291,853
501,750
283,200
"4,450
116,970
5,018,416 5,009,916 4,995,716 4,995,716 4,995,716 5,018,416 4,995,716 12,719,598
13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 5,068,073
4,527,475 4,525,975 4,521,975 4,521,975 4,521,975 4,527,475 4,521,975 5,334,277
Total U. S. Government securities.
23,760,812 23,562,812 23,566,812 23,519,562 23,623,562 23,821,312 23,574,562 23,238,918
Total loans and securities
25,379,524 25,052,846 25,154,389 25,186,493 24,798,475 25,720,136 25,170,247 23,867,473
Due from foreign banks
F. R. notes of'other Banks. ..
Uncollected cash items
Bank premises
Other assets
23
23
23
23
23
23
23
33
159,093
165,484
154,979
156,895
178,926
154,911
180,443
186,620
3,910,876 4,665,227 3,995,356 3,610,364 3,668,385 3,948,890 3,328,069 3,315,667
45,566
45,695
45,699
45,571
45,596
45,583
45,718
43,116
185,034
153,607
170,861
161,883
145,356
148,146
180,739
156,557
Total assets.
52,115,370 52,545,950 51,935,519 51,602,433 51,299,108 52,491,591 51,340,536 49,046,486
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
25,881,949 25,611,114 25,633,766 25,499,509 25,340,435 25,948,710 25,426,180 24,680,067
20,917,317 20,737,661 20,447,349 20 ,333,944 20 ,449,365 21 ,148,638 20 ,615, 560 19,669,908
788,896
588,159
377,758
770,
317,401
702,681
505,225
480,990
643,367
654,529
757,947
642,
711,188
691,390
639,061
569,963
249,545
236,035
298,521
244,
270,262
258,284
244,436
224,411
22,216,168 22,390,016 21,836,071 22,015,752 21,928,088 22,582,864 22,272,561 20,945,272
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
2,989,508 3,525,498 3,453,519 3,082,806
18,494
19,094
19,165
20,292
51,107,917 51,545,722 50,942,521 50,616,561 50,249,211 51,479,309 50,359,290 48,092,534
248,568
538,342
27,543
193,000
Total liabilities and capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
2,928,667 2,643, 010 2,449,517
19,068
17, 539
17,678
248,333
538,342
27,543
186,010
248,250
538,342
27,543
178,863
248,217
538,342
27,543
171,770
248,148
538,342
27,543
235,864
1
248,166
538,342
27,543
167,195
235,319
510,022
27,543
181,068
52 ,115 ,370 52 ,545 ,950 51,935 ,519 51,602 ,433 51,299,108 52,491,591 51,340,536 49,046,486
46.0
46.1
46.6
46.6
46.8
17,379
4,091
17,373
4,292
17,100
3,886
16,445
3,882
15,534
3,896
Maturity Distribution of Loans and U. S. Government Securities
Discounts and advances—total. . . .
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total
Within 15 days
16 to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
,
248,620
538,342
27,543
197,777
17,408
4,045
46.4
46.4
16,141
3,720
18,163
6,361
l
,170,703
,591,404
,663,004
,894,986
486,454 1,583,427
624,105
,614,926
,438,248
,020,291
,514,657
,700,327
313,176 1,433,206
596,425
,431,985
150,412
153,156
148,347
194,588
150,221
173,278
27,377
182,870
71
303
71
3,927
4^210
3,838
4,150
3,580
4,450
3,786
321
309
304
332
315
313
660
306
1,258
1,364
1,829
1,648
1,339
1,204
923
1,228
2,084
1,921
1,750
1,954
2,163
1,737
1,640
2,077
175
333
327
347
333
326
1,227
175
,760,812 23,562,812 23,566,812 23,519,562 23,623,562 23,821,312 23,574,562 23 ,238,918
209,500
137,500
203,700
154,700
176,500
78,800
149,000
,008,000
90,700
128,500
128,500
98,950
116,970
,880,200
,008,000
,028,391
6,715,941
,089,123
,028,391 6,715,941 6,715,941 6,715,941
,028,391
,396,456
,146,950 14,146,950 14,146,950 14,146,950 14,146,950 14,146,950 .4,146,950
,070,224 1,070,224
,070,224
,070,224
,013,614
,070,224
070,224
,070,224
,358,247
,358,247 1,358,247
,622,755
,358,247
,358,247
,358,247
358,247
Callable U. S. Government securities classified according to nearest call date.
DECEMBER
1952
1295
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1952
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates. 21,418,101
Redemption fund
726,948
for F. R. notes.
Total gold certificate reserves. . 22,145,049
291,853
Other cash
Discounts and
advances:
Secured by
U. S. Govt.
securities. . . 1,847,836
47,150
Other
U. S. Govt.
securities
3 838
712,107 6,516,576 1,238,472 1,496,088
63,323
77,124
56,134
82,052
947,596
775,430 6,593,700 1,294,606 1,578,140 1,028,226
13,791
21,290
21,239
23,244
49,892
47,790
2,790
300,865
14,590
62,765
3,510
3 387
104,170
4,140
531,632
347,710
801,841
115,018
50,068
25,613
39,405
912,572 4,521,355
25,657
53,018
581,700
18,708
373,323
6,123
841,246
12,370
136,925
1,710
51,555
1,170
175,512
1,760
862,831 4,406,337
49,741
80,630
124,030
2,295
94,600
1,935
67
301
416,800
7,355
725,158 2,831,753
28,513
59,327
753,671 2,891,080
11,750
34,771
43,894
1,710
288,930
4,185
83
23,821,312 1,675,282 5,661,821 1,484,050 2,357,025 1,595,875 1,366,628 3,376,749 1,279,737
751,587 1,033,631 1,082,271 2,15<5,656
Total loans and
25,720,136 1,725,862 5,977,276 1,553,712 2,465,335 1,722,267 1,463,464 3,800,904 1,418,372 804,395 1,210,903 1,127,875 2,449,771
securities
Due from foreign
1
1
1
1
1
1
2
3
2
7
23
1
1
2
banks
154,911
4,872
17,665
6,310
7,336
32,855
21,135
13,338
8,016
7,820
7,087
6,832
21,645
3,948,890
items
45,695
Bank premises...
185,034
Other assets
310,554
966
15,830
742,491
7,734
41,069
240,552
3,189
11,288
315,235
4,660
18,404
346,583
4,834
12,409
274,566
3,831
11,264
574,122
6,695
25,837
204,390
3,047
9,527
108,941
1,054
5,686
227,878
2,305
8,177
216,764
622
8,910
386,814
6,758
16,633
other Banks...
Total assets.. . . 52,491,591 2,856,759 13,429,834 3,123,450 4,410,351 3,168,465 2,712,490 8,995,272 2,243,761 1,307,343 2,309,967 2,126,425 5,807,474
Liabilities
25,948,710 1,579,537 5,697,755 1,833,935 2,356,681 1,875,888 1,423,191 4,906,792 1,219,728 646,245 1,018,963 762,721 2,627,274
F. R. notes
Deposits:
Member bk.—
reserve accts. 21,148,638 885,591 6,530,228 949,743 1,596,103 893,516 948,617 3,358,790 773,265 504,988 1,015,120 1,076,435 2,616,242
U. S. Treas.—
21,191
57,392
26,082
32,094
35,706
29,346
25,291
26,261
22,573
377,758
19,511
14,215
68,096
gen. acct. . .
55,318
30,496
98,579
36,169
26,950
18,439
65,246
26,950
757,947
43,970 2 262,907
26,950
65,973
Foreign
45,234
12,333
2,174
102,801
1,466
6,471
29,688
11,949
298,521
3,367
3,316
37,645
42,077
Other
Total deposits.. . 22,582,864
Deferred availability cash
2,928,667
items
Other liabilities
952,439 6,928,030 1,027,718 1,700,371
259,942
510,773
184,438
257,248
968,279 1,053,693 3,516,935
855,985
269,059
125,697
188,581
428,884
555,189 1,076,592 1,155,245 2,792,388
77,846
173,268
164,037
288,894
1,061
947
873
2,784
771
544
1,029
2,198
768
5,776
734
19,068
1,583
dividends
Total liabilities. . 51,479,309 2,792,947 13,142,334 3,047,152 4,316,498 3,114,173 2,666,338 8,855,395 2,202,181 1,279,824 2,269,591 2,082,737 5,710,139
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts
248,620
538,342
27,543
13,245
34,192
3,011
78,318
159,743
7,319
17,179
41,493
4,489
23,812
50,648
1,006
10,969
27,025
3,349
10,336
23,871
762
32,081
79,601
1,429
8,633
21,788
521
5,495
14,063
1,073
9,410
20,367
1,137
12,198
18,210
1,307
26,944
47,341
2,140
197,777
13,364
42,120
13,137
18,387
12,949
11,183
26,766
10,638
6,888
9,462
11,973
20,910
Total liabilities
and capital
52,491,591 2,856,759 13,429,834 3,123.450 4,410,351 3,168,465 2,712,490 8,995,272 2,243,761 1,307,343 2,309,967 2,126,425 5,807,474
accounts
Reserve ratio
45.6%
30.6%
52.2%
45.2%.
38.9%
36.2%
36.8%
53.7%
28.0%
31.1%
40.1%
39.3%
53.3%
Contingent liability on acceptances purchased for foreign correspondents
17,408
1,078
3 5,278
1,356
1,599
886
747
2,416
660
452
660
660
1,616
Industrial loan
commitments..
4,045
1,955
751
71
126
775
367
1 After deducting $16,000 participations of other Federal Reserve Banks.
After deducting $495,022,000 participations of other Federal Reserve Banks.
* After deducting $12,130,000 participations of other Federal Reserve Banks.
2
1296
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item
End of month
1952
Nov. 26
F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Nov. 19
1952
Nov. 12
Nov. 5
Oct. 29
1951
Nov.
Oct.
Nov.
26,771,246 26,582,748 26,498,125 26,367,544 26,355,468 26,837,269 26,347,202 25,526,339
13,229,000 13,179,000 13,179,000 13,179,000 13,179,000 13,264,000 13,179,000 12 ,464,000
520,275
911,476
885,779
907,892
971,019
960,764
577,783 1,166,452
14,115,000 14,015,000 13,915,000 13,790,000 13,790,000 14,115,000 13,790,000 13,600,000
Total collateral
28,255,476 28,079,779 28,001,892 27,940,019 27,546,783 28,545,452 27,929,764 26,584,275
EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1952
[In thousands of dollars]
Item
Total
F. R. notes outstanding (issued
to Bank)
Collateral held:
Gold certificates
Eligible paper..
U. S. Govt. securities
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
13,264,000
1,166,452
400,000 4,520,000
291,795
47,790
775,000
62,765
810,000
560,000
119,130
14,115,000 1,300,000 1,500,000 1,100,000 1,650,000 l,400,(
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
1944
1945
1946
1947
1948
1949
1950
Applications
approved
to
UcllC
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
ApLoans Commitproved
ments
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 3
(amount)
2,705
1,086
2,670
4,869
1,990
2,947
3,745
1951
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
3,734
3,736
3,736
3 1 . . . 3,738
2 9 . . . 3,741
3 1 . . . 3,741
30. . . 3,743
May
31...
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Dallas
San
Francisco
280,000 160,000
136,925 51,555
280,000 269,000 1,900,000
280,930
175,562
1,000,000 2,300,000 1,000,000 505,000
800,000 560,000 1,000,000
510,000 2,800,000
1,510,000 5,100,000 1,416,925 716,555 1,255,562 829,000 3,180,930
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]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
T-v
D ate
Number
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrow ers
under g uarantee agreements
outstanding
1950
Dec. 3 1 . . .
62
31 ,326
8 ,017
6 ,265
8 299
254
484
300 ,955
654 ,893
68 ,833
252 ,100
56 ,973
209 ,465
47 822
276 702
568
658
729
776
815
854
828 ,584
1 052 ,337
1 154 ,942
1 218 ,988
1 302 ,342
1 ,395 ,444
325
405
492
556
615
675
,299
,043
,167
,839
,812
,459
267 ,715
332 ,618
400 ,652
454 ,789
502 ,524
546 ,597
349
384
450
495
476
472
905
852
013
512
699
827
901
934
971
998
30...
3 1 . . . 1 023
30.. . 1 050
3 1 . . . 1 ,066
3 1 . . . 1 ,092
30. . . 1 ,113
31. .. 1 130
1 ,463 ,443
1 ,530 ,388
1 ,677 ,786
1 ,727 ,729
1 ,787 ,755
1 ,867 ,643
1 ,922 ,388
2 ,023 ,403
2 ,052 ,327
2 ,069 ,697
715 ,928
763 ,838
836 ,739
838 ,073
870 ,174
883 ,262
909 ,688
907 ,899
922 ,129
993 ,856
580 ,381
617 ,674
672 ,974
672 ,678
695 ,814
703 ,774
726 ,452
725 ,943
736 ,833
811 ,132
525
511
467
595
601
615
648
692
656
591
129
786
392
098
752
139
065
1951
700,040
706,215
710,931
2,943
3,073
3,513
4,447
4,505
4,687
7,151
6,361
6,036
11,990
12,064
11,985
1952
Jan.
Feb.
Mar.
Apr.
Minne- Kansas
apolis
City
26,837,269 1,625,830 5,932,048 1,882,205 2,437,247 1,925,270 1,486,734 4,990,5151,267,857 656,892 1,046,513 798,030 2,788,128
Total collateral.. 28,545,452 1,747,790 6,311,795 1,937,765 2,460,000 2,079,]
Date (last
Wednesday
or last day
of period)
St.
Louis
Chicago
3,743
3,745
3,746
3,750
3,750
3,751
716,210
721,144
725,787
730,482
734,049
738,721
743,629
748,451
752,042
757,277
832
772
108
571
235
1,083
1 ,589
2,142
1,370
1,601
4,621
4,957
5,296
5,207
5,211
5,101
4,624
4,690
4,496
4,311
7,125
6,845
6,467
6,536
6,083
5,947
6,184
6,152
6,327
3,720
12,018
10,307
10,474
10,339
10,262
10,105
9,814
10,128
9,978
7,174
Mar. 3 1 . . .
June 30. . .
July 31. . .
Aug.
Sept.
Oct.
Nov.
Dec.
1952
Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 31. . .
Apr.
May
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
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.
DECEMBER
1952
31...
30...
31...
30...
31...
June
July
Aug.
Sept.
Oct.
,067
,995
,762
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.
1297
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In millions of dollars]
Assets
Depositors'
balances 1
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—August
September. . .
October
November....
December... .
[In effect November 30]
Percentage of
loan guaranteed
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
70 or less
75
80
85
90
95
Over 95
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.
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
8
6
6
6
7
7
11
1,716
2,252
2,837
3,182
3,308
3,244
3,118
2,868
118
152
179
200
212
198
187
166
2,754
2,738
2,724
2,714
2,705
2,877
2,861
2,851
2,842
2,835
23
23
25
25
28
2,680
2,680
2,670
2,649
2,644
173
158
156
168
162
2,695
2.681
2,669
2,651
2,633
May
June
2,617
2,601
July
August . . . . P2.587
P2 572
September
October
P2,561
2,825
2,813
2,794
2,778
2,761
2,746
2,751
30
31
32
32
33
33
33
2,638
2,609
2,599
2,598
2,574
2,557
2,554
158
173
163
147
153
156
164
End of month
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
1952—January
February
March
April
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
1
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Total, all
reporting
centers
1946
1947
1948
1949
1950
1951
.
1,050,021
1,125,074
1,249,630
. . . 1,231,053
1,403,752
1,577,857
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York
Cityi
140
other
centers l
Other
reporting
centers
New
York
City
Other
reporting
centers
New
York
City 2
Other
leading
cities 2
New
York
City*
Other
leadingJ
cities
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
407.946
400,468
445,221
447,150
508,166
540,990
522.944
598,445
660,155
639,772
731,511
837,491
25.2
24.1
27.2
28.2
31.4
32.2
16.5
18.0
19.2
18.7
20.3
21.7
1951—October
November
December
139,308
132,158
144,800
47,971
44,802
53,500
75,799
72,428
76,049
15,539
14,928
15,251
26.4
27.8
30.7
14.4
15.4
15.1
45,334
42,503
55,184
72,515
69,685
76,007
30.4
31.4
37.9
20.9
22.0
22.6
1952—January
February
March
April
May
June
July
August
138,520
128,022
139,977
139,141
135,965
144.769
146,984
124,641
139,078
154,237
48,106
45,375
50,180
52.057
49,535
54,922
57,052
43,166
49,278
55,560
74,953
68,738
75,089
72,607
71,898
74,948
74,908
67,412
74,608
82,171
15,462
13,908
14,708
14,476
14,532
14,899
15,024
14,063
15,192
16,506
26.4
27.8
27.9
28.8
27.4
30.9
30.3
23.6
28.8
30.0
14.4
14.5
14.6
14.1
13.9
14.8
14.2
12.8
14.6
14.7
45,425
44,419
50,213
49,745
49,830
55,385
50,472
44,101
47,798
51,703
71,986
67,466
74,545
70,189
71,485
73,019
69,980
68,271
71,343
77,203
30.1
32.5
34.0
34.4
34.3
38.6
35.1
31.4
34.6
34.4
20.6
21.4
22.0
21.1
21.3
22.2
20.7
20.2
21.5
21.3
October
iJ National series for which bank debit figures are available beginning with 1919.
Weekly reporting member bank series. This series was revised beginning July 3, 1946, and the deposits and debits of the new series for
the first six months in 1946 are partly 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.
1298
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation x
End of year or
month
Large denomination currency 2
Coin and small denomination currency2
Total
Coin
$2
$5
$10
$20
Total
$50
$100
Unassorted
$500 $1,000 $5,000 $10,000
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
5,553
7,598
6,247
8,732
8,120
11,160
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
28,868 20,020
28,224 19,529
27,600 19,025
27,741 19,305
590
559
648
610
751
695
880
801
1,019
909
1,156
987
1,274 1,039
1,361 1,029
1,404
,048
1,464
,049
1,484
,066
,113
1,554
36
39
44
55
70
81
73
67
65
64
62
64
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
1,576
1,800
2 ,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
578
8,438
460
538
724
1,019
1,481
1,996
327
492
548
494
435
2,422
919
1,112
1,433
1,910
2,912
4,153
220
771
070
074
056
5,043
191
227
261
287
407
555
454
438
428
400
382
368
425
523
556
586
749
990
801
783
782
707
689
588
20
30
24
9
9
10
7
8
5
5
4
4
1951—September.
October. . .
November.
December.
28,288
28,417
28,809
29,206
19,896
19,955
29,283
20,530
,616
.631
,642
1,654
,124
,132
,144
,182
64
65
65
67
2,038
2,041
2,075
2,120
,874
6,181
6,160 8,927
6,291 9,067
6,329 9,177
,393
,463
,528
,678
2,437
2,452
2,482
2,544
5,034
5,092
5,133
5,207
353
353
352
355
557
554
549
556
4
4
4
4
1952—January. . .
February..
March....
April
May
Tune
July
August....
September.
October. . .
28,386 19,807
28,465 19,904
28,473 19,937
28,464 ;19,936
28,767 20,231
29,026 20,449
28,978 20,398
29,293 20,659
29,419 20,739
29,644 20,897
,631
,630
,115
,110
,113
,114
,132
,140
,129
,140
.164
,175
65
66
65
66
67
68
67
67
68
68
2,009
2,013
2,016
2,004
2,040
2,054
2,034
2,062
2,070
2,074
6,088
6,152
165
141
261
323
6,291
6,376
6,368
405
,898
8,934
8,940
,960
9,066
9,187
9,190
9,319
9,365
9,453
,582
,563
,537
,529
,537
,578
,582
,635
,682
,749
2,508
2,503
2,496
498
508
531
531
551
559
2,577
5,161
5,152
5,140
5,137
5,142
5,166
5,172
5,211
5,252
5,304
352
351
349
347
346
344
344
342
342
342
550
545
540
535
530
525
522
519
517
514
4
4
4
4
4
4
4
4
4
4
,637
,651
1,665
1,678
1,686
1,695
1,705
1,722
32
60
46
25
22
24
24
26
17
17
11
12
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.
In millions of dollars]
Money held in t h e Treasury
Total outstanding, As security
Oct. 31,
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—Oct. 31, 1952
Sept. 30, 1952
Oct. 31. 1951
23,339
22,177
26,347
4,795
22,177
492
2,104
3
2,361
1,150
409
347
217
77
256
2,104
(4)
(4)
(4)
24,538
24,540
23,382
3
2
1,162
62 "
44
2,361
Money
held by
Federal
For
Reserve
Federal
Reserve Banks and
agents
Banks and
agents
''l9;324''
35
(5)
(5)
5
1
2
1,268
1,278
1,283
19,324
19,331
18,188
1 ,101
328
4
Money in circulation
i
Oct. 31,
1952
Sept. 30,
1952
Oct. 31,
1951
37
25,184
4,423
37
24,971
4,410
39*
24,043
4,335
197
196
186
266
24
4
28
3
5
()
2,094
1,121
404
317
214
76
2,096
1,108
401
318
215
76
2,069
1,056
390
320
234
80
4,245
4,230
4,182
29,644
29^419
28^417''
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. 1291.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
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
3
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.
DECEMBER
1952
1299
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Assets
Liabilities
a n d Capital
Bank credit
Date
Gold
1929—June
1933—j u n e
1939—Dec
1941—Dec
1945—Dec.
1946—Dec
1947—Dec.
1948—Dec
1949—Dec.
1950—June
Dec
1951—Tune
U. S. Government obligations
Total
Loans,
net
Total
58,642
42,148
54,564
64,653
167,381
158,366
160,832
160,457
162,681
164,348
171,667
173,447
41 ,082
71 ,957
?9 ,157
76 ,605
30 ,387
35 ,765
43 ,023
48 ,341
49 ,604
51 ,999
60 ,366
63 ,821
5 ,741
10 ,328
73 ,105
79 ,049
178 ,417
22 200
22,300
22,695
4,700 178,300
4,700 179,400
4,706 181,323
22,900
23,100
23,300
23 300
23,300
23,346
23,400
23,300
23,300
23,300
4,700
4,700
4,700
4,700
4,700
4,754
4,800
4,800
4,800
4,800
29
30
30
31
31
31
31
31
31
30
30
30
...
4,037
4,031
17,644
. . . . 22,737
20,065
. . 20,529
22,754
24,244
24,427
24,231
. . . . 22,706
21,756
Oct 31
Nov. 28
Dec. 31
1952—Jan. 30
Feb 27
Mar. 26
Apr 30
May 28
June 30
July 3 0 P
Aug. 2 7 P
Sept 2 4 P
Oct. 2 9 P
Treasury
currency
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4,636
4,655
179,900
179,300
180,100
179,900
180,600
182,980
185,300
185,300
186,500
188,900
Commercial
and
savings
banks
Federal
Reserve
Banks
,086
,694
,456
98 ,709
96 ,560
94 ,450
5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
78,433
77,320
72,894
68,726
,350
,559
,333
,885
18 ,331
70 ,778
22 ,982
65 ,800
66 ,500
67 ,597
97 ,000
97 ,400
97 ,808
70,800
71,500
71,343
66 ,700
67 ,000
67 ,700
68 ,100
68 ,500
69 ,712
70 ,000
70 ,500
71 ,600
72 ,900
97 ,300
96 ,200
9 6 ,100
9 5 ,200
95 ,300
96 ,266
98 ,100
97 ,300
97 ,600
98 ,600
71,800
71,100
70,900
70,200
70,500
70,783
72,700
71,700
71,300
72,400
i n ,110
107
100
100
Other
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Capital
Total
and
deposits misc.
and
accurrency counts,
net
26
131
1 204
1 284
7 867
202
3 328
264
3 138
11,819 64 698
9,863 48 465
75 171
9,302
8,999 90 637
8,577 191 785
9,491
457
10,723 188 148
11,422 189 290
12,621 191 706
13,640 193 186
14,741 199 009
15,176 199 858
55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
177,313
178,568
184,385
185,038
8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
14,392
14,618
14,624
14,820
73 ,600
23 ,200
73 ,801
9
2
700
700
664
16,000
15,900
15,320
22 ,800
7? ,600
77 ,500
9 9 ,400
22 ,300
22 ,906
?9 ,800
73 ,100
23 ,700
23 ,600
2
9
700
600
15 500 905 200 189 200
15,500 206 400 190,500
15,918 908 724 193,404
15,900 207 600 191,600
16,100 907 200 191,500
16,400 9 0 8 200 192,300
16 600 9 0 7 900 192 200
16,800 208 700 192,900
17,002 211 080 194,960
17,200 913 400 197,200
17,500
400 197,000
17,400 214 600 197,900
17,300 217 000 199,900
216
1 ,998
7 ,484
7 ,254
74 ,262
77
71
18
3 058
7 888
2 742
600
9 600
2 600
2 577
7 600
7 600
2 600
2 600
15,900
15,700
15,900
15 700
15,800
16,120
16,100
16,400
16,700
17,100
Deposits and Currency
U. S. Government balances
Date
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec
1946—Dec.
1947—Dec.
1943—Dec
1949—Dec.
1950—June
Dec.
1951—June
Foreign
bank
deposits, Treasnet
ury
cash
At comAt
mercial Federal
and
savings Reserve
Banks
banks
Deposits adjusted and currency
Time deposits 3
Total
29
30
30
31
31
31
31
31
31
30
30
30
55,776
42,029
68,359
82,811
180 806
171,657
175,348
176 121
177,313
178,568
184,385
185,038
50
1,217
1,498
2,141
1,885
1,682
2 103
2,150
2,555
2,518
2,424
264
2,409
2,215
2,287
2,272
1,336
1,325
1,312
1,298
1,293
1,281
Oct. 31
Nov. 28
Dec. 31
189,200
. . . . 190,500
193,404
2,100
2,100
2,279
1,300
1,300
1,279
3 ,800
3 ,615
500 181,600
500 182,700
247 185,984
191,600
191 500
192,300
192,200
192,900
194,960
197,200
197,000
197,900
199,900
2,100
2 200
2,200
2,200
2,300
2,319
2,600
2,600
2,500
2,500
1,300
1,300
1,300
1,300
1,300
1,283
1,300
1,300
1,300
1,300
,800
,900
,800
4 ,500
4 ,400
6 ,121
7 ,000
6 ,200
6 ,500
5 ,300
200
700
(5)
500
600
333
600
700
300
600
1952—Jan. 30
Feb 27
Mar 26
Apr. 30
May 28
June 30
July 3 0 P
Aug 2 7 P
Sept. 24P
Oct. 2 9 P
365
204
381
852
846
1 ,895
9 4 ,608
,103
1 ,452
9 451
3 ,249
3 ,801
,989
6 ,332
,700
3
36
35
634
867
977
393
870
1 ,123
821
950
668
317
54,790
40,828
63,253
76,336
150,793
164,004
170,008
169,119
169,781
169,964
176,917
174,684
185,200
183,400
182,900
183,800
184,400
184,904
185,800
186,200
187,400
190,200
Demand
deposits2
,540
14 ,411
79 ,793
38 ,992
7S ,851
83 ,314
87 ,121
RS ,520
85 ,750
85 ,040
97 ,272
88 ,960
99
95 ,000
9 6 ,300
9 8 ,234
97
95
94
95
95
94
95
95
96
98
,900
,700
,800
,100
,300
,754
,700
,800
,400
,600
Total
7 8 611
21 656
059
27
77 779
48
53
56
S7
58
457
960
411
520
616
59 739
59 247
59 948
60 900
60 ,600
61 447
61
69
67
67
63
63
63
64
64
64
700
,000
400
,700
,000
,676
800
,100
500
,900
Commercial
banks
19,557
10,849
15,258
15,884
30,135
33,808
35,249
35,804
36,146
36,719
36,314
36,781
Mutual Postal
savings Savings
banks * System
8 905
9 ,621
10 523
10
15
16
17
18
19
537
385
869
746
387
273
19 923
20 009
20 ,382
Currency
outside
banks
1,186
1,278
1,313
2,932
3,283
3,416
3,329
3,197
3,097
2,923
2,785
3,639
4,761
6,401
9,615
26,490
26,730
26,476
26 079
25,415
25,185
25,398
25,776
149
37,500
37,300
37,859
20 ,700
70 600
20 887
2,700
2,700
2,701
25,700
25,800
26,303
38,000
38,200
38,500
38,600
38,900
39,302
39,400
39,600
39,800
40,100
21 ,000
71 100
21 ,300
21 ,400
71 600
21 , 755
21 ,900
77 000
22 ,7.00
22 ,200
2,700
2,700
2,700
2,700
2,600
2,619
2,600
2,600
2,600
2,600
25,600
25,600
25,700
25,900
26,000
26,474
26,200
26,300
26,600
26,700
P 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.
6
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
8
3
4
1300
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 *
U.S.
Government
obligations
Other
securities
Total 1
Interbank*
Demand
Time
Total Number
of
capital
accounts banks
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Oct. 31
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
152,550
154,869
157,528
160,200
160,100
160.750
163,200
22,165 28,719 19,417
26,615 34,511 25,511
30,362 109,865 101,288
35,648 96,050 86,558
43,002 91,923 81,199
48,174 85,519 74,097
49,544 91,054 78,433
60,386 87,635 72,894
66,320 86,230 70,780
67,608 87.261 71,343
69,742 87,786 70,783
70,360 89,840 72,650
70,970 89,130 71,670
72,090 88,660 71,280
73,470 89,730 72,400
9,302
8,999
8,577
9,491
10,723
11,422
12,621
14,741
15,450
15,918
17,002
17,190
17,460
17,380
17,330
23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
40,450
45,531
41,667
40,010
39,160
40,980
41,220
68,242
81,816
165,612
155,902
161,865
161,248
164,467
175,296
177,730
185,756
184,130
183,450
182,770
185,440
187,260
9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
13,490
15,087
13,513
12,740
12,890
13,870
13,810
32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
105,820
111,644
109,247
109,170
108,020
109,350
110,800
25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,513
58,420
59,025
61,369
61,540
61,860
62,220
62,650
8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,530
14,623
15,039
15,020
15,070
15,170
15,260
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,631
14,618
14,599
14,605
14,603
14,599
14,591
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Oct. 31
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
130,480
132,610
134,437
136,760
136,550
137,090
139,440
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
56,750
57,746
59,233
59,720
60,210
61,200
62,410
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
73,730
74,863
75,204
77,040
76,340
75,890
77,030
16,316
21,808
90,606
74,780
69,221
62,622
67,005
62,027
60,850
61,524
61,178
62,900
61,960
61,610
62,860
7,114
7,225
7,331
8,091
9,006
9,189
10,227
12,399
12,880
13,339
14,026
14,140
14,380
14.280
14,170
22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
39,650
44,645
40,702
39,260
38,380
40,130
40,400
57,718
71,283
150,227
139,033
144,103
142,843
145,174
155,265
157,060
164,840
162,348
161,560
160,770
163,260
164,990
9,874
10,982
14,065
12,656
13,032
12,269
12,709
14,039
13,490
15,086
13,512
12,740
12.890
13,870
13,810
32,513
44,349
105,921
92,446
95,711
94,654
96,136
104,723
105,800
111.618
109,222
109,140
107.990
109,320
110,770
15,331
15,952
30,241
33,930
35,360
35,921
36,328
36.503
37,770
38,137
39,614
39,680
39,890
40,070
40,410
6,885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
12,200
12,216
12,601
12,580
12,630
12,720
12,800
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14,102
14,089
14,070
14,076
14,074
14,070
14,062
All member banks:
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—Oct. 31
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
33,941
43,521
107,183
96,362
97,846
95,616
101,528
107,424
110,332
112,247
113,502
115,533
115,220
115,533
117,604
13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
48,635
49,561
50,526
50,907
51,331
52,192
53,317
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
61,697
62,687
62,976
64,626
63.889
63,341
64,287
14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
50,972
51,621
51,261
52,786
51,839
51,406
52,484
5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
10,725
11,065
11,715
11,840
12,050
11,935
11,803
19,782
23,123
29,845
29,587
32,845
34,203
31,317
35,524
34,814
39,252
36,046
34,641
33,730
35,363
35,535
49,340
61,717
129,670
118,170
122,528
121,362
123,885
133,089
134,027
141,015
138,769
137,807
136,872
139,052
140,431
9,410
10,525
13,640
12,060
12,403
11,641
12,097
13,447
12,829
14,425
12,812
12,074
12,215
13,161
13,074
28,231
38,846
91,820
78,920
81,785
80,881
82,628
90,306
90,920
95,968
94,169
93,921
92,687
93,773
94,959
11,699
12,347
24,210
27,190
28,340
28,840
29,160
29,336
30,278
30,623
31,788
31,812
31,970
32,118
32,398
5,522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
10,200
10,218
10,526
10,506
10,549
10,606
10,680
6,362
6,619
6,884
6,900
6,923
6,918
6,892
6,873
6,845
6,840
6,815
6,812
6,810
6,807
6,804
All mutual savings
1939—Dec# 30
1941—Dec> 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
I949—Dec# 31
1950—Dec. 30
1951—Oct. 31
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
10,216
10,379
16,208
17,704
18,641
19,395
20,400
21 346
22,070
22,259
23,091
23,440
23,550
23,660
23,760
4 927
4 901
4,279
4,526
4,944
5,686
6 578
8 137
9,570
9,862
10,509
10,640
10,760
10,890
11,060
5,289
5 478
11,928
13,179
13,696
13,709
13,822
13 209
12,500
12.398
12,582
12,800
12,790
12.770
12,700
3,101
3 704
10,682
11,778
11,978
11,476
11 428
10 868
9,930
9,819
9,606
9,750
9,710
9,670
9,540
2,188
1 774
1,246
1,400
1,718
2,233
2 394
2 342
2,570
2,579
2,976
3,050
3,080
3.100
3,160
818
793
609
818
886
878
873
797
800
886
966
750
780
850
820
10,524
10 533
15,385
16,869
17,763
18,405
19 293
20 031
20,670
20,915
21,782
21,890
22,000
22,180
22,270
3
6
14
16
17
17
20
22
20
26
26
30
30
30
30
10,521
10,527
15,371
16,853
17,745
18,387
19,273
20 009
20,650
20,888
21,755
21,860
21,970
22,150
22,240
1,309
1,241
1,592
1,784
1,889
1,999
2,122
2 247
2,330
2,407
2,438
2,440
2,440
2,450
2,460
551
548
542
541
533
532
531
529
529
529
529
529
529
529
529
1
1
1
1
2
2
2
2
2
2
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.
DECEMBER
1952
1301
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
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. 31
1949—Dec. 31
1950—Dec 30
1951—Oct. 31
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
9 339
12,896
26,143
20 834
20,393
18 759
19,583
90 612
20,791
21,379
21,710
21 804
21,325
21,246
21,283
,296
4 ,072
7 ,334
6 ,368
7 ,179
8 ,048
7 ,550
9 ,729
10 ,846
11 ,146
11 ,268
11 ,080
11 ,142
11 ,363
11 ,680
2 105
2 760
5,931
4 765
5,088
4 799
5,424
5 569
5,523
5,731
5,664
5,805
5,735
5.679
5,839
569
954
1 ,333
1 ,499
1 ,801
1 ,783
1 ,618
9 ,083
2 ,357
9 ,468
2 ,380
2 ,432
2 ,401
2 ,399
2 ,444
Reserve city m e m b e r
banks:
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—Oct. 31
Dec. 31
1952—Tune 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
12,272
15,347
40 108
35,351
36,040
35,332
38,301
40,685
41,987
42,694
43,091
44,088
44,086
44,163
45,381
5 ,329
7 ,105
Country member
banks:
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—Oct. 31
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept 2 4 P
Oct. 2 9 P
10 224
12,518
35,002
35,412
36,324
36,726
38,219
40,558
42,031
42 444
43,037
43,836
44,074
44,445
45,101
Chicago:
1939—Dec 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
194g—Dec. 31
1949—Dec. 31
1950—Dec 30
1951—Oct. 31 . . .
Dec. 31
1952—June 30
July 3 0 P
Aug. 2 7 P
Sept. 24P
Oct. 29P
U. S.
Government
obligations
6 043
8 ,823
18 ,809
14 ,465
13 ,214
10 ,712
1?
,033
10 883
9 ,945
10 ,233
10 ,442
10 ,724
10 ,183
9 ,883
9 ,603
,016
,806
,487
,166
3 ,264
3 ,284
3 ,373
3 ,334
3 ,280
3 ,395
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,640
2,711
2,721
2,802
2,763
2,709
2,827
s ,514
10 ,825
13 ,449
14 ,285
14 ,370
17 ,906
19 ,191
19 ,651
19 ,745
20 ,070
90 .290
20 ,730
91 ,2 76
6 ,944
8 ,243
^1 ,594
24 ,527
22 ,591
?1 ,047
23 ,931
?9 ,779
22 .796
23 ,043
23 ,346
24 ,018
?3 .796
23 ,433
9
4 ,105
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
19,008
19,194
19,123
19,750
19,404
19,113
19 761
4 ,768
5 ,890
5 ,596
8 ,004
10 ,199
11 ,945
12 ,692
14 ,988
16 ,241
16 ,296
17 ,133
17 ,325
17 ,498
17 ,700
17 ,917
,456
,407
27 ,408
?6 ,125
24 ,782
25 ,527
25 ,570
25 ,790
96 ,148
9 5 ,904
26 ,511
26 ,576
26 . 745
27 ,184
3 159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
21,313
21,587
21,206
21,827
21,833
21,972
22,378
1 536
1 ,806
4 ,598
,266
1 ,287
6 ,628
?Q
At
adde_,
banks.
For other footnotes see preceding and opposite pages.
1302
4,772
7,265
17,574
13,308
11,972
9,649
10,746
8,993
8,011
8,129
8,212
8,407
7,839
7,612
7,518
Other
Cash
assets l
Other
securities
1 272
1 ,559
1 ,235
1 ,158
1 ,242
1 ,063
1 ,287
1 890
1 ,934
2 ,104
2 ,231
9 317
2 344
2 ,271
2 ,085
333
376
385
355
397
383
482
576
526
552
563
571
571
571
568
1 ,749
1 ,776
9 042
2 ,276
2 ,396
9 ,453
2 ,980
,695
3 ,788
3 ,849
4 ,223
4 ,268
4 ,392
4 ,320
4 ,344
9
,297
2 ,250
9 ,408
2 ,836
,268
3 ,504
3 ,665
4 ,193
4 ,477
4 ,561
4 ,698
4 ,684
4 ,743
4 ,773
4 ,806
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
7,325
8,564
8,135
7,840
6,769
7,297
7,267
Total i
Interbank i
Demand
Time
533
917
227
028
307
131
139
287
914
348
311
172
957
971
011
736
807
1,236
1,449
,445
L.680
[ ,651
1,722
1,598
L,679
1,795
.718
1,687
1,721
1,712
1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,424
2,425
2,460
2,464
2,473
2,462
2 ,477
1 ,947
546
015
922
773
227
535
778
648
95?,
681
877
784
808
812
495
476
719
829
913
1,001
1,083
1,103
1,126
1,143
1,164
1,141
250
14
288
377
404
426
444
470
490
507
513
13
12
14
14
13
13
13
13
13
1,616
1,806
5.760
25 ,216
?4 ,024
')^ ,983
? 5 ,646
24 ,871
26 ,859
26 ,745
96 ,107
24 ,746
25 ,288
25 ,111
4 ,238
4 ,207
4 ,657
4 ,246
4 ,464
4 ,213
4 ,192
4 ,638
4 ,359
4 ,832
4 ,639
4 ,217
4 ,102
4 ,596
4 ,388
1 .446
1,566
L.489
1,545
1,739
1,932
L.850
2,034
1,970
2,196
1,899
2,077
2,022
2,084
2,119
T, ,330
4 ,057
7 ,046
S ,905
6 ,402
6 ,293
6 ,810
7 .109
6 ,919
7 ,402
7 ,027
7 ,198
7 ,129
7 ,196
7 ,215
888
1 ,035
1 ,312
1 ,153
1 ,217
1 ,064
1 ,191
1 ,228
1 ,145
1 ,307
1 ,182
1 ,180
1 ,199
1 ,239
1 ,240
6,785
8,518
11,286
11,654
13,066
13,317
12,168
13,998
13,692
15,199
13,925
13,201
13,308
14,086
14,004
17 ,741
22 ,313
49 ,085
44 ,477
46 ,467
45 ,943
47 ,559
51 ,437
51 ,875
54 ,466
53 ,425
52 .902
SS ,090
54 ,013
54 ,766
3 ,686
4 ,460
6 ,448
5 ,570
5 ,649
5 ,400
5 ,713
6 ,448
6 ,178
6 ,976
5 ,908
5 ,664
5 ,876
6 ,226
6 ,289
9, 439
13, 047
M 877
28, 049
29, 395
79 153
30, 182
33 342
33 634
35 218
34 764
34 444
34 362
34 861
422
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
11,827
13,292
12,087
11,523
11,631
11,896
12,145
n ,762
17 ,415
4^ ,418
43 ,066
44 ,443
45 ,102
45 ,534
48 ,897
50 ,362
S9 ,288
51 ,571
51 ,600
51 ,907
52 ,555
53 ,339
598
822
1 ,223
1 ,091
1 ,073
964
1 ,001
1 ,133
1 ,147
1 ,309
1 . 083
1,013
1,038
1,100
1,157
99
27
98
29
29
32
33
^5
U
34
34
35
35
14 ,509
17 ,932
30 ,121
?4 ,723
Total Nuinber
capital
(>f
accounts ba nks
9
1?
24,
19
19,
18
18
19
18,
20,
20,
90
18,
18,
19,
?
5
1
4
4,
4
4
4
4
4,
4,
4,
4,
4,
7 312
10 335
700
921
810
370
771
899
724
449
414
428
584
133
714
L.146
1,149
1,163
530
527
529
531
534
36
36
37
37
37
35
25
23
22
22
22
22
22
22
22
13
13
13
13
13
10,858
11,423
11,391
11,664
11,647
12,063
12,272
12,754
12,794
12,852
12,926
13,055
1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,495
3,521
3,663
3,641
3,655
3.675
3,711
346
351
359
355
353
335
341
336
320
321
319
319
319
319
319
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14,865
15,491
15,530
16,075
16,159
16,285
16,322
16,468
1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,532
3,774
3,760
3,873
3,874
3,892
3,938
3.958
6 219
6 476
6 494
6 519
6 535
6 513
6 501
6 ,490
6 ,484
6 ,461
6 ,458
6 ,456
6 ,453
6 ,450
S 966
,'d in November 1947 by the Federal bank supervisory agencies
j ;
.
,._ _f a p p r o x i m a t e l y 110 million dollars was
itual savings to nonmember commercial
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
Total
Other
Cash
assets 1
Total
U. S.
Government
obligations
Other
securities
Loans
Total 1
Interbank 1
Total Number
capital
of
accounts banks
Demand
Time
49,290
121,809
112,286
118,278
124,822
130,820
132,557
21,259
25,765
41,968
42,485
51,723
57,256
58,730
28,031
96,043
70,318
75,793
73,099
73,564
73,827
21,046
88,912
61,388
65,820
60,986
60,533
60,117
6,984
7,131
8,929
9,974
12,113
13,031
13,710
25,788
34,292
38,087
35,207
39,821
44,176
40,258
69,411
147,775
140,642
143,138
153,288
162,908
160,355
10,654
13,883
11,900
12,368
13,744
14,777
13,100
43,059
104,015
93,300
94,914
103,499
110,382
108,036
15,699
29,876
35,441
35,856
36,045
37,749
39,219
6,844
8,671
10 158
10,645
11,263
11,902
12,282
13 426
13,297
13 413
13,429
13,432
13 439
13,434
National m e m b e r
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
27,571
69,312
63,845
67,943
72,090
75,255
76,036
11,725
13,925
23,752
23,853
29,184
32,317
33,054
15,845
55,387
40,093
44,090
42,906
42,938
42,982
12,039
51,250
34,852
38,161
35,587
35,063
34,604
3,806
4,137
5,241
5,930
7,320
7,875
8,378
14,977
20,114
22,974
20,995
23,763
25,951
23,928
39,458
84,939
81,407
83,113
89,281
94,173
92,720
6,786
9,229
7,842
8,278
9,133
9,788
8,584
24,350
59,486
54,020
55,034
60,251
63,477
62,255
8,322
16,224
19,545
19,801
19,897
20,908
21,880
3,640
4 644
5,657
5,920
6,313
6 653
6,879
5,117
5 017
4 991
4,975
4 958
4 939
4,925
State m e m b e r
1941—Dec.
194 5—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
banks:
31
31
31
31
30
31
30
15,950
37,871
31,771
33,585
35,334
36,992
37,466
6,295
8,850
12,308
12,378
15,521
17,243
17,472
9,654
29,021
19,463
21,207
19,813
19,748
19,994
7,500
27,089
17,301
18,722
16,778
16,558
16,657
2,155
1,933
2,161
2,484
3,035
3,191
3,337
8,145
9,731
11,228
10,322
11,762
13,301
12,119
22,259
44,730
39,955
40,772
43,808
46,843
46,049
3,739
4,411
3,799
3,819
4,315
4,637
4,227
14,495
32,334
26,862
27,594
30,055
32,491
31,914
4,025
7,986
9,295
9,359
9,438
9,715
9,908
2,246
2,945
3,144
3,254
3,381
3,565
3,647
1,502
1 867
1,927
1,917
1 915
1,901
1,890
Insured n o n m e m b e r
commercial b a n k s :
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec 31
19S2—June 30
5,776
14,639
16,685
16,766
17,414
18,591
19,073
3,241
2,992
5,911
6,258
7,023
7,701
8,210
2,535
11,647
10,774
10,508
10,391
10,890
10,863
1,509
10,584
9,246
8,947
8,632
8,923
8,867
1,025
1,063
1,528
1,561
1,759
1,967
1,996
2,668
4,448
3,887
3,892
4,299
4,926
4,215
7,702
18,119
19,296
19,269
20,216
21,912
21,606
129
4,213
12,196
12,419
12,285
13,194
14,415
13,867
3,360
5,680
6,618
6,712
6,726
7,144
7,450
959
1,083
1,358
1,473
1,570
1,757
6 810
6 416
6,498
6,540
6 562
6 602
6,622
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 2
I949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
1,457
2,211
2,013
1,919
1,853
1,789
1,880
455
318
520
481
761
1.693
1,234
1,185
1,040
991
1,061
241
200
259
253
763
514
509
442
286
468
852
714
758
727
469
443
1,291
1,905
1,353
1,223
1,224
1,235
1,186
329
279
322
321
308
317
1,872
2,452
2,201
2,036
1,976
1,932
1,993
253
365
479
472
490
503
1,002
1,893
1,493
1,438
1,327
1,299
1,377
388
396
458
327
314
320
650
636
All n o n m e m b e r c o m mercial b a n k s :
1941—Dec. 31 . . .
1945—Dec. 31
1948—Dec. 31 2
1949—Dec 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
7,233
16,849
18,698
18,686
19,267
20,380
20,954
3,696
3,310
6,431
6,739
7,550
8,192
8,714
3,536
13,539
12,267
11,947
11,718
12,189
12,240
2,270
12,277
10,479
10,132
9,672
9,914
9,928
1,266
1,262
1,788
1,814
2,046
2,275
2,312
3,431
4,962
4,396
4,334
4,767
5,395
4,658
9,574
20,571
21.497
21,305
22,193
23,843
23,598
5,504
14,101
13,772
13,508
14,417
15,650
15,052
3,613
6,045
7,097
7,184
7,184
7,533
7,846
1,288
1.362
1,680
L,794
1,897
1,999
>,O77
7 662
7,130
7,256
7 267
7.251
7 252
7,258
Insured m u t u a l savings
banks:
1941 Deo SI
1945—Dec. 31
1948—Dec. 31
1949—Dec. 3 1 .
19S0 Dec 30
1951—Dec. 31
1952—June 30 . . . .
1 693
10^846
13,312
14,209
15 101
16,190
16,857
642
3,081
4,109
4,814
6 086
7,523
8,043
1 050
7,765
9,202
9,394
9 015
8,668
8,814
629
7,160
7,795
7,832
7 487
6,921
6,730
421
151
606
429
1,407
1,562
1 528
1,746
2,084
684
682
617
695
756
1 789
10,363
12,772
13,592
14 320
15,368
16,081
1 789
10,351
12,757
13,575
14 301
15,343
16,056
164
1,034
1,334
1,420
1 513
1,678
1,700
193
192
194
202
205
8,687
5 36i
6,083
6,192
6 245
6 069
6,234
4,259
1 198
1,577
1,764
2 050
2 339
2,466
4,428
4 163
4,506
4,428
4 194
3 730
3,768
3,075
3 522
3,680
3,596
3 380
2,897
2,876
1,353
641
826
832
814
642
180
194
191
180
1,077
558
665
702
734
191
209
496
350
339
339
335
833
892
8,738
5 020
5,631
5,699
5,708
5,544
5,699
729
738
327
324
Noninsured m u t u a l
savings b a n k s :
1941—Dec 31
194S Dec 31 2
1948—Dec. 31
1949 Dec SI
19S0 Dec 30
19S1—Dec 31
1952—June 30
527
8,744
5 022
5,633
5,702
5,711
5,547
5,702
244
259
272
297
353
289
329
181
368
341
294
308
412
457
425
628
613
591
661
700
12
1
2
2
14
16
19
23
23
6
2
3
3
3
3
3
1 6K6
689
52
192
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
iries prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
DECEMBER
1952
1303
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
Total
loans
and
investments
All insured
commercial
banks:
1941—Dec. 31. 49 ,290
1945—Dec. 31. 121 ,809
1949—Dec. 31. 118 ,278
1950—Dec. 30. 124 ,822
1951—Dec. 31. 130 ,820
1952—June 30. 132 ,557
Total1
l
Investments
Loans for
Compurchasing
meror
carrying
cial,
securities
in- AgriReal Conelud- culOther Total
esing
tur- To
tate sumer
loans loans
open- al brokTo loans
ers
'ket"
and 3thpadeal- ers
per
ers
U S. Government obligations
Total
Obligations
Direct
of
V\af
States CMutner
and
Guar- polit- secuCertifian- ical rities
cates
in- Notes Bonds teed subBills of
debtdiviedsions
ness
21 ,259
25 ,765
42 ,485
51 ,723
57 ,256
58 ,730
9,214
9,461
16,935
21,776
25,744
25,176
1 ,450
1 ,314
2 ,963
2 ,823
3 ,321
3 ,562
614
662 4 ,773
4,!
3,164 3 ,606 4 ,677 1,351
1,749 855 11 ,405 6,002
1,789 1 ,036 13 ,389 7,628
1,571 960 14 ,450 7,742
2,106 942 14 ,884 8,526
2,191
3,124
3,955
4,282
4,385
28,031
96,043
75,793
73,099
73,564
73,827
21,046
88,912
65,820
60,986
60,533
60,117
988
3,159 12,797 4,102 3,651 3,333
2 ,455 19', 071 16,045 51,321
22 3,873 3,258
3 ,692 12, 479 5,810 43,833
6 6,400 3,574
4 ,118 1, 932 16,756 38,168
11 7,933 4,179
7 ,219 7 , 526 11,256 34,511
21 8,989 4,042
25 9,627 4,083
6 ,090 7, 653 11,099 35,251
18 ,021
22 ,775
36 ,230
44 ,705
49 ,561
50 ,526
51 ,314
8,671
8,949
15,857
20,521
24,347
23,732
23,973
972
855
1 ,945
1 ,808
2 ,140
2 ,264
2 ,446
594
3,t 92
598 3 ,494
3,133 3 ,378 3 ,455 1,027 1,977
1,737 758 8 ,834 4,776 2,809
1,770 927 10 ,522 6,167 3,585
1,551 851 11 ,334 6,195 3,863
2,084 829 11 ,628 6,791 3,950
1,473 941 11 ,855 7,080 4,305
25,500
84,408
65,297
62,719
62,687
62,976
63,340
19,539
78,338
56,883
52,365
51,621
51,261
51,382
971
2 ,275
3 ,389
3 ,665
6 ,399
5 ,423
4 ,269
45
Member banks,
total:
1941—Dec. 31.
1945—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
Sept. 5.
New York City:*
1941—jj ec# 31
1945—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30
Sept. 5.
Chicago:*
1941—Dec. 31.
1945—DeCi 31
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
Sept. 5.
43 ,521
107 ,183
101 ,528
107 ,424
112 ,247
113 ,502
114 ,654
12 ,896 4 072
26 ,143 7 ,334
19 ,583 7 ,550
20 ,612 9 ,729
21 ,379 11 ,146
21 ,710 U ,268
20 ,901 10 ,944
2 807
3,044
4,792
6,328
7,852
7,659
7,661
954
1 ,333
1 ,618
2 ,083
2 ,468
2 ,380
2 ,419
1,211
1 567
1,977
1,856
1,872
2 ,760
5 ,931
5 ,424
5 ,569
5 ,731
5 664
5 ,738
732
760
Reserve city
banks:
1941—Dec. 31.
1945—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
Sept. 5.
40 ,108
38 ,301
40 ,685
42 ,694
43 ,091
43 ,900
15 ,347
7 ,105 3 456
8 ,514 3,661
14 ,370 6,704
17 ,906 8,646
19 ,651 10,140
19 ,745 9,756
20 ,401 10,000
Country banks:
1941—Dec. 31.
1945—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
Sept. 5.
12 ,518
35 ,002
38 ,219
40 ,558
42 ,444
43 ,037
44 ,115
5 ,890
5 ,596
12 ,692
14 ,988
16 ,296
17 ,133
17 ,550
5 ,776
14 ,639
16 ,766
17 ,414
18 ,591
19 ,073
3 ,241
2 ,992
6 ,258
7 ,023
7 ,701
8 ,210
Insured nonmember commercial banks:
1941—Dec. 31.
1945—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
8
6
2
7
9
16
11
11
300
205
457
392
513
519
541
1 676 659
1,484 648
3,150 1 ,480
3,980 1 ,407
4,377 1 .610
4,462 1 ,733
4,440 1 ,893
543
512
1,078
1,255
1,397
1,445
412
169
2,453 1 ,172
1,410 219
1,421 285
1,219 262
1,619 234
1,087 273
478
459
1 ,018
1 ,015
1 ,181
1 ,298
48
211
109
110
94
166
147
123
80
256
442
514
426
409
52
233
56
69
63
61
67
22
36
51
65
70
67
68
114
194
427 1 ,503
183
309
207
386
203
347
258
354
202
414
1 527
1 ,459
3 ,742
4 ,423
4 ,651
4 ,799
4 ,923
5 54
8,823 7,265 311
76
477
509 18,809 17,574
377
720
621 12,033 10,746
540
850 10,883 8,993
824
520
950 10,233 8,129 1 ,122
558
947 10,442 8,212 1 ,062
589 1,105 9,957 7^663
569
96
26
115
147
117
116
121
65
91
147
172
150
178
1,806
4,598
3,806
3 487
3^264
3,284
3^319
2 721
2',749
256
133
331
232
334
366
314
8,243 6,467 295
1 , ' 12
433
826 31,594 29,552 1 ,034
1,965 1,212 23,931 20,951 1 ,189
2,567 1,534 22,779 19,084 1 ,218
2,512 1,578 23,043 19,194 2 ,524
2,746 1,617 23,346 19,123 2 ,080
2,874 1,753 23,499 19,169 1 ,503
20
42
36
33
35
41
36
1,1 30
183 1 ,823
6,628
492
471 1 ,881
578 29,407
173 4 ,784 2,320
884 25,527
187 5 ,591 2,913 1,054 25,570
178 6 ,099 3,046 1,163 26,148
179 6 ,337 3,370 1,237 25,904
187 6 ,454 3,497 1,269 26,565
20
31
12
18
20
22
64
228
97
109
109
113
1 ,282
1 ,224
2 ,575
2 ,872
3 ,121
3 ,262
1,430
4 213
3]324
2 ,911
8 54
214
323
315
370
419
434
1,225
1,461
1,546
1,735
2,535
11,647
10,508
10,391
10,890
10,863
4,377
26,999
21,862
21,377
21,587
21,206
21,801
1,509
10,584
8,947
8,632
8,923
8,867
110
630
1 ,148
1 ,390
2 ,418
1 ,914
1 ,883
3,007
16', 985 14,271
10, 409 5,085
1, 468 14,054
6 , 010 9,596
6 . 134 9,468
5 , 476 9,461
3 , 433
1, 785
250
616
692
467
4
467
690
131
332
371
341
11,729 3,832 3,090 2,871
16 3,254 2,815
44,792
4 5,274 3,140
37,996
8 6,640 3,714
33,170
15 7,528 3,538
29,601
21 8,125 3,590
30,215
16 8,410 3,548
32,160
1,623 3,652 1,679 729
1
3,325 10,337
606
752
835 7,405
2
1,711 6,206
1,123
2 1,385
1,428 4,960
1,400 5,058
1,436
1,579
1,408 5,219
153
749
358
700
520
494
517
903
119
1,864
1,945
1,847
1,526
1 490
1,578
182
181
290
335
351
363
360
830
629
535
767
719
794
716
193
204
192
242
201
201
210
820
751 4,248 1,173
956
5 1,126
916
6, 982 5,653 15,878
4 , 180 2,124 13,457
1,727 1,254
499 5,536 11,830
j 2,184 1,511
8 2,458 1,390
2 , 493 3,640 10,528
2 , 520 3,656 10,851
16 2,832 1,391
12 2,925 1,404
2 , 171 3,679 11,805
481
5 , 102
3 , 753
588
2 , 568
2 551
2 497
17
180 2 087
303 2 071
465
453
820 1 516
668 1 519
2,926
16,713
15,189
13,287
12,587
12,817
13,559
861
9
4
5
5
5
4
1,222
1,342
2,505
2,998
3,334
3,494
3,546
1,028
1,067
1,160
1,194
1,227
1,204
1,218
152 1,069
1,774 6,538
725 5,846
2,702 5,008
1,660 4,921
1,631 5 ,046
271
6
2
3
6
4
563
619
1,127
1,294
1,462
1,503
462
443
434
465
505
493
4,544
1,768
6,107
4,008
3,918
3,858
* 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.
1304
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
ReDeBalInterbank
serves
mand
deposits
with
Cash ances
with
deFederal
in
doposits
Revault mestic
adserve
banks' justed * DoBanks
Formestic* eign
Class of bank
and
call date
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions
checks,
etc.
