Full text of Federal Reserve Bulletin : February 1953
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F E D E R A L
R E S E R V E
FEBRUARY 1953
^>«s^>~
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
FEDERAL
RESERVE
BULLETIN
February 1953
VOLUME 39
NUMBER 2
CREDIT AND MONETARY REVIEW FOR 1952
Bank credit expanded substantially in
1952, the growth accelerating late in the
year. All major types of loans increased,
and banks added moderately to their portfolios of United States Government securities.
Accompanying the expansion in loans
and investments, total deposits and currency
also rose considerably. Growth in time deposits, a principal form in which individuals
save, was the largest since 1946, while privately held demand deposits and currency
expanded much less than in the last two
years. United States Government deposits
increased markedly during the year.
Reflecting in part pressing demands for
funds from both private and government
sectors of the economy, bank reserve positions were under pressure throughout most
of 1952. As a result of the deposit growth,
legally required reserves rose significantly.
Moreover, an accelerated flow of currency
into circulation, due in large part to a further
rise in business activity, incomes, and saving,
caused a direct drain upon bank reserves.
A gold inflow early in the year and some
outright purchases of Government securities
by the Federal Reserve partially offset this
drain. Additional reserves were supplied
through a large increase in member bank
borrowing at the Reserve Banks, and late
FEBRUARY
1953
in the year by System purchases of securities under agreements with dealers to repurchase after specified short periods of time.
Both of these are temporary methods of obtaining reserves. Member bank borrowing
exerts a restraining influence on further extensions of credit by the borrowing banks.
Federal Reserve lending to member banks
and acquisitions of securities under repurchase agreements are flexible methods of
meeting temporary stringency in the money
market such as usually occurs in December;
they not only relieve the short-run strain
but later counteract automatically the ease
which may follow. During December, Federal Reserve credit increased by as much as
ll/i billion dollars, including the increase in
repurchase agreements and borrowings and
some outright purchases of Treasury bills.
By the third week of January all the repurchase contracts had been completed and borrowings had been considerably reduced.
Thus seasonal needs for bank reserves were
met and, as they diminished, the additional
credit was extinguished. To the extent that
credit demands were of a continuing nature,
member banks remained in debt to the
System.
The discount rates of the Reserve Banks
were raised around the middle of January
from 1% to 2 per cent.
91
CREDIT AND MONETARY REVIEW FOR 1 9 5 2
BANK CREDIT EXPANSION
greater extent, in mutual savings banks and
other savings institutions.
Loans. Rapid growth in bank loans in
1952, as is shown in the table, began in the
second quarter with a sharp increase in
"other loans to individuals," largely consumer loans. Renewed expansion in this
area, after many months of little change,
coincided with a substantial rise in consumer
buying and the suspension of Regulation W
After declining moderately in the early
months of 1952, outstanding credit at commercial banks expanded sharply during the
remainder of the year. The increase in the
final quarter was especially large, accounting for almost 60 per cent of the year's expansion of 9 billion dollars.
Both the slackening in credit early in the
year and the subsequent sharp increase reflected in part seasonal influences, particuLOANS AND INVESTMENTS OF A L L COMMERCIAL BANKS
larly in loans to business. In this respect the
[In billions of dollars]
changes in total bank credit in 1952 followed a familiar postwar pattern. ExpanIncrease, or decrease ( —)
Outstandsion in the second half of the year also reing
Type of loan
Dec. 31,
2nd
3rd
4th
1st
or investment
Year qtr.
sulted to an important degree from a gen1952
qtr.
qtr.
qtr.
erally strong demand from consumers, busiTotal loans and in141.4
9.0 -0.3
vestments
2.2 2.1 5.0
nesses, and the Federal Government. Under0.1
0.4 1.6
U. S. Gov't. securities. .
63.2
1.7 -0.4
lying the private demand was an expansion Other
14.1
0.3 0.4 0.3 -0.2
securities
0.8
of economic activity that began with a Total loans.
6.5 -0.2
1.7
1.4 3.6
64.1
pick-up of consumer buying in the spring
0.8 1.8
27.9
2.0 - 0 . 1 -0.5
Business
0.1
0.3 0.4 0.4
15.8
1.2
Real estate
and then, after settlement of the steel strike,
0.3 0.3 (2)
3.9
0.5
Agricultural
()
0.8 -0.6 0.7
3.2
0.6 - 0 . 3
Security
loans to
spread to various lines of business. Federal Other
0.1
12.7
0.8
0.6 0.7
2.3
dividuals
0.1 -0.1
0.2
-0.1
Other
1.6
)
demand for credit reflected the deficit operations that began in July.
Mainly State and local government bonds.
Less than 50 million dollars.
excludes interbank loans. Total loans are after,
The course of the expansion of bank andNOTE.—Table
types of loans are before, deductions for valuation reserves.
All figures are partly estimated for all dates except December 31.
credit during 1952, both for the total and for 1951 and June 30, 1952. Details may not add to totals due to
rounding.
the various types, was discussed in considerable detail in the December BULLETIN as
early in May. These loans to individuals
part of an analysis of the over-all growth in expanded throughout the balance of the
long- and short-term credit and of the bank year, with a total increase of over 2 billion
and nonbank sources of such financing. dollars or approximately 20 per cent. Other
That article provides an important back- loans to individuals increased more in 1952,
ground for the current review of bank credit relatively, than any other type of bank
and monetary developments. It indicates loan or investment. Banks also made funds
that a substantial part of the increase in total available to consumers indirectly through
credit in 1952 was in response to demands leans to finance companies and distributors.
for long-term financing from real estate The increase in such loans was substantial,
owners, corporate business, and State and especially in the closing months of the year.
local governments. These demands were
Bank lending to businesses accounts for a
met in large part from savings accumulated major part of total bank credit, and the
by individuals in commercial banks and, to a seasonal expansion in such lending that
x
2
1
2
92
FEDERAL RESERVE BULLETIN
CREDIT AND MONETARY REVIEW FOR 1 9 5 2
begins in the summer and runs through
December is usually a major factor in the
expansion of bank credit in the latter part
of the year. The rise in the last half of 1952
was somewhat greater than usual. In November and December it was substantially
in excess of normal seasonal proportions.
The chart shows for 1952 and the last half
of 1951 the business groups that accounted
for a substantial part of the borrowing. In
both years such nondefense groups as food,
liquor, and tobacco manufacturers, commodity dealers, and trade concerns showed seasonal increases. Late in 1952 sales finance,
petroleum, and chemical companies also increased their borrowing. Borrowing by
manufacturers of metals and related products and by public utilities, which had increased considerably in 1951 and early 1952,
showed only moderate changes thereafter.
Growth in bank lending on real estate
was considerably greater in the second half
than in the first half of the year. Loans for
agricultural purposes also increased somewhat in the latter part of the year when Federally guaranteed loans were made in connection with the price support program for
wheat.
Investments, With the Federal Government beginning to operate at a deficit in
July, Treasury borrowing from the public
(investors other than United States Government agencies and trust funds) rose approximately 4 billion dollars during 1952. Its
deposit balances, however, increased 1.8
billion dollars over the year. Commercial
bank holdings of Government securities
rose by about 1% billion dollars during the
year and Federal Reserve and nonbank investor holdings each increased by about one
billion.
At times of new Treasury financing, commercial banks bought securities directly from
FEBRUARY
1953
BANK LOANS - SELECTED INDUSTRIES
Cumulative
Millions
Change
of
from
June 1951
Dollars
2000
400
—
-
SEPT.
DEC.
MAR.
JUNE
SEPT
DEC.
MAR.
800
JUNE
NOTE.—Data reported by over 200 of the largest weekly reporting member banks. Foods, etc., includes liquor and tobacco.
Metals, etc., includes metal products, machinery, and transportation equipment. Petroleum, etc., includes coal, chemicals, and
rubber. Public utilities include transportation. Latest data are
for January 28.
the Treasury and from the market, and
also increased loans to customers to finance
purchases of such securities. After the offerings, security loans were repaid and banks
sold Government securities to other investors. Security loans also increased in
November and December as dealers bought
Government securities from banks which
were selling in order to meet heavy credit
demands at the time.
The 1952 rise in commercial bank holdings of Government securities extended
throughout the country and among most
classes of banks. In the first half of the year
these holdings were little changed. In late
June and early July, however, they increased
substantially as banks purchased Treasury
bills and other securities in the market and
subscribed to the new issue of intermediate93
CREDIT AND MONETARY REVIEW FOR
1952
term Treasury bonds. Late in July banks 1946, when saving started to decline from
added further to their holdings of inter- its high wartime rate. Individuals increased
their saving in practically all forms last year,
mediate-term bonds by market purchases.
From July through September, city bank but the increase was particularly large in the
portfolios of Government securities declined case of time deposits. It was also large in
as holdings of short-term Government secu- the case of shareholdings in savings and loan
rities were reduced sharply. Country banks, associations, equities in insurance and penhowever, continued to increase their total sion reserves, and holdings of corporate
holdings slightly. Treasury tax anticipation securities.
bill offerings in early October and late NoGovernment deposits increased almost 2
vember were originally taken up almost en- billion dollars in 1952 to a level of about
tirely by commercial banks. After the
October offering, banks sold the major porDEPOSITS AND CURRENCY
BILLIONS OF DOLLARS
tion of their takings to nonbank investors.
DEMAND DEPOSITS /
TIME DEPOSITS
At the year-end, however, a substantial proADJUSTED
/
- 70
100 _portion of the November offering was still
in bank portfolios. In January 1953 there
was a further marked decrease in holdings
\
1952 ^ ^
/
65
95 of Government securities by city banks.
1952^^^"^^
1 ~
Bank investment in State and local government securities in the latter part of 1952
_
^ ^
- 60
was an exception to the pattern of credit 90 expansion. Following a substantial growth
through August, bank holdings of such
securities declined somewhat.
55
GROWTH IN DEPOSITS AND CURRENCY
Total bank deposits and currency outside
banks continued to rise last year, reflecting
the substantial increase in bank credit as well
as larger personal savings. The growth was
particularly marked in the case of time
deposits. Demand deposits declined considerably and in large part seasonally in the
first quarter and then increased fairly steadily thereafter, as is shown in the chart, while
currency holdings generally rose throughout
the year. The increase in demand deposits
and currency was particularly marked in the
fourth quarter when bank credit also had its
sharpest rise.
Time deposits of commercial and mutual
savings banks increased over 4 billion dollars in 1952, the largest annual increase since
94
MAR.
JUNE
MAR.
JUNE
SEPT.
DEC.
NOTE.—Monthly data, partly estimated. Deposits are for all
banks in the United States. Demand deposits adjusted exclude
U. S. Government and interbank deposits and items in. process
of collection. Time deposits include deposits in the Postal
Savings System and in mutual savings banks; they exclude
U. S. Government and interbank deposits. Figures are for last
Wednesday of month except for June and December call dates.
Figures for last six months of 1952 are preliminary.
6 billion at the year-end. This increase was
due in large part to substantial anticipatory
financing late in the year. The ultimate
effect of this financing on privately held
deposits will not be determined until the
funds are spent by the Treasury. The funds
will augment private balances at first, but
FEDERAL RESERVE BULLETIN
CREDIT AND MONETARY REVIEW FOR 1 9 5 2
later they may be used in a number of ways
including private spending, investment, or
debt retirement. Such funds might preclude the necessity for private borrowing
that would otherwise occur.
Privately held demand deposits and currency are particularly significant from the
standpoint of the effect of the money supply
on the volume of spending in the economy.
A more detailed discussion of money and
the factors influencing its supply is included
in an article on pages 98 to 109 of this BULLETIN. Private demand deposits and currency
holdings rose about 4 billion dollars, or 3
per cent, last year following increases of 6
per cent in each of the two preceding years.
Demand deposits increased approximately 3
billion dollars, or 3 per cent, in 1952, and
currency holdings, 1% billion, or 5 per cent.
The currency rise reflected increased business activity, incomes, and saving, which
continued to expand the need for paper
money and coins. This is evidenced by the
fact that practically all of the increase occurred in currency of a denomination of
$20 or less. The significance of the continued, though diminished, rate of growth
in private demand deposits and currency is
affected by the accompanying substantial
increase in time deposits and other liquid
claims.
The rate of use or turnover of demand
deposits in 1952, in contrast to their quantity, fluctuated around the average for 1951.
In the case of such deposits at banks in
leading cities outside New York, the rate has
averaged about 21% times a year since late
1950.
PRESSURE ON BANK RESERVE POSITIONS
Reserve positions of member banks were
under pressure throughout most of 1952
as a result of the monetary expansion
that occurred. The chart shows weekly
FEBRUARY
1953
changes in member bank reserves in 1952
and the major factors affecting such reserves.
To an increasing extent, additions to the
supply of bank reserves came through borrowing by member banks from the Federal
Reserve Banks and through temporary purchases of securities by the Federal Reserve
from dealers under repurchase contracts.
Federal Reserve holdings of securities purchased outright increased by less than half
a billion dollars over the year.
MEMBER BANK RESERVES AND RELATED ITEMS
Billions of Dollars
MEMBER B A N K RESERVES
TOTAL
15
CURRENCY I N C I R C U L A T I O N
OF
30
r
F. R. H O L D I N G S
U. S. G O V ' T SECURITIES
25
20
5
F. R. D I S C O U N T S
1951
1952
'53
NOTE.—Wednesday figures; latest are for January 28.
On the average, total reserves rose about a
billion dollars from December 1951 to December 1952. These were entirely absorbed
into legally required balances with the Federal Reserve System to support deposit
growth. Excess reserves, averaging about
800 million dollars in December of each year,
were held almost entirely by banks outside the reserve cities. They represented in
95
CREDIT AND MONETARY REVIEW FOR
part working balances which under existing
circumstances cannot be fully invested in
the short-term money market.
In addition to the billion dollar increase in
legally required reserves last year, the major
factor adding to the demand for bank reserves was the continuing flow of currency
into circulation, which totaled more than 1*4
billion dollars over the year. The additional
reserves needed over the year to back the
deposit expansion, to provide additional currency, and to meet small drains from other
factors were supplied mainly by a half billion
dollar addition to reserves through a gold
inflow and a 2 billion dollar increase in
Reserve Bank credit.
Additions to bank reserves from the inflow
of gold occurred early in the year. Gold had
begun to flow into the United States in the
third quarter of 1951, and this movement
continued through the first quarter of 1952,
reflecting in part a balance of international
payments due this country on current account and in part an increase in foreign funds
held in this country. Thereafter the nation's
gold stock was relatively stable, while foreign
deposits at commercial banks and foreign
holdings of United States Government securities increased substantially. The net effect
on bank reserves was negligible.
The gold inflow in late 1951 and early
1952 resulted in large part from worsening in the balance of payments position of
the United Kingdom and the rest of the
sterling area. Cessation of the inflow and
subsequent building up of official foreign
balances in this country reflected an improvement in the payments position of these areas.
Toward the end of the year foreign countries
were beginning to acquire gold from the
United States.
The increase in Federal Reserve credit last
year consisted of an addition of roughly one96
1952
half billion dollars to Federal Reserve holdings of Government securities purchased outright, one-half billion of securities bought
under repurchase agreements with dealers,
and a billion dollar increase in member bank
borrowings from the Reserve Banks. The
outright purchases of Government securities
together with the reserves supplied by the
gold inflow offset the greater part of the
impact on bank reserve positions of the currency outflow. The reserves needed to support the deposit expansion had to be obtained through an increase in borrowing at
the Federal Reserve Banks.
SELF-LIMITING EXPANSION OF FEDERAL
RESERVE CREDIT
In the early part of 1952, Federal Reserve
holdings of Government securities declined
as demands for currency and credit showed
a seasonal decline. The Federal Reserve purchased Government securities at times during
the remainder of the year, during periods of
Treasury refunding operations as well as
during periods of temporary money market
strain. In some cases these periods coincided. While these needs determined the
timing of purchases, the net increase in
System holdings of Government securities for
the year as a whole was less than the total
demand for Federal Reserve credit to meet
the currency drain and the growth in required reserves.
Substantial open market purchases occurred during refunding operations in February, June, August, and September. The
Federal Reserve also purchased substantial amounts of Government securities in
December to relieve the temporary money
market strain that would have resulted from
the sharp preholiday currency outflow and
an increase in required reserves. A large
part of these purchases, however, involved
FEDERAL RESERVE BULLETIN
CREDIT AND MONETARY REVIEW FOR 1 9 5 2
agreements with Government security deal- restrained in extending additional credits or
ers to repurchase the securities after a speci- to reduce credits. As one bank liquidates
fied period. Accordingly, they automatically assets to reduce indebtedness, some other
provided, when money market conditions bank may find itself short of reserves and
permitted, for the extinguishment of the re- needing to borrow. Thus, although total
serves that were created through the original borrowing of all member banks may conpurchases.
tinue large, individual borrowing banks are
Federal Reserve purchases of Government constantly under pressure to make essential
securities under repurchase agreements rose reserve adjustments through changes in their
to almost 900 million dollars in the last week credit policies.
of December, compared with just over 300
Member bank borrowing averaged about
million a year earlier. By the third week
1.6 billion dollars in December as compared
in January of this year all the repurchase
with less than one-half billion in 1951 and
agreements had been completed.
the first half of 1952. Borrowing by memFederal Reserve operations in the Governber banks in December was the largest
ment securities market, as indicated, met
since 1921.
only a part of the demand for reserve credit
During the past two years the Federal Rethat developed in 1952. At various times,
particularly after midyear, many individual serve has moved toward greater reliance on
banks were under the necessity of obtaining influencing the cost, availability, and supply
additional reserves by borrowing from the of credit through the discount mechanism,
Federal Reserve Banks and ultimately liqui- a mechanism that puts pressure on banks
dating other assets. When a bank is in to limit credit expansion and makes them
debt, it is under pressure to reduce that more responsive to changes in the discount
indebtedness and hence is likely to be more rate.
FEBRUARY
1953
97
THE MONETARY SYSTEM OF THE UNITED STATES 1
Credit and monetary policy, the primary function of the Federal Reserve System, exerts its
influence on the levels of economic activity and
prices largely through its effect on the volume,
availability, and cost of credit. The results of the
policy are reflected in the quantity of money and
in the introduction of new money into the monetary
system. For this reason, an essential preface to the
study of credit and monetary policy is a consideration of the meaning of money and of the factors
influencing the quantity of money.
This article serves as an introduction to later
articles considering the purposes, instruments, and
effects of credit and monetary policy by providing
a brief description of the working of the monetary
system in the United States. It considers the nature
of money and the assets which may be appropriately
classified as money; major factors entering into
changes in the quantity of money; general forces
underlying the need of the economy for money;
and the nature of reserve banking measures that
influence expansion of the money supply.
DEFINITION OF MONEY
Money is defined in terms of the functions it performs. Definitions of money differ in accordance
with the emphasis given to particular functions.
Usually money is defined in terms of one or more
of its three main functions: (1) as a medium of
exchange; (2) as a store of purchasing power; and
(3) as a standard of value.
The first function relates to the fact that money
is generally used to make payments for goods
and on debts. Through this use money has a direct
impact on markets and prices. Currency and commercial bank demand deposits are generally accepted as media of exchange in the United States.
1
This is the first of a series of articles considering the
operation of credit and monetary policy in the United States.
These articles are based on selected replies submitted early
in 1952 by the Board of Governors of the Federal Reserve
System to a questionnaire from the Subcommittee on General Credit Control and Debt Management of the Congressional Joint Committee on the Economic Report.
The material selected has been modified and expanded in
order to bring it up to date and to fill gaps in content
resulting from the fact that the original material was
organized in reply to definite questions.
Preparation of the articles is under the direction of Ralph
A. Young, Director of the Division of Research and Statistics.
The second function refers to the fact that money
is held as a store of generalized purchasing power
to be drawn on in the near or distant future. Indeed, the actual process of payment requires a very
short time, and currency and demand deposits are
always held for some period of time by their recipients in anticipation of the next use as a medium
of exchange. While held, they provide a store of
liquidity for their owners. The store-of-purchasing-power function can also be performed by an
asset that does not itself serve as a means of payment if there is confidence that it can be converted
into currency or demand deposits without undue
loss or great delay. Time deposits with commercial and mutual savings banks meet this
requirement. The existence of liquid assets of
this nature makes possible smaller holdings of
media of exchange in relation to the volume of
payments.
The third function refers to the fact that prices
and debts are generally expressed in terms of the
monetary unit—in the United States, in terms of
the dollar. The dollar, which is defined by law in
terms of a weight of gold, is the unit for valuing
current goods and for stating obligations due in
the future.
Standard of value. The concept of money as a
standard of value is abstract. It has no direct usefulness in the measurement of the quantity of
money. Prices and debts are stated in terms of
dollars without reference to the form which money
may take, whether bank deposits or currency.
Changes in the quantity of money, however, have
an important influence on the value of money.
Just as the value of goods may be stated in terms
of the monetary unit, so the value of the monetary
unit may be stated in terms of the goods that it
will buy. Thus, an increase in prices may be looked
upon as a decline in the value of money, and a
decline in prices as an increase in rhe value of
money.
Relative stability of the value of the monetary
unit is essential for the performance of the standardof-value function. Indeed, in areas of the world
undergoing very drastic inflation, prices and debts
have sometimes been stated in terms of specific
goods or foreign currencies, even though currency
FEDERAL RESERVE BULLETIN
THE MONETARY SYSTEM OF THE UNITED STATES
or deposits valued in terms of the original monetary
unit of the country continued to serve as media of
exchange.
Medium of exchange. As noted, currency and
commercial bank demand deposits are generally accepted media of exchange and stores of purchasing power. Time deposits held with commercial and mutual savings banks are not used as a
means of payment but do serve as a store of purchasing power. The amounts of these assets at 10-year
intervals since 1900 are shown in the chart.
DEPOSITS AND CURRENCY
Billions
of Dollars
120
1900
'10
'20
NOTE.—June 30 data. Demand deposits adjusted exclude
U. S. Government and interbank deposits and items in process
of collection. Time deposits include those in mutual savings
banks and in the Postal Savings System as well as in commercial banks but exclude U. S. Government and interbank
deposits.
As used in this article, the term currency includes
paper money and coins. Only the Federal Reserve
System and the Treasury now issue currency. The
major part of currency consists of Federal Reserve
notes, with most of the rest in the form of silver
certificates and coins issued by the Treasury.
Demand deposits held with commercial banks,
which are transferred by means of checks, have for
many years constituted the major media of exchange.
Only those demand deposits and currency that
are held by the public are used as media of exchange in the commonly accepted sense. To
include both these and also the coin and bullion,
paper money, and deposits held as reserves by
the banking and monetary system would involve
double counting. This becomes clear when one
FEBRUARY
1953
considers that the monetary system in the United
States is so organized that some forms of money,
frequently referred to as reserve money, serve as
immediate or ultimate backing for the forms that
are used as means of payment. This reserve
money in a sense is immobilized as long as the
money issued on the basis of it is outstanding.
Gold, which serves as a means of settlement of
international accounts, is purely reserve money domestically. All gold in this country is held by the
Treasury and it cannot be used legally for making
domestic payments. Instead, the Treasury issues
gold certificates to the Federal Reserve Banks on the
basis of the gold, and these serve the Federal Reserve Banks as reserves behind their note and
deposit liabilities. Federal Reserve notes, as the
major part of the currency supply, are an important part of the volume of money in the hands
of the public. Federal Reserve notes are also held
as cash in vault by commercial banks.
Deposits in Federal Reserve Banks are held
almost exclusively by member commercial banks
as reserves behind their deposit liabilities to the
public. The major exception is deposits with
Federal Reserve Banks held by the United States
Government, which are used to make payments
for goods and services. Vault cash held by commercial banks and their deposits with other banks
generally serve as working reserves in the case of
member banks and as both required reserves and
working reserves in the case of nonmember banks.
In general, gold imports and the international
transactions giving rise to them result in an increase not only in gold holdings of the Treasury
but also in gold certificates held by the Federal Reserve Banks, in member bank reserve balances,
and in deposits held by the public. In measuring
changes in the volume of money during any period,
it is essential that the direct increase in the money
supply be counted only once—that is, as an increase
in deposits and currency held by the public.
The factors influencing the holding of deposits by
the United States Government differ in some respects from those influencing the holding of deposits
by others. For this reason, it is desirable for some
purposes to exclude Government-held deposits and
consider only money held by consumers and businesses. Money so held is commonly referred to as
the privately held money supply.
The relative amounts of currency and demand
deposits used as media of exchange depend in large
part on the preferences of the public. Some types of
99
THE MONETARY SYSTEM OF THE UNITED STATES
transactions—notably small purchases at stores and transferable directly as media of exchange in this
some wage payments—are typically settled by means country, can usually be converted at will, without
of currency. By far the larger part of dollar trans- loss, into currency or demand deposits. Although
actions is settled by the transfer of demand deposits banks have the legal right to require a period of
through checks. The relative importance of the notice for the withdrawal of savings deposits, the
two media of exchange is also influenced by other practice of paying them on request has become so
factors, including interest payments and service common that individual holders may look upon
charges on demand deposits, confidence in the them as demand assets. Since a part of the desire
banking system, and the desire for concealing trans- for liquidity is thus met, owners of savings deposits are willing to hold a smaller amount of
actions, as well as convenience and safety.
In the 1920's, for example, interest payments on demand deposits and currency relative to their
demand deposits encouraged a growth in their im- expenditures than would otherwise be the case.
When deposits expand as a result of commercial
portance relative to currency. Banking difficulties
during the early 1930's resulted in an increase in bank lending activity, the initial increase is genthe proportion of the means of payment held in the erally in demand deposits, since borrowers borrow
form of currency; even after confidence in the banks in order to make payments. Part of the deposits
had been restored, this proportion remained con- thus created may eventually be paid to savers who
siderably higher than in the predepression period prefer to hold them in the form of time deposits.
because of the elimination of interest payments
Factors influencing holdings of time deposits and
on demand deposits and the growing prevalence of media of exchange. In general, holding of deof service charges on checking accounts. Dur- mand deposits and currency is more likely to be in
ing World War II black market transactions and anticipation of payments in the near future than is
disruption of accustomed banking connections for the case for time deposits, while the latter are more
military personnel and civilian employees in arma- likely to represent an accumulation of semi-permament industries resulted in a further increase in nent savings. Time deposits cannot generally be
the relative importance of currency. Since the war transferred as means of payment, while demand dethe importance of currency has declined, but only posits and currency are less satisfactory than time
slightly.
deposits for the holding of savings because they do
Store of purchasing power. As already noted, not yield interest. Since 1933 it has been illegal for
money serves as a store of generalized purchasing banks to pay interest on demand deposits, and prior
power in anticipation of payments in the future. to that time the rate of interest was always conAssets which best perform this function are those siderably lower than on time deposits.
free from market risk. In order for money to
Changes in relative amounts of time and of deperform the store-of-purchasing-power function mand deposits outstanding reflect in part changes
satisfactorily, it is necessary that its value be rela- in the relative importance of deposits held awaiting
tively stable.
current use and of those representing semi-perTime and savings deposits as stores of purchasing manent savings. Such changes also reflect other
power. Media of exchange are not the only as- factors, including interest rates on time and demand
sets that serve as stores of purchasing power. In deposits, service charges on demand deposits, and
particular, time and savings deposits held with provisions concerning withdrawals from time decommercial and mutual savings banks perform posits (for example, whether the balance is in
this function almost as well as demand deposits practice payable on demand, the number of withor currency.2 Savings deposits, while not generally drawals permitted over a period of time, and
whether there are means for transfer of time
2
The term time deposits, when used without qualification
deposits other than through withdrawal and transin the subsequent discussion, will refer to both time de- fer of currency). In the 1920's high rates of inposits in a narrow sense, which are payable only at some
terest and lenient withdrawal provisions encourspecified future date or upon some specified period of notice,
and savings deposits, with respect to which the right to
aged a rapid growth of time deposits. The shift
demand notice is merely reserved by the bank. Savings
by
banks in the 1930's to a practice of paying only
deposits constitute the major part of total time and savings
deposits. Because the generally available statistics include
a nominal rate of interest or of refusing to accept
savings deposits as a part of time deposits, this broad usage
time deposits, coupled with the establishment
of the term time deposits will be adopted except when there
generally of service charges on small demand
is reference to characteristics unique to savings deposits.
100
FEDERAL RESERVE BULLETIN
THE MONETARY SYSTEM OF THE UNITED STATES
deposits, caused time deposits to decline and inactive demand deposits to increase. Recently, increased rates of interest and rather lenient withdrawal provisions have been a factor in further
growth of time deposits.
Comparison of time deposits with security investments. In many ways, the holding of savings in the
form of time deposits is similar to their investment
in various types of securities. In either case the
saver, in exchange for an interest return, gives up an
immediate means of payment which becomes available for use by someone else—in the case of time
deposits, by the commercial or mutual savings bank
and through it by a borrower.
The major difference between time deposits and
other types of high-grade assets lies in the fact that
time deposits are redeemable without risk of loss
and without great delay, whereas most securities
can be liquidated somewhat less readily. Even
this difference between time deposits and other
interest-yielding assets is not clear-cut, however.
Shares in savings and loan associations have come
to be considered as liquid as time deposits. Series
E savings bonds may be redeemed at any time at a
price known in advance, although they yield a
slightly lower return when redeemed prior to
maturity. When prices of marketable Government securities were pegged, the term liquid
assets was commonly used to refer to the total of
all United States Government securities, savings
and loan shares, time and demand deposits, and
currency. This total represented all assets which
were at that time readily convertible without penalty
into money.
Marketable securities, including United States
Government as well as other securities, normally
possess liquidity in varying degrees. The liquidity
of such securities varies with changes in rates of
interest and conditions in security markets. Since
a change in the liquidity of these assets affects the
degree to which they can serve as a substitute for
cash balances, such a change in turn affects public
demand for deposits and currency. Under conditions of flexible interest rates and security prices,
the concept of liquid assets is a variable one and depends heavily on the state of market expectations as
to the short-run stability of prices and yields. For
this reason it is difficult to set up any single definition of liquid assets which is valid under changing market conditions.
Difficulties in separate treatment of time and
demand deposits. In measuring the money supply
FEBRUARY
1953
of the United States, it is difficult to differentiate between time and demand deposits because of the
organization of banking. In general, commercial
banks have both time and demand deposit liabilities, and they do not segregate assets behind the
two types of deposits. Thus, it is impossible to
say whether any given asset has been acquired
through the investment of savings entrusted to
the banking system by depositors or through the
creation of demand deposit liabilities. Commercial banks, moreover, are required to hold some
reserves behind time deposits, as well as behind
demand deposits. Consequently, when savers convert demand deposits to time deposits with commercial banks, a part of the funds is tied up as
reserve requirements behind the time deposits. This
affects the quantity of demand deposits which the
banking system can support, as is discussed later.
The problems of the nonsegregation of assets
held by savings and commercial departments and
of the presence of reserve requirements behind
time deposits do not arise in the same way in the
case of time deposits in mutual savings banks. Mutual savings banks usually do not hold demand
deposits. Moreover, deposits in mutual savings
banks are generally not subject to reserve requirements, and the cash assets of such banks are held
mainly in the form of deposits with commercial
banks. In the interest of consistency, however, it
is desirable that time deposits in both commercial
and mutual savings banks be considered as having
the same money quality.
Focus of this article. Credit and monetary policy
generally influences the quantity of media of exchange outstanding much more directly than the
quantity of other assets held by the public. Accordingly, attention in this article will be focused
primarily on media of exchange—that is, demand
deposits and currency—and the term money, when
used without qualification, will refer to demand
deposits and currency. Whenever changes in the
amount of time deposits relative to media of exchange have an important influence on the liquidity of consumers and businesses, this fact needs
to be borne in mind. Moreover, in any discussion
involving total bank assets, the behavior of time
deposits will be considered because of the nonsegregation of commercial bank assets.
FACTORS DIRECTLY AFFECTING MONEY SUPPLY
Under this country's monetary system the reserve
position of the banking system is a major deter-
101
THE MONETARY SYSTEM OF THE UNITED STATES
minant of the supply of money. The lending ac- the chart. The major dissimilarities in the magtivity of commercial banks is the principal source nitude of the movements which have occurred
of new money, and the amount of lending in which since 1914 took place in the periods 1934-40 and
banks can engage is limited by their reserves. 1943-45, when other factors were of importance
The principal factors besides bank lending which di- in accounting for changes in the amount of derectly affect the quantity of money are the country's posits and currency.
international financial transactions and reserve banking transactions with nonbank investors.
DEPOSITS AND CURRENCY
Bank lending and the money supply. The public AND BANK LOANS AND INVESTMENTS
200
accepts bank deposits as its major form of money.
B i l l i o n s of Dol a r s
In the process of making loans and investments,
DEPOSITS AND
/ /
commercial banks exchange their liabilities to the
CURRENCY
/ V ^ ^
public—deposits—which are accepted as money, for
TOTAL —If
/
150
the public's liabilities to them—loans and invest- EXCL. U.S. / /
/
GOV'T—/*/
^J
ments—which are not accepted as money. ThereDEPOSITS 4 1/
^
fore, the supply of money expands when banks in111
crease their loans and investments and contracts
when bank loans and investments decline.
- 100
When a commercial bank lends to a business
or a consumer, it generally provides the funds in the form of a deposit credit for the borrower with
50
itself. Since a borrower usually borrows in order
^
BANK LOANS
to make payments, he is likely to write a check
A N D INVESTMENTS
transferring the deposit, in whole or in part, to
a recipient who may keep his deposit in a different , , , , , , , !
, , . . 1.