U. S.
IndiGov- States
viduals,
and
ernpartner- Inter- ment
politships,
ical
and
and cor- bank Postal
subdiporaSav- visions
tions
ings
IndiCapividuals, Bor- tal
partner- rowacings
ships,
counts
and cor
porations
All Insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—June 3 0 . .
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950— Dec. 3 0 . .
1951—Dec. 31. .
1952—Tune 30. .
Sept. 5. .
673
12,396 1,358 8,570 37,845 ?,823
15,810 1,829 11,075 74,722 12,566
16,428 1,984 9,466 84,576 10,885
17,458 A2,145 10,463 91,099 1 1,955
19,911 A2,665 11,561 97,048 12.969
19,331 I2,365 9,935 93,652 1 1,286
1,248
1,315
1,442
1,381
1,339
1,761
23,740
3,050
2,788
3.344
5,797
3,677
5,098
7,419
7.892
8.288
8,682
1,077
2,585
2,338
2,898
3,147
2,721
36,544
72,593
82,106
89,922
95,604
90,836
158
70
169
347
427
475
59
103
182
189
278
312
1,232
1,331
1,485
1,574
<?,714
671
1,709
3,066
4,240
6,017
6,400
6,666
6,989
6,591
1,009
2,450
2,185
2,724
2.961
2,555
1,803
33,061
62,950
71,589
78,659
83,240
79,186
79,731
140
64
164
341
422
469
499
50
99
175
183
257
288
300
1,051
1,121
1,238
1,303
1,309
450 11.282
1,338 15,712
895 16.408
1,087 17,490
1,289 17,880
1.079 17,275
510 16,365
6
17
113
268
318
350
382
10
38
37
43
53
55
29
20
24
37
22
21
24
1,206
1,590
1,647
1,614
1,721
1,624
10
10
11
11
11
1,069
1,089
1,128
1,150
1,134
12,396
15,811
16,429
17,459
19,912
19,333
20,300
1,087
1,438
1,521
1,643
2,062
1,821
1,651
6,246
7,117
6,194
6,868
7.463
6.470
6,110
33.754
64,154
72,658
78,370
83,100
80,347
81,552
12,333 1,243 22,179
10,623 1,310 2,838
1 1,669
1 2,634
1 1.013
1,437
1,369
1,329
10,897 1,370
2,523
3,101
5,439
4,023
607
866
492
496
418
399
15,146
29,277
34,442
34,525
35,986
37,333
10
215
14
82
30
85
6,844
8,671
10,645
11,263
11,902
12,282
4
11,878
23,712 208
11
27,934
79
28,032
26
29,128
69
30,196
30,413 1,596
5,886
7,589
9,174
9,695
10,218
10,526
10,632
New York City: *
1941—£)ec
1945—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Sept.
3i
31..
31
30
31. .
30..
5. .
5,105
4,015
4,462
4,693
5,246
5,266
5,050
93
111
112
118
159
168
134
141
78
68
78
79
92
34
10,761
15,065
15,182
15,898
16.439
16,070
15,604
5.595
$ 535
2,996
J.2O7
J.385
5,193
2,791
Chicago:
1941—DeC1945—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Sept.
3i
31. .
31..
30.
31..
30..
5. .
1.021
1,183
1,216
1,407
1,259
1,332
43
36
27
30
32
30
26
298
200
159
133
165
135
118
2,215
3,153
3,797
3,954
4,121
3,903
3,928
1,027
1,292
1.151
1,177
1,269
,136
1,188
8
20
40
48
38
39
42
4,060
6,326
6,413
6,806
7,582
7,312
8,046
425
494
482
519
639
551
507
2,590
2,174
1,965
2,206
2,356
2,083
1,737
11,117 i 1,302
22,372 ( ),3O7
25,744 5.49ft
27,938 6A74
29,489 (),695
28,703 5,624
29,239 5,864
54
110
176
217
192
182
211
526
2,210
796
4,527
901
4,371
976
4,745
5,676 1 ,231
5,495 1 ,072
984
5,873
3,216
4,665
4,002
4,450
4,862
4,159
4,221
9,661
23,595
27,935
30,581
33,051
31,671
32,781
790
1 ,199
979
1 ,111
1 ,285
1 ,060
1 ,053
2
8
9
10
11
12
13
271
391
463
503
603
544
2,325
3,959
3,273
3,596
4,099
3,466
4,092
10,537
11,918
12,729
13,948
13,305
108
233
261
286
335
273
2
5
6
5
12
10
942
L.105 6,940
640
1.084
451
1,162
858
1,128
1,096 1,651
1,103 1,071
127
1,552
258
174
242
306
260
319
237
19C
258
321
305
262
70
5
20
483
1,648
2 t 120
2,312
2,351
2,425
2,460
2,472
101
288
377
470
490
513
530
532
778
195
233
237
286
284
240
287
285
34
66
60
70
66
52
53
2,152
3,160
3,932
4,250
4,404
4,037
4,039
3
1
6
4
4
3
5
4
4
1,144
1,763
2,478
2,575
2,550
2,689
2,441
286
611
650
852
822
719
612
11,127
22,281
25,912
28,938
30,722
29,258
29,689
104
30
38
57
90
101
101
20
38
60
60
85
90
98
243
160
617
631
714
751
749
4,542
9,563
10,987
10,956
11,473
11,913
12,035
1,967
*'*2 2,566
3,087
3,322
4 3,521
25 3,663
750 3,685
1,370
2,004
3,058
3,282
3,554
3,708
3,603
239
435
579
715
783
705
629
8,500
21.797
25,337
27,980
30,234
28,616
29,639
30
17
13
12
13
12
12
31
52
73
82
125
141
142
146
219
400
443
491
521
526
6,082
12,224
14,28c
14.339
14.914
15,413
15,621
4 1,982
11 2,525
11 3,305
9 3.532
16 3.760
24 3,873
262 3,942
611
858
68
135
153
174
186
166
3,483
9,643
10,517
11,262
12,364
11,649
18
6
5
6
5
6
8
4
6
6
22
24
74
97
182
210
247
270
3,276
5,579
6,524
6,510
6,876
7,156
476
719
Reserve city banks:
1941—Dec.
1945—Dec.
1949—Dec>
1950— Dec.
1951—Dec.
1952—Tune
Sept.
31.
31..
3i
30..
31 . .
30..
5..
Country banks:
1941—Dec. 31.
1945—Dec. 31
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 31
1952—June 30. .
Sept. 5. .
Insured nonmember commercial banks:
1941—rj)ec. 3i
1945—Dec. 31
1949—Dec. 31.
1950—Dec. 30
1951—Dec. 31
1952—June 30
491
8,221
1,142
976
1,124
2,097
1,499
225
5,465
797
922
876
1,384
1,194
5?
1,560
213
265
243
357
1,402
1,492
1,622
1,694
6
7
3
3
4
17
959
1,083
1,473
1.570
1,686
1,757
2
Central reserve city banks.
3
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.
4
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 fitures — See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
DECEMBER
1952
1305
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans *
Total
loans
and
investments T o t a l l
Date or month
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions
U. S>. Government obligations
Real Loans
estate
to
Other Total
loans banks loans
Total
Bills
Other
Cersecutificates
2 rities
of in- Notes Bonds
debtedness
TotalLeading Cities
1951—October. . . 71 ,814 33, 790
20 ,403
1952—August. .. . 75 ,519 35, 516 20 ,776
September. 75 ,510 36, 101 21 ,343
October. . . 76 ,941 37, 007 21 ,992
5 ,631
955
126
564
309 1,354
226 1,194
254 1,234
137
133
122
609 5 ,795
647 5 ,856
638 5 ,917
151
511
5 ,922 38 024 31 ,317
3 ,140 2 934
6 ,084 19 ,159 6,707
622 6 ,473 40 003 32 ,423 2 ,777 3 410 5 ,978 20 ,258 7,580
689 6 ,573 39 409 31 ,833 2 ,607 3 126 5 ,972 20 ,128 7,576
693 6 ,719 39 934 32 ,459 3 ,564 2 501 6 ,319 20 ,075 7,475
75 ,188
75 ,303
76 ,019
75 ,532
35, 685
35, 919
36, 505
36, 296
21 ,017
21 ,235
21 ,516
21 ,606
244
264
233
163
1,217
1,199
1,223
1,138
136
131
132
132
656
651
640
642
5 ,824
5 ,859
5 ,866
5 ,875
614
586
865
692
6 ,537
6 ,555
6 ,591
6 ,608
39
39
39
39
503
384
514
236
31 ,932 2 ,582 3
31 ,786 2 ,487 3
31 ,928 2 ,785 3
31 ,685 2 ,574 3
211
150
072
070
5 ,990
5 ,993
5 ,965
5 ,941
20 ,149
20 ,156
20 ,106
20 ,100
7,571
7,598
7,586
7,551
Oct. I 5 . . 75 ,773
Oct. 8. . . 77 ,382
Oct. 15. . . 77 ,629
Oct. 22. . . 76 ,937
Oct. 29. . . 76 ,985
36, 680
36, 812
37, 292
37, 014
37, 238
21 ,671
21 ,806
22 ,054
22 ,153
22 ,274
184
267
293
258
270
1,232
1,280
1,294
1,199
1,167
128
127
126
115
114
639
640
643
642
628
5 ,890
5 ,899
5 ,918
5 ,932
5 ,945
826
676
800
547
618
6 ,670
6 ,680
6 ,727
6 ,732
6 ,784
39
40
40
39
39
093
570
337
923
747
31 ,579
33 ,077
32 ,848
32 ,431
32 ,361
2 ,513
4 ,086
3 ,968
3 ,641
3 ,610
2
2
2
2
2
617
536
495
426
433
6 ,328
6 ,352
6 ,335
6 ,317
6 ,261
20 ,121
20 ,103
20 ,050
20 ,047
20 ,057
7,514
7,493
7,489
7,492
7,386
Nov.
Nov.
Nov.
Nov.
. . 77 ,028
.. 76 ,997
. . 77 ,110
.. 78 ,458
37, 390
37, 720
37, 916
38, 063
22 ,484
22 ,727
22 .862
22 ,876
379
395
368
508
1,145
1,181
1,187
1,193
113
109
106
109
626
624
627
623
5 ,947
5 ,973
5 ,990
5 ,989
429
444
497
459
6 ,832
6 ,832
6 ,845
6 ,872
39
39
39
40
638
277
194
395
32 ,292
32 ,015
31 ,859
33 ,039
3 ,557
3 ,358
3 ,316
4 ,485
2
2
2
2
420
416
447
424
6 ,292
6 ,207
6 ,099
6 ,114
20 .023
20 ,034
19 ,997
20 ,016
7,346
7,262
7,335
7,356
1951—October. . . 20 ,337
10, 653
7 ,469
125
734
29
220
527
395
1 ,297
9 684
7 ,685
742
463
1 ,390
1952—August. . . . 21 ,109
September. 20 ,938
October. . . 21 ,206
11, 100
11, 169
11, 573
7 ,544
7 .769
8 ,092
181 1,101
132 940
145 977
26
25
22
223
238
231
403
401
396
401 1 ,399 10 009 7 ,700
431 ,413 9 769 7 ,495
461 1 ,429 9 633 7 ,460
557
624
788
554 1 ,361 5 ,228 2,309
398 1 ,357 5 ,116 2,274
251 1 ,359 5 ,062 2,173
.. 20 ,755
. . 20 ,765
. . 21 ,205
.. 21 ,029
10, 935
11, 016
11, 426
11, 301
7 ,620
7 ,732
7 ,850
7 ,873
132
152
144
101
956
936
972
896
28
25
24
24
244
239
234
233
398
408
400
399
324
299
566
535
1 ,413
1 ,405
1 ,416
1 ,420
9
9
9
9
820
749
779
728
7 ,539
7 ,464
7 ,513
7 ,463
594
570
681
649
454
395
384
358
1 ,367
1 ,373
1 ,346
1 ,344
5 ,124
5 ,126
5 ,102
5 ,112
2.281
2,285
2,266
2,265
Oct. 1. . . 21 ,116
Oct. 8. . . 21 ,520
Oct. 15. . . 21 ,358
Oct. 22. . . 20 ,998
Oct. 29. . . 21 ,041
11, 483
11, 515
11, 701
11, 559
11, 609
7 ,932
7 ,986
8 ,134
8 ,180
8 ,228
97 963
137 1,020
157 1,042
162 943
173 919
23
23
23
21
21
232
233
238
230
220
396
397
397
396
395
601
468
459
381
394
1 ,419
1 ,431
1 ,430
1 ,426
1 ,439
9
10
9
9
9
633
005
657
439
432
7 ,411
7 ,795
7 ,468
7 ,274
7 ,356
605
833
676
738
281
248
251
223
252
1 ,405
1 ,371
1 ,353
1 ,340
1 ,328
5 ,120
5 ,087
5 ,031
5 ,035
5 ,038
2,222
2,210
2,189
2,165
2,076
Nov.
Nov.
Nov.
Nov.
. . 20 ,908
.. 20 ,894
. . 20 ,893
.. 21 ,464
11, 633
11 815
11, 867
11 900
8 ,329
8 ,416
8 ,474
8 ,479
248
267
252
327
907
957
966
964
21
20
19
23
220
220
222
216
390
400
403
395
268
292
293
242
1 ,431
1 ,424
1 ,420
1 ,436
9
9
9
9
275
079
026
564
7 ,255
7 ,101
7 ,017
7 ,545
665
581
622
1 ,166
247
241
220
220
1 ,317
1 ,240
1 ,151
1 ,129
5 ,026
5 ,039
5 ,024
5 ,030
2,020
1,978
2,009
2,019
1951—October. . . 51 ,477
344
5 ,104
116
4 ,625 28 340 23 ,632
2 ,398
2 ,471
Sept.
Sept.
Sept.
Sept.
3 . ..
10. ..
17. ..
24...
5.
12.
19.
26.
New York City
Sept.
Sept.
Sept.
Sept.
3.
10.
17.
24.
5.
12.
19.
26.
1 ,089
5 ,090 1 ,999
Outside
New York City
4 ,694 14 ,069 4,708
23 137
12 ,934
26
221
97
1952—August. . . . 54 ,410 24 416
September. 54 ,572 24 932
October. . . 55 ,735 25 434
13 .232
13 ,574
13 ,900
128
94
109
253
254
257
111
108
100
386 5 ,392
409 5 ,455
407 5 ,521
221 5 ,074 29 994 24 ,723 2 ,220 2 ,856 4 ,617 15 ,030 5,271
258 5 ,160 29 640 24 ,338 1 ,983 2 ,728 4 ,615 15 ,012 5,302
232 5 ,290 30 301 24 ,999 2 ,776 2 ,250 4 ,960 15 ,013 5,302
3 . . . 54 ,433
10. .. 54 ,538
1 7 . . . 54 ,814
24. .. 54 ,503
24
24
25
24
750
903
079
995
13 ,397
13 ,503
13 ,666
13 ,733
112
112
89
62
261
263
251
242
108
106
108
108
412
412
406
409
5 ,426
5 ,451
5 ,466
5 ,476
290
287
299
157
5 ,124
5 ,150
5 ,175
5 ,188
29 683
29 ,635
29 735
29 508
24 ,393 1 ,988
24 ,322 1 ,917
24 ,415 2 ,104
24 ,222 1 ,925
2 ,757
2 ,755
2 ,688
2 ,712
4 ,623
4 ,620
4 ,619
4 ,597
15 ,025
15 ,030
15 ,004
14 ,988
5,290
5,313
5,320
5,286
Oct. I 5 . . 54 ,657
Oct. 8. . . 55 ,862
Oct. 15. .. 56 ,271
Oct. 22. . . 55 ,939
Oct. 29. . . 55 ,944
25
25
25
25
25
197
297
591
455
629
13 ,739
13 ,820
13 ,920
13 ,973
14 ,046
87
130
136
96
97
269
260
252
256
248
105
104
103
94
93
407
407
405
412
408
5 ,494
5 ,502
5 ,521
5 ,536
5 ,550
225
208
341
166
224
5 ,251
5 ,249
5 ,297
5 ,306
5 ,345
29 460
30 565
30 680
30 ,484
30 315
24 ,168
25 ,282
25 ,380
25 ,157
25 ,005
1 ,908
2 ,997
3 ,135
2 ,965
2 ,872
2 ,336
2 ,288
2 ,244
2 ,203
2 ,181
4 ,923
4 ,981
4 ,982
4 ,977
4 ,933
15 ,001
15 ,016
15 ,019
15 ,012
15 ,019
5,292
5,283
5,300
5,327
5,310
Nov.
Nov.
Nov.
Nov.
25
25
26
26
757
905
049
163
14 ,155
14 ,311
14 ,388
14 ,397
131
128
116
181
238
224
221
229
92
89
87
86
406
404
405
407
5 ,557
5 ,573
5 .587
5 ,594
161
152
204
217
5 ,401
5 ,408
5 ,425
5 ,436
30 ,363
30 ,198
30 ,168
30 ,831
25 ,037
24 ,914
24 ,842
25 ,494
2 ,892
2 ,777
2 ,694
3 ,319
2 ,173
2 ,175
2 ,227
2 ,204
4 ,975
4 ,967
4 ,948
4 ,985
14 ,997
14 ,995
14 ,973
14 .986
5,326
5,284
5,326
5,337
Sept.
Sept.
Sept.
Sept.
5.
12.
19.
26.
. . 56 ,120
. . 56 ,103
. . 56 ,217
. . 56 ,994
1
?
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
For other footnotes see opposite page.
1306
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
ReBalDeserves
with Cash ances mand
with
deFedin
doposits
eral vault
mestic
adRebanks justed5
serve
Banks
Date or month
IndividCertiuals, States
and
fied
part- politand
nerical
I
Offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
In millions of dollars]
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Dodivi- Postal
cor- sions
Sav- mes- Foreign
poraings
tic
tions
Time
Bor- Caprow- ital
acings counts
Bank
debits*
TotalLeading Cities
1951—October... . 14,681
2,558 51,419 52,812 3,280
1952—August
14,765
September , 14,970
14,955
October
923 2,340 51,968 52,850 3.522
932 2 ,504 52,674 54,050 3,425
924 2,431 52,787 54,642 3,435
Sept. 3...
Sept. 10...
Sept. 17...
Sept. 24...
1,382 2 ,889
723
151 10,580
1,321 4,451 15..714
1,482 3,517 15,797
1,629 3,961 15,955
769
762
743
188 9,985 1,309
190 10,597 1,303
191 10,740 1,336
6,783
117,849
464 1,169 7,048 112,372
487 992 7,072 119,141
516 1,277 7,110 128,906
14.419
14,869
15,441
15,150
918
973
904
932
2,304 52,275 53,253
2,358 52,925 54,219
2,713 53,221 55,383
2,641 52,274 53,344
3,558
3,452
3,357
3,334
1,439
1,318
1,767
1,405
3,144 15,751
2 ,808 15,784
3,640 15,805
4,477 15,846
765
767
759
759
190
188
192
190
10,155
10,543
11,168
10,522
1,330
1.307
1,275
1,301
1,240 7,076 22,682
489 1,151 7,071 24,802
487 873 7,066 31,576
492 703 7,073 28,693
10,434
10,758
11,489
10,721
10,297
Oct.
Oct.
Oct.
Oct.
Oct.
I5..
8...
15...
22...
29...
14,690
14,761
15,048
15,252
15,022
875 ,386 52,317 53,835
907 ,369 52,167 53,218
935 ,681 52,651 56,473
925
,392 53,216 54,888
979 2,326 53,586 54,799
3,515
3,372
3,291
3,437
3,561
1,984
1,599
1,732
1,449
1,380
3,561 15,883
4,680 15,947
4,419 15,957
3,695 15,985
3,450 16,002
756
747
739
737
738
190
191
191
191
189
1,323
1,329
1,337
1,342
1,348
504
509
518
519
530
Nov.
Nov.
Nov.
Nov.
5...
12...
19...
26...
14,846 907 2,395 53,040 54,915
14,920 1,021 2,534 53
13,312 56,351
15,134 946 2,508 53,219 55,082
15,434 965 2,348 53, 960 55,584
3,686
3,541
3,482
3,555
1,594
1,722
1,681
1,689
3,062
2,932
3,341
4,687
742
742
749
746
192 10,744 1,319
194 10,995 1,340
195 10,952 1.311
195 10,306 1,319
536
553
575
575
16,079
16,063
16,012
16,033
1,055 7,100 29,997
1,367 7,112 27,367
1,223 7,105 26,318
1,342 7,107 32,656
1,398 7,126 28,277
,708 7,147 27,864
,606 7,148 25,574
,618 7,130 33,625
1,617 7,140 29,513
New York City
1951—October
5,220
15,773 16,513
332
631
982
3,074 1,014
318
45,334
1952—August. . .
September
October...
5,143
5,248
5,156
168
159
144
15,513 16,257
15,800 16,647
15,645 16,670
273
265
353
573 1,699 1,551
650 1,162 1,561
791 1,366 1,567
2 ,806 1,057
3,022 1,049
3,013 1,087
349
371
395
428 2,426 44,101
357 2,422 47,798
362 2,430 51,703
Sept. 3...
Sept. 10...
Sept. 17...
Sept. 24...
5,043
5,165
5,373
5,412
166
180
144
145
15,605
15,776
16,129
15,689
16,399
16,574
17,162
16,452
271
255
278
255
617 1,109 1,551
531
945 1,560
869 1 ,062 1,559
584 1,532 1 ,573
2,832 1,074
2,896 1,059
3,216 1,024
3,14511,040
366
372
373
376
443
500
315
170
2,428 8,954
2,425 9,812
2,421 12,733
2,415 11,296
Oct.
Oct.
Oct.
Oct.
Oct.
1...
8...
15...
22...
29...
5,051
5,120
5,170
5,305
5,132
136
146
145
141
151
15,591 16,701
15,529 16,204
15,468 17,051
15,812 16,734
.15,829 16,660
312
333
334
393
396
1,560
1,579
1,562
1,566
1,566
3,084
3,006
3,147
2,983
2,843
1,074
1,077
1,088
1,093
1,103
385
390
395
397
407
333
441
422
266
349
2,430
2,431
2,431
2,427
2,429
Nov.
Nov.
Nov.
Nov.
5...
12...
19...
26...
5,221
5,114
5,193
5,314
150
170
150
172
15,536
15,592
15,651
15,891
16,513
16,898
16,577
16,928
447
384
357
342
788 1,038 1 ,613
879
980 1,604
794 1,015 1,589
821 1,642 1,633
2,969
3,045
3,014
2,901
1.065
1,087
1,053
1,056
414
429
447
449
585
400
436
339
2,441 11,093
2,441 9,794
2,431 12,786
2,429 11,925
746 2,526 35,646 36,299 2,948
751 1,907 13,409
701
108 7,506
215
95
755 2,308 36,455 36,593
773 2,466 36,874 37,403
780 2,388 37,142 37,972
748 2,752 14,163
832 2,355 14,236
838 2,595 14,388
745
735
715
133 7,179
135 7,575
137 7,727
252
254
249
115
116
121
292 4,415 72,515
741 4,622 68,271
635 4,650 71,343
915 4,680 77,203
797
651
558
533
1,068
735
862
670
620
1,205
1,699
1,509
1,249
1,168
12,450
11,091
10,133
13,220
11,486
Outside
New York City
1951—October....
9,461
1952—August. . . , 9,622
September. 9,722
9,799
October
Sept. 3... 9,376
Sept. 10... 9,704
Sept. 17... 10,068
Sept. 24..., 9,738
752
793
760
787
Oct.
Oct.
Oct.
Oct.
Oct.
I5..
8...
15...
22...,
29...,
9,639
9,641
9,878
9,947
9,890
739
761
790
784
828
Nov.
Nov.
Nov.
Nov.
5...,
12...,
19
26...,
9,625
9,806
9,941
10,120
757
851
796
793
,854
36,
37,149 37,645
37,092 38,221
36,,585 36 ,892 3,079(
822
787
898
821
2,035
1,863
2,578
2,945
14,200
14,224
14,246
14,273
740
739
732
732
135
133
137
135
7,323
7,647
7,952
7,377
256
248
251
261
114
117
114
116
4,648
4,646
4,645
4,658
13,728
14,990
18,843
17,397
345 36,726 37,134 3,203
323 36,638 37,014 3,039
633 37,183 39,422 2,957
353 37,404 38,154 ,044
286 37 ,757 38,139 ,165
916
864
870
779
760
2,356
2,981
2,910
2,446
2,282
14,323
14,368
14,395
14,419
14,436
729
718
710
708
709
135
136
137
137
136
7,350
7,752
8,342
7,738
7,454
249
252
249
249
245
119 722 4,670
119 926 4,681
123 801 4,674
122 1,076 4,680
123 1,049 4,697
17,547
16,276
16,185
19,436
16,791
806 2,024 14,466
843 1,952 14,459
887 2,326 14,423
3,045 14,400
712
713
719
716
137
139
139
139
7,775
7,950
7,938
7,405
254
253
258
263
122
124
128
126
2,275
2,327
2,664
2,599
2,363 37,504 38,402
2,497 37,720 39,453
38,505
2, 469 37,568
2,306 38 069 38,656
3,239
3,157
3,125
3,213
1,123
1,206
1,182
1,278
4,706
4,707
4,699
4,711
16,771
15,780
20,839
17,588
8
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
*6 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Changes, particularly the increases in real estate loans and time deposits, are due in part to merger of nonreporting banks with a reporting
bank in the Chicago District.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
DECEMBER
1952
1307
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, (—).
In millions of dollars]
Business of borrower
Manufacturing and mining
Period
2
Metals
and
Petroleum,
Food, Textiles, metal
coal,
liquor, apparel, products
Other
(inch chemical,
and
and
and
tobacco leather machinery and rubber
trans,
equip.)
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(inch
transportation)
Construction
All
other
types
of
business
Comm'l
ind'l,
and
Net
agr'l
changes change—
classitotal 3
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...
July-Sept. ..
-868
320
-73
64
1,111
-208
176
115
76
31
-105
15
-634
286
-217
73
-2
-77
18
22
-28
115
-546
754
-808
822
-24
167
176
210
156
20
37
7
-54
-17
-109
-105
6
111
67
29
68
18
42
47
6
7
18
36
3
-32
-3
50
122
91
59
83
144
262
112
-32
-37
141
65
-165
38
50
-60
69
6
12
3
4
-3
53
36
26
-8
21
-189
304
639
665
610
-203
345
680
668
602
Week ending:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
18
38
55
66
10
-2
-3
21
-14
-3
12
17
-8
1
8
13
-4
-2
10
25
17
28
35
42
40
40
56
42
4
10
1
19
21
-2
3
3
-1
—1
16
13
-2
88
187
251
113
91
218
281
90
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
32
55
65
34
25
-7
-1
-14
-23
-11
-12
-14
139
-7
5
16
54
-30
3
10
11
12
8
-5
13
23
35
20
31
35
71
49
58
50
-12
-17
12
8
9
11
-40
-58
12
15
-2
-1
6
-1
2
4
-4
4
-17
4
88
138
220
94
125
65
135
248
99
121
Nov. 5 . . . .
Nov. 12
Nov. 19
Nov. 2 6 . . . .
43
50
46
17
5
31
21
8
7
5
11
8
23
9
-4
-2
19
43
19
9
45
37
19
11
46
6
21
-7
34
16
12
6
-3
-1
19
4
225
212
117
5.7
210
243
135
14
Monthly:
1952—July
Aug
Sept
Oct
Nov
-16
-7
-1
1
Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 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
April2 and May 1951 the coverage was smaller.
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 INVESTMENTS
FOR DEFENSE AND NONDEFENSE PURPOSES *
[In millions of dollars]
Defense and defense-supporting
Nondefense
To others, on real estate mortgages
Total
End of month
Total
1951—April22
May
June22
July 2
August
September
October
November
December
. . .
1952—January
February
Ivf arch
April
Public
utility
Railroad
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
4,144
4,101
4,090
4,158
1,983
2,111
2,211
2,181
302
137
419
158
450
446
450
300
298
309
297
409
407
286
236
395
204
353
310
508
512
192
170
144
158
Other
business
and
industry
1,005
Total
1,005
1,011
947
1L,063
L,268
1,567
1,539
2,709
2,564
2,362
2,221
2,053
2,163
2,119
2,238
2,111
1,544
1,534
L,559
1,511
2,114
1,937
1,842
1,946
928
To
business
and
industry
Nonfarm residentialI
Farm
VA
guaranteed
FHA
insured
Conventional
650
649
349
566
340
98
107
1,648
1,539
1,447
1,390
1,229
1,162
1,078
1,186
997
1,053
99
962
257
409
969
102
866
222
346
963
Total
99
937
831
88
83
752
80
744
918
945
955
1,007
901
980
80
83
96
88
85
852
881
577
531
484
619
594
343
322
State,
county,
and municipal
108
91
76
77
402
365
509
490
317
307
316
452
310
437
417
473
311
44
44
295
46
298
54
276
270
205
200
332
352
315
329
54
59
51
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 of 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.
1308
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
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—October
November
December
410
435
434
398
437
490
131
154
197
87
96
119
44
58
79
267
283
293
226
227
235
106
116
133
4
5
23
27
46
55
35
43
44
1952—January
February
March
April
May
June
July
August
September
October
480
517
534
544
510
495
539
550
565
591
492
493
458
422
430
416
450
454
454
449
193
188
177
150
155
148
171
169
166
155
127
121
120
110
121
108
122
113
106
103
66
67
57
40
34
40
49
56
61
52
300
305
282
272
275
268
279
285
288
294
235
234
228
211
197
195
200
212
232
237
135
135
138
135
136
126
126
119
108
114
23
27
6
6
37
45
73
74
60
30
52
46
36
22
17
15
17
20
24
40
48
51
51
48
43
36
34
30
31
28
1
As reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June
December...
1950—June
December...
1951—June
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1,256
1,356
1,275
3 1,291
October
November. . 8 1,279
1,292
December...
1952—January
February. ..
March
April
May
June
July
August
September. .
October
3 1,289
3 1,280
8 1,293
31,315
3 1,312
1,327
3 1,387
3
1,338
3
1,333
31,316
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances 1
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
7
10
5
5
12
9
10
253
260
333
413
399
312
333
315
326
312
419
400
386
399
375
196
209
220
313
370
456
395
393
332
349
280
306
314
397
364
619
726
853
795
498
218
223
240
283
257
493
523
827
745
680
424
472
549
654
651
694
650
612
576
586
528
633
673
890
834
95
96
121
112
120
120
162
176
145
112
129
159
166
230
225
15
18
14
29
24
30
24
23
20
28
20
26
25
36
26
11
8
13
13
17
10
9
15
11
5
9
15
11
12
13
216
227
264
299
314
290
271
273
291
278
260
271
312
317
319
12
392
378
3 653
8 649
695
3 853
3 805
816
259
42
11
314
8 633
3 652
3 734
3 818
3 847
912
»1,126
3 926
8 891
3 860
3 809
3 790
3 756
8 756
3 725
708
3
692
3 675
3 692
3 692
219
23
16
324
5
7
11
12
7
5
6
7
9
427
365
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): August, 48; September, 39; October, 31.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
DECEMBER
1952
1309
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 8
90
days 1 Market onRate
new issues issues
yield
issues
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
All
loans
Area and period
Annual averages:
19 cities:
1949 average
1950 average
1951 average
1.48
1.45
2.17
1.12
1.15
1.60
1.08
1.20
1.52
1.102
1.218
1.552
1.14
L .26
L.73
1.43
1.50
1.93
1951—November.
December..
2.25
2.31
1.63
1.69
1.56
1.73
1.608
1.731
2.01
2.09
1952—January. . .
February..
March
April
May
June
July
August....
September.
October. . .
November.
2.38
2.38
2.38
2.35
2.31
2.31
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.57
1.54
1.59
1.57
1.67
1.70
1.81
1.83
1.71
1.74
1.85
1.688
1.574
1.658
1.623
1.710
1.700
1.824
1.876
1.786
1.783
1.862
1.68
L .77
L .75
L.70
L.69
L.60
L.66
L .74
L .89
L .94
L .95
L .84
L. 89
Week ending:
Nov. 1 . . .
Nov. 8 . . .
Nov. 15. . .
Nov. 2 2 . . .
Nov. 29. . .
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.75
1.78
1.83
1.87
1.93
1.757
1.796
1.843
1.877
1.931
L .82
L.81
L .85
L .93
.96
2.24
2.22
2.25
2.25
2.27
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
2.08
2.07
2.02
1.93
1.95
2.04
2.14
2.29
2.28
2.26
2.25
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
8
Series includes selected note and bond issues.
Backfigures.—SeeBanking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
Quarterly:
19 cities:
1951—Dec
1952—Mar
June
Sept
New York City:
1951—Dec
1952—Mar
June
Sept
,
7 Northern and East
ern cities:
1951—Dec
1952—Mar
June
Sept
11 Southern and
Western cities:
1951—Dec
1952—Mar
June
Sept
$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
2.2
2.0
1.7
1.8
2.2
2.4
2.4
2.9
3.27
3.45
3.51
3.49
4.78
4.85
4.90
4.91
4.05
4.16
4.21
4.22
3.49
3.66
3.72
3.74
3.03
3.24
3.29
3.27
3.01
3.23
3.27
3.29
4.37
4.43
4.53
4.66
3.91
3.97
4.03
4.06
3.34
3.48
3.55
3.60
2.87
3.11
3.14
3.15
3.23
3.47
3.46
3.44
4.81
4.91
4.90
4.85
4.04
4.16
4.17
4.20
3.46
3.67
3.71
3.72
3.03
3.29
3.27
3.24
3.67
3.79
3.90
3.84
4.95
5.01
5.05
5.04
4.15
4.28
4.33
4.31
3.62
3.79
3.86
3.82
3.35
3.46
3.63
3.56
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
Corporate (Moody's) 5
U. S.
Govern- Municipal
ment
(high(long-2 grade)8
term)
Year, month, or week
Corporate
(highgrade)4
By rs tings
3y groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
1-8
15
9
120
30
30
30
30
40
40
40
1949 average
1950 average
1951 average
2.31
2 32
2.57
2.21
1 98
2.00
2.65
2 60
2.86
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
1951—November
December .
2 66
2.70
2 07
2.10
2 98
3.03
3 20
3.25
2.96
3.01
3.02
3.06
3.26
3.31
3.56
3.61
2 97
3.00
3 42
3.50
3 21
3.24
2 74
2.71
2.70
2 64
2.57
2 61
2.61
2.70
2 71
2.74
2.71
2.10
2.04
2.07
2.01
2.05
2.10
2.12
2.22
2 33
2.42
2.40
2.96
2.89
2.96
2.92
2.93
2.95
2.96
2.97
2 98
3.04
2.98
3 24
3.18
3.19
3 16
3.16
3 17
3.17
3.18
3 19
3.22
3.20
2 98
2.93
2.96
2.93
2.93
2.94
2.95
2.94
2 95
3.01
2.98
3.05
3.01
3.03
3.01
3.00
3.03
3.04
3.06
3 07
3.08
3.06
3.32
3.25
3.24
3.20
3.20
3.20
3.19
3.21
3 22
3.24
3.24
3 59
3.53
3.51
3.50
3.49
3.50
3.50
3.51
3 52
3.54
3.53
3 00
2.97
2.99
2.97
2.97
2.98
2.99
3.00
3 02
3.05
3.05
3 48
3.38
3.36
3.32
3.31
3.32
3.33
3.34
3 36
3.39
3.37
3 23
3.19
3.21
3.19
3.19
3.20
3.20
3.20
3 20
3.22
3.19
2.71
2.69
2.71
2.71
2.71
2.41
2.39
2.40
2.40
2.40
3.03
3.00
2.98
2.97
2.96
3.22
3.22
3.21
3.20
3.19
3.01
3.00
2.98
2.98
2.97
3.08
3.07
3.06
3.06
3.05
3.25
3.25
3.24
3.23
3.23
3.55
3.54
3.54
3.53
3.52
3.07
3.06
3.05
3.05
3.05
3.39
3.38
3.37
3.37
3.35
3.22
3.21
3.19
3.19
3.18
Number of issues
1952—January
February
March
April
May
.. .
June
July
August
September
October
November .
Week ending:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
. . .
...
...
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first callable after 15 years were included.
3
4
Standard and Poor's Corporation.
U. S. Treasury Department.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 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.
1310
FEDERAL RESERVE BULLETIN
SECURITY MARKETS 1
Bond prices
Stock prices
Common
Year, month,
or week
Number of issues
Volume
of
Securities and Exchange Commission series
trading •
(index, 1939=100)
(in
thouManufacturing
sands
Trade,
of
finTrans- Public
ance, Min- shares)
porta- utilNonand
ing
tion
Total Durity
servable durable
ice
Standard and Poor's series
(index, 1935-39=100)
U. S. Mun- CorpoGov- icipal rate
Preern- 2 (high- (high- ferred*
ment grade)' grade)'
Total
Industrial
Rail- Public Total
road utility
416
365
20
31
265
170
98
72
21
28
32
14
1949 average . . 102.73 128.9 121.0 176.4
L950 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
185
132
166
207
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
205
1,037
2,012
1,684
97 52 131 6 115 3 165 4
96.85 130.9 114.8 163.7
178
183
193
199
144
151
115
116
185
190
208
215
178
182
235
245
194
204
114
115
208
209
239
238
!367
96.27 130.8 115.5 164.1
1952—Jan
Feb
96.77 132.1 116.5 165.9
Mar
96.87 131.5 115.9 168.3
Apr....
97.95 132.7 116.2 172.2
May. . . . 98.91 131.9 116.3 173.4
June
98.32 130.9 116.2 173.3
July....
98.40 130.4 116.0 171.1
Aug
97.09 128.6 115.8 169.9
Sept
96.86 126.6 115.7 170.2
Oct
96.44 125.0 114.7 168.3
Nov
96.96 125.4 115.2 169.8
187
183
185
184
184
188
192
191
188
183
190
204
199
201
199
199
204
210
208
204
198
206
155
155
161
165
167
174
175
175
171
167
172
117
118
118
117
117
116
117
119
119
117
121
195
193
193
191
190
196
199
199
194
191
197
222
218
216
215
214
222
225
225
219
215
223
185
183
182
181
182
187
192
194
191
188
196
255
251
248
245
243
253
256
254
246
239
247
211
209
214
217
216
225
226
228
221
218
225
116
117
117
116
117
117
117
120
118
118
121
209
206
203
203
201
204
208
210
206
202
205
246
258
295
298
283
291
289
278
275
265
260
,574
1,320
1,283
1,282
1,044
1,215
1,096
Week end ng:
Nov. 1.
Nov. 8.
Nov. 15.
Nov. 22.
Nov. 29.
182
187
187
192
194
197
202
202
208
210
165
167
171
174
178
118
119
120
122
123
191
194
194
198
201
216
220
219
224
228
189
193
193
199
201
241
246
242
247
253
219
222
220
226
233
118
119
120
122
124
201
202
203
206
210
263
262
256
260
261
,196
1,658
1,473
.920
2,028
1951—Nov
Dec......
1-8
96.84
97.14
96.96
96.91
96.84
15
125.1
125.5
125.3
125.3
125.3
17
114.8
115.0
115.1
115.2
115.6
15
168.1
168.8
169.8
169.9
170.6
995
,149
1,181
1,779
1
Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks
(Standard
and Poor's series), which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first
callable after 15 years were included.
3
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4 Standard 5and 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 new capita
Year or month
Total
(new
and
refunding)
For
Domestic
Total
(domestic
and
foreign)
Total
2,169
640
642
1943
896
1944
4,216
913
8,006 1,772 1,761
1945
8,645
4,645
4,635
1946
8
1947
9,691 s 7,566 7,255
10,220 9,085 9,076
1948
1949
9,753 8,160 8,131
M0,900 3 8,214 8,103
1950
3
12,267 10 014 9,617
1951
«l,O75
731
3 881
1951—Sept
1,292
945
970
Oct
1,006
866
866
Nov
1 053
838
842
Dec
1,232
930
926
1952—Jan
667
694
852
Feb
994
1 090 1 003
Mar
Apr
1,551 3 1,249 1,237
M a y . . . . •1,555 1,249 1,109
1 403 1 245 1,239
Tune
1,519 1,393 1,381
July... .
810
461
461
Aug
800
804
958
Sept
State
and
municipal
176
235
Domestic
Total
(doCorporate
mestic
For2
Fedand
eign
eral
foragen-l
Bonds
eign)
cies
and Stocks
Total
notes
90
15
374
646
471
952
2,228
2,604
2,803
3,370
3,084
265
368
297
276
349
285
144
452
376
615
224
203
26 1,264
127 3,556
239 4,787
294 4 6,177
233 5,095
394 4,339
469 6,064
40
427
470
107
569
562
39
538
346
36
812
38
704
80
677
56
587
38
20 1,137
202
56
437
363
refunding
282
422
607
2,084
3,567
4 5,269
4,125
3,138
4,459
370
272
371
361
437
200
619
535
453
406
954
134
296
92
224
657
1,472
1,219
908
971
1,200
1,605
56
198
197
201
101
146
192
170
224
180
183
68
67
2
17
12
10
68
10
29
111
246
50
26
.. „
.
4
27
9
12
93
6
12
4
Total
State
and
municipal
1,527
3,303
6,234
4,000
2,125
1,135
1,593
»2,686
2,253
194
322
140
211
302
158
87
303
306
158
126
349
1,442
3,288
6,173
3,895
1,948
1,135
1,492
2,463
2,216
194
322
140
205
302
158
81
299
306
155
126
349
259
404
154
154
2
324
208
44
82
104
Federal
agen-l
cies
Total
497
418
912
734
422
768
943
112
992
92 1,597
4
170
288
18
89
4
102
19
221
71
8
76
4
63
2
257
11
144
11
141
2
74
188
7
79
Corporate
685
2,466
4,937
2,953
1 ,482
284
445
603
2,178
4,281
2,352
1 ,199
257
393
1,360 1,301
394
527
20
14
16
14
47
23
83
83
10
7
74
73
13
13
40
36
151
142
3
3
50
45
153
153
72
Foreign
Bonds
and Stocks
notes
71
82
288
86
15
656
601
61
10S
283
28
52
177
58
133
6
2
24
101
123
37
6
3
1
4
8
6
4
3
4
1
1
2
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.
DECEMBER
1952
1311
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds 2 proceeds 8
New money
Plant and
equipment
Total
1938
1939
1940.
1941
1942
1943
1944
1945.
1946
1947.
1948
1949
1950
1951
1951—November
December
1952—January . .
February
March.
April
IVtay
June
July
August
September
October
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
681
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
4,006
6,531
504
170
424
661
287
141
252
638
2,115
3,409
4,221
3,724
2,966
5,110
673
660
570
488
871
605
478
972
967
1,116
848
1,309
428
463
1,049
856
595
469
954
951
1,097
836
1,290
420
456
1,034
Retirement of securities
Working
capital
Total
177
155
145
207
187
167
405
442
1,164
1,182
1,708
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
307
882
Preferred
stock
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
401
Repayment
of
other debt
Other
purposes
215
69
174
144
138
73
49
134
379
356
488
7
26
19
28
35
27
47
133
231
168
234
637
315
87
59
128
100
30
72
351
438
476
196
67
41
360
1,041
1,421
1,271
486
1,149
391
122
96
620
363
83
43
42
1
2
29
682
487
278
655
613
735
553
1,053
215
288
519
771
559
413
875
844
925
747
1,234
280
386
775
Bonds and
notes
90
72
134
221
232
189
194
180
65
98
255
45
8
36
15
13
126
38
34
125
48
94
42
8
35
15
9
126
38
34
119
45
92
364
226
18
29
13
7
19
24
9
5
8
10
7
9
11
15
13
45
70
38
46
14
5
14
157
1
3
5
3
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*
[In millions of dollars]
Manufacturing B
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—November
December
1952—January
February
March
April
May
June
July
August
September
October
Commercial and
miscellaneous 8
Railroad
Public utility
7
Communication
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
New Retire- net
net
New Retire- net
New RetireNew Retire- net
New 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
ceeds 9
ceeds9
ceeds9
ceeds9
ceeds 9
ceeds 9
469
226
353
188
167
738
244
463
293
89
228
199
454
504
811 1,010
2,201
981
1,974
353
54
1,726
44
851
688
149
221
2,617
21
180
428
26
331
238
31
4
336
329
5
502
45
255
2
329
9
89
35
131
39
579 445
19
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1,175
3,066
214
480
349
285
366
350
559
287
351
132
185
403
338
538
518
46
39
29
13
61
66
40
44
51
36
19
14
304
229
262
337
22
28
21
9
46
39
29
42
45
31
16
12
21
28
63
56
2
1
2
5
5
1
1
1
54
182
319
361
47
160
602
1,436
704
283
617
456
548
332
76
22
17
29
12
34
119
51
46
94
12
15
24
30
97
85
115
186
108
253
32
15
46
114
102
500
115 1,320
129
571
35
240
56
546
11
441
193
301
34
297
61
15
22
17
29
12
34
41 " " 6 8 '
35
16
46
10 " " 8 5 '
12
1
13
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
273
266
184
125
490
399
313
355
282
122
197
333
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
1,971
2,317
260
251
177
122
461
343
293
338
280
120
194
220
943
1,157
922
993
292
423
1,343
2,159
1,252
939
145
234
685
104
6
14
6
3
6
7
8
1
1
i'
67
891
567
395
605
37
25
2
3
6
45
26
29
493
22
18
26
870
505
304
594
37
24
2
3
6
45
26
29
493
22
18
25
2
49
81
5
3
1
16
102
155
94
4
21
107
206
323
286
587
593
739
515
14
23
14
13
20
56
40
70
68
14
25
67
8
9
42
55
4
13
61
85
164
189
485
440
480
368
11
18
11
12
15
55
34
68
41
9
16
59
7
88
9
18
4
42
65
64
24
30
35
100
66
2
1
5
24
4
8
5
1
2
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 flotation, i. e., compensation to underwriters, agents, etc., and
. enses.
* 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.
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.
• 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,
1312
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets oi 10 million dollars and over
(200 corporations)
Year or quarter
Profits
before
taxes
Profits
after
taxes
Dividends
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
725
859
951
763
10,695
11,847
12,313
1,821
2,190
2,482
12,711
13,047
12,297
13,013
12,760
12,606
12,227
Sales
Annual
.. .
1939 .
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1950—2
3
4
Quarterly-
1951—1
2
3
4
1952—1
2
3.
Assets of 50 million dollars ind over
(81 corporations)
Profits
before
taxes
Profits
after
taxes
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
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
1,038
1,240
987
395
583
875
9,213
10,156
10,527
1,629
1,928
2,182
926
1,090
846
2,238
2,219
1,964
2,137
878
839
469
475
567
1,951
1,928
1,716
1,897
765
724
932
10,811
11,079
10,443
11,055
1,940
1,618
1,507
815
r
624
482
10,812
10,623
10,266
1,715
1,415
1,302
762
683
475
476
475
Sales
883
658
827
727
»-540
588
Asset s of 10-50 million dollars
(119 corporations)
Profits
before
taxes
Profits
after
taxes
Dividends
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
69
86
96
91
167
167
168
274
91
96
100
142
452
332
489
436
194
186
228
232
347
534
785
1,482
L.691
L.786
192
262
300
112
150
141
48
50
89
420
421
422
490
1,899
1,968
1,854
1,957
287
291
248
240
113
115
48
54
103
53
105
77
430
422
421
1,948
L,983
L ,961
225
»"203
205
88
52
'84
95
54
54
Dividends
Dividends
Sales
420
170
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1950—2
3
4
Quarterly
Operating
revenue
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
Electric power
Profits
after
taxes
93
126
189
500
902
873
249
674
1,658
2,211
1,972
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
126
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
159
186
202
217
667
450
246
246
271
777
1,148
700
1,384
1,260
287
479
235
236
699
289
438
783
693
252
312
328
243
*8 152
258
2 318
53
756
Telephone
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
1.137
1,206
1,334
1,508
1,691
1,815
231
189
692
774
847
913
535
444
548
527
490
502
447
437
408
410
902
905
507
534
398
407
257
297
364
420
168
174
313
215
209
138
168
131
292
178
553
619
661
333
580
691
186
207
331
341
153
821
137
152
853
158
8
3
339
2212
2 171
8
211
168
881
169
458
494
983
657
1,129
1,303
1,480
757
824
818
493
321
142
1,322
1,317
1.415
979
4
104
a8 146
124
8
320
101
63
53
111
1,504
1,419
1,423
1,521
413
344
320
403
2 229
28 195
168
2 226
157
161
162
181
904
918
931
976
175
174
160
182
1952—1
2
3
2,587
2,532
2,633
295
261
368
141
149
208
80
74
66
1,603
1,491
1,513
498
400
382
257
214
207
172
173
177
993
1,023
1,037
194
205
182
2
3
574
8
55
155
162
451
433
638
643
229
275
250
505
1951—i
454
167
162
151
156
2,148
2,283
2,694
2,967
3,342
3,729
964
954
2,238
2,534
2,715
2,440
2,596
2,583
2,772
. . .
164
193
187
168
176
293
213
276
318
84
84
2 92
67
8
90
2 92
2 72
8
86
77
79
81
81
93
98
88
85
87
91
70
76
••Revised.
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).
DECEMBER
1952
1313
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1951 i
1949
1950
1952
1951
Nondurable goods industries
Total (94 corps.): 2
Sales
Profits before taxes.
Profits after taxes...
Dividends
12.853 14,777 17,371 3,958 4,085 4,349
1.847 2,702 3,184
785
830
855
1,213 1,513 1,411
467
395
368
710
889
845
213
334
199
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
,288 4,294 4,441
814
773
741
342
334
368
202
203
242
942
93
42
983
105
49
32
1.367
312
125
100
1,373 1,337
281
318
105
108
87
87
1,367
285
107
1,345
222
148
64
,318 1,275
147
204
111
129
60
64
1,325
3.323
379
235
135
3.492
469
257
143
3,873
407
199
140
942
93
46
32
1004
104
52
42
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 1 188 1 260 1,338 1.377 1.351
1,384
313
345
365
365
342
484
179
131
128
120
111
355
113
174
84
85
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
1 172 1.204 1,204 1,246
209
217
203
218
130
123
118
127
78
57
55
55
980
159
89
34
187
130
44
913
126
62
45
025
124
61
31
901
86
40
35
4,335 4,216 4,361
642
599
705
308
'287
314
205
'206
210
959
86
40
32
165
114
60
Durable goods industries
Total (106 corps.): 3
Sales
Profits before taxes.
Profits after taxes...
Dividends
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
23,885 29,341 33.696 7.889 8 228 8.362 8.759 8,003 8,572
3,191 5,192 5,374 1,405 1,653 1,382 1,405 1,191 1,396
1,887 2,542 2,000
592
773
510
497
428
565
950 1,351 1,141
370
541
270
273
273
325
8,425 •8,390 7,866
865
1,234 •1,019
375
501
»-338
270
273
^70
8,187 10.446 12,501 2,718 2,965 3,044 3.198 3,034 3,226
993
1,700
2,092
547
455
525
557
492
519
578
854
775
214
188
253
193
217
176
285
377
380
157
80
85
120
86
2,605
3,073 2,38
'98
214
425
29
220
102
86
Machinery (27 corps.):
Sales
Profits before taxes.
Profits after taxes...
Dividends
4.353
519
320
138
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
9,577 11,805 12,438 3,355 3,192 3,268 3,331 2,899 2,939
1,473
656
655
513
2,305
1,915
508
405
488
861
357
189
194
1,087
704
183
142
185
451
232
258
122
671
479
119
119
119
5,058
847
424
208
C
6,167 1,269 1,493
998
194
341
367
107
145
191
84
38
,480 1,563 1,434 1,690
250
237
210
301
90
82
73
123
43
47
48
54
1,590 "1,726
232
'238
81
48
49
1,713
218
91
49
3,035 '3,427 2,681
59t
503
350
r
191
170
144
114
116
114
Certain tax accruals for the first six
15);3 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
ther 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
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33 8
27.1
39 6
42.9
f
1
Income
taxes
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13 0
10.8
18 4
24.2
Profits
after
taxes
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.7
16.3
21 2
18.7
Cash
dividends
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7 3
7.5
Undistributed
profits
2.4
4.9
5.1
6.2
6.1
3.8
8.1
12.0
13 6
8.8
9 0
12 2
9.0
9.7
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1950—3
4
44 3
48.4
20 6
22.5
23 7
26 0
93
10.7
14 4
15 $
2
50.1
43.3
38.6
39.5
28.4
24.5
21.8
22.2
21.7
18.8
16.9
17.3
86
9.0
9.2
9.3
13.1
9.8
7.7
8.a
42.7
39.5
'41.0
24.7
22.9
'23.5
18.1
16.6
'17.5
8.9
9.6
9.3
9.2
7 0
'8.2
Quarter
4
1952—1
21
3
Undistributed
profits
Revised.
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
1314
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 issues
Total
gross
direct2
debt
Total
gross
debt 1
End of
month
1943—Dec.
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec.
1949—June . . . .
Dec
1950—June
Dec
1951—June
170 108
230
278
259
256
252
130
357
708
???
151 ,805
212 ,565
255 ,693
233 ,064
225 ,250
218 865
91 7 986
221 ,123
222 ,853
220 ,575
218 198
630
115
149
900
800
252 770
252 798
160
377
731
?S1
257
257
256
255
Total
165 877
144
682
487
981
8S4
232
278
259
256
252
257
257
256
255
Nonmarketable
Certificates of Notes
indebtedness
Bills
Total
115 230
^^ 07?
155 147
11 536
161 648
198 778
176 ,613
165 ,758
157 ,482
16 ,428
17 ,037
17 ,033
15 ,136
1? ,224
155 ,123
155 ,310
152 ,450
j 137,917
Bonds
17
843
11 175
30
38
29
21
?6
401
155
987
220
S?S
4? 7
636
418
373
S09
23
22
10
11
7
?9
12 ,319 29
13 ,533 18
13 ,627 5
H ,614 9
Bank
restricted
Bank
eligible*
3 S96
60 9S1
49 636
6?
249
404
258
806
55 ,283
53 ,319
44 ,557
4? ,928
49 ,636
49 ,636
49 ,636
36 ,061 13 ,573
66 ,000
67 ,544
68 ,125
66 708
36 OSO
36 048
1 9 062 66 ,588 57,552
,060 66 4? 3 57,587
36 046
1?
8
20
39
3S
221 391
221 168
142 ,741 18 100
142 68 S 18 ,10?
?8
017
?9 078
18 406
18 409
<P 167
41 ,049
1952—Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov.
259 8 H
259 77S
221 249
142 ,690 18 104
142 ,701 18 ,104
141,376 16 ,863
141 ,820 17 ,462
142 ,625 18 ,267
140 ,407 17 91Q
144 ,340 17 ,213
144 ,148 17 ,206
143 ,895 17 .207
146 ,775 19 ,712
148 ,772 21 ,715
?9 079
18 4?1
41 ,040
29 ,079
29 ,079
28 ,423
28 ,423
?8 4?S
28 .170
28 ,019
27 ,763
16 ,902
16 ,902
27,363
40,361
48,183
49,776
52,053
55,051
56,260
56,707
57,536
58,019
57,572
24 ,850
52 ,216
49 ,636
49 ,636
49 ,636
259 604
259 419
221 ,776
219 .301 i
219 ,356
220 ,540
219 ,124
222 ,963
222 , 753
222 ,216
224 ,430
226 ,557
Total *
18 434
18 450
18 ,952
18 956
18 963
18 ,971
18 .974
18 ,982
30 ,246
30 ,253
41 ,040
40 ,942
40 ,943
43 ,061
48 343
52 ,579
52 ,579
52 ,579
52 ,578
52 ,578
1?
S50
36 ,044
36 ,042
36 ,040
33 ,918
?7 ,460
27 ,407
27 ,369
27 ,365
27 ,338
27 ,324
16 S74
50 ,917
56 ,915
56 ,451
59 ,492
61
839
047 66 S H
12 ,034 67 ,041
12 ,018 65 ,907
11 ,516 66 ,019
11 ,512 66 ,403
09S
n
13 ,145
13 .186
13 ,182
12 ,491
12 ,499
6S 6??
65 ,478
65 ,419
65 .139
65 ,164
65 ,285
Sp(;cial
iss ues
Tax
and
savings
notes
Savings
bonds
55 ,591
66 ,931
68 ,403
69 ,866
68 ,391
61 ,966
259 647
259 461
260 362
258 084
258 ,292
259 ,905
259 10S
263 ,073
263 ,186
262 ,682
264 ,919
267 ,432
Convertible
039
967
090
375
131
1951—Nov
Dec
260 399
258 ,124
258 ,337
259 ,951
. . 259 1S1
263 ,107
263 ,225
262 ,722
264 ,964
267 ,483
3
Marketable
8,586
9,843
8,235
5,725
5,384
4,572
4,860
7,610
8,472
8,640
7,818
V> 703
16 ,326
20 ,000
24 ,585
28 ,955
31 714
1? 776
33 ,896
32 ,356
33 ,707
34 653
7,737 3S 86?
7,534 35 90?
57,664
57,682
57,680
57,644
57,614
57,685
57,709
57,753
57,758
57,794
57,850
7,539
8,044
6,911
7,057
7,470
6,612
6,440
6,330
6,039
6,026
6,089
16 ? 3 3
36 ,360
36 ,493
36 ,746
37 ,198
11 739
37 945
38 ,307
38 ,360
38 390
38 ,788
1
Includes
3
Includes
4
Includes
6
2
fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
amounts held by Government agencies and trust funds, which aggregated 6,681 million dollars on Oct. 31, 1952.
Treasury bonds and minor amounts of prewar and Postal Savings bonds.
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING NOVEMBER 30, 1952
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Issue and coupon rate
1,300
1,201
1,203
1 ,200
1,200
1,400
1,401
1,402
1,501
1,301
1,501
1,301
1,300
2,502
2,002
Certificates
Dec. 1,1952
Feb. 15, 1953
June 1, 1953
Aug. 15, 1953
1%
\%
1%
2
Treasury notes
Dec. 1,1953
Mar. 15, 1954
Mar. 15, 1955
Dec. 15, 1955
Apr. 1, 1956
Oct. 1, 1956
Apr. 1. 1957
Oct. 1,1957
In millions
2% 10,542
4,675
1"
\Y2
Treasury bonds
Sept. 15, 1953
2
1
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
2,117
2,829
3,758
3,834
4,729
2,971
1,897
2,716
3,838
1,063
8,868
4,963
2,008
5,365
6,854
1,007
550
531
729
Postal Savings
bonds
234
Panama Canal Loan. 3
Total direct issues
Guaranteed securities
Federal Housing Admin.
7,986
Various
84
50
148,772
49
Sold on discount basis. See table on Open-Market Money Rates,
p. 21310.
Tax anticipation series.
3 Maturity Dec. 15, 1954. 65 Partially tax exempt.
* Maturity Dec. 15, 1955.
Restricted.
DECEMBER
1952
Year or
month
Amount
Treasury bonds—Cortt
Treasury bills i
Dec. 4, 1952..
Dec. 11, 1952..
Dec. 18, 1952..
Dec. 26, 1952..
Jan. 2, 1953..
Tan. 8, 1953..
Jan. 15, 1953..
Jan. 22, 1953..
Tan. 29, 1953..
Feb. 5, 1953..
Feb. 13, 1953..
Feb. 19, 1953..
Feb. 26, 1953..
Mar. 18, 1953 2.
June 19, 1953 2
UNITED STATES SAVINGS BONDS
[In millions of dollars]
1945 .
1946
1947
1948
1949
1950
1951
1951—Nov....
Dec...
1952—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July...
Aug... .
Sept
Oct
Nov....
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
Series Series Series
All
period
series E a n d H F a n d J Gand K series
48.183 12,937
49,776 7,427
52.053 6.694
7,295
55,051
56.707 5,833
58,019 6,074
57,587 3,961
57.552
316
297
57,587
441
57.664
339
57.682
331
57.680
313
57,644
292
57.614
364
57,685
367
57,709
356
57,753
330
57,758
348
57,794
57,850
303
9,822
4,466
4.085
4,224
4,208
3,668
3,190
268
254
364
288
284
267
250
293
316
309
290
310
271
595
325
342
498
233
417
124
9
9
16
10
9
10
9
16
9
11
9
10
9
2,520
2.637
2,267
2,573
1,392
1,990
646
39
34
61
42
38
37
33
56
43
37
30
28
23
5,558
6,427
5,126
5.144
5,101
5,840
5,651
364
401
493
411
428
438
423
431
468
399
417
398
346
Maturities and amounts outstanding November 30, 1952
All
series
Series
E and H
1952
1953
1954
1955
1956. . . .
1957
1958
1959
1960
1961
1962
1963
1964
Unclassified
3,081
6,229
7,872
6,724
4,929
4,703
4,766
4,554
4,997
14,270
4,521
723
516
3,081
5,100
5,624
4,408
2,210
2,283
2,475
2,518
2,313
12,833
2,395
-34
-34
Total
57,850
35,206
Year of
maturity
Series
F and J
189
469
490
573
458
235
252
435
195
361
Series
G and K
940
116
111
1,778
1 826
2,146
1,962
2 ,056
1,784
2 249
1 243
1,765
607
405
3,885
18,760
1
Includes bonds with extended maturities totaling 656 million
dollars.
1315
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES , DIRECT AND FULLY GUARANTEED
[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
Held by the public
Total
panies
Other
corporations
State
and
local
governments
Savings Other
bonds securities
Federal
Reserve
Banks
Commerciali
banks
Mutual
Insur-
savings
banks
Individuals
Miscel-
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
21,600
500
700
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
••9,600
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
49,100
700
7,800
8,200
900
10,300
2,300
12,900
4,400
••17,100 '7.000
••21,400
'9,100
••20,100 '8,100
••19,400 '8,400
••17.600 '8.900
••16,800 '9,400
'17,000
'9,700
'15,600 P10.500
'15,300 '10,800
'14,500 '10,800
1952—June
July
Aug
Sept
259,151
263,107
263,225
262,722
37,739
37,945
38,307
38,360
6,596
6,689
6,712
6,692
214,816 22,906
218,473 22,853
218,206 23,146
217,670 23,694
'61,100
62,700
'61,800
61,500
9,600
9,800
9,700
9,700
15,700
15,900
16,000
16,100
20,000 no,4oo
20,800 '10,700
21,200 ••10,800
20,700 10,900
49,100
49,100
49,100
49,100
14,400 '11,700
'14,900 '11,800
14,800 '11,600
14,800 11,300
l
' Revised
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952.
* Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
2
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES *
Marketable Federal Debt, Direct and Fully Guaranteed
[Par value in millions of dollars]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insurtual
agen- eral
mer- sav- ance Other
cies
Recomcial
and serve banks*
ings panies
trust Banks
banks
funds
Insurance Other
companies
Treasury bonds
and notes, due
or callable:
Type of
security:
Total: 2
1950—June
Dec
1951—June . . .
Dec
1952—June
Aug
Sept.. . .
Treasury bills:
1950—June
Dec
1951—June . . .
Dec
1952—June....
Aug
Sept
Certificates:
1950—June....
Dec
1951—June
Dec
1952—June....
Aug
Sept
Treasury notes:
1950—June....
Dec
1951—June....
Dec
1952—June....
Aug
Sept.. . .
Treasury bonds:
1950—June
Dec
1951—June....
Dec
1952—June....
Aug
Sept.. . .
End of month
U.S.
MuFedTotal Govt.
agen- eral Com- tual
outmer- savRecies
stand- and serve cial 1 ings
ing
banks
banks
trust Banks
funds
155,325
152,471
137.944
142,724
140,451
144,186
143,934
13,533
13,627
13,614
18,102
17,219
17,206
17,206
18,418
5,373
9,509
29,078
28,423
28,019
27,763
58,972
54,893
51,515
54,148
53,867
54,380
54,065
10,877
10,144
8,254
7,880
7,494
7,642
7,592
3 3,856 3,703
35 1,296 3,838
527 3.750
26
596 6,773
50
381 5,828
41
35
33
122
71
103
436 4,722
39
397 4,752
44
7 5,357 5,354
2,334 1,544
(•)
17 3,194 2,753
49 12,793 6,773
60 11,821 6,877
64 11,906 6,335
52 12,492 6,054
74
95
5,350
5,365
3,272
3,345
3,031
3,145
3,125
20,404
39,258
35,806
18,409
18,963
18,974
18,982
29
10
14
3
2
102,795
94,035
78,832
76,945
75,660
79,814
79,809
5,273
5,283
3,178
3.209
2,877
3,014
3,000
18,331
20,778
20.268
22,588
22,192
22,432
22,980
3,500
12,527
12,439
5,068
5,568
1 5,568
1 5,568
5,618
4,620
4,108
4,130
4,422
4,522
4,522
11,204
15,833
13.704
10,465
10,431
10,390
10,330
38,691
33,607
31,286
30,104
30,695
32,910
32,899
64
7
37
41
120
90
65
1 year:
43,663 Within
1950—June....
44,429
Dec
42.558
1951—June....
43,399
Dec
43.532
1952—June....
45,899
45,377
Aug
Sept.. . .
90 5,846
474 7,901 1-5 years:
829 8.360
1950—June
532 10,080
Dec
596 10,270
1951—June....
Dec
584 11,351
1952—June
654 11,264
Aug
382 7,254
Sept.. . .
53 1,435
287 3,221
5—10
years:
662 8,760
1950—June....
454 9,091
Dec
474 9,150
1951—June....
471 8,629
Dec
18,132
16,862
12,077
11,364
10,335
10,688
10,795
154
403 5,114
136
707 10,045
120
687 8,842
67
316 2.490
42 332
2,588
39
40
10,624
9,967
7,973
7,697
7,221
7,430
7,382
336 2,640
344 2,699
17,249 25,340
15,617 24,941
10,264 22,023
9,839 21,966
8,941 21,504
9,284 22,654
9,316^2,690
1952—June
10,387
38,905
37,631
25,508
25,210
70
9
49
21
14
25,210
25,210
8
8
51,802
33,378
31,022
28,678
29,434
327
189
139
7,001
14,645
15,083
16,793
16,826
1,720 16,490
1,720 16,396
151
360 2,300
926 10,722
230
467 1,044 10,747
787 5,819
420
677 5,746
327
280
277
704
728
6,008
6,081
29,446
29,453
33,127 1,058 1,731 10,443
568 1,142 5,660
24,534
227
756 5,169
20.853
18,600
142
685 3,994
18,352
138
701 4,172
132 5,941 18,313
135
701 4,224
132 5,941 18,252
133
711 4,284
15,926
17,411
15,962
11,156
13,272
423 1,148 5,675
412
982 7,329
376 1,032 6,273
309 1,014 2,436
524 1,070 3,268
17,516
Aug
Sept.. . . 17,515
After 10 years:
1950—June....
Dec...
1951—June....
Dec
1952—June....
Aug
Sept.. . .
505
12,373
10,241
1,668
1,620
5,116
1,285
3,878
155 5,102
130 5,941
2,439
2,125
2,009
1,925
2,092
2,055
1,948
1,858
1,656
2,183
4,186
4,615
4.414
3.816
4,135
1,070 5,834 2,354 2,498 5,128
1,070 5,926 2,308 2,509 5,076
632
626
45,084
43,599
30,023
30,012
26,707
4,482
4,682
2,629
2,726
2,231
26,617
26,613
2,243 1,358 2,663 4,700 5,717 9,936
2,236 1,358 2,656 4,703 5,712 9,948
2,349
2,508
1,397
1,415
1,358
4,092
2,932
2,781
2,740
2,681
7,130
7,180
5,389
5,276
4,707
13,507
12,308
7,293
7,027
5,711
13,524
13,989
10,534
10,828
10,019
* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
1
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below,
s Less than $500,000.
1316
FEDERAL RESERVE BULLETIN
SUMMARY <3F 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
r iscal
year or
month
Budget
Net Budget surplus
exreceipts pendi- (+)or
deficit
tures
Fiscal year:
37,045 40,167 - 3 , 1 2 2
1950
48,143 44,633 +3,510
1951
62,129 66,145 - 4 , 0 1 7
1952
1951—Nov... 3,521 5,178 - 1 , 6 5 8
-347
D e c . 5,279 5,627
1952—Jan... 4,953 5,455
-501
Feb... 5,553 5,105
+448
9,886
5,704
+4,182
Mar..
Apr.. . 4,323 6,016 - 1 , 6 9 3
May.. 3,809 5,659 - 1 , 8 5 0
June.. 9,796 6,930 +2,865
July .. 3,316 6,742 - 3 , 4 2 6
Aug . . 4,050 5,018
-968
Sept. . 6,585 6,070
+515
Oct. . . 3,099
Nov... 4,151
6,383
5,161
-3,283
-1,009
Increase ( + ) or
decrease (—)
during period
Trust Clearacing
counts,
acetc. 1 count 1
+99 +483
+679 —214
+147 - 4 0 1
+20
+82
+196
+7
- 3 7 4 +103
-25
+186
+106 - 2 4 5
- 2 9 1 +329
-91
+357
-192 - 3 2 6
- 1 7 +432
+77 - 1 9 5
+422 - 2 2 9
-252 +316
+201 - 2 4 3
Gross
debt
General fund of the Treasury (end of period)
General
fund
balance
Assets
Balance
in
general
fund
Deposits in
Fed- Spe- Other
eral
Total
cial assets
Reserve 8 deposBanks itaries
+4,587 +2,047 5,517 5,927
- 2 , 1 3 5 +1,839 7,357 7,871
+3,883
-388 6,969 7,481
+1,306
-250 4,624 5,147
-186
-329 4,295 4,816
+357
-415 3,879 4,306
+587 +1,196 5,075 5,700
- 2 , 2 7 8 +1,765 6,840 7,445
+209 -1,447 5,393 6,108
+1,613
+28 5,421 6,046
- 8 0 0 +1,548 6,969 7,481
+3,968
+957 7,925 8,520
- 9 7 3 6,952 7,439
+ 113
-504
+204 7,156 7,557
- 9 8 1 6,175 6,743
+2,238
+2,513 +1,461 7,636 8,155
950
338
333
481
321
162
558
169
450
569
333
638
496
508
770
396
3,268
5,680
5,106
2,901
2,693
2,048
3,216
5,228
3,779
3,690
5,106
6,027
5.190
5,217
4,145
5,984
1,709
1,853
2,041
1,765
1,801
2,096
1,926
2,049
1,879
1,787
2,041
1,855
1,754
1,832
1,828
1,775
Cash Cash
income outgo
Total
liabilities
410
514
512
523
521
427
625
605
715
624
512
594
487
401
568
519
40,970 43,155
53,439 45,804
68,093 67,956
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
3,593 6,233
4,878 5,622
6,898 6,066
3,418 6,514
Excess
income
(+)or
outgo
-2,185
+7,635
+137
-1,348
+21
-290
+947
+4,316
-1,283
-1,029
+3,010
-2,640
-744
+832
-3,097
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Deduct
Income taxes
Fiscal year
or month
Fiscal year:
1950
1951
1952
1951— N o v . . . .
Dec...
1952—Jan
Feb....
Mar...
Apr. . . .
May...
June...
July . . .
Aug. ..
vSept...
Oct. . .
Nov...
MisEmSocial
cellaNet
Total
Withploy- Other
Refunds Security reneous
rereheld
ment
employinternal
of
ceipts
by em- Others revenue taxes ceipts ceipts receipts
ment
ployers*
taxes fl
10,073
13,535
21,889
2,177
1,361
18,189
24,218
33,026
8,303 2,883 1,862 41,311
9,423 3,931 2,263 53,369
9,726 4,562 2,364 67,999
211 3,951
805
505
322
155 5,576
823
174
383 5,153
826
131 6,194
805
703
825
539
160 10,800
849
152 5,187
268
582
197 4,688
828
845
201
228 10,220
949
204
236 3,649
862
540
177 4,585
164 6,875
877
289
923
221
204 3,355
219 4,731
888
^636
254
2,916
3,021
3,057 1,943
2,019 7,717
978 3,191
549
3,009
1,983 7,106
1,007 1,435
445
2,995
1,751 4,029
997 1,214
897
P3,085
436
2,160
2,107
2,302
30
31
52
195
455
612
403
283
151
102
55
51
47
2,106 37,045
3,120 48,143
3,569 62,129
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
434 4,050
235 6,585
204 3,099
533 4,151
On basis of reports by collectors of internal revenue
Individual income
and old-age
insurance taxes
Withheld-
Other 6
Corporation income and
profits
taxes
11,762
15,901
21,313
3,428
7,264
9,908
11,545
10,854
14,388
21,467
98
310
2,649
275
814
4,172
537
1.330
3,955
707
1,539
4,012
232
1,634
2,330
1,464
2,133
1,583
221
160
807
311
5,913
1,278
351
1,478
5,659
1,653
2,442
393
93
164
958
357
927
Estate
and
gift
taxes
Excise
and
other
miscellaneous
taxes
706
730
833
70
77
65
66
7,599
8,704
8,971
- 776
113
88
80
48
84
70
59
57
712
763
754
718
742
750
804
863
780
808
911
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—Nov.
Dec
1952—Jan. .
Feb
Mar
Apr. .
May
June
July..
Sept
Oct. .
Nov
Total
National
defense
40,167
44,633
66,145
5,178
5,627
5,455
5,105
5,704
6,016
5,659
6,930
6,742
5,018
6 070
6,383
5,161
12,346
19,964
39,106
3,015
3,070
3,414
3,155
3,425
3,775
3,791
3,699
3,884
2,971
4,008
3,723
J>3,303
VetInterOther
erans
military national InterAdest
security
ecominon
pro- 7 nomic
istra8
debt
grams
aid
tion
663
1,901
4,110
380
323
350
363
406
435
413
375
471
514
356
482
427
4,941
3,854
2,831
188
261
120
214
201
277
315
337
351
266
133
142
P126
Trust„ and other accounts
Aid
to
agriculture
Social Security
accounts
Other
Social TransSecur- fers
to
ity
Other
InExInExpro- trust
Re- vestRe- vestacpendi- ceipts
pendigrams counts
ceipts ments
tures
ments 9 tures
5,750 6,043 2,986 1,375 1,383 4,680 4,293 1,028 3,114 2,376 -1,430 3,857
635 1,415
972 5,075 5,631 2,685 2,790 2,165
872
5,613 5,204
771
654 1,517
5,859 4,697 1,219 1,424 1,304 5,593 6,424 2,982 3,506 2,382
105
121
92
173
436
669
732
285
282
171 —38
291
49
330
386
88
64
550
142
1,057
81
278
—8
145
194
228
428
158
486
78
246
221
326
146
189
29
78
142
378
108
71
595
319
711
175
120
46
105
83
66
385
371
558
157
320
689
78
14
126
87
52
149
267
371
318
350
371
50
556
3
178
104
85
924
172
352
76
355
99
532
305
126 - 2 2 - 1 2 2
521
306
1,518
339
187
248
148
80
356
505
293
262
310
320
391
654
117
397
288 - 2 4
450
333
158
137
126
109
401
853
366
354
94
323
31
183
106
162
49
322
51
116
64
442
559
343
317
-7
105
-355
192
705
354
191
282
37
312
572
21
119 - 1 6
320
444
345
886
392
90
185
93
307
89
-14
P113 P124
x
P Preliminary.
Excess of receipts (3 + ) or expenditures (—).
items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
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
Beginning with January 1952, includes social security taxes on self-employed persons.
6
These
are
appropriated
directly
to
the
Federal
old-age
and
survivors
insurance trust fund.
7
Composed of Atomic Energy Commission,
maritime activities, and military assistance abroad.
8
9
Includes State Department.
Includes investments of Government agencies in public debt.
2
Excludes
4
DECEMBER
1952
1317
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 x
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
able
Other
mate- Govt.
securials securities rities *
Corporation or agency
Cash
Total
All agencies:
Sept. 30,
Dec. 31,
Mar. 31,
June 30,
1951
1951
1952
1952
25,668
26,744
26,858
27,933
Classification by agency,
June 30, 1952
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit b a n k s . . . .
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage C o r p . . . . . . . .
Rural Electrification Administration......
Commodity Credit Corporation 5
Farmers' Home Administration
Federal Crop Insurance Corp
412
939
52
1
31
1.918
1,915
537
37
659 13,906
931 14,422
844 14,422
808 315,913
(4)
23
15
1,515
1,461
1,322
1,350
2,236
2,226
2,422
2,364
3,472
3,463
3,451
3,438
Bonds, notes,
and debentures payable
U. S. PriGov- vately
Land,
ern- owned
struc- Other
ment
Other
intertures,
interliabilasest
and
Fully
est
ities
equip- sets guarment
anteed Other
by
U. S.
3,025
3,358
3,406
3,186
991
874
1,399
1,369
1,214
1,228
949 22,962
1,161 23,842
1,247 24,010
5,104
1,
112
857
275
71
52
1
30
() 1,918
136 1,779
536
1
28
9
258
412
0)
6
208
36 1,931
207
224
340
866
1
29
,829
386
495
0)
1
24
15
14
32
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
1,003,
214
1,968
474
653
2.081
93
2,068
38
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other
401
812
2,431
1,431
1,403
9,779
1
20
678
2 2,389
3
209
236 5,486
()
()
104
,023
65
388
27
5
311
209
623
32
1,232
1
286
43
145
41
()
202
1
1,421
18
123
()
3,385
1,170
446
333
2,078
93
)
30
4
322
329
349
357
401
722
90
57 2,375
108 1,323
43 1,360
62 9,717
44
30
41
7
6
103
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1952
Purpose of loan
To aid agriculture
...
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses.
Total loans receivable (net)..,
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
29
866
343
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
390
1,831
Farm- Fed.
ers'
Nat'l.
Home Mort.
Adm. Assn.
Recon- ExPublic Fed. struc- portHous- home tion
ImFiing
loan
port
Adm. banks nance Bank
Corp.
6 4,058
201 2,387
2
85
464
70
4,239
2,363
653
653
58 2,389 8 5,170 7,617
61
801
116
153
38 "W
7
597
6,096
731
173
653
679 2,389 5,557 15,913
14,422
594
2,068
0)
83
395
(4)
29
866
3
3
2
99
340
386
1,829
495
624
1
2,068
623
All
other
Mar. 31,
1952,
all
All
agencies
agencies
w
98
473
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 Reconstruction
and 3Development and its subscription of 2,750 million to the International Monetary FundSee footnote 8.
4
Less than $500,000.
s 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.
7
Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp.
8
Includes the Treasury loan to the United Kingdom (3.7 billion dollars) and, beginning with the balance sheet for June 30, 1952, lending
by the Mutual Security Agency (1.5 billion).
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures with those
for earlier years has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944. and (2) changes in activities included, that
is, exclusion of the U. S. Maritime Commission beginning June 30, 1948 and inclusion of the Mutual Security Agency beginning June 30, 1952. For
back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517.
1318
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1947-49=100
Industrial production
(physical volume)* *
1935-39=100
Year or month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employments and payrolls 3
1947-49=100
All
other
Nonagricultural
employment
Freight
carloadManufacturing
ings*
production workers 1935-39
= 100
Employment
Payrolls
AdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
. . . .
1920 . . .
1921
1922
1923
1924
1925
......
72
75
58
73
88
82
90
84
93
53
81
103
95
107
1926
1927
1928
1929
1930
96
114
95
99
110
91
107
117
132
98
83
85
93
84
75
58
69
75
87
67
41
54
65
83
1936
1937
1938
1939
1940
103
113
89
109
125
1941
1942
1943
1944
1945
162
199
239
235
203
1946
1947
1948
1949
1950
1951
170
187
192
176
200
220
192
220
225
202
237
273
165
172
177
168
187
194
221
222
223
222
221
212
217
218
217
219
222
223
223
214
220
223
222
220
271
277
279
276
274
265
267
271
274
277
201
199
198
198
197
187
193
192
218
217
282
221
222
217
218
282
284
,. ,.».,..
1931. . ,
1932
1933
1934.....
1935
62
60
57
67
72
69
76
71
83
66
71
98
89
92
79
100
Department
sales*
(retail
value)4
1947-49
= 100
WholeConsale
comsumers'
8
prices moditys
1935-39 prices
= 100 1947-49
= 100
Adjusted
Unadjusted
Unadjusted
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.6
62.2
55.4
58.7
64 6
63.8
65.5
68.7
69.0
52.8
58.4
66 9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
120
129
110
121
142
139
146
27
32
30
30
34
34
36
123 8
143.3
127 7
119.7
121 9
122 2
125.4
37
37
37
38
35
126.4
124.0
122.6
122.5
119 4
65.0
62.0
62.9
61.9
56.1
100
99
107
93
69
73
67
68
70
70
62
67.9
68.2
68.3
71.3
67.0
65.5
64.1
64.2
68.3
59.5
33,0
32.4
32.8
35.0
28.3
152
69
73
63
49
7Q
70
79
81
90
80
67
76
80
86
34
15
14
17
20
22
g
7
13
41
20
18
24
25
60.6
53 7
53.9
59.0
61 6
50.2
42 6
47.2
55.1
58.8
21.5
14 8
15.9
20.4
23.5
105
78
82
89
92
32
24
24
27
29
108.7
97 6
92 4
95.7
98 1
47,4
42 1
42 8
48.7
52 0
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
66.2
70.6
66.4
69.6
73 6
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
107
111
89
101
109
33
35
32
35
37
99 1
102.7
100 8
99.4
100 2
52 5
56.1
51 1
50.1
51 1
201
279
360
142
158
176
125
129
132
66
89
37
54
49
24
74
116
45
30
50
83.1
91.2
96.6
95.3
92.1
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
130
138
137
44
50
56
62
70
105.2
116 6
123.7
125.7
128 6
56.8
64 2
67.0
67.6
68 8
134
149
155
135
148
164
82
84
102
113
159
171
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
188
188
158
158
164
165
165
156
165
167
174
170
173
163
199
193
200
162
156
147
140
156
187
176
170
166
174
179
176
168
160
146
164
154
219
211
217
150
143
133
185
163
166
145
183.8
184 5
184.6
185 4
185.2
185.5
185 5
186 6
187.4
188.6
189 1
116.5
116 5
116 3
115 9
115 1
114.2
113 7
113 4
113.7
113.6
113 5
189
190
167
167
161
156
353
274
171
166
140
137
22
36
71
76
52
30
7
10
16
147
148
152
131
140
135
1951
March
April
May
June
July
August
September
October
November
December
218
219
1952
January
February
March
April
..
May
June
July
August
September
October
November
221
216
211
204
193
214
226
P227
«229
217
215
211
205
194
218
231
P231
e
230
285
277
277
247
230
266
287
?294
e
297
188
183
181
186
179
191
194
P193
192
164
166
140
147
142
156
175
P165
172
164
171
168
172
177
207
207
?209
142
163
174
189
186
193
196
193
191
H85
105.9
106.3
106.6
106 8
107.1
107.1
107.0
106 8
127 106.6
162 106.8
180 107.1
106.8
106.9
107.1
106 8
106.8
106.0
104.8
103 9
103.4
103.3
103.5
106.6
106.6
106.0
105.0
105.6
104.2
105.7
105 8
105.1
104.3
104.4
128.5
130.0
129.5
128.1
129.8
126.4
128.4
130.9
129.8
129.8
132.9
129
139
136
133
131
125
133
133
115
105
104
104
105
105
109
106
133
109
106.8
107 0
107.0
107.0
107.1
106.5
106 1
107.9
108.5
P225 P108.5
103.6
103 8
103.7
104.0
103.4
100.8
99 2
103.3
105.1
P105.5
103.2
103.6
103.6
102.9
101.8
99.7
97.5
104.1
106.9
P107.2
130.4
131.0
131.9
128.1
128.1
126.4
121.1
133.3
141.5
143.3
141
136
108
106
173
152
157
158
156
158
165
217
218
135
137
133
126
122
108
102
125
134
128
134
109
113
105
103
108
111
105
114
106
P115
112
189 1 113 0
187 9 112 5
188.0 112.3
188 7 111 8
189.0 111.6
189.6 111.2
190 8 111 8
191.1 112.2
190.8 1 1 1 . 8
190.9 111.2
8
1
Estimated; all estimates are those of the Federal Reserve.
Preliminary.
Revised.
* Average per working day.
For indexes by groups or industries, see pp. 1320-1323.
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. 1327.
8
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, interim revision of series and weights.
< For indexes by Federal Reserve districts and for other department store data, see pp. 1330-1332.
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.
1
2
DECEMBER
1952
1319
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1952
1951
Industry
June July
Sept. Oct.
Oct.
Nov. Dec.
Jan. Feb.
Mar. Apr.
May
Industrial Production—Total
218
219
218
221
222
221
216
211
204
193
Manufactures—Total
226
228
228
231
232
231
225
224
214
202
274
277
282
282
284
285
277
277
247
230
261
261
263
261
261
263
245
246
140
139
235
304
221
892
239
309
225
911
205
278
196
855
208
278
195
867
42
66
39
256
38
83
36
418
221
283
202
860
1013
1040
337
353
P362
Durable Manufactures
l
Iron and Steel
Pig iron
Steel
Open hearth
•
Electric
Machinery
.
••
•
214
'225
266
'242
226
P227
235
P238
287
P294
267
P276
242
319
222
247
332
233
235
304
• 217
921
232
307
216
954
227
304
219
911
229
304
218
913
340
347
358
359
360
359
354
353
352
'331
• • • • • • 311
313
320
318
322
327
329
338
339
'287
r
300
346
v356
223
216
221
218
219
222
227
231
229
'162
'175
239
P246
201
209
207
216
217
218
218
216
210
201
213
221
P228
230
235
235
243
249
252
257
259
247
242
251
248
P250
190
198
196
206
204
204
203
199
195
184
197
209
P219
149
157
154
159
162
158
152
142
146
141
148
155
P154
138
171
149
172
141
178
150
175
154
176
149
175
143
170
128
168
134
169
128
"•165
135
175
140
183
138
P187
219
212
219
217
224
222
220
217
222
214
'221
222
P222
214
222
217
172
199
204
219
173
208
216
242
172
210
223
233
182
223
239
257
177
224
239
244
175
225
242
238
173
227
243
230
168
247
269
222
170
243
266
215
158
'243
261
231
164
245
261
227
161
P241
254
P231
P158
.
.
Transportation E.ouipment
Aug.
Automobiles (including parts) .
....
(Aircraft; Railroad Equipment; Shipbuilding — Private
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Lumber and Products
Lumber.
Furniture
Stone, Clay, and Glass Products
Glass products
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
Worsted yarn
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
Canned and dried milk
188
188
185
189
190
188
183
181
186
179
191
194
P193
154
157
152
157
160
152
144
151
154
147
170
176
P172
139
140
293
142
144
289
137
136
283
142
144
296
146
150
294
139
141
288
131
130
280
137
135
287
138
133
312
129
111
343
152
143
'369
158
145
'377
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
112
123
110
108
103
114
113
108
117
110
103
96
112
109
117
113
123
112
108
116
123
112
75
125
113
106
124
124
103
71
120
103
97
112
113
123
120
139
120
112
131
123
136
148
149
129
119
143
135
91
89
88
100
107
108
102
105
103
91
116
112
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
118
86
98
68
69
72
122
84
95
72
64
69
114
90
105
67
67
72
115
92
106
69
67
79
111
81
91
60
71
66
98
97
110
79
67
89
129
97
107
90
66
88
123
163
160
160
162
165
166
163
160
166
162
163
166
P163
109
US
109
122
113
103
108
103
113
109
109
108
P110
140
71
163
126
137
64
158
118
136
62
161
119
137
65
165
118
138
66
163
120
142
71
169
133
146
73
181
149
148
73
183
163
147
69
180
164
145
70
176
152
148
69
178
168
148
71
178
166
H6
73
176
155
...
142
362
r
v 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 abe obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
1
Because of a ^classification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1320
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1952
1951
Industry
July Aug. Sept. Oct.
Oct.
Nov. Dec.
Jan.
Feb. Mar. Apr. May
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
165
207
135
79
79
146
167
140
84
76
148
170
137
99
78
173
163
127
183
166
121
136
183
168
123
149
183
169
128
145
184
171
133
143
185
172
150
135
184
169
146
128
183
169
147
130
181
175
161
121
188
178
188
176
174
171
170
157
150
152
162
151
155
162
154
76
265
358
180
86
262
292
178
85
253
225
185
73
336
150
173
73
327
193
171
68
292
208
154
62
298
205
149
51
231
214
161
38
185
207
176
19
198
224
165
21
234
175
160
26
148
263
154
28
182
325
185
194
147
176
175
174
184
178
189
172
186
187
190
127
259
44
129
262
84
87
204
60
108
244
67
105
244
68
109
243
59
110
259
62
114
245
64
116
264
65
113
240
54
111
261
68
123
257
65
134
258
66
196
191
184
187
193
192
185
182
181
160
188
192
203
192
233
125
89
274
186
246
June
Manufactured Food Products—Continued
Pork and lard . .
Beef
Veal
L a m b and mutton
.
....
Other manufactured foods
Other food products
Alcoholic Beverages
M a l t liquor
Whiskey
O t h e r distilled spirits
Rectified liquors
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Soda pulp
Paper
Paperboard
Printing paper
Wrapping paper
Newsprint
Printing and Publishing
147
163
144
109
68
158
180
149
121
77
171
171
121
134
»-138
117
189
••190
170
200
151
125
87
169
194
153
131
96
173 P168
137 P 1 4 3
136
189 P 1 8 1
191
235
130
97
273
185
213
187
235
112
95
278
180
205
182
223
116
94
261
176
191
185
229
111
95
271
178
197
189
237
114
99
279
181
209
188
241
117
99
284
180
205
181
228
110
95
269
174
202
175
221
108
92
260
168
207
176
227
121
89
266
168
201
154
195
124
68
226
148
182
180 181
229
220
132 '125
82
83
267 ••256
172
175
222
233
190
210
180
127
188
179
184
125
191
181
181
128
192
195
177
123
191
184
176
129
189
190
178
131
186
186
161
122
175
162
149
130
182
168
153
134
150
174
124
126
168
180
148
130
165
187
146
126
178
206
150
123
177
175
174
175
177
177
175
170
176
157
165
165
176
165
163
158
159
163
164
164
166
169
164
162
166
173
269
276
281
281
281
278
261
209
251
259 r280
281 v275
212
214
200
214
214
226
196
230
215
234
192
224
211
238
188
243
212
242
177
208
210
227
183
223
205
218
177
211
157
167
124
133
216
228
185
199
225
231
174
226
231
235
181
230
234 P228
232 P228
179
208
185
178
452
185
177
467
185
178
456
188
179
464
188
179
459
204
197
420
166
161
326
165
161
311
72
71
84
67
67
52
169
168
184
177
174
299
180
178
252
298
299
298
300
297
294
292
292
298
'299 r302
303
P303
156
346
556
158
331
563
158
317
563
159
322
562
157
299
562
155
269
563
152
267
559
151
270
558
151
307
563
n57
••565
155 P156
370 P359
565 P 5 7 4
239
245
250
248
243
242
235
242
246 ••225
'242
249 P246
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Gasoline
Fuel oil
Other petroleum products 2
Coke
Chemical Products
Paints
Rayon
Industrial chemicals
Rubber Products
325
'565
155
354
175 P165
Minerals—Total
174
170
163
167
167
164
166
140
147
142
156
Fuels
179
178
170
175
174
170
171
140
161
155
161
180 P168
100
107
73
159
96
102
74
193
84
91
57
190
93
102
61
194
93
133
93
144
95
88
203 P205
Coal
Anthracite
Metals
Metals other than gold a n d silver
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
144
122
122
125
128
125
141
143
65
65
131
149 P151
212
175
174
177
182
176
204
207
71
71
188
219 P222
47
62
45
65
44
47
72
47
76
48
78
47
51
77
75
52
71
54
63
50
63
(Copper; L e a d ; Zinc) 2
Gold
Silver
70
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, end August
1940, pp. 753-771 and 825-882.
DECEMBER
1952
1321
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1951
1952
Industry
Oct.
Nov. Dec.
Jan. Feb. Mar. Apr.
Industrial Production—Total
222
220
2/7
2/7
218
217
215
211
205
194
218
231
Manufactures — Total
230
229
227
227
229
228
224
224
215
203
228
240 P242
268
..
May
June July Aug. Sept. Oct.
P231
276
277
280
280
281
283
277
278
249
'232
Iron and Steel1
261
261
263
261
261
263
245
246
140
139
Pig iron
Steel
Open hearth
Electric
Machinery
235
304
217
232
307
216
227
304
219
205
278
196
954
911
235
304
221
239
309
225
921
229
304
218
42
66
39
38
83
36
892
911
208
278
195
855
867
256
340
347
358
359
360
359
354
353
352
r
311
313
320
318
322
327
329
338
339
r
287
"300
346 P356
223
216
221
218
219
222
227
231
229
r
162
r
175
239 P246
Durable Manufactures
. .
•
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
consumotion)2
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2
Nondurable Manufactures
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
Leather tanning
Cattle hide leathers
Goat and kid leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings a
Butter
Cheese
Canned and dried milk
Ice cream
913
289 P296
267 P276
221
283
202
242
319
222
337
353
247
332
233
860 1013 1040
418
331
201
209
207
216
217
218
218
216
210
'201
213
221 P228
230
236
235
243
249
252
257
260
246
241
251
248
P250
190
198
196
206
204
204
203
199
195
184
197
209
P219
158
155
141
142
148
149
152
145
155
150
159
167 P163
151
171
146
172
122
178
125
175
133
176
135
175
143
170
133
168
148
169
143
'165
152
'175
159
183 ^187
230
217
212
205
208
212
216
224
225
216
'231
232 P233
219
228
252
200
206
237
197
201
220
218
232
196
224
239
200
179
207
219
188
225
242
226
240
260
241
245
266
237
235
255
236
272
261
249
267
263
177
169
168
167
168
167
169
160
169
167
262
267
P167
187
181
195
200
P19S
154
147
170
176 P172
152
158
182
193
191
185
184
186
184
180
180
154
157
152
157
160
152
144
151
139
142
140
293
144
289
137
142
146
139
131
137
144
296
150
294
141
288
130
280
118
129
136
283
135
287
133
312
111
343
114
86
119
114
108
123
120
94
122
120
116
126
118
99
121
115
112
119
116
120
110
109
108
109
112
123
110
108
103
114
126
133
131
117
113
123
112
108
116
112
75
125
113
106
124
103
71
120
103
97
112
126
113
108
117
110
103
96
112
126
122
133
116
117
114
120
123
124
113
123
135
91
91
88
100
109
108
102
105
102
90
116
112
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
90
102
70
68
78
111
77
86
60
70
62
98
95
107
83
65
92
129
95
105
88
67
86
123
177
164
158
151
149
148
149
154
165
174
185
190 P175
115
116
108
122
114
101
104
99
109
108
108
118 P117
128
61
98
49
146
102
119
85
95
49
86
54
97
58
116
64
152
75
197
94
217
95
215
86
214
76
173
69
245
227
217
176
133
63
256
227
199
173
182
153
158
126
116
92
122
95
134
108
152
131
109
188
168
143
145
369
'377
123
120
139
120
112
131
136
148
149
129
119
143
r
142
362
p Preliminary.
' Revised.
1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 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.
1322
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average
= 100]
1951
1952
Industry
Manufactured
Food
Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.
156
186
135
124
77
192
210
167
192
197
188 195 193 175 165
240 264 253 223 214
148 141 148 140 128
114 79 81
76
74
75 68 85
86 83
174 166 157 155 153
111 96
83
84
82
161 150 149 144 125
192 187 177 176 176
178 154 145 152 155
143
76
686
139
86
549
292
Sept. Oct.
Products—Continued
M e a t packing
Pork and lard
Beef
Veal
L a m b and m u t t o n
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
.
. . . .
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liQuors
.
Paper and pulp
Pulp
Soda pulp
Sulphate and sulphite pulp 8
Paper
Paperboard
Fine DaDer *
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint ..
. .
....
Printing and Publishing
Newsprint consumption
Coke
By-product coke
Chemical Products
155 158 176
Rubber Products
Minerals—Total
Fuels
...
Anthracite
Crude petroleum
.
Metals othei than gold and silver
(Conner* Lead* Zinc} 2
204 P187
268 P184
175
193 P190
159
173
188
21
126
161
26
202
224
175
263
143
28
472
325
197
179
193
198 197
116
113
252
111
274
54
66
123
275
47
66
59
62
64
66
69
71
196
191 183 187
194
192
186
182
182
159 188
'191
203
181
••217
233
192
232
116
89
274
186
246
191 187 181 185
233 236 223 230
121 119 117 116
97 95 94 95
273 278 261 271
185 180 175 178
213 205 191 197
190 188 191 192
212 179 175 193
180 184 181 177
127 126 125 123
179
170
51
139
203
38
115
220
19
115
208
205
214
207
167
164
174
178
105
229
109
226
110
241
114
245
278
190
238
119
99
62
188
181
175
177
153
180
242
125
230
121
222
117
99
95
269
92
260
168
227
122
89
266
169
193
110
68
226
207
201
182
227
116
82
267
172
222
112
83
134
268
279
182
209
284
180
205
191
191
176
129
189
190
178
131
186
188
161
124
175
162
149
131
182
171
153
135
150
167
124
124
168
180
148
129
165
187
146
126
178
208
150
123
174
202
147
"256
175
181
183 178 170
175
180
180
174
175
145
157
166
ISO
173
178
159
171
174
173
168
141
146
168
182
166
148
157
331
563
215 211
234 238
190 183
231 248
185 188
178 179
212
242
175
218
210
227
181
227
205
218
184
204
216
228
215
157
167
129
134
197
420
166
161
326
165
161
311
72
71
185
187
'280
281 v275
225
231
172
210
231
235
179
221
234 P228
232 P228
179
206
169
168
184
174
299
'299
304
177
456
464
188
179
459
84
67
67
52
302
302
300
298
295
291
296
295
158
156
322
562
155
299
155
269
563
153
155
270
156
307
563
••155
267
559
325
153
354
••565
-565
153 P 1 5 6
370 P359
565 P 5 7 4
235 242 246
'225
'242
249 v246
317
563
562
239 245 250 248 243 242
176 169 159 162 162 158
179 178 170 175 174 170
138 141 125 136 123 111
147 152 135 147 135 122
104 99
86 91
77 68
199 196 193 194 199 199
558
165 143 149 144 161 180
171 140 161 155 161 ISO
110
119
74
100
107
73
96
102
84
91
74
57
190
201
159
193
89
88
91
90
130
159
*75
240
354
115
160
185
117
94
116
94
121
98
118
239
94
189
238
55
62
50
65
46
70
45
73
43
77
43
80
42
77
44
74
163
Metals
169
183
167
149
100
198 137 176
129 87 108
267 188 244
53
86
66
556
Silver
124
89
189
163
138
93
193
156
346
Paints
Rayon
Gold
166
154
158
162
212 214
214 226
200 196
214 237
185 185
178 177
452 467
303 304
Gasoline
Fuel oil
Lubricating oil
Kerosene
....
154
96
100
178
137 138
144 139
146 150
109 118
65
75
179 194
179 ••230
96 144
193 194
186 159
269 276 281 281 281 278 261 209 251 259
Petroleum and Coal Products
.
147
170
134
99
73
159
68
190
127
269
Paper and Paper Products
147
167
140
88
78
155
73
196
191
Cigars
Cigarettes
Other tobacco products
142
85
278
225
152
188
127
78
77
151
89
107
175
151
73
219
150
358
Tobacco Products .
Coal
Oct.
348
52
61
252
P308
P168
P168
93
102
61
133
144
88
194
203
P2O5
178
vl70
81 164
r91 "101 "244
41 "71 381
48
68
180
178
93
93
95
265 P250
"418
54
61
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.
DECEMBER 1952
1323
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average = 100]
1952
1951
Product group
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Total
103
104
98
100
102
104
103
104
108
71
84
121
124
Passenger automobiles
108
104
93
91
96
103
109
110
114
47
63
125
129
Household goods, total
Carpets
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
97
83
105
82
118
99
81
108
85
115
101
44
108
89
136
'98
61
107
76
110
94
141
118
81
111
89
205
118
*99
111
86
214
Major appliances
Radios and television
111
74
135
' Revised.
NOTE.—Figures for October are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
1952
Industry group or industry
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct
ADJUSTED FOR SEASONAL
VARIATION
Total
12,789 12,776 12,803 12,816 12,835 12,832 12,862 12,794 12,465 12,268 12,783 12,994 13,048
Durable goods
7,248 7,264 7,261 7,256 7,285 7,281 7,331 7,302 6,916 '6,674 '7,176 7,376 7,438
Primary metal industries
1,152 1,156 1,154 1,148 1,143 1,153
1,154
1,143
686 '1,115 1,147 1,141
720
Fabricated metal products
803
794
815
801
'745
777
802
799
806
796
'779
805
799
Machinery except electrical
1,263 1,276 1,275 1,267 1,276 1,263 1,255 '1,215 '1,206 1,203 1,217
1,261
1,248
Electrical machinery
712
747
760
707
715
710
'726
700
714
'706
715
718
720
Transportation equipment
1,205
1,234 1,235
1,235 1,251 1,266 1,288 1,307 1,323 '1,169 '1,197 1,309 1,344
Lumber and wood products
699
702
729
712
'709
635
693
688
680
690
703
685
667
Furniture and fixtures
290
300
287
'297
294
299
283
293
293
297
297
290
292
Stone, clay, and glass products. .
460
461
470
448
449
460
452
449
453
477
457
'457
449
Instruments and related products
230
229
237
242
227
'238
232
233
235
232
233
'235
231
Misc. manufacturing industries..
406
405
388
398
370
'402
373
374
'401
376
382
375
374
Ordnance and accessories
61
62
59
60
50
59
47
52
56
60
55
58
54
Nondurable goods
5,541 5,512 5,542 5,560 5,550 5,551 5,531 5,492 5,549 '5,594 '5,607 5,618 5,610
Textile-mill products
1,154 1,154
1,088 1,082
1,121
1,133
1,124 1,120 1,106 1,102 1,093
1,114 1,140
Apparel and other finished textiles
1,020 1,029 1,021 1,020 1,011 1,004 1,018 '1,045 '1,033 1,032 1,024
985
998
Leather and leather products. . .
325
348
319
349
317
339
335
344
'345
336
'351
330
347
Food and kindred products
1,133 1,144 1,159 1,161 1,155 1,153 1,169 '1,163 '1 ,140 1,137 1,125
1,132
1,158
Tobacco manufactures
82
83
79
83
83
83
81
83
82
82
83
81
'84
Paper and allied products
411
407
406
412
415
398
405
400
403
402
399
'411
403
Printing, publishing and allied
industries
512
512
514
514
510
511
510
517
507
510
511
512
513
Chemicals and allied products...
531
533
527
530
523
524
530
530
531
525
528
'532
'523
Products of petroleum and coal.
196
197
197
197
200
195
195
198
199
169
189
'189
'198
Rubber products
215
214
219
213
214
215
216
217
213
218
'208
'214
216
WITHOUT SEASONAL ADJUSTMENT
Total
12,997 12,904 12,911 12,766 12,820 12,815 12,733 12,588 12,329 12,061 12,874 13,218 13,254
Durable goods
7,296 7,314 7,322 7,264 7,306 7,316 7,329 7,262 6,888 '6,559 '7,134 7,389 7,487
'676 '1, 109 1,147 1,147
Primary Metal Industries
716
1,160
1,149 1,164 1,162 1,160 1,154 1,143 1,141
Blast furnaces, steel works
566
'134
155
546
570
573
558
570
570
567
558
557
and rolling mills
803
'726
769
'7(57
809
819
805
806
807
806
798
807
804
Fabricated Metal Products
r
1,242
1,255 1,269 1,276 1,281 1,280 1,282 1,269 1,261 '1,203 l, 194 1,197 1,211
Machinery except Electrical
248
242
232
248
241
'246
245
249
249
247
247
249
Metalworking machinery...
743
707
'685
718
768
706
'708
726
727
714
708
722
725
Electrical Machinery
Electrical apparatus (gen270
265
'254
'260
266
266
271
270
267
273
273
275
erating, etc.)
269
258
297
265
'280
268
268
272
267
271
273
273
Communication equipment. 1,205
1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,323 '1,169 '1,197 1,309 1,344
Transportation Equipment
664
667
'521
655
672
'533
645
667
633
634
643
663
Motor vehicles and equipment
445
362
395
447
'454
'465
407
437
428
415
424
430
Aircraft and parts
740
719
716
697
'721
'709
696
635
654
668
670
678
Lumber and Wood Products
439
428
42 4
'438
433
'427
412
387
391
396
398
405
Sawmills and planing mills..
305
289
294
288
293
301
296
287
'285
296
296
296
292
Furniture and Fixtures
201
206
202
208
208
215
202
208
208
207
205
202
r
462
479
Household furniture
472
453
459
465
449
463
452
447
449
452
441
r
r
243
228
230
233
233
232
233
232
233
234
236
Stone, Clay, and Glass Products..
237
230
390
388
423
382
'394
381
376
374
381
382
380
412
'375
Instruments and Related Products.
47
50
60
59
52
59
56
54
55
58
61
62
60
Misc. Manufacturing Industries..
Ordnance and Accessories
For footnotes see following page.
1324
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
Oct.
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
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
5,441 '5,502 '5,740
1,082 1,081 1,123
520
509
506
221
209
212
Sept.
5,701
1,133
546
209
5,590
1,132
544
209
5,589
1,141
548
211
5,502
1,131
540
209
5,514
1,123
527
210
5,499
1,113
518
210
5,404
1,093
507
210
5,326
1,083
503
209
1,019
238
1,008
233
1,035
235
1,029
228
1,052
233
1,051
238
996
239
959
238
270
320
201
1,254
236
238
195
89
413
279
317
198
1,160
246
145
192
£5
411
296
323
205
1,122
252
120
190
£5
410
300
330
213
1,068
246
106
187
82
405
309
342
221
1,060
244
105
187
80
404
306
344
222
1,057
239
104
189
78
401
275
336
217
1,057
233
114
186
77
398
252
330
213
1,074
230
122
183
77
398
212
212
212
211
210
208
206
206
209
'203
'210
207
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
508
152
167
538
168
194
152
215
507
152
166
530
163
197
155
213
507
154
167
517
161
168
126
213
511
154
167
512
163
190
155
215
507
'154
165
r511
166
'191
'158
'202
508
154
165
'513
'168
r
202
'161
'212
514
155
166
526
168
201
160
217
972
240
5,829
1,142
523
225
r
239
252
340
r340
221
219
1,138 '1,215
232
234
155
nn
190
195
7,?
78
395
403
1,049 1,063
251
247
'294
292
'358
355
'233
229
* 1,279 1,311
232
237
'280
310
'194
194
'87
90
r
410
409
Oct
5,767
1,154
1,060
352
1,216
91
417
522
534
200
221
r
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 October 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
1951
1952
Average hourly earnings
(dollars per hour)
1951
1952
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
65.41
67.80
70.09
70.80
40.5
40.6
41.3
41.5
1.615
1.670
1.697
1.706
Oct.
Total
1952
Average hours worked
(per week)
71.10
'72.71
76.06
77.30
41.7
'41.1
42.0
42.4
1.705
'1.769
1.811
1.823
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
74.82
70.39
77.86
68.27
77.14
'79.21
'69.99
'77.31
'69.94
'78.15
83.73
73.74
79.49
72.24
85.52
86.60
74.68
80.15
72.57
86.28
41.2
41.7
43.4
41.5
40.9
'41.0
'40.6
'41.9
40.9
'40.1
41.8
41.8
42.6
41.9
42.4
43.0
42.0
42.7
41.9
42.5
1.816
1.688
1.794
1.645
1.886
'1.932
1.724
1.845
'1.710
'1.949
2.003
1.764
1.866
1.724
2.017
2.014
1.778
1.877
1.732
2.030
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
62.32
58.79
65.93
70.26
58.18
75.50
'66.57
'60.44
'67.16
'71.61
'60.66
'73.49
66.91
62 A3
68.14
74.23
63.05
79.37
67.48
62.94
70.31
76.48
63.70
78.43
41.3
41.4
41.7
42.3
40.6
44.0
'42.0
41.4
'41.2
'41.3
'40.6
'41.1
41.9
42.1
41.2
42.2
41.7
42.9
42.2
42.5
41.8
42.8
42.1
42.6
1.509
1.420
1.581
1.661
1.433
1.716
'1.585
'1.460
'1.630
'1.734
'1.494
'1.788
1.597
1.483
1.654
1.759
1.512
1.850
1.599
1.481
1.682
1.787
1.513
1.841
Durable goods
58.00
61.57
62.30
62.30
38.9
39.9
40.3
40.3
1.491
1.543
1.546
1.546
Textile-mill products
Apparel and other finished products
Leather and leather products
Food and kindred products
Tobacco manufactures
49.29
43.70
45.31
61.91
45.30
'53.25
'48.19
'52.19
'63.60
'47.71
54.46
48.71
51.30
63.92
47.80
55.28
47.70
51.85
64.43
48.00
37.2
34.6
35.4
42.0
39.7
'39.5
37.3
39.6
'41.3
39.4
40.1
37.5
38.6
42.0
39.9
40.5
37.5
38.9
41.7
40.2
1.325
1.263
1.280
1.474
1.141
'1.348
'1.292
'1.318
'1.540
'1.211
1.358
1.299
1.329
1.522
1.198
1.365
1.272
1.333
1.545
1.194
Paper and allied products
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
65.32
76.27
68.18
81.72
68.67
'69.30
'80.55
70.72
'87.21
'73.51
70.77
82.08
71.38
89.40
74.36
72.28
81.21
71.30
88.01
70.17
42.5
38.6
41.8
40.9
40.3
'43.1
'38.8
40.9
'40.6
'40.5
43.5
39.2
41.5
41.2
40.7
44.1
38.8
41.5
40.8
39.4
1.537
1.976
1.631
1.998
1.704
'1.608
'2.076
1.729
'2.148
'1.815
1.627
2.094
1.720
2.170
1.827
1.639
2.093
1.718
2.157
1.781
Nondurable goods
r
Revised.
NOTE.—Data are for production and related workers,
of Labor Statistics.
DECEMBER
1952
Figures for October 1952 are preliminary.
Back data are available from the Bureau
1325
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
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
t .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
2,630
2,581
2,569
4,173
4,169
4,161
9,770
9,827
9,893
1.917
916
4,746
4,758
4,749
6,517
6,544
6,578
15,830
15,877
15,894
15,931
15,870
15,547
15,362
15,911
16,128
16,190
916
912
911
899
894
810
777
'878
869
855
2,545
2,593
2,523
2,517
2,497
2,536
'2,544
r
2,577
2,582
2,558
4,139
4,147
4,154
4,116
4,134
4,139
'4,099
'4,153
4,195
4,227
9,852
9,860
9,862
9,849
9,912
9,964
'9,965
r
9,978
9,981
9,958
1,919
1,929
1,937
1,942
1,948
.957
1,964
1,973
1,982
1,991
4,742
4,738
4,728
4,748
4,772
r 4 789
4,783
'4,795
4,776
4,742
6,528
6,538
6,543
6,554
6,572
6 606
6,676
6,686
6,693
6,699
46,902
46,852
47,663
15,965
15,890
15,913
917
917
916
2,761
2,633
2,518
4,166
4,165
4,161
9,893
10,109
10,660
1,898
1,907
1,912
4,770
4,734
4,702
6,532
6,497
6,881
45,913
45,899
46,001
46,299
46 329
46,292
'46,006
'47,106
47,693
47,705
15,776
15,859
15,869
15,795
15,654
15,410
15,162
16,015
16,361
16,406
2,316
2,308
2,296
2,416
2,522
2,663
'2,722
'2,783
2,763
2,686
4,103
4,111
4,118
4,096
4,131
4,168
'4,140
'4,201
4,217
4,220
9,720
9,643
9,668
9,845
9,773
9,838
'9,792
'9,795
9,970
10,084
1.909
,919
,937
,952
.958
1,977
1,993
1,993
1,972
1,971
4,671
4,667
4,681
4,748
4,796
4,837
'4,855
'4,843
4,824
4,766
6,509
6,490
6,528
6,551
6 602
6 585
6,558
6,589
6,712
6,714
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
46,415
46,482
46,608
15,748
15,761
15,811
9H
916
46,471
46,594
46,552
46,556
46,599
46 348
'46,170
r
46,951
47,206
47,220
Mining
883
826
852
943
981
932
904
920
SEASONALLY ADJUSTED
1951—October
. . .
December
1952—January
February
March
April
May
Tune
July.
August
September
October . . .
1,926
1,931
UNADJUSTED
1951—October
November
December
1952—January
February
March..
...
April
Mav
June
July
AugUvSt
September
October
909
902
904
896
893
814
784
887
874
858
r
Revised.
NOTE.—Data include all full- and part-time employees who workei 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. October
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 aidjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total
civilian noninstitutional
population l
Employed 2
Total
Not in the
labor force
In
Total
In nonagricultural industries
a*jriculture
ployed
1944
1945
1946
1947
1948.„
1949
1950
1951
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
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—October
November
December
109,064
109,122
109,200
63,452
63,164
62,688
61,836
61,336
61,014
54,168
54,314
54,636
7,668
7,022
6,378
1,616
1,828
1,674
45.612
45 958
46,512
1952—January
February
March
April
109,260
109,274
109,274
109,328
109,426
109,556
109,692
109,804
109,906
110,074
61,780
61,838
61,518
61,744
62,778
64,390
64,176
63,958
63,698
63,146
59,726
59,752
59,714
60,132
61,176
62,572
62,234
62,354
62,260
61,862
53,540
53,688
53,702
53,720
54,216
54,402
54,636
55,390
54,712
54,588
6,186
6,064
6,012
6,412
6,960
8,170
7,598
6,964
7,548
7,274
2,054
2,086
1,804
1,612
1,602
1,818
1,942
1,604
1 438
1,284
47,480
47,436
47 756
47,584
46,648
45 166
45,516
45,846
46 208
46,928
June .
July
August
September
October
670
1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer2 available for reasons of security.
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.
1326
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]
Nonresidential building
Residential
building
Total
Factories
Month
1951
1,045.2
1,140 5
1,271.0 1
1 375 0 1
2,573.0
1,439.4 1
1,422.7 1
1,265.8 1
1,096 0 9
1 072 0
951.1
1,099.5
February . .
March. . ,
April
May
June
July
August
,
September
October
November
December
.
1952
1951
1952
1951
90? 1
885
420.9
531 1
574.6
590 8
661 1
545.2
548 1
567.6
479 7
496 2
443.9
346.1
337. 7
130.4
110.1
61.0
120.2
204.8
78.9
166.4
139.9
141.5
995.1
121.1
101.8
78.8
106.3
60.6
65.4
75.4
65.5
80.0
68.8
48.4
43.1
597
563. 7
488 9
sn
438. 7
029 2
4
116.2
7
126.2
6
174 3
8 1,274.9
8
242.0
1
206.9
161.8
627. 6
518
122.5
396
592
681
753
581
608
116 4
96.5
115.1
6,205.4
55
62
70
75
79
74
92
94
87
1952
1951
902
Jan
731 1,045
780 1,141
885
Feb
Mar.. . . 1,300 1,271 1,321
1,375 1,598
2,573 1,564
1,439 1,489
1,423 1,511
1,266 1,439
1,096 2,029
1,072 1,321
951
1,100
1950 1951 1952
201
306
297
332
339
285
418
554
481
354
456
636
558
389 1,474
583
559
428
460
636
619
486
501
438
364
318 1,269
310
410
308
320
326
381
476
4,409 6,122
Year. 14,501 15, 751
1952
1951
1952
1951
1952
93.9
74.0
153.8
147.7
158.4
184.2
208.1
138.9
92.9
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
355.6
340.5
291.2
248.4
0
0
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
1,689.2
7
84
81
128
103
123
128
7
6
3
9
2
6
0
4
S
7
1
98. 1
104.
118. 7
134. 4
145. 7
126. 7
122. 4
145. 4
150.1
j
127
98
94
79
136
1
9
5
87. 3
1950
1951 1952
739
530
605
495
808
547
819
852
767
996
919
961
959 1,099 1,006
917
856
930
960
787
893
779
937
1,111
922
778
760
762
828
911
767
625
787
624
10,092 9,629
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title 1 loans
1947
1948
1949
1950
1951 . .
Total
Prop- Small
erty
home
imconprove strucm e n t l tion
1 ,787
3,338
3,821
4.342
3,221
534
614
594
694
708
300
248
227
274
1952—Jan. . .
5
F e b . . . . 5 211
207
Mar...
Apr. . . 5 242
'
2
49
May. .
..
1951 — Oct. . .
Nov...
Dec...
June ..
July . .
Aug...
Sept...
Oct....