1, , , ,
bank. The first bank then loses both the newly
'50
'
3
0
'
4
0
1915
'20
created deposit and an equivalent amount of cash
NOTE.—June 30 data, including both commercial and mutual
resources, but the second bank gains them. Like- savings
banks. Deposit and currency series shown for entire
1914-52 excludes U. S. Government ^ deposits—that is,
wise, when a bank purchases United States Govern- period
it consists of demand deposits adjusted, time deposits, and
ment or other securities from a nonbank investor currency outside banks. The other series shown, beginning
with 1940, includes total U. S. Government deposits.
or the issuer, the seller is paid with a newly created
deposit. If the seller uses a second bank, he imOther factors directly influencing money supply.
mediately deposits the check therein, and again the Important factors other than bank credit operations
deposits as well as the cash assets of the second bank which influence the quantity of money are foreign
are increased. No matter how frequently it is transactions, reserve banking transactions with nontransferred from holder to holder and from bank bank investors, and, of less significance, changes in
to bank, the money created by bank lending and the amount of silver certificates and other Treasury
investing continues in existence until used to repay a currency. Foreign payments to this country, rebank loan or to buy securities from a bank.
serve banking credit extensions to nonbank inWhen a borrower repays a loan to a bank, he vestors, and issues of Treasury currency result diusually pays with a check on his deposit with this rectly in an increase in the volume of money. Since
bank. The bank's earning assets and its deposit these changes also affect the reserve positions of
liabilities are reduced by the amount of the loan commercial banks, they may result in a multiple
which is repaid, and there is no offsetting increase expansion of bank credit. The direct effect, howelsewhere. Likewise, when a nonbank investor buys ever, is likely to be of particular importance at a
a security from a bank, he usually makes payment time when banks prefer to retire indebtedness to the
by drawing down his deposit with some bank in the Federal Reserve System or to build up excess resystem, and this part of deposits then ceases to exist serves rather than expand loans and investments.
as part of the money supply.
Conversely, payments made from this country to
The close relationship between total deposits and other countries, reductions in reserve banking credit
currency and total loans and investments of com- via nonbank investors, and withdrawals of Treasury
mercial and mutual savings banks is illustrated by currency result directly in decreases in the money
/
.
N
i~
J
,
102
.
,
•
,
!
.
,
FEDERAL RESERVE BULLETIN
THE MONETARY SYSTEM OF THE UNITED STATES
supply. Changes in bank capital accounts also have
an influence on the level of deposits.
The amount of money in the hands of consumers and businesses may increase as a result of
the drawing down of Treasury deposits, or decrease as a result of the building up of Treasury deposits. Such variations in Treasury deposits,
however, are normally associated primarily with
tax payments and therefore are of a seasonal nature.
In the period 1934-40, when the movements of
bank loans and investments and of deposits and
currency held by consumers and businesses were
dissimilar, gold imports accounted directly for a considerable part of the expansion of the money supply. In the years 1943-45 a part of the monetary
expansion was due directly to purchases of Government securities made by the Federal Reserve System in order to supply the reserves needed by
banks to facilitate their purchases of Government
securities and to meet the wartime demands of the
public for currency. Deposits and currency held by
consumers and businesses continued to increase after
the war, even though total bank loans and investments declined somewhat before resuming their
expansion. During this period the Treasury drew
down its abnormally large wartime deposits partly
to make current payments or to repay debt to nonbank investors and partly to retire bank-held debt,
and banks in turn substituted loans to consumers
and businesses for part of their holdings of Government securities.
INFLUENCE OF BANK RESERVES ON DEPOSITS
Commercial banks are required by law to hold
minimum reserves equal to a stated fraction of
their deposit liabilities. Thus, the amount of
deposits that the banking system can support
depends on both the amount of reserves and the
percentage reserve requirements. A net increase
of reserves would make possible a multiple expansion of deposits, while a decrease in reserves, in the
absence of excess reserves or a source of new
reserves, would require a multiple contraction of
deposits.
Member banks of the Federal Reserve System,
which have about 85 per cent of the demand deposits
of all banks in the United States, must hold their
legally required reserves in the form of deposits
with Federal Reserve Banks. Nonmember banks
generally hold a large part of their reserves as
deposits with member banks. In this discussion
attention will be focused on the reserves of member
FEBRUARY
1953
banks. If member banks expand deposits on the
basis of increased reserves, nonmember banks will
generally find themselves with larger reserves and
hence be in a position to expand deposits also.
Factors affecting the volume of reserves. The
most important domestic factor influencing the level
of bank reserves is changes in the amount of Federal Reserve credit outstanding. Such changes may
offset the effects of changes in other factors that
influence the level of reserves or they may result
in an increase or a decrease in total reserves. As
will be explained later, changes in the quantity
of Federal Reserve credit occur immediately at
the initiative either of the Federal Reserve System
or of bank borrowers. Since Federal Reserve Banks
make payment to borrowers or to sellers of investment securities by creating deposit liabilities, the
Federal Reserve System can supply additional
reserves by making advances to banks or by
buying securities from either bank or nonbank
investors. Since nonbank investors hold their
deposits with commercial banks, they build up
their deposits with commercial banks when they
sell securities which are bought by the Federal
Reserve System, and commercial banks in turn
receive increased deposits with Federal Reserve
Banks. The Federal Reserve can absorb reserves
by selling securities or by bringing about a decline
in bank borrowing.
Another important factor influencing bank reserves is changes in the amount of currency held
by the public. Member banks meet the currency needs of their depositors by drawing down
their reserve balances with the Federal Reserve
Banks, and they return currency not needed by
depositing it with the Reserve Banks. Thus an increase in the amount of currency held by the public
exerts a drain on bank reserves, while a decline
supplies the banks with reserves.
Changes in deposits of the Treasury with Federal Reserve Banks also affect the volume of bank
reserves. The Treasury, however, endeavors to
manage the distribution of its deposits between
commercial banks and Federal Reserve Banks in
such a way as to minimize the effect on bank
reserves of the fluctuations in Treasury receipts and
expenditures. Changes in cash held by the Treasury
in its own vaults and also in Treasury currency outstanding affect the level of bank reserves, but such
changes are generally small.
103
THE MONETARY SYSTEM OF THE UNITED STATES
Another domestic factor influencing the level of
bank reserves is the amount of credit extended by
Federal Reserve Banks in connection with the
clearance of checks. This type of credit, which is
generally referred to as "float," arises because the
accounts of commercial banks at Reserve Banks
are credited for checks which are deposited before
these checks are actually collected from the banks
on which they are drawn. Although the amount
of float has increased in recent years, it fluctuates
mainly with seasonal factors.
The most important international factor affecting
the amount of bank reserves is the movement of
gold arising from surpluses or deficits in the country's international accounts. The Treasury pays for
gold by drawing down its deposits with the Federal
Reserve Banks, which it then replenishes by issuing
gold certificates to the Federal Reserve Banks. Thus
an inflow of gold and the transactions giving rise
to it result in additional deposits and bank reserves,
while an outflow of gold contracts deposits and bank
reserves. The amount of gold certificates held also
places a ceiling on the volume of credit that can be
extended by the Federal Reserve System, under its
reserve requirements, without penalty. In general,
however, this reserve ratio has not been a limiting
factor, and credit and monetary policies have been
determined by the needs of the economy rather
than the amount of gold certificates held.
Multiple deposit expansion. At the present time,
member banks of the Federal Reserve System are
required to hold reserves behind demand deposits
which range from 14 to 24 per cent, depending
on whether the bank is classified as a country bank,
a reserve city bank, or a central reserve city bank.
Since the reserve requirements average slightly
under 20 per cent, member bank demand deposits
can expand (assuming adequate demand for bank
credit) by about five times the amount of any net
increase in bank reserves. This means that demand
deposit liabilities of member banks as a group can
rise at the rate of about $500 for every $100 added
to reserves. Conversely, a decrease in reserves
of $100 would require a contraction in demand
deposits of about $500 under present reserve requirements, unless banks were operating with excess reserves greater than necessary for working
purposes or responded by borrowing from the
Federal Reserve Banks. If reserve requirements
were 10 per cent, an increase or decrease of $100
in reserves would tend to be accompanied by an
increase or decrease of $1,000 in demand deposits.
104
Although the banking system as a whole can
expand deposits by a multiple of the increase in reserves, this is not true of a single bank. Each
bank in a unit banking system, such as that of the
United States, is free to lend only such funds as it
acquires from its depositors or its stockholders.
Deposits originating in loans and investments seldom stay with the bank of origin but move from
one bank to another in the course of business. A
bank's new loans thus tend to increase the calls on
it for cash and thereby to reduce its cash resources.
At the same time, however, if the banking system
as a whole is expanding loans and investments, this
bank is likely to be receiving new deposits and cash
assets from other banks. Thus the deposits and the
reserves do not leave the banking system but are
merely transferred from bank to bank, and the
banking system as a whole can and does expand
money by a multiple of its reserves.
The chart on the following page illustrates the
process by which an increase in reserves of 20 million dollars arising, say, from a gold inflow can
eventuate in an increase in demand deposits of
100 million. For purposes of convenience, it is
assumed that each individual bank is subject to
reserve requirements of 20 per cent and that no
newly created demand deposits are converted into
currency or time deposits. It is also assumed that
banks do not use the reserves acquired either to
repay indebtedness to Federal Reserve Banks or to
build up excess reserves.
The inflow of gold results in an increase of
$20,000,000 in the demand deposits of a commercial
bank, shown as Bank A on the chart. This increase
in deposits is shown by the first (hollow) bar for
Bank A. The inflow also provides Bank A with
additional reserves totaling $20,000,000. Behind
the $20,000,000 of deposits only $4,000,000 of additional reserves are required, however; these are
shown as the black section of the second bar for
Bank A. Hence the bank can lend or invest the
remaining $16,000,000, as shown by the crosshatched section of the second bar for Bank A.
If loans were made to customers, these loans
would result immediately in a further increase in
demand deposits as well as earning assets of Bank
A. The checks written by borrowers, however,
would probably be deposited in other banks. For
purposes of simplicity, it is assumed her.e that all
demand deposits resulting from the expansion of
loans and investments by Bank A are transferred
immediately to Bank B, increasing its deposits
FEDERAL RESERVE BULLETIN
THE MONETARY SYSTEM OF THE UNITED STATES
PROCESS OF DEPOSIT EXPANSION
Millions
of
Dollars
100
SUCCESSIVE NEW DEPOSITS
,
[Accumulative
£ 2 Q l n Individual Banks
80
INCREASE IN REQUIRED RESERVES
, ADDITION TO LOANS & INVESTMENTS
60
40
20
GOLD
INFLOW
INDIVIDUAL BANKS
ALL
BANKS
and its reserves. The resulting increase of demand
deposits—$16,000,000—is shown by thefirst(hollow) bar for Bank B. The total increase of deposits thus far is $36,000,000—the original increase of $20,000,000 resulting from the gold inflow and the increase of $16,000,000 resulting from
the lending and investing activities of Bank A.
This cumulation is shown in the chart by the
dashed bar for A's deposits on top of B's deposits.
Behind the increase of $16,000,000 in its deposits,
Bank B requires $3,200,000 in additional reserves,
and it can lend $12,800,000. The demand deposits thus created are transferred, it is assumed,
to Bank C. The total increase in demand deposits
becomes $48,800,000, which is shown by the dashed
bar on top of C's deposits. Bank C requires $2,560,000 of additional reserves behind the $12,800,000 in
new deposits and can lend $10,240,000.
If the process continues to its conclusion,
with each bank lending the reserve funds which
it has left after meeting the additional reserve requirements behind its increased deposits, deposits
of all banks will increase by 100 million dollars,
as shown in the last hollow bar of the chart; of
this increase, 20 million can be attributed directly
to the gold inflow and 80 million to the expansion
in bank loans and investments. Loans and investments will expand by 80 million. The entire increase in reserves of 20 million will be absorbed by
the additional reserve requirements behind the 100
million increase in demand deposits.
FEBRUARY 1953
Conversely, a decrease of 20 million dollars in
reserves would result in a decrease of 100 million
in demand deposits, assuming that banks are operating without excess reserves and that no new
reserves are acquired from other sources—for example, by borrowing from Federal Reserve Banks.
If Bank A lost $20,000,000 in reserves and deposits through a gold outflow, it would find itself
with a reserve deficiency of $16,000,000. If it
raised this amount, say by selling securities to depositors in Bank B, Bank B would have a reserve
deficiency of $12,800,000, which it might replenish
by selling securities to depositors in Bank C. The
net result of the entire process of contraction would
be a decline of 100 million dollars in demand deposits, of 80 million in loans and investments, and
of 20 million in required reserves.
The 5 to 1 ratio used in computing the potential
for bank deposit expansion (or contraction) on the
basis of a given initial change in reserves is, of
course, only a rough average. It is subject to
modification, in particular because of the probability that increases or decreases in demand deposits
will be accompanied by changes in the same direction in the demand for currency and time deposits,
which influence the average reserve requirements
behind the money supply. The limit on deposit
expansion is also influenced by the fact that nonmember banks generally hold reserves partly in
the form of deposits with member banks and that
reserve requirements vary among member banks.
If expansion of the total money supply is accompanied by an increase in the dollar volume of
transactions, it will generally lead to additional
demand for currency for retail transactions and for
wage payments. Since demand for currency involves a drain of equal amount on commercial
bank reserves, this demand reduces the potential
for expansion on the basis of a given initial increase
in reserves.
It is probable also that some of the newly created deposits will find their way into the hands
of savers who will convert them into time
deposits.
Time deposit liabilities of member
banks of the Federal Reserve System are subject
to reserve requirements which are now set at
6 per cent. Conversions of demand to time
deposits therefore result in a decline in the potential for expansion of demand deposits but an
increase in the potential for expansion of total
deposits. Thus, the conversion of $100 in demand
deposits to time deposits would free $14 in reserves
105
THE MONETARY SYSTEM OF THE UNITED STATES
(the difference between $20 required behind $100
in demand deposits and $6 required behind $100
in time deposits). These reserves could form the
basis for $70 of demand deposits.3
FACTORS INFLUENCING NEED FOR MONEY
The amount of money, while by no means the
sole factor influencing expenditures in the economy, nevertheless has an important effect on
levels of economic activity and prices.
Relation between volume of money and expenditures. Total expenditures vary both with the
amount of money and with the frequency of use,
or turnover, of the existing supply. Businesses and
consumers need to hold some minimum cash balance in relation to their transactions in order to
facilitate the execution of such transactions. The
amount required for this purpose depends on such
factors as the regularity of income and expenditures
and the length of the average income period, as well
as on the volume of transactions. The quantity of
cash balances which businesses and consumers may
wish to hold in excess of the necessary minimum
depends on many factors, among which are the
level of interest rates, the ease or difficulty of borrowing, and anticipations of future income and
prices. The relationship between the total amount
of money demanded and total money transactions
varies from time to time with changes in all these
factors.
To some extent, an increase or decrease in expenditures resulting from changes in the intensity
of use of the money supply can be offset by changes
in the opposite direction in the quantity of money.
Thus, if recipients of money are building up inactive balances in order to increase their liquidity,
an increase in the supply of money may meet this
demand for liquidity and allow expenditures to
be maintained. On the other hand, if businesses
and consumers are drawing down idle balances
to make expenditures, the resulting expansion in
expenditures may be offset in part by a decrease
in the volume of money.
It is difficult to trace what happens to new money
that is introduced into the monetary system, and
hence to judge with accuracy its long-range effect
on expenditures. It is important to observe, how3
In the past, expansion ratios have generally been cited for
total deposits rather than for demand deposits alone. Average reserve requirements behind total deposits of member
commercial banks are now about 16 per cent, the equivalent
of an expansion potential of about 6 times.
106
ever, that changes in the volume of money are
generally associated directly with changes in expenditures. Thus when a businessman or a consumer borrows from a bank, he does so in order
to make an expenditure. Whether the recipient
also spends the money at once or holds it for
later spending, there has been an increase in
expenditures made possible by commercial bank
lending. Likewise, if a savings institution is enabled to make a loan by selling Government
securities which are bought by the banking system, the borrower who thereby obtains funds
generally increases his expenditures. This direct
increase in expenditures may be of particular importance when short-run changes in the money
supply are considered. Conversely, when a borrower repays a bank loan, the funds available to
him for expenditures are reduced.
From the standpoint of stability, an economy
needs a volume of money sufficient to support
the volume of spending necessary to maintain
a high level of production and employment, without leading to undue speculation or to spending
at a rate which would outstrip the supply of available goods at prevailing prices. Judged from this
standpoint, the amount of money required varies
with the productive capacity of the economy, with
the state of business expectations, with changes in
the demand for liquidity on the part of businesses
and consumers, with economic dislocations of various kinds, and with seasonal factors.
Need of expanding economy for increased money
supply. An economy which is expanding requires
an increasing supply of money to facilitate its
growing volume of transactions. If prices are not
to decline, the money supply will have to expand to
meet the increased needs for cash balances resulting
from the additions to productive capacity and from
the growing complexity of economic organization.
In the past banks have met this need by supplying
the credit demands of their customers, especially
of businesses engaged in agriculture, commerce,
and industry. More recently, an important part of
the increase in the money supply has resulted from
bank response to demand for credit by the United
States Government and by customers borrowing
to finance consumption expenditures.
Changing need for money over business cycles.
The demand for cash balances in relation to transactions does not generally remain constant over
business cycles. On the contrary, there are recurrent periods of pressure for increased or deFEDERAL RESERVE BULLETIN
THE MONETARY SYSTEM OF THE UNITED STATES
creased holdings of money on the part of businesses
and consumers.
In a period of recession, decline in business activity is typically accompanied by both a decline in
the quantity of money and a decline in its turnover,
as many recipients keep a larger volume of money
inactive or use a greater part of their receipts to
repay bank loans. This situation may be expected,
for example, when the attractiveness of business
investment opportunities temporarily declines or
when consumer demand for durable goods temporarily slows up, although the resulting decline in
expenditures may be moderated by an appropriate
credit and monetary policy. In some cases, however, uncertainty concerning future income and
prices, and concerning the ability to raise funds
through loans or through sales of securities, may
result in an attempt on the part of businesses and
consumers to build up their cash balances further
in relation to their expenditures.
In the absence of an increase in the money supply,
increased holdings of inactive cash cannot result in
an increase in the total amount of cash balances
held but only in a redistribution of the money supply between active and inactive balances. Such a
redistribution will result in a further decrease in the
demand for goods, with an adverse effect on production and employment and a tendency for prices
to decline. In the interest of checking such decreases, and counteracting greater economic instability, it is desirable that an additional supply
of money be made available to offset the effect
of the increased demand for inactive balances.
During a period of economic revival, when investment opportunities become more attractive or
demand for consumer durable goods expands, businesses and consumers both increase their borrowings from commercial banks and draw down inactive balances. The resulting increase in expenditures has the favorable result of bringing about the
employment of previously unemployed, or underemployed, labor and machinery. If expenditures
continue to increase after productive facilities are
fully utilized, however, they will be reflected only
in price increases and speculative activities. The
increase in prices and the expectation of further
increases may in turn induce others to spend their
receipts more promptly or to activate idle balances,
thus intensifying the upward pressure on prices.
At such times, restraining the expansion of the
money supply would help to curb expenditures.
FEBRUARY
1953
RATIO OF DEMAND DEPOSITS AND CURRENCY
TO GROSS NATIONAL PRODUCT
60
40
—
20
1920
NOTE.—Ratio of demand deposits adjusted and currency
outside banks as of June 30 to gross national product for
calendar year. Gross national product estimates beginning
in 1929 are from U. S. Department of Commerce and prior to
1929 were compiled by Mary S. Painter and published in
Federal Reserve BULLETIN for September 1945, p. 873.
The relationship of the amount of money to
the volume of expenditures is illustrated by the
ratio of total demand deposits and currency to
gross national product, shown in the chart.
Since gross national product measures only the
dollar value of goods and services produced and
not total money outlays, changes in this ratio do
not correspond precisely to changes in the relationship between cash balances and expenditures.
Changes in the ratio shown over periods of a few
years, however, are generally indicative of changes
in the willingness of the public to hold deposits and
currency. Worthy of note are the increase in the
ratio in the period 1930-32, when the pressure for
liquidity was exceptionally great, and its subsequent failure to decline to the earlier level as investment opportunities remained unattractive in the
latter 1930's. Also of interest are the increase in the
ratio during World War II, when shortages of
goods, rationing, and patriotic motives kept expenditures from increasing at the same pace as the
increase in the quantity of money, and the decline
in the ratio after 1946 as deposits which had been
held inactive were spent.
REGULATION OF MONEY SUPPLY
Changes in the quantity of money that reflected
only changing demands for credit by businesses,
consumers, and governments and changing bank
107
THE MONETARY SYSTEM OF THE UNITED STATES
judgments of creditworthiness would tend to be
cumulative, first expanding and then contracting
unduly. These increases or decreases in the volume
of money would reinforce changes in the turnover
of money, and movements of prices and production would be accelerated. It is the function of
reserve banking, by regulating the volume of bank
reserves, to counteract the tendency for excessive
swings in the volume of money.
Tendency for excessive changes in money volume
over business cycles. When the demand for goods
is increasing and prices are rising, the demand for
loans on the part of both businesses and consumers
is likely to increase. At the same time, bankers'
standards of creditworthiness are likely to become
less rigorous and more borrowers are likely to meet
any given standard. If the expansion in the supply
and use of money exceeds the increase in the supply
of goods and services resulting from increased
employment, then higher prices result. Rising
prices lead in succession to increased demand for
loans, more favorable credit ratings, and, if reserve
funds are freely available to banks, to more money.
Conversely, when there is a decline in the demand for goods and in employment, the demand
for loans on the part of creditworthy borrowers
will generally decline, and at the same time banks
will become more pessimistic regarding credit ratings and more applicants will fall into high-risk
categories. The resulting decrease in the quantity
of money may contribute to a further decline in
demand, employment, and income, and to still
further contraction of the money supply.
In wartime, there is special danger that the increase in the volume of money may be excessive. In
the absence of restrictions of any kind, credit demands may arise not only from the Government
and from industries producing war goods but
also from other industries profiting from the general increase in income and expenditures. It has
generally been found desirable to ration scarce
productive resources under such circumstances,
thus not only assuring greater availability of these
resources for essential wartime uses but also cutting down on the demand for loans. Under any
circumstances, however, the additional demand for
bank credit during war is likely to be far in excess
of that needed to supply the increased monetary
needs of the economy. Even if it were possible by
means of direct controls and appeal to patriotic
motives to restrain temporarily the expenditure of
the larger cash balances, problems would be likely
108
to develop later as the result of excessive liquidity.
Moderation of changes in money supply through
reserve banking. Modern nations have set up
various forms of centralized mechanisms in order
to moderate fluctuations in the volume of credit
and money. Because of the dependence of bank
lending capacity on the reserve position of banks,
lending activities of banks can be affected by influencing their reserve positions. Reserve positions can be eased when depression threatens and
the decline in the money supply should be retarded;
they can be tightened when an inflationary boom
threatens and there needs to be a check on the
expansion of credit and money. In the United
States, the Federal Reserve System through its
operations can act to offset the effects of gold and
currency movements when such movements tend
to result in undesirable expansion or contraction
of the money supply. It can also act to bring about
a change in the amount of bank reserves when
other factors, such as changes in the intensity of
use of existing deposits by the public or changes
in the willingness of banks to hold excess reserves
or in their pressure to repay borrowings, make a
change in the reserve position desirable.
One means by which the Reserve System can
influence bank reserve positions is through its
handling of the discount mechanism by which it
lends to member banks. Reserve funds acquired
through borrowing at the Federal Reserve Banks
are residual funds for member banks; it is to this
source that banks resort when they find themselves
with temporary reserve deficiencies for any reason.
When a bank is obliged to borrow to maintain
its reserves, it tends to be more restrained in credit
operations than when reserves are otherwise available. As total bank borrowing tends to increase—
that is, as more banks borrow at any one time and
as individual banks resort to borrowing more frequently and for larger amounts—the strength of
this restraint multiplies. By raising the discount
rate, the Federal Reserve can reinforce bank reluctance to increase reserves through borrowing; by
lowering the rate, the System can lessen somewhat
the reluctance of banks to borrow when it is necessary to make adjustments in reserve positions.
Another and closely related way in which reserve banking operations can expand or contract
bank reserves is through purchases and sales of
eligible paper or securities in the market. Actually,
the Reserve System does this largely through operations in United States Government securities. As
FEDERAL RESERVE BULLETIN
THE MONETARY SYSTEM OF THE UNITED STATES
has already been indicated, i£ the Federal Reserve
System purchases Government securities from bank
or nonbank investors, it supplies the banking system with the reserve basis for multiple deposit
expansion. Although the reserve funds may be used
immediately to build up excess reserves or to repay
indebtedness to the Reserve Banks, the increased
liquidity of the banks will make them more
willing to accommodate the credit demands of
their customers. Contrariwise, when the Federal
Reserve System sells securities, bank reserves are
reduced. Unless the banking system has been
operating with excess reserves, available reserves
will no longer meet the legal requirements and the
commercial banks will be obliged to replenish
reserves by borrowing temporarily from the Reserve Banks. As such borrowing occurs or increases, banks will be under pressure to retard the
expansion of credit and money.
As has already been noted, Reserve Bank transactions in Government securities with nonbank investors have a direct effect on the volume of money
which is independent of action by commercial
banks. Even without a response by banks, therefore, the System is able to operate directly to change
the quantity of money. The multiple effect of such
open market transactions on the money supply,
however, depends on their effect on bank reserves
and the response of bank lending policies to increases or decreases in the volume of reserves.
Reserve banking policy can also affect the reserve position of banks by altering, within limits
set by statute, the percentage of deposits that banks
are required to hold in reserves. If reserve requirements are lowered, reserves are freed and the stage
is set for a process of multiple deposit expansion.
If reserve requirements are raised and there are no
excess reserves, new reserves must be acquired or
deposits must be reduced until the available reserves
meet the requirements. Even if changed reserve
requirements are offset temporarily by changes in
bank borrowing or in excess reserves, the resulting change in bank liquidity will have an important
influence on the willingness of banks to respond
to the credit demands of their customers. At the
present time, the potentialities of Federal Reserve
action through changes in reserve requirements are
almost altogether in the direction of easing reserve
positions, for reserve requirements are already at
the legal maximum for all member banks except
for a relatively small leeway in authority to raise
requirements further at central reserve city banks.
FEBRUARY
1953
The discount mechanism, open market operations,
and changes in reserve requirements are all instruments of credit and monetary policy which operate primarily through their effect on bank reserves
and consequently affect credit in general. Although
these instruments differ from one another in their
applicability to short-term credit conditions, they
are closely interrelated and hence need to be combined in an integrated policy. The individual
instruments and the relationship among them will
be considered in detail in subsequent articles.
The Federal Reserve System also has authority
to regulate the use of credit for the purpose of
purchasing or carrying listed securities. It has
also had in the past authority to regulate the terms
for the extension of consumer instalment and
real estate credit. This type of selective credit
influence does not operate through bank reserves
and affects the volume of money indirectly. It
is not intended to treat the role of selective credit
measures in detail in this series of articles.
In addition to their influence on bank reserve
positions and through them on the volume of money,
reserve banking policies also have important effects on the intensity of use of the money supply
through their influence on business anticipations
and on the liquidity of various assets other than
money. Changed expectations concerning future
economic conditions on the part of financial institutions, businesses, and consumers can increase
or reduce their desires to hold cash. At the same
time, capital values are affected by changes in conditions in the security markets which accompany
changes in credit policies, and thus the liquidity of
major sectors of the economy is increased or reduced. In particular, during a period of inflationary pressures, credit and monetary policies
which lead to uncertainty as to the future availability of credit and the stability of capital values
can dampen the willingness of lenders to lend,
borrowers to borrow, and holders of cash balances
to spend. In periods of deflation, action to stimulate confidence as to future credit and monetary
ease tends to relieve the strain on liquidity positions and to promote more active use of money.
The broad effects of reserve banking policies will
be discussed in the next article.
Reprints of this article are available upon request
from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington 25, D. C.
109
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
F
OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present
constituted. The list shows, in addition to the name of each director, his principal business affiliation,
the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine
directors; three Class A and three Class B directors, who are elected by the stockholding member
banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve
System. Class A directors are representative of the stockholding member banks. Class B directors must
be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be
officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors,
the member banks of each Federal Reserve District are classified by the Board of Governors of the
Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and
each group elects one Class A and one Class B director, Class C directors may not be officers, directors,
employees, or stockholders of any bank. One Class C director is designated by the Board of Governors
as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman.
Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed
by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board
of Governors of trie Federal Reserve System. One of the directors appointed by the Board of Governors
at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve
Bank may prescribe.
District No. 1—Boston
Term
Expires
Dec, 31
Class A:
Lloyd D. Brace
Harold I. Chandler
Earle W. Stamm
President, The First National Bank of Boston, Boston, Mass. . 1953
Vice President and Cashier, The Keene National Bank, Keene,
N. H
1954
President, The National Bank of Commerce of New London,
New London, Conn
1955
Class B.Harvey P. Hood
Frederick S. Blackall, jr
Vacancy
..
President, H. P. Hood & Sons, Inc., Boston, Mass
1953
President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. 1
1954
1955
Class C:
Karl T. Compton
Ames Stevens 2
Harold D. Hodgkinson x
Chairman.
110
Chairman of the Corporation, Massachusetts Institute of Technology, Cambridge, Mass.
1953
President, Ames Worsted Company, Lowell, Mass
1954
Vice President, General Manager, and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass. . . 1955
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES.
District No. 2—New York
Class A:
Burr P. Cleveland
F. Palmer Armstrong
Vacancy
Class B:
Vacancy
Vacancy
Clarence Francis
Class C:
Jay E. Crane*
William I. Myers 2
Philip Young
Term
Expires
Dec. 31
President, First National Bank of Cortland, Cortland, N. Y.. . 1953
President, The Keyport Banking Company, Keyport, N. J
1954
1955
1953
1954
Chairman of the Board, General Foods Corporation, New York,
N. Y
1955
Vice President, Standard Oil Company (New Jersey), New
York, N. Y
1953
Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y.. .
1954
Dean, Graduate School of Business, Columbia University, New
York, N. Y
1955
Buffalo Branch
Appointed by Federal Reserve Ban\:
C. Elmer Olson
President,
Lewis G. Harriman
President,
N. Y
Bernard E. Finucane
President,
N. Y
Edward P. Vreeland
President,
The First National Bank of Falconer, Falconer, N. Y. 1953
Manufacturers and Traders Trust Company, Buffalo,
1954
Security Trust Company of Rochester, Rochester,
1955
Salamanca Trust Company, Salamanca, N. Y.
1955
Appointed by Board of Governors:
Robert C. Tait 1
President, Stromberg-Carlson Company, Rochester, N. Y
Clayton White
Dairy farmer, Stow, N. Y
Edgar F. Wendt
President, Buffalo Forge Company, Buffalo, N. Y
1953
1954
1955
District No. 3—Philadelphia
Class A:
Archie D. Swift
Wadsworth Cressc
Bernard C. Wolfe
Chairman.
FEBRUARY 1953
Chairman of Board, Central-Penn National Bank, Philadelphia,
Pa
1953
Executive Vice President and Trust Officer, The First National
Bank and Trust Company, Woodbury, N. J
1954
President, The First National Bank, Towanda, Pa
1955
deputy Chairman.
111
. DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
Warren C. Newton
Andrew Kaul, III
Charles E. Oakes
President, O. A. Newton and Son Company, Bridgeville, Del.. . 1953
President and Director, Speer Carbon Company, St. Marys, Pa. 1954
President and Director, Pennsylvania Power and Light Company, Allentown, Pa
1955
Class C:
C. Canby Balderston 2
William J. Meinel*
Henderson Supplee, Jr
Dean, Wharton School of Finance and Commerce, University
of Pennsylvania, Philadelphia, Pa
1953
President and Chairman of Board, Heintz Manufacturing Company, Philadelphia, Pa
1954
President, Atlantic Refining Company, Philadelphia, Pa
1955
District No. 4—Cleveland
Class A:
Lawrence N. Murray
Edison Hobstetter
John D. Bainer
President, Mellon National Bank and Trust Company, Pittsburgh, Pa
1953
President, Pomeroy National Bank, Pomeroy, Ohio.
1954
President, The Merchants National Bank and Trust Company
of Meadville, Meadville, Pa
1955
Class B:
Charles }. Stilwell
Joel M. Bowlby
Edward C. Doll
President, The Warner and Swasey Company, Cleveland, Ohio 1953
Chairman of the Board, The Eagle-Picher Company, Cincinnati,
Ohio
1954
President, Lovell Manufacturing Company, Erie, Pa
1955
Class C.-
John C. Virden 1
Leo L. Rummell2
Sidney A. Swensrud
Chairman of the Board, John C. Virden Company, Cleveland,
Ohio
1953
Dean, College of Agriculture, The Ohio State University,
Columbus, Ohio
1954
President, Gulf Oil Corporation, Pittsburgh, Pa
1955
Cincinnati Branch
Appointed by Federal Reserve Ban\:
L. M. Campbell
President,
Joseph B. Hall.
President,
E. S. Dabney
President,
Fred A. Dowd
President,
Chairman.
112
Second National Bank, Ashland, Ky
Kroger Company, Cincinnati, Ohio
Security Trust Company, Lexington, Ky
Atlas National Bank, Cincinnati, Ohio
1953
1954
1954
1955
deputy Chairman.
FEDERAL RESERVE BULLETIN:
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Granville R. Lohnes 1
John C. Baker
H. C. Besuden
Treasurer, National Cash Register Company, Dayton, Ohio. . . 1953
President, Ohio University, Athens, Ohio
1954
Farmer, Winchester, Ky
1955
Pittsburgh Branch
Appointed by Federal Reserve Ban\:
Hugo E. Laupp
William B. McFall
Montfort Jones
Paul Malone
President, Wheeling Dollar Savings and Trust Company,
Wheeling, W. Va
President, Commonwealth Trust Company of Pittsburgh, Pittsburgh, Pa
Professor of Finance, University of Pittsburgh, Pittsburgh, Pa.