273
269
» 260
267
5 306
(8)
Mortgages
1- to 4- Rental War and MiliVettary
and
family
erans' houshouses group
housing
ing
housing
(Title
II)
(Title
II)
446
880
(Title
VI) 2
1952
1,855
2,466
1,894
7
21
109
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
74
68
65
4
4
3
145
141
125
20
4
9
88
64
61
64
71
102
73
66
69
69
4
2
2
2
2
2
3
3
2
3
159
125
124
126
128
134
147
147
162
185
18
8
7
26
15
6
14
13
11
22
Total
278
12
123
203
15
24
10
41
7
15
3
2
10
8
18
18
18
15
18
1
9
1936-—Dec..
1937—Dec.
1938—Dec....,
1939—Dec......
1940—Dec.
1941—Dec......
1942—Dec. ,
1943—Dec. .
1944—Dec..,
1945—Dec....
1,199
1,793
2,409
3.107
3,620
3,626
3,399
3,156
1946—June
Dec.
1947—June
(3)
(3)
5
4
7
2
7
2
1
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.
3 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.
5
Includes defense housing as follows (in millions of dollars): January, 1; February, 0.3; March, 0.5; April, 2; May, 7; June, 8; July, 10;
August, 13; September, 20; October 18.
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 II) are not necessarily shown in the
month in which reinsurance took place.
DECEMBER
1952
Sept.
Oct.
95,402
236,441
73,178
114,626
125,405
130,320
233,315
83,225
57,278
65,799
105,969
78,315
188,057
74,375
114,768
93,648
578,108
174,629
518,352
39,666
73,519
95,766
54,244
182,697
64,187
103,899
89.147
135,907
183,670
69,978
52,759
63,498
72,045
1,320,958 2,029,203
1,072,031
[In millions of dollars]
End of month
(«)
Oct.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
(Title
VIII)
1.836
1,339
1,031
1951
Federal Reserve district
808
7
13
•7
29
2 ,723.2
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
Apr.. . . 1,350
May. . . 1,348
June... 1,345
J u l y . . . . 1,420
Aug.. . . 1,549
Sept
1,287
Oct
1,136
Nov.. . . 1,087
Dec
1,168
1952
915.3
2,883.3
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
1950
1951
1951
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
Month
Educational
1952
15,751.1
Year
Commercial
Public works
and public
utilities
365
771
SavCom- Muings
tual
and
mersavloan
cial
ings associbanks banks
ations
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
3,102
2,946
1,488
1,429
260
252
2,860
2,871
1,386
1,379
2,988
3 237
1949—June. . .
Dec......
3,894
4,751
1950—Dec
1951—June
Dec
Dec..
1948—June
Dec.
,.
Insur- Fedance
eral
1
com- agen Other
panies cies *
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
247
233
974
917
11
9
122
106
245
244
229
232
889
899
8
7
102
110
1,402
1 .429
251
265
245
269
973
1 ,113
1
9
110
152
1,587
1,771
305
378
323
416
1,431
1,828
21
52
227
305
6,695
2,205
693
603
2,712
60
421
7,556
8,212
2,412
2,554
903
658
689
3,115
3,453
44
71
423
373
1,072
41
118
212
342
542
789
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
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.
1327
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
Total
1939
1941
1945
1946
1947
1948
1949
1950
1951
Urban
Government-underwritten
Private
Rural
nonfarm
Total
1family
2family
Public
Multifamily
515
706
359
434
156
272
458
620
373
533
20
28
66
58
209
134
75
208
185
9
15
1
671
849
932
1,025
1,396
1.091
404
480
525
589
828
595
267
369
407
436
568
496
663
846
914
989
1,352
1.020
590
740
763
792
1,151
892
24
34
46
35
42
40
48
72
104
162
159
88
1951—November
December
75
61
39
31
36
29
72
60
64
51
3
2
1952—January
February
March
April
May
65
78
104
106
110
104
103
99
36
43
59
59
61
56
52
51
n.a.
n.a.
n.a.
29
35
45
47
49
47
50
48
n.a.
n.a.
n.a.
62
74
91
96
101
97
101
97
P97
P100
54
65
79
85
90
87
90
85
n.a.
n.a.
n.a.
3
3
4
4
4
4
4
4
n.a.
n.a.
n.a.
....
June
Tuly
August . .
September
October
November
...
. . .
P98
P101
P86
P83
57
87
Total
FHA
158
220
158
220
VA
47
41
6
8
3
18
36
44
71
152
440
393
466
686
413
69
229
291
361
486
264
83
211
102
105
200
149
6
6
2
1
27
23
18
14
9
9
5
6
8
7
7
7
7
8
n.a.
n.a.
n.a.
3
3
13
9
9
7
2
2
Pi
Pi
23
26
28
38
38
39
42
38
42
43
34
16
17
19
26
26
26
29
25
28
27
21
7
9
9
12
12
13
13
13
14
16
13
P3
P Preliminary.
n.a. Not available.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
Monthly—seasonally adjusted
Monthly—unadj usted
Annual
1951
Class
1952
1952
1951
1950
1951
Oct.
May
June
July
Aug.
Sept.
Oct.
Oct.
May
June
July
Total
128
134
135
122
108
102
125
134
127
146
124
111
104
Coal
Coke
Grain .
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1
117
180
135
68
141
172
140
121
208
143
69
150
205
147
134
206
154
83
144
180
144
101
179
132
66
126
212
137
96
69
161
56
139
53
119
75
57
153
56
146
46
115
101
160
134
65
149
216
140
135
189
123
70
140
235
144
93
188
157
76
139
233
145
134
202
154
128
152
267
157
101
178
116
59
131
292
138
96
68
165
45
144
82
122
75
56
183
45
147
73
116
53
48
46
45
44
43
46
45
46
48
45
44
43
46
Sept.
Oct.
129
145
138
101
154
145
61
157
323
141
135
187
138
93
151
352
155
93
185
157
117
146
314
158
48
48
Aug.
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
l
Merchandise imports *
Excess of exports
Month
1950
January
February
March
April
May.
June
July
August
October
November
741
974
764
860
804
830
877
779
762
911
1,065
1,076
1,295
1,370
1,354
1,297
1,186
••1,270
1,232
1,152
r
l,388
1,438
7,327
11,054
906
977
January-September
1951
1952
1 .253
1,339
:L,424
1,338
L.463
1,164
1,016
1,074
p 1.217
Pll.289
1950
1951
1952
1950
1951
1952
623
1,025
910
1,102
1,033
1,018
930
895
881
721
922
118
164
195
219
170
190
70
-59
52
-51
166
193
336
336
366
292
'390
r
510
319
569
r
638
331
'893
964
932
835
r
861
'838
817
P877
600
665
585
659
687
709
820
859
923
855
867
'800
6,208
8,515
834
819
— 16
122
198
P7,939
1,119
2,539
446
460
406
628
r
304
'178
257
P340
P3,350
r
P Preliminary.
Revised.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-September 1952, 1,269.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
1328
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
Boston
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
109
113
109
103
106
106
103
104
103
'109
109
105
112
114
109
'113
118
109
112
122
120
110
109
108
106
105
103
108
111
105
114
106
^115
102
100
104
99
101
103
106
109
101
P109
100
100
98
96
96
98
95
102
95
105
110
110
109
102
107
107
106
115
105
114
115
108
106
104
103
112
105
113
105
116
114
109
114
108
116
122
106
127
n\2
121
119
112
114
116
127
138
120
131
121
P126
113
134
184
105
129
188
108
131
179
114
144
185
115
140
181
145
192
83
83
92
103
108
105
84
98
112
81
75
87
103
102
103
73
83
111
80
82
86
94
95
95
69
76
100
110
81
82
97
103
108
102
76
86
110
120
87
83
95
104
105
105
82
99
110
119
80
83
96
110
115
114
87
100
121
128
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
105
109
107
104
107
104
110
116
113
114
129
122
109
118
108
106
105
103
100
104
105
97
111
103
113
111
100
99
98
102
111
99
110
104
114
97
113
94
98
104
100
104
115
98
110
115
106
105
104
112
114
114
119
108
P\\3
122
115
115
114
128
132
123
127
119
128
106
108
102
105
118
114
110
116
'114
118
117
140
204
132
175
111
130
168
118
120
166
117
131
185
119
144
203
'108
125
189
90
94
110
118
122
117
96
115
126
81
81
89
99
104
103
82
97
110
116
81
80
89
101
106
103
81
98
110
120
72
83
80
100
105
96
84
103
••108
124
86
85
93
104
112
106
93
110
115
^120
95
93
105
114
125
116
104
114
128
134
83
86
90
103
113
108
96
112
'115
117
69
89
110
101
112
73
93
107
100
110
131
SALES *
1946
1947 .
1948
1949
1950
1951
SEASONALLY ADJUSTED
1951—October
November
December
1952—January
February
March
April
..
June
••
July
August
September
October
UNADJUSTED
1951—October
November
December
r
...
1952—January
...
February
March
.
April
M^ay
June
July
August
September
October
....
. .
P\32
STOCKSi
85
95
105
100
110
124
85
98
105
97
104
124
81
93
107
99
108
127
78
93
107
100
106
128
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
1951—October
November
December
121
117
119
115
112
115
115
115
115
117
115
120
117
114
118
127
125
130
130
130
133
121
115
117
119
114
119
113
107
106
123
117
121
125
1952—January
February
March
April
May
June
July
August
September
October
118
116
115
116
118
118
120
118
120
?120
115
112
109
111
109
110
110
109
109
114
107
108
111
112
113
116
111
110
110
115
113
113
112
114
113
114
112
113
113
114
110
110
111
109
107
113
109
112
111
133
127
127
126
131
139
140
136
132
P130
133
129
126
125
126
125
129
129
130
133
114
113
113
114
114
113
118
115
118
118
106
112
111
114
124
125
120
129
132
130
106
102
103
104
106
105
108
109
113
113
122
122
120
121
124
122
128
127
129
124
122
124
122
124
123
130
127
131
121
123
119
123
128
128
125
123
126
134
134
133
108
130
132
108
130
132
106
135
133
105
131
128
104
143
139
114
142
145
116
134
133
109
134
125
105
120
119
97
134
133
108
136
135
115
136
132
106
106
113
120
122
120
112
110
114
124
P134
105
107
112
114
112
102
99
103
112
101
104
113
116
115
105
102
107
116
124
100
111
119
121
116
105
100
107
117
130
104
109
116
117
111
100
102
104
116
124
117
123
136
136
135
127
128
134
137
119
128
132
132
127
120
121
127
135
145
106
111
118
118
116
107
107
110
119
131
92
109
118
122
124
118
112
125
140
147
100
99
107
109
108
100
105
104
113
120
114
121
126
127
126
119
120
120
129
P135
112
120
131
129
125
114
120
125
134
P140
109
117
122
129
132
126
120
118
129
147
Co
to
77
93
107
100
109
129
1946
1947
1948
1949
1950
1951
to to
O Cn
SEASONALLY ADJUSTED
124
119
119
UNADJUSTED
1951—October
November
December
. .
1952—January
February ....
March
April
May
June
July
August
September
October
.
P\23
r
P Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
1
DECEMBER
1952
1329
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago (retail value)
Department
Number of
stores
reporting
Sept.
1952
GRAND TOTAL—entire store 3
353
MAIN STORE—total
353
Piece £oods 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
318
296
200
172
191
310
277
253
244
Small wares
Laces, trimmings, embroideries, and ribbons....
Notions
Toilet articles, drug sundries
Silverware and jewelry
Silverware and clocks *
Costume jewelry *
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
344
206
236
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 *
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 . .
Inexpensive dresses *
Better dresses *
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
l i e n ' s and boys* wear
Men's clothing
Mien's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
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
Records, sheet music, and instruments 4
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
.
...
Candy 4
Stocks
(end of
month)
Sales
during
period
Nine
months
1952
R a t i o of
stocks to
sales i
September
Index numbers
without seasonal adjustment,
1941 average monthly sales = 100 *
1952
Sept.
1952
1952
Stocks at end
of month
Sales during
period
1951
1952
1951
1951
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
4-1
4-1
-3
-8
3.1
-3
-8
3.3
3.7
215
185
213
717
646
780
2
-9
-5
-6
-11
-1
-11
-10
-16
-12
-4
-3
-14
4-8
-16
-13
-22
3.7
3.8
3.9
3.0
4.3
3.6
4.4
3.4
4.1
3.7
3.7
3.4
4.1
4.3
5.1
3.9
183
193
167
328
155
182
151
185
190
153
138
245
163
213
166
275
188
203
187
332
151
184
150
206
682
729
660
989
671
664
665
634
637
705
679
779
763
674
1,120
1,138
632
602
591
531
632
797
771
798
4-9
-4
-14
3.0
3.8
225
185
205
681
623
801
4-5
4-4
4-3
4-1
-1
0
-3
4-5
4-3
3.8
3.7
3.4
4.1
3.7
3.4
181
203
245
3.4
4.9
6.7
3.8
5.3
146
177
528
872
499
801
546
932
4-6
3.0
8.1
7 4
3.1
9.0
154
179
4-4
4-3
-3
-7
-13
4-2
632
670
788
701
717
816
4-2
-2
-10
172
195
237
683
749
841
4-6
4-1
-3
150
151
182
4-3
-3
4-12
4-15
4-11
4-2
—5
0
4-2
-1
4.3
3.3
2.8
3.5
4.7
3.7
3.1
4.0
162
202
177
209
137
158
128
157
157
180
154
188
700
668
488
741
667
604
438
634
739
670
488
744
350
350
313
+2
4-1
2.5
3.0
2.0
2.6
3.1
2.1
281
238
226
330
194
172
220
603
682
662
532
610
535
605
690
631
-2
234
222
305
160
325
336
342
343
0
-4
4-9
-5
-2
0
4-9
0
-3
105
512
435
329
314
215
280
74
236
277
127
240
-5
-11
-1
4-3
-1
+1
-10
—7
4-5
4-5
239
207
219
350
339
226
4-2
-3
4-2
-4
0
218
318
-9
4-1
-12
4-3
-1
-2
4-5
-8
4-6
-8
4-3
_2
-3
-1
-4
-2
4-1
2
-3
-1
-4
4-1
-3
-2
-10
4-4
4-1
4-6
+1
4-7
251
292
258
329
334
272
317
342
257
271
341
294
257
332
264
4-2
4-8
Q
- 1
+- 41
-1
-1
+2
4-6
+4
4-4
_?
4-4
4-2
-l
4-2
4-3
+3
4-4
+7
+9
j
315
309
0
-1
4-1
2
192
+3
321
4-3
-2
—1
4-2
0
-1
4-2
4-2
+2
+7
4-7
-4
-6
7
4-2
-10
+1
+4
84
0
-3
^
—7
-3
-9
-20
— 21
-9
300
252
-13
4-2
±
-6
-6
264
184
229
174
123
-4
-4
-6
-13
4-5
-6
—4
-22
-24
-10
249
175
182
276
16?
244
239
319
299
244
146
271
184
0
-19
-21
— 20
+1
4-9
4-12
4-4
-3
5.0
0.8
5.4
3.4
5.3
348
667
315
550
781
231
155
866
606
163
335
544
911
693
499
886
631
149
199
212
259
462
1,134
408
1,061
1,162
252
259
217
199
248
272
519
574
450
474
510
587
328
317
325
633
533
604
219
162
212
350
287
340
360
300
337
651
618
620
179
177
146
134
883
180
179 1,017
768
970
915 1 ,196
186 1,015
943 1,121
141
67
292
136
2.4
3.8
277
236
255
3.7
4.1
3.8
4.1
233
149
3.0
3.4
2.6
2 1
4.3
3.6
4.4
3.4
2.7
2.2
4.5
3.6
4.8
2.1
2.2
2.3
141
174
161
350
221
265
109
168
223
141
143
287
229
714
830
199
618
393
845
354
683
530
908
468
1.7
1.9
1.7
1.9
4-1
1.6
4-6
0
2
-9
-15
1.3
1.8
1.8
2.1
5.4
4.9
5.8
1.6
2 1
1.6
1.2
1 9
5.4
6.7
5.3
3.7
152
249
-9
5.3
6.0
191
3.8
4 4
232
213
237
876
826 1,035
3.6
4.3
220
251
216
797
755
928
202
179
208
862
845
1,121
212
198
164
158
209
206
3.8
167
258
296
149
252
236
174
268
281
178
171
146
168
174
169
153
126
158
237
699
176
156 1 ,117
130 1,038
950
162
176
783
j
4-3
-5
-4
-15
-14
-11
-15
-23
—26
<-i
-4
-8
1.6
2.2
5.0
3.6
1.8
4.3
4.3
4 3
4.4
4.1
3.7
7.5
2.4
1.9
2.3
5.4
2.1
5 1
5.4
5 5
4 3
4.3
3.9
7 4
+7
-16
-21
— 25
-12
-5
3.9
6.5
7.1
5.6
4.4
o
4-7
4.7
9.0
10.7
6.6
4 7
1.3
1.1
0
4-1
148
177
544
219
775
804
293
130
3.5
5.4
2.2
1.7
4.8
-1
96
0.7
5.7
3.2
2.4
3.9
-38
-12
4-3
-35
-40
-24
4-3
102
136
150
4.2
5 2
2.8
2 3
5.1
308
373
156
112
276
369
158
159
125
225
162
310
365
143
114
150
254
499
825
335
608
753
898
411
676
294
549
646
779
502
762
333
622
790
929
867
804
909
740
696
793
1 264 1,206 1,279
630
615 1,026
1,041
966 1,177
565
826
846 1,394
727 1,364
808 1,068
740
806
For footnotes see following page.
1330
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (retail value)
Number of
stores
reporting
Department
Sales
during
period
Sept.
1952
Stocks
(end of
month)
Nine
months
1952
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 2
Ratio of
stocks to
sales 1
1952
Sept.
1952
1952
Stocks at end
of month
Sales during
period
September
1952
1951
1951
1951
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
211
181
210
496
435
511
BASEMENT STORE—total
194
0
-1
-3
2.3
2.4
Domestics and blankets 4
132
-1
-6
-9
2.5
2.7
Women's and misses' ready-to-wear
Intimate apparel *
Coats and suits *
Dresses4
Blouses, skirts, and sportswear *
185
164
171
169
153
120
122
+1
+1
1.8
2.5
1.8
1.3
1.6
1.8
1.9
180
213
399
343
394
+2
+6
+4
+5
1.9
2.4
2.0
1.3
1.4
1.8
2.0
214
+6
+6
+2
+6
+4
-1
+3
+5
-1
-2
-1
-4
-5
-6
-4
-7
-2
2.9
3.1
3.1
3.4
3.6
3.2
2.3
225
193
223
656
559
696
Infants' wear 4
0
-6
0
0
-3
-1
Men's and boys'
wear
Men's wear 4
Men's clothing *
Men's furnishings *
Boys' wear *
158
144
100
119
120
+1
+2
+5
Homef urnishlngs
105
-3
-8
-9
2.9
3.1
188
149
193
549
507
604
113
-2
-3
-4
3.5
3.6
176
149
180
622
581
643
172
+3
0
(5)
(5)
(5)
77
0
+3
5
5
(5)
NONMERCHANDISE—total *
Barber and beauty shop *
0
-3
+3
()
3.3
3.0
2.3
()
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.
8
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocki
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. 1329.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
5
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.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown,
1947-49 — 1001
DEPARTMENT STORE MERCHANDISING DATA
Selected Series, Based on Retail Value Figures
Ratios to sales l
Amounts (In millions of dollars)
OutNew 3
ReSales 2 Stocks 2 stand- ceipts
ing 2 (total3 orders
(total
(end
(total
Stocks
orders
for
of
for
for
month) month) (end of month)
month)
month)
221
246
276
345
365
381
361
376
390
426
483
664
319
298
347
372
381
352
288
342
386
P448
average.
average.
average.
average.
average.
average.
average.
average.
average.
1951—Oct..
Nov..
Dec.
1952—Tan
Feb
Mar
Apr
May
Tune
July
Aug
Sept
Oct
1943
1944
1945
1946
1947
1948
1949
1950
1951
546
574
604
767
887
979
925
1,011
1,201
•"1,246
1,249
1,006
1,012
1,062
1,129
1,148
1,112
1,026
995
1,039
1,129
Pl,226
563
596
775
964
588
494
373
496
460
220
244
277
373
366
386
358
391
388
242
256
291
354
364
363
358
401
376
2.6
2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
'448
405
319
403
417
366
293
274
411
521
540
593
P573
'466
'486
421
325
348
414
391
345
266
257
386
476
P545
••467
'443
335
409
362
363
318
326
403
367
405
529
P525
2.9
2.6
1.5
3.2
3.6
3.3
3.1
2.9
2.9
3.4
3.0
2 9
P2.7
Outstanding
orders
2.7
2.5
3.0
3.0
1.7
1.4
1.1
1.4
1.3
r
l.l
0.8
0.4
1.3
1.4
1.1
0.8
0.7
1.2
1.8
16
1.5
Pl.3
Stocks
plus
outstanding
orders
5.2
5.0
5.3
5.3
4.3
4.1
3.8
4.2
4.4
4.0
3.4
2.0
4.4
5.0
4.3
3.9
3.6
4.1
5.3
4.6
4.4
P4.0
Without seasonal adjustment
Receipts
0
0
0
1
0
0
0
1.1
1.0
1.1
1.0
0.6
1.0
1.2
1.2
1.1
0 9
0.8
0.9
1.1
1.2
PI.2
1952
1951
June 2 . . . .
9
16....
23....
30
7
14
21
28
Aug. 4
July
Sept.
Oct.
Nov.
11
18....
25
1
8....
15
22....
29
6....
13....
20....
27....
3
10....
17....
24....
1
8....
15
22
29
..95
.108
.106
..92
89
75
83
81
80
88
. .87
..93
..97
.105
.100
.114
.111
.114
.110
.117
.116
.113
.121
.127
.130
.123
.161
.191
.213
.228
. 92
M a y 3 1 . . . ...97
June
July
7. . . . .111
14. . . . .116
21. . . . ..98
28
5
91
79
12. . . . . .83
19
26
82
79
Aug. 2. . . . . .87
9. . . . . .90
16... . . . 9 5
23. . . ..100
30. . . . .110
Sept. 6. . . ..100
13. . . . .114
2 0 . . . . .113
2 7 . . . . .112
Oct. 4. . . ..116
1 1 . . . ..126
1 8 . . . ..124
2 5 . . . . .122
Nov. 1 . . . ..115
8 . . . ..118
1 5 . . . ..130
22. . . . .134
2 9 . . . ..138
Dec. 6 . . . . .194
Dec.
r
P Preliminary.
Revised.
1
The first three ratios are of stocks and/or orders at the end of the month to sales during the month.
13.
The2 final ratio is based on totals of sales and receipts for the month.
20.
These figures are not estimates for all department stores in the United States. They are the actual
27
dollar amounts reported by a group of department stores located in various cities throughout the country.
In 1951,
sales by these stores accounted for about 50 per cent of estimated total department store sales.
8
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived
NOTE.—For description and weekly
from receipts and reported figures on outstanding orders.
indexes for back years, see BULLETIN
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098- for April 1952, pp. 359-362.
1102.
DECEMBER
1952
1331
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Oct. Sept. 10
1952 1952 mos.
1952
Oct. Sept. 10
1952 1952 mos.
1952
United States.
Boston
New Haven
Portland
Boston Area
Downtown
Boston
LowellLawrence
New Bedford..
Springfield
Worcester
Providence
New York 1
Bridgeport
Newark J
Albany
Binghamton
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester 1
Schenectady
Syracuse J
Utica
Philadelphia
.
Trenton 1 1
Lancaster
Philadelphia»..
Reading»
Wilkes-Barre1.
York*
Cleveland
Akron *J
Canton
Cincinnati x . . .
Cleveland »
Columbus 1
Springfield J
Toledo i
Youngstown»..
Erie 1
Pittsburgh l
Wheeling »
+6 +3
+5 +4
+8 - 3
+4 +13
+4 +3
+3 +2
+3
+2
+7 + 15
+4 +2
+3
+5 +2
+9 +3
2
+2
+ 10 - 5
+1 - 1
0
+8
+7 +6
+ 10 +5
0
+4
+—121 +2
-3
+7 + 11
+4 - 30
+5
+2 +2
+4 - 3
+5 +2
+8 - 5
+ 13 +4
+2 +2
+ 10 + 1
0
+7
+14 +2
+4 +1
+8 +4
-8
+4 +7
0
+2
+8 +6
+6 2+2
+9 ( )
+3 +4
+3 +2
+2 - 1
+2 +6
0
0
-6
0 Richmond
....
x
0 Washington .. .
-1
2
0
+11
+3
+1
-5
-3
+2
+1
+2
+4
-9
+3
—3
+2
-2
0
-1
0
-2
-1
i
+2
-1
+3
-6
+1
-2
+5
+3
-6
-4
+2
-4
0
p+7
P+1
P+9
Baltimore
Hagerstown. . . . +5
Asheville, N. C. +11
Raleigh
+1
Winston-Salem. + 13
Charleston
+25
P+8
Columbia
Greenville, S. C. + 15
P - 4
Lynchburg
Norfolk
+ 14
Richmond
+6
Roanoke
+4
Ch'ls'ton.W.Va. + 15
Huntington.... P + 1 3
+5
-2
+6
0
+4
-4
+ 11
+29
+ 10
+ 11
+6
+5
+9
+7
+8
+1
+3
-2
+3
+5
+4
+1
+ 11
+20
+9
+5
+4
+ 11
+4
+1
+ 11
+4
10
Oct. Sept. mos.
1952 1952 1952
Oct. Sept. 10
1952 1952 mos.
1952
Chicago-cont.
Des Moines.
..
Detroit J
Flint i
Grand Rapids 1
Lansing l x
Milwaukee x . . .
Green Bay .. .
Madison
,
0
-4
+7 +7
+ 13 + 12 + 11
+27 +35 +25
+ 12 + 10 +4
+24 + 11 +9
+ 3 +6
+23 +7 ++3
11
+5 +6 +7
+ 13 +3 +14
San Francisco. P+8
+8 +4
P + 1 2 + 13
Phoenix *
+4
Tucson
+ 1 +5 +7
5
Bakersfield
»
+8 +2
—3
Fresno x
+4 - 2
Long Beach l.. . + 15 +8 +4
- 5 Los Angeles
P + 13
+8 +3
+2 Area»
Los
+1 Downtown
:
-1
+1 - 5
+2 Angeles
+4 Westside 1Los
Angeles
+ 11 +3 +3
Dallas
Shreveport
Corpus Christi..
Dallas i
El Paso
+3 Fort Worth
Houston 1
- 3 San Antonio
0 Waco
+J2
-3
-1
0
0
+ 10 + 1
+25 +13
+ 11 +2
+2 + 14
+6
+ 15 - 4
+3 +5
St. Louis
P+8
+3 +1
Fort Smith
+2 +2 +2
Little Rock i. . , +12 +6 +5
Evansville
P + 4 0 +7 +9
+7 +5
Louisville 1.. . . ,
+32 +17 +28
Paducah
Quincy
,
p+12 +12 +9 St. Louis »
Atlanta
Birmingham *... + 10 + 15 +6 St. Louis Area.
+26 +18 + 17 Springfield1
Mobile
Montgomery.1 . . + 17 +8 +8 Memphis . . . .
Jacksonville
...
+8 +8 +7
Miami x
+ 16 + 15 +5 Minneapolis..
,
+ 12 + 11 +7 Mankato
Orlando
+ 15 + 14 + 10 Minneapolis l..
St. Petersburg..
+9 + 15 + 10 St. Paul i
Tampa 1
+ 13 + 10 +5 Great Falls
Atlanta»
+32 +30 +29 Grand Forks. .
Augusta
+8 + 18 +9 Sioux Falls
Columbus
+8 +9 +7 DuluthMacon *
+20 +15 +7 Superior *. . . .
Rome
P+9
Savannah
+25 + 19 La Crosse
Baton Rouge x .. + 10 +23 +8
New Orleans *. . + 11 + 13 +10 Kansas City. . ,
Jackson *
+8 +2 +4 Denver
Meridian
+ 19 +3 +4 Pueblo
Bristol
+9 - 6 - 2 Hutchinson. . .
Chattanooga
*. . + 12 +8 +6 Topeka
+4 - 3 —2 Wichita
Knoxville xl
Nashville
+9 + 15 +9 Kansas City...
Joplin
St. Joseph
P+4
Chicago 1
-1
-2
+ 1 - 1 - 3 Omaha
Chicago
+5 +8
0 Oklahoma City
Peoria *
Fort Wayne lx . . . + 13 + 1 - 1 Tulsa
Indianapolis .. .
+6 - 2 + 1
Terre Haute 1...
+4 -10
0
0
+7
+8
+13
+2
+2
+5
p+5
+1
+8
+8
P+13
+12
-8
-1
0
+1
0
+1
+7 +5
+7 +3
P-9
+5
P+6
+5
+2
-2
-1
+1
+3
+2 +4
+4
+9 - 2
-9
-4
+2 - 7
+1 - 6
+3 - 2
-7
-3
+3 ' - 2
+5 +5
+ 10 + 10
i
-7
+2
+1
+1
+2
+2
-6
+1
+2
+9
Oakland and
Berkeley »
Riverside and
San Bernardino
Sacramento1 1. . .
San Diego . . . .
San Francisco
*.
San Jose x
Stockton»
Vallejo and
Napa
Boise and
Nampa
Portland a
1
Salt Lake City 1 .
Bellingham
Everett 1
Seattle l x
Spokane J
Tacoma
j
Yakima»
+3
-3
P+8
+6
+2
+6
+6
+4
+3
+ 16
-2
+4
+3 + 12
+9 + 9
+3 + 5
(2)
+1
+3 - 5
-6
P0
P+2
+2
+ 11
0
P+ 1
-8
2
-1
-2
-2
+5
+9
+1
+8
+9
+1
+2
+1
-6
-3
-1
0
-4
0
r
P Preliminary.
Revised.
Indexes for these cities may3 be obtained upon request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
Nine months 1952.
1
2
CONSUMERS' PRICES 1
[Bureau of Labor Statistics index for moderate income families in large cities.
Year or month
1929
1933
1941
1942
1943
1944
1945
1946
1947
1948 ..
.
.
1949
1950
1951
1951—October
November
December
1952—January
February
March
April
May
June. .
July
....
..
September
October
•
..
1935-39 average =» 100]
All items
Food
Apparel
Rent
Fuel, electricity,
and refrigeration
House
furnishings
Miscellaneous
122.5
92.4
105.2
116.6
123.7
125.7
128.6
139.5
159.6
171.9
170.2
171.9
185.6
187.4
188.6
189.1
189.1
187.9
188.0
188.7
189 0
189 6
190.8
191.1
190.8
190.9
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
229.2
231 4
232.2
232.4
227 5
227.6
230.0
230 8
231.5
234.9
235.5
233 2
232.4
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
208.9
207.6
206.8
204.6
204.3
203.5
202.7
202.3
202.0
201.4
201.1
202.3
202.1
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
138.2
138.9
139.2
139.7
140.2
140.5
140.8
141.3
141.6
141.9
142.3
142.4
143.0
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
144.6
144.8
144.9
145.0
145.3
145.3
145.3
144.6
144.8
146.4
147.3
147.6
148.4
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
210.4
210.8
210.2
209.1
208 6
207.6
206.2
205 4
204.4
204.2
204.2
205.0
204.6
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
166 6
168 4
169 1
169.6
170 2
170 7
171.1
171 4
172 5
173.0
173.2
173 8
174.4
1
Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim
revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor.
1332
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
Other commodities
Year or
month
1947
1948
1949
1950
1951
....
1951
October
November
December
1952
Tan.ua.rv
February
March
May
Tune
July
August
September
October
.
ToMa- Furnibacco
chin- ture NonmanumeFuel,
and
ery
facLum- Pulp, Metals and
Mispower, Chemother tallic
icals Rubber paper, and
min- tures cellaand
housemober
and
and
and metal tive hold erals— and neous
light- allied
and wood
ing
prod- dur- struc- bottled
prod- prod- allied
bevprod- prodma- products
ucts ucts ables tural erages
ucts
ucts
ucts
terials
All
Proccom- Farm essed
modi- prodfoods
ucts
Total
ties
Textile
products
and
apparel
Hides,
skins,
and
leather
products
95.:
96.4 100.0 98 ?
104.4 107.3 106 .1 103.4
99 2 92.8 95 7 101.2
103.1 97.5 9 9 ,8 105. (
114 8 113.4 111 4 115.S
100.1
104.4
95.5
99.2
110.6
101.0
102.1
96.9
104.6
120.3
113.7 111.5 111 6 114.(
113 6 112.0 111 0 114.^
113,5 111.3 110 7 114. t
103.9 113.6 106.8 108.8 144.7 121.7 118.8 122.4 120.2 112.8 113 6 107.5 106.9
103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 i n 6 107.5 108.9
104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 11? 8 108.1 109.8
113 0
112.5
112.3
111.8
111.6
111.2
111.8
112 2
111.8
111.2
110.0 110 1 114.:
107.8 109 5 114.:
108.2 109 .2 113.2
108.7 108 0 113.:
107.9 108 ,6 113.(
107.2 108 5 112.<
110.2 110 0 112.1
109 9 110.5 113.(
106.6 110 .3 1 1 3 . :
104.9 108 .5 113.
90.9 101.4 99.0 93.7 98.6
107.1 103.8 102.1 107.2 102.9
101.9 94.8 98.9 99.2 98.5
103.0 96.3 120.5 113.9 100.9
106.7 110.0 148.0 123.9 119.6
103.3 102.2 107.4 106.7 144.1 120 1 118 2 122.4
102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6
100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6
99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5
99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8
99.0 95.9 105.9 104.3 133.4 119 9 116 7 121 1
98.9 96.2 106.0 104.2 130.0 120.2 115.3 121.9
99.1 96.5 105.8 104.0 127 8 120 5 115 6 124 1
99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6
99.2 96.6 107.2 103.9 126.0 120.3 115.5 124.3
1951
92.5
100.9
106.6
108.6
119.0
120.8
122.0
121.8
121.6
121.6
121.3
121.4
121.4
121.5
121.3
1952
95.6
101.4
103.1
105.3
114.1
112.3
112.4
111.9
112.1
111.7
111.6
111.6
111 5
112.0
112.1
93 9
101 7
104 4
106 9
in 6
98.0 100.8
100.4 103.1
101.6 96.1
102.4 96.6
108.1 104.9
108 1
110.8
110.8
110.8
110.8
110.8
110.8
110 8
113 .8 110.8
114 .4 110.8
9
9
9
8
9
in 8
11.3 8
113 8
112
11?
11?
11?
11?
1951
Subgroup
Farm Products:
Fresh and dried produce . . . .
Grains
Livestock and poultry
....
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm proHurts
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 a nd Apparel:
Cotton product s
..
Wool products
Synthetic texti es
. .
Silk products.
Apparel
Other textile products.
Hides, Skins, and Leather Products:
Hides and skin s
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 m a t e r i a l s . . . .
Drugs, pharma(:euticals , cosmetics .
Fats and oils, i nedible
Mixed fertilizer s
Fertilizer mate rials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber p roducts
Lumber and WooaI Produt Is:
Lumber
Millwork
Plywood
91.3
103.9
104.8
110.3
122.8
111 1
111.4
109.2
109.5
108.4
108.1
105.5
108 9
108.3
108.4
1952
Subgroup
Oct.
Aug.
Sept.
Oct.
96.1
101.1
114.5
118.8
105.6
129.8
96.9
138.8
124.3
96.9
106.4
115.0
110.1
114.2
99.9
137.6
115.6
96.9
99.3
113.3
113.8
112.5
96.4
136.6
111.7
P95 0
;94.8
109.6
115.0
124.8
96.7
136.0
106.8
119.5
108.5
105.6
105.8
161.9
122.0
106.4
112.3
114.3
105.1
110.7
161.9
125.2
106.5
109.4
116.4
105.9
110.5
161.9
127.6
106.4
104.3
115.9
105.8
110.7
161.9
124.1
100.8
120.8
91.5
122.5
103.3
134.1
97.6
113.3
90.5
139.3
99.1
90.4
«"98.9
112.4
r
89.9
139.3
99 3
95.0
99.3
113.2
89 5
140.0
98 4
94.5
109.5
110.1
119.4
107.0
64.4
89.3
110.6
100.1
64.4
89 3
110.6
99.9
65.0
89 9
110. t
99 A\
108.7
124.4
99.2
98.0
110.9
106.5
124.3
100.4
100.7
108.3
107.6
124.3
100.3
101 3
108.5
113 .4:
124.:
120.9
108.7
95.6
71.8
109.0
107.5
105.8
114.6
106.9
92.1
47.5
108.7
110.9
103.1
114.3
107.0
92.1
48.9
110.3
111.0
103.0
113 9
106.=
92.1
50.9
110.7
111.0
103.0
197.3
133.9
130.8
136.3
126.3
125.2
128 3
126.3
125.2
121.1
129.5
114.3
120.6
127.2
106.0
120.6
127 2
106.0
r
ioo.:
101 :
108.'
Oct.
Pulp, Paper, and Allied Products:
Woodpulp
WasteDaoer
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 equipmeri t
Fabricated struc. metal products
Fabricated nons tructural metjil
products
Machinery and Motive Prod ucts:
Agri. mach. and equipment
Cons. mach. and equipme
Mietal working machinerjj
General purpose mach., e tc
Miscellaneous machinery
Elec. mach. and equipme nt
Motor vehicles
Furniture; Other Household Durables:
Household furniture
Commercial furniture
Floor covering
Household applia t i c e s . .
...
Radio, TV, and phonographs. . .
Other household (durable goods..
Nonmetallic Minera .?—Strurtuml'
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products . . . .
Prepared asphalt roofing
Other nonmetallic minerstls
Tobacco Mfrs. and Bottled Lleverages:
Cigarettes
Ci|T ars
her tohnrrn nrnrlnrts
Ot
126 6
Alcoholic beverages
126.:
Nonalcoholic beverages.
125.2 Miscellaneous:
Toys, sporting goods, small arms
120.3
Manufactured animal fee ds
Notions and acce" e5nr ' ps
127 7
106.1
Jewelry, watches, photo equipment,
Other miscellaneous
114
0
1
131 7
nn
116 .6
113 4
124
121
125
121
1
0
1
8
5
114.6
115.9
Aug.
Sept.
Oct.
109.3 109 3
65 7
78 5
124 0 124 0
124 6 124 6
113.0 112.6
115 8 115 8
109 3
71 2
124 9
124 6
112.2
115 8
127 2 127 5
124.4 124 7
120.7 124.2
123 8 123 8
118.1 118 1
113.7 113.7
115.4 115.6
127 3
122.9
125.1
125 3
118 1
113.7
115.6
124.3
124.6
125 6
125 9
120.2
123.6
126 7
123 .7
6
121 .8
116 0
121.5
125.3
129 1
122.2
119 i
119.8
119 7
121 .5
125.8
129 2
122.3
119 2
119.7
119 7
121.5
125.9
129 2
121.8
119 4
119.2
119 7
115
124 1
126 7
112 5 112 6
122 5 122 5
118.9 122 4
106.8 107.3
93.7
93.7
119.4 119.5
112 6
123 2
122 4
107.3
93.7
119.5
114 4
112 9
112 4
121 3
117 7
106.0
111.9
114 4
112 9
112 7
121 3
117 7
106.0
112.0
114 4
113 0
112 7
124 0
117 7
106.0
112.7
119 .7
105 7
102.0
118 4
111 2
119.7
105 7
102.4
118 4
111 2
119.7
105 7
102.4
118 4
HI 2
119.7
116 .1
104 .4
101
101 .2
12C .3
113.1 113.1
109.5 108.3
90 8
90 8
101.1 1 0 1 . 0
120.8 120.8
113.2
108.4
90 9
101.0
120.8
107.9
93.0
117.3
114
112
112
121
117
0
9
4
/\
4
105 .4
11C .9
7
98 .0
105 o
105
s
r
Revised.
Source.—Bureau of Labor Statistics.
Back figures,—See BULLETIN for March 1952, pp. 311-313.
DECEMBER 1952
1333
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1929
1933
1939
1941
1947
1948
1949
1950
4
3
Gross national product
3
2
1
91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 339.7 342.6 343.4
103.8
55.8
8.8
7.2
8.1
9.3
14.8
17.6
19.4
21.5
24.6
25.0
25.8
26.7
27.7
28.3
7.0
.6
-.1
7.1
.7
1.2
9.4
.5
1.4
11.3
.5
1.6
18.7
.7
.3
20.4
- 3 . .7
2
21.6
.8
.2
23.8
.8
-.7
25.3
.9
1.4
25.0
.9
.0
25.8
.9
-.8
26.3
.9
-1.6
26.8
.9
.6
27.3
.9
n.a.
.1
— l
0
0
4
5
1
2
5
2
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
-.1
0)
.5
Equals: National income
87.4
39.6
72.5
10.3
.2
-2.0
.3
5.8
2.1
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 . .
1952
1951
103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 n.a.
14.6
2.8
24.7
5.7
31.7
5.2
29.2
5.7
34.8
6.9
41.6
8.2
41.9
8.1
42.5
8.3
42.7
8 5
.8
41.2
8.4
n.a.
8.6
.0
.0
.0
.0
.0
.0
2.6
1.3
14.3
4.7
11.5
4.9
11.6
4.9
11.7
5 0
11.6
5 0
12.0
5.0
5.8
.6
2.1
.7
3.8
.5
4.5
.5
6.6
.7
7.2
.7
11.6
4.6
7.5
.8
— .6
11.5
5.0
-.4
11.1
4.4
10.5
4.5
.0
1.5
1.2
2.5
1.2
.0
.1
.9
1.0
9.0
8
9.0
.9
9.2
.9
9.3
.9
8.9
9
9.6
9
9.3
.9
95.3 191.0 209.5 205.9 226.3 254.1
256.1
.0
.0
85.1
46.6
72.6
Less: Personal tax and related payments..
Federal
State and local
2.6
1.3
1.5
.5
2.4
1.2
3.3
2.0
21.5
19.6
21.1
19.0
18.6
16 2
20.8
18 1
29.1
26.1
29.0
26.0
30.4
27.3
32.5
29 3
32.9
29 6
33.6
30.2
1.0
1.2
1.3
1.9
2.1
2.5
2.7
3.0
3.0
3.1
3.2
3.3
3.3
Equals: Disposable personal income.
82.5
45.2
70.2
92.0 169.5
Less: Personal consumption expenditures
78.8
46.3
67.5
82.3
3.7
-1.2
2.7
9.8
Equals: Personal income
1.4
262.0 263.0 264.4 268.9
188.4 187.2 205.5 225.0 227.1 231.5 230.5 231.5 235.3
165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0
3.9 10.5
6.7 11.2 17.0 20.7 21.1 17.3 16 5 20.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1929
1947
1948
1949
1950
1952
1951
103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 n.a.
64.3 128.0 140.2 139.9 153.4 178.9 181.0 183.4 186.5 186.9 190.3
61.7 122.1 134.4 133.4 145.6 169.9 172.1 174.3 177.4 177.8 181.0
51.5 104.8 115.7 113.0 123.4 141.2 142.0 143.8 145.8 145.6 148.3
1.9
4.1
4.0
4.2
5.0
8.6
9.1
9.6 10.0 n.a.
n.a.
8.3 13.2 14.7 16.1 17.2 20.1 21.0 20.9 21.7 n.a.
n.a.
2.6
9.0
5.9
5.8
7.8
9.2
6.6
8.9
9.1
9.0
9.3
28.8
23.7
.3
4.9
.5
47.8
45.7
37.5
.4
7.8
2.1
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
42.1
21.6
12.8
7.7
45.2
23.7
13.3
8.2
50.6
26.2
15.6
8.9
50.8
26.0
15.8
9.1
53.1
26.6
17.0
9.4
52.1
27.3
15.4
9.4
51.9
27.6
14.8
9.5
10.3 - 2 . 0
9.8
.2
1.4
.5
8.4 - . 4
.5 - 2 . 1
6.5
5.0
5.8
6.5
1.5
5.0
-.7
17.2 30.5 33.8
7.
11.9 13.0
9.4 18.5 20.7
-2.6 - 5 . 8 - 2 . 1
14.6
24.7
31.7
29.2
27.1
10.8
16.3
2.1
34.8
39.6
18.4
21.2
-4.8
41.6
42.9
24.2
18.7
-1.3
41.9
38.6
21.8
16.9
3.2
42.5
39.5
22.2
17.3
3.0
42.7
42.7
24.7
18.1
-.1
41.2 n.a.
39.5 n.a.
22.9 n.a.
5.0
5.8
6.4
6.5
6.6
6.7
50.8
Net interest
1941
72.5
87.4
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax l i a b i l i t y . . . .
Corporate profits after tax
Inventory valuation adjustment....
1939
39.6
29.3
National income
Compensation of employees
Wages and salaries *
Private
Military
Government civilian
Supplements to wages and salaries...
Proprietors* and rental income ' . . .
Business and professional
Farm
Rental income of persons
1933
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
4.2
4.1
3.5
4.3
52.5
27.5
15.2
9.8
16.6
1.7
n.a.
.6
6.9
7.1
n.a.
Not available.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
1334
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
1929
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
1933
New construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2
State and local
1941
1947
1948
1949
1950
1952
1951
103.8
55.8
91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 339.7 342.6 343.4
78.8
9.4
37.7
46.3
3.5
22.3
20.6
67.5
6.7
35.3
25.5
15.8
7.8
3.6
4.2
6.4
1.6
1.8
13
1.1
5
,7
1.8
-1.6
-1.3
9.9
4.9
2.7
2.2
4.6
.4
3
.8
.2
8.5
1.3
1.3
()
8.0
2.0
2.0
()
5.9
31.7
Gross private domestic
investment 1
1939
7.2
82.3 165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0
9.8 21.4 22.9 23.8 29.2 27.1 25.5 25.3 25.2 26.4 24.2
44.0 95.1 100.9 99.2 102.8 113.5 113.2 116.2 118.0 117.8 118.0
28.5 49.1 54.1 57.5 62.4 67.3 67.6 69.0 70.0 70.8 71.9
18.3
6.8
3.5
3.3
7.7
3.9
3.4
30.2
13.9
6.3
7.6
17.1
-.8
1.4
1.1
8.9
1.9
13.1
5.2
1.3
3.9
24.7
16.9
13.8
3.2
7.9
7.8
28.6
15.8
13.3
3.8
1.3
12.8
36.6
21.0
16.1
5.6
.6
15.6
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
56.2
22.4
9.9
12.5
24.9
8.9
8.2
52.9
22.4
10.3
12.1
24.7
5.8
5.2
.5 - 2 . 3
.2
1.1
2.6
2.2
41.9
22.2
18.5
3.9
.2
19.7
62.6
40.9
37.1
4.2
.4
21.7
67.3
45.5
41.6
4.5
.5
21.7
71.2
48.9
44.3
5.1
.5
22.3
74.4
51.2
46.4
5.2
.4
23.2
42.7 33.5
17.7 17.2
8.6
8.3
9.1
9.0
19.9 18.7
5.0 - 2 . 5
3.7 - 1 . 6
43.6
25.4
19.3
6.6
.4
18.2
50.0 49.3
23.7 23.6
11.0 11.0
12.7 12.6
25.7 25.7
.6
.1
— .1 - . 8
51.7
23.0
10.9
12.2
25.0
3.7
3.0
-1.2
78.0
54.9
50.3
5.1
.4
23.0
77.9
54.8
49.6
5.6
.4
23.1
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts4
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
1929
1933
1939
1941
1947
1948
1949
1950 . .
1951 . . .
85.1
46.6
72.6
95.3
191.0
209 5
205.9
226 3
254 1
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
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
7.S
15.3
16.6
17.2
18.6
20.3
10.2
17.2
18.7
20.4
22 2
28 7
1951—September
October . ..
November. . . .
December
257.3
261 7
260.9
263.4
168.8
170.5
171.3
172.6
172.1
174.0
174.8
176.0
75.7
75.9
75.8
77.5
46.3
46.5
46.5
46.7
20.4
20.7
20.8
20.8
1952—January
February
March
April
May
June
263 4
263.5
261.9
262 5
264.5
266 7
263.9
269 6
273.8
173.1
174.5
173.9
173 4
174.6
175 8
173.9
179 0
181.9
176.7
178.0
177.3
176.7
177.9
179 3
177.4
182.5
185.3
77.3
78.2
77.7
76.9
76.7
77.2
74.0
78.7
81.6
47.1
47.1
47.0
47.0
47.7
48.5
49.3
49.4
49.3
20.8
20.9
20.8
21 0
21.3
21.3
21.5
21.5
21.6
July
August
September....
21.5
15.5
Government
8.2
5.1
6.9
5.0
5.2
8.2
Other
labor
income 8
.5
.4
5
6
Less
Dividends Trans- personal
ProcontriNonprietors' and
butions agriculfer
perand
for
paytural
7
sonal
rental
social income9
income6 interest ments
insurincome
ance 8
19.7
13.3
7.2
8.2
9.2
9.9
14.5
16.0
17.1
19.5
20.4
1.5
2.1
3.0
3.1
11.8
11.3
12.4
15.1
12 A
.1
.2
6
8
2.1
2.2
2.2
2.9
3.4
76.?
43. C
66.3
86.1
170.8
187.1
188.7
208.5
233.6
50.9
53.4
52.5
53.3
21.0
20.8
20.5
21.1
12.4
12.7
12.4
12.1
3.3
3.5
3.5
3.4
236.4
239 1
239.5
240.7
53.4
52.1
50.7
51 .2
51.7
52.8
52.2
51.8
53.4
20.1
20.5
21.0
21.5
21.5
21.4
21.3
21.4
21.4
12.8
12.4
12.4
12.3
12.6
12.5
12.4
13.1
12.9
3.9
3.8
3.8
241.7
243.4
242.7
242 9
244.9
245.9
243.4
249.4
253.0
2.4
2.8
3.1
3.8
4.2
14.7
20.8
42.4
47.3
42.1
45.2
50.6
29.7
30.9
31.7
31.0
4.2
4.3
4.2
4.3
31 5
31.8
31.8
31 8
32.2
32 3
32.6
32 9
32.8
4.3
4.3
4.3
4 4
4.4
4 5
4.5
4.5
4.5
3.6
3.6
3.8
3.9
3.7
3.7
1
2
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 insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
8
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventors
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
9
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding
Source.—Department of Commerce.
DECEMBER
1952
1335
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of year
or month
Noninstalment credit
Total
instalment
credit
Sale credit
Total
Automobile
Other
Loans'
Total
noninstalment
credit
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
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
2,792
3,450
3,744
1,617
882
891
942
1,648
3,086
4,528
6,240
7,904
7,546
1,267
1,729
1,942
482
175
200
227
544
1,151
1,961
3,144
4,126
4,039
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3,096
3,778
3,507
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
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
1951—September
October
November
December
19,362
19,585
19,989
20,644
13,167
13,196
13,271
13,510
7,327
7,355
7,400
7,546
4,175
4,134
4,100
4,039
3,152
3,221
3,300
3,507
5,840
5,841
5,871
5,964
1952—January
February
March
. ..
April
May
. .
20,126
19,717
19,565
19,788
20,293
20,961
21,213
21,433
21,661
22,311
13,314
13,185
13,156
13,319
13,806
14,409
14,745
14,939
15,196
15,595
7,322
7,158
7,047
7,099
7,421
7,820
8,039
8,149
8,339
8,669
3,962
3,927
3,891
3,946
4,171
4,446
4,597
4,634
4,708
4,892
3,360
3,231
3,156
3,153
3,250
3,374
3,442
3,515
3,631
3,777
5,992
6,027
6,109
6,220
6,385
6,589
6,706
6,790
6,857
6,926
June
July
August
September....
Octoberp
Singlepayment
loans 2
Charge
accounts
Service
credit
1,018
1,332
1,436
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
3,909
4,239
4,587
992
1,067
1,111
6,195
6,389
6,718
7,134
1,401
1,413
1,422
1,436
3,696
3,868
4,190
4,587
1,098
1,108
1,106
1,111
6,812
6,532
6,409
6,469
6,487
6,552
6,468
6,494
6,465
6,716
1 445
1 448
1,443
1,437
1,431
1,435
1,443
1,456
1,470
1,494
4,253
3,967
3,855
3,913
3,921
3,980
3,891
3,902
3,848
4,071
1,114
1,117
1,111
1,119
1,135
1,137
1,134
1,136
1,147
1,151
530
536
565
483
414
428
510
749
896
949
533
560
610
648
687
729
772
874
920
963
91 Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
* 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)
Loans made by principal lending institutions
(during period)
Insured
repair
Comand
mercial
modern- banks
*
ization3
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
680
1,017
1,198
792
639
749
942
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
?86
428
577
712
894
947
894
904
922
938
351
373
347
354
183
205
228
292
42
52
45
50
35
40
38
42
78
86
84
84
951
956
963
983
1,004
1,024
1,032
1,039
1,047
1 .053
393
373
429
429
479
497
473
418
423
454
184
181
216
211
236
248
238
211
196
209
46
46
52
50
52
56
53
50
51
55
38
37
41
39
44
44
42
41
39
45
85
91
95
103
116
122
113
105
105
113
Total
Commercial
banks *
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
1939
1940
1941
1942 .
1943
1944
1945
1946
1947
1948
1949
1950
1951
1,632
1,967
2,143
1,431
1,119
1,170
L.422
2,352
3,348
4,072
4,650
5,555
5,964
523
692
784
426
316
357
477
956
1,435
1,709
1,951
2,431
2.510
448
498
531
417
364
384
439
597
701
817
929
,084
1,268
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
1951—September..
October
November ..
December...
5,840
5,841
5,871
5,964
2,524
2,522
2,509
2,510
1,203
1,191
1,211
1,268
296
299
299
301
221
222
225
229
533
535
535
542
169
168
170
176
1952—January. . . .
February. . .
March
April
May
June
July
August
September P .
Octoberp . . . .
5,992
6,027
6,109
6,220
6,385
6,589
6,706
6,790
6,857
6,926
2,521
2,542
2,593
2,642
2,726
2,838
2,892
2,931
2,971
3,010
1,273
1,275
1,285
1,302
1,320
1,346
L,366
1,377
1,375
1,375
300
301
303
307
319
330
341
346
352
359
230
232
235
239
246
254
259
263
264
266
541
545
553
568
589
614
631
647
662
677
176
176
177
179
181
183
185
187
186
186
Year or month
Miscellaneous
lenders
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 October, amounted to 132 million dollars,
and other
loans made during October were 24 million.
2
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.
1336
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
1939
1940
1941
1942
1943
1944...
1945
1946
1947
1948
1949
1950
1951
1951
September.
October...
November.
December.
1952
January...
February..
March....
April
May
June
July
August.
September?
October? ..
1,525
1,721
1,802
1,135
377
439
466
252
172
183
198
337
650
Furniture
stores
536
599
619
440
289
293
296
386
587
750
935
Household
appliance
stores
Jewelry
stores
246
271
284
179
111
109
113
174
305
404
93
110
120
76
57
56
57
89
144
152
163
971
1,028
1,056
1,099
1,186
870
890
908
971
600
607
608
613
654
668
685
737
3,360
3,231
3,156
3,153
3,250
3,374
3,442
1,129
1,082
1,060
1,064
L ,101
1,132
L ,142
3,631
3,777
1,217
,278
933
909
893
894
924
954
974
995
592
567
548
541
551
588
612
625
648
673
706
673
655
654
674
700
714
729
753
784
1,104
1,935
2,567
3,096
3,778
3,507
1,010
,245
! ,186
3,152
3,221
3,300
3,507
**> 5 1 5
874
166
1,029
1,013
1,042
All
other
retail
stores
Outstanding at end of
273
302
313
188
78
50
51
118
249
387
500
710
613
707
691
715
4ftft
794
737
Year or month
Outstanding at end
of period:
Total
Repair Personal
and
instalmodern- ment
ization12
cash
loans
loans
Automobile
Other
63.1
79.7
81.2
73.6
75.8
77.7
81.2
81.4
81.4
81.2
81.1
82.5
84.7
87.2
89.1
91.0
93.4
55.4
54.9
56.5
54.8
56.1
56.5
56.5
56.1
56.3
55.4
55.8
57.2
58.2
60.9
63.6
66.3
67.8
10.4
12.2
11.8
12.8
11.8
10.1
10.6
10.3
11.2
12.3
12.9
11.6
12.2
13.3
4.1
5.2
4.1
3.4
20.5
25.3
21.8
24.3
3.5
3.7
4.1
5.4
6.3
6.5
6.6
6.5
6.9
6.9
22.9
22.8
26.0
25.0
25.9
27.0
25.3
23.6
23.5
25.0
1949
1950
1951
343.2
391.0
404.1
1951—September .
October
November .
December..
1952—January . . .
February...
March
April
May
June
July
August....
September ?
October P . . .
396.3
401.8
402.4
404.1
402.6
403.9
405.8
410.7
426.2
441.1
455.1
463.5
472.8
483.0
93.6
118.5
118.9
123.9
123.9
121.9
118.9
116.5
116.3
116.6
119.2
128.2
138.4
145.7
148.9
153.1
158.9
Volume extended
during month:
1951—September .
October
November .
December..
1952—January . . .
February...
March
April
May
June
July
August....
September P
Octoberp...
51.2
60.0
52.3
53.6
52.5
51.8
57.5
58.8
69.2
73.5
69.2
60.7
64.0
68.8
16.2
17.3
14.6
13.1
14.3
15.2
16.8
18.1
25.8
27.7
24.4
19.0
21.4
23.6
1949..'
1950
1951
4 ,416
5 ,645
5 ,434
1,143 1 ,223 1,267
1,061 1 ,192 1,031
781
905
937
944
1,107
1,213
1951—September
October
November...
December
5 ,440
5 ,442
5 ,436
5 ,434
1,105 1 ,239
1,090 1 ,226
1,079 1 ,209
1,061 1 ,192
1,004
1,010
1,017
1,031
911
925
937
937
1,181
1,191
1,194
1,213
1952—January
February
March
April
May
Tune
July
August
September?..
Octoberp
1,042
1,038
1,035
,528 1,055
5 ,744 1,130
6 ,027 1,217
6 ,210 1,266
6 ,355 1,294
6 ,503 1,329
6 ,687 1,382
1 ,184 1,034
1 ,186 1,016
1 ,197 1,008
1 ,219 1,005
1 ,270 1,036
1 ,331 1,086
1 ,361 1,133
1 ,373 1,183
1 ,386 1,224
1 ,409 1,276
928
924
922
940
969
1,005
1,042
1,075
1,110
1,151
1,230
1,248
1,284
1,309
1,339
1,388
1,408
1,430
1,454
1,469
131.1
137.9
147.5
144.0
146.0
146.3
147.5
148.6
149.9
152.6
154.6
158.3
159.8
161.3
161.9
162 A
162.9
854
5 ,418
5 ,412
5 ,446
Volume extended during month:
1951—September....
October
November....
December
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-J
ment paper
Other Repair Personal
retail, a n d
pur- mod- instalchased
Pur- ] Direct and
tion
casn
chased loans direct
loans 12 l o a n g
Automobile
retail
Total
Year or month
Cn
End of
year or
month
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
1952—January
February
March
April
May
June
July
August
September?...
October?
922
915
682
744
689
686
150
150
136
117
166
168
152
149
126
153
147
157
67
82
72
70
173
191
182
193
714
679
758
807
945
131
135
144
162
228
243
215
173
193
213
170
167
185
191
235
240
216
178
186
201
146
130
138
153
162
177
185
175
180
209
57
55
62
79
92
101
101
101
104
116
210
192
229
222
228
240
239
222
221
229
1 ,001
956
849
884
968
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 Personal
instaland
ment
modernization12
cash
loans
loans
Automobile
Other
43.5
57.9
63.2
63.5
63.7
63.4
63.2
62.5
62.4
62.6
64.0
67.7
71.0
72.6
73.5
74.3
75.7
31.4
41.1
47.3
44.5
45.6
46.1
47.3
47.0
47.4
48.8
50.0
52.2
55.2
57.5
58.6
59.8
60.2
6.5
7.3
7.2
113.3
120.6
137.6
1951—September .
October
November .
December..
1952—January . . .
February...
March
April
May
June
July
August....
September?
October?...
194.7
226.9
255.3
245.5
247.4
250.3
255.3
256.2
257.7
260.9
265.5
273.2
282.7
288.1
291.9
293.7
295.9
7.3
7.4
7.6
7.2
130.2
130.7
133.2
137.6
7.2
7.1
7.0
7.0
7.0
7.2
7.4
7.5
7.7
7.9
139.5
140.8
142.5
144.5
146.3
149.3
150.6
152.3
152.4
152.1
Volume extended
during month:
1951—September .
October
November .
December..
1952—January . . .
February...
March
April
May
June
July
August....
September?
October? . .
37.8
41.3
39.5
43.6
39.4
38.3
42.2
41.6
48.0
47.7
45.0
42.0
40.8
47.2
9.4
9.6
9.0
9.3
6.9
7.7
6.2
6.6
0.6
0.7
0.7
0.5
20.9
23.3
23.6
27.2
9.2
8.9
9.1
5.7
5.7
7.1
6.8
7.9
8.8
8.6
7.5
6.9
9.1
0.5
0.5
0.6
0.7
0.8
0.7
0.8
0.8
0.9
0.9
24.0
23.2
25.4
24.0
26.3
26.0
24.3
23.5
23.3
26.0
Outstanding at end
of period:
1949
1950
1951
10.1
13.0
12.2
11.3
10.2
9.7
11.2
?2 Preliminary. J Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
DECEMBER
1952
1337
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
1952P
Sept.
1952
Aug.
1952
+ 13
+ 12
0
-2
+8
+8
+6
+8
+3
+ 16
+3
+9
+ 12
+12
-6
+ 15
+8
Oct.
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
+5
-4
Oct. Sept.
1952? 1952
-5
Instalment accounts
Year or month
Aug.
1952
0
-9
-1
Accounts receivable, end
of month:
Total
Instalment
+4
+3
+2
+1
+3
+1
+19
+17
+16
+15
+15
+ 15
Collections during
month:
Total
Instalment
+4
+3
+2
+2
0
+2
0
+1
+1
+2
-5
-2
Inventories, end of
month, at retail value.
+5
+3
-1
-3
-7
-9
Preliminary.
Furniture
stores
19
21
21
19
11
12
11
11
12
12
12
12
47
50
50
45
19
18
20
18
19
18
17
17
18
18
10
10
11
10
11
10
10
11
11
11
13
13
13
13
13
12
12
11
12
11
47
45
48
46
48
46
46
46
47
50
1952
January
February
March
April
May
June
July
August
September
October?
Household ap- Department
pliance
stores
stores
Department
stores
1951
September
October
November
December
Charge
accounts
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment 1947-49 average =100
Total
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—September .
October
November
December
1952—January
February
March
April
May
June
July
August
September
October?
Accounts receivable
at end of month
Sales during month
Year or month
Cash
Instalment
Charge
account
Instalment
Charge
account
Collections during
month
Instalment
75
93
92
105
55
45
39
36
48
48
72
82
49
53
76
60
35
29
53
48
42
44
58
60
47
41
99
103
103
94
85
105
110
95
104
101
67
108
125
92
105
103
78
101
104
93
95
136
133
106
111
177
181
101
113
129
177
90
101
115
167
138
164
171
205
107
121
138
185
84
79
91
77
72
83
110
106
122
99
100
93
90
90
84
101
116
89
102
46
53
60
67
103
98
78
89
44
57
71
81
Percentage of total sales
Charge
account
Cash
sales
Instalment
sales
Charge
account
sales
47
51
50
52
9
6
5
4
92
55
6
106
117
59
78
103
104
48
56
61
64
111
124
146
165
111
118
48
48
8
10
9
43
38
34
32
32
37
39
41
41
42
43
166
172
182
197
113
122
136
177
151
163
169
168
97
114
121
122
47
46
47
49
10
11
10
9
43
43
43
42
89
83
96
190
182
178
142
124
117
180
162
170
165
129
118
48
48
48
10
10
10
118
137
126
107
106
99
175
176
178
121
122
120
153
153
148
108
115
114
48
47
47
9
10
10
149
178
108
124
190
201
118
128
151
159
103
118
42
42
42
43
43
43
41
41
43
43
37
56
113
136
59
84
80
90
28
38
177
180
50
73
107
108
40
53
144
145
111
100
64
59
52
51
48
48
46
46
4
4
11
11
11
11
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. 1329.
1338
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTIC
PAGE
International capital transactions of the United States. .
1340-1345
Gold production. .
1345
Reported gold reserves of central banks and governments. .
1346
Gold movements; gold stock of the United States. .
1347
International Monetary Fund and Bank. .
1348
Central
Banks
1348-1352
Money rates in foreign countries. .
1353
Commercial banks. .
1354
Foreign exchange rates..
1355
Price movements in principal countries
Wholesale prices. .
1356
Consumers' price indexes.
1357
Security prices .
1357
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.
DECEMBER 1952
1339
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (-).
In millions of dollars]
Increase in banking funds in U. S. 1
From Jan. 2, 1935,
through—
1946—Dec.
1947—Dec.
1948—Dec.
1949— Dec.
1950—Dec.
Total
Foreign
official»
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad *
Total
Domestic
securities:
Inflow of
foreign3
funds
Foreign
securities:
Return
of U. S.
funds 8
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—Oct. 31
Nov. 30
Dec. 31
10,114.5
10,130.0
10,140.7
8,422.3
8,448.2
8,548.1
2,769.8
2,734.7
2,770.2
3.909.1
3,972.5
4,089.6
1,743.4
1,741.0
1,688.3
211.3
186.3
160.9
612.9
617.0
618.6
743.7
754.4
687.5
124.3
124.1
125.6
1952—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31*
Sept. 30P
10,043.0
10,208.8
10.236.0
10,268.6
10,471.6
10,580.0
10,941.6
11,116.2
11,361.6
8,464.4
8,638.2
8,719.2
8,829.1
9,199.1
9,284.0
9,601.0
9,759.8
9,952.4
2,644.9
2,811.5
2,912.3
3,025.5
3,219.9
3,307.4
3,615.3
3,796.2
3,915.6
4,138.7
4,200.2
4,149.6
4,164.9
4,285.8
4,293.1
4,219.1
4,189.7
4,255.8
1,680.9
1,626.5
1,657.3
1,638.7
1,693.3
1,683.5
1,766.5
1,773.9
1,781.0
133.4
164.9
125.0
109.7
90.7
97.3
103.2
60.0
100.4
631.3
616.8
617.4
622.4
621.1
624.1
647.0
679.9
673.6
688.6
658.3
642.5
580.4
429.6
441.3
460.8
491.0
507.6
125.4
130.7
131.8
127.0
131.1
133.4
129.7
125.4
127.6
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
International
institutions
Total foreign
countries
Official
and
2
NethUnited
King- France erlands
dom
Switzerland «
Other
Italy Europe
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
543.2 270.1 132.4
591.2 254.4 154.5
642.6 289.4 148.8
493.3
506.8
521.3
288.2 1,116.5
293.1 1,086.1
300.5 1,022.2
153.7
155.9
149.7
122.0
155.9
203.0
241.2
299.4
345.1
521.6
542.9
544.8
584.3
599.6
600.8
617.5
612.3
606.1
290.2
293.9
292.1
286.5
278.5
266.8
291.7
294.7
291.7
Total
Europe
Canada
Latin
America
Asia
All
other
Official
private
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
,722.2
1951—Oct. 31 . .
Nov. 30. .
Dec. 3 1 . .
,763.3
,760.9
,708.2
1952—Jan. 3 1 . . .
L.700.9
L.646.4
1,677.2
1,658.6
1,713.3
1,703.4
1,786.5
1.793.9
1,800.9
Feb. 29...
Mar. 3 1 . . .
Apr. 30...
May 31 . .
June 30. . .
July 3 1 . . .
Aug. 31 P . .
Sept. 30P..
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
7,413.1 3,480.1
7,441.4 3,445.0
7,594.0 3,480.5
7,517.7
7,745.8
7,796.1
7,924.5
8,239.9
8,334.6
8,568.6
8,720.1
8,905.6
3,355.2
3,521.8
3,622.6
3,735.8
3,930.2
4,017.7
4,325.6
4,506.5
4,625.9
458.9
326.2
546.3
574.4
8
656.6
644.6
796.9
783.6
745.0
756.8
793.2
848.1
833.5
874.2
245.9
167.7
192.8
171.6
260.7
252.8
253.4
251.4
256.3
267.2
299.2
344.3
395.7
404.6
850.5
739.8
738.1
717.0
799.2
997.8
959.2
958.0
970.8
1,004.7
1,028.9
1,058.3
1,079.5
1,141.0
2,420.7
1,976.7
2,472.4
2,513.9
6
2,777.7
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
1,316.4 232.8
1,057.9 193.7
1,151.8 167.4
961.0 179.5
1,378.5 254.5
2,843.7 1,257.8 1,502.2 1,535.0 274.3
2,886.1 1,250.1 1,461.6 1,555.8 287.8
2,924.7 1,307.1 1,455.2 1,609.6 297.4
2,860.7
3,002.2
2,979.7
2,964.9
3,062.7
3,192.0
3,401.0
3,515.0
3,662.7
1,316.5
1,336.3
1,339.7
1,397.8
1,496.0
1,503.0
1,540.3
1,528.1
1,529.6
1,400.7
1,416.3
1,463.1
1,490.2
1,529.3
1,516.3
1,538.0
1,572.9
1,578.1
1,635.7 304.1
1,661.9 329.1
1,687.8 325.9
1,755.0 316.6
1,826.0 325.9
1,790.0 333.2
1,757.7 331.6
1,733.3 370.8
1,799.1 336.0
P Preliminary.
1
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts
with the U. S. Treasury.
s
Beginning with 1947, thesefiguresinclude 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.)
•6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030.
1340
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
Date
1946—Dec.
1947—Dec
1948—Dec.
1949—Dec.
1950—Dec.
31..
31
31 #
31..
31. .
Other Aus- Bel- CzechDenoslo- mark
Europe tria gium vakia
Finland
NorGermany Greece way
66.5
52.8
44.7
38.0
45.5
22.2
30.5
19.1
25.1
18.3
89.5
178.9
149.4
221 6
1.5
1.5
1.3
47.2
46.7
45.3
.7
.8
.7
.7
.6
.6
.6
.6
.9
44.0
38.7
38.9
37.6
37.0
34.2
37.5
43.8
51.0
850.5
739 8
738.1
717.0
799.2 'H'.9
159.5
124 9
128.7
119.9
128.2 "s'.6'
1951—Oct. 3 1 . . 1,116.5 61.1 143.6
Nov. 30.. 1,086.1 62.9 145.1
Dec. 3 1 . . 1,022.2 57.1 134.7
1952—Jan. 3 1 . .
Feb. 2 9 . .
Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 31 P.
Sept. 30*>.
997.8
959.2
958.0
970.8
1,004.7
1,028.9
1,058.3
1,079.5
1,141.0
57.0
55.4
54.0
54.9
53.1
49.5
51.9
60.7
74.3
132.8
136.6
132.1
134.1
155.0
137.5
143.5
142.0
136.7
Poland
Portugal
49.3 123.5
34.7 56.2
21.1 77.7
29.6 69.4
32.3 43.6
4.2
39.0
47.1
37.7
38.1
45.7
7.0
6.7
6.1
24.0
27.9
27.0
488.3 39.1 106.3
455.9 41.5 98.6
405.6 45.8 99.7
2.4
2.6
2.8
36.4
35.4
40.7
30.0
30.7
26.9
23.8
23.9
21.3
22.7
24.4
25.9
395.1
353.0
361.8
380.2
390.5
453.1
464.3
457.5
486.2
2.4
5.8
2.5
2.1
2.4
2.6
4.7
3.1
2.2
40.7
42.8
41.8
41.6
43.1
40.6
45.9
49.4
50.9
7.1
38.9
38.4
41.0
41.9
41.1
41.7
38.7
39.4
39.8
97.7
96.7
104.4
100.5
100.9
94.6
96.1
100.9
104.1
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
6.0
6.0
6.1
16.8
18.4
17.1
83.7
80.3
71.7
6.0
6.1
6.2
6.1
6.1
6.0
5.7
5.7
5.7
16.6
17.4
17.9
17.7
20.2
18.5
18.0
17.6
20.3
64.3
64.4
62.4
65.3
65.8
68.4
70.6
73.0
77.6
4.2
4.9
2.5
2.4
2.2
2.0
2.0
2.1
5.1
Netherlands
West Peru
Indies
and
Surinam
Republic of
Panama
Rumania Spain
8.9
8 7
4.0
12.4
12.1
19 9
7 6
13.2
112.5
138.2
119 3
117 4
52.4
2.5
2.3
2.5
4.0
8.2
7.1
53.6
52.7
57.6
7.7
59.5
58.8
57.9
54.2
55.1
47.6
44.6
46.5
46.1
8.7
7.1
7.6
7.8
10.7
11.4
12.6
14.1
Table 2b.—Latin America
Latin
BoAmer- Argentina livia
ica
Date
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRe- mala
ico
public
1946—Dec.
[947—Dec.
1948—Dec.
L949—Dec.
1950—Dec.
31.
31.
31.
31.
31.
1,104.8
1,216.6
1,287.0
1,436.7
1,612.9
112 6
236.2
215 8
201 1
301.8
14.0
17.8
17.1
13.5
20.4
174.0
104.7
123.7
192.8
226.0
50.7
46.3
55.6
60.9
79.5
Uruguay
Other
Vene- Latin
zuela America 3
57.8
46.1
54.0
85.9
53.4
153.5
234.7
219 .4
164.2
259.1 42.7
152.2
139.2
146 7
214.6
25.4 207.1
16.1
14.9
24.3
25.9
30.2
40.9
41.8
52 6
52 8
60.2
77.2
70.3
71 8
74.3
59.2
16.1
74 0
78.0
121.7
143 2
75.1 85.2
305.2 44.2
284.7 43.6
263.6 45.8
21.9 150.4
22.8 159.3
27.3 158.2
30.2
31.2
34.9
51.2
48.6
47.2
64.6
65.6
67.7
32.2
28.5
27.8
79.1
83.0
84.7
147.0
134.0
171.9
150.4
177.3
195.7
205.1
237.8
232.7
31.5
31.3
28.8
28.2
28.4
32.2
29.1
35.5
38.7
49.5
48.8
56.3
57.0
55.9
56.5
57.1
58.5
56.5
63.1
65.7
67.9
65.6
70.5
73.3
73.3
73.7
78.4
36.5 75.2 67.4 97.1
39.0 76.8 64.5 95.4
43.7 83.5 66.5 103.6
42.5 93.0 101.4 104.1
37.2 90.4 140.4 105.1
36.8 97.6 129.8 109.2
32.6 101.5 131.0 116.2
30.5 96.3 108.3 116.2
25.4 90.8 154.3 114.7
1951—Oct. 31. 1,502.2 299.5
Nov. 30. 1,461.6 277.1
Dec. 3 1 . 1,455.2 249.7
24.1 132.8
25.0 110.1
27.8 100.3
52.5 61.0
47.6 79.7
54.0 106.4
1952—Jan. 31. 1,400.7
Feb. 29. 1,416.3
Mar. 31. 1,463.1
Apr. 30. 1,490.2
May 3 1 . 1,529.3
June 30. 1,516.3
July 31. 1,538.0
Aug. 31 P 1,572.9
Sept. 30P 1,578.1
23.6 98.5
23.6 118.2
21.4 99.6
21.7 98.5
24.4 89.8
24.1 80.9
23.2 93.2
22.5 92.0
21.2 88.8
56.5
59.5
57.3
58.6
52.0
54.3
58.4
61.2
58.1
225.9
212.9
189.4
177.4
167.8
146.8
130.7
128.0
129.7
El
Salvador
97.6
96.3
95.0
91.1
80.7
73.6
77.6
86.7
88.3
253.1
265.5
288.3
307.4
318.1
316.6
321.2
341.4
321.4
46.1
48.9
50.5
53.4
51.5
50.4
51.2
49.9
46.6
32.1
35.9
39.5
40.0
39.7
38.3
36.4
34.4
32.4
68.0
68.1
71.9
181.8
186.5
184.1
207 4
71.3
85.4
86.6
87.8
Table 2c.—Asia and All Other
Asia
Date
ForPhilmosa
ippine Thai- Tur- Other All
Indoand Hong
land key Asia 8 other
China Kong India nesia Iran Israel Japan
public
Mainland
1,316.4 431.9 44.9
1,057 9 229.9 39 8
L,151.8 216.2 51.1
961.0 110.6 83.9
1,378.5 81.7 86.1
1951—Oct. 31.
Nov. 30.
Dec. 3 1 .
1,535.0
t.555.8
1,609.6
16.6
31.3
81.4
214.6
'i6!3 n'.6 458.5
90.0 60.1 59.8 128.0 21.0 13.5 538.7
88.4 62.0 57.7 129 1 21.8 14.4 568.7
87.4 62.4 62.1 140.6 25.5 26.6 596.0
1952—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
1,635.7
L.661.9
1,687.8
L,755.0
1,826.0
L,790.0
L,757.7
1,733.3
1,799.1
81.9
81.6
78.6
80.1
80.2
76.5
76.3
80.4
84.7
1946—Dec.
[947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31.
31.
31.
31.
31.
31.
29.
31.
30.
31.
30.
31.
31 P
30P
64.2
64.4
67.8
65.6
62.7
65.9
68.1
69.6
71.4
43.5
62.4
51.8
63.3
55.7
58.6
59.4
46.3
52.1
67.3
56.7
61.6
44.9
59.2
127.1
69.3
41.5
15.7
114.7
131.8
127.4
141.0
171.1
190.2
176.5
154.0
114.4
87.3
26.8
26.9
25.7
23.8
23.5
21.1
24.7
22.6
18.3
20.7
19.3
19.8
27.6
37.8
30.5
26.8
26.5
22.1
Egypt
and Union
Aus- Bel- Angloof Other*
gian
traEgyplia Congo tian South
Africa
Sudan
446.6
488 6
488.3
297.3
374.4
54.7 151.0 232.8
37 6 99.0 193.7
17.5 204.0 167.4
9 . 8 165.7 179.5
48'. 2 14.3 111.9 254.5
355.6
342.2
329.7
84.9 12.2 171.3 274.3 32.4
90.9 11.4 169.1 287.8 36.8
96.7 14.1 168.4 297.4 38.5
636.2
655.7
682.4
696.8
724.8
730.7
725.6
743.9
772.6
328.2
331.1
332.2
335.0
337.2
333.0
321.8
324.6
319.7
108.8
115.0
121.0
125.8
126.5
126.8
134.9
143.8
157.9
13.6
14.9
10.6
10.8
14.2
20.6
9.4
9.8
8.8
164.8
166.1
162.4
166.3
161.5
151.7
154.4
152.9
197.2
304.1
329.1
325.9
316.6
325.9
333.2
331.6
370.8
336.0
45.5
30 6
22.2
32.4
19.1 " 5 8 ! l
32.3
36.5
38.4
36.7
44.7
49.5
47.4
81.4
54.1
20.8
25 0
27.7
61.6
75.6
52.2 101.7
52.6 101.2
54.5 110.7
54.3
58.8
57.8
62.0
67.5
72.6
74.8
84.5
90.4
121.0
126.4
127.3
123.3
118.3
117.7
116.8
104.2
91.6
47.2 119.3
46.4 91 8
15^8 10l!6
6.0
79.5
44.0 57.7
16.0
13.6
7.0
72.0
83.7
86.8
9.1
87.3
95.7
93.3
80.7
83.1
82.5
81.5
86.5
88.4
11.8
9.0
13.9
12.4
10.9
11.2
14.2
11.4
parately as of that date.
d Uruguay, reported separately as of that date,
d with India. Beginning January 1950, excludes Irar,
DECEMBER
1952
1341
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES1
[Amounts outstanding, in millions of dollars]
31
31
31
31
31
708. 3
948. 9
1 018. 7
827. 9
898. 0
1951—Oct. 31
Nov. 30
Dec. 31
918. 1
943. 1
968. 4
1946—Dec.
1947—Dec.
t948—Dec.
1949—Dec.
1950—Dec.
United
King- France
dom
Total
Date
47
29
24
37
105
996. 0
964. 4
1 ,004. 4
1 ,019. 7
1 ,038. 7
1 ,032. 1
1 ,026 2
1 ,069 3
1 ,029. 0
1952—Jan. 31
Feb. 2 9 . . . .
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31 P
Sept. 30P
Netherlands
Switzerland
Italy
0
1
4
2
4
9.8
7.0
6.9
3.8
8.7
16.0
21.1
15.8
22.6
20.7
9.6
8.8
11.2
11.2
11.2
10.3
11.6
7
2
5
2
7
5 .7
23 .4
119 . 0
51 . 8
31 . 4
33 0
34 7
35 0
11 . 3
11 . 0
10 .1
2 9
3 9
5 0
5
8
4
5
0
2
9
2
8
14 .1
14 .1
13 .2
13 . 8
11 .6
11 .7
11 .6
9 .2
9.3
5 8
5 6
5 .7
3 .4
3.3
3 .1
3 .8
3 .3
2 .6
28
32
35
33
42
36
30
32
26
151
49
51
5
3
Other
Total
Europe Europe
Canada
Latin
America
82.8
118.9
106.3
98.5
67.1
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
10.3
92.1
97.7
111.2
160.1
163.6
182.8
102.5
118.3
92.0
463.8
465.5
489.3
12.6
14.4
21.5
23.5
24.9
30.4
28.6
24.6
19.6
114.6
103.0
89.6
81.1
79.1
68.8
67.2
66.5
75.1
186.8
180.2
176.9
163.9
168.2
160.2
150.0
145.7
141.8
89.3
72.4
72.1
76.4
69.5
53.9
45.1
55.0
63.9
Norway
Portugal
Spain
1.0
7.2
7.5
8.6
7.3
9.8
8.0
9.8
8.4
Asia
All
other
17.2
31.5
19.7
20.4
60.0
520.3
520.6
570.2
601.1
652.2
669.6
700.1
716.5
658.3
99.2
127.0
118.8
139.7
96.3
146.9
153.0
162.4
161.9
154.6
149.5
144.8
117.4
118.0
105.2
128.4
141.6
Sweden
Yugoslavia
All
other »
(8)
6 0
9 5
35.9
29 8
22.6
4.0
44.7
42.6
41.9
37.6
36.7
35.7
33.5
31.5
30.4
25.8
23.7
23.4
Table 3a.—Other Europe
Other
Europe
Date
1945—Dec.
1947—Dec.
194g—Dec
1949—Dec.
1950—Dec.
31
31
31
1951—Oct. 31
Nov. 30
Dec. 31
. .
1952—Jan. 31
Feb 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 3 1 P
Sept. 3 0 P
...
Finland
Germany
Greece
.5
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
5.7
5.9
4.8
2.7
3.2
3.1
30.9
28.6
28.3
.1
.5
.2
4.0
4.6
4.6
4.3
3.9
3.5
3.6
2.2
3.5
3.6
4 1
2.7
1.8
3.4
2.9
2.8
2.2
2.8
30.1
27.9
27.7
27.2
26.9
23.2
23.7
25.7
27.5
.2
Belgium
.2
15.0
21.4
19.3
21.5
2.2
.6
.4
3.2
23.6
27.1
39.6
42.9
33.7
28.7
21.3
17.6
13.9
12.9
11.5
11.8
82.8
118.9
106 3
98 5
67.1
31
31
Denmark
Austria
7.5
3
92.1
97.7
111.2
()
114.6
103 0
89.6
81.1
79.1
68.8
67 2
66.5
75.1
(3)
0)
(3)
(l)
(3)
(3)
.1
.1
.2
.2
.2
1.1
7
.5
.5
.9
2.9
7.0
1.6
4 9
5.4
1 4
2.3
6.9
1.7
1.1
2.5
.6
.7
.8
17.1
16.8
18.8
4.3
62
5.4
1.1
3 5
3.9
4.4
4 2
4.0
2.0
1 6
1.5
1.8
2.0
1.6
1.8
1.8
2.0
1.0
9
1.2
1.0
.8
.8
.7
.6
.6
19.0
19 8
13.5
12.6
14.6
14.3
14.3
12.5
13.5
5.2
4 3
4.2
3.6
3 2
2.7
3 1
1.9
2.2
2.4
1 3
.7
2.4
2 7
2.3
5
3.4
7.3
4.2
4 6
4.4
4.9
3 8
3.6
3 6
4.4
3.7
9.2
8 4
7.4
1.4
«
(«)
Table 3b.—Latin America
Latin
BoAmer- Argentina
livia
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
Re- mala
ico Indies
puband
lic
Suri-
Peru
RepubEl
lic of SalPan- vador
ama
Uruguay
Other
Vene- Latin
zuela America <
nam
14.6
27.8
15 2
15.5
155.6
7 2 164.3
7 . 5 185.0
20.6
22.7
24.8
43.0
39.7
43.7
30 1
29 4
32.3
207.3
217.0
234.9
272.2
320.7
358.3
392.6
403.9
374.7
26.2
23.6
29.3
29.1
27.5
26.1
27.0
23.0
21.6
39.3
36.1
33.8
31.5
34.3
35.0
34.5
37.6
32.1
29 6
31.0
56.6
54.7
55.9
51.8
52.5
49.5
33.6
41.8
65.2
72 4
53.6
45.9
1951—Oct. 31. . 463.8
Nov. 30. . 465.5
Dec. 3 1 . . 489.3
9.3
7.9
7.6
7.2
520.3
520.6
570.2
601.1
652.2
669.6
700.1
716.5
658.3
7.9
7.8
8.6
7.8
7.4
8.2
7.2
7.6
8.6
7.1
9.9
8.1
8.6
9.7
8.4
8.7
6.8
6.2
31..
31..
31..
31..
31..
1952—Jan. 3 1 . .
Feb. 29. .
Mar. 3 1 . .
Apr. 30. .
May 3 1 . .
June 30..
July 31. .
Aug. 3 1 P .
Sept. 30P.
26.4 25.7
32.6 108.6
32.6 83.1
21.1 27.5
42.5 27.6
49 8
165.8
2 7 165 4
2 . 3 136.9
8.7
78.0
226.8
514.3
516.6
411.1
378.8
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
2.3
2.0
6.8
'iy
"i'.6
25.5
52.2
73.8
73.0
70.6
1.7
1.7
1.8
3.4
3.2
3.8
74.1
87.4
90.6
l.l
L.4
L.2
13.9
12.7
11.8
3.1
3.3
3.0
7.5
8.4
9.5
2.2
2.1
2.1
2.9
2.4
2.2
1.9
1.8
1.8
4.0
4.2
4.2
4.1
3.7
4.1
3.7
3.2
2.8
109.1
103.0
101.1
94.4
90.8
78.0
71.2
91.7
92.0
L.2
L.2
L.2
L.3
L.I
L.2
L.2
1.1
1.2
12.0
11.8
11.5
10.3
11.6
10.9
10.9
10.7
10.3
4.2
4.1
3.9
6.8
6.0
5.9
6.3
3.3
3.7
9.9
8.4
7.5
6.5
5.3
5.4
5.3
5.3
5.1
.8
1.1
3.7
4.3
1.3
4.7
L.3
L.3
5.8
11.0
5.3
3.1
1 5
4 4
8.7
4 6
"6i8"
15.3
26.0
25.6
'*8!6' 49.4
13.4 66.9
9.3
54.6
10.5 41.7
11.8
7.9
19.1
24.9
27.9
30.5
32.1
25.7
20.6
34.9
38.7
33.1
32.2
34.2
32.1
32.4
32.4
31.7
26.2
34.5
34 7
43 !l
14.6
13.1
12.3
14.5
13.7
13.8
15.1
13.7
13.8
11.5
12.5
13.0
12.4
P Preliminary.
See footnote 1, p. 1340.
Beginning January 1950, excludes Austria, reported separately as of that date.
Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1
2
3
4
1342
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 dollar?]
Table 3c.—Asia and All Other
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Oct.
Nov.
Dec.
1952—Jan.
Feb.
Mar.
Apr.
May
Asia
31..
31..
31..
31..
31..
31..
30..
31..
31..
29..
31..
30..
31..
30. .
31 . .
31P .
June
July
Aug.
Sept. 30P.
Formosa
Philand Hong
Indoippine Thai- Tur- Other All
China Kong India nesia Iran Isn iel Japan Reland key Asia* other
Mainpublic
land
99.2
127.0
118.8
139.7
96.3
146.9
153.0
162.4
161.9
154.6
149.5
144.8
117.4
118.0
105.2
128 4
141.6
53.9
40.8
24.2
16.6
18.2
10.3
10.1
10.1
10.1
5.9
2.6
3.4
3.7
3.0
3.6
3.3
3.1
1.4
1.6
2.8
4.2
1.8
2.4
.8
1.3
1.0
9.6
9.1
8.6
8.1
7.3
8.1
8.3
10.1
.2
.9
15 . 9
14 . 1
6 !6 18 '.9 12 .1
8 .1 27 . 0
8 .5
8 .6 2 7 . 8 10 .7
9 .3 30 . 0 12 .2
8 .6
8 .9 35 .9
9 .0 32 .4
8 .8
10 .1 30 . 3
9 .1
10 .8 29 .3 11 .0
10 .6 30 .1 12 .5
1 4 10 7 27 7 14 3
S 10 3 27 4 10 4
6
9 6 22 Q 13
.7
9 .3 22 .8 10 .1
12 . 0
1.0
.5
1.9
.2
.2
#4
.4
.3
.4
.5
.7
.9
.6
29.6
20 . 4
17 . 4
16 .2
9 .7
13 .3
13 .4
14 . 8
16 .8
20 .4
14 .5
9 .4
6
5 .5
4 ?
3 .7
20.2
27.4
37.3
23.2
#
1
4.9
23.0
22.6
29.3
29.1
27.2
22.6
23.7
27.4
20.5
6.9
10 3
5.3
2 .8
2 .4
2 .5
2 .1
2 .9
3 .7
2 .8
3 .2
2 7
2 3
3 s
3 .8
1 .4
17 .7
1 .4
14 . 3
.9
10 . 6
.8
.6
.5
.6
13 . 8
23 .6
1 .6
15 4
16 7
37 0
55 .7
4.6
7.5
14.3
50.3
13.9
42.9
52.9
51.6
50.0
45.1
26.9
15.3
12.1
9.0
16.3
17 4
19.2
17.2
31.5
19.7
20.4
60.0
44.7
42.6
41.9
37.6
36.7
35.7
33.5
31.5
30.4
25.8
23 7
23.4
Australia
3 .4
9 .0
4 .7
7.9
40 . 8
25 .3
23 . 4
22 .8
21 .1
17 .5
17 .7
13 .5
12 .7
12 0
9 6
8 0
8 .2
Egypt
and Union
Bei- Anglo- of Others
gian Egyp- South
Congo tian Africa
Sudan
"46 94'
6 7
5 7
5 3
6 0
7.2
7 6
7 8
8 7
8 2
7 9
6 9
.4
.1
.4
.2
.3
.3
.2
.2
.1
.1
.1
.2
.2
.2
.2
.5
.6
10.1
14.4
7.9
4.5
7.3
7.6
6.8
6.7
6.3
6.0
5.7
7.0
4.8
4.7
3.7
3.5
3.1
3.3
8.0
6.8
7.7
7.2
4.7
5.6
6.5
4.7
7.0
5.0
5.1
6.1
4.9
4.1
3.8
4.7
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES J
(Inflow of Foreign Funds)
[In millions of dollars]
U.S. Government bonds and notes4
Year or month
1946
1947
1948
1949
1950
1951
1951—October
November
1952—January
February
March
April
May
June
..
...
July
August?
September?
.
Corporate bonds anc stocks •
Purchases
Sales
Net
purchases
Purchases
Sales
Net
purchases
414.5
344.8
282.4
430.0
1,236.4
673.6
20.7
20.7
27.2
20.2
15.5
19.4
13 9
31.2
39 6
39.1
37.5
35.0
684.2
283.3
330.3
333.6
294.3
1,356.6
282.5
17.4
36.0
12.7
18 7
16.3
15 8
22.2
32 0
29.2
13.3
15.7
-269.7
61.5
-47.9
96.4
942.1
-683.0
—261.8
3.4
-8.8
7.6
-3.2
3.1
-2 0
9.0
77
9.9
24.2
19.3
367.6
226.1
369.7
354.1
774.7
859.8
94.0
62.6
64.1
76.6
68.3
65.7
76.2
61.6
63 6
76.8
67.6
53.3
432.1
376.7
514.1
375.3
772.3
761.0
76.1
61.8
53.7
71.5
79.6
68.1
69.2
71.9
68 3
63.7
58.9
78.9
-64.5
—150.6
-144.3
—21.2
2.4
98.7
17.9
.8
10.4
5.1
-11.3
-2.5
7.0
-10.3
—4.7
13.1
8.7
-25.6
6
Total
purchases
Total
sales
Net
purchases
of
domestic
securities
782.1
570.9
652.2
784.1
2,011.1
1,533.3
114.6
83.4
91.3
96.9
83.8
85.1
90.1
92.8
103.2
115.9
105.1
88.3
1,116.3
659.9
844.4
708.9
1,066.6
2,117.6
358.5
79.2
89.7
84.2
98.3
84.4
85.0
94.1
100.3
93.0
72.2
94.6
-334.2
—89 1
-192.2
75 2
944.4
-584.3
—243.9
4.2
1.6
12.7
— 14 5
.6
5 0
-1.3
3 0
22.9
32.9
-6.3
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM3 FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES
(Return of U. S. Funds)
[In millions of dollars]
Foreign bonds
Foreign stocks
Year or month
Purchases
1946
1947
1948
1949
1950
1951
1951—October. .
November
December.
1952—January. .
February.
March....
April
May
June
July
August P ..
September
65.2
57.1
81.7
88.8
173.8
272.3
25.2
24.2
24.4
34.4
29.4
22.0
28.9
19.0
19.2
23.9
24.1
24.6
Sales
Net
purchases
Purchases
65.6
42.6
96.7
70.8
198.2
348.7
21.4
47.6
82.6
29.9
28.1
35.8
44.9
20.4
29.8
33.0
22.1
24.5
-.4
14.6
-15.0
18.0
-24.4
-76.4
3.8
-23.5
-58.2
755.9
658.7
211.6
321.2
589.2
500.4
490.4
634.3
291 A
311.5
710.2
801.0
53.9
73.7
38.1
4.6
33.1
19.0
21.5
47.7
40.3
52.5
52.8
56.5
38.9
226.1
39.6
46.8
36.5
50.7
23.4
93.8
189.6
30.2
24.2
28.2
1.4
-13.8
-16.0
-1.4
-10.6
-9.1
2.0
.2
Sales
22.5
Net
purchases
265.5
24.5
-79.8
9.8
-121.0
-300.6
-172.2
34.2
-8.7
-3.5
-31.7
-1.9
-46.1
-149.4
22.4
28.7
28.2
16.4
Total
purchases
Total
sales
821.2
556.1
676.8
388.2
382.3
908.4
1,149.7
247.5
87.2
129.4
66.4
78.7
59.3
138.7
210.1
60.0
715.9
293.3
410.1
763.0
772.7
79.1
97.9
62.5
67.5
48.4
43.5
76.6
59.3
71.7
76.7
80.5
63.6
57.2
50.3
47.0
Net
purchases
of
foreign
securities
265.1
39.0
-94.8
27.8
-145.4
-377.0
-168.4
10.7
-66.9
1.1
-30.3
-15.8
-62.1
-150.8
11.7
19.5
30.2
16.6
P Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran
Israel,
and Thailand, reported separately as of that date.
2
Beginning
January 1950, excludes Belgian Congo, reported
separately as of that date.
3
4
Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
5
Through
1949
represents
transactions
in
corporate
stocks
only.
6
Includes net sales of 554 million dollars by Canada.
DECEMBER
1952
1343
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
United
Kingdom
Total
1946
1947
1948
1949
1950
1951
-334.2
-163.6
— 199 8
-11.8
87.0
823.2
121.2
— 15.9 - 5 6 8 . 4
1951—Oct....
-14.5
-229.4
-3.6
1.0
.8
3.1
3.1
5.6
.3
12.4
-11.2
Nov
Dec...
1952—Jan....
Feb.. . .
Mar....
Apr....
May...
June...
July...
Aug.P. .
Sept.?..
74.5
—36.9
-8.9
7.6
9.1
20.9
64.0
21.4
.7
-3.3
5.4
-.7
2.3
.4
1.3
2.4
7.2
7.0
-.2
.8
.8
.3
.6
.4
.9
.9
4 2
-1 6
2.4
22. 5
32.0
-7.2
-8.4
France
—6 8
-50.2
—82 8
-6.8
197.8
Nether- Switzerlands
land
—26.5
—98.2
— 79.3
—25.5
-6.3
—22.2
— 17.5
13.0
—40.0
44 2
19.0
45.9
.4
.6
.7
-2.2
-4.6
-1.0
11.2
1.5
.7
.4
-.6
-1.7
-2.7
-2.3
-2.6
-2.1
-3.0
-1.4
6.0
0)
1.6
.6
.7
-1.2
2.6
-4.3
10.4
-4.8
2.4
-.1
-1.9
.7
13.7
-.5
6.9
8.3
-2.3
Italy
Other
Europe
Total
Europe
Canada
—i
-17.1
— 10.8 —98 6
— 14.1 - 1 7 5 . 5
— 190 4
2.6
36.5
2 2
347.5
73.8
9.2
—43.8
-16.4
(i)
1.5
-.7
1.9
-.1
.2
.3
1.9
.8
3.8
-.1
.2
-.2
.1
.1
-.2
.3
.4
.1
-1.3
.3
—224 5
10.0
—23 3
-2.1
-15.3
6.3
—3.5
10.2
2.5
30.1
13.9
4.8
-5.0
2.6
5.0
3.9
1.2
3.1
14.1
-7.0
-3.1
n
-2!7
2.3
-2.3
-1.3
-1.1
-2.1
1.4
-.6
.7
1.2
.9
.6
-.4
-49.0
458.2
-595.5
All
other
Asia
-235.9
-1.7
-7.6
7.5
-1.2
3.2
7.5
Latin
America
-3.3
-1.9
2.6
21.3
15.1
-4.0
3.6
.7
4.4
6.8
15.7
.7
.9
0)
2.9
4.1
-.4
0)
-4.8
— .2
-7.3
1.5
.9
0)
-3.8
.2
—1 0
2.2
—3 9
,2
2.7
-.7
.1
.1
.3
.4
.1
.3
-.2
-.2
.5
.2
.3
-.3
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 AusEurope t r i a 2
-10.8
— 14 1
2.6
2 2
18.4
73.8
—43 8 — 11 9
1951—Oct....
Nov...
Dec. . .
1.9
.8
3.8
1952—Jan...
Feb....
Mar. . .
Apr....
May . .
June...
July...
Aug.?..
Sept. P .
— 1.3
.3
-1.2
-.6
.7
1.2
.9
.6
-.4
8'*
8
Belgium
Norway
All Latin
other America
6.3
2.2 -13.6
.6
- . 9 - 4 . 1 -9.2 -3.5
.3 10.2
2.6
-.3
2.5
-.9
1.6
1.4
6.0 30.1
12.6 36.7
13.9
—38.1
5
5.7
-.5
3.9
2.0 0)
1.2
.2
.7
3.1
.4
3.4 0)'
2
0)
0)
0)"
0)
0)
— .6
.5
-.1
.8
.2
.4
-.8
.4
-.1
(i)
.1
1
C )'
0)
2.3
— .9
- . 1 -2.3
2.9
-1.3
4.1
-1.3
-.4
.5
.6 - 4 . 8
1.5
1.8
.9
.2
-3.8
Colombia
Cuba
.1
.3
.2
1.2
-1.2
.5
1.7
— .9
-.8
— 1.0
24.6
6.1
.*8
.3
— .4
-.3
.6
.4
— 1.1
1.1
.3
-.1
-1.3
.4
.2
.1
.1
.3
.5
.8
-.1
-.4
-.2
1.3
Republic Uru- Other
Latin
2
of
Pan- guay America
ama
Mexico
4.5
6.8
2.5 - 6 . 9
2.9 - 4 . 7
.3
4 2
.1 - 5 . 0
.5
2 5
2 6
8
.
3
1.6
0)
-1.5
.7
.2
.6
l!6
1.0
-.2
0)
-.8
-.7
-.4
.8
.7
.8
1.1
-3.2
2.0
1.4
.4
-5.9
-.3
-2.3
-2.8
.5
1.0
-.1
.5
-.2
.3
.5
1.2
-.8
Asia
Formosa
and
China
Mainland
Indonesia
Philippine Other
ReAsia
public
.4
- 6 . 7 -224.5 -200.5 - 2 2 . 5 - 1 . 9
7.5
- 3 . 2 — 1.3
1.5
10.0
7.0
-.9
-.1
12.6 - 2 3 . 3 - 2 2 . 7
.4
4.4
-7.2
.2
-2.1
-2.1
.5
-3.0
-.3
11.1 - 1 5 . 3
.9 - 1 3 . 0
6.8
— .2
.3 - 2 . 1
1 5
4.8
2.5
.7
1.5
-5.0
.9
— 1
.2
-.1
1.7
1.3
.4
.5
C1)
—1.3
-1.1
-2.1
0)
0)
-7.3
0)
.1
-5.0
0)
0)
0)
0)
0)
C1)
-1.2
-'.2
.2
.1
0)
-.4
8
0)
0)
0)
0)
0)
0)l
()
0)
-1.1
-.3
— 1.6
0)
-i!o
-7.5
0)
C1)
— .1
.9
1.2
-.3
-.8
— .4
-.1
.1
.8
.6
0)
TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return of U. S. Funds)
[Net sales, ( - ) . In millions of dollars]
Year or
month
1946
1947
1948
1949
1950
1951
International
institutions
—249 3
(i)
-16.0
—3 6
-152,7
1951—Oct
Nov
Dec...
-99.4
1952—Jan
Feb
Mar....
Apr
May...
June...
July.. .
Aug.'..
Sept.*
-1.4
.1
-4.4
0)
-50.7
-.8
0)
-1.1
Total
United
Kingdom
France
265.1
288 3
-94.9
43.8
-141.8
-224.3
-20.9
-2 0
—9.9
-13.5
-6.1
-2.0
-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
-69.0
10.7
—66.9
.2
.3
— .1
.8
.8
.7
.4
.2
.2
1.4
.9
0)
0)
2.5
-30.4
-11.4
-62.2
-100.1
12.5
19.5
31.3
16.6
.2
-3.0
-.5
.1
-1.1
-1.6
-1.1
-1.0
1.3
1.0
.4
.2
.5
.5
.9
-.3
1.0
1.2
.7
.3
.5
.6
-.2
-3.9
-6.7
-2.9
-.7
2.3
.7
.4
1.7
1.0
o)' 1
* Preliminary.
1
Less than $50,000.
1344
2
0)
Nether- Switzerlands
land
9
-l!6
2.1
-.5
Italy
-.8
— .3
.1
.4
.5
1.2
.1
0)'
-.2
.4
-.3
.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
—258.6
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
1.4
.3
2.9
3.4
2.5
4 6
-76.5
9.2
—68.0
5.4
2.6
2.3
-2.0
-3.9
—6 8
.6
.3
9
.6
.8
2.8
.4
2.1
6.1
-.4
.2
.6
4.9
-.8
3.1
3.3
2.3
1.2
-9.6
-1.0
2.0
2.8
-30.6
-5.5
-71.2
-101.5
11.2
21.4
27.9
13.8
-1.1
2.3
1.5
1.0
1.9
2.5
—4.4
-1.8
-5.0
-4.1
-3.0
-2.7
7.4
2.7
.4
.3
.6
-5.5
8.8
.1
.4
.2
.6
-.2
0)
1.1
.6
Asia
All
other
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
Nether- Switzer
land
lands
United
Kingdom France
9.3
-1.5
-10.7
.9
.7
-4.8
-.7
1.2
.7
—A
A
.2
.6
-.3
-8.5
-4.8
-3.4
.2
2.5
.3
-1.9
.3
.7
1.1
.2
-1.3
.4
1.0
-1.6
1.3
-1.7
-1.1
.8
.3
-.9
.3
.2
-.1
-.2
.3
-1.7
1.0
1.9
-1.9
-.6
3.1
.7
-3.4
-.7
-1.0
.1
C1)
-.5
4.8
-2.7
1.7
2.9
-2.1
-1.1
-1.0
-.1
9.7
-11.3
-19.3
.6
8.0
-6.1
-.6
-1.0
-1.2
.1
— .1
.9
1951—October
November
December
-7.5
-.2
1.5
1952—January
February
March
April
May
June
July
August?
September?
-.2
5.3
1.2
-4.8
4.1
2.3
-3.7
-24 . 2
2.2
-2.9
-1.4
-2.5
_
e
Italy
0)
-
2
2
4
.2
-.1
0)
-.5
0)
.1
__ 2
.2
.1
-.2
— .3
.3
Other
Europe
Latin
Total
Europe Canada America
Asia
All
Other
1.1
-.5
-3.2
.1
— .2
-.3
-1.6
-9.3
-20.8
1.0
3.0
-3.3
2.0
-2.0
.1
.9
-3.0
2.8
7.5
-.6
1.2
-1.3
4.4
-5.0
1.0
1.8
.4
-.2
3.0
-.5
.7
-1.4
-.1
.2
.6
-.1
.2
.2
-.2
-3.4
23
.3
.4
.1
.3
-4.5
-3.1
1.3
.5
-.1
-.5
.5
-.4
.4
.2
2
-.3
- 5
1
.2
.3
.1
-3.7
8.1
1.1
-2.1
1.8
1.4
-1.5
-.3
.3
.6
2.2
-1.5
.1
-2.6
2.1
.5
-2.0
.3
2.0
.2
.5
— .2
-.8
.2
-.3
-.2
-1.7
0)
-2.9
2.6
2.2
-2.1
-3 4
-1.8
.6
0)
0)
-".6
.2
.1
P1 Preliminary.
Less than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.1; U. S. brokerage balances abroad, 32 .4.
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Estimated
world
production Total
outside
reported
USSR*
monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1,265.6
1,125.7
871.5
777 0
738.5
756.0
766.5
798.0
833.0
857 5
840.0
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728 1
753.2
776.2
758.3
Production reported monthly
Africa
South
Africa
Rhodesia
West Belgian United
Africa2 Congo3 States4
1951—September..
October
November
December. .
63.3
66.1
63.3
62.4
33.3
34.1
33 8
33.2
1.5
1 4
1.5
2.0
2 0
2.1
1952—January...
February
March
April
..
62.5
61.0
63.3
63 3
66.2
34 2
32.2
34.4
33 8
35.5
34 1
35.5
34 9
34 7
1 4
1.4
1.3
1 5
1.4
1.5
1.4
1 6
2.0
1.9
1.9
2 0
2.0
1.9
1.8
2 0
2.1
May
June
July
August
September
Canada
Mexico
Colombia
Chile
$1 =15/21 t'rains of gold 9110fine: i. t ., an out ce of fine gold =$.35.
32.4
28.0
23.0
504.3
19.6 209.2 187.1
27.8
18.0 131.0 169.4
28.0
20.9
494.4
26.6
29 2
22.1
23.0
48.8 127.8
448.2
19.7
15.8
19.8
20.7
18 4
12.7
35.8 102.3
17.8
19.4
429.8
94.4
427.9
12.1
32.5
17.5
17.7
19.9
18.9
51.2
99.1
19.1
11.6
14.7
15.3
417.6
20 5
392.0
10.8
75.8 107.5
16.3
13.4
18.3
19.3
23 4
70.9 123.5
405 5
18 0
11.1
12.9
11.7
12.9
14.2
409.7
18.5
67.3 144.2
23.1
12.6
12.0
80 1 155.4
23 2
14.3
13.3
408 2
17 9
17.0
66.3 152.7
13.8
12.7
15.1
403.1
23.7
1.4
Other
North and South America
2.0
1.1
6.1
1.1
.9
1.0
6.3
5.4
4.9
1.1
1.2
1.2
5.0
4.8
4.6
1.3
5.0
1.2
6.2
1.2
1.2
1.2
1 2
5.1
5.5
6.4
6 5
12.6
13.2
13.0
13.2
12.4
12.3
12.8
12.7
12.8
12.5
13.1
12 9
13.4
9.3
6.4
6.1
7.1
6.3
8.1
5.9
5.7
6.3
6.7
6.1
.4
Nica- Austra- India3
lia
ragua1
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
31.4
2.9
1.2
1.2
.9
.5
.5
.4
.8
.7
7
.8
.5
1.4
1.4
1.6
1.4
1.2
.6
.4
.5
7
.7
.7
.9
2.1
1.6
.4
.8
2.0
.8
1.2
1.3
1.5
.9
1.3
1 i
.5
.4
.7
.8
.8
7
7
8
10.0
9.1
8.8
6.6
5.9
46
6.1
6.5
5.7
67
7.6
.7
2.8
2.8
2.7
.7
.7
.7
2.4
2.6
2.5
2.8
2.7
2.9
.6
.7
.7
.7
.7
.7
.7
.87
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,figuresreported 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. Yearlyfiguresare 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.
6
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543.
DECEMBER
1952
1345
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
otal world
(excl.
USSR)* Treasury Total 2
Argentina
Belgium
Bolivia
Brazil
Canada
Chile
Colombia
Cuba
Denmark
127
145
83
51
52
74
191
226
279
289
299
271
38
38
32
32
32
31
21
21
20
21
21
19
Ecuador
1945—Dec
1946—Dec.. .
1947—Dec.. .
1948—Dec.. .
1949—Dec.. .
1950—Dec.. .
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
1951—Nov
Dec.
35,950
22,382
22,695
22,579
22,873
268
268
619
621
23
23
317
317
805
850
45
45
311
311
31
31
22
22
1952—Jan. . . .
Feb
Mar
Apr
May .
36,010
22,951
23,190
23,290
23,297
23 296
23,346
23,350
23 344
23,342
23,339
23,055
23,377
23 428
23,450
23 502
23,533
23,536
23 528
23 525
23,521
268
268
268
268
268
268
268
268
268
631
610
624
638
650
669
735
735
718
713
23
23
23
23
23
23
317
317
317
317
317
317
317
317
317
860
868
874
877
886
893
887
883
892
45
45
45
45
42
42
41
41
42
42
311
311
321
321
321
318
304
294
280
31
31
31
31
31
31
31
31
31
31
22
22
22
22
22
22
22
23
23
23
Egypt
France 3
Guatemala
India
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
28
58
96
256
256
* 201
* 180
1951—Nov
Dec
174
174
548
548
27
27
247
247
138
138
1952—Jan
Feb
Mar..
Apr...
May..
174
174
174
174
174
174
174
174
174
548
548
548
548
548
548
548
558
558
558
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
138
138
End of
month
Portugal
El Salvador
South
Africa
Spain
Sweden
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
110
111
111
111
85
61
482
381
105
81
70
90
1951—Nov.. . .
Dec
255
265
26
26
208
190
50
51
1952—Jan
Feb. . . .
Mar
Apr
May
June
July . . . .
Aug
Sept
Oct
265
270
274
274
274
274
274
274
277
282
26
26
26
26
30
30
30
30
29
29
190
193
169
164
161
148
151
159
158
P159
51
51
51
51
51
51
51
51
51
51
July
36,130
Aug
Sept. . . P36.210
Oct
End of
month
1945—Dec.
1946—Dec.....
1947—Dec
1948—Dec.. .
1949—Dec
1950—Dec
June..
July . .
Aug
Sept
Oct
Iran
Italy
24
Java
Mexico
Nether- New
lands Zealand
Norway
Pakistan
Peru
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
323
333
279
279
191
208
312
316
31
32
50
50
27
27
46
46
339
346
346
346
346
346
346
279
279
279
280
280
280
280
280
280
280
207
206
185
185
117
70
71
316
317
340
342
344
344
350
323
326
326
32
32
32
32
33
33
33
33
33
33
50
50
50
50
50
50
50
50
50
27
38
38
38
38
38
38
38
38
38
46
46
46
46
46
46
46
46
Switzerland
United
Kingdom
Uruguay
Venezuela
Inter- Bank fo
national InterMone- national
tary
SettleFund
ments
Thailand
Turkey
J 14.7
1,430
,356
,387
,504
,470
43
34
34
34
118
118
241
237
170
162
154
150
5 2.476
'2,696
>2,079
»1,856
> 1,688
3,300
195
200
175
164
178
236
202
215
215
323
373
373
1,356
,436
,451
1,495
39
32
30
36
68
167
136
152
,454
,452
113
113
150
151
»2,335
232
221
373
373
1,530
L.530
127
115
179
211
214
214
210
213
206
202
202
190
,438
,426
1,432
1,413
1,410
1,408
1,408
1,404
L,404
113
113
113
113
113
113
113
113
113
150
150
150
150
153
150
150
150
146
143
221
211
211
211
211
211
211
211
211
373
373
373
373
373
373
373
373
373
373
L.531
1,532
1,532
,532
1,535
1,537
1,537
1,681
1,683
1,691
116
126
143
151
154
154
166
181
183
187
5
2,037
1,771
1,700
5 1,662
» 1,678
s 1,685
5 1,716
5
1,672
M.685
5
5
1,767
15
P Preliminary.
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.
1
1346
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
Year or quarter
1945
1946
1947
1948
1949
1950
1951
Netherlands
Portugal
130.8
40.7
-23.5
-84!8' -79.8
-20.0
-4.5
—47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
10.4
10.5
Total
United
Kingdom
Belgium
France
—452 9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
-.2
406.9
734.3
446.3
-1,020.0
469.9
31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
278.5
68.8
173.9
101.5
-151.0
162.4
283.9
264.6
15.8
Sweden
80.2
238.0
3.0
-22.9
-32.0
Switzerland
Other
Europe l
Canada
Argentina
Cuba
Mexico
-86.8
-29.9
10.0
-5.6
-40.0
-38.0
-15.0
-7.4
27.3
86.6
5.8
2
-159.9
-68.0
-60.1
36.8
337.9
311.2
-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
36.9
45.4
61.6
-16.1
-118.2
-60.2
-5.0
-10.0
-20.0
-5.0
-13.7
-11.2
2-119.1
-10.0
2.3
7.9
-11.3
-15.0
3».4
-100.0
-10.0
-49.9
1949
Jan.-Mar
Apr.-June
July-Sept
Oct -Dec.
-12.5
-31.0
3.5
2 5
—33 9
1950
3.4
-49.9
-15.9
Jan -Mar.
Apr.-June
July-Sept
Oct -Dec.
—201 3
-30.4
-731.0
-762.4
—80 0
-580.0
-360.0
-876.3
-55.6
291.4
715.7
-400.0
-80.0
320.0
629.9
-12.3
2.0
557.3
105.7
-1.3
520.0
20.2
—35 0
-20.0
—28 5
-56.3
-79.8
-91.7
-4.5
-3.0
-16.0
-4.0
-15.0
— 13 0
-25'.6'
-11.9
3.4
—
- 4 712.4
. 1 -100.0
-15.0
-44.3
-15.8
8.2
20.0
-40.5
-61.9
1951
Jan.-Mar.
Apr.-June
July-Sept
Oct.-Dec
71 7
-10.0 -15.0
— 15 0
-5.0 -17.0
—5 0
— 11 2
— 10 0
-49.9
-3.5
-1.1
-20.0
-124.4
64.1
1952
Jan.-Mar
Apr.-June
July-Sept
22.5
-10.1
11.3
101.4
6 9
.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 doll ars]
(In millions of dollars at $35 per fine troy ounce)
Year or
quarter
Uruguay
Venezuela
-37.9 - 7 3 . 1
-9.2
-4.9
-3.7
25.1
10.7 -108.0
-14.4 - 5 0 . 0
-64.8
1945.
1946.
1947.
1948.
1949.
1950.
1951.
22.2
-.9
3.0
-16.5
-1.0
-50.0
Other
Latin
America
Asia
and
Oceania
- 2 7 . 8 3-188.3
25.0
13.7
79.1
1.0
13.4
-4.1
-7.5
-52.1
-17.2
-35.4
- 1 7 . 2 5-50.1
Union
of
South
Africa
Gold stock at
end of period
All
other
3.7
94.3
22.9
256.0
11.9
498.6
6.9
-1.6
195.7
13.1 4-47.2
52.1 4 - 8 4 . 0
1949
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec...
3.6
3.7
-2.9
-11.9
-2.3
-6.6
-2.2
-41.0
72.0
55.6
48.1
19.9
.1
.1
-2.0
.2
-10.4
-.9
.2
1.0
-13.9
-22.8
3.9
9.2
-26.9
-2.8
-14.7
-2.8
1950
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-12.0
-2.0
-23.9
-26.9
-5.9
1951
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec..