President, Second National Bank, Uniontown, Pa.
1953
1954
1954
1955
Appointed by Board of Governors:
Henry A. Roemer, Jr
Clifford F. Hood x
Douglas M. Moorhead
President, Sharon Steel Corporation, Sharon, Pa
President, United States Steel Company, Pittsburgh, Pa
Farmer, North East, Pa
1953
1954
1955
District No. 5—Richmond
Class A:
John A. Sydenstricker
James D. Harrison
Warren S. Johnson
Executive Vice President, First National Bank in Marlinton,
Marlinton, W. Va
1953
President, First National Bank of Baltimore, Baltimore, Md.. . 1954
Investment Counselor, Peoples Savings Bank & Trust Company,
Wilmington, N. C
1955
Class B:
Cary L. Page
Edwin Hyde
H . L. Rust, Jr
President and Treasurer, Jackson Mills, Wellford, S. C
1953
Executive Vice President, Miller & Rhoads, Inc., Richmond, Va. 1954
President, H . L. Rust Company, Washington, D . C
1955
Class C.Charles P. McCormick 1
President and Chairman of Board, McCormick & Company,
Inc., Baltimore, Mel
1953
W. G. Wysor
Management Counsel, Southern States Cooperative, Inc., Richmond, Va
1954
John B. Woodward, J r . 2 . . . . President, Newport News Shipbuilding & Dry Dock Company,
Newport News, Va
1955
Baltimore Branch
Appointed by Federal Reserve Ban\:
Charles W. Hoff
a
Chairman.
FEBRUARY 1953
President, Union Trust Company of Maryland, Baltimore, Md. 1953
2
Deputy Chairman.
113
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Charles A. Piper
Lacy I. Rice
Stanley B. Trott
President, The Liberty Trust Company, Cumberland, Md
President, The Old National Bank, Martinsburg, W. Va
President, Maryland Trust Company, Baltimore, Md
1954
1955
1955
Appointed by Board of Governors:
James M. Shriver 1
President, The B. F. Shriver Company, Westminster, Md
1953
Alonzo G. Decker, Jr
Vice President, The Black and Decker Manufacturing Company,
Towson, Md
1954
Howard M. Taylor, Jr
Vice President, International Bedding Company, Baltimore, Md. 1955
Charlotte Branch
Appointed by Federal Reserve Ban\:
A. K. Davis
Senior Vice President, Wachovia Bank and Trust Company,
Winston-Salem, N. C
Thomas J. Robertson
President, First National Bank of South Carolina, Columbia,
S. C
George S. Crouch
Chairman of the Board, The Union National Bank, Charlotte,
N. C. .
Jonathan Woody
President, First National Bank, Waynesville, N. C
1953
1954
1955
1955
Appointed by Board of Governors:
R. E. Ebert x
President, Dixie Home Stores, Inc., Greenville, S. C
1953
Paul T. Taylor
President, Taylor Warehouse Company, Winston-Salem, N. C. 1954
Vacancy
1955
District No. 6—Atlanta
Class A:
Roland L. Adams
W. C. Bowman
Leslie R. Driver
President, Bank of York, York, Ala
1953
Chairman of Board, The First National Bank of Montgomery,
Montgomery, Ala
1954
President, The First National Bank in Bristol, Bristol, Tenn.. . . 1955
Class B:
A. B. Freeman
Chairman of the Board, Louisiana Coca-Cola Bottling Company,
Ltd., New Orleans, La
1953
1954
Chairman of the Board, Avondale Mills, Birmingham, Ala.. . . 1955
Vacancy
Donald Comer
Class C.Frank H . Neely 1
Paul E. Reinhold
Rufus C. Harris 2
1
Chairman.
114
2
Chairman of the Board, Rich's, Incorporated, Atlanta, G a . . . . .
President, Foremost Dairies, Inc., Jacksonville, Fla
President, The Tulane University of Louisiana, New Orleans,
La
1953
1954
1955
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Birmingham Branch
Appointed by Federal Reserve Ban\:
T. J. Cottingham
A. J. Goodwin, Jr
John B. Barnett, Jr
Frank M. Moody
President, State
Vice President,
President, The
Vice President,
caloosa, Ala
National Bank of Decatur, Decatur, Ala
1953
The Anniston National Bank, Anniston, Ala.. . 1954
Monroe County Bank, Monroeville, Ala.. . . . . . 1955
The First National Bank of Tuskaloosa, Tus1955
Appointed by Board of Governors:
John M. Gallalee1
Edwin C. Bottcher
Thad Holt
President, University of Alabama, Tuscaloosa, Ala.
Farmer, Cullman, Ala
President-Treasurer, The Television Corporation, Birmingham,
Ala
1953
1954
1955
Jacksonville Branch
Appointed by Federal Reserve Ban\:
Clement B. Chinn
G. W. Reese
Frank W. Norris
J. Carlisle Rogers
Vice Chairman, The First National Bank of Miami, Miami, Fla.
President, The Citizens and Peoples National Bank of Pensacola, Pensacola, Fla
President, The Barnett National Bank of Jacksonville, Jacksonville, Fla
Vice President, The First National Bank of Leesburg, Leesburg,
Fla
1953
1954
1955
1955
Appointed by Board of Governors:
Marshall F. Howell 1
J. Hillis Miller
Harry M. Smith
Vice President, Bond-Howell Lumber Company, Jacksonville,
Fla
President, University of Florida, Gainesville, Fla
President and Manager, Winter Garden Ornamental Nursery,
Inc., Winter Garden, Fla
1953
1954
1955
Nashville Branch
Appointed by Federal Reserve Ban\:
G. C. Graves
Sam M. Fleming
James V. Sprouse
T. R. Keys
Appointed
President,
President,
President,
Tenn
President,
The First National Bank of Athens, Athens, Tenn.. .
Third National Bank of Nashville, Nashville, Tenn.. .
The First National Bank of Springfield, Springfield,
Erwin National Bank, Erwin, Tenn.. . . .
1953
1954
1955
1955
by Board of Governors:
C. E. Brehm
President, University of Tennessee, Knoxville, Tenn.. . .
1953
Chairman.
FEBRUARY 1953
115
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec.31
H. C. Meacham 1
Ernest J. Moench
Farming, Franklin, Tenn
President, Tennessee Tufting Company, Nashville, Tenn
'. 1954
1955
New Orleans Branch
Appointed by Federal Reserve Ban\:
Wm. C. Carter.. . v
G. M. Me Williams
Keehn W. Berry
J. T. Brown
President, Gulf National Bank of Gulfport, Gulfport, Miss.. . . 1953
President, Citizens Bank of Hattiesburg, Hattiesburg, Miss.. . 1954
President, Whitney National Bank of New Orleans, New Orleans, La
1955
President, The First National Bank of Jackson, Jackson, Miss.. . 1955
Appointed by Board of Governors:
H. G. Chalkley, Jr
Joel L. Fletcher, Jr.1
E. O. Batson
President, Sweet Lake Land & Oil Company, Inc., Lake Charles,
La
1953
President, Southwestern Louisiana Institute, Lafayette, La
1954
President, Batson-McGehee Company, Inc., Millard, Miss
1955
District No. 7—Chicago
Class A:
Vivian W. Johnson
Walter J. Cummings
President, First National Bank, Cedar Falls, Iowa
1953
Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111
1954
Nugent R. Oberwortmann... President, The North Shore National Bank of Chicago, Chicago,
111
1955
Class B.William R. Sinclair
Walter E. Hawkinson
William J. Grede
Chairman of the Board, Kingan & Company, Indianapolis, Ind. 1953
Vice President in Charge of Finance, and Secretary, AllisChalmers Manufacturing Company, Milwaukee, Wis.
1954
President, Grede Foundries, Inc., Milwaukee, Wis.
1955
Class C.Allan B. Kline
Vacancy
John S. Colemanx
President, American Farm Bureau Federation, Chicago, 111. . 1953
1954
President, Burroughs Adding Machine Company, Detroit,
Mich
1955
Detroit Branch
Appointed by Federal Reserve Ban\:
Raymond T. Perring
President, The Detroit Bank, Detroit, Mich
. . . 1953
Chairman.
116
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Howard P. Parshall
John A. Stewart
Appointed
President, The Bank of the Commonwealth, Detroit, Mich. . . . 1954
Vice President and Cashier, Second National Bank & Trust
Company, Saginaw, Mich.
1954
by Board of Governors:
William M. Day
John A. Hannah *
Vice President and General Manager, Michigan Bell Telephone
Company, Detroit, Mich.
1953
President, Michigan State College, East Lansing, Mich.
1954
District N o . 8—St. Louis
Class A:
William A. McDonnell
Phil E. Chappell
J. E. Etherton
President, First National Bank in St. Louis, St. Louis, Mo.. . . .
President, Planters Bank & Trust Company, Hopkinsville, Ky.. .
President, Carbondale National Bank, Carbondale, 111
1953
1954
1955
Chairman of Board, Servel, Inc., Evansville, Ind.
President, Missouri-Portland Cement Company, St. Louis, Mo.. .
President, Plunkett-Jarrell Grocer Company, Little Rock, Ark.. .
1953
1954
1955
Class B.Louis Ruthenburg
M. Moss Alexander
Ralph E. Plunkett
Class C:
Wm. H. Bryce 2
Joseph H. Moore
Russell L. Dearmont 1
Vice President and Director, Dixie Wax Paper Company, Memphis, Tenn
Farming, Charleston, Mo
Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis,
Mo
Little Rock Branch
Appointed by Federal Reserve Ban\:
Gaither C. Johnston
Investments, Dermott, Ark.
H. C. McKinney, Jr
President, First National Bank, El Dorado, Ark
Thos. W. Stone
President, The Arkansas National Bank, Hot Springs, Ark.. .
Harvey C. Couch, Jr
President, Union National Bank, Little Rock, Ark
1953
1954
1955
1953
1954
1954
1955
Appointed by Board of Governors:
Sam B. Straussx
Shuford R. Nichols
Stonewall J. Beauchamp
President, Pfeifers of Arkansas, Little Rock, Ark
Farmer, ginner and cotton broker, Des Arc, Ark.
President, Terminal Warehouse Company, Little Rock, Ark.. .
1953
1954
1955
Louisville Branch
Appointed by Federal Reserve Ban\:
Noel Rush
M. C. Minor
Chairman.
FEBRUARY 1953
President, Lincoln Bank and Trust Company, Louisville, Ky.. .
President, Farmers National Bank, Danville, Ky
1953
1954
2
Deputy Chairman.
117
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Ira F. Wilcox
Magnus J. Kreisle
Appointed
Alvin
Pierre
Smith
Vice President and Cashier, The Union National Bank, New
Albany, Ind
1954
President, Tell City National Bank, Tell City, Ind
1955
by Board of Governors:
A. Voit
President, Mengel Company, Louisville, Ky.
B. McBride
President, Porcelain Metals Corporation, Louisville, Ky.
Broadbent, Jr.1
Farmer, Cadiz, Ky
1953
1954
1955
Memphis Branch
Appointed by Federal Reserve Ban\:
C. H. Reeves
President,
John A. McCall
President,
William B. Pollard
President,
Ben L. Ross
Chairman
Merchants and Farmers Bank, Columbus, Miss.. . . .
First National Bank, Lexington, Tenn.
National Bank of Commerce, Memphis, Tenn
of Board, Phillips National Bank, Helena, Ark.. . . .
Appointed by Board of Governors:
M. P. Moore x
Owner, Circle M. Ranch, Senatobia, Miss.
Cafifey Robertson
President, CafTey Robertson Company, Memphis, Tenn
Henry Banks
* . . . . Farmer, Clarkedale, Ark
1953
1954
1954
1955
1953
1954
1955
District No. 9—Minneapolis
Class A:
H. N. Thomson
C. W. Burges
Edgar F. Zelle....
Vice President, Farmers and Merchants Bank, Presho, S. D.. . 1953
Vice President and Cashier, Security National Bank, Edgeley,
N. D
1954
. . . . Chairman of the Board, First National Bank, Minneapolis,
Minn
1955
Class B:
W. A. Denecke
Ray C. Lange
Homer P. Clark
Livestock rancher, Bozeman, Mont.
1953
President, Chippewa Canning Company, Chippewa Falls, Wis. 1954
Honorary Chairman of the Board, West Publishing Company,
St. Paul, Minn
1955
Class C.Roger B. Shepard 1
Paul E. Miller 2
F. A. Flodin....
Chairman.
118
2
St. Paul, Minn
1953
Director, University of Minnesota Agricultural Extension Division, St. Paul, Minn
1954
. . . President, Lake Shore Engineering Company, Iron Mountain,
Mich
1955
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Helena Branch
Appointed by Federal Reserve Ban\:
A. W. Heidel
J. Willard Johnson
George N. Lund..
Vice President, Powder River County Bank, Broadus, Mont.. . 1953
Financial Vice President, Western Life Insurance Company,
Helena, Mont
1954
. . Vice President and Cashier, First National Bank, Reserve, Mont. 1954
Appointed by Board of Governors:
G. R. Milburn
John E. Corette x
Livestock rancher, Grass Range, Mont
President and General Manager, Montana Power Company,
Butte, Mont
1953
1954
District N o . 10—Kansas City
Class A:
W. L. Bunten
T. A. Dines
W. S. Kennedy
President, Goodland State Bank, Goodland, Kan
Chairman of the Board, The United States National Bank of
Denver, Denver, Colo
President and Chairman of the Board, The First National Bank
of Junction City, Junction City, Kan
1953
Director,
Livestock
President
Kansas
1953
1954
1954
1955
Class B:
L. C. Hutson
Max A. Miller
E. M. Dodds
Chickasha Cotton Oil Company, Chickasha, Okla. .
rancher, Omaha, Neb.
and Director, United States Cold Storage Corporation,
City, Mo
:
1955
Class C.Cecil Puckett 2
Lyle L. Hague
Raymond W. Hall 1
Dean, College of Business Administration, University of Denver,
Denver, Colo
Farmer and stockman, Cherokee, Okla
Vice President, Controller and Director, Hall Brothers, Inc.,
Kansas City, Mo
1953
1954
1955
Denver Branch
Appointed by Federal Reserve Ban\:
Merriam B. Berger
Ralph S. Newcomer
Arthur Johnson
Chairman.
FEBRUARY 1953
2
Vice President, The Colorado National Bank of Denver, Denver,
Colo
Executive Vice President, First National Bank in Boulder,
Boulder, Colo
President, First National Bank in Raton, Raton, N. Mex. .
1953
1954
1954
Deputy Chairman.
119
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Aksel Nielsen 1
President, The Title Guaranty Company, Denver, Colo
G. Norman Winder
Rancher, Craig, Colo
1953
1954
Oklahoma City Branch
Appointed by Federal Reserve Ban\:
George R. Gear
President, The City National Bank of Guymon, Guymon, Okla. 1953
F. M. Overstreet
President, First National Bank at Ponca City, Ponca City, Okla. 1954
Frank A. Sewell
Chairman of the Board and President, The Liberty National
Bank and Trust Company of Oklahoma City, Oklahoma City,
Okla
1954
Appointed by Board of Governors:
Cecil W. Cotton x
President, C. W. Cotton Supply Company, Tulsa, Okla
Phil H. Lowery
Owner, Lowery Hereford Ranch, Loco, Okla
1953
1954
Omaha Branch
Appointed by Federal Reserve Ban\:
I. R. Alter
President, The First National Bank of Grand Island, Grand
Island, Neb
1953
Ellsworth Moser
President, The United States National Bank of Omaha, Omaha,
Neb
1953
William N. Mitten
Chairman of the Board and President, First National Bank of
Fremont, Fremont, Neb
'.
1954
Appointed by Board of Governors:
Joe W. Seacrest*
President, State Journal Company, Lincoln, Neb
Manville Kendrick
Rancher, Sheridan, Wyo
1953
1954
District N o . 11—Dallas
Class A:
W. L. Peterson
P. P. Butler
J. Edd McLaughlin
President, The State National Bank, Denison, Tex
1953
President, First National Bank in Houston, Houston, Tex
1954
President, Security State Bank and Trust Company, Rails, Tex. 1955
Class B:
W. F. Beall
D. A. Hulcy
J. B. Thomas
President and General Manager, 3 Beall Brothers 3, Department
Stores, Jacksonville, Tex.
1953
Chairman of the Board and President, Lone Star Gas Company,
Dallas, Tex
1954
President and General Manager and Director, Texas Electric
Service Company, Fort Worth, Tex.
1955
Chairman.
120
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec, 31
Class C.Hal Bogle
Robert J. Smith 2
J. R. Parten 1
Livestock feeding, farming and ranching, Dexter, New Mex.. . 1953
President, Pioneer Air Lines, Inc., Dallas, Tex
1954
President, Woodley Petroleum Company, Houston, Tex.
1955
El Paso Branch
Appointed by Federal Reserve Ban\:
W. H. Holcombe
John P. Butler
J. M. Sakrison
Thomas C. Patterson
Executive Vice President, Security State Bank, Pecos, Tex
President, First National Bank of Midland, Midland, T e x . . . .
President, Southern Arizona Bank & Trust Company, Tucson,
Ariz
Vice President, El Paso National Bank, El Paso, Tex
1953
1954
1954
1955
Appointed by Board of Governors:
Dean F. Stahmann
Farmer, Las Cruces, N. Mex
1953
Jas. A. Dick, Jr.1
President, James A. Dick Investment Company, El Paso, Tex.. . 1954
Everly J. Workman
President, New Mexico School of Mines, Socorro, N. Mex
1955
Houston Branch
Appointed by Federal Reserve Ban\:
R. Lee Kempner
President, United States National Bank, Galveston, Tex
O. R. Weyrich
President, Houston Bank & Trust Company, Houston, Tex.. .
P. R. Hamill
President, Bay City Bank & Trust Company, Bay City, Tex.. .
S. Marcus Greer
Chairman of Executive Committee, City National Bank of
Houston, Houston, Tex.
1953
1954
1954
1955
Appointed by Board of Governors:
Herbert G. Sutton
T. O. Sutton and Sons, Colmesneil, Tex.
1953
Ross Stewartx
Chairman of the Board of Directors, C. Jim Stewart & Stevenson,
Inc., Houston, Tex
1954
Charles N. Shepardson
Dean of Agriculture, A. & M. College of Texas, College Station,
Tex
1955
San Antonio Branch
Appointed by Federal Reserve Ban\:
E. R. L. Wroe
: . . . . President, American National Bank, Austin, Tex.
1953
E. A. Baetz
President, Bexar County National Bank, San Antonio, Tex.. . . 1954
V. S. Marett
President, Gonzales State Bank, Gonzales, Tex
1954
Ray M. Keck
President, Stockmen's National Bank, Cotulla, Tex
1955
Appointed by Board of Governors:
Edward E. Hale
Chairman.
FEBRUARY 1953
Chairman of the Department and Professor of Economics, The
University of Texas, Austin, Tex
1953
2
Deputy Chairman.
121
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Henry P. Drought 1
D. Hayden Perry
Attorney at Law, San Antonio, Tex
Livestock farming, Robstown, Tex
1954
1955
District N o . 12—San Francisco
Class A:
Chas. H. Stewart
Carroll F. Byrd
John A. Schoonover
Chairman of the Board, Portland Trust Bank, Portland, Ore.. . 1953
President, The First National Bank of Willows, Willows, Calif. 1954
President, The Idaho First National Bank, Boise, Idaho
1955
Class B:
Alden G. Roach
Reese H. Taylor
Walter S. Johnson
President, Columbia-Geneva Steel Division and Consolidated
Steel Division of United States Steel Corporation, San Francisco, Calif
1953
President, Union Oil Company of California, Los Angeles,
Calif
1954
President, American Forest Products Corporation, San Francisco, Calif
1955
Class C.William R. Wallace, J r . 2 . . . . Member of the firm of Wallace, Garrison, Norton & Ray,
Attorneys at Law, San Francisco, Calif
Harry R. Wellman
Vice President, Agricultural Sciences, University of California,
Berkeley, Calif
Bray ton Wilbur 1
President, Wilbur-Ellis Company, San Francisco, Calif
1953
1954
1955
Los Angeles Branch
Appointed by Federal Reserve Ban\:
W. R. Bimson
Anderson Borthwick
James E. Shelton
President, The Valley National Bank of Phoenix, Phoenix, Ariz. 1953
President, The First National Trust and Savings Bank of San
Diego, San Diego, Calif
1954
President, Security-First National Bank of Los Angeles, Los
Angeles, Calif
1954
Appointed by Board of Governors:
Paul H. Helms x
Bryant Essick
President, Helms Bakeries, Los Angeles, Calif
1953
President, Essick Manufacturing Company, Los Angeles, Calif. 1954
Portland Branch
Appointed by Federal Reserve Ban\:
E. C. Sammons
President, The United States National Bank of Portland, Portland, Ore
1953
Chairman.
122
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Frank Wortman
President, The First National Bank of McMinnville, McMinnville, Ore
1954
President, First National Bank of Baker, Baker, Ore
1954
John B. Rogers
Appointed by Board of Governors:
Aaron M. Frank x
President, Meier & Frank Company, Inc., Portland, Ore
William H. Steiwer, Sr
Livestock and farming, Fossil, Ore
1953
1954
Salt Lake City Branch
Appointed by Federal Reserve Ban\:
Harry Eaton
Vice President, Twin Falls Bank and Trust Company, Twin
Falls, Idaho
1953
James W. Collins
President, Tracy-Collins Trust Company, Salt Lake City, Utah 1954
George S. Eccles
President, First Security Bank of Utah, National Association,
Ogden, Utah
1954
Appointed by Board of Governors:
Joseph Rosenblatt1
President, The Eimco Corporation, Salt Lake City, Utah
1953
George W. Watkins
President, Snake River Equipment Company, Idaho Falls, Idaho 1954
Seattle Branch
Appointed by Federal Reserve Ban\:
Chas. F. Frankland
President, The Pacific National Bank of Seattle, Seattle, Wash. 1953
George H. Jackson
President, First National Bank in Spokane, Spokane, Wash.. . 1954
W. M. Jenkins
President, First National Bank of Everett, Everett, Wash.
1954
Appointed
by Board of Governors:
D. K. MacDonald
Ralph Sundquist
x
President, D. K. MacDonald & Company, Inc., Seattle, W a s h . . . . 1953
President and General Manager, Sundquist Fruit & Cold Storage,
Inc., Yakima, Wash
1954
'Chairman.
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Charts on Bank Credit, Money Rates,
and Business
The Board of Governors has completed a revision of the monthly Federal Reserve Chart Book on
Bank Credit, Money Rates, and Business. The first
monthly issue of the revised charts, containing all
information available as of February 16 with space
for continuation through 1954, is now available.
The annual subscription price for 12 issues of the
Chart Book, including one issue of the supplementary historical Chart Book, is $6.00 Single copies
FEBRUARY 1953
of monthly issues or the historical supplement
b e p u r c h a s e d for 6 0 c e n t s e a c h ; i n q u a n t i t i e s of
may
10
or more copies of a single issue for shipment to one
address, there is a special price of 50 cents per copy.
N e w BuLLETIN
Tables
The tabular section of the BULLETIN (pages 154155) includes three new tables on Treasury finance,
which provide considerable details concerning
Treasury operations on a cash basis.
123
Tables Published Annually and Semiannually, with
On January 30, 1953, the Board of Governors
announced the appointment of Mr. Everly J. WorkSemiannually
Issue
Page
man, President, New Mexico School of Mines,
Banking offices:
Socorro, New Mexico, as a director of the El Paso
Analysis of changes in number of. . .
Feb. 1953
181
On, and not on, Federal Reserve Par
Branch
of the Federal Reserve Bank of Dallas for
List, number of
Feb. 1953
184
the
term
ending December 31, 1955. Mr. WorkAnnually
man succeeded Mr. Hiram S. Corbett, President,
Bank suspensions
J. Knox Corbett Lumber Company, Tucson, AriEarnings and expenses:
Feb. 1952
135
Federal Reserve Banks
Feb. 1953 182-183
zona, whose term expired.
Member banks:
Calendar year
May 1952 556-566
First half of year
Oct. 1952
1159
On January 30, 1953, the Board of Governors
Banks and branches, number of, by
announced the appointment of Mr. Dean F. Stahclass and State
May 1952 567-568
Operating ratios, member banks
Aug. 1952 937-939
mann, a farmer of Las Cruces, New Mexico, as a
director of the El Paso Branch of the Federal ReResignation of Branch Director
serve Bank of Dallas for the three-year term ending
Mr. Joseph M. Dodge, Chairman, The Detroit December 31, 1953. Mr. Stahmann succeeded Mr.
Bank, Detroit, Michigan, who had been serving Hal Bogle, who resigned to accept the Board's
as a director of the Detroit Branch since January appointment as a director of the Federal Reserve
1, 1952, resigned effective January 19, 1953, to ac- Bank of Dallas. Mr. Bogle is engaged in livestock
cept appointment as Director of the Budget. Mr. feeding, farming, and ranching at Dexter, New
Dodge formerly had served as a director of the Mexico.
Detroit Branch from January 6, 1938, through
On February 11, 1953, the Federal Reserve Bank
December 31, 1944, when his term expired.
of Chicago appointed Mr. Raymond T. Perring,
President, The Detroit Bank, Detroit, Michigan, as
Death of Director
a director of the Detroit Branch for the term
Mr. John W. Cordts, President, Southwest Na- ending December 31, 1953. Mr. Perring suctional Bank, El Paso, Texas, who had served as a ceeded Mr. Joseph M. Dodge, Chairman of The
director of the El Paso Branch of the Federal Detroit Bank, who resigned.
Reserve Bank of Dallas since January 1, 1952, died
On February 11, 1953, the Federal Reserve Bank
on January 19, 1953.
of Dallas appointed Mr. John P. Butler, President,
First National Bank of Midland, Midland, Texas,
Appointment of Class C Director and Deputy
as a director of the El Paso Branch for the term
Chairman
ending December 31, 1954. Mr. Butler succeeded
On February 11, 1953, the Board of Governors
Mr. John W. Cordts, President, Southwest Naannounced the appointment of Mr. Robert J. Smith,
tional
Bank, El Paso, Texas, deceased.
President, Pioneer Air Lines, Incorporated, Dallas,
Texas, as a Class C director of the Federal Reserve
Admissions of State Banks to Membership in the
Bank of Dallas for the term ending December 31,
Federal Reserve System
1954, and Deputy Chairman for the remaining
The following State banks were admitted to memportion of the year 1953. Mr. Smith succeeded Mr.
R. B. Anderson, General Manager, W. T. Wag- bership in the Federal Reserve System during the
goner Estate, Vernon, Texas, who resigned to ac- period December 16, 1952 to January 15, 1953:
cept appointment as Secretary of the Navy.
Alabama
Appointments of Branch Directors
Oxford—The First State Bank of Oxford.
Latest BULLETIN Reference
On January 22, 1953, the Board of Governors
announced the appointment of Mr. William H.
Steiwer, Sr., rancher, of Fossil, Oregon, as director
of the Portland Branch of the Federal Reserve Bank
of San Francisco for the two-year term ending
December 31, 1954. Mr. Steiwer succeeded Mr.
Robert B. Taylor, who is engaged in livestock
raising and farming at Adams, Oregon, and whose
term expired.
124
Iowa
Hartley—Security State Bank.
New Yor\
Monticello—The Sullivan County Trust Company.
Wisconsin
Sturgeon Bay—Bank of Sturgeon Bay.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 30 and released for publication February 2]
Industrial production advanced somewhat further in December and January to new highs for
the postwar period. Construction contract awards
rose considerably in December, and retail sales
were substantially larger than a year ago. Wholesale prices changed little after mid-December.
Around mid-January discount rates at Federal
Reserve Banks were raised from 1% to 2 per cent.
INDUSTRIAL PRODUCTION
The Board's index of industrial production rose
1 point further in December to 235 per cent of
the 1935-39 average. This compares with 219 for
the year 1952 as a whole and with 218 in December
1951. A small further rise is indicated for January.
In December, activity increased further in
machinery and transportation equipment industries.
In addition, there were gains in production of
steel, nonferrous metals, and lumber and other
building materials. Steel ingot output continued
to rise in January, to a scheduled rate close to the
newly reported annual capacity of 117.5 million
tons. Output of passenger autos increased considerably in January, to an annual rate of about
5.5 million units, and production of autos and
other major consumer durables is currently about
two-fifths above a year ago.
INDUSTRIAL
Output of textiles, paper and leather products
showed temporary, seasonal declines in December
but continued substantially above year-ago levels.
Activity in the chemical and petroleum products
industries was maintained at advanced rates. Meat
production in December and January continued
well above a year ago.
Iron ore mining declined more than seasonally
in December from the exceptionally high autumn
levels. With stocks large, output of coal and crude
oil was reduced in December, and in January
bituminous coal production decreased somewhat
further.
CONSTRUCTION
Value of construction contracts awarded in December increased substantially as awards for manufacturing and public utility facilities rose sharply.
Reflecting mainly higher construction costs, the
value of both awards and total construction activity for the year 1952 was about 5 per cent larger
than in 1951. The number of housing units started
in December, at 76,000, was down less than seasonally from November. For the year, starts totaled
1,131,000 as compared with 1,091,000 in 1951 and
the record 1,396,000 in 1950.
PRICES AND TRADE
7- 49 • 100
PRODUCTION
PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • 100
80
80
140
140
DEPARTMENT
STORE TRADE
CONSUMER PRICES
100
100
1948 1949 1950
1948
1949
1950
1951
1952
Federal Reserve indexes.
estimates for January.
FEBRUARY
1953
1948
1949
1950
1951
1952
Monthly figures, latest shown are
1951 1952.
1948 1949 1950
1951 1952
Seasonally adjusted series except for prices. Wholesale
prices, Bureau of Labor Statistics indexes. Consumer prices,
total retail sales, and disposable personal income. Federal
Reserve indexes based on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Federal
Reserve indexes. Monthly figures, latest shown are for December.
125
NATIONAL SUMMARY OF BUSINESS CONDITIONS
EMPLOYMENT
Employment in nonagricultural establishments
continued to expand in December and was about
1.2 million larger than a year ago. Average weekly
hours worked at factories increased as usual in
mid-December and at 41.8 were about one-half hour
above the level of other recent months and the
highest since World War II. Average hourly and
weekly earnings rose to new peaks. Unemployment at 1.4 million in December remained close
to the postwar low.
DISTRIBUTION
Reflecting record Christmas sales, retail trade
expanded in December, with apparel and general
merchandise stores reporting much greater than
seasonal increases. Total retail sales in December
were up about 10 per cent from a year ago with
most of the gain reflecting larger real takings by
consumers, as prices were only moderately higher.
During the first three weeks of January, department store sales declined more than seasonally,
while sales of new automobiles apparently continued substantially larger than a year ago.
COMMODITY PRICES
The average level of wholesale prices changed
little from mid-December through January. Hog
prices rose substantially, but after mid-January
steer prices dropped sharply as marketings expanded, and beef prices declined further. Prices of
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
MILLIONS OF PERSONS
SEASONALLY
ADJUSTED
MILLIONS OF PERSONS
hides and leather also decreased. Lead and zinc
prices were reduced, but ceiling prices of aluminum
and some other metal products were raised. Prices
of most manufactured foods and other finished
goods continued unchanged.
The consumer price index declined slightly in
December as reductions in prices of meats and
some other foods were largely offset by a further
rise in rents.
BANK CREDIT
Loans and investments at banks in leading cities
contracted in late December and early January.
Loans to food processors, commodity dealers, and
trade concerns declined seasonally. Bank holdings
of Government securities were also reduced.
During the first three weeks of January the
post-holiday return flow of currency, some bank
loan contraction, and sales of short-term Government securities by dealers and banks to nonbank
buyers brought about some easing of the money
market. The effect of these developments on bank
reserves was largely offset, however, by repayment
of Federal Reserve repurchase credits which had
been extended to dealers in December. Member
bank borrowings continued to average more than
a billion dollars and to exceed excess reserves.
Around mid-January, discount rates at the Federal Reserve Banks were raised from 1% to 2 per
cent. Thereafter, rates on bankers' acceptances
also rose. Interest rates charged by commercial
banks on short-term business loans averaged 3.51
per cent in the first half of December, or slightly
higher than in the first half of September. Rates
rose slightly at banks in New York City and other
northern and eastern cities but remained unchanged
in the South and West.
SECURITY MARKETS
1948
1949
1950
1951
1952
1948
1949 1950
1951 1952
Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Proprietors, self-employed persons
and domestic servants are not included. Midmonth figures,
latest shown are for December.
126
During the second week of January common
stock prices declined from the high levels reached
during the preceding week and then remained
about unchanged in the third week. High grade
corporate bond yields rose in the third week, following little change earlier in the month. Yields on
Treasury bills rose substantially in the first half of
January and then declined sharply in the following
week. Yields on long-term Governments fluctuated within a narrow range throughout the period.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
129-130
Federal Reserve Bank rates; margin requirements; reserve requirements
130-131
Reserves and deposits of member banks
132
Federal Reserve Bank statistics
133-135
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
Security prices and brokers' balances
Money rates; bank rates on business loans; bond and stock yields
Treasury finance
New security issues
Business
finance
Business indexes
Merchandise exports and imports
Department store statistics
Consumers' and wholesale prices
Gross national product, national income, and personal income
Consumer credit statistics
Changes in number of banking offices in the United States
Earnings and expenses of Federal Reserve Banks during 1952
Number of banking offices on Federal Reserve par list and not on par list
List of tables published in BULLETIN annually or
semiannually, with references for latest data
135-136
136
137
138
139-141
142-143
144-146
146
147
148-149
150
151
152-157
158
159-160
161-170
170
171-174
174-175
176-177
178-180
181
182-183
184
124
Tables on the following pages include the principal statistics of current significance relating to
financial and business developments in the United States. The data relating to Federal Reserve
Banks, member banks of the Federal Reserve System, and department store trade, and the consumer
credit estimates are derived from regular reports made to the Board; index numbers of production
are compiled by the Board on the basis of material collected by other agencies; figures for gold
stock, money in circulation, Treasury finance, and operations of Government credit agencies are
obtained from statements of the Treasury; the remaining financial data and other series on business
activity are obtained largely from other sources. Back figures through 1941 for banking and
monetary tables, together with descriptive text, may be obtained from the Board's publication,
Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier
BULLETINS.
FEBRUARY
1953
127
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
Wednesday figures
Billions of Dollars
30
25
15
10 —
TREASURY CASH AND DEPOSITS A
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
I
I
I
FEDERAL RESERVE CREDIT
HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL
1
1
1
DISCOUNTS AND ADVANCES
1943
128
1944
1945
1946
1947
1948
1949
1950
Wednesday figures, latest shown are for Jan. 28. See page 129.
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,
1 Total
certifi- other
Bonds cates,
and
notes
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Treasury deTreas- posits Nonury
with
cash Federal member deholdReposits
ings
serve
Banks
Member bank
reserve balances
Other
Federal
Reserve
ReExacTotal quired 2 cess2
counts
Wednesday
figures:
1951—Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
959 23,239
710 23,239
449 23,239
797 23,503
5,357
5,376
5,334
5,342
17,882 883
17,863 1,031
17,905 2 ,057
18,161 1,276
25,081 22,381
24,980 22,382
25,745 22,491
25,576 22,621
4,699
4,700
4,703
4,704
28,891
29,037
29,263
29,403
,292
,284
,269
,289
501
266
6
289
787
740
776
880
770 19,919
770 19,964
827 20,798
832 20,208
723
19,196
19,317
647
19,767 1,031
19,637
571
2.
1952— an.
an.
9.
an. 16.
an. 23.
an. 30.
105 23,658
198 23,452
135 23,119
112 22,993
210 22,785
5,344
5,344
5,344
5,344
5,344
18,314 1,062 24,825 22,697
22
18,108 904 24,554 "',772
17,775 1,118 24,372 22,822
17,649 1,010 24,116 22,872
711 23,707 22,931
17,441
4,706
4,707
4,710
4,711
4,716
29,143
28,800
28,526
28,342
28,347
,275
,280
,291
,280
,302
8
69
138
11
221
694
771
719
663
729
745 20,364
743 20,369
744 20,488
743 20,660
742 20,013
19,685
679
19,551
818
19,590
898
19,573 1,087
19,455
558
Feb.
6.
Feb. 13.
Feb. 20.
Feb. 27.
283 22,614
619 22,499
454 22,400
422 22,555
5,344
5,344
5,471
5,636
17,270 759 23,656 22,990
17,155 634 23,753 23,011
16,929 1,033 23,887 23,071
16,919
773 23,750 23,110
4,717
4,717
4,721
4,722
28,378
28,425
28,387
28,390
,317
,276
,308
,308
52
261
491
712
728
685
749
730
741 20,148
741 20,094
738 20,007
735 19,710
19,415
19,304
19,293
19,224
Mar. 5 .
Mar. 12
Mar. 19.
Mar 26.
384 22,514
357 22,530
126 22,825
170 22,528
5,636
5,636
5,636
5,636
16,878 986 23,883 23,290
16,894 891 23,778 23,291
17,189 1,265 24,216 23,292
16,892
715 23,413 23,291
4,726
4,726
4,729
4,731
28,464
28,452
28,361
28,329
,296
,296
,285
,282
670
639
6
7
895
841
742
736
787 19,787
785 19,781
803 21,038
804 20,276
19,166
621
19,182
599
19,627 1,411
19,500
776
Apr. 2 .
Apr. 9 .
Apr. 16.
Apr. 2 3 .
Apr. 30.
130 22,514
167 22,494
""
622 22,467
830 22,372
676 22,363
636
636
136
136
136
766 23,409 23,291
16,878
,293
16,858 731 23,3
17,331 1,020 24,109 23,293
771 23,973 23,295
17,236
17,227 593 23,632 23,297
4,736 28,445
4,736 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
827 19,652
825 20,218
824 19,875
749 19,940
19,166
19,076
19,225
19,087
19,143
646
576
993
788
797
,286
,293
,279
,286
749
516
384
558
762
796
813
813
747
745
745
745
20,034
19,953
20,127
19,667
19,071
19,092
19,181
19,217
963
861
946
450
824
834
768
813
742
742
794
793
19,906
19,978
21,232
20,006
19,207
699
19,226
752
19,736 1,496
19,621
385
733
790
714
486
May 7.
May 14.
May 2 1 .
May 28.
1,043
671
499
816
22,329
22,315
22,283
22,273
136
136
136
5,136
17,193 695 24,067 23,297
779 23,764 23,297
17,179
17,147 1,013 23,794 23,298
17,137 653 23,,742 23,296
28,523
28,497
28,483
4,741 28,710
June 4.
June 11.
June 18.
June 25.
926
834
541
307
22,378
22,492
22,997
22,564
5,136
5,136
5,136
5,136
17,242
775 24,079
17,356 803 24,128
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
1,282
1,284
1,286
1,290
527
507
9
134
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
17,733
17,724
17,587
17,590
17,708
806
923
974
875
660
24,155 23,346
24,,465 23,347
24,671 23,348
24,674 23,350
24,907 23,350
4,755
4,754
4,756
4,756
4,761
29,180
29,148
28,988
28,884
28,952
1,277
1,264
1,271
1,275
1,286
90
760
38
906
307
988
482 1,016
605 1,042
798 20,153
799 20,413
797 20,422
797 20,326
724 20,409
20,104
20,008
19,973
19,875
19,829
49
405
449
451
580
Aug.
6.
Aug. 13.
Aug. 20.
Aug. 27.
843 22,977
770 23,051
979 23,032
897 23,092
5,163
5,236
5,236
5,236
17,814
17,815
17,796
17,856
620
732
799
614
24,440 23,350
24,
,344
24,810 23,344
24,603 23,344
29,041
29,051
29,068
29,129
1,279
1,277
1,281
1,276
270
982
422 1,057
526 1,057
707 1,084
722
718
721
721
20,260
20,136
20,267
19,797
19,675
19,692
19,652
19,643
585
444
615
154
Sept.
Sept.
Sept.
Sept.
3.
10.
17.
24.
968 23,182
880 23,229
313 23,740
400 23,715
5,236
5,236
5,236
5,236
17,946 666 24,816 23,344
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
1,285
1,279
1,281
1,274
715 1,066
347
948
998
6
889
264
717
715
729
726
19,760
20,340
21,067
20,581
19,511
249
19,549
791
19,957 1,110
19,901
680
Oct. 1.
Oct. 8.
Oct. 15.
Oct. 22.
Oct. 29.
544 23,694
1,019 23,663
772 23,663
1,130 23,663
1,171 23,624
4,522
4,522
4,522
4,522
4,522
725 24,963 23,342
19,172
702 25,,384 23,341
19,141
891 25,,325 23,341
19,141
19,141 1,074 25,867 23,340
19,102 710 25,505 23,340
4,787
4,787
4,787
4,790
4,790
29,417
29,545
29,617
29,511
29,540
1,287
1,280
1,276
1,281
1,289
523
596
212
618
588
884
972
854
929
891
882
880
881
878
877
20,098
20,239
20,613
20,779
20,449
19,762
19,567
20,089
20,128
19,975
336
672
524
651
474
Nov.
Nov.
Nov.
Nov.
5.
12.
19.
26.
1,663
1,583
1,486
1,615
23,520 4,522
23,567 4,522
23 ,563 4,526
23 ,761 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
20,334
20,447
20,738
20,917
19,884
19,906
20,073
20,409
450
541
665
508
Dec.
Dec.
Dec.
Dec.
Dec.
3.
10.
17.
24.
31.
1,591
1,752
1,022
1,728
156
23,968
24,239
24,469
24 ,613
24,697
4,539 19,429 1,191 26,751 23,337
4,537 19,702 870 26,860 23,337
4,533 19,936 1,547 27,039 23,277
,530 20,083 1,519 27,860 23,186
971 25,825 23,187
,522 20,175
4,803
4,804
4,806
4,809
'4,812
30,274
30,370
30,487
30,732
'30,433
1,278
1,280
1,269
,266
,270
719
881
645 1,036
371
937
665
930
389 1,005
800
802
860
863
777
20,939
20,868
21,198
21,400
19,950
20,371
20,288
20,582
20,531
20,520
568
580
616
869
-570
19,869 969 26,695 23,137
19,683 885 26,166 23,137
19,512 1,009 25,904 23,088
19,448
732 26,009 23,036
4,814
4,814
4,814
4,815
30,153
29,884
29,687
29,592
,280
,280
,291
1,298
622
913
455 1,063
343
970
745
949
776 20,902
776 20,660
774 20,741
775 20,502
20,309
P2O.274
P20.246
P20.105
593
386
P495
P397
1953—Jan. 7.
Jan. 14.
Jan. 21.
Jan. 28.
1,336 24 ,391
1,076 24,205
862 24 ,034
1,307 23,970
4,522
4,522
4,522
4,522
r
pPreliminary.
Revised.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
2
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
FEBRUARY
1953
129
MBMBER 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
Bills,
certifi- otheri
Bonds cates,
and
notes
Gold
stock
Total
TreasTreasdeury Money Treas- ury
posits
curury
cirwith
rency inculacash Federal
outholdRestand- tion
ings
serve
ing
Banks
Member bank
reserve balances
Other
Non- Fedmem- eral
Reber de- serve
posits
acTotal
counts
ExRequired8 cess2
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
Dec.
29.
30.
30.
31.
31.
31.
31.
31.
31.
30.
30.
30.
31.
1952—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
216
1,037
164 1,998
7 2,484
3 2,254
249 24,262
163 23,350
85 22,559
223 23,333
78 18,885
43 18,331
67 20,778
53 22,,982
19 23,801
147 1,400 4,037
71
145
441 1,557
58 2,220 4,031
1,351 1,133
102 2,593 17,644
1,467
787
104 2,361 22,737
947 23,315
580 25,091 20,065
753 22,597
581 24,093 20,529
2,853 19,706
536 23,181 22,754
10,977 12,356
542 24,097 '24,244
7,218 11,667
536 19,499 24,427
5,618 12,713
329 18,703 24,231
4,620 16,158 1,371 22,216 22,706
6,822 16,160 1,007 24,043 21,756
5,344 18,457 1,189 25,009 22,695
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4,636
4,655
4,709
598 22,528
133 22,514
676 22,363
952 22,273
59 22,906
1,270 22,853
1,318 23,146
47 23,694
1,591 23,575
1,895 23,821
156 24,697
1,73. 23,944
5,636 16 ,892
778 23,904
191
5,636 16,878
623 23,270
,291
593 23,632
,136 17,227
,298
92 24,152
,296
,136 17,137
586 23,551
,346
,136 17,770
699 24,821
,350
,136 17,717
751 25,216
,344
5,236 17,910
577 24,747
,342
5,236 18,458
689 25,855
,339
4,522 19,053
,338
4,527 19,294 1,024 26,740
971 25,825
,187
4,522 20,175
800 26,478 P22.986
4,522 19,422
727
,736
,739
,748
,754
,762
,776
,786
,795
,802
,812
,820
200 23,206
365 22,552
314 22,634
365 22,448
573 22 ,308
585 22,617
1,092 22 ,798
1,059 23,027
723 23,471
1,093 23,657
1,577 23,638
1,633 24,400
1,,372 24,202
5,344 17,862 1,038 24,444 22,824 4,709 28,637
909 23,826 23,039 4,719 28,406
5,432 17,120
942 23,890 23,278 4,728 28,437
5,636 16,998
913 23,726 23,293 4,737 28,459
5,354 17,094
823 23,704 23,297 4,740 28,557
5 136 17,172
941 24,144 23.308 4,751 28,843
5,136 17~481
,
895 24,786 23,348 4,756 29,028
5,136 17,662
738 24,824 23,346 4,765 29,088
5,216 17,811
861 25,055 23,343 4,778 29,343
5,236 18,235
931 25,681 23,340 4,788 29,555
4,522 19,135
958 26,172 23,338 4,796 29,904
4,524 19,114
4,522 19,878 1,266 27,299 23,276 4,806 30,494
1,01 26,586 23,101 4,814 29,920
4,522 19,680
4,459
5,434
7,598
11,160
28,515
28,952
28,868
28,224
27,600
27,156
27,741
27,809
29,206
204
264
2,409
2,215
2,287
2,272
1,336
1,325
1,312
1,298
1,293
1,281
1,270
36
35
634
867
977
393
870
,123
821
950
668
317
247
28
166
653
1,360
1,308
822
961
1,189
1,517
1,431
1,460
1,262
889
374 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
746 20,056
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
19,667 389
28,465 1,287
28,473 1,277
28,464 1,281
28,767 1,274
29,026 1,283
28,978 1,281
29,293 1,269
29,419 1,278
29,644 1,268
30,236 1,261
30,433 1,270
P29.689 PI,310
558
169
450
541
333
638
488
508
770
378
389
809
796
845
784
1,094
846
991
1,157
881
887
1,056
1,005
1,094
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
777 19,950
770 20,611
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
20,354 795
20,520 -570
20,091 P 5 2 0
109
737
352
799
333
845
549
875
553
838
328
843
306
960
501 1,044
326
997
550
941
591
986
569 l,03i
552 1,016
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
832 21,180
775 20,958
19,537
19,300
19,322
19,127
19,139
19,431
19,926
19,657
19,736
19,963
20,087
20,45^
Averages of
daily figures:
1952—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
1953—Jan..
1,281
1,294
1,283
1,278
1,281
1,282
1,270
1,276
1,275
1,276
1,27
1,271
1,280
933
695
885
650
628
709
609
649
778
648
657
723
P Preliminary.
« Corrected.
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
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
MARGIN R E Q U I R E M E N T S '
[Per cent of market value]
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.
130
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
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, and February 1947, p. 162.
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
Jan. 31
Boston
New York. .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
In effect
beginning—
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
20,
16,
16,
16,
23,
16,
16,
16,
16,
16,
23,
20,
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
Jan. 31
In effect
beginning—
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
1953
1953
1953
1953
1953
1953
1953
1953
1953
1953
1953
1953
Previous
rate
Rate on
Jan. 31
3
3
2%
2%
3
3
2%
20,1953
16,1953
16,1953
16,1953
23,1953
16,1953
16,1953
16,1953
16,1953
16,1953
23,1953
20,1953
In effect
beginning—
Jan.
Jan.
Jan.
Aug.
Jan.
Jan.
Aug.
Jan.
Tan.
Jan.
Jan.
Jan.
2%
3
3
20,
16,
16,
25,
23,
16,
13,
12,
26,
16,
23,
20,
Previous
rate
1953
1953
1953
1950
1953
1953
1948
1948
1953
1953
1953
1953
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
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 Statistices, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Jan. 31
Maturity
1- 90 days
91-120 days
121-180 days
2y8
2H
2%
In effect beginning—
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
2^
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect January 31. Per cent per annum]
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
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
Including loans made in participation with financing institution?.
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 ^ per cent per annum is made on undisbursed portion
of 6loan.
Charge of 34 Per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
FEBRUARY
1953
Effective date
of change
IK
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars.
Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
To industrial or
commercial
businesses
Net demand deposits 1
Previous
rate
1917—June 2 1 . . .
1936—Aug. 16 . . .
1937—Mar. 1 . . .
May 1. . .
Central
reserve
city
banks
13
10
22
26
15
17
20
17
1941—Nov. 1.
1942—Aug. 20.
Sept. 14.
Oct. 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.
In effect Feb. 1, 1953 *
Country
banks
12 Ji
14
1938—Apr. 16.
1951—Jan. 11.
Jan. 16.
Jan. 25.
Feb. 1.
Reserve
city
banks
Time
deposits
(all
member
banks)
20
12
14
16
24
21
20
23H
19}*
23
19 "
g*
18
23
19
24
20 "
24
20
15
14
13
27
»7
36
26
12
25
13
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.
* 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.
131
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member 1
banks
Month, or
week ending Wednesday
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks 1
Total reserves held
Month, or
week ending Wednesday
Re-
ber
banks 1
New
York
Chicago
serve
city
banks
Country
banks»
588
584
596
553
547
576
Excess reserves:
1951—October
November..
December. .
1952—October
November..
December. .
19,868
19,794
20,310
20,611
20,744
21,180
5,225
5,061
5,275
5,215
5,201
5,357
1,328
1,314
1,356
1,369
1,367
1,406
7,701
7,730
7,922
8,081
8,172
8,323
5,614
5,688
5,756
5,946
6,004
6,094
1951—October
November
December
1952—October
November
December
Dec.
Dec.
Dec.
1953—Jan.
Jan.
Jan.
21,172
21,441
21,348
21,153
21,071
21,049
5,369
5,396
5,434
5,290
5,183
5,159
1,411
1,423
1,410
1,414
1,388
1,375
8,307
8,403
8,432
8,311
8,308
8,332
6,086
6,219
6,073
6,138
6,192
6,183
Dec.
Dec.
Dec.
1953—Jan.
Jan.
Jan.
17....
24
31
7....
14
21....
17
24
31
7
14...:...
21
915
729
826
648
657
723
108
6
44
1
8
30
8
-5
3
-4
-4
212
144
184
99
102
120
711
824
858
724
802
P788
34
13
103
-16
26
9
-2
-2
—4
-2
-2
-4
101
138
214
130
126
136
578
675
545
612
652
P647
95
340
657
2
12
64
100
266
232
62
246
354
667
862
639
30
54
89
164
206
236
173
235
280
430
368
254
641
482
594
448
523
487
269
253
171
125
189
164
Borrowings at Federal
Reserve Banks:
Required reserves
1951—October. . .
November,
December.
1952—October. ..
November
December.
Dec.
Dec.
Dec.
1953—Jan.
Jan.
Jan.
Central reserve
city banks
All
mem-
17...
24...
31. .
7. . ,
14...
21...
18,952
19,065
19,484
19,963
20,087
20,457
5,117
5,056
5,231
5,214
5,193
5,328
,320
,319
,353
,373
,367
,409
20,462
20,618
20,490
20,429
20,269
P20.261
5,334
5,383
5,331
5,306
5,157
5,150
,414
,425
,413
1,416
1,390
1,379
7,489
7,586
7,738
7,982
8,070
8,203
5,026
5,104
5,161
5,393
5,458
5,518
8,206 5,508
8,266 5,544
8,218 5,528
8,181 5,526
8,182 5,540
8,196 P5.536
1951—October
November
December
1952—October
November
December
1,048
1,532
1,593
3
28
151
116
198
486
Dec.
Dec.
Dec.
1953—Jan.
Jan.
Jan.
1,501
1,443
1,703
1,478
1,471
1,150
418
473
658
475
391
245
17
24
31
7
14
21
J» 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.
Backfigures.—SeeBanking and Monetary Statistics, pp. 396-399.
1
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
All
member
banks
Item
Central reserve
city banks
New
York
Chicago
In millions of dollars]
Reserve
city
banks
Country
banks
All
member
banks
December 1952
Gross demand deposits:
Total
Interbank
Other
Net demand deoosits '
Time deposits'
..
Demand balances due from domestic banks...
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
December 1951
111,052
13,019
98,033
96,624
33,108
23,894
4,090
19,804
21,630
2,271
6,223
1,255
4,969
5,577
1,182
42,978
6,463
36,515
37,045
13,227
37,957 105,966
1,212
12,733
36,745 93,233
32,372 91,953
16,428 30,709
23,555
3,997
19,558
21,302
1,983
5,962
1,189
4,773
5,358
1,123
40,713
6,337
34,376
35,027
12,212
35,737
1,211
34,526
30,266
15,391
6,495
47
116
1,954
4,378
6,453
45
120
1,970
4,318
Reserves with Federal Reserve Banks:
Total
Required
Excess
21,180
20,457
723
5,357
5,328
30
1,406
1,409
-4
8,323
8,203
120
6,094
5,518
576
20,310
19,484
826
5,275
5,231
44
1,356
1,353
3
7,922
7,738
184
5,756
5,161
596
Borrowings at Federal Reserve Banks
1,593
486
232
639
236
657
151
64
354
89
1
Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
* 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.
132
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1953
Jan. 28
Jan.21
Jan.14
Jan. 7
1952
1953
Dec. 31
Jan.
1952
Dec.
Jan.
Assets
Gold certificates
Redemption fund for F. R. notes..
21,080,103 21, 120,102 21 ,150,102 21,125,103 21,185,102 21,030,103 21,185,102 21,012,251
760,267
764,002
781,888
810,603
800,603
760,266
800,603
719,231
Total gold certificate reserves.
21,840,370 21 ,884,104 21 ,931,990 21 ,935,706 21 ,985,705 21,790,369 21,985,705 21,731,482
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds
437,246
1,286,039
21,000
3,574
678,254
434,840
411,133
322,020
430,172
126,879
126,879 1,713,729
29,500
21,000
29,500
3,892
3,867
3,892
874,850 1,046,550 1,340,750
652,254 1,340,750
328,485
359,070
322,020
427,292
840,841 1,055,254 1,305,879
21,000
21,000
30,000
3,654
3,811
3,854
741,950
4,995,716 4,995,716 5,034,416 5,048,516 5,060,616 4,995,716 5,060,616 12,316,398
13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 5,068,073
4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 5,344,127
Total U. S. Government securities.
23,969,616 24,033,312 24,204,912 24,390,712 24,697,012 23,943,616 24,697,012 22,728,598
Total loans and securities
25,280,229 24,898,964 25,284,820 25,730,445 24,857,283 25,682,212 24,857,283 23,061,653
23
23
23
23
23
23
23
28
229,330
247,900
252,524
255,448
239,458
239,458
227,140
205,928
3,825,301 4,488,431 4,260,855 3,786,759 4,238,779 3,570,447 4,238,779 3,299,047
48,689
48,444
48,728
48,337
48,348
48,348
48,722
43,898
197,571
187,618
178,833
170,079
160,878
160,878
202,097
168,360
Due from foreign banks....
F. R. notes of other Banks.
Uncollected cash items
Bank premises
Other assets
51,858,759 52,190,608 52,368,622 52,285,867 51,852,494 51,948,302 51,852,494 48,940,568
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
25,545,932 25 ,643,334 25,808,549 26,032 ,103 26,250,299 25,638,167 26,250,299 24,404,664
20,501
744
612
336
601 20,740 946 20 659,544 20 902,244 19,950,372 20,611,372 19,950,372 20,076,976
949
621,539
388,808
342, 508
455,008
808,919
388,808
161,599
200
699,207
570,632
549,959
621 688
586,508
549,959
445,612
363,868
357
342,673
454,915
348
507,832
454,915
320,289
22,195,107 22,053,165 22,177,627 22,437,088 21,344,054 22,514,631 21,344,054 21,004,476
Total deposits.
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
3,096
18
Total liabilities and capital accounts.
3,379,439
16,102
,821,872 3,271,561 2,774,423 3,271,561 2,578,144
15,237
14,923
15,748
14,923
13,039
50,856,807 51,195,991 51,381,717 51,306,300 50,880,837 50,942,969 50,880,837 48,000,323
254,586
584,676
27,543
135,147
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
3,483
16
254,177
584,676
27,543
128,221
253,534
584,676
27,543
121,152
253,244
584,676
27,543
114,104
252,634
584,676
27,543
106,804
254,770
584,676
27,543
138,344
252,634
584,676
27,543
106,804
239,802
538,342
27,543
134,558
51,858,759 52,190,608 52,368,622 52,285,867 51,852,494 51,948,302 51,852,494 48,940,568
47.9
21,668
3,386
20,210
3,209
20,182
3,394
20,298
3,177
19,792
3,211
22,153
3,177
19,792
3,211
12,826
7,124
156,379 1,734,729
117,875 1,428,513
38,504
306,216
156,379
117,875
38,504
328,485
303,441
25,044
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
1
1,307 039
1,047 019
260 020
861,841 1,076,254 1,335,879
616,770
830,323 1,110,615
245,931
245,071
225,264
3,654
574
3,854
892
811
210
132
198
193
256
1,942
1,977
925
,987
1 ,895
211
1,158
347
1,337
,304
1 336
344
342
345
346
23,969 ,616 24,033 312 24, 204,912 24 ,390,712 24 ,697 ,012 23
280 950
529,000
724,300
925 ,400
175 750
072,100
,062,600 4,167 800
4,190 054 4,148 550
,520,141 10,520
10,520 141 10,520,141 10,520,141
,655,200 6,655
6,655 200 6,655,200
655,200
,070,224 1,070
1,070 224 1,070 224
070,224
,358,247 1,358
1,358 247 1,358 247
358,247
3,867
,892
214
256
1,929
,987
1,363
,304
361
345
943,616 24 ,697 ,012 22
934,300
925 ,400
405,504 4,167 ,800
520,141 10,520 ,141 10
655,200 6,655!,200
070,224 1,070 ,224
358,247 1,358,,247
4,570
676
923
1,863
1,108
,728,598
,207,242
,776,781
,102,256
,013,614
628,705
Callable U. S. Government securities classified according to nearest call date.
FEBRUARY
1953
133
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1953
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
680,185 4,111,574
679,153 2,658,500
Assets
Gold certificates. 21,030,103
Redemption fund
760,266
forF. R. notes.
663,882 6,904,823 1,224,482 1,473,489
785,244
555,184
338,785
954,802
128,812
51,701
25,459
41,106
739,075 4,240,386
33,561
71,015
606,885
22,880
364,244
6,877
995,908
16,096
U. S. Govt.
44,540 112,566
31,695
414,075
79,275
54,500 478,770 115,750
securities. . . 1,712,923
1,575
1,932
21,806
1,050
1,281
6,195
903
2,877
Other
798
3,477
3,867
62
195
Industrial loans
U. S. Govt.
23,943,616 1,701,514 5,165,453 1,496,297 2,320,276 1,707,630 1,559,479 3,494,647 1,291,864
securities
52,440
525
133
149,882
1,604
Total gold certificate reserves. . 21,790,369
427,292
Other cash
64,400
56,284
84,839
82,449
728,282 6,983,358 1,280,766 1,558,328
31,369
84,522
29,688
34,033
867,693
32,006
78,535
58,890
29,225
58,566
708,378 2,717,066
15,613
49,632
advances:
Total loans and
securities. . . . . 25,682,212 1,734,490 5,585,723 1,545,889 2,434,774 1,788,017 1,615,077 3,976,294 1,408,412
Due from foreign
1
1
1
1
2
2
23
i7
3
banks
F. R. notes of
9,420
227,140
5,313
23,741
9,546
59,469
39,613
16,027
9,578
other Banks...
3,570,447
items
48,722
Bank premises...
202,097
Other assets
248,710
4,301
14,457
627,233
7,281
42,398
216,224
3,374
12,413
308,223
4,644
20,041
295,862
4,932
14,503
267,212
3,653
13,743
567,899
6,806
29,393
188,973
3,006
10,585
746,058
35,030
945
144,400
2,121
948,577 1,153,318 2,358,503
799,156 1,100,063 1,189,293 2,505,024
1
1
1
2
7,508
7,548
10,843
28,534
91,959
1,049
6,149
181,741
2,275
8,353
208,560
626
10,179
367,851
6,775
19,883
Total a s s e t s . . . . 51,948,302 2,766,923 13,354,263 3,097,902 4,369,465 3,062,483 2,711,935 8,907,823 2,250,320 1,276,943 2,311,985 2,143,493 5,694,767
Liabilities
F. R. notes
25,638,167 1,562,094 5,641,086 1,824,526 2,355,982 1,819,435 1,399,153 4,892,838 1,202,550
Member bk.—
reserve accts. 20,611,372
gen. acct. . .
Foreign
Other
808,919
586,508
507,832
32,453
35,502
2,951
197,034
2 176,181
273,034
945,976 1,556,368
32,563
43,650
2,683
50,940
53,544
7,601
863,933
922,422 3,311,390
42,152
29,100
16,762
63,684
25,026
40,696
757,753
734,658 2,554,282
475,261 1,007,222 1,054,923 2,564,510
63,144
79,734
4,524
43,810
22,116
54,473
916,686 6,952,083 1,024,872 1,668,453
951,947 1,051,828 3,458,792
878,152
2,774,423
224,428
472,298
172,383
250,917
237,011
214,643
415,321
128 182
74,062
139,649
161,479
284 050
15,748
768
4,024
895
1,846
811
781
2,873
688
713
567
552
1,230
Total deposits... 22,514,631
ability cash
items
Other liabilities
and accrued
dividends
845,780 6,305,834
642,418 1,009,145
39,252
14,550
3,523
81,732
22,116
12,191
73,959
26,190
45,787
88,196
58,799
43,607
532,586 1,123,261 1,200,859 2,755,112
Total liabilities.. 50,942,969 2,703,976 13,069,491 3,022,676 4,277,198 3,009,204 2,666,405 8,769,824 2,209,572 1,249,779 2,272,622 2,097,548 5,594,674
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
accounts
254,770
584,676
27,543
13,672
36,462
3,011
80,521
167,503
7,319
17,333
43,578
4,489
24,326
54,064
1,006
11,118
29,248
3,349
10,640
25,803
762
32,764
84,628
1,429
8,880
23,628
521
5,761
15,131
1,073
9,631
21,925
1,137
12,420
25,381
1,307
27,704
57,325
2,140
138,344
9,802
29,429
9,826
12,871
9,564
8,325
19,178
7,719
5,199
6,670
6,837
12,924
Total liabilities
and capital
51,948,302 2,766,923 13,354,263 3,097,902 4,369,465 3,062,483 2,711,935 8,907,823 2,250,320 1,276,943 2,311,985 2,143,493 5,694,767
accounts
Reserve ratio....
45.3%
29.4%
55.5%
44.9%
38.7%
31.3%
30.2%
50.8%
29.2%
31.0%
46.7%
36.6%
51.2%
22,153
1,322
3 6,877
1,625
1,993
1,083
932
2,969
823
542
823
975
2,189
1,116
751
70
Contingent liability on acceptances purchased for forspondents
Industrial loan
commitments..
3,177
124
763
353
1
After deducting $16,000 participations of other Federal Reserve Banks.
'After deducting $410,310,000 participations of other Federal Reserve Banks.
» After deducting $15,276,000 participations of other Federal Reserve Banks.
134
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item
End of month
1953
Jan. 28
F. R. notes outstanding (issued to Bank),
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Jan. 21
Jan.14
Jan. 7
1952
1953
Dec. 31
Jan.
1952
Dec.
Jan.
26,902,262 27,067,913 27,158,379 27,313,695 27,420,694 26,881,659 27,420,694 25,630,522
12,979,000 12,979,000 12,574,000 12 ,149,000 12,399,000 12 ,979,000 12,399,000 12 ,684,000
365,961
218,910
635,073
120,554 1,002,233
120,554
464,279
621,019
14,640,000 14,740,000 15,240,000 15,690,000 15,440,000 14 ,640,000 15,440,000 13,775,000
Total collateral
28,254,073 28,084,961 28,278,279 28,460,019 27,959,554 28,621,233 27,959,554 26,677,910
EACH FEDERAL RESERVE BANK ON JANUARY 31, 1953
[In thousands of dollars]
Item
Total
F. R. notes outstanding (issued
to Bank)
Collateral held:
Gold certificates
Eligible paper..
U. S. Govt. securities
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
26,881,659 1,647,490 5,914,766 1,912,106 2,465,616 1,912,103 1,473,640 5,042,288 1,267,034 659,879 1,038,821 787,097 2,760,819
12,979,000
1,002,233
400,000 4,620,000
31,695
406,895
280,000 170,000
115,750 52,440
280,000 249,000 1,900,000
149,938
131,400
14,640,000 1,300,000 1,500,000 1,100,000 1,700,000 1,450,000 1,200,000 2,500,000 1,025,000 505,000
800,000 560,000 1,000,000
825,000
35,540
820,000
500,000
78,575
335,000 2,600,000
Total collateral.. 28,621,233 1,731,695 6,526,895 1,960,540 2,520,000 2,028,575 1,535,000 5,100,000 1,420,750 727,440 1,229,938 809,000 3,031,400
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
1944
1945
1946
1947
1948
1949
1950
Number
Participations
",4
proved
Loans Commit- of financments ing instioutbut not
outtutions
com- standing2
outpleted l (amount) standing
(amount) standing8
(amount)
Amount
(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
Applications
approved
to U.U.LC
1,295
320
4,577
3,894
1,995
554
945
335
1,387
539
4,819
2,178
2,632
995
4,165
1,644
8,309
7,434
1,643
2,288
3,754
2,705
1,086
2,670
4,869
1,990
2,947
3,745
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Date
Number
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1950
Dec. 3 1 . . .
62
31,326
8,017
6,265
8,299
254
484
729
854
300,955
654,893
1,154,942
1,395,444
68,833
252,100
492,167
675,459
56,973
209,465
400,652
546,597
47,822
276,702
450,013
472,827
901
934
971
998
1,023
1,050
1,066
1,092
1,113
1,130
1,143
1,159
1,463,443
L.53O,388
1,677,786
1,727,729
1,787,755
1,867,643
1,922,388
2,023,403
2,052,327
2,069,697
2,081,888
2,124,123
715,928
763,838
836,739
838,073
870,174
883,262
909,688
907,899
922,129
993,856
989,678
979,428
580,381
617,674
672,974
672,678
695,814
703,774
726,452
725,943
736,833
811,132
811,117
803,132
525,129
511,786
467,392
595,098
601,752
615,139
648,065
692,067
656,995
591,762
600,304
586,303
1951
Dec. 31. . . 3,736
710,931
3,513
4,687
6,036
11,985
716,210
721,144
725,787
730,482
734,049
738,721
743,629
748,451
752,042
757,277
762,620
766,492
832
772
108
571
235
4,621
4,957
5,296
5,207
5,211
5,101
4,624
4,690
4,496
4,311
3,868
3,921
7,125
6,845
6,467
6,536
6,083
5,947
6,184
6,152
6,327
3,720
4,044
3,210
12,018
10,307
10,474
10,339
10,262
10,105
9,814
10,128
9,978
7,174
7,010
3,289
1952
3,738
3,741
3,741
3,743
3,743
3,745
3,746
3,750
3,750
3,751
3,752
3,753
1,083
1,589
2,142
1,370
1,601
1,351
1,638
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.