-50.9
15.0
28.0
30.1
-11.7
-5.0
3.5
-4.0
-18.8
-2.4
-3.9
-25.0
12.7
20.3
19.2
-28.0
-25.0
-31.0
1952
Jan.-Mar
Apr.-June....
July-Sept.. . .
10.0
1
2
-17.6
-7.4
-2.0
-3.2
-2.4
.4
4.3
7.2
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.
4
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.
DECEMBER
1952
p 2riod
1942
1943.
1944.
1945.
1946.
1947.
1948
1949
1950.
1951.
Earmarked
Net
Increase gold
gold: de- Domesin total port imtic gold
crease
or
gold
producor inexport
stock
tion1
crease
Treasury
Total»
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
- 2 3 . 0 315.7 —458. 4 125.4
22,739
48.3
-757.9
68.9 - 8 0 3 . 6
21,981
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 - 4 5 9 . 8 35.8
20,083
-547.8 — 106.3 - 3 5 6 . 7 32.0
20,706
623.1 311.5
51.2
465. 4
210. 0
75.8
22,868 «2,162.1 1,866.3
24,399 1,530.4 1,680 4 — 159 2 70.9
24,563
164.6 686.5 —495 7 67.3
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352 4 80.1
66.3
617 6
22,873
52.7 - 5 4 9 . 0
1951—Nov.. . 22,382 22,579
Dec... 22,695 22,873
185.0
294.1
-2.1
6.5
23,055
23,377
23,428
23,450
23,502
23,533
23,536
23,528
23,525
23,521
23,504
182.4
321.5
51.6
22.0
51.9
30.5
63.6
150.3
157.1
96.6
27.2
36.6
24.5
3.1
33.3
(*)
1952—Jan. . .
Feb...
Mar.. .
Apr. . .
May. .
Tune..
July...
Aug.. .
Sept...
Oct....
Nov...
22,951
23,190
23,290
23,297
23,296
23,346
23,350
23,344
23,342
23,339
23,337
3.8
-8.0
-2.8
-4.4
-16.9
(4)
188 4
289 9
137
152
-103
-75
27
19
-31
-32
-13
-92
s
-29
5
2
1
4
1
3
4
6
8
4
0
5.4
4.9
5.0
4.8
4.6
5.0
5.1
5.5
6.4
6.5
6.2
6.8
1
See footnote 2 on opposite page.
2
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 1345, footnote 4.
3
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 5,049.8 million dollars on Nov. 30, 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.
1347
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures.
1952
In millions of dollars]
1951
International Fund
1952
1951
June Mar,
Sept.
I n t e r n a t i o n a l Bank
Oct.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
t ..
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
July
Apr.
1,691 1,537
1,529
1,293 1,319 1,283 1,322
4,390 4,420 4,460 4,409
1,354
869
871
869
1
1
1
1
8,737 8,154 8,154 8,137
-7
-7
-7
-6
1952
Net currency purchased 1
(Cumulative—millions of dollars)
Oct.
Oct.
Sept.
1951
Aug.
Oct.
50.0 50.0 50.0
20.0
11.4 11.4 11.4
11.4
37.5 37.5 37.5
65.5
3.6
3.6
5.4
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
48.1 48.1
48.1 75*4
9.6
10.0 10.0
5.0
10.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.6 -1.6
-1.6
-1.7
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
Total.
712.3 712.3
712.3
Sept.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
13
11
6
5
Other
1,035
937
944
940
Investment securities (U. S. Govt. obli472
512
gations)
441
490
4
4
Calls on subscriptions to capital stock 2 . .
4
4
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
1,330 1,270 1,186 1,085
Other assets
15
14
14
13
Bonds outstanding
500
496
450
336
Liability on obligations sold under guar59
antee
56
41
33
Loans—undisbursed
407
403
372
368
7
Other liabilities
7
5
4
63
58
General reserve
46
55
30
Special 2reserve
28
22
26
Capital
1.807 1,691 1,691 1,688
1 As of Oct. 31, 1952, the Fund had sold 847.0 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 180.1 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Excludes uncalled portions of capital subscriptions, amounting to
7,229 million dollars as of Sept, 30, 1952, of which 2,540 million represents the subscription of the United States.
735.2
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1942—Dec
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
30.
29
27
26
25
31
29
28
27
1951—Nov. 28
Dec. 26
1952—Jan.
Feb.
Mar.
Apr.
May
June
Tuly
Aug.
Sept.
Oct.
30
27
26
30
28
25
30
27
24
29
Assets of issue
department
Other
assets 2
Gold*
Assets of banking
department
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 3
ECA
Other
Other
liabilities and
capital
17.9
17.9
17.8
17.8
18.1
18.1
18.1
18.1
18.1
Deposits
Bankers'
Public
.2
2
2
2
.2
2
2
4
4
950.0
1,100.0
1,250.0
1,400.0
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
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
5.2
5.3
10.3
18.6
11.7
11.6
15.4
17.4
97.9
.4
48.8
60.4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
4
4
1,400.0
1,450.0
38.2
14.1
16.8
18.2
364.0
389.2
1,363.7
1,437.9
294.7
299.8
16.4
13.4
6
6
89.4
89.8
18.0
18.1
1,400.0
1,400.0
1,400.0
1,450.0
1,450.0
1,500.0
1,550.0
1,500.0
1,500.0
1,500.0
48.1
34.9
17.4
41.9
39.7
59.8
36.8
43.0
57.8
57.7
7.9
17.7
23.6
27.4
11.9
21.2
21.6
7.2
5.2
9.3
343.7
344.2
351.8
306.1
319.6
309.6
319.7
324.4
333.5
324.8
1,353.8
1,367.0
1,384.6
1,410.0
1,412.2
1,442.1
1,515.1
1,459.0
,444.1
1,444.2
277.8
283.0
280.3
273.0
270.0
275.7
262.0
252.4
275.7
271.6
15.5
11.8
12.1
10.7
10.1
10.6
10.4
16.0
11.1
13.5
.5
.4
.5
.5
.5
13.6
18.2
23.0
24.2
22.2
87.5
83.1
81.3
73.4
72.6
72.5
69.2
64.8
67.0
18.3
18.5
18.5
17.8
18.0
18.1
18.3
18.4
18.5
17.8
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
4
4
4
4
4
66.7
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.
8
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 16, increased by 50 million on Apr. 1, June 25, and July 21, and decreased by 50
million on Aug. 27. 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.
1348
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
tnd 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
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,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
79.2
135.2
,407.2
,464.2
633.8
619.0
66.0
94.9
92.5
66.1
189.5
200.0
82.7
88.2
106.8
84.0
73.8
76.1
71.2
69.7
70.8
103.4
,375.6
,374.4
,393.2
,411.8
,417.4
,441.8
,458.3
,464.4
,476.5
,485.6
629.2
616.7
656.5
645.7
579.4
578.0
595.5
614.7
588.2
668.8
92.8
88.5
14.6
14.3
21.9
26.8
51.6
52.0
30.7
18.8
54.9
52.1
66.1
41.7
44.6
48.
41.6
47.4
49.4
56.0
153.4
112.5
98.6
1(59.0
117.1
93.9
111.2
122.1
134.0
99.8
Short-1
term
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
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
1.229.3
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—Nov. 30.
Dec. 31.
128.8
117.8
1,137.8
1,141.8
1,043.1
1,049.3
1952—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31 .
Tune 30 .
July 31 .
Aug. 29.
Sept. 30.
Oct. 3 1 .
85.4
70.3
60.1
72.3
78.3
43.8
63.0
74.9
73.5
42.8
1,095.4
1,058.1
1,179.9
1,191.5
1,203.6
1,251.3
1,280.0
1,303.2
1,263.7
1,286.7
1,042.6
1,027.7
882.2
874.7
824.6
817.8
843.9
852.9
870.9
896.1
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
225.7
Other
liabilities
and
capital 3
Note
circulation2
Other
Liabilities
Bank of France
(Figures in
millions of francs)
Gold s
Foreign
exchange
Advances to
Government 6
Domestic bills
Deposits 7
Other
assets 6
Note
circulation
Open
market
Special
Other
Current
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
137,689
136,947
2,345
661
12
169
29
48
303
3,135
64
8.577
28,548
34,081
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
14,200
63,900
69,500
68,250
64,400
15,850
67,900
147,400
150,900
157,900
158,900
1951—Nov. 29. 191,447
Dec. 27. 191,447
31,888 153,650
28,320 234,923
32,015
31,956
716,710
741,267
160,300 481,039
160,000 481,039
199,545 1,779,556
190,830 1,841,608
1952—Jan. 3 1 .
20,857
15,607
11,336
13,634
15,808
16,991
20,077
23,435
27,613
28,815
233,879
245,014
272,294
273,149
274,111
254,301
258,560
257,589
270,264
283,717
31,456
29,280
29,239
22,984
26,128
21,871
11,779
14,404
31,784
48,089
757,085 166,500 481,039
850,733 174,400 481,039
841,006 169,300 479,982
799,004 171,100 500,982
841,897 169,000 479,982
831,044 168,000 479,982
835,599 167,800 479,982
854,081 168,600 479,982
812,416 166.300 479,982
872,793 171,100 479,982
184,064 ,866,693
126,412 ,880,832
113,099 ,861,681
139,747 ,925,615
118,726 ,900,526
110,501 ,885,929
184,957 ,984,549
169,852 ,969,553
171,274 ,962,270
'161,989 2 ,024,943
1939—Dec. 28..
1940—Dec. 26.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 30.
1944—Dec. 28.
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec. 29.
1950—Dec. 28.
Feb.
Mar.
Apr.
May
Tune
July
Aug.
Sept.
Oct.
28.
27.
30.
29.
26.
31 .
28 .
25.
30.
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94,817
65,225
65,225
62,274
182,785
191,447
191,447
191,447
191,447
191,447
191,447
191,447
194,943
194,943
194,943
112
42
38
37
37
42
68
7
12
30
61,943
162,017
Other
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
57,622
112,658
212,822
151,322
218,383
270,144
382,774
500,386
572,510
570,006
721,865
920,831
987,621
,278,211
,560,561
Government
ECA
Other
14 751
77 ,202
75 272
?9 ,935
1 914
Other
liabilities
and
capital
70
57,755
63 ,468
8? ,479
171 ,783
158 ,973
15 .058 161 .720
2,925
44,986
68,474
8
21,318
8
15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
19
29
1 ,869 157 ,228
10,587 166 ,226
27,922
41,332
57
96
22
84
39
36
55
13
83
25
7 ,157
3 ,699
15 ,783
341
6 ,645
730
816
9 ,039
539
8 ,392
156 ,405
198 ,702
188 ,767
156 ,326
171 ,350
143 ,900
121 ,411
137 ,403
129 .755
158 ,275
36,015
30,601
41,448
29,679
38,539
43,541
43,369
46,878
61,930
49,792
984
1 517
770
578
748
12,048
765
733
806
1,168
,137
,855
8
8
1
2
3
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 61940, pp. 677-678).
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, 9 64,580; 1942, 16,857; 1943. 10,724.
Includes advance to Stabilization Fund, amounting to 37.8 billion francs on Oct. 30.
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.
DECEMBER
1952
1349
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks.
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold i
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad a
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government 3
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund *
Paid-in capital—Int'l. Bank
1952
Oct.
Sept.
1951
Au,
814
814
814
\
85
17
2,125 2 ,13.
2,126
46,821 46,271 45,770
210
251
257
18,254 17,970 17,818
27,693 27,39: 27,246
834
840
783
3,274 3,223 3,139
309,175 298,643 300,099
6,151 5,374 4,587
439,997 462,950 453,301
43,171 48,68. 61,180
313,168 310,418 306,668
157,595 184,445 191,220
39,419 37,574 36,536
288,314 283 ,215 284,743
98
1,570
7,124
2,341
51
8,583
298
498
1,804
35,674
17,323
4,113
34,763
9,701
4,087
95,194
1,770
1,350
7,347
98
1,363
7,103
2,529
38
8,528
22
485
1,891
98
1,209
7,20'
2,762
40
8,686
255
479
1,896
35,897 36,760
16,823 16,800
4,252
5,678
34,763 34,763
9,131
8,261
4,013
3,859
94,411 95,465
1,433
1,326
1,358
1,394
7,676
7,936
(June)1
1,370
1,056
1,510
1,830
333
4,438
943
719
444,164 464 ,220 503,453
61,000 72,000
60,801 57,888 49', 792
4,950
5,897
3,781
380,926 392,281 393,671
6,054 5,713
3,691
146,071 163,358 123,681
38,810 37,706 35,983
1,110
1,109
105
90
221
221
2,464
2,238
665
664
9,863 9,318
2,649
2,619
11,008 11,154
2,388
2,757
328
306
2,667
2,726
1,109
101
221
2,287
665
9,026
2,522
10,519
2,345
498
2,571
249,695 !48,547 241,685
24,371 24,371 24,371
1,414
1,411
1,407
Oct.
1952
Central Bank
(Figures as of last report
date of month)
Oct.
Bank of t h e Republic of Colombia— Cont.
829
Loans and discounts
1,336
Government loans and securities
2,052
Other assets
40,646
Note circulation
292
Deposits
15,51
Other liabilities and c a p i t a l . . . .
26,059 Central Bank of Costa Rica
764 (thousands of colones):
2,820
Gold
Foreign exchange
Net claim on Int'l. Fund 4
585,757
Loans and discounts
4,868
Securities
Other assets
433,319
Note circulation
84,565
Demand deposits
286,971
Other liabilities and capital
National Bank of Cuba
508,570
(thousands of pesos):
25,348
Gold
287,621
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
51
Silver
403
Net claim on Int'l. Fund 4
5,650
Loans and discounts
3,528
Credits to Government
36
Other assets
7,326
Note circulation
211
Deposits
800
Other liabilities and capital
1,330 National Bank of Czechoslovakia *
National Bank of D e n m a r k
(millions of kroner):
31,029
Gold
16,493
Foreign exchange
7,248
Contributions to Int'l. Bank. . . .
34,860
Loans and discounts
7,15
Securities
3,451
Govt. compensation a c c o u n t . . . .
92,51
Other assets
2,036
Note circulation
1,03'
Deposits—Government
4,65:
Other
Other liabilities and capital
lentrai Bank of t h e Dominican
1,370
Republic (thousands of dollars):
635
Gold
1,018
Foreign exchange (net)
1,856
Net claim on Int'l. Fund *
10'
Paid-in capital—Int'l. Bank
3,853
Loans and discounts
495
Government securities
639
Other assets
Note circulation
Demand deposits
684,347
Other liabilities and capital
13,972 Central Bank of Ecuador
3,252
(thousands of sucres):
2,407
Gold «
410,889
Foreign exchange (net) 8
69,707
Net
claim on Int'l. Fund *. . . .
174,248
r
Credits—Government
49,134
Other
Other assets
Note
circulation
1,205
Demand deposits—Private banks
344
Other
107
Other
and capital. . .
1,502 National liabilities
Bank
of
Egypt
(thou674
sands of pounds):
5,678
Gold'
3,167
Foreign exchange
8,098
Foreign and Egyptian
1,817
Government securities
408
Loans and discounts
2,354
Advances to Government
Other assets
Note circulation
177,636
Deposits—Government
24,369
Other
7,118
Other liabilities and capital
1951
Sept.
Aug.
379, j 376,266 354,303
169,498 161,914 160,758
85.089 86,854 87,116
513,298 507,131 503,458
328,72 324,054 302 ,59.
67,926 68,177 63,587
11,511
62,728
7,031
86,003
7,349
24,919
117,999
60,639
20,903
11
72
7
77
7.
24,
116.
64
19,
Oct.
291,262
151,070
101,846
414,863
275,015
63,424
11,511
11,511
80,896
16,917
7,031
7,031
97,158
69,244
8,182
7,435
23,652
24,826
115,371 103,248
42,494
66,276
18,709
19,296
279,998 293,998 310,564
65,149 79,118 64,856
157,245 164,410 117,105
36,623 34,988 42,242
12,511 12,511 12,511
36,374 16,006
4,692
30,673 22,675 10,217
36,872 31,402 28,127
421,601 417,510 367,405
223,878 228,611 215,252
9,966 8,986
7,658
69
567
69
603
' 81
441
3,495
245
1,790
1,493
1,445
171
' '85
441
,513
242
,681
,497
,610
166
" "86
437
3,517
241
1,643
1,500
1,551
166
69
459
8
134
141
3,903
590
1,661
1,806
1,657
183
12,071 12,066
21,573 21,785
1,250 1,250
42
42
181
206
8,395 8,395
632
618
32,425 32,996
10,327 9,998
1,393 1,369
12,066
15,119
1,250
40
444
6,217
995
25,957
9,343
833
338,322
,067 337,608
129,796
,039 145,425
18,757
,757 18,757
79,112
,842 228,607
!O5,872
,587 239,727
63,410
,190 153,360
169,005
,958 562,793
78,956
,344 167,099
58,586
,575 159,488
228,723 209 ,605 234,104
335,578
80,191
18,758
205,929
175,965
190,507
489,938
135,348
115,487
266,154
60,553 60,553 60,553
12,013 13,786 13,882
60,552
37,409
12,076
19,259
1,250
42
457
8,395
827
31,619
9,267
1,419
186,269
20,899
2,555
3,096
88,578
67,779
05,889
23,139
278,513
15,665
5,310
2,840
181,407
54,177
118,100
22,982
69
510
276,429 329,238
14,320
8,728
3,664
3,087 ''3,670
175,519 184,121
96,690
48,076
126,132 134,666
22,207
24,120
r
* Latest month available.
Revised.
On Aug. 17, 1950, gold 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.
Includes special loan under Bretton Woods Agreements Act.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
5
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
6
In
December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.
1
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.
1
2
3
4
1350
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
State 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
Oct.
73,613
20,312
1 ,566
30,072
6,595
1,379
78,507
47,595
7,435
Sept.
Aug.
73,685
26,999
1 ,566
25,388
6,336
1 ,427
78,852
49,048
7,501
73,753
35 ,735
1 ,566
18,643
6,344
1,393
81,019
49,146
7,268
5,865
5,865
9,218 10,551
1,672
3,243
39,271
38
1 ,189
1,172
1,907
1,966
42,440 43,768
1,793
2,703
15,218 14,893
518
4,284
2,467
7,882
802
10,257
1,671
1 ,758
268
1,998
1951
5,865
12,577
2,048
38,283
1
,145
1,888
45,193
2,355
14,258
459
497
3 ,985 3,669
2,837
2,951
8,381
7,824
709
833
10,122 10,039
1 ,820 1 ,750
2,178
1,983
240
250
1 ,914 1 ,847
1 ,622
138
8,969
3,402
1,603
2,216
858
1,515
149
8,900
3,319
1 ,643
2,246
812
1,501
127
8,891
3,289
1 ,797
2,182
824
7,336
2,092
3,233
6,852
2,005
3,611
6,902
1,965
3,732
27,228
11,452
1,250
8,073
19,449
40,486
3,369
27,228
10,747
1,250
8,491
19,390
39,634
3 ,340
3,712
7,819
12,601
27.228
11,119
1,250
7,595
18,528
39,695
3,326
3,761
7,284
11,653
400
5,382
4,611
830
10,875
400
5,382
4,646
818
10,858
347
1,515
15
33
1,027
2,690
248
389
1 ,411
14
33
1 ,031
2,635
243
2,676
7,729
13,193
2 ,646
2,646
2,646
59,383 57,627 55,772
62,029 60,273 58,418
Oct.
Central Bank
(Figures as of last report
date of month)
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
5,420
Bullion
16,033
Advances to Government
846
Loans and discounts
28,859
Government securities
940
Other assets
4,478
Note circulation
42,014
Deposits—Government
1,223
Other
13,340
Other liabilities
The Java Bank (millions of rupiah):
Gold*
2
Foreign exchange (net)
2,395
Loans and discounts
3,933
Advances to Government
8,715
Other assets
1 ,344
Note circulation
8,989
Deposits—ECA
2,364
Other
1,948
Other liabilities and capital. . . .
481
of pesos):
2 ,608 Bank of Mexico (millions
Monetary reserve 5
"Authorized" holdings of securities, etc
1 ,048
Bills and discounts
195
Other assets
7,364
Note circulation
3,591
Demand liabilities
2,209
Other liabilities and capital
2,008
(millions of
917 Netherlands Bank
guilders):
Gold'
5,359
Silver (including subsidiary coin)
2,244
Foreign assets (net)
3,881
Loans and discounts
Govt. debt and securities
Other assets
27,228
Note
circulation—Old
6,227
New. .
1,250
Deposits—Government
7,749
ECA
18,365
Other
36,672
Other liabilities and capital
3,292
1 ,752 Reserve Bank of New Zealand
8,374
(thousands of pounds):
Gold
10,728
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
400
Investments
5,982
Other assets
4,681
Note circulation
690
Demand deposits
11,283
Other liabilities and c a p i t a l . . . .
Bank of Norway (millions of kroner):
470
Gold
1,981
Foreign assets (net)
70
Clearing accounts (net)
50
Loans and discounts
1 ,186
Securities
3,523
Occupation account (net)
235
Other assets
Note circulation. .
Deposits—Government
2,646
Banks
53,189
ECA—MSA
55,835
Other liabilities and capital . . .
64,411
43,047
1,565
14,159
5,578
1,657
72,653
50,804
6,961
1952
Oct.
Sept.
1951
Aug.
4
37
590
274
227
787
,278
4
39
590
259
217
808
1,285
4
39
590
259
211
823
1,268
66
50
417
107
61
54
414
102
" 103
56
401
100
Oct.
4
35
590
250
187
737
1,154
2
157
95
317
77
448
^501
38,390 41,243
351,904 378,830
131,585
82,373
106,350 '•50,999
464,224 425,900
78,635
77,894
43,993
22,933
41,823
27,220
1,063
225
763
3,327
600
3,692
496
1,140
650
1,063
441
685
3,291
622
3,689
496
1,202
715
1,063
160
537
3,959
614
3,763
496
1,489
583
1,060
532
638
1,404
828
2,918
777
768
1,079
1,099
1,076
2,922
432
379
3,115
1,202
495
2,908
477
392
3,053
1,345
479
2,883
505
316
3,066
1,240
474
,966
463
518
,997
,622
482
1,235
14
2,098
37
1,495
629
41
2,946
800
1,129
375
219
1,235
14
1,984
40
1,538
645
41
2,988
753
1,129
330
214
1,222
14
1,694
38
1,755
609
42
2,913
761
1,062
347
207
,182
19
267
367
,187
637
46
,841
1
,745
493
533
5,996
6,008
20,163 23,156
6,019
6,019
5,418
59,361
6,019
55,454
40,182
1,518
59,331
62,705
7,307
52,717
36,182
1,256
59,568
58,565
7,192
51,373
36,132
3,778
61,298
94,166
6,618
242
469
50
43
45
5,546
69
2,751
2,123
723
289
579
242
444
52
46
45
5,546
60
2,761
1,946
902
271
555
242
324
-10
41
46
6,202
165
2,488
1,727
1,132
836
828
242
493
64
41
45
5,546
71
2,747
2,128
774
299
553
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.
2
For last available report (July 1950), see BULLETIN for December 1950, p. 1699.
3
For
last available report (February 1950), see BULLETIN for September 1950, p. 1263.
4
Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.
5
Includes
gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
6
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.
DECEMBER
1952
1351
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. .
Govt. of India securities. ..
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central'Bank of Paraguay 1
(thousands of guaranies):
Gold
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
Deposits—Government
Other
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..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands
of pounds):
Gold 4
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
Oct.
Sept.
Au
Oct.
81
437
945
126
300
70
1,914
81
482
900
126
300
71
,875
48
85
75
1
455
433
111
46
2
473
495
102
157
494
594
106
81
573
809
126
300
73
146
,169
677
,260
11
11
075 -1 ,075
676
,676
324 142 317 ,197
200 935
,285
345, 906
,898
70
,214
128,
,500
112.
,911
573
67
2
317
848
215
,333
392
297
18,294
454,626
29,504
48,195
231,882
150,353
530,688
266,976
135,188
17,958 17 622
458,189 455 214
504
29
055
48
824
231
770
157
495
527
126
274
368
140
430
522
778
422
605
035
441
29
118
134
,453
,582
,494
,914
,027
,424
,993
559
374
15,670
21,576
558
374
558
374
15,
Central Bank
(Figures as of last report
date of month)
1952
Oct.
Sept.
1951
Aug.
Bank of Spain—Cont.
,778 27,699 26,930
Other assets
,464 36,646 35,793
Note circulation
44
,190
1,518
1,434
Deposits—Government
901
,219
3,036 2,892
Other
663
,083 23,941 23,039
Other liabilities and capital
128 Bank of Sweden (millions of kronor):
300
418
444
445
Gold
33
,309
1,315
1,334
Foreign assets (net)
,041
129
88
88
Net claim on Int'l. Fund *
11
11
11
Paid-in capital—Int'l. Bank
29
Swedish Govt. securities and ad- 1
604
,552 2,477 2,562
vances to National Debt Office
99
309
306
302
Other domestic bills and advances
1
724
747
728
Other assets
287
,292 4,158
4,121
Note circulation
905
287
284
500
Demand deposits—Government..
114
225
432
96
Other
647
632
634
Other liabilities and capital
Swiss National Bank (millions of
francs):
,805
5,799
,798
Gold
443
418
375
Foreign exchange
227
231
231
Loans and discounts
87
75
77
Other assets
,797 4,747
,677
Note circulation
,560
,602
1,577
Other sight liabilities
203
199
200
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
402
409
Gold
419
Foreign exchange and foreign
104
85
100
clearings
510
,794
1,713
1,756
Loans and discounts
21
27
27
27
Securities
2
106
102
132
Other assets
312
,262
1,268
1,238
Note circulation
702
153
153
153
Deposits—Gold
179
814
769
769
Other
,182
203
232
187
Other liabilities and capital
307 Bank of the Republic of Uruguay
235
(thousands of pesos):
321,119
Gold
9,487
Silver
12 ,342
314
Paid-in capital—Int'l. Bank
498 ,049
154,595
Advances to State and Govern29 504
360,328
ment bodies
47 171
458,074
Other loans and discounts
230 ,846
370,950
Other assets
205 ,828
88,240
Note circulation
580 017
309,871
Deposits—Government
244 705
534,855
Other
199 ,018
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
168
,141
1,141 1,141
Gold
271
113
189
228
Foreign exchange (net)
701
71
76
85
Other assets
251
854
866
855
Note circulation
677
245
274
290
Deposits
807
226
266
310
Other liabilities and capital
106 Bank for International Settle42
ments (thousands of Swiss gold
802
francs):
310
571 835 560,242 555,444
Gold in bars
Cash on hand and with banks. .. 51 2 79 47,168 72,406
11 049 10,334 10,338
Sight funds at interest
,959
Rediscountable bills and accept280 352 260,537 219,057
,290
ances (at cost)
89, 045 72,195 43,506
,519
Time funds at interest
,847
Sundry bills and i n v e s t m e n t s . . . . 260. 588 197,053 205,734
201 297,201 297,201
,472
297,
Funds invested in Germany
,548
1,458 1,409
1 382
Other assets
797 401,662 377,426
,596
414
:
Demand deposits (gold)
Short-term deposits:
550
Central banks—Own account.. 607 334 503,421 478,654
378
40. 247 41,426 50,108
Other
,902
228 909 228,909 228 ,909
Long-term deposits: Special
,081
271. 443 270,769 269,998
Other liabilities and capital
Oct.
24,840
33,897
178
3,085
21,591
295
1,353
88
10
3,054
238
542
3,755
529
673
623
5,986
194
214
79
4,590
1,684
199
420
132
1,431
15
72
1,128
153
617
172
368,336
9,677
318
116,886
321,657
384,054
352,914
83,004
310,159
454,851
1,141
-103
127
759
216
190
404,550
35,863
10,569
173,302
35,485
262,542
297,201
1,886
217,181
412,754
96,478
228,909
266,076
*x Latest month available.
The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary
Department of the Bank of Paraguay were transferred to the new institution. The Bank of Paraguay has been reconstituted as a governmentowned
commercial bank.
2
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.
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.
6
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.
1352
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—
SwitzUnited
Ger- Bel- Netherer- SweKing- France many
gium lands
den land
dom
In effect Dec. 31,
1945
Nov. 7, 1946. .
Dec 19
Jan. 10, 1947. .
2
3
3
Rate
Oct.
31
Date
effective
Central
bank of—
Rate
Oct.
31
Date
effective
Italy
Japan
Java
Mexico
4
Apr. 6,
5.84 Oct. 1,
Apr.
1,
3
June 4,
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
Netherlands..
New Zealand.
Norway
Pakistan....
3
Nov.
May
July
Mar.
1950
1948
1952
1950
Peru
Portugal....
South Africa.
Spain
6
16, 1951
9, 1951
21, 1952
12, 1948
15, 1951
25, 1952
Sweden
Switzerland..
Turkey
United Kingdom
USSR
3
1H
3
4
4
Argentina
Austria
Belgium
Bolivia
Mar. 1, 1936
6
July 3, 1952
3M Sept. 13, 1951
Sept. 30, 1950
6
Canada
Chile
Colombia
Costa Rica
h
1950
1951
1946
1942
&2M
Aug. 27
Oct. 9
June 28 1948
Sept. 6
Oct
1
May 27, 1949. .
July 14
Oct. 6
June 8, 1950
Sept. 11 . . . .
Sept 26
Oct. 27
Dec. 1
Apr 17 1951.
July 5
Sept. 13
Oct. 11
Nov. 8
Nov. 9
Jan 22 1952
Mar. 12
May 29
Aug 1
Aug. 21
In effect Oct. 31,
1952
2H&3
1
5
3
4
3
2
Aug. 1, 1952
July 26, 1941
Jan. 9, 1946
July 1, 1948
14
2)4
1
3
6
4
Denmark
Ecuador
Egypt
El Salvador...
5
10
Finland
France
Germany
Greece
India
Ireland
5M Dec.
Nov.
Aug.
July
12
Nov.
Mar.
3
2
2,
13,
5,
22,
4
4
Nov.
Jan.
Mar.
Mar.
13,
12,
27,
18,
1947
1944
1952
1949
3
3}/
3
2H
4
3V
4
15
4
4
z
3
3M
3
Dec. 1, 1950
Nov. 26, 1936
Feb. 26, 1951
Mar. 12, 1952
July 1, 1936
1
Rate established for the Land Central banks.
NOTE.—Changes since Oct. 31: None.
3
IK
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1942—September
1943—September
1944—September
1945—'September
1946—September
1947—September
1948—September
1949—September
1950—September
1951—September
.53
.46
.38
.36
.40
.41
.41
.51
.62
1.03
1.03
1.03
1.03
.53
.53
.56
.69
.69
1.00
1.00
1.00
01
1.00
.51
.51
.51
.52
.52
.51
1.05
1.07
1.13
1.13
1951—October...
November
December.
.93
.92
.89
1.00
1.38
1.50
.51
.84
.98
1952—January. .
February.
March....
April
May
June
July
August. . .
September
.89
.91
.94
.98
1.02
1.08
1.11
1.10
1.14
1.50
1.50
2.48
3.00
3.00
3.00
3.00
3.00
3.00
.97
.99
2.01
2.35
2.37
2.43
2.46
2.46
2.49
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills
3 months
Day-today
money
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
1.66
1.61
1.73
1.41
1.32
1.44
2.84
P2.03
2.22
2.56
1.72
30
08
.10
.15
.33
.24
1.08
1.00
.75
.84
1.01
.91
1.00
.92
1.00
.50
.69
.75
2.78
3.27
3.50
.16
. 17
.21
1.00
1.00
1.00
1.00
1.00
1.82
2.25
2.25
2.25
2.25
2.25
2.25
.75
.75
57
00
00
00
00
00
2.00
3.50
3.93
3.95
3.88
3.84
3.66
3.84
3.77
4.00
.18
.17
.38
.40
.25
.20
.05
.85
.85
1.00
1.00
1.00
1.00
.90
.75
.75
.58
.63
.63
.63
.63
.63
.63
.63
.62
Sweden
Loans
up to
3 months
Switzerland
Private
discount
rate
1.25
1.25
1.25
1.25
1.25
1.25
1.63
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
P Preliminary.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
DECEMBER
1952
1353
COMMERCIAL BANKS
Liabilities
Assets
United Kingdom >
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
1945—December
1947—December
194g—December
1949—December
1950—December
1951—November
December
1952—January
February
^March
April
May
June
Tulv
August
October
Deposits
Other
assets
Total
Demand
Time
3,823
3,962
4,159
4,161
4,262
1,862
1,972
2,041
2,041
2,106
342
396
420
427
550
994
1,219
1,396
1.534
1,660
505
592
,427
,483
,478
,512
,528
579
735
5,685
5,935
6.20C
6,202
6,365
517
531
562
598
901
972
108
102
,033
,965
1,935
1,950
787
867
6,185
6,333
4,118
4,290
2,071
2,042
654
651
521
492
492
501
491
504
501
510
503
498
605
526
526
512
518
537
535
516
530
500
965
856
854
883
936
66
15
,954
,944
,935
,934
,932
,917
,917
,918
1,928
11,945
1,959
1,967
1,901
1,875
1,834
L .765
1,758
1,759
824
804
789
821
713
726
696
638
662
676
6,204
5,893
5,887
5,994
5,903
6,064
6,063
6,048
6 12(5
6,167
4,173
3,923
3,914
3,952
3,840
3,909
3,903
3,878
3,910
3,948
2,031
1,971
1,974
2,042
2,063
2,155
2,159
2,170
2,216
2,219
659
689
667
623
587
559
558
537
543
530
432
480
485
571
610
1,064
1,139
1,239
1 295
1,122
921
2 ,142
567
621
Liabilities
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Other
liabilities
and
capital
1,560
1,288
1,397
793
456
532
540
. ...
Loans to
customers
793
741
1,109
1,408
499
502
502
.. .
Money at
call and Bills dis- Treasury
short
counted receipts *
notice
Security
loans
abroad
and net Securities
due from
Other
loans and foreign
banks
discounts
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1946—December
1947—December
194g—December
1949—December
1950—December
753
731
749
765
824
136
105
101
133
134
1,507
1,999
2,148
2,271
2,776
132
106
144
146
171
4 ,232
3 ,874
4 ,268
4 ,345
4 ,286
1.039
1,159
1,169
1,058
1,304
21
18
16
14
(•)
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
11,537
1,477
11,667
1951—October
November
835
843
907
111
96
107
3,034
3,123
3,028
182
166
227
3 ,876
3 ,876
,894
,403
1,423
1,464
7,752
7,829
7,89*
3,177
3,213
3,284
4,575
4,616
4,612
1,688
1,715
1,714
1952—January
February
March
April
May
June
July
August
September
869
809
880
897
785
813
847
828
843
107
95
97
140
132
138
145
147
135
2,955
2,918
2,949
2,960
3,012
3,048
3,053
3,048
3,093
183
231
202
236
255
328
279
260
250
3 ,927
4 ,003
4 ,095
4 ,068
4 ,100
4 ,067
4 ,134
4 ,139
4 ,202
1,303
1,353
1,390
1,370
1,350
.453
1,278
1,306
1,383
8
(((«33•)))
((m*))
7,705
7,761
7,975
7,987
7,975>
8.12C)
8,075)
8,07 =
8,191
3,066
3,076
3,231
3,230
3,210
3,328
3,243
3,205
3,290
4,639
4,685
4,748
4,757
4,769
4,792
4,836
4,870
4,901
1,637
1,648
1,634
1,685
1,655
1,727
1,658
.652
1,716
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Total
Demand
Time
ances
291, 945
341, 547
55? 221
627, 266
749, 928
290,055
338.090
5 4 .5.538
619.204
711 .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
52,138
59,099
61,658
38,114
805, 610
799, 918
793, 078
906, 911
78'5,881
77'r,973
7611.657
879-767
21,729
21,946
24,422
27,145
30,952
35,382
35,372
33,774
40,353
46,120
48 641
23,547
36,548
38,310
40,219
41,474
43,093
44,463
45,990
43,318
831, 691
877, 946
834, 482
831, 729
891, 422
848, 354
801 ,854
79C>,396
801> 481
29,837
31,551
32,002
30,786
29,719
29,324
29,120
29,915
30,433
30,414
28,953
28,482
27,025
25,529
23,811
19,221
26,854
26,227
30 531
36,556
39,893
42,738
49,121
51,525
Due from
banks
Bills discounted
18,007
22,590
45,397
40,937
48,131
18,940
19,378
35,633
42,311
52,933
195,223
219,386
354,245
426.69C)
527,523
65,170
86,875
126,246
129,501
135,289
17,445
27,409
34,030
29,843
31,614
52,015
48,996
47,980
60,215
64,414
79,337
81,460
72,559
540,98*
520,457
506,061
627,648
167,362
173,530
179,933
165,696
53,133
50,662
48,669
45,646
48,832
50,436
45,999
46,383
75,407
73,868
75,148
72,947
75,533
72,818
70,090
69,715
534,792
538,245
555,883
556,151
618,19C)
554,963
560,877
624,62;?
189,098
183,504
174,048
180,550
172,693
193,942
196,665
177,289
.•
March
April
May
June
July
August
Deposits
Other
liabilities
and
capital
Cash
reserves
1946—December
1947—December
1948—December
1949—December
1950—December
1951—September
October
November
December
Liabilities
Other
assets
846 689
890 582
800.944
861 ,703
81<),030
81' 7.569
860,668
Own
1
This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent after October 1945.
s Less than $500,000.
NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication.
1354
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Belgium
Argentina
(peso)
Australia
(pound)
Year or month
Basic
1946..
1947..
1948..
1949..
1950..
1951..
29.773
29.773
29.773
29.774
26.571
20.000
195 I—December.
1952—January...
February..
March....
April
May
June
July
August
September.
October. . .
November.
Year or month
Preferential
(franc)
"Bank
notes"
account
Free
2.2829
2.2817
2.2816
2.2009
1.9908
1.9859
13.333
13.333
8.289
7.067
321.34
321.00
321.22
293.80
223.15
223.07
20.000
13.333
6.986
222.61
1.9838
20.000
20.000
20.000
20.000
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
\3.333
13.333
13.333
13.333
13.333
6.979
7.115
7.172
7.164
169
183
196
194
195
196
7.198
221.92
222.00
223.03
224.10
223.24
221.88
222.17
222.19
221.73
222.55
223.12
1.9838
1.9838
1.9838
1.9838
1.9838
1.9838
1.9842
1.9879
1.9920
1.9965
1.9979
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
Finland
France
(franc)
(markka)
Official
1946
1947
1948
1949
1950
1951..
27.839
20.850
20.849
1951—December
1952—January
February
March
April
May
June
July
August
September
October
November
2.0060
2.0060
2.0060
2.0060
2.0060
'2.0060
Free
.4354
.8409
.8407
.4929
.3240
.3017
.4671
.2858
.2856
14.492
.4354
14.492
14.492
14.492
14,492
14.492
14.492
14.492
e 14.492
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
20.876
20.864
20.857
19.117
14.494
14.491
20.840
20.799
20.818
20.916
21.003
20.961
20.834
20.871
20.875
20.854
20.903
20.984
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic
(escudo)
(peso)
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
4.0501
4.0273
4.0183
3.8800
3.4704
3.4739
1951—December.
276.72
14.015
49.643
1952—January...
February.
March
April
May
Tune
July
August
September
October. . .
November
275.39
275.36
276.91
277.96
277.29
275.71
276.06
276.09
275.51
276.53
277.24
14.015
14.015
14.015
14.015
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
49.677
49.677
49.677
49.677
Year or month
2.1407
1.9722
M.9622
49.723
49.621
49.639
In cents per unit of foreign currency
Brazil
(cruzeiro)
Official
Free
British
Malaysia 1
(dollar)
Canada
(dollar)
Official
Free
6.0602
5.4403
5.4406
5.4406
5.4406
5.4406
42.973
32.788
32.849
5.4406
32.830
97.410
5.4406
5.4406
5.4406
5.4406
5.4406
.4406
.4406
.4406
5.4406
5.4406
5.4406
32.691
32.662
32.783
32.921
32.752
32.505
32.509
32.445
32.418
32.499
32.489
99.490
99.869
100.375
101.891
101.615
102.086
103.120
103.984
104.171
103.681
102.289
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
95.198
100.000
100.000
97.491
90.909
93.288
91.999
91.691
92.881
91.474
94.939
Mexico
(peso)
Netherlands
(guilder)
37.813
37.760
37.668
34.528
26.252
26.264
23.838
23.838
30.155
30.164
30.169
27.706
20.870
20.869
* 280.38
20.581
20.577
18.860
12.620
11.570
11.564
.2856
23.838
20.861
280.38
11.567
26.287
.2856
.2854
.2856
.2856
.2856
.2856
.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
20.893
20.866
20.921
20.976
280.38
280.38
280.38
280.77
280.07
278.46
278.82
278.85
278.26
279.30
280.01
11.562
11.561
11.564
11.569
11.566
11.561
11.574
11.623
11.623
11.611
11.622
26.320
26.329
26.319
26.340
26.337
26.317
26.324
26.317
26.291
26.312
26.289
South
Africa
Sweden
Switzerland
(pound)
(krona)
(franc)
United
Kingdom
Uruguay
(peso)
(pound)
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
3.4726
277.79
19.327
22.900
279.49
65.833
56.180
42.553
3.4874
3.4863
3.4888
3.4906
3.4898
3.4801
3.4793
3.4848
3.4878
3.4825
3.4818
276.95
277.01
278.55
279.80
279.03
277.42
277.78
277.81
277.23
278.25
278.96
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.325
19.323
22.880
22.881
22.947
23.013
23.078
23.138
23.240
23.288
23.320
23.329
23.330
278.15
278.12
279.67
280.79
280.07
278.46
278.82
278.85
278.27
279.30
280.01
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
1
Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted.
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.
5
Based on quotations through May 8, 1952.
4
Based on quotations through Aug. 14, 1952.
DECEMBER
1952
The
1355
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1947-49 =
100)
Canada
(1935-39
= 100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
116
153
9
64
67
68
69
79
96
104
99
103
115
123
128
131
132
139
163
193
198
211
240
110
121
146
179
199
229
242
260
285
311
386
159
163
166
169
175
192
219
230
262
320
10
12
14
20
34
52
89
100
108
138
1951—October
November
December
114
114
114
240
239
238
395
403
402
329
329
330
1952—January
February
. .
March
April
May
June
July
. .
August
September
October
113
113
112
112
112
237
233
231
227
225
111
227
402
400
404
407
406
405
400
400
393
397
335
329
333
330
328
328
327
325
r
323
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
57
. .
112
112
112
111
226
224
222
Japan
(1934-36
average
= 1)
Italy
(1938 =
100)
France
(1949 =
100)
136
153
2
172
171
100
104
117
143
359
359
356
143
144
145
306
317
318
227
226
228
358
357
353
349
348
348
351
r
348
145
145
143
142
140
320
320
322
321
321
227
224
222
221
220
146
151
152
5,451
5,462
5,454
153
152
149
147
145
5,415
5,380
5,323
5,255
5,179
r 5,133
5,200
5,236
P143
139
136
137
349
P141
326
Switzerland
(Aug. 1939
= 100)
195
203
207
205
200
208
217
206
203
227
5 159
5,443
5,170
4,905
5,581
143
Sweden
(1935 =
100)
189
196
196
194
186
199
214
216
227
299
2
2
2
4
16
48
128
209
246
'343
144
144
Netherlands
(1948 =
100)
138
322
220
320
319
220
220
P313
P218
220
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.
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]
Canada
(1935-39=100)
United States
(1947-49=100)
Year or month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Other
Farm
Farm
Processed commodproducts
products
foods
ities
Netherlands
(1948=100)
United Kingdom
(1930=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
146
158
156
160
Foods
Industrial raw
products
Industrial
finished
product
46
59
69
69
72
83
100
107
93
98
113
n.a.
n.a.
n.a.
n.a.
n.a.
na
106
96
100
111
103
101
105
116
230
226
237
265
196
197
213
238
192
199
211
242
181
197
221
247
242
249
286
P364
100
101
112
122
100
108
128
171
100
104
116
143
1951—October
November
December
112
112
111
112
111
111
115
115
115
259
265
267
236
237
236
243
242
240
263
263
266
P367
122
124
129
174
177
174
142
142
141
1952—January
February
March
April
May
June
July
August
September
October
110
108
108
109
108
107
110
110
••107
105
110
110
109
108
114
114
114
113
263
251
248
245
233
228
226
221
240
236
235
231
' 277
271
276
280
P363
P366
P358
130
133
130
130
176
172
169
166
141
141
139
138
113
244
220
228
280
231
230
P355
221
219
283
289
216
213
229
228
P352
P348
P345
P343
.
98
109
64
68
69
70
71
78
95
109
110
113
113
111
113
••no
109
113
113
107
127
145
155
165
177
190
250
244
236
226
P221
114
123
131
134
136
140
164
119
124
127
129
130
138
162
160
158
158
158
165
287
'284
293
164
170
175
184
207
P368
P368
P368
128
127
122
124
129
165
136
163
162
134
133
164
163
133
133
P343
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.
1356
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
Food
CanUnited
States * ada 2
(1935-39 (1949
= 100)
= 100)
Year or
month
1943
1944
1945
1946 . .
1947
1948
1949
1950
1951
All ite ms
United
SwitzKing- France Nether- erdom
lands land
(1949
(Jan.
(1949 (Aug.
15,1952 = 100)
= 100) 1939 =
= 100)
100)
202
205
100
103
76
82
100
111
100
111
227
117
91
128
121
1943
164 1944
164 1945
160 1946
170 1947
176 1948
174 1949
176 1950
181 1951
1951-October...
November.
December.
229
231
232
121
123
123
95
96
97
132
137
139
125
123
122
1952-January...
February..
March....
April
May
June .
July
August....
September.
October. . .
232
228
228
230
231
232
235
236
233
232
122
121
118
117
116
116
116
116
116
115
100
100
101
104
104
109
108
107
106
142
145
144
142
139
137
136
140
142
P141
123
124
124
125
124
124
123
120
123
P123
r
1
x
138
12
136
139
15
21
160
194
210
36
57
92
67
72
United
States i
(1935-39
= 100)
Year or
month
161
Can-2
ada
(1949
= 100)
United
SwitzKing- France Nether- erdom
lands
land
(1949
(Jan.
15,1952
= 100)
= 100)
(1949
= 100)
(Aug.
1939 =
100)
124
74
12
148
126
129
75
75
16
22
151
153
140
160
172
78
85
97
35
152
158
163
77
57
82
90
170
172
100
103
84
86
100
111
100
109
162
159
186
114
95
130
119
167
184 1951-October. . .
184
November.
184
December.
187
189
189
117
118
118
98
98
98
136
140
143
121
120
119
170
171
171
183 1952-January...
182
February..
182
March....
182
April
183
IVtay
184
June
185
July
August....
185
September.
186
October. . .
189
188
188
189
189
190
191
191
191
191
118
118
117
117
116
116
116
116
116
116
100
100
101
102
102
104
104
103
103
146
149
148
147
145
143
143
145
146
120
120
120
120
119
119
120
119
120
P120
171
171
171
170
171
171
171
171
172
i cJiiiiiiicLi y •
new housing units and, beginning January 1950, interi
Adjusted series reflecting allowances for rents off n
Bureau of Statistics in October 1952.
Sources.—See BULLETIN for August 1952, p. 961; January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; J;Fanuary 1950, p. 125;
July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
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)
17
87
France
(1949 =»
100)
Netherlands
60
14
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom
(1926=100) (1949=100)
295
Netherlands
27
416
105
278
109.0
105.6
107.1
106.8
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
'90
'112
195
233
240
219
217
215
103.3
103.3
80.3
78.3
177.7
182.5
174.0
177.3
97.3
94.9
127
129
207
206
103.5
103.3
105.2
105.3
110.7
113.9
114.4
114.8
116.9
80.0
81.5
83.3
83.9
84.5
85.2
85.4
87.6
87.1
87.6
187.1
183.2
185.2
183.6
183.7
187.6
192.1
191.1
188.2
183.4
181.7
179.5
177.6
175.8
169.0
171.6
174.9
176.0
171.6
163.6
95.0
92.8
90.5
91.6
92.0
89.6
89.9
89.9
139
149
149
144
136
142
145
146
147
204
198
191
185
185
184
190
190
192
191
1944
1945
1946
1947
1948....
1949
1950
1951
118.7
121.6
123.4
122.1
118.3
121.0
122.0
117.7
103.0
105.2
117.2
118.5
105.0
107.6
109.6
95.7
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
1951—November...
December. . .
115.3
114.8
92.8
89.3
115.0
110.9
1952—January
February....
March
April
May
June
July
August
September . . .
October
115.5
116.5
115.9
116.2
116.3
116.2
116.0
115.8
115.7
114.7
88.2
87.8
86.9
86.7
88.8
87.7
85.3
84.0
83.6
84.3
110.4
110.5
107.3
108.5
108.6
105.8
105.8
106.3
110.0
109.0
91.2
90.3
265
r
Revised.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
NOTE.—For sources and description of statistics, see BULLETIN for November 1952, p. 1263; August 1952, p. 961; 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
DECEMBER
1952
1357
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
M. S. SZYMCZAK
R. M. EVANS
ELLIOTT THURSTON,
W M . MCC. MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
J. L. ROBERTSON
Assistant to the Board
WOODLIEF THOMAS,
WINFIELD W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
Examiner
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
OFFICE OF THE SOLICITOR
G. HOWLAND CHASE, Assistant Solicitor
DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director
DWIGHT L. ALLEN, Director
H. FRANKLIN SPRECHER, JR., Assistant
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant Director
EDWIN J. JOHNSON, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
MALCOLM BRYAN
A. L. MILLS, JR.
C. E. EARHART
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
HUGH LEACH
JAMES K. VARDAMAN, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
CHAS. W. WILLIAMS, Associate Economist
RALPH A. YOUNG, Associate Economist
G. ROUSE, Manager of System Open
Market Account
ROBERT
1358
Director
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N. BAXTER JACKSON,
NEW
GEOFFREY S. SMITH,
PHILADELPHIA DISTRICT
GEORGE GUND,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
YORK DISTRICT
Vice President
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T. BEALS,
KANSAS CITY DISTRICT
DEWITT 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
First Vice President
lower section of this page)
Deputy Chairman
Boston.
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John
J.
J
J Fog
ogg
Robert
R
b B
B. Harvey 3
E. O. Latham
Carl B. Pitman
O. A. Schlaikjer
R
F Van
V Amringe
A i
R. F.
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
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia...
Warren F. Whittier
C. Canby Balderston
Alfred H. Williams
W. J. Davis
P. M. Poorman
Karl R. Bopp
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus *
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
Frederick L.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 City...
Robert B. Caldwell
Cecil Puckett
H. G. Leedy
Henry O. Koppang
P. A. Debus2
M. W. E. Park
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
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms 3
O. P. Wheeler
San Francisco... Brayton Wilbur
William R. Wallace, Jr.
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.
DECEMBER
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
* 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.
W. F. Volberg
J. A.Randall
W. L. Partner
J. M. Leisner
* Counsel.
1359
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
ANNUAL REPORT of the Board of Governors of the
Federal Reserve System. Issued each
Available without charge upon request.
year.
copy; in quantities of 10 or more copies for single
shipment, 50 cents each. Paper-bound copies
available without charge.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS,
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador, A STATISTICAL STUDY OF REGULATION V LOANS.
Uruguay, and Venezuela is $2.00 per annum or
September 1950. 74 pages. 25 cents per copy;
20 cents per copy; elsewhere $2.60 per annum or
in quantities of 10 or more copies for single ship25 cents per copy. Group subscriptions in the
ment, 15 cents each.
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR U S E IN ECONOMIC ANALYSIS. Janu12 months.
ary 1952. 175 pages. 25 cents per copy; in
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
quantities of 10 or more copies for single shipRATES, and BUSINESS. Issued monthly. $6.00
ment, 15 cents each.
per annum including edition of historical supplement (listed below) available when subscription T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing prois entered or renewed. 60 cents per copy; in
visions of certain other statutes affecting the
quantities of 10 or more copies of a particular
Federal Reserve System. 372 pages. 50 cents per
issue for single shipment, 50 cents each. (Dopaper-bound copy; $1.00 per cloth-bound copy.
mestic rates)
HISTORICAL
RESERVE
COMPILATION OF FEDERAL AND STATE LAWS RELAT-
CHARTS ON BANK CREDIT, MONEY RATES, AND
SUPPLEMENT
TO FEDERAL
ING TO BRANCH BANKING IN THE UNITED STATES.
BUSINESS. Issued semiannually, usually April
and September. Annual subscription to monthly
chart book includes one issue of supplement.
Single copies, 60 cents each; in quantities of 10
or more copies for single shipment, 50 cents each.
(Domestic rates)
(July 1, 1951.)
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947; reprinted November 1952. 125 pages. 75 cents per cloth-bound
1360
December 1951. 33 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
PERIODIC RELEASES
PUBLICATIONS
DEPARTMENT STORE MERCHANDISING DATA
WEEKLY
DEPARTMENT STORE SALES
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS,
BY INDUSTRY
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS
CONDITION OF THE FEDERAL RESERVE BANKS
DEPARTMENT STORE STOCKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
FOREIGN EXCHANGE RATES
IN LEADING CITIES
INTERDISTRICT SETTLEMENT FUND
CONDITION OF WEEKLY REPORTING MEMBER BANKS
NATIONAL SUMMARY OF BUSINESS CONDITIONS
IN CENTRAL RESERVE CITIES
OPEN-MARKET MONEY RATES IN N E W YORK CITY
DEPARTMENT STORE SALES, BY CITIES
RETAIL FURNITURE REPORT
WEEKLY DEPARTMENT STORE SALES
RETAIL
WEEKLY FOREIGN EXCHANGE RATES
INSTALMENT
CREDIT AT FURNITURE
AND
HOUSEHOLD APPLIANCE STORES
WEEKLY REVIEW OF PERIODICALS
SALES FINANCE COMPANIES
SEMIMONTHLY
STATE MEMBER BANKS OF THE FEDERAL RESERVE
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN
CLEARING
BANKS
ACCOUNTS
WITH
FEDERAL
RESERVE
BANKS (Also annual list)
MONTHLY
ASSETS AND LIABILITIES
OF ALL
SEMIANNUAL—QUARTERLY
BANKS
IN
THE
ALL BANKS IN THE UNITED STATES AND POSSESSIONS
UNITED STATES
—PRINCIPAL ASSETS AND LIABILITIES
ASSETS AND LIABILITES OF ALL MEMBER
BANKS,
MEMBER BANK CALL REPORT
BY DISTRICTS
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXCEPT INTERBANK ACCOUNTS
PRELIMINARY EARNINGS OF MEMBER BANKS
BUSINESS INDEXES
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
CONSUMER CREDIT
CONSUMER
MEMBER BANK LOANS
ANNUAL
INSTALMENT CREDITS OF COMMERCIAL
BANKS
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXCONSUMER
INSTALMENT
CREDITS
OF
INDUSTRIAL
CONSUMER INSTALMENT
LOAN COMPANIES
CREDITS
OF
INDUSTRIAL
CEPT INTERBANK ACCOUNTS
BANKS
CONSUMER INSTALMENT LOANS OF THE PRINCIPAL
TYPES OF FINANCIAL INSTITUTIONS
DEPARTMENT STORE CREDIT
DECEMBER
1952
IRREGULAR
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS
SELECTED LIST OF ADDITIONS
TO THE
RESEARCH
LIBRARY
1361
FEDERAL RESERVE BOARD
REPRINTS
PUBLICATIONS
REVISION
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
(From Federal Reserve Bulletin unless preceded by an asterisk)
FOR MEMBER
June-July 1947.
9
pages.
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
IN THE UNITED STATES.
November
1938.
20
TISTICS.
pages.
T H E PAR COLLECTION SYSTEM OF THE FEDERAL RE-
SERVE BANKS.
February 1940. 8 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE-
SERVE POLICY.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
April 1940. 11 pages.
STERLING
1947.
September 1947. 12 pages.
IN MULTILATERAL
TRADE.
September
8 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929. January 1948. 9 pages.
GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940.
7 pages.
NEW
COMMERCIAL BANKING OFFICES, 1936-1947.
May 1948. 12 pages.
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.
SALES FINANCE
COMPANY
OPERATIONS
IN 1947.
July 1948. 6 pages.
February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION.
Descrip-
T H E PHILIPPINE CENTRAL BANK ACT and Text of
tion of method used by Board in adjusting economic data for seasonal variation. June 1941.
11 pages.
the Act. In part a reprint from the August
1948 BULLETIN.
36 pages.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER
BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.
OF PAYMENTS PROBLEMS.
NEW
FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.
From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
September 1945. 2 pages.
STATISTICS OF INTEREST RATES ON BUSINESS
LOANS.
MEASUREMENTS OF SAVINGS.
N o T £ S
ON FoREIGN
BUSINESS LOANS OF MEMBER BANKS,
No-
Decem-
FRENCH EXCHANGE STABILIZATION FUND.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
March 1947. 6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH.
January
5 pages.
March, May,
June, July, and August 1947. 80 pages.
March 1947.
9 pages.
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
CURRENCY ADJUSTMENTS.
A STUDY OF INSTALMENT CREDIT TERMS.
1950.
1362
November 1949. 8
ber 1949. 8 pages.
INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS. August 1946. 4 pages.
DEBT BY BANKS.
March 1949. 10 pages.
vember 1949. 14 pages.
September
1945. 7 pages.
MENT FINANCING.
11
pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28.
SURVEYS OF LIQUID ASSET HOLDINGS.
November 1948.
pages.
April 1947. 4 pages.
RETAIL CREDIT SURVEY—1951.
From June 1952
BULLETIN with supplementary information for
9 separate trades. (Also, Retail Credit Surveys—
1943, 1944, 1945, 1946, 1947, 1948, and 1949
from the June 1944, May 1945, June 1946, July
1947, July 1948, June 1949, and June 1950
BULLETINS with supplementary information.)
BRANCH BANKING IN THE UNITED STATES, 1939 and
1949. July 1950. 16 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD PUBLICATIONS
DEFENSE LOAN POLICY. An announcement adopted
jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
PLANS FOR SPENDING AND SAVING.
pages.
April 1952.
6
PART I. CONSUMER EXPECTATIONS AS TO
ECONOMIC TRENDS AND CONSUMER INVESTMENT
PREFERENCES. July 1952. 17 pages. PART II. PURREVISED ESTIMATES OF CONSUMER CREDIT.
Novem-
ber 1950. 2 pages.