FEBRUARY
[Amounts in thousands of dollars]
AP
1951
Jan. 31. . .
Feb. 29. . .
Mar. 31. . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . . .
LOANS GUARANTEED THROUGH FEDERAL RESERVB
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
1953
Mar. 3 1 . . .
June 30. . .
Sept. 3 0 . . .
Dec. 3 1 . . .
1952
Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to bor
rowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.
135
POSTAL SAVINGS SYSTEM
[In millions of dollars]
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect January 31]
Assets
End of month
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
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.
1944—December..
1945—December..
1946—December..
1947—December..
1948—December..
1949—December..
1950—December..
1951—December..
1952—January...
February...
March
April
May
June
July
August....
September.
October
Depositors'
balances l
Total
2,342
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,695
2,681
2.669
2,651
2,633
2,617
2,601
2,586
2,572
P2 561
P2,552
P2,542
Cash
U. S.
Cash
in
Govern- reserve
deposiment
funds,
tory « securietc.*
banks
ties
2,411
3,022
3,387
3,525
3,449
3,312
3.045
2,835
2,825
2.813
2.794
2,778
2,761
2,746
2,751
2.758
2,766
8
6
6
6
7
7
11
28
30
31
32
32
33
33
33
34
33
2,252
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,638
2,609
2,599
2,598
2,574
2,557
2,554
2,554
2,554
152
179
200
212
198
187
166
162
158
173
163
147
153
156
164
170
179
p Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand
deposit accounts,
except interbank
and Government
Other
reporting
centers
New
York
City
Other
reporting
centers
New
York
City a
Other
leading
cities a
New
York
City a
Other
leading
cities»
Year or month
Total, all
reporting
centers
1947
1948
1949
1950
1951
1952
1,125,074
1,249,630
1,231,053
1,403,752
1,577,857
1,692,136
New
York
Cityi
140
other
centers x
Annual rate of
turnover of demand
deposits, except interbank and Government
Annual rate of
turnover of total
deposits, except
interbank
Debits to total deposit accounts, except
interbank accounts
405,929
449,002
452,897
513,970
551,889
615,670
599,639
667,934
648,976
742.458
854,050
895,906
119,506
132,695
129,179
147,324
171,917
180,560
21.0
23.6
24.1
26.6
26.9
28.7
11.9
12.9
12.4
13.4
14.5
14.4
400,468
445,221
447,150
508,166
540.990
598,855
598,445
660,155
639,772
731,511
837,491
871,030
24.1
27.2
28.2
31.4
32.2
34.8
18.0
19.2
18.7
20.3
21.7
21.5
1951—December.
144,800
53,500
76,049
15,251
30.7
15.1
55,184
76,007
37.9
22 6
1952—January..,
February.,
March
April
May
June
July
August
September
October..
November
December.
138,520
128,022
139,977
139,141
135,965
144,769
146,984
124,641
139,078
154,239
130,152
170.648
48,106
45,375
50,180
52,057
49,535
54,922
57,052
43,166
49,278
55,560
44,746
65,692
74,953
68,738
75,089
72,607
71,898
74,948
74,908
67,412
74,608
82,171
70,751
87,824
15,462
13,908
14,708
14,476
14,532
14,899
15,024
14,063
15,192
16,508
14,655
17,132
26.4
27.8
27.9
28.8
27.4
30.9
30.3
23.6
28.8
30.0
27.7
34.8
14.4
14.5
14.6
14.1
13.9
14.8
14.2
12.8
14.6
14.7
14.7
15.7
45,425
44,419
50,213
49,745
49,830
55,385
50,472
44.101
47,798
51,703
46.673
63,091
71,986
67,466
74,545
70,189
71,485
73,019
69,980
68,271
71.343
77,203
71,985
83,558
30.1
32.5
34.0
34.4
34.3
38.6
35.1
31.4
34.6
34.4
36.3
41.9
20.6
21.4
22.0
21.1
21.3
22.2
20.7
20.2
21.5
21.3
22.8
23.1
1
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.
136
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year or
month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
.
.
.
.
Total
in circulation 1
Coin and small denomination currency2
Large denomination currency 2
Unassorted
Total
Coin
3$1
$2
$5
$10
$20
Total
5,553
7,598
6,247
8,732
11,160
8,120
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
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
8,578
8,438
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
227
261
287
407
555
454
438
428
400
382
368
523
556
586
749
990
801
783
782
707
689
588
30
24
9
9
10
7
8
5
5
4
4
60
46
25
22
24
24
26
17
17
11
12
4
4
3
2
3
2
3
3
3
3
2
1951—November. .. 28,809
December. . . 29,206
1952—January
February....
March
April
May
20,283
20,530
28,386 19,807
28,465 19,904
28,473 19,937
28,464 19,936
28,767 20,231
June
29,026 20,449
28,978 20,398
July
29,293 20,659
August
September.. . 29,419 20,739
October
29,644 20,897
November... 30,236 21,392
December. . . 30,433 21,450
$50
460
$100
$500 $1,000 $5,000 $10,000
919
191
425
20
2
32
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,642
1,654
1,144
1,182
65
67
2,075 6,291 9,067 8,528 2,482 5,133
2,120 6,329 9,177 8,678 2,544 5,207
352
355
549
556
4
4
8
12
2
2
1,631 1,115
1,630 1,110
1,637 1,113
1,651 1,114
1,665 1,132
1,678 1,140
1,686 1,129
1,695 1,140
1,705 1,164
1,722 1,175
1,739 1,199
1,750 1,228
65
66
65
66
67
68
67
67
68
68
69
71
2,009
2,013
2,016
2,004
2,040
2,054
2,034
2,062
2,070
2,074
2,123
2,143
352
351
349
347
346
344
344
342
342
342
342
343
550
545
540
535
530
525
522
519
517
514
513
512
4
4
4
4
4
4
4
4
4
4
4
4
8
8
8
9
8
8
8
8
8
8
8
10
2
2
1
1
1
1
2
2
2
2
2
2
6,088
6,152
6,165
6,141
6,261
6,323
6,291
6,376
6,368
6,405
6,600
6,561
8,898
8,934
8,940
8,960
9,066
9,187
9,190
9,319
9,365
9,453
9,661
9,696
8,582
8,563
8,537
8,529
8,537
8,578
8,582
8,635
8,682
8,749
8,846
8,985
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,508
2,503
2,496
2,498
2,508
2,531
2,531
2,551
2,559
2,577
2,612
2,669
5,161
5,152
5,140
5,137
5,142
5,166
5,172
5,211
5,252
5,304
5,367
5,447
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.
In millions of dollars]
Money held in the Treasury
Total outstanding, As security
against
Dec. 31,
Treasury
gold and
1952
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
M^inor coin
United States notes
Federal Reserve Bank notes ..
National Bank notes
Total—Dec. 31, 1952 . .
Nov. 30 1952
Dec 31 1951
23,187
22,023
27,421
4,812
492
3
2,110
2,372
1 162
22,023
2
1,164
3 2,372
70
35
263
27
2,110
347
213
(4)
24,395
24,542
23,860
1,270
1,261
1,270
2,816
1,410
322
19,170
19,329
18,653
Money in circulation *
Dec. 31,
1952
37
25,941
4,455
Nov. 30,
1952
37
25,733
4,466
Dec. 31,
1951
38
24 807
4,360
3
199
197
189
267
17
2,106
1,141
2,116
1,135
2
410
2,080
1 073
407
29
3
(5)
76
()
19,170
4
1
3
412
4
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
314
210
1
75
4,547
4,151
4,406
30,433
392
322
212
316
232
76
79
30,236
29,206
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. 129.
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
6
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.
FEBRUARY
1953
137
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 dollar 3
Assets
Liabilities
and Capital
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
U. S. Government obligations
Total
Loans,
net
29
30
30 .
31
31
31
31
31
31
30
30
30
31
4,037
4,031
17,644
22,737
20 065
20,529
22 754
24,244
24 427
24,231
22 706
21,756
22,695
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4,636
4,655
4,706
58,642
42,148
54,564
64,653
167,381
158,366
160,832
160,457
162,681
164,348
171,667
173,447
181,323
41,082
21,957
22,157
26,605
30,387
35,765
43,023
48,341
49,604
51,999
60,366
63,821
67,597
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
Nov. 2 6 P
Dec. 31*
22,900
23,100
23,300
23,300
23,300
23,346
23,400
23,300
23,300
23,300
23,300
23,200
4,700
4,700
4,700
4,700
4,700
4,754
4,800
4,800
4,800
4,800
4,800
4,800
179,900
179,300
180,100
179,900
180,600
182,980
185,300
185,300
186,500
188,900
191,500
192,800
66,700
67,000
67,700
68,100
68,500
69,712
70,000
70,500
71,600
72,900
74,300
75,600
1929—June
1933—j u n e
1939—Dec.
1941—Dec.
1945—Dec
1945—Dec.
1947—Dec
1948—Dec.
1949—Dec
1950—June
Dec
1951—June
Dec.
Total
5 ,741
10 ,328
71 ,105
79 ,049
113
107
100
100
98
96
94
97
,417
,110
,086
,694
,456
,709
,560
,450
,808
97 ,300
96 ,200
96 ,100
95 ,200
95 ,300
96 ,266
98 ,100
97 ,300
97 ,600
98 ,600
99 ,800
99 ,900
Commercial
and
savings
banks
5 499
8 199
19 417
511
101 288
86 558
81 199
74 097
78 433
77 320
7? 894
68 7?6
71 343
71 800
71 100
70 900
70 200
70
70
72
71
71
7?
500
783
700
700
300
400
73 500
72 600
Federal
Reserve
Banks
Other
1,998
2,484
2,254
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
1,204
1,284
2,867
3,202
3,328
3,264
3,138
3,058
2,888
2,742
2,664
11,819
9,863
9,302
8,999
8 577
9,491
10 723
11,422
12 621
13,640
14 741
15,176
15,918
64 698
48,465
75 171
90,637
191 785
183,457
188 148
189 290
191 706
193 186
199 009
199 858
208,724
22,800
22,600
22,500
22,400
22,300
22,906
22,800
23,100
23,700
23,600
23.800
24,700
2,700
2,600
2,600
2,600
2,600
2,577
2,600
2,600
2,600
2,600
2,600
2,600
15,900
16,100
16,400
16 600
16,800
17 002
17,200
17 500
17,400
17 300
17,300
17,300
207,600
207 200
208,200
207 900
208,700
211 080
213,400
213 400
214,600
217 000
219,600
220,800
216
26
131
Capital
and
Total
deposits misc.
acand
currency counts,
net
55, 776
029
359
811
806
657
348
121
313
568
385
185 038
404
8, 922
6 436
6, 812
7 826
10, 979
11 800
1 ? , 800
M 168
14, 392
14 618
14, 624
14 820
15 320
191 600
500
101
199
15, 900
15, 700
1 S, 900
68,
8?
180
171
175
176
177
178
192
104
197
107
197
100
300
200
900
960
200
000
900
900
700
203 800
1 5 , 700
15,
16,
16,
16
16
17
800
120
100
400
700
100
16 QOO
17 000
Deposits and Currency
U. S. Government balances
Date
Total
1929—June
1933—Tune
1939—Dec.
1941—Dec
1945—Dec.
1945—Dec.
1947—Dec
1948—Dec.
1949—Dec.
1950— Tune
Dec.
1951—June
Dec.
29
30
30
31
31
31
31
31
31
30
30
30
31
1952—Tan
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
«
Oct.
Nov.
Dec.
30
27
26
30 .
28
30
30P
27P
24P .
29P
26P
31P
Foreign
bank
deposits, Treasnet
ury
cash
At comAt
mercial Federal
and
savings Reserve
Banks
banks
55,776
42 029
68,359
82 811
180,806
171,657
175 348
176,121
177,313
178 568
184,385
185,038
193,404
1,217
1,498
2,141
1,885
1,682
2,103
2,150
2,555
2,518
2,424
2,279
2,409
2,215
2,287
2,272
1,336
1,325
1,312
1,298
1,293
1,281
1,279
1,895
24,608
3,103
1,452
2,451
3,249
3,801
2,989
6,332
3,615
1 ,123
821
950
668
317
247
191,600
191,500
192,300
. . . 192,200
192,900
194 960
197,200
197,000
. . . 197,900
199,900
202,700
203,800
2,100
2,200
2,200
2,200
2,300
2,319
2,600
2,600
2,500
2,500
2.500
2,400
1,300
1,300
1,300
1,300
1,300
1,283
1,300
1,300
1,300
1,300
1,300
1,300
2,800
3,900
5,800
4,500
4,400
6,121
7,000
6,200
6,500
5,300
7.000
5,200
200
700
(*)
500
600
333
600
700
300
600
300
400
365
50
204
264
381
852
846
36
35
634
867
977
393
870
Deposits adjusted and currency
Time deposits 3
Demand
deposits2
Total
Commercial
banks
Mutual Postal
savings Savings
banks * System
Currency
outside
banks
,793
,004
,008
,119
,781
,964
,917
,684
,984
22,540
14,411
29,793
38,992
75,851
83,314
87,121
85,520
85,750
85,040
92,272
88,960
98,234
28,611
21,656
27,059
27,729
48,452
53,960
56,411
57,520
58,616
59,739
59,247
59,948
61,447
19,557
10,849
15,258
15,884
30,135
33,808
35,249
35,804
36,146
36,719
36,314
36,781
37,859
8,905
9,621
10,523
10,532
15,385
16,869
17,746
18,387
19,273
19,923
20,009
20,382
20,887
149
1 ,186
1 ,278
1 313
2 ,932
3 ,7.83
3 416
3 ,329
3 ,197
3 097
3
4
6
9
76
?6
76
76
75
75
75
75
76
,200
,400
,900
,800
184 ,400
184 ,904
185 ,800
186 ,200
187 ,400
190 ,200
191 ,600
194 ,500
97,900
95,700
94,800
95,100
95,300
94 754
95,700
95,800
96,400
98,600
99,400
101,100
61,700
62,000
62,400
62,700
63,000
63,676
63,800
64,100
64,500
64,900
64,800
65,800
38,000
38,200
38,500
38,600
38,900
39,302
39,400
39,600
39,800
40,100
40,000
40,700
21,000
21,100
21,300
21,400
21,600
21,755
21,900
22,000
22,200
22,200
22,300
22,600
7 ,700
7 700
2 ,700
7 700
7 600
7 ,619
7 ,600
7 600
7 ,600
7 ,600
7 600
2 ,500
Total
54
40
63
76
150
164
170
169
169
169
176
174
185
185
183
18?
790
828
253
336
7
2
,923
,785
,701
639
761
401
615
490
730
,476
079
,415
,185
,398
,776
,303
95 ,600
?5 ,600
75 ,700
?5 ,900
76 ,000
76 474
76 ,200
76 ,300
76 ,600
76 ,700
77 ,400
27 ,500
P1 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.
* 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.
138
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
Other
Investments
Class of bank
and date
Cash
Total
Loans
Total
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 312...
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 30P.
Aug. 27P.
Sept. 24P.
Oct. 29P.
Nov. 26P.
Dec. 31 P.
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—Dec. 31
1952—June 30
July 30P. . .
Aug. 27P. . .
Sept. 24P. . .
Oct. 29P. . .
Nov. 26P. . .
Dec.
31P.
. .
All member banks:
1939—Dec. 30. .
1941—Dec. 31. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30. .
195t—Dec. 31. .
1952—June 30. .
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
Nov. 26P
Dec. 31 P
All mutual savings
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—Dec. 31. . .
1952—June 30. ..
July 30P..
Aug. 27P. .
Sept. 2 4 P . .
Oct. 2 9 P . .
Nov. 2 6 P . .
Dec. 31 P. .
U.S.
Government
obligations
Total i
Other
securities
Interbank*
Demand
Time
Total Number
capital
of
accounts banks
50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
154,869
157,528
160,200
160,100
160.750
163.200
165.490
165,590
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
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
74,670 90,820 73,490
75,640 89,950 72,640
9,302
8,999
8,577
9,491
10,723
11,422
12,621
14.74J
15,918
17,002
17,190
17,460
17,380
17.330
17,330
17,310
23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
45,531
41,667
40,010
39,160
40,980
41,220
42,620
44,970
68,242
81,816
165,612
155,902
161,865
161,248
164,467
175,296
185,756
184,130
183,450
182,770
185,440
187,260
190,620
194,990
9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
15,087
13,513
12,740
12,890
13,870
13,810
13,880
15,380
32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
111,644
109,247
109,170
108,020
109,350
110,800
114,190
116,020
25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,513
59,025
61,369
61,540
61,860
62,220
62,650
62,550
63,590
8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,623
15,039
15,020
15,070
15,170
15,260
15,280
15,320
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,618
14,599
14,605
14,603
14,599
14,591
14,586
14,575
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
132.610
134,437
136,760
136,550
137,090
139,440
141,660
141,600
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
57,746
59,233
59,720
60,210
61,200
62,410
63,470
64,290
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
74,863
75,204
77,040
76,340
75,890
77,030
78,190
77,310
16,316
21,808
90,606
74,780
69,221
62,622
67,005
62,027
61,524
61,178
62,900
61,960
61,610
62,860
64,020
63,230
7,114
7,225
7,331
8,091
9,006
9,189
10,227
12,399
13,339
14,026
14,140
14,380
14.280
14,170
14,170
14,080
22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
44,645
40,702
39,260
38,380
40,130
40,400
41.820
44,060
57,718
71,283
150,227
139,033
144,103
142,843
145,174
155,265
164,840
162,348
161,560
160,770
163,260
164,990
168.340
172,380
9,874
10,982
14,065
12,656
13,032
12,269
12,709
14,039
15,086
13,512
12,740
12,890
13,870
13,810
13,880
15,380
32,513
44,349
105,921
92,446
95,711
94,654
96,136
104,723
111,618
109,222
109,140
107,990
109,320
110,770
114,160
115,990
15,331
15,952
30,241
33,930
35,360
35,921
36,328
36,503
38,137
39,614
39,680
39,890
40,070
40,410
40,300
41,010
6,885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
12,216
12,601
12,580
12,630
12,720
12,800
12,820
12,850
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14,089
14,070
14,076
14,074
14,070
14,062
14,057
14,046
33,941
43,521
107,183
96,362
97,846
95,616
101,528
107,424
112,247
113,502
115,533
115,220
115,533
117,604
119,564
119,536
13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
49,561
50,526
50,907
51,331
52,192
53,317
54,283
55,041
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
62,687
62,976
64,626
63.889
63,341
64,287
65,281
64,495
14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
51,621
51,261
52,786
51,839
51,406
52,484
53,486
52,777
5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
11,065
11,715
11,840
12,050
11,935
11,803
11,795
11,718
19,782
23,123
29,845
29,587
32,845
34,203
31,317
35,524
39,252
36,046
34,641
33,730
35,363
35,535
36.806
38,793
49,340
61,717
129,670
118,170
122,528
121,362
123,885
133,089
141,015
138,769
137,807
136,872
139,052
140,431
143.478
147,092
9,410
10,525
13,640
12,060
12,403
11,641
12,097
13,447
14,425
12,812
12,074
12,215
13,161
13.074
13,120
14,582
28,231
38,846
91,820
78,920
81,785
80,881
82,628
90,306
95,968
94,169
93,921
92,687
93,773
94,959
98,006
99,560
11,699
12,347
24,210
27,190
28,340
28,840
29,160
29,33(5
30,623
31,788
31,812
31,970
32,118
32,398
32.352
32,950
5.522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
10,218
10,526
10,506
10,549
10,606
10,680
10 700
10,735
6,362
6.619
6.884
6,900
6,923
6,918
6,892
6,873
6,840
6,815
6,812
6,810
6,807
6.804
6.801
6,798
10,216
10,379
16,208
17,704
18,641
19,395
20,400
21,346
22,259
23,091
23,440
23,550
23,660
23,760
23,830
23,990
4,927
4,901
4,279
4,526
4,944
5,686
6,578
8,137
9,862
10,509
10,640
10,760
10,890
11,060
11,200
11,350
5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12,398
12,582
12,800
12,790
12.770
12,700
12,630
12,640
3,101
3,704
10,682
11,778
11,978
11,476
11,428
10,868
9,819
9,606
9,750
9,710
9,670
9,540
9,470
9,410
2,188
1,774
1,246
1,400
1,718
2,233
2,394
2,342
2,579
2,976
3,050
3,080
3.100
3,160
3,160
3,230
818
793
609
818
886
878
873
797
886
966
750
780
850
820
800
910
10,524
10,533
15,385
16,869
17,763
18,405
19,293
20,031
20,915
21,782
21,890
22,000
22,180
22,270
22,280
22,610
3
6
14
16
17
17
20
22
26
26
30
30
30
30
30
30
10,521
10,527
15,371
16,853
17,745
18,387
19,273
20,009
20,888
21,755
21,860
21,970
22,150
22,240
22,250
22,580
1,309
1,241
1,592
1,784
1,889
1,999
2,122
2,247
2,407
2,438
2,440
2,440
2,450
2,460
2,460
2,470
551
548
542
541
533
532
531
529
529
529
529
529
529
529
529
529
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes <*ee following two pages.
FEBRUARY 1953
139
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31 . . .
1946—Dec. 31
1947—Dec. 31 . . .
1948—Dec. 31
1949—Dec 31 . .
1950—Dec. 30
1951—Dec 31
1952—June 30
July 3 0 P
Aug. 2 7 P
Sept. 24P
Oct. 2 9 P
Nov. 2 6 P . . .
Dec. 31?
Total
Other
securities
1.272
1,559
1,235
1,158
1,242
1,063
1,287
1.890
2,104
2,231
2,317
2,344
2,271
2,085
2,028
2,076
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
8,564
8,135
7,840
6,769
7,297
7,267
7,818
8,423
14,509
17,932
30,121
24,723
25,216
24,024
23,983
25,646
26,859
26,745
26,107
24,746
25,288
25,111
26,108
27,309
4,238
4,207
4,657
4,246
4,464
4,213
4,192
4,638
4,832
4,639
4,217
4,102
4,596
4,388
4,440
4,958
9,533
12,917
24,227
19,028
19,307
18,131
18,139
19,287
20,348
20,311
20,172
18,957
18,971
19,011
19,884
20,512
333
355
397
383
482
576
552
563
571
571
571
568
587
581
1.446
1,566
1,489
1,545
1,739
1,932
1,850
£.034
2,196
1,899
2,077
2,022
2,084
2,119
2,120
2,011
3,330
4,057
7,046
5,905
6,402
6,293
6,810
7,109
7,402
7,027
7,198
7,129
7,196
7,215
7,368
7,688
888
1,035
1,312
1,153
1,217
1,064
1,191
1,228
1,307
1,182
1,180
1,199
1,239
1,240
1,221
1,350
1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,778
4,952
4,681
4,877
4,784
4,808
4,812
4,981
5,132
829
913
i nni
1,083
1,103
1,143
L,164
1,141
1,146
1,149
1,163
L,166
1,206
404
426
444
470
490
513
530
527
529
531
534
537
541
14
14
13
13
13
13
13
13
13
13
13
13
13
1 6Rfi
4,460
6,448
5,570
5,649
5,400
5,713
6,448
6,976
5,908
5,664
5,876
6,226
6,289
6,278
7,007
9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
35,218
34,764
34,444
34,362
34,861
35,422
36,604
37,000
I 616
4,806
9,760
10,858
11,423
11,391
11,664
11,647
12,272
12,754
12,794
12,852
12,926
13,055
13,041
13,338
1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,521
3,663
3,641
3,655
3,675
3,711
3,720
3,731
346
351
598
7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
35,449
34,414
34,428
34,584
35,133
35,714
36,537
36,916
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14,865
15,530
16,075
16,159
16,285
16,322
16,468
16,361
16,567
1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,532
3,760
3,873
3,874
3,892
3,938
3,958
3,967
3,954
6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
10,233
10,442
10,724
10,183
9,883
9,603
9,723
9,755
4,772
7,265
17,574
13,308
11,972
9,649
10,746
8,993
8,129
8,212
8,407
7,839
7,612
7,518
7,695
7,679
2,105
2,760
5,931
4,765
5,088
4,799
5,424
5,569
5,731
5,664
5,805
5,735
5,679
5,839
6,112
6,239
569
1,333
1,499
1,801
1,783
1,618
2,083
2,468
2,380
2,432
2,401
2,399
2,444
2,592
2,746
1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,487
3,264
3,284
3,373
3,334
3,280
3,395
3,520
3,493
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,711
2,721
2,802
2,763
2,709
2,827
2,933
2,912
12,272
15,347
40,108
35,351
36,040
35,332
38,301
40,685
42,694
43,091
44,088
44,086
44,163
45,381
46,104
45,592
5,329
7,105
8,514
10,825
13,449
14,285
14,370
17,906
19,651
19,745
20,070
20,290
20,730
21,276
21,627
21,703
6,944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
23,043
23,346
24,018
23,796
23,433
24,105
24,477
23,889
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
19,194
19,123
19,750
19,404
19,113
19,761
20,127
19,628
1,749
1,776
2,042
2,276
2,396
2,453
2,980
3,695
3,849
4,223
4,268
4,392
4,320
4,344
4,350
4,261
6,785
8,518
11,286
11,654
13,066
13,317
12,168
13,998
15,199
13,925
13,201
13,308
14,086
14,004
14,585
15,544
17,741
22,313
49,085
44,477
46,467
45,943
47,559
51,437
54,466
53,425
52,902
53,090
54,013
54,766
55,923
57,345
. 10,224
, 12,518
. 35,002
35,412
. 36,324
. 36,726
, 38,219
. 40,558
. 42,444
43,037
. 43,836
. 44,074
. 44,445
. 45,101
Nov. 2 6 P . . . . 45,652
Dec. 3 1 P . . . . 45,575
4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
16,296
17,133
17,325
17,498
17,700
17,917
18,091
18,217
5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,570
26,148
25,904
26,511
26,576
26,745
27,184
27,561
27,358
3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
21,587
21,206
21,827
21,833
21,972
22,378
22,731
22,558
2,297
2,250
2,408
2,836
3,268
3,504
3,665
4,193
4,561
4,698
4,684
4,743
4,773
4,806
4,830
4,800
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
13,292
12,087
11,523
11,631
11,896
12,145
12.373
12,815
13,762
17,415
43,418
43,066
44,443
45,102
45,534
48,897
52,288
51,571
51,600
51,907
52,555
53,339
54,079
54,750
Reserve city 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—Dec 31
1952—June 30 . . .
July 3 0 P
Aug. 2 7 P . . .
Sept. 24P
Oct. 2 9 P . . .
Nov. 26P
Dec. 3 1 P
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 3 1 .
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 3 0 P
Aug. 2 7 P
Sept. 24P
Oct. 2 9 P
.
.
.
.
.
..
.
.
.
.
.
.
.
.
.
.
.
.
.
..
.
..
.
.
954
Total Number
capital
of
accounts banks
Total
Total!
3,296
4,072
7,334
6,368
7,179
8,048
7,550
9,729
11,146
11,268
11,080
11,142
11,363
11,680
11,973
12,375
.
.
.
.
.
..
.
Interbank i
U.S.
Government
obligations
Loans
9,339
12,896
26,143
20,834
20,393
18,759
19,583
20,612
21,379
21,710
21,804
21,325
21,246
21,283
21,696
22,130
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31 .
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 30P
Aug. 2 7 P . . .
Sept. 24P
Oct. 2 9 P
Nov. 2 6 P
Dec. 3 1 P
.
.
,
.
.
.
,
.
Other
Cash
assets *
376
385
822
1,223
1,091
1,073
964
1,001
1,133
1,309
1,083
1,013
1,038
1,100
1,157
1,181
1,267
Demand
Time
736
807
1,236
1,449
1,445
1,680
L.651
1,722
1,679
1,795
L ,718
1,687
1,721
L.712
1,784
1,839
1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,425
2,460
2,464
2,473
2,462
2,477
2,476
2,509
36
36
37
37
37
35
25
23
22
22
22
22
22
22
22
22
495
250
14
476
719
288
377
13
12
359
355
353
335
341
336
321
319
319
319
319
319
319
319
5,966
6,219
6,476
6,494
6,519
6,535
6,513
6,501
6,484
6,461
6,458
6,456
6,453
6,450
6,447
6,444
1
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite pages.
140
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES '—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
All insured commercial
banks:
1941—Dec.
1945—Dec.
194g—D ec .
1949—Dec.
1950—Dec.
1951—Dec
1952—June
31
3i
3i
31
30
31
30
National member
banks:
1941—Dec.
1945—Dec
1948—Dec.
1949—Dec
1950—Dec.
1951—Dec
1952—June
31
31
31
31
30
31
30
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
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
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
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
244
259
272
297
353
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
1,686
1,757
6 810
6,416
6,498
6 540
6,562
6 602
6,622
1,457
2,211
2,013
1,919
1,853
1,789
1,880
455
761
1,693
1,234
1,185
1,040
241
763
329
852
279
714
503
1,002
1,893
1,493
1,438
1,327
1,299
1,377
689
650
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
1 693
10,846
. . . . 13,312
14,209
15 101
16,190
16,857
8,687
5 361
6,083
6 192
6 245
6,069
6,234
31
31 2
31
31
30
31
30
31
31 2
31
31
30
31
30
Insured mutual savings
banks:
1941 Deo
1945—Dec
1948—Dec.
1949—Dec
19 SO Deo
1951—Dec.
1952—June
31
31
31
31
30
31
30
Noninsured mutual
savings banks:
1941 Dec 31
1Q4.C
Dpp
31
1948—Dec.
1949 Der
19 SO Dec
1951 Dec
1952 Tune
31 *
31
30
31
30
Time
6,984
7,131
8,929
9,974
12,113
13,031
13,710
All nonmember commercial banks:
1941—Dec.
1945—Dec
1948—Dec.
1949—Dec.
1950—Dec
1951—Dec.
1952—June
Demand
21,046
88,912
61,388
65,820
60,986
60,533
60,117
Noninsured nonmember commercial
banks:
1941—Dec.
1945—Dec
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Total i
Total Number
capital
of
accounts banks
28,031
96,043
70,318
75,793
73,099
73,564
73,827
31
31
31
31
30
31
30
31
31
31
31
30
31
30
Other
securities
Loans
Interbank i
21,259
25,765
41,968
42,485
51,723
57,256
58,730
Insured nonmember
commercial banks:
1941—Dec
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Total
U.S.
Government
obligations
49,290
121,809
112,286
118,278
124,822
130,820
. . . . 132,557
State member banks:
1941—Dec
1945—Dec.
1948—Dec
1949—Dec.
1950—Dec
1951—Dec.
1952—June
Cash
assets *
259
253
509
442
991
286
308
468
469
1,061
317
443
1,872
2,452
2,201
2,036
1,976
1,932
1,993
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
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
1,407
1,562
1,528
1,746
2,084
606
429
684
682
617
695
756
1,789
10,363
12,772
13,592
14,320
15,368
16,081
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
318
520
481
527
490
200
1,353
641
514
642
180
826
832
194
191
814
833
892
180
191
209
8,744
5,022
5,633
5,702
5,711
5,547
5,702
289
329
181
368
341
294
308
412
457
425
628
613
591
661
700
1
2
2
1.291
1,905
1,353
1,223
1,224
1,235
L .186
253
365
1,867
L 927
L ,917
L 915
1,901
.890
479
472
322
321
458
388
327
314
396
320
636
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
1,794
1,897
1,999
2,077
7,662
7 130
7,256
7,267
7 251
7,252
7,258
12
14
16
19
23
23
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
192
193
192
194
202
205
8,738
5,020
5,631
5,699
5,708
5,544
5,699
1,077
6
2
3
3
3
3
3
758
727
52
558
496
350
665
702
339
339
734
729
738
335
327
324
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
FEBRUARY
1953
141
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES«
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Total
loans
and
investments
Class of bank
and
call date
Investments
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities
Real loans
clud- culto
in- Other2 Total
Total* ing
tate
To
loans
open- turdial brok- To loans vidmar2
ers othket
uals
and
padealper
ers
U. S. Government obligations
Total
Obligations
Direct
of
States Other
and
CertifiGuar- polit- secucates
an- ical rities
of
inBills debt- Notes Bonds teed subdiviedsions
All insured
commercial
banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—June 30.
49,290
121,809
118,278
124,822
130,820
132,557
21,259
25,765
42,485
51,723
57,256
58.730
4.545
28,031
9,214 1,450 614 662 4,773
9,461 1,3143,1643 ,606 4,677 2,361 1,181 96,043
,963 1,749 855 11,405 8,005 1,121 75,793
16
21,776 2,823 1,789 1,036 13,389 10,049 1,534 73,099
25
,321 1,571 960 14,450 10,378 1,645 73,564
25,176 3,562 2.106 942 14,884 11,3401,570 73,827
21,046
88,912
65,820
60,986
60,533
60,117
988
2,455
3,692
4,118
7,219
6,090
Member banks,
total:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—June 30.
Sept. 5.
43,521
107,183
101,528
107,424
112,247
113,502
114,654
18,021
22,775
36,230
44,705
49,561
50,526
51,314
8,671 972
8,949 855
15,857 1,945
20,521 1,808
24,347 2,140
23,732
23,973 2,446
25,500
594 598 3,494 3,692
3 133 3 378 3,455 1,900 1,104 84,408
,737 758 8,834 6,551 1,034 65,297
1,770 927 10,522 8,314 1,438 62,719
1,551 851 11,334 8,524 1,535 62,687
,084 829 11,628 9,268 1,473 62,976
1,473 941 11,855 9,599 1,787 63,340
19,539
78,338
56,883
52,365
51,621
51,261
51,382
3,007 11,729 3 832 3,090 2,871
971
2,275 16,985 14,271 44,792
16 3,254 2,815
3,389 10
0,409 5,085 37,996
[274 3,140
3,665 1,468 14,054 33,170
8 6,640 3,714
,601
6,399 6,010 9,
7,528 3,538
5,423 6,134 9,468 30,215
8,125 3,590
4,269 5,476 9,461 32,160
16 8,410 3,548
New York City:*
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Tune 30.
Sept. 5.
12,896
26,143
19,583
20,612
21,379
21.710
20,901
4,072
7,334
7,550
9,729
11,146
11,268
10,944
2,807
3,044
4,792
6,328
7,852
7,659
7,661
Chicago:*
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—June 30.
Sept. 5.
2,760
5,931
5,424
5,569
5,731
5,664
5,738
954
1,333
1,618
2,083
2,468
2,380
2,419
732
760
1,211
1,567
1,977
1,856
1,872
Reserve city
banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
1952—June 30.
Sept. 5.
15,347
40,108
38,301
40,685
42,694
43,091
43,900
7,105
8,514
14,370
17,906
19,651
19,745
20,401
3,456
3,661
6,704
8,646
10,140
9,756
10,000
Country banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—Dec. 3 1 .
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
Insured n o n member c o m mercial banks:
1941—Dec. 31.
1945—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
5,776
14,639
16,766
17,414
18,591
19,073
412 169
2,453 1,172
1,410 219
,421 285
,219 262
,619 234
,087 273
48
211
109
110
94
166
147
52
233
56
69
63
61
67
123
8,823
554
80 287 298 18,809
256 689 309 12,033
442 930 460 10,883
514 920 551 10,233
426 981 524 10,442
409 1,022 672 9,957
19,071
12,479
1,932
7,526
7,653
3,159 12,797 4 ,102 3,651 3,333
16,045 51,321
22 3,873 3,258
5,810 43 ,833
6 6,400 3,574
16,756 38 ,168
11 7,933 4,179
11.
,511
21 8,989 4,042
11,099 35 ,251
25 9,627 4,083
1,623 3,652 1,679 729
7,265 311
1 606
17,574 477 3,433 3,325 10,337
835 7,405
752
10,746 720 1,785
2 1,123
250 1,711 6,206
8,993 824
2 1,385
616 1,428 4,960
8,129 1,122
692 1,400 5,058
1,436
8,212 1,062
467 1,408 5,219
7,663 569
1,579
830
629
535
767
719
794
716
182
181
290
335
351
363
360
193
204
192
242
201
201
210
751 4,248 1,173 956
653 15,878
1,126
5 1,727
124 13,457
536 11,830
2,184
640 10,528
8 2 ,458
656 10,851
,832
679 11,805
12 2,925
820
916
,254
,511
,390
,391
,404
96
1,806 1,430
51
40 4,598 4,213
172
34 3,806 3,324
207
87 3,487 2,911
180 109 3,264 2,711
183
83 3,284 2,721
187 113 3,319 2,749
256
133 1,467
690
331
131
232
332
334
371
366
341
314
153
749
358
700
520
494
517
903
1,864
1,945
1,847
1,526
1,490
1,578
300
205
457
392
513
519
541
114 194
427 1,503
183 309
207 386
203 347
258 354
202 414
1,527
8,243
1,5
512
1,459 855 404 31,594
3,742 745 432 23,931
4,423 3 498 603 22,779
4,651 518 572 23,043
4,799 3 805 559 23,346
4,923 957 670 23,499
6,467
29,552
20,951
19,084
19,194
19,123
19,169
295
1,034
1,189
1,218
2,524
2,080
1,503
6,982
4,180
499
2,493
2,520
2,171
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
183
471
173
187
178
179
187
1,823
1,530
6,628
1,881 707 363 29,407
4,784 2,946 259 25,527
5,591 3,679 288 25,570
6,099 3,906 303 26,148
6,337 4,299 308 25,904
6,454 4,434 332 26,565
4,377
26,999
21,862
21,377
21,587
21,206
21,801
110
630
1,148
1,390
2,418
1,914
1,883
5,102
3,753
588
2,568
2,551
2,497
481 2,926
4,544 16,713
1,768 15 ,189
6,107 13,287
4,008 12,587
3,918 12.817
3,858 13,559
3,241
543 478
2,992
512 459
6,258 1,078 1,018
7,023 1,255 1,015
7,701 1,397 1,181
8,210 1,445 ,298
64
228
97
109
109
113
1,282
2,535
854
1,224 461
77 11,647
2,575 1,453
87 10,508
2,872 1,735
96 10,391
3,121 1,854 111 10,890
97 10,863
3,262 ,072
1,509
10,584
8,947
8,632
8,923
8,867
17
180
303
453
820
668
2,087
2,071
465
1,516
1,519
152
1,774
725
2,702
1,660
1,631
1,069
6,538
5,846
5,008
4,921
5,046
119
861 1,222
9 1,342
2,505
5 2 ,998
5 3,334
5 3,494
4 3 ,546
,028
,067
,160
,194
,227
,204
,218
271
6
2
3
6
4
462
443
434
465
505
493
563
619
1,127
1,294
1,462
1,503
* 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 vaiious 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.
2
"Other loans to individuals" include, and "Other loans" exclude, single-payment loans of $3,000 and over, which were included with "Other
loans" in BULLETINS for May 1951 through January 1953.
For other footnotes see opposite page.
142
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
in
Federal
vault
Reserve
Banks
BalDeances mand
with
dedoposits
mestic
adbanks4 justed5
Interbank
deposits
DoFormestic4 eign
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
U.S.
IndiIndi- Bor- CapiGov- States viduals,
viduals,
tal
ernand partner- rowpartner- Inter- ment
acpolit- ships, ings counts
ships,
ical and corand cor- bank and
Postal subdi- poraporaSav- visions tions
tions
ings
All insured commercial banks:
1941—Dec. 31. .
1945—Dec. 31. .
1949—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30..
12,396
15,810
16,428
17,458
19,911
19,331
673
1 ,358
8 ,570 37,845 9,823
1 ,829 11 ,075 74,722 12,566 1 248
1 ,984
9 ,466 84,576 10,885 1 315
2 ,145 10 ,463 91,099 11,955 1 ,442
2 ,665 11 ,561 97,048 12,969 1 381
2 ,365
9 ,935 93,652 11,286 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
2
2
2
3
2
077 36,544
585 72,593
338 82,106
898 89,922
147 95,604
721 90,836
158
70
169
347
427
475
59
103
182
189
278
312
1,232
1,331
1,485
1,574
Member banks,
total:
1941—Dec. 31. .
1945—Dec. 31. .
1949—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30..
Sept. 5. .
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
64,184
72,658
78,370
83,100
80,347
81,552
9,714
12,333
10,623
11,669
12,634
11,013
10,897
1,709
22,179
2,838
2,523
3,101
5,439
4,023
3 ,066
4 ,240
6 ,017
6 ,400
6 ,666
6 ,989
6 ,591
1
2
2
2
2
2
1
009 33,061
450 62,950
185 71,589
724 78,659
961 83,240
555 79,186
803 79,731
140
64
164
341
422
469
499
50
99
175
183
257
288
300
New York CUy:z
1941—Dec. 31. .
1945—Dec. 31. .
1949—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Sept. 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
3,595
3,535
2,996
3,207
3,385
3,193
2,791
866
607
1 ,105 6,940
640
1 ,084
451
1 ,162
858
1 ,128
1 ,096 1,651
1 ,103 1,071
319
237
196
258
321
305
262
450
1 338
895
1 087
1 289
1 079
510
11,282
15,712
16,408
17,490
17,880
17,275
16,365
1,021
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
1,136
1,188
127
1,183
1,216
1,407
1,259
1,332
258
174
242
306
260
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
1
6
4
Reserve city banks:
1941—Dec. 31. .
1945—Dec. 31. .
1949—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Sept. 5. .
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
22,372
25,744
27,938
29,489
28,703
29,239
4,302
6,307
5,498
6,174
6,695
5,624
5,864
491
54
110 8,221
176 1,142
976
217
192 1,124
182 2,097
211 1,499
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
Country banks:
1941—Dec. 31. .
1945—Dec. 31. .
1949—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30..
Sept. 5. .
2,210
526
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
2
225
8 5,465
9
797
10
922
11
876
12 1,384
13 1,194
1 ,370
2 ,0C4
3 ,058
3 ,282
3 ,554
3 ,708
3 ,603
239
8,500
435 21,797
579 25,337
715 27,980
783 30,234
705 28,616
629 29,639
Insured nonmember commercial banks:
1941—Dec. 31
1945—Y)ec 3i
1949—Dec. 31
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
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
2
5
6
5
12
10
611
858
1 ,402
1 ,492
1 ,622
1 ,694
68
135
153
174
186
166
Chicago:3
1941—Dec# 3i
1945—Dec. 31. .
1949—£)ec> 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Sept. 5. .
942
1,199
979
1,111
1,285
1,060
1,053
108
233
261
286
335
273
671
1 ,243
1 ,310
1 ,437
1 ,369
1 ,329
1 ,370
8
20
40
48
38
39
42
1,552
53
1,560
213
265
243
357
3,483
9,643
10,517
11,262
12,364
11,649
10
215
14
82
30
85
6 ,844
8 ,671
10 ,645
11 ,263
11 ,902
12 ,282
1,051
1,121
1,238
1,303
1,309
4
1 1 , 878
208
2 3 , 712
2 7 , 934
11
79
2 8 , 032
2 9 , 128
26
69
3 0 , 196
3 0 , 413 1,596
5 ,886
7 ,589
9 ,174
9 ,695
10 ,218
10 ,526
10 ,632
6
17 " "16
113
38
268
37
43
318
350
53
382
55
29
20
24
37
22
21
24
778
1, 206 " l 9 5
1, 590
1, 647 "'"70
5
1, 614
20
1, 721
483
1, 624
1 ,648
2 ,120
2 ,312
2 ,351
2 ,425
2 ,460
2 ,472
4
10
10
11
11
11
1, 069
60
85
90
98
243
160
617
631
714
751
749
4 , 542
9 , 563
10, 987
10, 956
1 1 , 473
1 1 , 913
12, 035
4
25
750
1 ,967
2 ,566
3 ,087
3 ,322
3 ,521
3 ,663
3 ,685
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, 289
1 4 , 339
14, 914
1 5 , 413
1 5 , 621
4
11
11
9
16
24
262
1 ,982
2 ,525
3 ,305
3 ,532
3 ,760
3 ,873
3 ,942
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
6
7
3
3
4
17
959
1 ,083
1 ,473
1 ,570
1 ,686
1 ,757
492
496
418
399
1 5 , 146
2 9 , 277
3 4 , 442
3 4 , 525
35, 986
3 7 , 333
476
719
3
3
5
4
4
to
1, 089
1, 128
1, 150
1, 134
" ioi
2
288
377
470
490
513
530
532
3
Central reserve city banks.
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
FEBRUARY
1953
143
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollarsl
Inves tments
Loans *
Total
loans
and
n vestments T o t a l l
Date or month
Commercial,
industrial,
and
agricultural
For purchasing
or carrying securities
To brokers
and dealers
To others
IT. S. Other U.S. Other
Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions
U . S . Government obligations
Real Loans
estate
Other Total
to
loans banks loans
Total
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
Total—
Leading Cities
2 1 , 315
405 1,008
117
568
1952—October. . . 76 941 37, 007 21 992
November. 77 398 37, 772 22 737
December.. 78 586 38, 536 23 167
254 1,234
413 1,177
518 1,220
122
109
120
638 5 917
625 5, 975
635 5, 997
1951—December.. 7 4 , 141 3 5 , 118
5, 668
530
5 991 3 9 , 023 32 268
4t,257 3,302
5, 934 1 8 , 775 5, 755
693 6 719 39 934 32 ,459 3,564 2,501 6, 319 20 075 475
457 6 845 39 626 32 301 3,679 2,427 6, 178 20 017 7 325
429 7 ,022 40 050 32 ,763 4,340 2,426 6, 019 19, 978 7 287
Nov.
Nov.
Nov.
Nov.
5. . . 77
12. . . 76
19. . . 77
2 6 . . . 78
028
997
110
458
37 390
37, 720
37, 916
38, 063
22
22
22
22
484
727
862
876
379
395
368
508
1,145
1,181
1,187
1,193
113
109
106
109
626
624
627
623
5
5
5
5
947
973
990
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
2,420
2,416
2,447
2,424
6, 292
6, 207
6, 099
6, 114
Dec.
Dec.
Dec.
Dec.
Dec.
3.
10.
17.
24.
31.
266
353
990
817
504
38
38
38
38
38
051
282
759
895
692
22
23
23
23
23
949
136
236
308
206
431
420
479
551
709
1,175
1,190
1,220
1,227
1,286
107
110
114
123
149
618
621
638
648
648
5
5
5
6
6
992
996
984
007
005
431
421
630
515
149
6 ,918
6 ,957
7 ,029
7 ,078
7 ,127
40
40
40
39
39
215
071
231
922
812
32 ,947
32 ,819
32 ,925
32 ,621
32 ,502
4,460
4,413
4,487
4,255
4,087
2,445
2,425
2,428
2,407
2,422
6, 068
6, 028
5, 998
6, 012
5, 989
023 7 346
034 7 262
997 j 335
016 356
19 974 7 268
19 953 j 252
20 012 j 306
19, 947 j 301
20 004 j 310
110
961
739
341
38
38
38
38
490
359
381
287
22
23
22
22
980
007
908
837
467
282
256
331
1,265
1,173
1,188
1,205
133
128
133
130
651
655
659
660
6
6
6
6
005
017
015
031
448
535
618
478
7 ,134
7 ,155
7 ,197
7 ,208
39
39
39
39
620
602
358
054
32 ,370
32 ,263
31 ,987
31 ,687
4,076
3,999
3,854
3,644
2,401
2,435
2,427
2,413
5, 971
5, 959
5 945
5 921
19
19
19
19
11 174
7 797
336
787
29
221
516
333
1 ,304 9 795
7 ,836 1 ,012
510
1 381
1952—October. . . 21 206 11 573
November. 21 040 11 804
December.. 21 768 12 211
8 092
8 425
8 666
145
273
367
977
948
976
22
21
36
231
219
219
396
397
386
461 1 ,429 9 633
274 1 ,428 9 236
242 1 ,500 9 557
7 ,460
7 ,230
7 ,520
788
759
L ,107
251 1 359 5 062 2 173
232 1 209 5 030 2 006
229 1 115 5 069 2 037
. . 78
. . 78
. . 78
. . 78
. . 78
1953—Jan. 7. . .
Jan. 14. . .
Jan. 21. . .
Jan. 28. . .
78
77
77
77
20
20
19
20
922 7 250
870 j ' 339
761 7 371
709 7 367
New York City
1951—December.. 20 969
4 933 1 959
Nov.
Nov.
Nov.
Nov.
5.
12.
19.
26.
. . 20
. . 20
. . 20
. . 21
908
894
893
464
11
11
11
11
633
815
867
900
8
8
8
8
329
416
474
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 7 ,255
079 7 ,101
026 7 ,017
564 7 ,545
665
581
622
1,166
247
241
220
220
1
1
1
1
317
240
151
129
5
5
5
5
026
039
024
030
2
1
2
2
020
978
009
019
Dec.
Dec.
Dec.
Dec.
Dec.
3.
10
17.
24.
31.
. . 21
21
. . 21
. . 21
. . 21
499
589
881
957
911
11
1?
12
12
12
950
079
303
410
312
8
8
8
8
8
569
676
689
721
674
331 944
288 962
336 971
385 977
498 1,025
21
27
32
45
56
208
208
225
229
223
397
395
378
383
379
217
226
342
322
102
1 ,446
1 ,480
1 ,513
1 ,524
1 ,537
9
9
9
9
9
549 7 ,555
510 7 ,516
578 7 ,521
547 7 ,478
599 7 ,530
L ,165
1,137
1,087
1,072
1,076
249
235
229
211
222
1
1
1
1
1
113
105
120
113
122
5
5
5
5
5
028 1
039 1
085 2
082 2
110 2
994
994
057
069
069
1953—Jan. 7. . . 21 277
Jan. 14. . . 21 090
Jan. 21. . . 21 ,035
Jan. 28. . . 21 018
12
11
12
12
092
994
086
062
8
8
8
8
560
593
564
541
304
193
161
229
974
912
917
944
47
45
42
40
230
233
234
233
381
378
372
376
242
272
423
316
1 ,536
1 ,550
1 ,555
1 ,566
9
9
8
8
185 7 ,129
096 7 ,030
949 6 ,866
956 6 ,868
793
750
669
690
226
229
225
233
1
1
1
1
096
085
068
055
5
4
4
4
014 2
966 2
904 2
890 2
056
066
083
088
13 ,518
69
221
88
347
5 152
197
4 ,687 29 228 24 ,432
1952—October. . . 55 ,735 25 434 13 900
November. 56 ,358 25 968 14 312
December.. 56 ,818 26 325 14 501
109
140
151
257
229
244
100
88
84
Outside
New York City
1951—December.. 53 ,172 23 944
407 5 521
406 5 578
416 5 611
3,245 2,792 4 553 13 842 4 796
232 5 ,290 30 301 24 ,999 2,776 2 ;250 4 960 15 013 5 ,302
183 5 ,417 30 390 25 ,071 2,920 2,195 4 969 14 987 5 319
187 5 ,522 30 493 25 ,243 3,233 2,197 4 904 14 909 5 ,250
Nov.
Nov.
Nov.
Nov.
5.
12.
19.
26.
. . 56 ,120
. . 56 ,103
. . 56 ,217
. . 56 ,994
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
4
4
4
975
967
948
985
14 ,997
14 ,995
14 ,973
14 ,986
5 ,326
5 ,284
5 ,326
5 .337
Dec.
Dec.
Dec.
Dec.
Dec.
3.
10.
17.
24.
31.
. . 56 ,767
. . 56 ,764
. . 57 ,109
. . 56 ,860
. . 56 ,593
26 101
26 203
26 ,456
26 ,485
26 ,380
14 ,380
14 ,460
14 ,547
14 ,587
14 ,532
100
132
143
166
211
231
228
249
250
261
86
83
82
78
93
410
413
413
419
425
5 ,595
5 ,601
5 ,606
5 ,624
5 ,626
214
195
288
193
47
5 ,472
5 ,477
5 ,516
5 ,554
5 ,590
30 ,666
30 ,561
30 ,653
30 ,375
30 ,213
25 ,392
25 ,303
25 ,404
25 ,143
24 ,972
3,295
3,276
3,400
3,183
3,011
2,196
2,190
2,199
2,196
2,200
4 955
4 923
4 ,878
4 ,899
4 ,867
14 ,946
14 ,914
14 ,927
14 ,865
14 ,894
5 ,274
5 ,258
5 .249
5 ,232
5 ,241
26 ,398 14 ,420
26 ,365 14 ,414
26 ,295 14 ,344
26 ,225 14 ,296
163
89
95
102
291
261
271
261
86
83
91
90
421
422
425
427
5 ,624
5 ,639
5 ,643
5 ,655
206
263
195
162
5 ,598
5 ,605
5 ,642
5 ,642
30 ,435
30 ,506
30 ,409
30 ,09
25 ,241
25 ,233
25 ,121
24 ,819
3,283
3,249
3,185
2,954
2,175
2,206
2,202
2,180
4 ,875
4 ,874
4 ,877
4 ,866
14 ,908
14 ,904
14 ,857
14 ,819
5 ,194
5 ,273
5 ,288
5 ,279
1953—Jan. 7. . . 56 ,833
Jan. 14. . . 56 ,871
Jan. 21. . . 56 ,704
Jan. 28. . . 56 ,323
1
2
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.
144
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 3
serve
banks justed
Banks
Date or month
Individ
Certiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
cor- sions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
and GovU. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Postal Do- FordivicorSav- mes- eign
poraings
tic
tions
BorrowTime
CapBank
ital
debaccounts its*
Total—
Leading Cities
1951—December. 14,919 1,004 2,457 54,082 55,436 3,386
1,686
1,740 15,013
717
163 10,652 1,274
420 1,050 6,834 131,191
1952—October... 14,955 924 2,431 52,787 54,642 3,435
November. 15,084 960 2, 446 53,383 55,483 3,566
December. 15,254 1,005 2,562 54, 938 56 ,802 3,552
1,629 3,961 15,955
1,672 3,506 16,047
1,784 3,370 16 ,138
743
745
756
191 10,740 1,336
194 10,749 1 ,322
196 10,996 1,347
516
560
576
1,277 7,110 128,906
1,637 7,141 118,658
1,316 7,158 146,649
Nov. 5 . . .
Nov. 1 2 . . .
Nov. 1 9 . . .
Nov. 2 6 . . .
14,846 907 2,395 53,040 54,915
14,920 1,021 2,534 53,312 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
16,079
16,063
16,012
16,033
742
742
749
746
192
194
195
195
10,744
10,995
10,952
10,306
1,319
1,340
1,311
1,319
536
553
575
575
1,708
1,606
1,618
1,617
7,147
7,148
7,130
7,140
27,864
25,574
33,625
29,513
Dec.
Dec.
Dec.
Dec.
Dec.
15,385 966 2,371 54,392 55,454
15,336 1,061 2,354 55,127 56,495
15,504 1,060 2,574 55,816 57,827
15,638 946 2,481 54,705 56,708
14,408 990 3,029 54 ,648 57,523
3,559
3,458
3,464
3,532
3,746
1,719
1,682
1,767
1,655
2,099
3,784 16,027
2,970 16,062
3,073 16,121
3,508 16 ,177
3,517 16,303
751
751
759
759
758
196
195
195
196
201
10,595 1,324
10,607 1,328
11,148 1,342
10,989 1 ,352
11,641 1,390
573
577
576
572
581
1,609
1,740
1,270
1,814
145
7,161
7,144
7,146
7,157
7,181
28,426
27,490
34,825
35,937
31,341
3,643
3,597
3,707
3,845
1,558
1,728
1,548
1,414
2,709
2,183
2,197
2,337
751
761
762
765
202
202
197
200
11,145
11,305
10,976
10,114
1,338
1,310
1,310
1,297
578
577
576
574
1,515
1,301
1,228
1,423
7,182
7,154
7,154
7,182
28,409
28,465
31,564
28,668
3...
10...
17...
24...
31...
1953—Jan. 7 . . . 15,183
Jan. 1 4 . . . 14,964
Jan. 2 1 . . . 15,067
14,961
Jan. 2 8 . . .
996
994
932
956
2,400 54 ,467 55,301
2,561 54,847 56,697
2,500 54,980 "56,336
2,303 54,799 55,379
16,267
16,231
16,251
16,261
New York City
5,258
173
16,611 17,498
270
847
507
1,514
43
2,947
1,049
327
405
2,371 55,184
5,156
5,210
5,261
144
161
170
15,645 16,670
15,668 16,729
16,322 17,430
353
383
303
791
821
890
1,366
1,169
1,087
1,567
1,610
1,657
54
55
57
3,013 1,087
2,982 1,065
3,051 1,096
395
434
452
362
440
479
2,430 51,703
2,436 46,673
2,441 63,091
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
879
794
821
1,038
980
1,015
1,642
1,613
1,604
1,589
1,633
55
55
56
56
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
3...,
10...,
17...,
24....
31....
5,418
5,252
5,385
5.232
5,019
160
188
191
165
147
16.132
16.364
16,807
16.141
16,168
17,003
17,306
17,847
17,190
17,807
304
277
305
311
318
836 1,305
992
862
859
852
800 1,148
1,101 1,132
1,620
1,633
1,668
1,673
1,690
56
56
56
56
59
2,948
2,916
3,040
3,019
3,333
1,073
1,082
1,100
1,102
1,125
449
453
452
449
457
503
557
457
750
130
2,441
2,428
2,426
2,442
2,460
1953—Jan. 7 . . . .
Jan. 1 4 . . . .
Jan. 3 1 . . . .
Jan. 2 8 . . . .
5,084
5,003
5,049
5,031
152
154
137
144
15,969
44 16,009
16,041
16,158
16,815
16,958
16,986
16,899
266
272
278
324
676
812
672
619
832
628
599
624
1,637
1,620
1,626
1,637
60
59
57
57
3,066
3,086
3,050
2,901
1,073
1 ,055
1 ,051
456
453
452
451
404
318
331
302
2,459 11,905
2,459 11,122
2,459 12,363
2,460 11,108
9,661
831
2,421 37,471 37,938 3,116
839
1,233
13,499
695
120
7,705
225
93
645
4,463 76,007
1952—October.... 9,799
November.. 9,874
December.. 9,993
780
799
835
2,388 37,142 37,972 3,082
2,409 37,715 38,754 3,183
2,520 38,616 39,372 3,249
838
851
894
2,595 14,388
2.337 14,437
2,283 14,481
715
715
725
137
139
139
7,727
7.767
7,945
249
257
251
121
915 4,680
126 1,197 4,705
124
837 4,717
77,203
71,985
83,558
1951—December.,
1952—October
November.,
December..
Nov. 5 . . . ,
Nov. 12...,
Nov. 19...,
Nov. 2 6 . . . ,
Dec.
Dec.
Dec.
Dec.
Dec.
1,048
11,933
11,718
14,693
16,010
13,510
Outside
New York City
1951—December..
Nov.
Nov.
Nov.
Nov.
5....
12....
19...,
26...,
9,625
9,806
9,941
10,120
757 2,363 37 ,504 38,402
851 2,497 37,720 39 .453
796 2,469 37,568 38,505
793 2,306 38,069 38,656
3,239
3,157
3,125
3,213
806
843
887
868
2,024
1,952
2,326
3,045
14,466
14,459
14,423
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
1,123
1,206
1,182
1,278
4,706
4,707
4,699
4,711
16,771
15,780
20,839
17,588
Dec.
Dec.
Dec.
Dec.
Dec.
3....
10....
17....
24....
31....
9,967
10,084
10,119
10.406
9,389
806 2,334 38,260 38,451
873 2,320 38,763 39,189
869 2,534 39,009
,980
781 2.439 38 ,564 39.518
843 2,974 38,480 39 ,716
3,255
3,181!
3,159
3,221
3,428
883
820
915
855
998
2,479
1,978
2,214
2,360
2,385
14,407
14,429
14,453
14,504
14,613
720
720
728
728
727
140
139
139
140
142
7,647
7,691
8,108
7,970
8,308
251
246
242
250
265
124 1,106
124 1,183
124
813
123 1,064
124
15
4,720
4,716
4,720
4,715
4,721
16,493
15,772
20,132
19,927
17,831
1953—Jan. 7 . . . .
Jan. 1 4 . . . .
Tan. 2 1 . . . .
Jan. 28
10,099
9,961
10,018
9,930
844
840
795
812
3,377
3,325
3,429
3,521
882
916
876
795
1,877
1,555
1,598
1,713
14,630
14,611
14,625
14,624
722
732
735
736
142
143
140
143
8,079
8,219
7,926
7,213
265
255
259
249
122 1,111
124
983
124
897
123 1,121
4,723
4,695
4,695
4,722
16,504
17,343
19,201
17,560
2,368 38,498 38,486
2,517 38,838 39,739
2,459 38,939 39,350
2,267,38,641 38,480
8
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for Tune 1947, p. 6Q2, 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.
FEBRUARY
1953
145
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, ( - ) .
In millions of dollars]
Business of borrower
Manufacturing and mining
Period
2
Metals
and
Petrometal
leum,
Food, Textiles, products
liquor, apparel,
coal,
(inch
Other
and
and
chemical,
tobacco leather machinand
ery and rubber
trans,
equip.)
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
Comm'l
ind'l,
All
and
Net
other
agr'l
changes
types
change-—
classiof
total»
fied
business
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-Dec
-868
754
-73
-40
1,111
1
176
250
76
36
-105
141
-634
662
-217
544
-2
-57
18
13
-28
191
-546
2,494
-808
2,422
Monthly:
1952—Sept
Oct
Nov
Dec
176
210
156
68
7
-54
-17
-33
6
111
67
31
18
42
47
46
18
36
3
-34
50
122
91
-86
144
262
112
2
141
65
406
50
-60
69
12
3
4
-3
-10
26
-8
21
63
639
665
610
465
680
668
602
330
1953—Jan
-32
6
90
-2
-10
-51
-89
-106
25
-4
-46
-219
-369
5
Week ending:
Nov. 5
Nov. 12
Nov. 19
Nov. 26
43
50
46
17
3
10
17
24
31
49
26
33
32
-71
— 16
-7
-3
-5
-1
-11
-13
1953—Jan. 7
Jan. 14
Jan. 21
Jan. 28
-25
20
1
-28
12
-2
-4
Dec.
Dec.
Dec.
Dec.
Dec.
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
-1
19
4
225
212
117
57
210
243
135
14
-14
25
47
43
-70
6
105
-85
6
15
-9
3
-1
-10
-18
38
3
8
-48
-87
18
-5
-27
24
-7
33
24
80
68
202
-14
15
39
8
-38
5
-6
-4
-3
-2
1
5
8
19
30
109
191
97
127
-59
73
187
100
72
-102
1
47
14
29
-9
-5
-8
20
-13
3
1
-1
-22
-4
-11
-15
-34
-22
-30
-4
-32
-21
-17
-36
-4
11
21
-5
4
-3
-1
-28
6
-13
-10
-171
50
-46
-52
-226
27
-99
-71
A
1
Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of
total8 commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks.
Figures
for other than weekly periods are based on weekly changes during period.
8
Net change at all banks in weekly reporting series.
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of year or month
1946—December
1947—December
1948—December
1949—December
1950—December
1951—December
. ..
....
1952—January
February
March
May
June
July
August
October
November
December
HeldI by
Commercial
paper
Total
out- 1
outstanding standing
Based on
Accepting banks
Total
Own
bills
Bills
bought
Others
Imports
into
United
States
Exports
from
United
States
228
287
227
261
169
197
74
88
94
109
58
64
162
159
269
259
146
71
76
112
164
257
333
272
394
434
480
517
534
544
510
495
539
550
565
591
575
539
128
192
58
114
490
197
119
492
493
458
422
430
416
450
454
193
188
177
150
155
148
171
169
127
121
120
110
121
108
122
113
454
449
166
155
106
103
478
492
17?
183
114
126
70
78
144
202
184
245
29
63
57
49
87
79
293
235
133
66
67
57
40
34
40
49
56
300
305
282
272
275
268
279
285
235
234
228
211
197
195
200
212
135
135
138
58
57
232
237
233
232
108
114
306
309
61
52
288
294
t35
136
126
126
119
123
12S
Dollar
exchange
3
1
2
23
Goods stc>red in or
shipped between
poin ts in
United
States
Foreign
countries
7
11
29
25
25
30
28
9
32
12
55
44
23
27
6
6
37
45
73
74
52
46
36
22
17
15
17
20
48
51
51
48
43
36
34
30
29
39
24
40
62
64
31
28
60
30
31
32
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Backfigures.—SeeBanking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
146
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS*
UNITED STATES LIFE INSURANCE COMPANIES
lln millions of dollars]
Government securities
Date
Total
assets
United State and Foreign2
States
local i
Total
End of year: 4
1939
1940
1941
. .
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
29,243
30,802
32 731
34,931
37,766
41,054
44,797
48,191
51,743
55 512
59,630
64 020
68,292
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16 066
13,670
End of month: 5
1950—December
63,687
1951—November
December
67,476
67,983
1952—January
February
March
April
May
68,554
68,907
69,250
69,604
69,959
70,334
70,774
71,123
71,578
72,034
72,415
73,034
June
July. .
September
October. . . .
November . .
December
Business securities
Mortgages
Real
estate
Policy
loans
Other
assets
652
756
999
1,249
1,390
1,428
1,718
2,103
2,226
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
2,134
2,060
1,878
1,663
1,352
1,063
857
735
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,587
2,030
2,156
1,840
1,693
1,839
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,874
Total
Bonds 3
Stocks
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23 300
25,988
536
922
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,214
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,011
2,253
2,387
2,286
2,045
1,773
1,429
1,047
936
15,933
13,361
1,520
1,052
25,209
23,231
1,978
16,101
1,428
2,397
2,619
13,761
13,579
11,122
10,958
1,716
1,702
923
919
27,638
28,042
25,549
25,975
2,089
2,067
19,099
19,291
1,590
1,617
2,565
2,575
2,823
2,879
13,530
13,469
13,352
13,306
13,020
12,853
12,894
12,898
12,929
12 731
12,780
12,683
10,893
10,841
10,765
10,737
10,463
10,309
10,324
10,347
10,399
10,244
10,297
10,195
1,720
1,716
1,695
1,694
1,697
1,706
1,748
1,752
1,736
1,728
1,728
n. a.
917
912
28,319
28,553
28,903
29,186
29,594
29,895
30,191
30,314
30,475
30,973
31,143
31,404
26,228
26,456
26,785
27,059
27,456
27,745
28,039
28,165
28,315
28,819
28,986
29,226
2,091
2,097
2,118
2,127
2,138
2,150
2,152
2,149
2,160
2,154
2,157
2,178
19,536
19,712
19,870
20,008
20,175
20,335
20,505
20,643
20,801
20,961
21,087
21,245
1,624
1,639
1,656
1,662
1,674
1,693
1,706
1,722
1,736
1,751
1,766
1,868
2,587
2,598
2,612
2,621
2,633
2,646
2,656
2,667
2,683
2,692
2,698
2,699
2,958
2,936
2,857
2,821
2,863
2,912
2,822
2,879
2,954
2,926
2,941
3,135
945
1,199
1,393
1,547
1,737
71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
892
875
860
838
822
799
794
759
755
n. a.