CHASES OF DURABLE GOODS AND HOUSES IN 1951
AND BUYING PLANS FOR 1952.
pages.
MEASUREMENT OF CONSUMER CREDIT.
1950.
November
9 pages.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
PART
III.
August 1952.
SELECTED
16
INVEST-
MENTS, AND SHORT-TERM DEBT OF CONSUMERS.
September 1952. 28 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948,
1949,
1950, and 1951 BULLETINS.)
BANKING IN THE SOVIET UNION.
April 1952.
8
pages.
REVISED WEEKLY
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
INCOME,
INDEX OF DEPARTMENT
STORE
SALES. April 1952. 4 pages.
THE INTRODUCTION OF REAL ESTATE CREDIT REGUSTATEMENT BY CHAIRMAN OF THE BOARD OF GOV-
LATION. July 1951. 23 pages.
SAVING IN THE DEFENSE
1951.
NEW
ERNORS
ECONOMY.
September
OF MAJOR
CONSUMER
5 pages.
INDEX
OF OUTPUT
DURABLE GOODS.
October 1951.
REGISTRANTS.
VOLUNTARY
W
TO H E L P
CURB
INFLATION.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
CHANGES IN INSTALMENT CREDIT TERMS.
EXCESS PROFITS
TAXES
May 1952.
OF COMMERCIAL
BANKS.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
FINANCING OF LARGE CORPORATIONS IN 1951.
T H E SECOND ARMAMENT BUDGET.
February 1952.
June
6 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
January 1952. 11 pages.
July 1952. 2 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
October 1952.
9 pages.
9 pages.
February 1952.
9
pages.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
March 1952. 10 pages.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE. March 1952. 7 pages.
11, 1952. April 1952. 4 pages.
1952.
STOCKS. December 1951. 53 pages.
DECEMBER 1952
GENERAL
LATION X. June 1952. 18 pages.
November 1951. 9 pages.
MONEY AND CREDIT IN 1951.
ON
June 1952. 18 pages.
October 1951. 12 pages.
ACTION
SUBCOMMITTEE
6 pages.
6 pages.
CREDIT AND SALES REPORTED BY REGULATION
BEFORE
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
REVISED
SERIES
ON DEPARTMENT
STOCKS, AND ORDERS.
STORE
October 1952.
RECENT CREDIT EXPANSION.
December
SALES,
5 pages.
1952.
7
pages.
RECENT
CENTRAL
SOUTHEAST ASIA.
BANKING
DEVELOPMENTS
IN
December 1952. 9 pages.
1363
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
tn
J
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
w
w
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
td
c!
FEDERAL RESERVE BRANCH CITIES
INDEX TO VOLUME 38
Pases
Acceptances, bankers':
Buying rates..
..43, 155, 265, 405, 509, 659, 783,
891, 1019, 1113, 1199, 1293
Open-market rates on
60, 172, 282, 422, 526, 676,
800, 908, 1036, 1130, 1216, 1310
Outstanding.
59, 171, 281, 421, 525, 675,
799, 907, 1035, 1129, 1215, 1309
Admission of State banks to membership
in Federal Reserve System.
.32, 257, 366, 776, 881,
1012, 1106, 1285
Agricultural loans:
Insured commercial banks
54, 166, 276, 416, 520,
670, 794, 902, 1030, 1124, 1210, 1304
Agricultural products, prices of major crops
599
Agriculture:
Balance sheet, 1952. .
758
Crop reports
89
National summary of business conditions
37, 884,
1014, 1193
Ames, Edward, article on banking in the
Soviet Union
351
Anderson, Paul S., article on financing of
large corporations in 1951. .
. .638
Annual Reports:
Balance Sheet of Agriculture, 1952. . .
.758
Board of Governors, publication of. .
.1012
Argentina:
Central bank of:
Condition.
. . . .102, 214, 328, 462, 580, 716,
840, 954, 1076, 1172, 1256,1350
Discount rate
105, 217, 331, 465, 583,
719, 843, 957, 1079, 1175, 1259, 1353
Gold reserves
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
Articles: {See Special Articles)
Asia:
International capital transactions. .. .95, 207, 321, 455,
573, 709, 833, 947, 1069, 1165, 1249, 1343
Recent central banking developments in
Southeast
. .1276
Assessment on Federal Reserve Banks for
expenses of Board of Governors
. .226
Assets, liquid, holdings of individuals and
businesses, estimated
. . 756
Assets and liabilities:
Agriculture, 1952
759
All banks in United States, by classes
51, 163, 273,
413, 517, 667, 791, 899, 1027, 1121, 1207, 1301
Commercial banks in United Kingdom,
Canada and France
106, 218, 332, 466, 584, 720,
844, 958, 1080, 1176, 1260, 1354
Federal Reserve Banks:
All banks
45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank
46, 158, 268, 408, 512, 662,
786, 894, 1022, 1116, 1202, 1296
Foreign central banks
100, 212, 326, 460, 578, 714,
838, 952, 1074, 1170, 1254, 1348
Government corporations and credit
agencies
68, 180, 290, 430, 534, 684, 808,
916, 1044, 1138, 1224, 1318
Large corporations in selected
industries
. . 642
DECEMBER
1952
Pages
Australia:
Commonwealth Bank of:
Condition. .
. . . .102, 214, 328, 462, 580, 716,
840, 954, 1076, 1172, 1256,1350
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
Gold production
97, 209, 323, 457, 575, 711,
835, 949, 1071, 1167, 1251, 1345
Austria:
Austrian National Bank:
Condition.
. . 102, 214, 328, 462, 580, 716,
840, 954, 1076, 1172, 1256, 1350
Discount rate
105,217,331,465,583,
719, 843, 957, 1079, 1175, 1259, 1353
Automobiles, consumer buying
344
Balance of payments:
United States, first half of 1952 and 1950. .
. 1095
Balance sheet and income statement:
Large corporations in selected industries.
. . 642
Balance sheet of agriculture, 1952...
.758
Bank credit:
Growth of
.116,1273
National summary of business
conditions
37, 150, 885, 1014, 1108, 1194, 1287
Bank credit and money supply:
National summary of business conditions.
.400, 504
Bank debits:
Study of use in economic analysis,
publication of
. . 135
{See also Debits to deposit account)
Bank deposits: {See Deposits)
Bank for International Settlements:
Condition.
.. 104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
Gold reserves.
. . . 98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Bank loans: {See Loans; Loans and investments)
Bank premises:
Federal Reserve Banks
46, 158, 268, 408, 512, 662,
786, 894, 1022, 1116, 1202, 1296
Bank suspensions:
Changes in banking offices.
.201, 940
During 1951
135
Bankers' acceptances: {See Acceptances, bankers')
Bankers' balances:
Insured commercial banks. . .55, 167, 277, 417, 521, 671,
795, 903, 1031, 1125, 1211, 1305
Weekly reporting member banks:
New York City and outside. . . 57, 169, 279, 419,
523, 673, 797, 905, 1033, 1127, 1213, 1307
Banking:
Funds, foreign, increase in
United States
92, 204, 318, 452, 570, 706,
830, 944, 1066, 1162, 1246, 1340
Offices:
Changes in number of. .
201, 940
Number of
. .58, 202, 941
Soviet Union . . .
351
Banks:
Consolidations
201, 940
Government securities held by . 66, 178, 288, 428, 532T
682, 806, 914, 1042, 1136, 1222, 1316
Number of:
By classes of banks. . .51, 163, 273, 413, 517, 667,
791, 899, 1027, 1121, 1207, 1301
1365
INDEX TO VOLUME 38
Pages
Pages
Banks—Continued.
Number of—Continued.
By districts and by States.
.58, 202, 941
Changes
201,940
Dec. 31, 1951
. . .567
Banks for cooperatives:
Loans by
68, 180, 290, 430, 534, 684, 808,
916, 1044, 1138, 1224, 1318
Barnett, J. B., Sr., director at Birmingham
Branch, death of
.365
Barnett, John B., Jr., appointed director
at Birmingham Branch
.
. .365
Belgian Congo:
Gold production.
.97, 209, 323, 457, 575, 711, 835,
949, 1071, 1167, 1251, 1345
Belgium:
Foreign exchange rates.
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold movements
99, 211, 325, 459, 577, 713,
837, 951, 1073, 1169, 1253, 1347
National Bank of:
Condition
102, 214, 328, 462, 580, 716, 840,
954, 1076, 1172, 1256, 1350
Discount rate.
.105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Benner, Henry, appointed Assistant
Director of Division of Examinations. . . .
.1106
Bills discounted by Federal Reserve Banks:
All banks combined. . .41, 153, 263, 403, 507, 657, 781,
889, 1017, 1111, 1197, 1291
Maturity distribution. . .45, 157, 267, 407, 511, 661, 785,
893, 1021, 1115, 1201, 1295
Member and nonmember banks. .45, 157, 267, 407, 511,
661, 785, 893, 1021, 1115, 1201, 1295
Board of Governors:
Annual report, publication of
. 1012
Assessment on Federal Reserve Banks
for expenses of
. 226
Division of Selective Credit Regulation,
discontinuance of
1106
Joint statement with bank supervisory authorities
on coordination of practices in fields of mutual
or joint responsibility
877
Members:
Martin, William McChesney, Jr.:
Reelected chairman of Federal Open
Market Committee
255
Statement submitted to Senate Committee
on Banking and Currency regarding
state of the economy
246
Statement before Subcommittee on general credit control and debt management
347
Mills, Abbott L. Jr., appointment of
.256
Norton, Edward L., resignation of. .
.255
Powell, Oliver S.:
Resignation of
775
Statement dissenting in Transamerica case.395
Robertson, J. L., appointment of
256
Vardaman, James K., Jr., statement dissenting
in Transamerica case
392
Members and officers, list. .110, 222, 336, 470, 588, 724,
848, 962, 1084, 1180, 1264, 1358
Office of Defense Loans, establishment of
1106
Publications of
112, 224, 338, 472, 590, 726,
850, 964, 1086, 1182, 1266, 1360
Staff: (See Staff of Board)
Board of Governors—Continued.
Statement submitted to Senate Committee on Banking and Currency with recommendations with
respect to extension of Defense Production Act
of 1950
.244
Bogle, Hal, appointed Class C director at Dallas.
.1106
Bolivia:
Central Bank of:
Condition
102, 214, 328, 462, 580, 716,
840, 954, 1076, 1172, 1256, 1350
Discount rate
105, 217, 331, 465, 583, 719,
843, 957, 1079, 1175, 1259, 1353
Gold reserves
98,210,324,458,576,712,
836, 950, 1072, 1168, 1252, 1346
Bond yields:
Government, municipal and corporate. . . .60, 172, 282,
422, 526, 676, 800, 908, 1036, 1130, 1216, 1310
Bonds:
New security issues.
.61, 173, 283, 423, 527, 677, 801,
909, 1037, 1131, 1217, 1311
Prices in principal countries
109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Prices in United States
61, 173, 283, 423, 527, 677,
801, 909, 1037, 1131, 1217, 1311
United States savings, sales and redemptions. . .65, 177,
287, 427, 531, 681, 805, 913, 1041, 1135, 1221, 1315
(See also Government securities)
Boothe Gardner L., II, appointed Administrator,
Office of Defense Loans
. 1106
Borrowings:
Insured commercial banks. .. .55, 167, 277, 417, 521, 671,
795, 903, 1031, 1125, 1211, 1305
Member banks at Federal Reserve Banks. .47, 159, 269,
409, 513, 663, 787, 895, 1023, 1114, 1200, 1294
Weekly reporting member banks:
New York City and outside. . . .57, 169, 279, 419,
523, 673, 797, 905, 1033, 1127, 1213, 1307
Bottcher, Edwin C , appointed director at Birmingham
Branch
.35
Branch banks, domestic:
Number in operation, Dec. 31, 1951.
567
Number in United States, changes in
201, 940
Number of banking offices
.58, 202, 941
Branch banks, Federal Reserve System:
Directors: (See Directors)
Managing officers
I l l , 223, 337, 471, 589, 725, 849,
963, 1085, 1181, 1265, 1359
Brazil:
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold reserves.
.98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
British Malaysia:
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Britton, Russell H., Class A director at Boston,
death of
257, 652
Brokers and dealers in securities, loans to:
Insured commercial banks. . . . 5 4 , 166, 276, 416, 520, 670,
794, 902, 1030, 1124, 1210, 1304
Weekly reporting member banks:
New York City and outside. .56, 168, 278, 418, 522,
672, 796, 904, 1032, 1126, 1212, 1306
Brokers' balances:
Movement to United States from abroad. .92, 204, 318,
452, 570, 706, 830, 944, 1066, 1162, 1246, 1340
Brown, Edward E., reelected President of Federal Advisory Council
255
Budgets, second armament
124
Burma, recent banking developments in. .
. .1279
1366
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Business conditions, national summary of. .36, 149, 258, 399,
503, 653, 777, 884, 1013, 1107, 1193, 1286
Business expenditures and investment
475
Business indexes, monthly and yearly figures. .69, 181, 291,
431, 535, 685, 809, 917, 1045, 1139, 1225, 1319
Canada:
Bank of:
Condition
101, 213, 327, 461, 579, 715, 839,
953, 1075, 1171, 1255, 1349
Discount rate.
105, 217, 331, 465, 583, 719, 843
957, 1079, 1175, 1259, 1353
Gold reserves
98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Commercial banks, assets and liabilities. .106, 218, 332,
466, 584, 720, 844, 958, 1080, 1176, 1260, 1354
Cost of living, index numbers. . .109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Foreign exchange rates. . . .107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold movements
.99, 211, 325, 459, 577, 713, 837.
951, 1073, 1169, 1253, 1347
Gold production
97, 209, 323, 457, 575, 711, 835,
949, 1071, 1167, 1251, 1345
Internal financial policies
1092
International capital transactions. . . .92, 204, 318, 452,
570, 706, 830, 944, 1066, 1162, 1246, 1340
Retail food prices
109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
Security prices
109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
Wholesale prices in
108, 220, 334, 468, 586, 722, 846,
960, 1082, 1178, 1262, 1356
Capital:
Movement to United States. .92, 204, 318, 452, 570,
706, 830, 944, 1066, 1162, 1246, 1340
Capital accounts:
Federal Reserve Banks:
All banks combined. . .45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank
.46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
Insured commercial banks. . .55, 167, 277, 417, 521, 671,
795, 903, 1031, 1125, 1211, 1305
Insured commercial banks in United States
and possessions, 1951
.566
Weekly reporting member banks:
New York City and outside. .57, 169, 279, 419, 523,
673, 797, 905, 1033, 1127, 1213, 1307
Capital requirements of member banks, amendments to
Section 9 of Federal Reserve Act and Section 5155 of
Revised Statutes.
773
Cash in vaults:
Insured commercial banks. . .55, 167, 277, 417, 521, 671,
795, 903, 1031, 1125, 1211, 1305
Weekly reporting member banks:
New York City and outside. .57, 169, 279, 419, 523,
673, 797, 905, 1033, 1127, 1213, 1307
Cash income and outgo
of Treasury. .
.67, 179, 289, 429, 533, 683, 807,
915, 1043, 1137, 1223, 1317
Central Bank for cooperatives, amendment to Section
5136 of Revised Statutes relating to banks dealing
in obligations of.
.774
Central banks:
Asia, recent banking developments in Southeast
1276
Assets and liabilities. .100, 212, 326, 460, 578, 714, 838,
952, 1074, 1170, 1254, 1348
Discount rates
105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
DECEMBER
1952
Pages
Central banks—Continued.
Gold reserves. .
. .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
(See also Foreign banks)
Central reserve city member banks:
Condition of insured commercial banks .54, 166, 276,
416, 520, 670, 794, 902, 1030, 1124, 1210, 1304
Deposits.
.52, 164, 274, 414, 518, 668, 792, 900,
1028, 1122, 1208, 1302
Earnings and expenses:
1950 and 1951
. .489
First half of 1952
1189
Reserves.
.47, 159, 269, 409, 513, 663, 787, 895,
1023, 1114, 1200, 1294
Reserves and borrowings. . .48, 160, 270, 410, 514, 664,
788, 896, 1024, 1114, 1200, 1294
Ceylon:
Condition of Central Bank. . . .102, 214, 328, 462, 580,
716, 840, 954, 1076, 1172, 1256, 1350
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Recent banking developments in.
1278
Chairmen, Federal Reserve Banks:
Appointments for 1952
32
List of.
I l l , 223, 337, 471, 589, 725, 849, 963,
1085, 1181, 1265, 1359
Meetings:
May 5-6 . . . .
. 502
December 4-5
. 1285
Chandler, Harold L., elected Class A director at
Boston
.652
Changes in number of banking offices in
United States
. 201, 940
Chart books:
Historical supplement to monthly, on bank credit,
money rates and business, revised edition. .366, 1012
Charts:
Average down payment on instalment contracts
compared with minimum down payment required
by Regulation W
494
Average maturity on instalment contracts compared with maximum maturity permitted by
Regulation W
.
492
Balance of payments of United States.
228, 1089
Balance sheet of agriculture
..758
Bank financing of U. S. Government.
.1275
Banks loans .
1274
Business loans
. 734
Business loans at member banks in leading
cities
400, 504, 1108, 1287
Business plant and equipment expenditures
576
Change in bank loans to business, by industry
.479
Changes in bank debt of selected industries.
.117
Changes in dollar value of farm land.
.762
Consumer instalment credit. .
1271
Consumers prices
.37, 259, 600
Consumer uses of funds
970
Construction contracts awarded.
.149, 503, 377, 1287
Corporate liquidity
..
.480
Corporate profits
. .478
Department store merchandising data.
. 1098
Department store sales
.359
Deposit turnover, outside New York City
.737
Employment in nonagricultural
establishments
36, 258, 653, 1013, 1193
External sources of funds, 1951
.640
Federal budget receipts and expenditures.
.124
Foreign gold reserves and dollar
balances
.231. 233, 1092
1367
INDEX TO VOLUME 38
Pages
Pages
Charts—Continued.
Foreign trade, Federal Republic of Germany
238
Foreign trade of Japan
14
Funds from operations as a percentage of large
corporation outlays for inventories and fixed
assets
639
Germany's E.P.U. position
240
Government debt and bank credit in Japan
19
Gross national product
3, 1185
Growth in consumer financial assets and liabilities. 971
Growth in long-term financing-selected types
1270
Growth in savings-selected forms
1273
Industrial production
36, 149, 258, 399, 503, 653,
777, 884, 1013, 1107, 1193, 1286
Japanese money supply
19
Japanese prices
. . . . 12
Loans at commercial banks
. .885
Member bank reserves and related
items
40, 122, 152, 262, 402, 506, 656, 732, 780,
888, 1016, 1110, 1196, 1290
Mortgage debt on nonfarm 1- to 4-family
houses
859
Non-real-estate farm loans, held by banks and federally sponsored agencies
769
Non-real-estate farm loans held by banks and federally sponsored agencies, by regions
770
Non-real-estate farm loans, held by insured banks
and federally sponsored agencies
770
Ownership of demand deposits by individuals and
businesses
482
Ownership of United States Government
securities
. . 119
Output of major consumer durable goods.
.595
Output of nondurable goods
. . 596
Output of selected materials
. .597
Personal consumption expenditures. .
.... 8
Personal income
. . 259
Personal income and consumption
1190
Personal income, consumption and saving
. 10, 342
Plant and equipment expenditures
1187
Prices and trade
400, 504, 654, 778, 885, 1107
Prices of basic commodities. .
599
Private domestic investment. . .
. .5, 1188
Retail sales
644
Security markets
. .37, 1014, 1194
Selected business indexes
2, 593
Selected business indexes, Federal Republic
of Germany
239
Selected interest rates
733
Turnover of demand deposits
121
United States exports, to selected countries
and areas
1091
United States imports
. . 1097
Value of new construction activity
. . .856
Western European industrial production
1094
Wholesale commodity prices
150
Wholesale prices of building materials. .
. .855
World gold reserves
. .229
Chile:
Central bank of:
Condition
102, 214, 328, 462, 580, 716, 840,
954, 1076, 1172, 1256, 1350
Discount rate. . . .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves
. .98, 210, 324, 458, 576, 712, 836,
950, 1072,1168, 1252, 1346
Gold production. .
. .97, 209, 323, 457, 575, 711, 835,
949, 1071, 1167, 1251, 1345
Circulars:
Letter to be sent by Federal Reserve Banks to selected member and nonmember banks transmitting tax questionnaire
614
Savings bond program, letter to all commercial
banks in United States
.
. . 738
Clayton Act:
Transamerica Corporation proceeding, findings as
to the facts, conclusion and order
368
Clearing and collection:
Number of banks on par list, by districts and by
States
58, 202, 941
Coins:
Circulation of. . . .49, 161, 271, 411, 515, 665, 789, 897,
1025, 1119, 1205, 1299
Colombia:
Bank of Republic of:
Condition
.102, 214, 328, 462, 580, 716, 840,
954, 1076, 1172, 1256, 1350
Discount rate. .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Gold production.
.97, 209, 323, 457, 575, 711, 835,
949, 1071, 1167, 1251, 1345
Commercial banks:
Assets and liabilities in United Kingdom, Canada,
and France
106, 218, 332, 466, 584, 720, 844,
958, 1080, 1176, 1260, 1354
Condition of insured in United States, by
classes..
.54, 166, 276, 416, 520, 670, 794,
902, 1030, 1124, 1210, 1304
Consumer instalment loans. .87, 199, 309, 449, 553, 703,
827, 935, 1063, 1157, 1243, 1337
Excess profits taxes of
602
Insured, in United States and possessions
566
Insured home mortgages held
77, 189, 299, 439, 543,
693, 817, 925, 1053, 1147, 1233, 1327
Savings bond program, letter sent to all in
United States
738
Commercial, industrial, and agricultural loans of weekly
reporting member banks:
New York City and outside
.56, 168, 278, 418, 522,
672, 796, 904, 1032, 1126, 1212, 1306
Commercial loans:
Insured, by classes. .54, 166, 276, 416, 520, 670, 794,
902, 1030, 1124, 1210, 1304
Commercial paper:
Open-market rates on. . .60, 172, 282, 422, 526, 676, 800,
908, 1036, 1130, 1216, 1310
Outstanding. . . .59, 171, 281, 421, 525, 675, 799, 907,
1035, 1129,1215, 1309
Commitment fees under Regulation V . . .43, -155, 265, 405,
509, 659, 783, 891, 1019, 1113, 1199, 1293
Commitments
Life insurance companies, to acquire loans and investments for defense and nondefense purposes. .170,
280, 420, 524, 674, 798, 906, 1034, 1127, 1214, 1308
Under Section 13b, rates on
. .43, 155, 265, 405, 509,
659, 783, 891, 1019, 1113, 1199, 1293
Committees:
Banking and Currency of Senate:
Statement submitted by Board of Governors
with recommendations with respect to extension of Defense Production Act of 1950
244
Statement submitted by Chairman Martin regarding state of the economy
246
1368
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Committees—Continued.
Joint committee on the Economic Report, statement of Chairman Martin before Subcommittee
on general credit control and debt management. .347
Trust investment under Regulation F, creation of
two or more
. . 651
Voluntary Credit Restraint:
Appointments to regional committees. . . .26, 365
Changes in regional
253
Recommendations to regional
252
Releases of
22, 252, 363, 501
Suspension of screening of State and local government
financing
363
Commodity Credit Corporation:
Assets and liabilities. . .68, 180, 290, 430, 534, 684, 808,
916, 1044, 1138, 1224, 1318
Loans by. .
. .68, 180, 290, 430, 534, 684, 808, 916,
1044, 1138, 1224,1318
Commodity prices:
National summary of business conditions. . .37, 150, 259,
400, 504, 654, 778, 885, 1014, 1108, 1194, 1287
Comptroller of the Currency, joint statement on coordination of practices in fields of mutual or joint responsibility
877
Condition statements:
Commercial banks in United Kingdom, Canada,
and France. . . .106, 218, 332, 466, 584, 720, 844, 958,
1080, 1176, 1260, 1354
Federal Reserve Banks:
All banks combined. . . .45, 157, 267, 407, 511, 661,
785,893, 1021, 1115, 1201, 1295
Each bank
46, 158, 268, 408, 512, 662, 786, 894,
1022, 1116, 1202, 1296
Foreign central banks
100, 212, 326, 460, 578, 714,
838, 952, 1074, 1170, 1254, 1348
Government corporations and credit agencies. . .68, 180,
290, 430, 534, 684, 808, 916, 1044, 1138, 1224, 1318
Insured commercial banks, classes of banks. .. .54, 166,
276, 416, 520, 670, 794, 902, 1030, 1124, 1210, 1304
Weekly reporting member banks:
New York City and outside
56, 168, 278, 418,
522, 672, 796, 904, 1032, 1126, 1212, 1306
Conferences: (See Meetings)
Construction:
Materials and labor
853
National summary of business conditions . 36, 150, 259,
399, 503, 653, 777, 884, 1013, 1107, 1193, 1286
Private business
. 856
Public
.856
Residential
. 856
Residential, private expenditures for. . . .
1189
Volume of
.855
Construction contracts awarded:
By districts
77, 189, 299, 439, 543, 693, 817, 925,
1053, 1147, 1233, 1327
By public and private ownership. . . .77, 189, 299, 439,
543, 693, 817, 925, 1053, 1147, 1233, 1327
By type of construction
77, 189, 299, 439, 543, 693,
817, 925, 1053, 1147, 1233, 1327
Index of value of. . . .69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225,1319
Consumer credit:
Amendments to Regulation W:
No. 5
. .29
No. 6
29
No. 7
....367
Combination units
134
Contest prizes
30
Court proceedings and suspension of licenses. . .28, 133,
254, 367, 497
DECEMBER
1952
Pages
Consumer credit—Continued.
Discussion of
. .1271
Floor or wall furnaces
29
Furniture store statistics
88, 200, 310, 450, 554, 704,
828, 936, 1064, 1158, 1244, 1338
Instalment credit terms, changes in
491
Instalment credits of commercial banks, by type
of credit
87, 199, 309, 449, 553, 703, 827, 935,
1063, 1157, 1243, 1337
Instalment loans outstanding. . . .86, 198, 308, 448, 552,
702, 826, 934, 1062, 1156, 1242, 1336
Instalment loans made by principal lending institutions
86, 198, 308, 448, 552, 702, 826, 934,
1062, 1156, 1242, 1336
Instalment sale credit, excluding automobile
credit
87, 199, 309, 449, 553, 703, 827, 935,
1063, 1157, 1243, 1337
Interpretations of Regulation W canceled or modified
134
Maturity of Group D credit
497
Performance of contract secured or guaranteed
254
Postwar use of consumer funds
967
Ratio of collections to accounts receivable. .88, 200, 310,
450, 554, 704, 828, 936, 1064, 1158, 1244, 1338
Regulation W suspended
497
Total credit, by major parts
86, 198, 308, 448, 552,
702, 826, 934, 1062, 1156, 1242, 1336
Vent-a-hood, as home improvement or accessory. . .255
Verification of loan value
30
Verification of OPS ceiling price
133
Consumer finances, 1952 survey of:
Part I, consumer expectations as to economic trends
and consumer investment preferences
739
Part II, purchase of durable goods and houses in
1951 and buying plans for 1952
861
Part III, income, selected investments, and shortterm debts of consumers
974
Consumer plans for spending and saving
341
Consumers' prices, index for moderate income families
82, 194, 304, 444, 548, 698, 822, 930, 1058,
1152, 1238, 1332
Cooperatives:
Banks for, loans by. . .68, 180, 290, 430, 534, 684, 808,
916, 1044, 1138, 1224, 1318
Corporate bonds:
Yields on. . .60, 172, 282, 422, 526, 676, 800, 908, 1036,
1130, 1216, 1310
Corporate profits, taxes, and dividends. . .64, 176, 286, 426,
530, 680, 804, 912, 1040, 1134, 1220,1314
Corporate security issues:
Proposed use of proceeds:
All issuers. . . .62, 174, 284, 424, 528, 678, 802, 910,
1038, 1132, 1218, 1312
Major groups of issuers. . . .62, 174, 284, 424, 528,
678, 802, 910, 1038, 1132, 1218, 1312
Corporate stocks:
Prices in United States
61, 173, 283, 423, 527, 677,
801, 909, 1037, 1131, 1217, 1311
Corporations, financing of large in 1951
. . . .638
Corrections:
Change in statement with respect to extension of
Defense Production Act
366
Correspondence:
Letter to all commercial banks in United States on
savings bond program
738
Letter to be sent by Federal Reserve Banks to selected member and nonmember banks transmitting tax questionnaire. .
614
1369
INDEX TO VOLUME 38
Pages
Cost of living:
Consumers' price index for moderate income families.
.82, 194, 304, 444, 548, 698, 822, 930, 1058,
1152, 1238, 1332
Index for principal countries. . .109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Costa Rica:
National Bank of:
Condition. . .102, 214, 328, 462, 580, 716, 840, 954,
1076, 1172, 1256, 1350
Discount rate. .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Country member banks:
Assets and liabilities of all banks in United
States. .52, 164, 274, 414, 518, 668, 792, 900, 1028,
1122, 1208, 1302
Condition. .54, 166, 276, 416, 520, 670, 794, 902, 1030,
1124, 1210, 1304
Deposits and reserves. .47, 159, 269, 409, 513, 663, 787,
895, 1023, 1114, 1200, 1294
Earnings and expenses:
1951
.489, 558
First half of 1952
1159
Reserves and borrowings. . .48, 160, 270, 410, 514, 664,
788, 896, 1024, 1114, 1200, 1294
Court cases:
Proceedings on violations of Regulation W. . . .
28
Transamerica Corporation, findings as to the facts,
conclusion and order
368
Violations of Regulation W: (See Regulation W,
violations)
Craft, Robert H., appointed Technical Consultant to
Federal Open Market Committee
502
Credit:
Bank: (See Bank credit)
Consumer: (See Consumer credit)
Expansion of
...
. 733, 1269
Federal Reserve:
Chart. . .40, 152, 262, 402, 506, 656, 780, 888, 1016,
1110, 1196, 1290
Outstanding, Wednesday figures. . . 4 1 , 153,263, 403,
507, 657, 781, 889, 1017, 1111, 1197, 1291
Review for 1951
.115
Situation with regard to
731
Credit control and debt management, summary of replies by Chairman of the Board to questionnaire. . . .349
Crop reports, by Federal Reserve districts.
89
Cuba:
Gold purchase by United States from. . 9 9 , 211, 325,
459, 577, 713, 837, 951, 1073, 1169, 1253, 1347
National Bank of:
Condition. . .102, 214, 328, 462, 580, 716, 840, 954,
1076, 1172, 1256, 1350
Gold reserves. .98, 210, 324, 458, 576, 712, 836, 950.
1072, 1168, 1252, 1346
Currency:
Circulation, by denominations. . .49, 161, 271, 411, 515,
665, 789, 897, 1025, 1119, 1205, 1299
Kinds of money in circulation. . 4 9 , 161, 271, 411, 515,
665, 789, 897, 1025, 1119, 1205, 1299
Outside banks. .50, 162, 272, 412, 516, 666, 790, 898,
1026, 1120, 1206, 1300
Treasury, outstanding. .41, 153, 263, 403, 507, 657, 781,
889, 1017, 1111, 1197, 1291
Customers' debit balances. .59, 171, 281, 421, 525, 675, 799,
907, 1035, 1129, 1215, 1309
Czechoslovakia:
Foreign exchange rates. . . .107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
1370
Tages
Deaths:
Barnett, J. B., Sr., director at Birmingham Branch. .365
Britton, Russell H., Class A director at Boston. .257, 652
Hahne, Ernest H., director at Cincinnati Branch. .1285
Handy, Ramon B., director at Denver Branch. .257, 365
Hosford, Willard D., Class B director at Kansas
City
32, 365
Mehornay, Robert L., Class C director at Kansas
City
365
Patterson, Robert P., Class C director at New
York
135, 502
Quay, A. H., Class A director at Minneapolis
32
Zimmerman, George H., Class B director at Dallas
1012,1285
Debit and credit balances of stock exchange firms. . 59, 171,
281, 421, 525, 675, 799, 907, 1035, 1129, 1215, 1309
Debits to deposit accounts:
Reporting centers, year and month. . .48, 160, 270, 410.
514, 664, 788, 896, 1024, 1118, 1204, 1298
Weekly reporting member banks:
New York City and outside. . . .57, 169, 279, 419,
523, 673, 797, 905, 1033,1127,1213, 1307
Debt:
Government, volume and kind of securities. . .65, 177.
287, 427, 531, 681, 805, 913, 1041, 1135, 1221, 1315
Decker, E. G., Jr., appointed director at Baltimore
Branch
.35
Defense emergency, impact of.
.969
Defense Production Act:
Amendments of 1952
772
Correction in statement
366
Delegations of authority pursuant to amendments
for 1952
882
Discussion of amendments of 1952
731
Recommendation of Board with respect to extension of
. 244
Defense production loans:
Fees and rates on
.43, 155, 265, 405, 509, 659, 783.
891, 1019,1118, 1204, 1298
Guaranteed under Regulation V. . . .47, 159, 269, 409,
513, 663, 787, 895, 1023, 1117, 1203, 1297
Defense regulations, publication of abstracts of.
.136
Denmark:
Foreign exchange rates. . .107, 219, 333, 467, 585, 721.
845, 959, 1081, 1177, 1261, 1355
National Bank of:
Condition.
. 1 0 2 , 214, 328, 462, 580, 716,
840, 954, 1076, 1172, 1256J 1350
Discount rate
. .105, 217, 331, 465, 583, 719,
843, 957, 1079,1175, 1259, 1353
Gold reserves.
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Department of Agriculture:
Balance sheet, 1952.
758
Department stores:
Merchandising data
.1151, 1237, 1331
Sales:
By Federal Reserve districts and
by cities.. ..82, 194, 304, 444, 548, 698, 822,
930, 1058, 1152, 1238, 1332
Index of value of
69, 181, 291, 431, 535, 685,
809, 917, 1045, 1139, 1225,1319
Revised weekly index
359
Weekly index of
81, 193, 303, 443, 547, 697,
821, 929, 1057, 1151, 1237, 1331
Sales, accounts receivable, and
collections.
88, 200, 310, 450, 554, 704,
828, 936, 1064, 1158, 1244,1338
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Pages
Deposits—Continued.
Department stores—Continued.
States and political subdivisions:
Sales and stocks:
Insured commercial banks. .55, 167, 277, 417, 521,
By Federal Reserve districts
79, 191, 301, 441,
671, 795, 903, 1031, 1125, 1211, 1305
545, 695, 819, 927, 1055, 1149, 1235, 1329
Suspended banks
135
By major departments
80, 192, 302, 442,
Time, maximum rates on. . . .42, 154, 264, 404, 508, 658,
546, 696, 820, 928, 1056, 1150, 1236, 1330
782, 890, 1018, 1112, 1198, 1292
Sales, stocks, and orders, revised series on
1098
Treasury:
Sales, stocks, and outstanding orders
81, 193, 303,
Chart
40, 152, 262, 402, 506, 656,
443, 547, 697, 821, 929, 1057, 1151, 1237, 1331
780, 888, 1016, 1110, 1196, 1290
Deposits:
With Federal Reserve Banks
41, 153, 263, 403,
Adjusted, of all banks and currency
507, 657, 781, 889, 1017, 1111, 1197, 1291
outside banks.
.50, 162, 272, 412, 516, 666, 790,
Turnover
48, 160, 270, 410, 514, 664,
898, 1026, 1120, 1206, 1300
788, 896, 1024, 1118, 1204, 1298
All banks in United States, by classes. .51, 163, 273, 413,
Weekly reporting member banks:
517, 667, 791, 899, 1027, 1121, 1207, 1301
New York City and outside. .57, 169, 279, 419, 523
Federal Reserve Banks:
673, 797, 905, 1033, 1127, 1213, 1307
All banks combined. . . .45, 157, 267, 407, 511, 661,
Deputy Chairmen, Federal Reserve Banks:
785, 893, 1021, 1115, 1201, 1295
Appointments for 1952
32
Each bank
46, 158, 268, 408, 512, 662,
List of.
111, 223, 337, 471, 589, 725,
786, 894, 1022, 1116, 1202, 1296
849, 963, 1085, 1181, 1265, 1359
Foreign:
Miller, Paul E., appointed at Minneapolis. . . . . . . . . .32
Federal Reserve Banks. .46, 158, 268, 408, 512, 662,
Puckett, Cecil, appointed at Kansas City.
365
786, 894, 1022, 1116, 1202, 1296
Wallace, William R., Jr., appointed at San FranInsured commercial banks, by
cisco
34
classes
55, 167, 277, 417, 521, 671, Dick, James A., Jr., appointed director at El Paso
795, 903, 1031, 1125, 1211, 1305
Branch
.35
Government:
Directors, Federal Reserve Banks:
Federal Reserve Banks,
Bogle, Hal, appointed Class C at Dallas.
1106
each bank
46, 158, 268, 408, 512, 662,
Britton, Russell H., Class A at Boston,
786, 894, 1022, 1116, 1202, 1296
death of
257, 652
Insured commercial banks. .55, 167, 277, 417, 521,
Chairmen and Federal Reserve Agents appointed
671, 795, 903, 1031, 1125, 1211, 1305
for 1952
32
Weekly reporting member banks, New York
(See also Chairmen, Federal Reserve Banks)
City and outside
57, 169, 279, 419, 523,
Chandler, Harold I., elected Class A at Boston
652
673, 797, 905, 1033, 1127, 1213, 1307
Class C, appointments for 1952
. .33
Insured commercial banks
55, 167, 277, 417, 521,
Classes of
.137
671, 795, 903, 1031, 1125, 1211, 1305
Deputy Chairmen appointed for 1952
32
Insured commercial banks in United States and
Flodin, F. A., appointed Class C at Minneapolis. .. .32
possessions
566
Frierson, G. A., resignation as Class C at Dallas. .1106
Hosford, Willard D., Class B at Kansas City,
Interest on, amendment to Regulation Q
650
death of
32, 365
Member banks:
Hulcy, D. A., elected Class B at Dallas
.
1285
Classes of banks. . . .47, 159, 269, 409, 513, 663, 787,
List of
.137
895, 1023, 1114, 1200, 1294
Mehornay, Robert L., Class C at Kansas City,
Mutual savings banks.. .53, 165, 275, 415, 519, 669, 793,
death of
365
901, 1029, 1123, 1209, 1303
Miller, Max A., elected Class B at Kansas City. . 365
National banks
. . . 5 3 , 165, 275, 415, 519, 669,
Miller, Paul E., Class C at Minneapolis, appointed
793, 901, 1029, 1123, 1209, 1303
Deputy Chairman
.32
Nonmember banks:
Patterson, Robert P., Class C at New York,
Chart
. . . .40, 152, 262, 402, 506, 656,
death of
135, 502
780, 888, 1016, 1110, 1196, 1290
Puckett, Cecil, appointed Class C at Kansas City
Commercial b a n k s . . . . 5 3 , 165, 275, 415, 519, 669,
and designated Deputy Chairman
365
793, 901, 1029, 1123, 1209, 1303
Quay, A. H., Class A at Minneapolis, death of
32
In Federal Reserve Banks. . . .41, 153, 263, 403, 507,
Wallace, William R., Jr., appointed Deputy Chair657, 781, 889, 1017, 1111, 1197, 1291
man at San Francisco
34
Insured commercial banks in United States
Young, Philip, appointed Class C at New York. . 502
and possessions
566
Zelle, Edgar F., elected Class A at Minneapolis.
31
Ownership of demand
. .482
Zimmerman, George H., Class B at Dallas,
Postal savings:
death of
.1012, 1285
Consolidated condition statement.... 50, 162, 272, Directors, Federal Reserve Branch Banks:
412, 516, 666, 790, 898, 1026, 1120, 1206, 1300
Appointments for 1952
33
Depositors' balances and assets. . .48, 160, 270, 410,
Barnett, John B., Jr., appointed at Birmingham. .365
514, 664, 788, 896, 1024, 1118, 1204, 1298
Barnett, J. B., Sr., Birmingham, death of. . . .
.365
Rates on
42, 154, 264, 404, 508, 658,
Bogle, Hal, El Paso, appointed Class C
782, 890, 1018, 1112, 1198, 1292
director at Dallas
1106
Savings:
Bottcher, Edwin C , appointed at Birmingham. . . .35
Decker, E. G., Jr., appointed at Baltimore..
.35
Interest rate on
42, 154, 264, 404, 508, 658,
Dick, James A., Jr., appointed at El Paso.
.35
782, 890, 1018, 1112, 1198, 1292
DECEMBER
1952
1371
INDEX TO VOLUME 38
Pages
Directors, Federal Reserve Branch Banks—Continued.
Fletcher, Joel L., Jr., appointed at New Orleans... .35
Gear, George R., appointed at Oklahoma City. . . .135
Hahne, Ernest H.> Cincinnati, death of
1285
Handy, Ramon B., Denver, death of
257, 365
Hood, Clifford F., appointed at Pittsburgh
34
List of
138
MacDonald, D. K., appointed at Seattle
35
Newcomer, Ralph S., appointed at Denver
365
Nichols, Shuford R., appointed at Little Rock
35
Nielsen, Aksel, appointed at Denver
.365
Robertson, Caffey, appointed at Memphis. .
. .35
Taylor, Paul T., appointed at Charlotte
35
White, Clayton G., appointed at Buffalo..
..34
Directory:
Board of Governors
110, 222, 336, 470, 588,
724, 848, 962, 1084, 1180, 1264, 1358
Federal Advisory Council
110, 222, 336, 470, 588,
724, 848, 962, 1084, 1180, 1264, 1358
Federal Open Market Committee
110, 222, 336, 470,
588, 724, 848, 962, 1084, 1180, 1264, 1358
Federal Reserve Banks and
branches
I l l , 223, 337,471, 589,
725, 849, 963, 1085, 1181, 1265, 1359
Discount rates:
Federal Reserve Banks
43, 155, 265, 405, 509,
659, 783, 891, 1019, 1113, 1199, 1293
Foreign central banks
105, 217, 331, 465, 583,
719, 843, 957, 1079, 1175, 1259, 1353
Discounts and advances: (See Bills discounted by
Federal Reserve Banks)
Dividends:
All member banks by classes:
1951
. . 555
First half of 1952
1159
Corporate
63, 175, 285, 425, 529,
679, 803, 911, 1039, 1133, 1219, 1313
Federal Reserve Banks, 1951
31, 314
Insured commercial banks in United States and
possessions
566
Manufacturing corporations. . . .63, 175, 285, 425, 529,
679, 803, 911, 1039, 1133, 1219, 1313
Member banks:
1948-1951
602
1951
. . .486, 555
First half of 1952
1103, 1159
Division of Research and Statistics, memorandum on
recent economic developments and prospects
248
Dominican Republic:
Condition of central bank
102, 214, 328, 462, 580,
716, 840, 954, 1076, 1172, 1256, 1350
Dwelling units started, permanent nonfarm. . .544, 694, 818,
926, 1054, 1148, 1234, 1328
Earnings:
Corporations
63, 175, 285, 425, 529, 679, 803,
911, 1039, 1133, 1219, 1313
Factory employees. . . .75, 187, 297, 437, 541, 691, 815,
923, 1051, 1145, 1231, 1325
Insured commercial banks in
United States and possessions
. .566
Production workers in manufacturing
industries
437, 541, 691, 815, 923, 1051,
1145, 1231, 1325
Ratios of all member banks, by classes
562
Ratios of all member banks, by
Federal Reserve Districts
.563
(See also Earnings and expenses)
1372
Pages
Earnings and dividends:
Public utility corporations. . .63, 175, 285, 425, 529, 679,
803, 911, 1039, 1133, 1219, 1313
Earnings and expenses:
All member banks by classes. .
. .558, 1159
Federal Reserve Banks, 1951
. .31, 314
Insured commercial banks in United
States and possessions
. .566
Member banks:
1951
486, 555
First half of 1952
. . 1103, 1159
National banks, 1951
. . . 560
State member banks, 1951
561
Economic developments and prospects, memorandum
prepared by Division of Research and Statistics
.248
Ecuador:
Central bank of:
Condition
102, 214, 328, 462, 580, 716,
840, 954, 1076, 1172, 1256,1350
Discount rate
105, 217, 331, 465, 583, 719,
843, 957, 1079, 1175, 1259, 1353
Gold reserves
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Egypt:
National bank of:
Condition
102, 214, 328, 462, 580, 716, 840,
954, 1076, 1172, 1256, 1350
Discount rate
1079, 1175, 1259, 1353
Gold reserves
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
El Salvador:
Central reserve bank of:
Condition
103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate. . . .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Employees:
Government, number of Federal, State
and local
76, 188, 298, 438, 542, 692, 816,
924, 1052, 1146, 1232, 1326
Member banks, 1951. .
.555
Employment:
Construction, and wages. .
. .855
Factory employment:
Business index
69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
By industries. . . .74, 186, 296, 436, 540, 690, 814,
922, 1050, 1144, 1230, 1324
Labor force. .
. . 76, 188, 298, 438, 542, 692, 816,
924, 1052, 1146, 1232, 1326
National summary of business
conditions
36, 149, 258, 399, 654, 778,
884, 1014, 1108, 1194, 1286
Nonagricultural:
Business index
69, 181, 291, 431, 535, 685,
809, 917, 1045,, 1139, 1225, 1319
Total in each classification. . .76, 188, 298, 438, 542,
692, 816, 924, 1052, 1146, 1232, 1326
Production worker, in manufacturing industries
436, 540, 690, 814, 922, 1050,
1144, 1230, 1324
England: (See United Kingdom)
Europe:
Gold and dollar holdings and related factors
1093
International capital transactions
93, 205, 319, 453,
571, 707, 831, 945, 1067, 1163, 1247, 1341
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Pages
Executive Orders:
Federal Intermediate Credit Banks:
10373, amending Executive Order No. 10161,
Loans by
68, 180, 290, 430, 534,
with respect to real estate credit
.882
684, 808, 916, 1044, 1138, 1224, 1318
Federal National Mortgage Association:
Expenditures:
Assets and liabilities
68, 180, 290, 430, 534,
1951 .
... 1
684, 808, 916, 1044, 1138, 1224, 1318
1952
1185
Federal Open Market Committee:
Federal budget
. .125
Craft, Robert H., appointed Technical
Government, during 1951
.3
Consultant to
.
.
. . 502
Military, for 1950 and 1951
4
Meetings:
Treasury. .
. .67, 179, 289, 429, 533, 683, 807,
February 29 and March 1 . .
.255
915, 1043,1137, 1223, 1317
June 19
. .775
(See also Earnings and expenses)
September 25
.1106
Export-Import Bank:
December 8 .
1285
Loans by.
. 68, 180, 290, 430, 534, 684, 808,
Members:
916, 1044, 1138, 1224, 1318
Elected
255
Exports:
Martin, Wm. M c C , Jr., reelected Chairman. .255
Foreign developments affecting United States.
.1090
Sproul, Allan, reelected Vice Chairman
255
Germany
....
. 240
Members and officers, list... 110, 222, 336, 470, 588,
Japan
. . . 15
724, 848, 962, 1084, 1180, 1264, 1358
United States surplus
.228 Federal Register, subscription price...
.136
Factory employment: (See Employment)
Federal Reserve Act:
Farm Credit Administration:
Section 9, amendment relating to capital requireAssets and liabilities
68, 180, 290, 430, 534,
ments of member banks
773
Section 14 (b), amendment to authorize purchase of
684, 808, 916, 1044, 1138, 1224, 1318
Government obligations by Federal Reserve
Farm products:
Banks
.772
Wholesale price indexes:
Principal countries
108, 220, 334, 468, 586, Federal Reserve Bank notes:
Circulation and outstanding
49, 161, 271, 411, 515,
722, 846, 960, 1082, 1178, 1262, 1356
665, 789, 897, 1025, 1119, 1205, 1299
United States
83, 195, 305, 445, 549,
699, 823, 931, 1059, 1153, 1239, 1333 Federal Reserve Bank of Minneapolis:
Staff:
Farmers Home Administration:
Peyton, John N., retirement as President. . . .776
Loans by
68, 180, 290, 430, 534,
Powell, Oliver S., appointment as President.
775
684, 808, 916, 1044, 1138, 1224, 1318
Federal Reserve Bank of New York:
Fauver, Clarke L., appointment as Assistant in Board
Staff:
Members' Offices
31
Garvy, George, publication of study on develFederal Advisory Council:
opment of bank debits and clearings and
Meetings:
their use in economic analysis .
..
135
February 17-19
..255
Rounds, L. R., First Vice President, retireMay 18-20
...652
ment of
257
October 5-7 .. . .
.1106
Sproul, Allan, reelected Vice Chairman of FedNovember 16-18
.1285
eral Open Market Committee
255
Members:
Brown, Edward E., reelected President
255
Treiber, William F., appointed First Vice PresiFleming, Robert V., reelected Vice President. . .255
dent
257
List of
110, 222, 336, 470, 588, Federal Reserve Bank of San Francisco:
Staff:
724, 848, 962, 1084, 1180, 1264, 1358
Swan, Eliot J., appointed Acting Assistant
Staff:
Director of Division of Selective Credit RegProchnow, Herbert V., reappointed secretary. . .255
ulation of the Board
31
Federal Deposit Insurance Corporation:
Return to duties after temporary assignAssets and liabilities
68, 180, 290, 430, 534,
ment with Board of Governors
776
684, 808, 916, 1044, 1138, 1224, 1318
Federal Reserve Banks:
Joint statement on coordination of practices in
Assets and liabilites of
45, 157, 267, 407, 511,
fieMs of mutual or joint responsibility.
.877
661, 785, 893, 1021, 1115, 1201, 1295
Federal Farm Mortgage Corporation:
Branches: (See Branch banks, Federal Reserve
Loans by
68, 180, 290, 430, 534,
System)
684, 808, 916, 1044, 1138, 1224, 1318
Capital and surplus of each bank .46, 158, 268, 408, 512,
Federal Home Loan Banks:
662, 786, 894, 1022, 1116, 1202, 1296
Loans by.
68, 180, 290, 430, 534,
Chairmen: (See Chairmen)
684, 808, 916, 1044, 1138, 1224, 1318
Condition statement, each bank. .46, 158, 268, 408, 512,
Federal Housing Administration:
662, 786, 894, 1022, 1116, 1202, 1296
Assets and liabilities
68, 180, 290, 430, 534,
Deputy Chairmen: (See Deputy Chairmen)
684, 808, 916, 1044, 1138, 1224, 1318
Directors: (See Directors)
Insured home mortgages held by banks
Dividends
314
and others
77, 189, 299, 439, 543,
Earnings and expenses, 1951
31, 314
693, 817, 925, 1053, 1147, 1233, 1327
Government securities held by. .66, 178, 288, 428, 532,
Loans insured by
77, 189, 299, 439, 543,
682, 806, 914, 1042, 1136, 1222, 1316
693, 817, 925, 1053, 1147, 1233, 1327
DECEMBER 1952
1373
INDEX TO VOLUME 38
Pages
Pages
Federal Reserve Banks—Continued.
Officers
I l l , 223, 337, 471, 589,
725, 849, 963, 1085, 1181, 1265, 1359
Purchase of Government obligations by,
amendment to Section 14(b) of Federal
Reserve Act
. .772
Salaries .
. .314
Surplus
. .314
Federal Reserve Chart Book, historical
supplement revised
366, 1012
Federal Reserve districts, map of. . . .114, 226, 340, 474, 592,
730, 852, 966, 1088, 1184, 1268, 1364
Federal Reserve notes:
Circulation:
All banks combined
45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank, condition statement
46, 158, 268,
408, 512, 662, 786, 894, 1022, 1116, 1202, 1296
Each bank, Federal Reserve Agents'
accounts.
.46, 158, 268, 408, 512, 662, 786,
894, 1022, 1117, 1203, 1297
Collateral security for
46, 158, 268, 408, 512, 662,
786, 894, 1022, 1117, 1203, 1297
Federal Reserve Agents' accounts:
All Federal Reserve banks
45, 157, 267, 407,
511, 661, 785, 893, 1021, 1117, 1203, 1297
Each bank.
46, 158, 268, 408, 512, 662,
786, 894, 1022, 1117, 1203, 1297
Outstanding and in circulation
49, 161, 271, 411,
515, 665, 789, 897, 1025, 1119, 1205, 1299
Redemption fund:
All banks combined. . . . 4 5 , 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank
.46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
Federal Reserve System:
Admission of State banks to membership. .. .32, 257,
366, 776, 881, 1012, 1106, 1285
Map.
114, 226, 340, 474, 592, 730,
852, 966, 1088, 1184, 1268, 1364
Fees:
Guarantee and commitment under
Regulation V
43, 155, 265, 405, 509,
659, 783, 891, 1019, 1118, 1204, 1298
Fiduciary powers:
More than one trust investment committee. .
.651
Financing of large corporations in 1951. .
. .638
Finland:
Bank of :
Condition
103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate
105, 217, 331, 465, 583,
719, 843, 957, 1079, 1175, 1259, 1353
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
First Vice Presidents of Federal Reserve
Banks, list of.
. . . .111, 223, 337, 471, 589, 725,
849, 963, 1085, 1181, 1265, 1359
Fleming, Robert V., reelected, Vice President
of Federal Advisory Council
.255
Fletcher, Joel L., Jr., appointed director at
New Orleans Branch
..
. .35
Flodin, F. A., appointed Class C
director at Minneapolis
. .32
Food:
Retail prices, principal countries. . . .109, 221, 335, 469,
587, 723, 847? 961, 1083, 1179, 1263, 1357
1374
Food—Continued.
Wholesale prices:
Principal countries
108, 220, 334, 468, 586,
722, 846, 960, 1082, 1178, 1262, 1356
United States
S3, 195, 305, 445, 549, 699,
823, 931, 1059, 1153, 1239, 1333
Foreign banks:
Commercial banks, condition of
106, 218, 332, 466,
584, 720, 844, 958, 1080, 1176, 1260, 1354
Condition of central banks
100, 212, 326, 460, 578,
714, 838, 952, 1074, 1170, 1254, 1348
Deposits held by member banks
by classes
55, 167, 277, 417, 521, 671,
795, 903, 1031, 1125, 1211, 1305
Deposits of weekly reporting member banks:
New York City and outside
57, 169, 279, 419,
523, 673, 797, 905, 1033, 1127, 1213, 1307
Discount rates of central banks
105, 217, 331, 465,
583, 719, 843, 957, 1079, 1175, 1259, 1353
Gold reserves of central banks
98, 210, 324, 458,
576, 712, 836, 950, 1072, 1168, 1252, 1346
Foreign countries:
Gold reserves
. 232
Foreign deposits held by Federal Reserve Banks:
All banks combined
45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank. .
. .46, 158, 268, 408, 512, 662, 786, 894,
1022, 1116, 1202, 1296
Foreign developments affecting United
States exports
1090
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1117, 1261, 1355
Foreign trade:
Germany
. .237, 240
Japan
.14
Fox, Charles, article on ownership of
demand deposits
.482
France:
Bank of:
Condition.
. . .101, 213, 327, 461, 579, 715,
839, 953, 1075, 1171, 1255, 1349
Discount rate
105, 217, 331, 465, 583, 719,
843, 957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Commercial banks, assets and
liabilities
106, 218, 332, 466, 584, 720,
844, 958, 1080, 1176, 1260, 1354
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold purchases by United States from
99, 211, 325,
459, 577, 713, 837, 951, 1073, 1169, 1253, 1347
International capital transactions
92, 204, 318, 452,
570, 706, 830, 944, 1066, 1162, 1246, 1340
Security prices, index numbers
109, 221, 335, 469,
587, 723, 847, 961, 1083, 1179, 1263, 1357
Wholesale prices in
108, 220, 334, 468, 586, 722,
846, 960, 1082, 1178, 1262, 1356
Frechtling, John, article on survey of
consumer
finances
. .861, 974
Freight carloadings:
Classes
.78, 190, 300, 440, 544, 694, 818,
Index of.
926, 1054, 1148, 1234, 1328
69, 181, 291, 431, 535, 685,
809, 917, 1045, 1139, 1225,
Frierson, G. A., resignation as Class C
director at Dallas
Furniture store statistics
88, 200, 310, 450, 554,
828, 936, 1064, 1158, 1244,
1319
1106
704,
1338
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Gear, George R., appointed director at
Oklahoma City Branch.
.135
Germany:
Condition of central banks. . .103, 215, 329, 463, 581,
717, 841, 955, 1077, 1173, 1257, 1351
Discount rate.
. ..105, 217, 331, 465, 583, 719,
843, 957, 1079, 1175, 1259, 1353
Foreign exchange rates. . . .107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Foreign trade balance, recent changes in.
.237
Monetary statistics
.239
Golay, Frank H., article on economic problems
facing post-treaty Japan.
.11
Gold:
Earmarked.
99, 211, 325, 459, 577, 713, 837, 951.
1073, 1169, 1253, 1347
International flow, 1951
.227
Movements of
. 229
Movements, United States
.99, 211, 325, 459, 577,
713, 837, 951, 1073, 1169, 1253, 1347
Production:
United States. .99, 211, 325, 459, 577, 713, 837,
951, 1073, 1169, 1253, 1347
World.
.97, 209, 323, 457, 575, 711, 835,
949, 1071, 1167, 1251, 1345
Purchases from United States, 1951
.230
Reserves of central banks and
governments.
.98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Reserves, foreign.
Stock:
Chart. .
....232
.40, 152, 262, 402, 506, 656, 780,
888, 1016, 1110, 1196, 1290
United States, analysis of changes. . . .99, 211, 325,
459, 577, 713, 837, 951, 1073, 1169, 1253, 1347
Wednesday figures. . . .41, 153, 263, 403, 507, 657,
781, 889, 1017, 1111, 1197, 1291
Gold certificates:
Federal Reserve Bank holdings:
All banks combined
45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank.
.46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
Outstanding and in circulation. . . .49, 161, 271, 411, 515,
665, 789, 897, 1025, 1119, 1205, 1299
Goodman, Glenn M., appointed Assistant
Director of Division of Examinations
.1106
Government corporations and credit agencies:
Assets and liabilities
68, 180, 290, 430, 534, 684, 808,
916, 1044, 1138, 1224, 1318
Loans by. .
.68, 180, 290, 430, 534, 684, 808,
916, 1044, 1138, 1224, 1318
Government debt:
Volume and kind of securities. . . .65, 177, 287, All, 531,
681, 805, 913, 1041, 1135, 1221, 1315
Government employees, number of Federal,
State, and local
76, 188, 298, 438, 542, 692, 816,
924, 1052, 1146, 1232, 1326
Government expenditures during 1 9 5 1 . . . .
3
Government manual, publication of
new edition
. .
. 135, 1012
Government securities:
Bond prices. . .
.61, 173, 283, 423, 527, 677, 801,
909, 1037, 1131, 1217, 1311
Direct obligations, volume
and kind
65, 177, 287, 427, 531, 681, 805,
913, 1041, 1135, 1221,1315
Federal Reserve Bank holdings:
All banks combined . . .45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
DECEMBER
1952
Pages
Government securities—Continued
Federal Reserve Bank holdings—Continued.
Each bank. .
.46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
Maturity distribution. . .45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201. 1295
Wednesday figures. .. .41, 153, 263, 403, 507, 657,
781, 889, 1017, 1111, 1197, 1291
Insured commercial banks. . .54, 166, 276, 416, 520, 670,
794, 902, 1030, 1124, 1210, 1304
Investments by weekly reporting
member banks:
New York City and outside
56, 168, 278, 418,
522, 672, 796, 904, 1032, 1126, 1212, 1306
Ownership of direct and
guaranteed.
.66, 178, 288, 428, 532, 682, 806, 914,
1042, 1136, 1222, 1316
Purchase of Government obligations
by Federal Reserve Banks, amendment to Section 14(b) of Federal
Reserve Act
772
Savings bond program, letter to
commercial banks in United
States
738
Savings bonds.
.65, 177, 287, 427, 531, 681, 805, 913,
1041, 1135, 1221, 1315
Yields on.
.60, 172, 282, 422, 526, 676, 8OO7
908, 1036, 1130, 1216, 1310
Greece:
Bank of:
Condition.
.103, 215, 329, 463, 581, 717, 841.
955, 1077, 1173, 1257, 1351
Discount rate. .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Grimwood, Gordon B., article on
recent changes in Germany's foreign
trade balance
237
Gross, national product:
Discussion
2
Relation with national income,
personal income and saving. . . .84, 196, 306, 446, 550,
700, 824, 932, 1060, 1154, 1240, 1334
Guatemala:
Condition of Bank of.
.103, 215, 329, 463, 581, 717,
841, 955, 1077, 1257, 1351
Gold reserves.
.98, 210, 324, 458, 576, 712, 836, 950,
1072, 1168, 1252, 1346
Hahne, Ernest H., director at
Cincinnati Branch, death of
.1285
Handy, Ramon B., director at Denver
Branch, death of
.257, 365
Home Owners' Loan Corporation:
Loans by
68, 180, 290, 430, 534, 684, 808, 916,
1044, 1138, 1224, 1318
Hood, Clifford F., appointed director
at Pittsburgh Branch
.34
Hosford, Willard D., class B director
at Kansas City, death of
.32, 365
Hours and earnings of factory
employees
75, 187, 297, 437, 541, 691, 815, 923,
1051, 1145, 1231, 1325
Housing and Home Finance Agency,
press statement on relaxation on
Government-supported housing credit.. .
.1002
Hulcy, D. A., elected Class B director at Dallas.
1285
Imports:
Germany, volume of.
238
1375
INDEX TO VOLUME 38
Pages
Pages
Imports—Continued.
Gold movements to United States. . . . 9 9 , 211, 325, 459,
577, 713, 837, 951, 1073, 1169, 1253, 1347
Japan
15
United States in 1952
. 1096
Imports and exports:
Merchandise. . .
78, 190, 300, 440, 544, 694, 818,
926, 1054, 1148, 1234, 1328
Income:
Cash, and outgo of U. S. Treasury. . . .67, 179, 289, 429,
533, 683, 807, 915, 1043, 1137, 1223, 1317
Consumer, growth in
. .341
National
. .84, 196, 306, 446, 550, 700, 824,
Index numbers—Continued.
Wholesale prices—Continued.
Groups of commodities. . . .83, 195, 305, 445, 549,
699, 823, 931, 1059, 1153, 1239, 1333
Groups of commodities,
1926-1952
311
Principal countries. . . .108, 220, 334, 468, 586, 722,
846, 960, 1082, 1178, 1262, 1356
T ,.
India:
Foreign exchange rates. . . .107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold production. . . .97, 209, 323, 457, 575, 711, 835,
Personal. .
949, 1071, 1167, 1251, 1345
932, 1060, 1154, 1240, 1334
. .85, 197, 307, 447, 551, 701, 825, 933,
1061, 1155, 1241, 1335
Personal, during 1951
8
Railroads
78, 190, 300, 440
Taxes, Internal Revenue collections
67, 179, 289,
429, 533, 683, 807, 915, 1043, 1137, 1223, 1317
Indebtedness of consumers
973
Index numbers:
Business indexes. .
. .69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
Construction contracts awarded... .69, 181, 291, 431,
535, 685, 809, 917, 1045, 1139, 1225, 1319
Consumers' price, principal countries.
.1357
Consumers' price index for
moderate income families. . . .82, 194, 304, 444, 548,
698, 822, 930, 1058, 1152, 1238, 1332
Cost of living, principal countries. . . .109, 221, 335, 469,
587, 723, 847, 961, 1083, 1179, 1263, 1357
Department stores:
Sales, adjusted.
.69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
Sales, revised weekly index
. .359
Sales, weekly
81, 193, 303, 443, 547, 697, 821,
929, 1057, 1151, 1237, 1331
Sales and stocks, by Federal
Reserve districts
79, 191, 301, 441, 545, 695,
819, 927, 1055, 1149, 1235, 1329
Sales and stocks, by major
departments
80, 192, 302, 442, 546, 696, 820,
928, 1056, 1150, 1236, 1330
Sales, stocks, and orders, revised series
1098
Factory employment, business
index
69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
Freight carloadings:
Adjusted
69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
Classes. .
. . 78, 190, 300, 440, 544, 694, 818,
926, 1054, 1148, 1234, 1328
Industrial production :
Adjusted for seasonal variation. . .70, 182, 292, 432,
536, 686, 810, 918, 1046, 1140, 1226, 1320
Physical volume. . . .69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
Revised annual
502, 1106
Without seasonal adjustment. . . 72, 184, 294, 434,
538, 688, 812, 920, 1048, 1142, 1228, 1322
Retail food prices. .. .109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
Security prices in principal countries. . . 109, 221, 335,
469, 587, 723, 847, 961, 1083, 1179, 1263, 1357
Stock prices
61, 173, 283, 423, 527, 677, 801,
909, 1037, 1131, 1217, 1311
Wholesale prices:
Commodities. . . .69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
1376
Recent banking developments in
1280
Reserve Bank of:
Condition
103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate. . . .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Indochina, recent banking developments in
1283
Indonesia, recent banking developments in . . .
. . 1284
Industrial advances by Federal Reserve Banks:
All banks combined
45, 157, 267, 407, 511, 661, 785,
893, 1021, 1115, 1201, 1295
Commitments. .
. .46, 158, 268, 408, 512, 662, 786V
894, 1022, 1116, 1202, 1296
Each bank. .
. .46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
Maturity distribution. .45, 157, 267, 407, 511, 661, 785,
893, 1021, 1115, 1201, 1295
Number and amount
47, 159, 269, 409, 513, 663,
787, 895, 1023, 1117, 1203, 1297
Rates on loans and commitments
43, 155, 265, 405,
509, 659, 783, 891, 1019, 1113, 1199, 1293
Industrial production:
Business index.
.69, 181, 291, 431, 535, 685, 809,
^ . , , .
917, 1045, 1139, 1225, 1319
By industries:
Adjusted for seasonal
variation. . .
.70, 182, 292, 432, 536, 686, 810,
918, 1046, 1140, 1226, 1320
Without seasonal adjustment
72, 184, 294, 434,
538, 688, 812, 920, 1048, 1142, 1228, 1322
Germany
238
Japan
13
National summary of business
conditions
36, 149, 258, 399, 503, 653, 777,
884, 1013, 1107, 1193, 1285
Revised annual indexes
502, 1106
Wholesale price index. .108, 220, 334, 468, 586, 722, 846,
960, 1082, 1178, 1262, 1356
Instalment loans: (See Consumer credit)
Insurance companies:
Commitments to acquire loans and investments
for defense and nondefense purposes
170, 280, 420>
524, 674, 798, 906, 1034, 1127, 1214, 1308
Government securities held by
66, 178, 288, 428, 532,
682, 806, 914, 1042, 1136, 1222, 1316
Insured home loans held
77, 189, 299, 439, 543, 693,
817, 925, 1053, 1147, 1233, 1327
Insured commercial banks:
Earnings, 1951 in United States
and possessions
566
Loans and investments. . .54, 166, 276, 416, 520, 670.
794, 902, 1030, 1124, 1210, 1304
Interest rates:
Business loans by banks in
selected cities
60, 172, 282, 422, 526, 676, 800,
908, 1036, 1130, 1216, 1310'
FEDERAL RESERVE BULLETIN.
INDEX TO VOLUME 38
Pages
Interest rates—Continued.
Open-Market rates in New York City
60, 172, 282,
422, 526, 676, 800, 908, 1036, 1130, 1216, 1310
Regulation Q, amendment to
650
Regulation V loans, guarantee
fees and rates on
43, 155, 265, 405, 509, 659, 783,
891, 1019, 1118, 1204, 1298
Selected
123
Time deposits, maximum rates on. . . .42, 154, 264, 404,
508, 658, 782, 890, 1018, 1112, 1198, 1292
Internal Revenue collections. . . .67, 179, 289, 429, 533, 683,
807, 915, 1043, 1137, 1223, 1317
International capital transactions
of the United States
92, 204, 318, 452, 570, 706, 830,
944, 1066, 1162, 1246, 1340
International Monetary Fund:
Gold reserves
98, 210, 324, 458, 576, 712, 836,
..
. .
..
950, 1072, 1168, 1252, 1346
T ,
International transactions:
Japan
.14
Inventory:
Manufacturing and trade. .
. .477
Investments:
All banks in the United States,
by classes
52, 164, 274, 414, 518, 668, 792,
900, 1028, 1122, 1208, 1302
Insured commercial banks. . .54, 166, 276, 416, 520, 670,
794, 902, 1030, 1124,1210,1304
Weekly reporting member banks:
New York City and outside. . .56, 168, 278, 418,
522, 672, 796, 904, 1032, 1126, 1212, 1306
(See also Loans and investments)
Iran:
Gold reserves. .
. .98, 210, 324, 458, 576, 712, 836,
_ _ ,
950, 1072, 1168, 1252, 1346
Ireland:
Central bank of:
Condition. .
. .103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate. .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
T+ .
Italy:
'
'
Bank of:
Condition. .
. .103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate
105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
International capital transactions. . . .92, 204, 318, 452,
570, 706, 830, 944, 1066, 1162,1246,1340
Wholesale prices in
108, 220, 334, 468, 586, 722, 846,
960, 1082, 1178, 1262, 1356
Japan:
Bank of:
Condition
103, 215, 329, 463, 581,
717, 841, 955, 1077, 1173, 1257, 1351
Discount rate
105, 217, 331, 465, 583,
719, 843, 957, 1079, 1175, 1259, 1353
Economic problems facing
11
Wholesale prices in
108, 220, 334, 468, 586, 722,
846, 960, 1082, 1178, 1262, 1356
Java, Bank of:
Discount rate. .
. .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves.
. . . .98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Joint statements:
Coordination of practices in fields
of mutual or joint responsibility.
.877
DECEMBER
1952
Pages
Kolb, Raymond C :
Article on excess profits taxes of
commercial banks
. . 602
Article on member bank earnings, 1951..
.486
Latin American Republics:
Gold movements
99, 211, 325, 459, S77, 713,
837, 951, 1073, 1169, 1253, 1347
International capital transactions
92, 204, 318, 452,
570, 706, 830, 944, 1066, 1162, 1246, 1340
Leading articles:
Business credit demand in a defense period. .
. .475
Consumer plans for spending and saving. .
. .341
Expenditures in 1951
1
Expenditures in 1952
1185
International flow of gold and dollars, 1951. .
. .227
Monetary and credit situation
. . 731
Money and Credit in 1951
.. 115
Postwar use of consumer funds. . .
. . .967
Problems of trade equilibrium. . . .
. . 1089
Real estate markets in 1952
. . .853
Recent credit expansion
. .1269
Recent output and price developments. .
. . 593
Legislation:
Banks dealing in obligations of Central Bank for
cooperatives, amendment to Section 5136 of Revised Statutes
774
Capital requirements of member banks, amendments to Section 9 of Federal Reserve Act and
Section 5155 of Revised Statutes
773
Defense Production Act, amendment of 1952
772
Federal Reserve Act, amendment to Section 14 (b)
to authorize purchase of Government obligations
by Federal Reserve Banks
772
Life insurance companies:
Commitments to acquire loans and investments for
defense and nondefense purposes. .. .170, 280, 420,
524, 674, 798, 906, 1034, 1127, 1214, 1308
Loan and investment commitments,
voluntary credit restraint release...
..25
(See also Insurance companies)
Liquid asset holdings of individuals and
businesses, estimated
. . 756
List of directors of Federal Reserve Banks
and branches
. . 137
Loans:
Agricultural:
Insured commercial b a n k s . . . .54, 166, 276, 416,
520, 670, 794, 902, 1030, 1124, 1210,1304
Brokers and dealers in securities by
weekly reporting member banks:
New York City and outside
56, 168, 278, 418,
522, 672, 904, 1032, 1126, 1212, 1306
Brokers or dealers to finance stock purchases
30
Business, bank rates on
60, 172, 282, 422, 526,
676, 800, 908, 1036, 1130, 1216, 1310
Commercial, industrial, and agricultural, by
weekly reporting member banks:
New York City and outside
56, 168, 278, 418,
522, 672, 796, 904, 1032, 1126, 1212, 1306
Consumer instalments, made by principal
lending institutions
86, 198, 308, 448, 552, 702,
826, 934, 1062, 1156, 1242, 1336
Defense production, guarantee fees and
rates under Regulation V
43, 155, 265, 405, 509,
659, 783, 891, 1019, 1118, 1204, 1298
Federal Housing Administration, insured by. . . .77, 189,
299, 439, 543, 693, 817, 925,1053, 1147, 1233,1327
1377
INDEX TO VOLUME 38
Pases
Pages
Loans—Continued.
Government corporations and
credit agencies
68, 180, 290, 430, 534,
684, 808, 916, 1044, 1138, 1224, 1318
Industrial: {See Industrial advances)
Instalment
86, 198, 308, 448, 552, 702, 826,
934, 1062, 1156, 1242, 1336
Mortgage on 1- to 4-family properties.
858
Mortgage on residential real estate. .
.860, 1271
Real estate:
Voluntary credit restraint release. .24, 251, 363, 501
Weekly reporting member banks:
New York City and outside
56, 168, 278,
418, 522, 672, 796, 904, 1032, 1126, 1212, 1306
Loans and investments:
All banks in United States, by classes. . . .52, 164, 274,
414, 518, 668, 792, 900, 1028,1122, 1208, 1302
Commercial banks, change 1951 and 1950
116
Insured commercial banks
54, 166, 276, 416, 520,
670, 794, 902, 1030, 1124, 1210, 1304
Life insurance companies, commitments to acquire
for defense and nondefense purposes
170, 280,
420, 524, 674, 798, 906, 1034, 1127, 1214, 1308
Member banks, by classes
52, 164, 274, 414, 518,
Meetings—Continued.
Federal Open Market Committee—Continued.
June 19
775
September 25
1106
December 8
1285
Presidents of Federal Reserve Banks:
February 27-29
255
June 18-19
. .775
September 23, 24, and 26.
1106
December 7-9
1285
Mehornay, Robert L., Class C director at
Kansas City, death of.
.365
Member banks:
Branches
58, 202, 941
Changes in number of banking offices
201, 940
Deposits and reserves of
47, 159, 269, 409,
513, 663, 787, 895, 1023, 1114, 1200, 1294
Earnings and expenses:
1951
...
. . .486, 555
First half of 1952.
. .1103, 1159
Employees, 1951
555
Loans and investments
51, 163, 273, 413, 517, 667,
791,899,1027, 1121, 1207, 1301
Number of:
668, 792, 900, 1028, 1122, 1208, 1302
By classes.
..
.51,163,273,413,517,667,
Member banks, December 31, 1951
487
791,899,1027, 1121, 1207, 1301
Mutual savings banks
53, 165, 275, 415, 519,
By districts and by States
58, 202, 941
669, 793, 901, 1029, 1123, 1209, 1303
End of 1951
486, 555
National banks.
53,165,275,415,519,669,
Operating ratios, 1951
937
793, 901, 1029, 1123, 1209, 1303
Par list
58, 202, 941
Nonmember banks
53, 165, 275, 415, 519,
Reserve requirements
42, 154, 264, 404, 508, 658,
669, 793, 901, 1029, 1123, 1209, 1303
782, 890, 1018, 1113, 1199, 1293
Weekly reporting member banks:
Reserves, reserve bank credit, and
New York City and outside
56, 168, 278, 418,
related items
41, 153, 263, 403, 507, 657,
522, 672, 796, 904, 1032, 1126, 1212, 1306
781, 889, 1017, 1111, 1197, 1291
MacDonald, D. K., appointed director at
Membership in Federal Reserve System:
Seattle Branch
.35
Admission of State banks
.32, 257, 366, 776, 881,
Manufactures:
1012, 1106, 1285
Industrial production, index of
69, 181, 291, 431,
Amendments to Regulation H
1004
535, 685, 809, 917, 1045, 1139, 1225, 1319
Merchandise:
Manufacturing industries:
Exports and imports
78, 190, 300, 440, 544,
Hours and earnings of production
694, 818, 926, 1054, 1148, 1234, 1328
workers
75, 187, 297, 437, 541,
Mexico :
691, 815, 923, 1051, 1145, 1231, 1325
Bank of:
Maps:
Condition
103, 215, 329, 463, 581,
Federal Reserve System
114, 226, 340, 474,
592, 730, 852, 966, 1088, 1184, 1268, 1364
717, 841, 955, 1077, 1173, 1257, 1351
Margin accounts:
Discount rate
105, 217, 331, 465, 583,
Statistics of stock exchange firms. . . . 5 9 , 171, 281, 421,
719, 843, 957, 1079, 1175, 1259, 1353
525, 675, 799, 907, 1035, 1129, 1215, 1309
Gold reserves
98, 210, 324, 458, 576, 712,
Margin requirements:
836, 950, 1072, 1168, 1252, 1346
Table
. . . .42, 154, 264, 404, 508, 658,
Foreign exchange rates
107, 219, 333, 467, 585, 721,
782, 890, 1018, 1112, 1198, 1292
845, 959, 1081, 1177, 1261, 1355
Masters, Robert C , appointment as Assistant
Gold movements
99, 211, 325, 459, 577, 713,
Director, Division of Examinations
. .31
837, 951, 1073, 1169, 1253, 1347
Maturity distribution of loans and
Gold production
97, 209, 323, 457, 575, 711,
Government securities
45, 157, 267, 407, 511,
835, 949, 1071, 1167, 1251, 1345
661, 785, 893, 1021, 1115, 1201, 1295
Miller, Donald C , article on second
armament budget
124
Meetings:
Miller, Max A., elected Class B director
Chairmen of Federal Reserve Banks:
at Kansas City
.365
May 5-6
. . 502
Miller, Paul E., appointed Deputy Chairman
December 4-5
.1285
at Minneapolis
.32
Federal Advisory Council:
Mills, Abbott L., Jr., appointed member of
February 17-19
.255
Board of Governors
.256
May 18-20
.. .652
October 5-7
.1106
Minerals:
November 16-18
.1285
Industrial production, index of
69, 181, 291, 431,
Federal Open Market Committee:
535, 685, 809, 917, 1045, 1139, 1225, 1319
February 29-March 1
.255
Monetary and credit situation
731
1378
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Pages
Money and credit:
National summary of business conditions. .259, 654, 778
1951
115
Money in circulation:
By denominations
49, 161, 271, 441, 515, 665,
789, 897, 1025, 1119, 1205, 1299
By kinds. .
49, 161, 271, 411, 515, 665,
789, 897, 1025, 1119,1205, 1299
Chart. .
. . . .40, 152, 262, 402, 506, 656,
780, 888, 1016, 1110, 1196, 1290
Weekly
figures.
. . .41, 153, 263, 403, 507, 657,
,,
, ,
781, 889, 1017, 1111, 1197, 1291
Money markets:
Conditions in
. . 732
National summary of business conditions. . .
.. .150
Review for 1951. . .
..122
Money rates:
Business loans by banks. . . .60, 172, 282, 422, 526, 676,
800, 908, 1036, 1130, 1216, 1310
Foreign countries
105, 217, 331, 465, 583, 719,
843, 957, 1079, 1175, 1259, 1353
Open-market, New York City
60, 172, 282, 422,
526, 676, 800, 908, 1036, 1130, 1216, 1310
Money supply:
Changes in. . .
.736
Expansion of
.120
Mortgages:
Insured Federal Housing Administration
mortgages held.
.77, 189, 299, 439, 543, 693, 817,
925, 1053, 1147, 1233, 1327
Murff, G. R., Assistant Secretary of
Board, resignation of. . .
.652
Mutual savings banks:
Branches, number and changes. . . .
. .201, 940
Deposits
53, 165, 275, 415, 519, 669, 793, 901,
1029, 1123, 1209, 1303
Government securities held by. .66, 178, 288, 428, 532,
682, 806, 914, 1042, 1136, 1222, 1316
Insured home loans held. . . 77, 189, 299, 439, 543, 693,
817, 925, 1053, 1147, 1233, 1317
Loans and investments. . . .53, 165, 275, 415, 519, 669,
793, 901, 1029, 1123, 1209, 1303
National Association of Supervisors of State Banks,
joint statement on coordination of practices in
fields of mutual or joint responsibility
877
National bank notes, outstanding. . . .49, 161, 271, 411, 515,
. , .
665, 789, 897, 1025, 1119, 1205, 1299
XT ..
National banks:
'
'
'
Changes in number of banking offices
. . .201, 940
Deposits
53, 165, 275, 415, 519, 669, 793, 901,
1029, 1123, 1209, 1303
Earnings and expenses, 1951
560
Number of
53, 165, 275, 415, 519, 669, 793, 901,
1029, 1123, 1209, 1303
Suspensions 1943-1951
.135
Trust powers, creation of two or
more trust investment committees
under Regulation F. . . .
.651
National summary of business
conditions. .
.36, 149, 258, 399, 503, 653, 777, 884,
, ,
1013, 1107, 1193, 1286
XT ,
Netherlands:
Bank of:
Condition.
103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate
.105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves.
98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Cost of living
.109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
DECEMBER
1952
Netherlands—Continued.
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold movements. . . .99, 211, 325, 459, 577, 713, 837,
951, 1073, 1169, 1253, 1347
International capital transactions. .92, 204, 318, 452, 570,
706, 830, 944, 1066, 1162, 1246, 1340
Open-market rates
105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Retail food prices. . . .109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
Security prices, index numbers. .109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Wholesale prices
108, 220, 334, 468, 586, 722, 846,
960, 1082, 1178, 1262, 1356
New York Stock Exchange:
Customers' debit balances, money
borrowed and related items. . . .59, 171, 281, 421, 525,
675, 799, 907, 1035, 1129, 1215, 1309
Volume of trading on. 61, 173, 283, 423, 527, 677, 801,
909, 1037, 1131, 1217, 1311
New Zealand:
Foreign exchange rates. . . .107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Reserve Bank of:
Condition. .
. .103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate. . . .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Newcomer, Ralph S., appointed
director at Denver Branch. .
.365
Nicaragua:
Gold production. .
97, 209, 323, 457, 575, 711, 835,
949, 1071, 1167, 1251, 1345
Nichols, Shuford R., appointed director
at Little Rock Branch
.35
Nielsen, Aksel, appointed director
at Denver Branch
365
Nonfarm dwelling units started. .544, 694, 818, 926, 1054,
1148,'1234, 1328
Nonmember banks:
Branches
58, 202, 941
Changes in number of banking offices
.201, 940
Deposits:
Chart. .
.40, 152, 262, 402, 506, 656, 780,
888, 1016, 1110, 1196, 1290
Classified and total. . . .53, 165, 275, 415, 519, 669,
793, 901, 1029, 1123, 1209, 1303
Held by Federal Reserve Banks. . . .41, 153, 263,
403, 507, 657, 781, 889, 1017, 1111, 1197, 1291
Earnings of insured commercial banks in the
United States and possessions
566
Loans and investments. . . .53, 165, 275, 415, 519, 669,
793, 901, 1029, 1123, 1209, 1303
Number of:
Commercial b a n k s . . . 5 3 , 165, 275, 415, 519, 669,
793, 901, 1029, 1123, 1209, 1303
Offices in United States
58, 202, 941
Par list
..58, 202, 941
Suspensions, 1943-1951
135
Norton, Edward L., resignation as
member of Board
. 255
Norway:
Bank of:
Condition. .
.103, 215, 329, 463, 581, 717, 841,
955, 1077, 1173, 1257, 1351
Discount rate.
105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
1379
INDEX TO VOLUME 38
Pages
Norway—Continued.
Bank of—Continued.
Gold reserves
98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Noyes, Guy E., appointed Assistant Director of
Division of Research and Statistics
.776
Obligations of Government, direct and
guaranteed, maturities
65, 177, 287, 427, 531, 681, 805,
913, 1041, 1135, 1221, 1315
Open-market paper, insured commercial
banks
54, 166, 276, 416, 520, 670, 794, 902,
1030, 1124, 1210, 1304
Open-market rates:
Foreign countries. . . .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
New York City. .
. .60, 172, 282, 422, 526, 676, 800,
908, 1036, 1130, 1216, 1310
Operating ratios of member banks, 1951.
.937
Orders:
Transamerica Corporation
.391
Ownership of demand deposits, article
by Charles Fox
482
Ownership of Government securities
66, 178, 288, 428.
532, 682, 806, 914, 1042, 1136, 1222, 1316
Pakistan, State Bank of:
Condition
104, 216, 330, 464, 582, 718, 842,
956, 1078, 1174, 1258, 1352
Discount rate. .
. .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. .
. .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Review of operations
1282
Pamphlets: {See Publications)
Paper currency, circulation
49, 161, 271, 411, 515, 665,
789, 897, 1025, 1119, 1205, 1299
Par list, number of banks by districts
and by States
. 5 8 , 202, 941
Paraguay:
Condition of central bank
104, 216, 330, 464, 582,
718, 842, 956, 1078, 1174, 1258, 1352
Patterson, Robert P., Class C director
at New York, death of
. . 135, 502
Payrolls, factory:
Business index of
69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
Personal income. .
. .85, 197, 307, 447, 551, 701, 825,
933, 1061, 1155, 1241, 1335
Peru:
Central Reserve Bank of:
Condition
104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
Discount rate
105, 217, 331, 465, 583, 719,
843, 957,1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Peyton, John N., retirement as President of
Federal Reserve Bank of Minneapolis. . .
. .776
Philippine Republic:
Central Bank of the Philippines:
Condition
104, 216, 330, 464, 582,
718, 842, 956, 1078, 1174, 1258, 1352
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
Recent banking developments in
1276
Portugal:
Bank of:
Condition. .
104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
1380
Pages
Portugal—Continued.
Bank of—Continued.
Discount rates
105, 217, 331, 465, 583,
719 843, 957, 1079, 1175, 1259, 1353
Gold reserves
98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold purchases by United
States from
99, 211, 325, 459, 577, 713, 837y
951, 1073, 1169, 1253, 1347
Postal savings deposits:
Depositors' balances and assets. . . .48, 160, 270, 410, 514,
664, 788, 896, 1024, 1118, 1204, 1298
Insured commercial banks. . . .55, 167, 277, 417, 521, 671,
795, 903, 1031, 1125, 1211, 1305
Interest rate on. .
.42, 154, 264, 404, 508, 658, 782,
890, 1018, 1112, 1198, 1292
Weekly reporting member banks:
New York City and outside. . .57, 169, 279, 419, 523,
673, 797, 905, 1033, 1127, 1213, 1307
Powell, Oliver S.:
Appointment as President of Federal
Reserve Bank of Minneapolis
775
Resignation as Member of Board of
Governors
. . 775
Presidents of Federal Reserve Banks:
List of. .
. I l l , 223, 337, 471, 589, 725, 849,
963, 1085, 1181, 1265, 1359
Meetings:
February 27-29 .
.255
June 18-19
.775
September 23, 24, and 26. .
. 1106
December 7-9
. .1285
Peyton, John N., resignation at
Minneapolis
.776
Powell, Oliver S., appointment at
Minneapolis
775
President of United States:
Norton, Edward L., letter accepting
resignation of
. . 255
Powell, Oliver S., letter accepting
resignation of
.775
Press statements:
Joint release with Housing and Home
Finance Agency, on procedures to
carry out housing credit provisions
of Defense Production Act Amendments
of 1952
882
Real estate credit regulations, no
present change in
773
Suspension of program for voluntary
credit restraint
. . 501
Suspension of Regulation X
... 1002
Taxation of commercial banks, questionnaire distributed to banks
613
Voluntary credit restraint releases
22, 251, 363, 501
Prices:
Recent developments
593
Retail food
109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
Securities in principal countries. . 109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Wholesale commodity:
Business index.
.69, 181, 291, 431, 535, 685, 809,
917, 1045, 1139, 1225, 1319
By groups of commodities . .83, 195, 305, 445, 549,
699, 823, 931, 1059, 1153, 1239, 1333
Index of
. 108, 220, 334, 468, 586, 722, 846,
960, 1082, 1178, 1262, 1356
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Pages
Procedures to implement joint statement
issued by bank supervisory authorities
.879
Prochnow, Herbert V., reappointed Secretary of Federal Advisory Council. . . .
.255
Production, recent output of goods. .
. .593
Profits:
Large corporations. . . .63, 175, 285, 425, 529, 679, 803,
911, 1039, 1133, 1219, 1313
Member banks, 1950 and 1951.
.489, 555
Public debt:
Volume and kind of securities. . .65, 177, 287, 427, 531,
681, 805, 913, 1041, 1135, 1221, 1315
{See also Government securities)
Public Housing Administration:
Loans by. . .
. .68, 180, 290, 430, 534, 684, 808,
916, 1044,1138,1224, 1318
Public utility corporations:
Earnings and dividends of. . .63, 175, 285, 425, 529, 679,
803, 911, 1039, 1133, 1219, 1313
Publications:
Abstracts of defense regulations. . .
. 136
Annual Report of Board of Governors
1012
Board of Governors, list . 112, 224, 338, 472, 590, 726,
850, 964, 1086, 1182,1266, 1360
Development of bank debits and clearings and their use in economic
analysis
. 135
Federal Register, subscription price
. . 136
Handbook of emergency defense activities.
.136
Historical supplement to monthly
chart book on bank credit, money
rates, and business, revised edition.
.366, 1012
Industrial production indexes,
revised annual
, . 1106
United States Government Manual,
new edition
. 135, 1012
Puckett, Cecil, appointed Class C director
at Kansas City and designated Deputy
Chairman
.365
Quay, A. H., Class A director at
Minneapolis, death of.
.32
Questionnaires:
Summary of replies of Board on
general credit and debt management.
349
Tax, to be sent to selected list of
member and nonmember banks
.615
Railroads:
Revenues, expenses and income of
Class I.
78, 190, 300, 440
Rates:
Acceptances, bankers' buying
43, 155, 265, 405, 509,
659, 783, 891, 1019, 1113, 1199, 1293
Business loans by banks
60, 172, 282, 422, 526,
676, 800, 908, 1036, 1130, 1216, 1310
Discount:
Central banks. .
105, 217, 331, 465, 583,
719, 843, 957, 1079, 1175, 1259, 1353
Federal Reserve Banks
43, 155, 265, 405,
509, 659, 783, 891, 1019, 1113, 1199, 1293
Foreign exchange
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Industrial loans and commitments . .43, 155, 265, 405,
509, 659, 783, 891, 1019, 1113, 1199, 1293
Open-market in certain foreign
countries
105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Open-market in New York City
60, 172, 282, 422,
526, 676, 800, 908, 1036, 1130, 1216, 1310
Postal savings deposits
42, 154, 264, 404, 508,
658, 782, 890, 1018, 1112, 1198, 1292
Rates—Continued.
Regulation V loans, guarantee fees
and rates.
43, 155, 265, 405, 509, 659,
783, 891, 1019, 1118, 1204, 1298
Time deposits, maximum interest on . 42, 154, 264,
404, 508, 658, 782, 890, 1018, 1112, 1198, 1292
Ratios of all member banks:
By classes
562
By Federal Reserve districts
563
Ratios of country member banks. .
.565
Ratios of reserve city member banks.
.564
Real estate, loans on:
Insured commercial banks . . . .54, 166, 276, 416, 520,
670, 794, 902, 1030, 1124, 1210, 1304
Weekly reporting member banks:
New York City and outside
56, 168, 278,
418, 522, 672, 796, 904, 1032, 1126, 1212, 1306
Real estate credit:
Amendments to Regulation X:
Amendment No. 8.
.27
Amendment No. 9 .
. .28
Amendment No. 10
.650
Delegation of authority pursuant to Defense
Production Act Amendments of 1952.
882
Major additions or improvements.
.498
Markets in 1952
.853
Maximum maturity and refinancing.
.133
Maximum maturity in resale . . . .
.28
Nonconforming lease as additional
collateral
.497
Publicly sponsored parking facilities.
499
Registrants under Regulation X
.620
Regulation X, press statement that no
present change is contemplated.
773
Suspension of Regulation X .
.1002, 1004
Trust companies
.497
Receipts:
Federal budget
. 130
Treasury, summary of operations. . . .67, 179, 289, 429,
533, 683, 807, 915, 1043, 1137, 1223, 1317
Reconstruction Finance Corporation:
Assets and liabilities
68, 180, 290, 430, 534, 684,
808, 916, 1044, 1138, 1224, 1318
Loans by. .
68, 180, 290, 430, 534, 684,
808, 916, 1044, 1138, 1224, 1318
Registrants under Regulation X . .
. .
620
Registration statement under Regulation X.
.636
Regulations, Board of Governors:
H, Membership of State banking institutions in
the Federal Reserve System, as amended.
1004
Q, Payment of interest on deposits,
amendment to
650
T, Extension and maintenance of credit
by brokers, dealers, and members of
national securities exchanges:
Arrangement for credit by brokers
or dealers
.1105
U, Loans by banks for the purpose of
purchasing or carrying stocks registered
on a national securities exchange:
Bank loans to finance stock purchases. . . .
V, Loan guarantees for defense production:
Guarantee fees and commitments
under
43, 155, 265, 405, 509,
D E C E M B E R 1952
659, 783, 891, 1019, 1118, 1204, 1298
Loans guaranteed under. . . .47, 159, 269, 409, 513,
663, 787, 895, 1023, 1117, 1203, 1297
1381
INDEX TO VOLUME 38
Pages
Regulations, Board of Governors—Continued.
W, Consumer Credit:
Amendment No. 5.
..28
Amendment No. 6.
. . .28
Amendment No. 7
.367
Amendment No. 8.
.367
Combination units .
. 134
Contest prizes
.30
Court proceedings and suspension
of licenses
28, 133, 254, 367, 497
Floor or wall furnaces
. .29
Interpretations canceled or modified..
.134
Suspension of
.497
Verification of loan value
. .30
Verification of OPS ceiling price..
.133
Violations:
Brandbo, W. EL,
fined..
.254
Castelli, P. J.,
fined
.497
Economy Appliance Company, Inc.,
Albany, New York,
fined.
.497
Fitz, Clyde,
fined
.28
H. Bartels, Inc., Philadelphia,
license suspended
254
Jet Appliance Co., New Orleans, fined. .254
Kahn Motor Company, suspension
of license
. 133
Kay, Sam,
fined
497
Kirchner Brothers, injunction against
254
Lange, Walter, fine and suspended
prison sentence
.28
Minnesota Soft Water Company,
Minneapolis,
fined
.367
Rosen, Leonard,
fined
.254
Rosens Incorporated,
fined
.254
Video Meters, Inc., San Francisco,
license suspended
.367
X, Real Estate Credit:
Amendment No. 8.
.27
Amendment No. 9.
.28
Amendment No. 10.
.650
Loans of registrants
. 620
Maximum maturity in refinancing.
.133
Maximum maturity in resale
28
Press statement that no change in
regulation is contemplated.
773
Registration statement
.636
Suspension of
1002, 1004
Reserve city member banks:
Condition.
.52, 164, 274, 414, 518, 668, 792,
900, 1028, 1122, 1208, 1302
Deposits and reserves
47, 159, 269, 409, 513, 663,
787, 895, 1023, 1114, 1200, 1294
Earnings and expenses, 1951
489, 557
Reserves. .
48, 160, 270, 410, 514,
664, 788, 896, 1024, 1114, 1200, 1294
Reserve position of:
Commercial banks
.121
Foreign countries
.233
Member banks . . .
.732
Reserve requirements:
Member banks, per cent of
deposits of
42, 154, 264, 404, 508,
658, 782, 890, 1018, 1113, 1199,1293
Reserves:
Federal Reserve Banks:
All banks combined
45, 157, 267, 407, 511,
661, 785, 893, 1021, 1115, 1201, 1295
Each bank.
.46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
1382
Pages
Reserves—Continued.
Gold, changes in foreign .
.230
Gold, of central banks and
governments
98, 210, 324, 458, 576,
712, 836, 950, 1072, 1168, 1252, 1346
Insured commercial bank with
Federal Reserve Banks
55, 167, 277, 417,
521, 671, 795, 903, 1031, 1125, 1211, 1305
Member banks:
Account with Federal Reserve
Banks
46, 158, 268, 408, 512, 662,
786, 894, 1022, 1116, 1202, 1296
By classes of banks
47, 159, 269, 409, 513,
663, 787, 895, 1023, 1114, 1200, 1294
Excess, Wednesday
figures
41, 153, 263, 403,
507, 657, 781, 889, 1017, 1111, 1197, 1291
Total held, all banks
41, 153, 263, 403,
507, 657, 781, 889, 1017, 1111, 1197, 1291
Weekly reporting member banks:
New York City and outside
57, 169, 279, 419,
523, 673, 797, 905, 1033, 1127, 1213, 1307
Resignations:
Frierson, G. A., Class C director at Dallas. .
1106
Murff, G. R., as Assistant Secretary
of Board of Governors
.652
Norton, Edward L., as Member of
Board of Governors
.255
Powell, Oliver S., as Member of
Board of Governors
775
Townsend, J. Leonard, as Solicitor
of Board of Governors.
1012
Retail Credit Survey, 1951.
644
Retail food prices
109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Retirements:
Peyton, John N., President at Minneapolis . . .
776
Rounds, L. R., First Vice President at New York
257
Revenues, expenses and income of
Class I railroads. . .
78, 190, 300, 440
Revised Statutes:
Section 5136, amendment relating to
banks dealing in obligations of
Central Bank for cooperatives...
774
Section 5155, amendment relating to
capital requirements of member banks. .
773
Rhodesia:
Gold production.
.97, 209, 323, 457, 575, 711,
835, 949, 1071, 1167, 1251, 1345
Robertson, Caffey, appointed director
at Memphis Branch
.35
Robertson, J. L., appointed Member of
Board of Governors
256
Rounds, L. R., First Vice President at
New York, retirement of
.257
Rural Electrification Administration:
Assets and liabilities
68, 180, 290, 430, 534,
684. 808, 916, 1044, 1138, 1224, 1318
Loans by.
. . . . 68, 180, 290, 430, 534, 684,
808, 916, 1044, 1138, 1224, 1318
Russia:
Banking in the Soviet Union
351
Discount rate.
. .105, 217, 331, 465, 583, 719,
8 4 3 957
'
> 1O79 > 1175 > 1 2 5 9 ' 1 3 5 3
Salaries:
Federal Reserve Banks, 1951
.314
Insured commercial banks in United
States and possessions, officers and employees
566
Member banks:
1951
.486, 555
First half of 1952
1103, 1159
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Savings, consumer, increase in.
.342
Savings and loan associations:
Insured home mortgages held
77, 189, 299, 439,
543, 693, 817, 925, 1053, 1147, 1233, 1327
Savings bonds:
Letter to all commercial banks in
United States on program
738
Sales and redemptions
65, 177, 287, 427, 531,
681, 805, 913, 1041, 1135, 1221, 1315
Savings deposits:
Interest rates on.
42, 154, 264, 404, 508, 658,
782, 890, 1018, 1112, 1198, 1292
Schweiger, Irving, article on 1952
survey of consumer
finances.
739, 974
Securities:
Domestic, inflow of foreign funds
92, 204, 318,
452, 570, 706, 830, 944, 1066, 1162, 1246, 1340
Foreign, return of United States funds. . . .92, 204, 318,
452, 570, 706, 830, 944, 1066, 1162, 1246, 1340
Loans for purchasing or carrying:
Insured commercial banks
54, 166, 276, 416,
520, 670, 794, 902, 1030, 1124, 1210, 1304
Weekly reporting member banks,
New York City and outside
56, 168, 278,
418, 522, 672, 796, 904, 1032, 1126, 1212, 1306
Securities exchange administration:
Arrangement for credit by brokers or dealers.
1105
Margin requirements under Regulations
T and U.
42, 154, 264, 404, 508,
658, 782, 890, 1018, 1112, 1198, 1292
Security issues:
Corporate, proposed use of proceeds
62, 174, 284,
424, 528, 678, 802, 910, 1038, 1132, 1218, 1312
Corporate, review of..
.1270
Increase in 1 9 5 1 . . . .
. .478
New and refunding
61, 173, 283, 423, 527,
677, 801, 909, 1037, 1131, 1217, 1311
Security markets:
Bond and stock prices
61, 173, 283, 423, 527,
677, 801, 909, 1037, 1131, 1217, 1311
National summary of business
conditions. . .
37, 259, 400, 504, 654,
778, 885, 1014, 1108, 1194, 1287
Security prices:
Principal countries
109, 221, 335, 469,
587, 723, 847, 961, 1083, 1179, 1263, 1357
Silver and silver certificates, outstanding
and in circulation.
. . . 49, 161, 271, 411, 515, 665,
789, 897,1025, 1119,1205, 1299
Smith, Howard G., article on revised series
on department stores sales, stocks, and orders
1098
Smith, Tynan, article on survey of
consumer
finances
.861
South Africa:
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
Gold movements
99, 211, 325, 459, 577, 713,
837, 951,1073, 1169, 1253, 1347
Gold production
97, 209, 323, 457, 575, 711,
835, 949, 1071, 1167, 1251, 1345
Reserve bank:
Condition.
104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
Discount rate
105,217,331,465,583,
719, 843, 957, 1079, 1175, 1259, 1353
Gold reserves.
.98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Soviet Union, banking in.
.351
DFXEMBER
1952
Spain:
Bank of:
Condition
104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
Discount rate
105, 217, 331, 465, 583,
719. 843, 957, 1079, 1175, 1259, 1353
Gold reserves..
98, 210, 324, 458, 576,
712, 836, 950, 1072, 1168, 1252, 1346
Special articles:
Balance sheet of agriculture, 1952. .
758
Banking in the Soviet Union
....
351
Changes in instalment credit terms
.491
Economic problems facing post-treaty Japan.
11
Estimated liquid asset holdings of
individuals and businesses
756
Excess profits taxes of commercial b a n k s . . .
602
Financing of large corporations in 1951. .
.638
Joint statement of supervisory agencies
on coordination of practices in fields
of mutual or joint responsibility
877
Member bank earnings, 1951
486
Member bank earnings, first half of 1952.
1103
Ownership of demand deposits
482
Real estate loans of registrants under
Regulation X
620
Recent central banking developments in
southeast Asia
1276
Recent changes in Germany's foreign trade
balance
237
Recommendations with respect to extension of
Defense Production Act of 1950.
244
Retail credit survey, 1951...
.
.644
Revised series on department store sales,
stocks, and orders
1098
Revised weekly index of department store
sales
'
...
359
Second armament budget. .
124
Statement by Chairman of Board of Governors
before Subcommittee on General Credit
Control and Debt Management. . .
34<7
Survey of Consumer Finances, 1952:
Part I, consumer expectations as to
economic trends and consumer
investment preferences . . . . . . . . .
Part II, purchases of durable goods
and houses in 1951 and buying
plans for 1952
861
Part III, income, selected investments
and short-term debts of consumers.
974
Staff of Board of Governors:
Ames, Edward, article on banking in the
Soviet Union
351
Anderson, Paul S., article on financing
of large corporations in 1 9 5 1 . . . .
638
Benner, Henry, appointed Assistant
Director of Division of Examinations
1106
Boothe, Gardner L., II, appointed
Administrator, Office of Defense Loans.
1106
Craft, Robert H., appointed Technical
Consultant to Federal Open Market Committee 502
Fauver, Clarke L., appointment as
Assistant in Board Members' offices.
31
Fox, Charles E., article on ownership of
demand deposits
482
Frechtling, John, article on survey of
consumer finances, 1952.
....
.
861, 974
Golay, Frank H., article on economic problems
facing post-treaty Japan
11
1383
INDEX TO VOLUME 38
Pages
Staff of Board of Governors—Continued.
Goodman, Glenn M., appointed Assistant
Director of Division of Examinations.
.1106
Grimwood, Gordon B., article on recent
changes in Germany's foreign trade balance
237
Irvine, Reed J., article on recent central banking
developments in Southeast Asia.
...1276
Kolb, Raymond C :
Article on excess profits taxes of
commercial banks
. 602
Article on member bank earnings, 1951.
.486
Masters, Robert C , appointment as
Assistant Director of Division of Examinations. .31
Miller, Donald C , article on second
armament budget
124
Murff, G. R., Assistant Secretary,
resignation of
652
Noyes, Guy E., appointed Assistant Director
of Division of Research and Statistics
.776
Reil, Katharyne P., article on retail
credit survey, 1951
. 644
Schweiger, Irving, article on 1952
survey of consumer finances
.739, 974
Smith, Howard G., article on revised
series on department store sales,
stocks and orders
. 1098
Smith, Tynan, article on survey of consumer
finances, 1952
.861
Swan, Eliot J., appointed Acting Assistant
Director of Division of Selective Credit
Regulation
.31
Return to duties at Federal Reserve
Bank of San Francisco.
.776
Thompson, Orville K., article on revised
series on department store sales,
stocks, and orders
1098
Townsend, J. Leonard, resignation as Solicitor. .1012
Warner, Doris P., article on real estate
loans of registrants under Regulation X .
.620
Webster, Philip M., article on changes in
instalment credit terms
.491
Youngdahl, C. Richard, appointed Assistant
Director of Division of Research and
Statistics
776
State member banks:
Admission to membership in Federal
Reserve System
32, 257, 366, 776, 881,
1012, 1106, 1285
Amendments to Regulation H . .
1004
Branches, number of
567
Deposits
53, 165, 275, 415, 519, 669, 793,
901, 1029, 1123, 1209, 1303
Earnings and expenses, 1951
561
Number of
53, 165, 275, 415, 519, 669, 793,
901, 1029, 1123, 1209, 1303
By States
.567
Suspensions, 1934-1951
. . 135
States and political subdivisions:
Deposits:
Insured commercial banks,
by classes
55,167,277,417,521,671,795,
903, 1031, 1125, 1211, 1305
Weekly reporting member banks:
New York City and outside . 5 7 , 169, 279, 419,
523, 673, 797, 905, 1033, 1127, 1213, 1307
Investments of insured commercial
banks in obligations of
54, 166, 276, 416, 520, 670,
794, 902, 1030, 1124, 1210, 1304
1384
Pages
Stock exchange:
Call loan renewals, open-market
rates in New York City . 60, 172, 282, 422, 526, 676,
800, 908, 1036, 1130, 1216,1310
Customers' debit balances, money borrowed
and principal related items of firms
carrying margin accounts . . . .59, 171, 281, 421, 525,
675, 799, 907, 1035, 1129, 1215, 1309
Volume of trading on New York
market.
61, 173, 283, 423, 527, 677, 801,
909, 1037,1131, 1217,1311
Stocks:
New security issues. . . .61, 173, 283, 423, 527, 677, 801,
909, 1037,1131, 1217,1311
Prices in principal countries
109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Prices in United States. .61,173,283 423,527,677,801,
909, 1037,1131, 1217, 1311
Studies:
Development of bank debits and
clearings and their use in
economic analysis, by George Garvy.
. IOJ
Surplus:
Federal Reserve Banks:
All banks combined . . . 45, 157, 267, 407, 511, 661,
785, 893, 1021, 1115, 1201, 1295
Each bank.
. .46, 158, 268, 408, 512, 662, 786,
894, 1022, 1116, 1202, 1296
1951
.314
Surveys:
Consumer finances, 1952:
Part I, consumer expectations as
to economic trends and consumer
investment preferences . . .
. 739
Part II, purchases of durable
goods and houses in 1951 and
buying plans for 1952 . .
.861
Part III, income, selected
investments, and short-term
debts of consumers
.974
Retail credit, 1951
644
Suspensions of banks during 1951
. . 135
Swan, Eliot J., appointed Acting Assistant
Director of Division of Selective Credit
Regulation
. . .31
Return to duties at San Francisco.
.776
Sweden:
Bank of:
.104, 216, 330, 464, 582, 718 842,
Condition.
956, 1078, 1174, 1258, 1352
Discount rate.
.105, 217,331,465, 583, 719 , 843,
957, 1079, 1175, 1259, 1353
Gold reserves.
.98, 210,324,458,576, 712 ,836,
950, 1072, 1168, 1252, 1346
Foreign exchange rates. . 107, 219, 333, 467, 585, 721,845,
959, 1081, 1177, 1261, 1355
Gold movements. .
.99, 211, 325, 459, 577, 713 , 837,
951, 1073, 1169, 1253, 1347
Open-market rates.
105, 217, 331, 465, 583, 719 ,843,
957, 1079, 1175, 1259, 1353
Wholesale prices in.
.108, 220, 334,468, 586, 722 , 846,
960, 1082, 1178, 1262, 1356
Switzerland:
Cost of living, index numbers . .109, 221, 335, 469 , 587,
723, 847, 961, 1083, 1179, 1263, 1357
Foreign exchange rates
107, 219, 333, 467, 585 , 721,
1355
845, 959, 1081, 1177, 1261,
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 38
Pages
Switzerland—Continued.
Gold purchases by United
States from
99, 211, 325, 459, 577, 713, 837,
951, 1073, 1169, 1253, 1347
International capital
transactions
92, 204, 318, 452, 570, 706, 830,
944, 1066, 1162, 1246, 1340
Open-market rates. . . 105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Retail food prices. . . .109, 221, 335, 469, 587, 723, 847,
961, 1083, 1179, 1263, 1357
Swiss National Bank:
Condition
104, 216, 330, 464, 582, 718, 842,
956, 1078, 1174, 1258, 1352
Discount rate.
.105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. .
.98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Wholesale prices in. .108, 220, 334, 468, 586, 722, 846,
960, 1082, 1178, 1262, 1356
Taxes:
Corporate.
. 64, 176, 286, 426, 530, 680, 804,
912, 1040, 1134, 1220, 1314
Excess profits, of commercial banks .
.
602
Internal revenue collections. . .67, 179, 289, 429, 533, 683,
807, 915, 1043, 1137, 1223, 1317
Taylor, Paul T., appointed director at
Charlotte Branch
...
.35
Thailand:
Gold reserves of central bank .98, 210, 324, 458, 576,
712, 836, 950, 1072, 1168, 1252, 1346
Thompson, Orville K., article on revised
series on department store sales,
stocks, and orders
. 1098
Townsend, J. Leonard, resignation as
Solicitor of Board of Governors. . .
. 1012
Trade problems, discussion of
1089
Transamerica Corporation, findings as to
the facts, conclusion and order. . .
.368
Treasury bills:
Federal Reserve Bank holdings. . .41, 153, 263, 403, 507,
657, 781, 889, 1017, 1111, 1197, 1291
Insured commercial bank holdings
54, 166, 276, 416,
520, 670, 794, 902, 1030, 1124, 1210, 1304
Investments in, by weekly reporting
member banks:
New York City and outside. . .56, 168, 278, 418, 522,
672, 796, 904, 1032, 1126, 1212, 1306
Maturities of.
. 65, 177, 287, 427, 531, 681, 805,
913, 1041, 1135, 1221, 1315
Open-market rate in New York City .60, 172, 282, 422,
526, 676, 800, 908, 1036, 1130, 1216, 1304
Treasury currency outstanding,
Wednesday
figures.
.41, 153, 263, 403, 507, 657, 781,
889, 1017, 1111, 1197, 1291
Treasury Department:
Cash income and outgo. .67, 179, 289, 429, 533, 683, 807,
915, 1043, 1137, 1223, 1317
Treasury financing:
1951
.118
First quarter of 1952
. . 735
Fiscal year ending June 30, 1952. .
. .1272
Treasury receipts and expenditures:
Summary of
67, 179, 289, 429, 533, 683, 807,
915, 1043, 1137, 1223, 1317
Treiber, William F., appointed First Vice
President at New York
.. 257
Trust companies, real estate credit. . . .
...497
DECEMBER
1952
Pages
Turkey:
Central Bank of the Republic of:
Condition. .
. . 104, 216, 330, 464, 582, 718, 842,
956, 1078, 1174, 1258, 1352
Discount rate. . . . 105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves. . . .98, 210, 324, 458, 576, 712, 836,
950, 1072, 1168, 1252, 1346
Union of Soviet Socialist Republics:
Discount rate
105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
United Kingdom:
Bank of England:
Condition.
.100, 212, 326, 460, 578, 714, 838,
952, 1074, 1170, 1254, 1348
Discount rate. . . .105, 217, 331, 465, 583, 719, 843,
957, 1079, 1175, 1259, 1353
Gold reserves
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Commercial banks, assets and
liabilities. .
.106, 218, 332, 466, 584, 720, 844,
958, 1080, 1176, 1260, 1354
Cost of living, index numbers
109, 221, 335, 469,
587, 723, 847, 961, 1083, 1179, 1263, 1357
Foreign exchange rates
107, 219, 333, 467, 585,
721, 845, 959, 1081, 1177, 1261, 1355
Gold movements
99, 211, 325, 459, 577,
713, 837, 951, 1073, 1169, 1253, 1347
International capital transactions. . . 92, 204, 318, 452,
570, 706, 830, 944, 1066, 1162, 1246, 1340
Open-market rates
105, 217, 331. 465, 583, 719,
843, 957, 1079, 1175, 1259, 1353
Retail food prices
109, 221, 335, 469, 587, 723,
847, 961, 1083, 1179, 1263, 1357
Security prices, index numbers
109, 221, 335, 469,
587, 723, 847, 961, 1083, 1179, 1263, 1357
Wholesale prices in
108, 220, 334, 468, 586,
722, 846, 960, 1082, 1178, 1262, 1356
United States:
Cost of living, index number
109, 221, 335, 469,
587, 723, 847, 961,1083, 1179, 1263, 1357
Gold movements.
. . . 99, 211, 325, 459, 577, 713,
837, 951, 1073, 1169, 1253, 1347
Gold production.
97, 209, 323, 457, 575, 711,
835, 949,1071,1167, 1251, 1345
Gold reserves..
.
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
Retail food prices
109, 221, 335, 469, 587, 723,
847, 961, 1083, 1179, 1263, 1357
Security prices, index of
109, 221, 335, 469, 587,
723, 847, 961, 1083, 1179, 1263, 1357
Wholesale prices in
108, 220, 334, 468, 586, 722,
846, 960, 1082, 1178, 1262, 1356
U. S. Government Organization Manual,
new addition of.
.135, 1012
United States notes:
Outstanding and in circulation
49, 161, 271, 411,
515, 665, 789, 897, 1025, 1119, 1205, 1299
Uruguay:
Bank of the Republic of:
Condition
104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
Foreign exchange rates
107, 219, 333, 467, 585, 721,
845, 959, 1081, 1177, 1261, 1355
Gold purchases by United States
from. .
99, 211, 325, 459, 577, 713,
837, 951, 1073, 1169, 1253, 1347
Gold reserves
98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168, 1252, 1346
1385
INDEX TO VOLUME 38
Pages
Venezuela:
Central Bank of
Condition
.104, 216, 330, 464, 582, 718,
842, 956, 1078, 1174, 1258, 1352
Gold reserves
..98, 210, 324, 458, 576, 712,
836, 950, 1072, 1168,1252, 1346
Gold imports to United States
99, 211, 325, 459,
577, 713, 837, 951, 1073, 1169, 1253, 1347
Violations:
Clayton Act by Transamerica Corporation
findings as to the facts, conclusion
and order
368
Regulation W: (See Regulations, W, Violations)
Voluntary credit restraint releases... .22, 251, 363, 501
Amendment to program for voluntary
credit restraint
501
Appointments to regional voluntary
credit restraint committees..
.26
Bulletin No. 2—business capital
expenditure
financing
.22
Life insurance company loan and
investment commitments.
.25
Loans on real estate
.
. .24
Recommendations to regional committees
.252
Road ahead, statement released by
National Committee
.251
Suspension of program for voluntary
credit restraint
.. 501
Suspension of screening of State and local
government
financing
.363
1386
Pages
Wallace, William R., Jr., appointed Deputy
Chairman at San Francisco
.34
Warner, Doris P., article on real estate
loans of registrants under Regulation X
.620
Webster, Philip M., article on changes
in instalment credit terms.
.491
West Africa:
Gold production
97, 209, 323, 457, 575, 711,
835, 949, 1071, 1167, 1251, 1345
White, Clayton G., appointed director at
Buffalo Branch. . . .
.34
Wholesale prices:
Commodity.
69, 181, 291, 431, 535, 685, 809,
917, 1045,1139, 1225, 1319
Groups of commodities
. ...S3, 195, 305, 445, 549,
699, 823, 931, 1059, 1153, 1239, 1333
Groups of commodities, 1926-1952
. .311
Principal countries
. 108, 220, 334, 468, 586,
722, 846, 960, 1082, 1178, 1262, 1356
Yields on Government securities:
Average.
60, 172, 282, 422, 526, 676,
800, 908, 1036, 1130, 1216, 1310
Young, Philip, appointed Class C director
at New York
. 502
Youngdahl, C. Richard, appointed Assistant
Director at Division of Research and Statistics
.776
Zelle, Edgar F., elected Class A director
at Minneapolis
.31
Zimmerman, George H., Class B director at
Dallas, death of.
.1012, 1285
FEDERAL RESERVE BULLETIN
@FedFRASER