554
601
608
860
1,055
1,247
1,445
1,633
n.
a.—Not available.
1
Includes United States and foreign.
2
Central
government only.
3
Includes International Bank for Reconstruction and Development.
4
These
represent
annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
5
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN T H E UNITED STATES
[In millions of dollars]
Assets
End of
year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951?
Assets
Total
Cash
Mortgages
U. S.
Government securities
5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,150
274
307
344
410
465
413
450
536
560
663
880
951
1,065
4,126
4,415
4,823
4,810
4,793
4,983
5,521
7,276
8,971
10,409
11,714
13,714
15,596
73
71
107
318
853
1,671
2,420
2,009
L.740
1,455
1,462
1,489
,607
Other
1,124
940
775
612
493
391
356
381
416
501
566
692
882
Share
deposits
4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,079
End of
quarter
Total
Cash
Mortgages
U. S.
Government securities
Other
Share
deposits
1950—1
2
3
4
15,081
15,802
16,072
16,846
900
930
698
951
12,080
12,708
13,247
13,714
1,534
1,524
1,484
1,489
567
640
643
692
12,944
13,368
13,219
13,978
1951—1
2
3
4
17,132
17,940
18,403
19,150
842
945
832
1,065
14,027
14,603
15,145
15,596
1,556
1,565
1,584
1,607
707
827
842
882
14,252
14,930
15,339
16,079
1952—1
2
3
19,730
20,701
21,415
1,069
1,169
1,001
16,054
16,845
17,649
1,704
1,683
1,753
903
1,004
1,012
16,789
17,587
18,035
P Preliminary.
Source.—Home Loan Bank Board. Figures for first three quarters of each year are estimates of the Federal Reserve based on data for insured associations compiled by the Federal Savings and Loan Insurance Corporation.
* Figures for mutual savings banks are shown on pp. 139 and 141. Figures for savings and loan associations include share deposits.
FEBRUARY
1953
147
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
E n d of quarter
End of year
1951
Asset or liability, and agency
1944
1945
1946
1947
1948
1949
3
Loans, by purpose and agency:
To aid agriculture, total
Federal intermediate credit banks
.
Federal land b a n k s '
Federal Farm Mortgage Corporation
8
Farmers Home Administration
Rural Electrification Administration
Commodity Credit Corporation
...
Other agencies
..
.
. . . .
Federal National Mortgage Assn.
RFC I^ortgage Corporation *
Home Owners' Loan Corporation 2
Reconstruction Finance Corporation
Other agencies
3,385
2,878
2,884
189
257
197
231
232
273
986
361
353
10
407
99
9
528
120
6
1,237
52
81
1,091
12
1
343
321
21
896
659
1,220 1,088
351
242
604
643
7
24
852
12
1
149
590
636
10
1
45
S3S
1 S43
898
37
SS9
768
199
1 211
828
1 128
1 347
1 081
1 715
486
6 1
65
369
177
22
231
168
24
10
137
35
141
169
189
119
201
117
223
104
102
2
404
101
99
2
488
08
96
2
81
83
2
84
82
2
471
464
415
400
72
74
73
39,3
72
480
4??
711
814
107
611
7
80
575
999
1 793
5
116
4
1 693
S03
7
6
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
191
232
192
118
149
73
83
151
?7?
741
31
110
77?
38
46?
473
38
418
400
58
To financing institutions, total
Reconstruction Finance Corporation
Federal home loan banks
Other agencies
216
267
314
66
131
60
195
14
293
441
8
8?4
8
816
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 8 .
Other agencies 9
225
526 2,284
252 1,249
To other industry, total
Other agencies
20
225
274
1,237
8 827
All other purposes, total
8
Reconstruction Finance Corporation
Public Housing Administration 10
Other agencies
305
8 106
448
Less: Reserve for losses
Federal land banks *
Federal home loan banks
34
S39
1
4,
373
739
4 , 018
343
866
78?
6
710
6
390
6
14?
1 850
?
161
2 , 053
?
187
2, 068
?
6
SI S
4
1 671
1 978
746
235
800 3 450
6 10?
7 145
706
3 ,750
6 000
187
1S4
3 750
6 078
7 776
101
3 750
184
190
794
100
484
88
797
99
131
59
366
105
7?0
770
711
801
S3
5S9
61
609
63
SS7
108
109
110
61
6?4
368
476
185
178
173
173
7
623
113
714
340
778
96
438
478
395
232
278
5
8
747
8
806
4 , 161
370
87?
32
29
27
S9S
606
S94
1 ,784 1 ,831 1 873
447
7
436
4
707
309
286
112
4 161
475
633
8
S89
( 7)
6S3
8S9
S
?
4,17
2, 097
41?
67
716
( 7>
71S
4
6 111 6 110 6 006 7 617 7 8?6
319
389 7 S46
?96 7 3?9
61
58
64
64
58
3 ,750 3 750 »3 706 95 170 5
116
011
61
7 SO
123
153
150
6,387 5,290 6,649 9 714 11 ,692 12 ,733 13 ,228 13 ,906 14 422 14,422 15 913 16 890
Total loans receivable (net)
Investments:
U. S. Government securities, total
Banks for cooperatives . . . .
Federal intermediate credit banks
12
41
3
60
S?3
1 301
1 779
9
30?
437
223
205
18
To railroads, total
Reconstruction Finance Corporation
Other agencies .
:I
806
3S6
74?
4
30 S
109
5S8
734
?80
6
6
:1
4
1 884
,34 S
S10
?, ?00
776
336
1
1952
1950
1,630
. .
...
Home Owners' Loan Corporation 2
Federal Housing Administration10
Public Housing Administration
Reconstruction Finance Corporation '
Federal Deposit Insurance Corporation
Other agencies
..
43
39
60
220
144
151
15
87
7
75
760
28
1,683
1,873
43
43
67
145
118
161
15
106
8
49
43
47
70
136
145
172
17
122
8
48
1 681
48
48
7?
814
43
44
66
047
43
74
39
071
43
46
4?
?36
43
67
41
43
SI
43
139
184
1?
13?
8
?74
199
12
144'
8
?7S
199
193
271
195
?44
897 1,045 1 ,020
71
30
20
318 3 ,385
Other securities, total
Reconstruction Finance Corporation
Production credit corporations
Other agencies
Reconstruction Finance Corporation 6
Other agencies
Land, structures, and equipment,
total
10
114
108
35
11
2,942 2,288 1,265
1,450 1,034
463
667
1,053 1,131
134
438
122
822
448
735
138
63
71
Commodities, supplies, and materials, total
Public Housing Administration
.
...
Tennessee Valley Authority
U. S. Maritime Commission 2
"War Shipping Administration *
Other agencies u
. . . .
325
244
55
26
159
1 ,064 1 ,205
1
1
3 ,385
3
111
98
29
6
107
1
3 ,385
88
71
16
1
754
793
830
3,113 3,395 3,301 3 ,30S
,507
5,427 7,813 7,764
262 1,948 2,044 1 ,793
189
168
206
1,395 1,113 1,252
24
33
274
293
245
689
69
3S8
965
70
480
772
78
490
1 ,190
110
262
415
204
560
818
212
67
727
792
756
69
169
171
43
49
43
43
61
43
749
700
384
?04
311
709
798
703
777
785
789
286
799
1
1
1
1
1 ,338
1 ,353
1 ,409
1 ,421
3 ,385
3
1
1
2 ,945
1 ,248
60S
886
721
164
43
48
43
1
1
1
1 ,423
1
,385 3 ,385 3 ,385 3 ,385
87
78
66
11
11
74
66
SS
43
4?
10
13
11
(
8
7
7
1
1 ()
)
627 1 ,549 1 ,774 1 ,515 1 ,461 1,322 1 ,350 1 ,377
437 1 376 1 638 1 738 1 174 1.012 1 0?3 1 034
108
140
1S7
14?
147
186
194
32
30
159
164
149
28
137
142
22
1
16,237 21,017 16,924 1? 600 3 ,060 2 ,962
204 1 ,448 1 ,352
200
222
227
630
611
6,52b 6,919 2,861
35
710
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks 2
Commoditv Credit CorDoration
230
46
24
424
289
8
188
2f422
3 ,025 3 , 358 3 406
1 ,254 1 ,251 1 ,242
3 ,186
1 ,232
3 ,212
581
586
1 ,216
?0?
998 1 048 1 10S 1 ,170 1 709
s?o
S84
S94
59?
189
465
467
1 ,399 t ,369 1 ,714 1
1 ,301
117
112
120
170
140
864
74 S
787
8S7
674
495
525
329
258
317
For footnotes see following page.
148
FEDERAL RESERVE BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Assets, other than interagency items
Date, and corporation or agency
Total
Cash
925
1,398
1,481
630
All agencies:
1944—Dec.
1945—D ec
1946—o ec#
1947—Dec
1948—Dec.
1949—Dec.
1950—Dec.
31
3i
31 2
31
31 2
31
31
31,488
33,844
30,409
30,966
21,718
23,733
24,635
1951—Sept.
Dec.
1952—Mar.
June
Sept.
302
31
31 2
30
30
25,668
26,744
26,858
27,933
28,922
Classification by agency,
Sept. 30, 1952
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Ilfortgage Corp
Rural Electrification Administration
Commodity Credit Corporation8
Farmers Home Administration
Federal Crop Insurance Corp
437
936
52
1
30
1,987
2,223
615
41
Housing and Home Finance Agency:
Home Loan Bank Board:
1,042
Federal home loan banks
208
Federal Savings and Loan Insurance Corp..
Public Housing Administration
2,092
478
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association... 2,108
110
Other
Reconstruction Finance Corporation:
Assets18held for U. S Treasury 12
Other
Export-Import Bank
Federal Deposit Insurance Corp..
Tennessee Valley Authority
All other
399
819
2,563
1,438
1,540
9,802
Bonds, notes,
U. S. PriInvestComand debenGov- vately
ments
moditures payable
Land,
ernLoans ties,
struc- Other
owned
Other
ment
resupintertures,
interliabilasceiv- plies, U. S.
Fully
est
and
est
ities
able
and Govt. Other equip- sets guaranteed Other
mate- secu- secu- ment
by
rials rities rities
U. S.
6,387
5,290
6,649
9,714
11,692
441 12,733
642 13,228
756
2,942
2,288
1,265
822
627
1,549
1,774
1,632
1,683
1,873
1,685
1,854
2,047
2,075
366
822
75
32
25
1
105
55
751
33
1
102
1,034
1
298
715
8
304
162
1
695
2,546
153
41
19
130
(7)
5
11
120
864
1
12
290
60
52
1
29
1,986
490 1,733
7
608
2
39
25
383
5
203
16 2,076
225
215
342
772
29
9
29
201
1
3,385
1,209
453
37
29
17
14
8
122
7
()
317
38
504
472
498
143
166
183
234
349
357
367
8
(
\
1
69
220
10
4
2
40
1,423
(7)
22,962
23,842
24,010
25,104
25,780
4
4
21
90
(7)
2,097
47
6
14
949
1,161
1,247
1,200
1,434
28
23
854
882
1,216
1
203
299
34 1,399
43 1,369
38 1,214
44 1,228
39 1,301
322
329
991
874
704
1,537 1,395
555 1,113
261 1,252
82
689
965
38
8
1
2
27
46 1,871
856
510
23,857
27,492
24,810
28,015
18,886
21,030
21,995
3,111
21,017 2,317
16,924 1,753
12,600 1,125
3,060
509
2,962
499
2,945
43
61
43
11
1,190
4,196
4,212
3,588
2,037
1,663
1,720
1,193
424 16,237
325
547
3,539
3,518
3,492
3,473
659 13,906 1,515 2,236 3,472 3,025
931 14,422 1,461 2,226 3,463 3,358
844 14,422 1,322 2,422 3,451 3,406
808 15,913 1,350 2,364 3,438 3,186
932 16,890 1,377 2,371 3,436 3,212
22
41
Liabilities, other than
interagency items
l
4 2,104
107
3
50
38
94
43
61
399
770
2,526
1,344
1,497
9,741
c
1
Corrected.
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserves for
losses.
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952.
* This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently
on the Treasury Statement as "Disaster Loans, etc., Revolving Fund."
4
Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
6 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,8 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
i Less than $500,000.
s Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945.
• Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). Repayment of 44 million on the
Treasury loan to the U. K., received late in 1951, was covered into the Treasury early in 1952.
10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury
Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
11
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier
Treasury
Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
12
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.
18
Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
FEBRUARY
1953
149
SECURITY MARKETS *
Stock prices
Bond prices
Common
Year, month,
or week
U. S. Mun- CorpoGov- icipal rate
Preern- 8 (high-3 (high- ferred*
ment grade) grade)1
Total
Industrial
480
420
20
40
265
170
98
72
21
28
32
14
146
177
188
156
192
204
117
149
169
107
112
118
154
185
195
166
207
220
150
178
189
180
233
249
160
199
221
107
113
118
184
208
206
144
205
275
J.012
1,684
L.313
164.1
165.9
168.3
172.2
173.4
173.3
171.1
169.9
170.2
187
183
185
184
184
188
192
191
188
204
199
201
199
199
204
210
208
204
155
155
161
165
167
174
175
175
171
117
118
118
117
117
116
117
119
119
195
193
193
191
190
196
199
199
194
222
218
216
215
214
222
225
225
219
185
183
182
181
182
187
192
194
191
255
251
248
245
243
253
256
254
246
211
209
214
217
216
225
226
228
221
116
117
117
116
117
117
117
120
118
209
206
203
203
201
204
208
210
206
246
258
295
298
283
291
289
278
275
11,574
11,320
L.283
L ,282
L,044
,215
,096
995
1 ,149
96.44 125.0 114.7 168.3
96.96 125.4 115.2 169.8
96.37 125.3 115.3 170.3
183
190
197
198
206
214
167
172
185
117
121
123
191
197
204
215
223
231
188
196
205
239
247
255
218
225
238
118
121
123
202
205
212
265
260
267
11,181
1 ,779
1 ,842
168.4
198
214
185
124
205
232
208
255
239
124
212
261
1 ,623
115.1 169.6
114.9 169.4
114.3 169.1
114.5 167.2
114.3 168.0
200
199
197
197
197
217
216
213
214
214
187
186
185
184
186
124
124
124
124
124
207
204
203
204
206
236
231
231
231
234
210
206
206
207
209
259
254
253
253
257
241
238
236
239
242
124
124
124
124
125
213
211
211
212
213
268
262
258
258
259
,850
,969
,545
,373
,642
Number of issues
1950 average
1951 average
1952 average
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Standard and Poor's series
(index, 1935-39=100)
Volume
of
tradSecurities and Exchange Commission series
ing 5
(index, 1939=100)
(in
thousands
Manufacturing
Trade
of
finTrans Public
ance, Min- shares)
portaNoning
utiland
tion
Total Durdurity
servable
able
ice
1-8
15
15
17
102.53 133.4 122.0 181.8
98.85 133.0 117.7 170.4
97.27 129.3 115.8 169.7
96.27
96.77
96.87
97.95
98.91
98.32
98.40
97.09
96.86
130.8
132.1
131.5
132.7
131.9
130.9
130.4
128.6
126.6
115.5
116.5
115.9
116.2
116.3
116.2
116.0
115.8
115.7
1953—Jan
95.77
124.0 114.5
Week ending:
Jan. 3 . .
Jan. 10. .
Jan. 17. .
Jan. 24. .
Jan. 31. .
95.82
95.87
95.67
95.79
95.70
124.9
124.8
123.9
123.8
123.5
Railroad
Public
Total
utility
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.
* Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
» Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Customers'
credit balances
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)*
Cash on
hand
and in
banks
Money
borrowed*
12
9
10
12
314
397
364
378
accounts
1950—June
December...
1951—Tune
December...
1952—January . . . .
February...
March
April
May
June
July
August
September..
October
November. .
December. . .
Debit m
Credit balances
L.256
L.356
1,275
1,292
s
t
«
s
s
I
s
t
3
1,289
1,280
1,293
1,315
L,312
1,327
,387
1,338
1,333
1,316
,347
1,362
accounts
386
399
375
392
9
427
365
8
406
343
Other credit balances
x
In partners'
In firm
investment investment In capital
and trading and trading accounts
Free
Other
accounts
accounts
827
745
680
695
673
890
834
816
166
230
225
259
25
36
26
42
11
12
13
li
312
317
319
314
•633
•652
»734
•818
•847
912
•1,126
•926
•891
•860
•878
920
*809
«790
•756
•756
«725
708
•692
•675
•692
•692
•706
724
219
23
16
324
200
35
9
315
(net)
(net)
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).
» 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): October 31; November, 32.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503.
150
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months 1
Year,
month, or
week
BANK RATES ON BUSINESS LOANS
AVERAGE O F RATES CHARGED ON SHORT-TERM LOANS
TO B U S I N E S S BY BANKS I N SELECTED C I T I E S
[Per cent per annum]
U. S. Government
securities (taxable)
Prime
bankers*
accept- 3-month bills
9-to 12- 3- to 5ances,
90
month2
year
Rate issues
issues •
d a y s 1 Market on
new
yield
issues
1950 average
1951 average....
1952 average
1.45
2.17
2.33
1.15
1.60
1.75
1.20
1.52
1.72
L.218
.552
L .766
1.26
L .73
1.50
1 93
2.13
1952—January..
February.
March
April
May
June
July
August. . .
September
October. .
November
December.
2.38
2.38
2.38
2.35
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.57
1.54
1.59
1.57
1.67
1.70
1.81
1.83
1.71
1.74
1.85
2.09
L.688
L.574
L.658
L.623
L.710
.700
L.824
L.876
1.786
1.783
1.862
2.126
L.75
1.70
L.69
L.60
L.66
L .74
1.89
2.03
2.08
2.07
2.02
1.93
1.95
2.04
2.14
2.29
2.28
2.26
2.25
2.30
1953—January..
2.31
1.82
1.96
2.042
1.97
2.39
Week ending:
Jan. 3. .
Jan. 10. .
Jan. 17. .
Jan. 24. .
Jan. 3 1 . .
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.88
1.88
2.03
1.99
2.05
1.91
1.92
2.191
1.986
2.124
2.097
1L .961
1.99
1.96
2.01
1.96
2.31
32.37
2.41
2.38
2.40
.81
.94
L .95
L84
L89
3
] .97
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1944
1945
1946
1947
1948
1949
1950
1951
1952
Quarterly:
19 cities:
1952—Mar
June . . . .
Sept. . . .
Dec
New York City:
1952—Mar
June
Sept. .
Dec
7 Northern and Eastern cities:
1952—Mar
June
Sept
Dec
11 Southern and
Western cities:
1952—Mar.
June
Sept
Dec
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
3
Series includes selected note and bond issues. Beginning Jan. 1,
1953, series includes 2 ^ per cent bond of Mar. 15, 1956-58 and 2%
per cent bond of June 15, 1958.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.4
2.2
4.3
4.3
3.3
3.2
2.6
2.3
2.1
4.2
3.1
2.2
4.2
4.4
4 6
3.1
3.5
3 7
2.5
2.8
1.8
2.2
4.5
3.6
4 0
4 2
3.0
3.0
3.4
3.5
4 7
4 9
3.7
2.4
2.4
2.0
3.3
3.45
3.51
3.49
3.51
4.85
4.90
4.91
4.88
4.16
4.21
4.22
4.21
3.66
3.72
3.74
3.77
3.24
3.29
3.27
3.29
3.23
3.27
3 29
3.33
4.43
4.53
4 66
4.51
3.97
4.03
4.06
4.06
3.48
3.55
3.60
3.63
3.11
3.14
3.15
3.19
3.47
3.46
3.44
3.49
4.91
4 90
4 85
4.85
4.16
4.17
4.20
4.21
3.67
3.71
3.72
3.74
3.29
3.27
3.24
3.29
3 79
3.90
3 84
3.84
5 01
5.05
5 04
5.06
4 28
4.33
4 31
4.30
3.79
3.86
3.82
3.91
3.46
3.63
3.56
3.51
2.1
2.5
2.7
2.7
3 1
2.2
2.0
1.7
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
Industrial stocks
Earnings/
Dividends/
price ratio
price
ratio
Bonds
Year, month,
or week
U. S.
Govern- Municipal
ment
(high-3
(longterm)2 grade)
Corporate (Moody's)5
Corporate
(highgrade)4
By ratings
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
Preutility ferreds
Common 7
Common 7
1-8
15
120
30
30
30
30
40
40
40
15
125
125
1950 average
1951 average
1952 average
2.32
2.57
2.68
1.98
2.00
2.19
2.60
2.86
2.96
2.86
3.08
3.19
2.62
2.86
2.96
2.69
2.91
3.04
2.89
3.13
3.23
3.24
3.41
3.52
2.67
2.89
3.00
3.10
3.26
3.36
2.82
3.09
3.20
3.85
4.11
4.13
6.51
6.29
5.55
14.61
10.42
1952—January
February
March
April
May
June
July
August
September...
October
November.. .
December. . .
2.74
2.71
2.70
2.64
2.57
2.61
2.61
2.70
2.71
2.74
2.71
2.75
2.10
2.04
2.07
2.01
2.05
2.10
2.12
2.22
2.33
2.42
2.40
2.40
2.96
2.89
2.96
2.92
2.93
2.95
2.96
2.97
2.98
3.04
2.98
2.99
3.24
3.18
3.19
3.16
3.16
3.17
3.17
3.18
3.19
3.22
3.20
3.19
2.98
2.93
2.96
2.93
2.93
2.94
2.95
2.94
2.95
3.01
2.98
2.97
3.05
3.01
3.03
3.01
3.00
3.03
3.04
3.06
3.07
3.08
3.06
3.05
3.32
3.25
3.24
3.20
3.20
3.20
3.19
3.21
3.22
3.24
3.24
3.22
3.59
3.53
3.51
3.50
3.49
3.50
3.50
3.51
3.52
3.54
3.53
3.51
3.00
2.97
2.99
2.97
2.97
2.98
2.99
3.00
3.02
3.05
3.05
3.04
3.48
3.38
3.36
3.32
3.31
3.32
3.33
3.34
3.36
3.39
3.37
3.34
3.23
3.19
3.21
3.19
3.19
3.20
3.20
3.20
3.20
3.22
3.19
3.19
4.26
4.22
4.16
4.07
4.04
4.04
4.09
4.12
4.12
4.16
4.12
4.11
5.57
5.81
5.54
5.87
5.73
5.48
5.41
5.51
5.63
5.62
5.33
5.14
1953—January
2.80
2.47
3.06
3.22
3.02
3.09
3.25
3.51
3.07
3.36
3.23
4.16
5.18
Week ending:
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
2.80
2.79
2.80
2.80
2.80
2.42
2.43
2.47
2.48
2.50
3.03
3.03
3.07
3.06
3.07
3.20
3.20
3.21
3.23
3.24
2.99
2.99
3.01
3.04
3.05
3.06
3.07
3.08
3.11
3.12
3.23
3.23
3.24
3.26
3.27
3.50
3.51
3.51
3.52
3.52
3.04
3.05
3.05
3.09
3.10
3.34
3.35
3.36
3.37
3.38
3.20
3.21
3.22
3.24
3.25
4.13
4.13
4.14
4.19
4.17
5.15
5.22
5.29
5.25
5.18
Number of issues.. .
9
8.83
8.44
8.72
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio).
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or first callable after 15 years were included.4
»Standard and Poor's Corporation.
U. S. Treasury Department.
8
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 6 reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Standard and
Poor's Corporation. Ratio is based on 9 median \ yields in a sample of noncallable issues, including 12 industrial and 3 public
7
utility.
Moody's Investors Service.
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.
FEBRUARY
1953
151
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.
Summary
Period
Expenditures
Surplus
38,122 41,714
37,834 138,255
53,488 56,846
65,523 71,366
-13 , 5 9 2
-422
-3,358
-5,842
38,246 40,057
37,045 40,167
48,143 144,633
62,129 66,145
-1,811
-3,122
13,510
-4,017
17,675 20,974
19,370 19,192
18,464 119,063
29,679 25,570
23,809 31,276
38,320 34,869
27,204 36,497
receipts
Calendar year:
1949
1950
1951
1952
Fiscal year:
1949
1950
1951
1952
Semiannual totals:
1949—July-Dec.
1950—Jan.-June.
July-Dec..
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
Monthly:
1952—Jan.
Feb.
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov. . . .
Dec
1953—Jan
4,953
5,553
9,886
4,323
3,809
9,796
3,316
4,050
6,585
3,099
4,151
6,003
5,061
5,455
5,105
5,704
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124
5,737
Increase or
decrease (—)
during period
Excess of receipts
or expenditures ( —)
Budget receipts and
expenditures
deficit
Sales and
Trust redemptions
Clearand
ing
other
of
Govt.
acacagency
count
counts obligations
-362
-38
759
-140
349
56
1
234
49
-90
87
— 106
-319
-420
-74
366
121
-22
384
219
-72
483
-214
-401
-3,300
-14
178
135
i -599 i - 1 7 3
4,109
468
-7,467
291
3,451
-72
-9,293
121
21
-43
392
-8
64
-136
46
142
341
-254
40
-146
-255
-64
-5
— 124
-60
-63
-245
329
-501
-369
448
310
4,182
-1,693
-1,850
2,865
-3,426
-968
515
-3,283
-1,009
-1,121
-676
166
-229
343
14
101
26
71
-34
-45
74
-46
29
-293
-43
6
456
-207
127
-218
-140
In millions of dollarsl
103
-25
-91
-326
432
-195
-229
316
-243
-145
401
Gross
public
debt
General fund of the Treasury
(end of period)
General
fund
balance
4,331
-423
2,711
7,973
Deposits in
Balance
F. R. Banks
-447
62
1,770
4,679
4,232
4,295
6,064
478
4,587
-2,135
3,883
-1,462
2,047
1,839
-388
3,470
5,517
7,357
6,969
438
4,360
227
-650
-1,486
4,197
-313
8,286
1,209
838
-1,285
3,124
-3,062
2,674
-904
4,679
5,517
4,232
7,357
4,295
6,969
6,064
357
-415
1,196
1,765
-1,447
3,879
5,075
6,840
5,393
5,421
6,969
7,925
6,952
7,156
6,175
7,636
6,064
5,689
587
-2,278
209
1,613
-800
3,968
471
28
1,548
957
113
-973
-41
11
-981
1,461
-1,572
-376
-504
2,238
2,513
204
Other
Special
Avail- Inessprocof deposable
itaries
funds collection
general
fund
841
94
690
321
129
146
389
176
assets
2,557
2,344
2,693
4,368
1,187
1,069
1,134
1,132
1,159
1,156
1,089
1,175
950
338
143
250
333
355
1,771
3,268
5,680
5,106
841
950
690
338
321
333
389
94
143
129
250
146
355
176
2,557
3,268
2,344
5,680
2,693
5,106
4,368
1,187
1,156
1,069
1,089
1,134
1,175
1,132
162
316
2,048
3,216
5,228
3,779
3,690
5,106
6,027
5,190
5,217
4,145
5,984
4,368
3,318
1,354
1,108
1,110
969
1,037
1,175
1,076
1,161
1,270
1,087
1,152
1,132
1,209
103
558
193
169
450
333
195
569
333
638
496
508
770
396
389
811
125
355
184
106
161
174
103
176
350
Budget expenditures
Major national security programs
Period
Total
Total 2
Calendar year:
1949
1950
1951
1952
Fiscal year:
1949
1950
. .
1951
1952
Semiannual totals:
1949—July-Dec.
1950—Jan.-June..
July-Dec..
1951—Jan.-June..
July-Dec..
1952—Jan.-June..
July-Dec..
Monthly:
1952—Jan
Feb.
Mar
Apr
May
June
July .
Aug
Sept
Oct
Nov.
Dec.
1953—Jan
National
defense
Military
assistance
abroad
Agri- Social
VetculInter- Atomic Intererans
seest Adminture curity
naEnergy
on
Detional Com- debt
istra- partpro- 4
ecotion 4 ment 5 grams
misnomic
sion
aid a
Housing
and
home
finance
— 123
41,714
38,255
56,846
71,366
19,453 12,849
291
18,495 13,476
37,159 30,307 1,559
51,121 43,226 2,975
6,005
3,998
3,533
2,602
560 5,482
611 5,580
1,278 5,983
1,813 6,065
6,364
5,674
5,011
4,417
3,106 1.226
1,499 L.350
1,010 1,463
1,564 L.508
40,057
40,167
44,633
66,145
19,083
17,949
25,882
46,319
12,158
44
12,346
19,964
884
39,106 2,228
6,278
4,941
3,845
2,831
5,339
5,750
908 5,613
1,648 5,859
6,789
6,043
5,204
4,697
2,658
2,986
635
1,219
L.110
L ,375
1,415
L.424
20,974
19,192
19,063
25,570
31,276
34,869
36,497
9,291
6,376
8,659 5,970
44
9,836
7,505
247
16,046 12,459
637
21,113 17,848
921
25,206 21,258 1,306
25,915 21,968 1,669
2,621
2,320
1,679
2,166
1,367
1,464
1,137
255
270
341
567
711
937
876
2,560
3,190
2,390
3,223
2,761
3,099
2,966
3,006
3,036
2,638
2,567
2,445
2,253
2,164
1,652
1,335
164
470
540
679
885
695
681
670
745
718
706
802
187
120
137
228
428
194
195
226
239
214
201
277
151
141
162
142
689
350
378
385
371
78
83
52
5,455
5,105
5,704
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124
5,737
3,941
3,414
3,765 3,155
4,104
3,425
4 499 3,775
4,541
3,791
4,357
3,699
4,695
3,884
3,814
2,971
4,008
4,518
4,373
3,723
3,876 c3,302
4,640
4,081
P4,210 P3.631
228
231
315
337
293
352
184
298
351
266
133
142
277
128
117
P133
266
275
647
524
154
172
192 1,518
352
339
85
187
140
144
155
160
391
354
343
354
117
126
49
192
320
183
559
572
150
185
127 1,146
158
235
345
378
P348
112
289
P357
Post
Public office
works deficit
Transfers
to
trust C)ther
accounts
1,425
2,669
2,477
2,310
2,487
1,577
1,591
1,514
1,590
536
643
684
775
—270
460
614
1,519
1,575
1,541
1,565
524
593
916
624
740
1,383
972
1,305
2,176
2,782
2,286
2.402
-95
-175
158
302
392
222
424
903
673
918
623
891
674
916
209
384
260
364
320
420
355
1,226
157
804
168
848
457
737
L.528
L,253
L,224
1,062
1,249
1,154
1,333
158
85
113
108
66
149
43
-1
100
104
101
94
240
41
21
71
79
157
148
158
174
175
78
71
78
50
99
80
397
94
64
23
93
67
?30
175
200
170
200
178
292
169
191
245
184
252
P208
76
148
158
109
116
191
124
104
P180
-17
694
646
-56
37
—42
101
112
-80
96
166
140
138
P100
180
180
160
961
1,016
1,193
P20
c
p Preliminary.
Corrected.
1
Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments
for July-October 1950 investments were
2
made by the Treasury in the November 1950 and January 1951
figures.
Includes the following not shown separately:
Maritime
activities,
special
defense
production
expansion
programs,
Economic
Stabilization
Agency,
and
Federal
Civil Defense Administration.
3
Consists of foreign economic and technical assistance under the Mutual Security
Act, net transactions of the Export-Import Bank, and other
4
nonmilitary
foreign
aid
programs,
as
well
as
State
Department
expenditures.
Excludes
transfers
to
trust
accounts,
which are shown separately.
6
Excludes expenditures for forest development of roads and trails, which are included with public works,
152
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.
In millions of dollars.]
Treasury receipts
Budget receipts, by principal sources
Income
and old-age
insurance taxes
Period
Withheld
by
employers
Calendar year:
1949
1950
1951
1952
Fiscal year:
1949
1950
1951
1952
Semiannual totals:
1949—July-Dec. .
1950—Jan.-June..
July-Dec. .
1951—Jan.-June..
July-Dec. .
1952—Jan.-June..
July-Dec. .
Monthly:
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
Other
Miscellaneous
internal
revenue
Taxes
on
carriers
and on
employers
of 8 or
more
Deduct
Total ApproOther budget
priaretions
receipts ceipts
to oldage
trust
fund
Refunds
of
receipts
Net
budget
receipts
Individual income and oldage insurance
taxes
Withheld
Excise
and
miscellaneous
taxes
754
658
801
849
7,529
8,150
8,682
9,558
11,554
10,854
14,388
21,467
797
706
730
833
7,585
7,599
8,704
8,971
1,761 5,889
5,503 4,965
1,881 4,971
8,027 9,416
2,335 7,149
9,210 14,318
2,770 7,821
351
356
303
427
374
459
390
3,911
3,688
4,462
4,241
4,440
4,531
5,027
2,330
1,464
2,133
1,583
221
1,478
393
93
1,653
164
109
358
65
66
113
88
80
48
84
70
59
57
51
70
763
754
718
742
750
804
863
780
808
911
795
870
Other
19,894 8,326
17,361
8,771
26,876 9,392
34,174 10,416
794
770
944
902
2,123
1,980
2,337
2,639
42,565
42,657
58,941
71,788
1,666
2,667
3,355
3,814
2,777
2,156
2,098
2,451
38,122
37,834
53,488
65,523
11,532
12,180
16,654
21,889
19,641
18,189
24,218
33,026
8,348
8,303
9,423
9,726
787
776
811
994
2,466
1,862
2,263
2,364
42,774
41,311
53,369
67,999
1,690
2,106
3,120
3,569
2,838
2,160
2,107
2,302
38,246 11,743
7,996
37,045 11,762
7,264
48,143 15,901 9,908
62,129 21,313 11,545
5,613
6,566
7,209
9,445
9,947
11,942
11,716
7,670
10,520
6,841
17,376
9,499
23,526
10,647
4,311
3,992
4,779
4,644
4,748
4,978
5,438
323
453
317
494
449
545
357
921
941
,039
,223
,114
,251
,388
18,838
22,472
20,185
33,184
25,757
42,242
29,546
850
1,256
1,411
1,709
1,646
1,922
1,891
314
1,846
311
1,796
302
2,000
451
5,657
17,675
19,370 6,105
18,464 6,858
29,679 9,043
23,809 9,798
38,320 11,515
27,204 11,574
897
3,057
2,019
3,021
1,943
7,717
3,191
826
805
825
849
828
845
949
862
877
923
888
939
842
26
258
79
17
105
59
22
106
54
17
104
54
P29
383 5,153
131 6,194
160 10,800
152 5,187
197 4,688
228 10,220
236 3,649
177 4,585
164 6,875
204 3,355
219 4,731
387 6,350
260 5,232
147
446
460
252
476
142
182
434
235
204
533
303
117
52
195
455
612
403
283
151
102
55
51
47
45
54
978
3,009
1,983
1,007
2,995
1,751
997
3,085
1,882
P990
7,106
1,435
445
4,029
1,214
436
3,088
3,111
4,953
5,553
9,886
4,323
3,809
9,796
3,316
4,050
6,585
3,099
4,151
6,003
5,061
Corporation
income
and
profits
taxes
Estate
and
gift
taxes
11,428
13,775
19,392
23,658
Period
11,591
7,828 12,006
12,963
7,384 9,937
18,840 10,362 16,565
23,090 11,980 22,140
814
4,172
537
1 ,330
3,955
707
1,539
4,012
232
1,634
3,968
190
807
311
5,913
1,278
351
5,659
357
2,442
927
352
2,785
Treasury receipts—Continued
Trust and other accounts
Internal revenue collections—cont.
(on basis of collectors' reports)
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
Calendar year:
1949
1950
1951
1952
Fiscal year:
1949
1950
1951
1952
Semiannual totals:
1949—July-Dec. .
1950—Jan.-June. .
July-Dec.. .
1951—Jan.-June. .
July-Dec.. .
1952—Jan.-June. .
July-Dec . .
Monthly:
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
Internal revenue collections
(on basis of collectors' reports)
Total1
Receipts
Investments
Expendi-
Investments 3
Other i
-362
-38
759
49
5,512
6,543
7,906
8,315
1,965
56
3,155
3,504
3,584
6,214
4,507
4,942
-22
271
329
-325
-333
786
508
,832
,806
,936
2,032
-420
121
295
219
5,185
6,266
7,251
8,210
2,311
-402
3,360
3,361
2,884
6,484
3,752
4,885
196
275
-410
-62
353
530
,121
,125
,394
,446
,343
,481
,573
936
870
994
942
1,045
988
1,127
-14
135
-173
468
291
-72
121
035
231
3,312
3,939
3,967
4,242
4,073
1,099
-1,501
1,557
1,803
1,352
2,009
1,495
1,914
4,570
1,644
2,108
2,398
2,486
2,456
-22
219
52
223
106
-36
-26
-307
660
126
404
105
236
262
228
239
243
273
268
253
223
248
268
313
177
159
162
157
169
163
210
173
180
221
131
212
-369
310
166
-229
343
-293
-43
6
456
-207
127
-218
-140
355
804
655
433
999
997
707
930
399
361
958
718
248
222
191
153
256
486
702
307
361
53
22
388
363
-103
430
403
414
407
420
412
410
403
399
399
383
46?
447
189
30
18
14
24
-52
1
36
-9
-1
93
-14
233
117
130
95
15
273
-228
-32
-124
500
-148
34
-125
188
Manufacturers'
and retailers'
excise
Total
Liquor
7,529
8,150
8,682
9,558
2,204
2,419
2,460
2,727
,320
,348
,446
,662
2,221
2,519
2,790
3,054
,784
,864
,986
,115
7,585
7,599
8,704
8,971
2,211
2,219
2,547
2,549
,322
,328
,380
,565
2,221
2,245
2,841
2,824
3,911
3,688
4,462
4,241
4,440
4,531
5,027
1,191
1,028
1,391
1,156
1,304
1,245
1,482
663
665
683
697
748
817
845
763
754
718
742
750
804
863
780
808
911
795
870
197
204
210
204
220
246
205
258
285
153
123
124
135
134
148
140
149
147
157
127
125
220
Tobacco
Other accounts 2
Other
x
p Preliminary.
Excess of receipts, or expenditures ( —).
2
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflects principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government Departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included
in budget expenditures.
3
Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page).
FEBRUARY
1953
153
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements cf United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Plus: Trust
acct. receipts
Net Budget
receipts
Period
Total
Less:
net
Non- Total
receipts cash *
38,122
99
5,956
Cal yr—1949
7,001
37,834
171
1950
222
1951
8,582
53,488
184
1952.
8,707
65,523
5,714
100
Fiscal yr.—1949. . .. 38,246
120
1 9 5 0 . . . . 37,045
6,669
256
1951
7,796
48,143
138
1952
8,807
62,129
Semiannual totals:
40
1949—July-Dec... 17,675
3,231
80
1950—Jan.-June.. 19,370
3,438
July-Dec... 18,464
91
3,562
1951—Jan.-June.. 29,679
164
4,234
July-Dec... 23,809
58
4,349
1952—Jan.-June.. 38,320
77
4,458
107
July-Dec. . 27,204
4,248
Monthly:
4,953
34
1952—Jan
392
831
5,553
3
Feb
684
4
Mar
9,886
476
2
Apr.
4,323
1,050
3,809
2
May
32
1,026
9,796
June . .
24
738
3,316
July
2
959
4,050
Aug
3
427
6,585
Sept
4
401
3,099
Oct.
3
4,151
975
Nov
71
6,003
747
Dec.
1953—Jan
5,061
286
Less:
Noncash 2
2,603
2,211
2,508
2,649
2,232
2,623
2,244
2,705
Cash operating outgo, other than debt
Plus:
Plus: Tr. acct.
Exch.
Less: Noncash expenditures
Budget expenditures
Equals:
Cash
operating
income
Total
Accru- Intraals to Govt.
public3 trans. 4
Total
LessNoncash 5
Stabilization
Fund6
Clearing account
Cash
operating
outgo
Net
cash
operating income
or
outgo
(-)
41,374
42,451
59,338
71,396
41,628
40,970
53,439
68,093
41,714
38,255
56,846
71,366
40,057
40,167
44,633
66,145
403
503
567
734
389
436
477
710
2 588
2,307
2,625
2,807
2,152
2,754
2,360
2,837
4,210
6,923
4,397
4,825
3,511
6,881
3,945
4,952
164
65
90
28
183
13
138
4
102
-262
-26
38
98
-207
-13
9
—234
-87
106
319
-366
-483
214
401
42,642
41,969
58,034
72,980
40,576
43,155
45,804
67,956
— 1,267
482
1,304
— 1,583
1,051
-2,185
7,635
137
L.446
L ,178
1,033
L.210
1,298
1,406
1,243
19,420
21,551
20,900
32,537
26,799
41,293
30,104
20,974
19,192
19,063
25,570
31,276
34,869
36,497
215
222
281
196
371
338
396
1,541
1,213
1,075
1,279
1,346
1,488
1,319
2,159
4,722
2,201
1,744
2,653
2,298
2,527
2
10
55
82
8
-4
32
55
-262
-142
-341
254
-40
146
255
64
21,290
21,865
20,105
25,700
32,334
35,622
37,357
-1,871
-315
796
6,839
-5,534
5,671
-7,254
128
106
129
108
134
801
438
128
111
79
127
360
5,183
6,275
10,436
4,689
4,722
9,988
3,593
4,878
6,898
3,418
4,997
6,320
5,455
5,105
5,704
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124
5,737
72
32
43
39
59
93
74
42
46
56
83
95
161
106
132
111
134
844
457
127
112
86
128
409
350
300
347
434
197
669
473
556
— 73
587
367
617
296
2
2
1
-2
2
— 11
5
2
1
-2
3
23
5
38
-103
25
245
-329
91
326
-432
195
229
-316
243
145
-401
5,473
5,328
6,120
5,972
5,751
6,978
6,233
5,622
6,066
6,514
5,558
7,364
-290
947
4,316
— 1,283
-1,029
3,010
—2,640
— 744
832
—3,097
-561
— 1,044
—13
-13
22
16
—21
-14
25
5'
1
Represents principally interest paid to Treasury by Govt. agencies and repayment of capital stock and paid-in surplus by partially owned
Govt.2 corporations.
Represents principally interest on investments in U. S. Govt. securities, payroll deductions for Govt. employees' retirement accounts, and
transfers
shown as Budget expenditures.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash
expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash
interest
reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).
6
Represents principally repayments of capital stock and paid-in surplus by partially owned Govt. corporations, as well as interest receipts
by such
corporations
on their investments in the public debt (negative entry).
6
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.)
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Plus: Cash
InLess: Noncash debt transactions Equals:
Net cash
issuance of
crease,
securities of
borrowor deAccruals to public 1
Net
inv.
ing, or
crease Federal agencies
Period
in Fed.
( - ) , in
sec. by Int. on sav. Payts. in repayt.
Non( - ) of
gross
Guarbonds
and
form
of
Govt.
agen.
guarborrowdir. pub. anteed
ing
anteed & tr. funds Treas. bills Fed. sec.
debt
1,739
585
-285
2,156
-115
-25
4,331
Cal. yr.—1949
94
602
163
355
-6
—423
1950 . . .
-929
-1,242
3,418
718
-125
37
18
2,711
1951
3,353
770
3,833
-102
12
7,973
1952 .. .
-74
580
-293
-2,513
2,630
-28
-46
478
Fiscal yr.—1949
574
68
4,231
-308
-14
-8
4,587
1950
638
-149
-5,795
3,557
374
10
-2,135
1951
3,636
779
16
-88
-79
3,883
1952
-525
Semiannual totals:
1,141
3,079
-147
307
2
19
4,360
1949—July-Dec
-1,450
1,152
219
265
-10
-33
227
1950—Jan.-June. . .
1,544
-2,081
-56
337
4
388
July-Dec.. . . - 6 5 0
2,014
-3,714
-92
301
5
-13
1951—Jan.-June. . . - 1 , 4 8 6
1,404
2,472
-33
417
13
51
July-Dec.. . . 4,197
2,232
-2,998
-45
361
3
-139
1952—Jan.-June. . . - 3 1 3
1,601
6,351
-29
409
8
37
July-Dec.. . . 8,286
Monthly:
1952—Jan
Feb
Mar
Apr
May
June
July
Sept
Oct. .
Nov
Dec
1953—Jan
357
587*
—2,278
209
1,613
-800
3,968
113
—504
2,238
2,513
-41
11
—4
—1
—1
-123
4
4
1
-63
—66
-11
5
1
5
6
3
-6
411
78
-11
-126
221
171
270
-43
-3
-2
248
13
101
510
650
37
46
41
37
66
—34
-50
308
397
44
21
77
44
49
58
11
—27
—3
-2
68
-50
481
349
35
130
63
96
84
97
-4
18
-1
-7
-2
-2,551
— 163
1,057
-1,463
3,597
—229
—628
2,116
2,022
-527
Details of net cash borrowing from or
repayment (—) of borrowing to the public 2
Direct
mktable
& conv.
issues 8
Savings
bonds
(issue
price)
-2,275
-2,649
1,999
5,778
-5,351
211
-3,943
1,639
3,020
1,125
15 - 1 4 6
751
198
-250
1,021
-1,191 -1,099
-997
46
- 1 1 3 -122
- 4 0 6 — 1,784
2,420
463
40
-85
728
3,601
-150 -158
-467
-657 -1,093
365
-717 -1,209
-155
-82
99
112
-2,761
-1,184
3,183
-1,544
7,322
-108
-75
-1,289
-162
754
-663
3,830
— 192
-259
2,200
1,915
-172
-199
268
462
292
-758
-432
-285
-121
Postal
Savings Sav. Sys. Other4
notes
special
issues
2,767
834
187
-845
-255
-955
-829
-6
-10
-25
-54
-81
-1,138
-91
-28
-54
—46
y
-8
-5
112
498
-70
-80
-170
-923
-74
-81
-32
-30
-10
142
412
-859
-173
— 111
—292
-24
-17
-30
-13
62
-302
-99
-2
-8
15
-176
371
-5
51
-134
11
-2
-120
-60
—62
6
104
24
74
—31
-64
53
-46
1
2
3
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
Includes redemptions of tax anticipation bills and savings notes used in payment of taxes.
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in
this column. An exception was the sale for cash of about 300 million dollars in June 1952.
4
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
154
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
Period
Total
Cal. yr.—1949
1950
1951
1952
Fiscal yr.—1949
1950
1951..
1952
Semiannual totals:
1949—July-Dec
1950—Jan.-June
July-Dec
1951—Jan.-June
July-Dec
1952—Jan.-June
July-Dec
Monthly:
1952—Jan
Feb.
Mar
Apr.
May..
"
" • '
June
July
Aug
Sept
Oct
Nov.
Dec
1953—Jan
41,374
42,451
59,338
71,396
41,628
40,970
53,439
68,093
19,420
21,551
20,900
32,537
26,799
41,293
30,104
6,894
11,220
7,971
16,124
11,025
19,687
13,041
5,183
6,275
10,436
4,689
4,722
9,988
3,593
4,878
6,898
3,418
4,997
6,320
3,027
4,310
3,477
2,727
2,811
3,335
1,386
2,719
3,162
1,135
2,686
1,952
Cash operating outgo
Excise
and
misc.
taxes
7,572
8,113
8,591
9,567
7,551
7,597
8,693
8,893
Social
ins. receipts 2
3,864
5,121
6,362
6,589
3,899
4,438
5,839
6,521
Other
cash
income 3
2,306
2,245
2,769
2,823
:2,737
2,126
2,531
t2,801
5,889
4,965
4,971
9,416
7,149
14,318
7,821
3,960
3,637
4,476
4,217
4,374
4,519
5,048
1,927
2,510
2,611
3,228
3,135
3,386
3,202
1,064
1,065
1,182
1,348
1,418
1,383
1,443
807
311
761
739
712
762
748
797
865
792
818
866
838
868
253
956
608
342
970
257
302
908
344
298
934
415
387
154
181
192
245
223
233
204
187
243
234
345
Direct
Direct
taxes on taxes on
individ- corporuals 1
ations
18,403 12,006
19,191
9,937
27,149 16,565
32,728 22,140
18,725 11,554
18,115 10,854
24,095 14,388
30,713 21,467
5,913
1,278
351
5,659
958
357
2,442
927
352
2,785
P212
Deduct:
Refunds
of receipts
2,777
2,156
2,098
2,451
2,838
2,160
2,107
2,302
314
1,846
311
1,796
302
2,000
451
52
195
455
612
403
283
151
102
55
51
47
45
54
Total
Major
VetSocial
Inter- erans
natl. sec. est
security Other
on5
proproprodebt
grams 4
grams 6 grams 7
42,642
41,969
58,034
72,980
40,576
43,155
45,804
67,956
19,738
18,333
37,283
51,194
19,370
17,879
26,029
46,396
4,186
4,072
4,137
4,230
3,889
4,264
4,052
4,059
6,819
8,823
6,044
5,193
7,201
9,146
5,897
5,776
4,333
4,400
4,915
5,613
3,561
4,740
4,458
5,206
7,566
6,341
5,655
6,750
6,555
7,126
5,368
6,519
21,290
21,865
20,105
25,700
32,334
35,622
37,357
9,438
8,441
9,892
16,137
21,146
25,250
25,944
2,194
2,075
1,997
2,058
2,079
1,984
2,246
3,259
5,887
2,936
2,960
3,084
2,693
2,500
2,348
2,392
2,007
2,450
2,465
2,741
2,872
4,051
3,070
3,273
2,095
3,560
2,954
3,795
5,473
5,328
6,120
5,972
5,751
6.978
6,233
5,622
6,066
6,514
5,558
7,364
3,952
3,807
4,107
4,500
4,544
4,339
4,684
3,841
4,520
4,375
3,877
4,646
P4.212
140
104
625
284
106
724
243
139
497
485
100
781
507
439
454
433
439
420
464
408
398
409
391
431
507
449
409
492
407
477
492
456
459
532
459
473
367
529
525
263
255
P397
P576
1,018
350
778
192
713
731
1,033
p Preliminary. l Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement.
Includes taxes for old-age and unemployment 4insurance, carriers taxes, and veterans life insurance premiums.
Represents mostly nontax receipts.
Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds
and special
International Bank and Monetary Fund notes.
6
Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest
paid 8by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and
Government employees and Railroad retirement funds.
2
3
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
All series
Year or
month
Sales
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
. .
. .
1951—Dec. .
1952—Jan. . .
Feb...
Mar.. .
Apr. . .
May. .
June..
July.. .
Aug...
Sept...
Oct....
Nov.. .
Dec...
Series A-E and H
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
3,036
9,157
13,729
16,044
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
1,576
3,321
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,531
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940
1,643
5,989
10,344
12,380
9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575
297
441
339
331
313
292
364
367
356
330
348
303
375
363
442
359
381
391
380
390
418
355
374
353
310
380
57,587
57,664
57,682
57,680
57,644
57,614
57,685
57,709
57,753
57,758
57,794
57,850
57,940
254
364
288
284
267
250
293
316
309
290
310
271
334
162
343
Redemp- Outstandtions and ing (end of
maturities
period)
160
307
1,452
3,063
5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,623
284
363
290
304
313
303
313
334
279
299
284
'239
P300
Series F, G, J and K
Sales
4,750
10,526
19,573
29,153
34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324
1,393
3,168
3,385
3,664
3,115
2,962
2,609
3,071
1,626
2,406
34,727
34,794
34,826
34,849
34,839
34,843
34,905
34,950
35,019
35,055
35,116
35,206
35,324
Redemp- Outstandtions and ing (end of
period)
maturities
2
Tax and savings notes
Sales
36
124
258
368
611
708
829
803
888
770
586
1,071
P908
1,390
4,523
7,790
11,208
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616
2,479
6,479
8,055
8,533
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726
43
78
52
47
47
42
71
52
47
39
38
32
42
79
79
69
77
78
76
76
85
75
75
»68
*70
*80
22,859
22,870
22,856
22,831
22,804
22,772
22,780
22,759
22,734
22,704
22,678
22,645
22,616
305
584
630
185
409
636
198
279
176
114
176
173
168
Redemp- Outstandtions and ing (end of
period)
maturities
8
2,565
5,853
7,276
7, 111
5,300
3,266
3,843
2,934
2,583
6,929
5 [491
509
578
126
1,317
262
223
1,056
451
286
405
189
110
488
2 ,471
6 384
8,586
9,843
8 235
5^725
5,384
4^572
7 ,610
8,640
7,534
5*770
7,534
7,539
8,044
6,911
7,057
7,470
6,612
6,440
6,330
6,039
6,026
6,089
5,770
v Preliminary.
NOTE.—Sales and redemptions of bonds are shown at issue price; amount outstanding at current redemption value.
Maturities of notes and Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding.
FEBRUARY
1953
155
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues
Nonmarketable
Marketable
Total
gross
debt1
End of
month
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Dec
1947—June . . .
Dec
194g—June
Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
50 ,942
64 262
112 ,471
170 ,108
232 ,144
278 ,682
269 ,898
259 ,487
258 376
256 ,981
252 ,366
252 ,854
252 ,798
257 160
257 ,377
256 ,731
1952—Jan
Feb
Mar
April
May
June
July
259 ,813
260 ,399
258 ,124
337
259 ,951
750 151
263 107
263 ,225
262 7??
264 ,964
267 ,483
267 ,445
267 ,450
Aug
Sept
Oct
Nov.
Dec
1953—Jan
1
8
4
6
Total
gross
direct2
debt
Bonds
Total
Total
Bills
Certificates of
indebtedness
45 ,025
57 938
108 ,170
165 ,877
230 ,630
278 ,115
269 ,422
259 ,149
?58 ,?86
256 ,900
252 ,292
252 ,800
252 ,770
257 130
257 ,357
256 ,708
?5S
259 ,461 259 ,419
39 ,089
50 469
98 ,276
151 ,805
212 ,565
255 ,693
245 ,779
,064
227 747
225 ,?50
219 ,852
218 ,865
217 ,986
221 123
222 ,853
220 ,575
108
221 ,168
35 ,645
41 ,562
76 ,488
115 ,230
161 ,648
198 ,778
189 ,606
176 ,613
168 70?
165 ,7S8
160 ,346
157 ,482
155 ,147
155 ,123
155 310
152 ,450
137 ,917
142 ,685
1 ,310
,002
6 ,627
13 ,072
16 ,428
17 ,037
17 ,039
17
15 775
15 ,136
13 ,757
12 ,224
11 ,536
319
13
13 ,627
13 614
18 ,102
10 ,534
22 ,843
30 ,401
38 ,155
34 ,804
?0 087
?s ?06
,220
22 ,588
26 ,525
29 ,427
?0 ,636
18 418
5 ,373
0 ,500
29 ,078
259 ,775
260 ,36?
258 ,08^
?58
259 ,905
7 50 105
073
263 ,186
,68?
264 ,919
267 ,432
267 ,391
267 ,402
221 ,249
221 ,776
219 ,301
356
220 ,540
174
222 063
222 ,753
142 ,690
142 701
141 ,376
141 ,870
142 ,625
140 ,407
144 340
144 ,148
143 80S
146 ,775
148 ,772
148 ,581
148 ,574
18 ,104
18 ,104
16 ,863
17 46?
18 ,267
17 710
17
17 ,206
17 707
19 ,712
21 ,715
21 ,713
21 ,709
29 ,079
?0 070
29 ,079
78 473
28 ,423
78 4? 3
170
28 ,019
77 76S
16 ,902
16 ,002
16 ,712
16 ,712
224 ,430
226 ,557
226 ,143
226 ,226
5
Tax
and
savings
notes
Savings
bonds
Notes
Bank
eligible 4
6 ,178
s 007
9 ,863
11 ,175
23 ,039
22 ,967
18 ,261
10 000
8 14?
11 375
11 ,375
7 ,131
3 ,596
8 ,249
70 404
39 ,258
35 ,806
18 ,409
28 ,156
,563
44 ,519
55 ,591
66 ,931
68 ,403
66 ,043
69 866
69 8 S ?
68 301
62 ,990
61 ,966
60 ,951
55 ,283
4 ,945
12 ,550
24 ,850
52 ,216
53 ,459
40 6S6
40 ,636
40 6S6
49 ,636
49 ,636
49 ,636
40 ,636
40 6S6
44 ,557 49 ,636
47 ,978 36 ,061
41 ,049 36 ,048
3,444
8,907
21,788
36,574
50,917
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
66,000
67,544
68,125
13 ,573 66,708
12 ,060 66,423
3 ,195
6 ,140
15 ,050
27 ,363
40 ,361
48 ,183
49 ,035
40 ,776
51 367
18 ,421
18 4^4
18 ,450
18 ,05?
18 ,956
18 ,963
41 ,040
41 040
40 ,942
40 ,043
43 ,061
48 ,343
5? S70
52 ,579
5? 570
52 ,578
52 ,578
58 ,874
58 ,864
12 ,047
17 0S4
12 ,018
11 ,516
11 ,512
13 ,005
14S
n13 ,186
18?
12 ,401
12 ,499
12 ,500
12 ,491
18 071
18 ,974
18 08?
30 ,246
30 ,253
30 ,266
30 ,275
Bank
restricted
Convertible
36 ,046
S6 044
36 ,042
36 040
33 ,918
77 460
77 407
27 ,369
?7
27 ,338
27 ,324
21 ,016
21 ,013
Total
66,513
67,041
65,907
66,019
66,403
65,622
65,478
65,419
65,139
65,164
65,285
65,062
65,161
Spe cial
iss ues
53 ,274
55 ,051
56 ,260
707
57 ,536
58 ,019
57 57?
57 ,587
471
6 ,384
8 ,586
9 ,843
8 ,235
6 ,711
5 ,725
S S60
s ,384
4 ,394
4 ,572
4 ,860
7 610
8 ,472
8 ,640
7 818
7 ,534
5 ,370
982
9 ,032
12 ,703
16 ,326
20 ,000
22 ,332
?4 ,585
? 7 ,366
? 8 955
30 ,211
31 ,714
32 ,776
896
3 ? 356
33 ,707
34 6S3
35 ,902
57 ,664
S7 ,682
57 ,680
57 644
57 ,614
S7 68 S
57 700
57 ,753
S7 7S8
57 ,794
57 ,850
57 ,040
58 ,134
7 ,539
8 ,044
6 ,911
7 057
7 ,470
6 61?
6 440
6 ,330
6 ,030
6 ,026
6 ,089
5 ,770
5 ,676
36 ,233
36 360
36 ,493
746
37 ,198
37 739
,945
38 ,307
,360
38 ,390
38 ,788
39 ,150
39 ,097
S?
2
Includes fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
Includes amounts held by Government agencies and trust funds, which aggregated 6,743 million dollars on Dec. 31, 1952.
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
fPar value in millions of dollars]
End of month
Held by
Total
gross
U. S. Government
debt
agencies and
(includtrust funds *
ing guaranteed
securiSpecial Public
ties)
issues
issues
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Savings Other
bonds securities
Miscellaneous
investors 3
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec. . . ,
1946—June
Dec
1947—June
Dec
1948—June
Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,251
259,461
5,370
6,982
9,032
12,703
16,326
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,707
34,653
35,902
2,260
2,558
3,218
4,242
5,348
7,048
6,798
6,338
5,445
5,404
5,549
5,614
5,512
5,464
5,474
5,490
6,305
6,379
43,312
54,722
100,221
153,163
210,470
251,634
240,768
228,564
225,565
222,622
216,606
215,526
214,510
217,800
219,547
217,533
214,293
217,180
2,184
2,254
6,189
11,543
18,846
24,262
23,783
23,350
21,872
22,559
21,366
23,333
19,343
18,885
18,331
20,778
22,982
23,801
17,300
21,400
41,100
59,900
77,700
90,800
84,400
74,500
70,000
68,700
64,600
62,500
63,000
66,800
65,600
61,800
58,400
61,600
3,200
3,700
4,500
6,100
8,300
10,700
11,500
11,800
12,100
12,000
12,000
11,500
11,600
11,400
11,600
10,900
10,200
9,800
6,900
8,200
11,300
15,100
19,600
24,000
24,900
24,900
24,600
23,900
22,800
21,200
20,500
20,100
19,800
18,700
17,100
16,400
2,000
4,000
10,100
16,400
21,400
22,000
17,700
15,300
13,900
14,100
13,600
14,800
15,700
17,000
19,000
20,800
21,100
21,600
500
700
1,000
2,100
4,300
6,500
6,500
6,300
7,100
7,300
7,800
7,900
8,000
8,100
8,700
8,800
9,400
9,600
2,800
5,400
13,400
24,700
36,200
42,900
43,500
44,200
45,500
46,200
47,100
47,800
48,800
49,300
49,900
49,600
49,100
49,100
7,800
8,200
10,300
12,900
17,100
21,400
20,000
20,100
20,900
19,400
18,600
17,600
17,900
16,800
17,000
15,600
15,300
14,500
700
900
2,300
4,400
7,000
9,100
8,600
8,100
9,600
8,400
8,700
8,900
9,600
9,400
9,700
10,500
10,800
10,800
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
259,813
260,399
258,124
258,337
259,951
259,151
263,107
263,225
262,722
264,964
267,483
36,233
36,360
36,493
36,746
37,198
37,739
37,945
38,307
38,360
38,390
38,788
6,454
6,500
6,503
6,500
6,524
6,596
6,689
6,712
6,692
6,681
6,757
217,126
217,538
215,128
215,091
216,229
214,816
218,473
218,206
217,670
219,893
221,938
22,729
22,528
22,514
22,363
22,273
22,906
22,853
23,146
23,694
23,575
23,821
62,100
61,200
60,100
60,500
61,000
61,100
62,700
61,800
61,500
63,000
64,100
9,800
9,800
9,800
9,800
9,800
9,600
9,800
9,700
9,700
9,600
9,500
16,400
16,300
16,200
16,200
15,900
15,700
15,900
16,000
16,100
16,000
16,100
21,900
22,600
21,200
20,700
21,600
20,000
20,800
n1,300
'20,800
21,000
21,100
9,900
10,000
10,100
10,200
10,200
10,400
10,700
10,800
10,900
10,900
10,900
49,100
49,100
49,100
49,100
49,000
49,100
49,100
49,100
49,100
49,100
49,200
14,600
15,200
15,400
15,100
14,900
14,400
14,900
'14,700
'14,700
'14,700
14,700
10,500
10,800
10,600
11,300
11,500
11,700
11,800
11,600
11,300
12,100
12,700
' 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.
1
2
3
156
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding January 31, 1953
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills J
Feb. 5, 1953 . .
Feb. 13, 1953 . .
Feb. 19, 1953. .
Feb. 26, 1953. .
1,301
1,501
1,301
1,300
5, 1953. .
12, 1953. .
18, 1953 2.
19, 1953. .
26, 1953. .
1,301
1,200
2,502
1,200
1,200
Apr. 2, 1953. .
Apr. 9, 1953. .
Apr. 16, 1953. .
Apr. 23, 1953 . .
Apr. 30, 1953. .
201
399
1,400
1,400
1,500
June 19, 1953 2.
2,003
Mar.
Mar.
Mar.
Mar.
Mar.
Issue and coupon rate
Amount
Amount
Certificates
Feb. 15, 1953. .
June 1, 1953. .
Aug. 15, 1953. .
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.
Issue and coupon rate
8,868
4,963
2,882
7,986
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
10,542
4,675
5,365
6,854
1,007
550
531
751
.
.
.
.
.
.
.
.
1
Sold on discount basis. See table on Open-Market Money Rates, p. 151.
6
3 Maturity Dec. 15, 1954.
* Maturity Dec. 15, 1955.
Partially tax exempt.
Issue and coupon rate
Amount
Treasury
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
Amount
bonds—Cont.
1 9 6 3 - 6 8 . . ,2Y2
1964-69 6..2%
1 9 6 4 - 6 9 ' . . 2 Y2
1965-70 6 . . 2 M
1966-71 *..2}4
1967-72 6 . . 2 M
1 9 6 7 - 7 2 . ..2Y2
1967-72 *..2}4
2,828
3,758
3,834
4,724
2,966
1,896
2,716
3,836
Postal Savings
bonds
2Y2
Panama Canal Loan.. 3
74
50
Convertible bonds
Investment Series B
Apr. 1, 1975-80. . .2«
12,491
2
Tax anticipation series.
• Restricted.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES *
Marketable and Convertible Direct Public Securities
[Par values n millions of dollars]
Total
outstanding
End of month
Type of security:
Total marketable
and convertible:
155 ,310
1950—June
152 ,450
Dec
10*51 T n r p
151 490
154 745
Dec
153 ,502
1952—June
l O U l
U
U L i X ,
. . . . .
U.S.
Govt. Fed- Comageneral
merRecies
cial
serve
and
1
trust Banks banks
funds
5,350
5,364
6 177
6^251
6,447
159 ,266
161 ,272
13 ,533
13 ,627
13 ,614
18 ,102
17 ,219
3
35
26
50
41
Oct
Nov
Certificates:
1950—June
Dec
1951—June
Dec
1952—June
19 ,712
21 ,715
55
90
Oct
Nov
Treasury notes:
1950—June
Dec
1951—June
Dec
1952—June
Oct
Nov
Marketable bonds;3
1950—June
Dec
1951—June
Dec
1952—June
Oct
Nov
58
54
51
54
54
965
884
671
302
038
10
10
9
9
8
876
143
504
123
843
[nsurance
companies
Other
14 ,080
12 .737
11 ,138
10 ,289
9 ,613
3 703
3, 888
3, 750
6, 773
5, 828
35
33
122
71
103
26
391
756
428
504
"283 6, 411
502 7, 600
107
97
421
476
5, 354
1, 544
2, 753
6, 773
6, 877
64
7
37
41
120
107
1
113
217
76
3 ,856
1 ,296
527
596
381
7 5 357
2 334
17 3 194
49 12 793
60 11 821
(2)
16 ,902
16 ,902
37
30
4 996 4, 790
5 018 4, 794
34
32
67
67
20 ,404
39 ,258
35 ,806
18 ,409
18 ,963
29 3 500 11, 204
10 12 527 15, 833
14 12 439 13, 704
3 5 068 10, 465
2 5 568 10, 431
154
136
120
67
42
66
165
208
1
5
30 ,246
30 ,253
9 13 774 11, 262
16 13 774 11, 115
58
53
8
8
102 ,955 5,310
94 ,193 5,319
78 989 3,215
77 097 3,243
75 ,802 2,908
79 916 3,013
79 902 3,055
5
4
4
4
4
618
620
108
130
422
38, 705
33, 620
31, 298
30, 119
30, 710
10
9
7
7
7
624
967
974
697
221
13
12
7
6
5
End of month
Other
Life
4
4
4
4
4
046
116
161
301
246
43
44
45
46
47
664
428
855
679
411
6,552 °23 ,575 55 557 8 845 9 ,555 4 655 <=50 527
6,628 23 ,821 56 585 8 765 9 ,604 4 689 51 179
Oct
Nov
Treasury bills:
1950—June
Dec
1951—June
Dec
1952—June
18 ,418
5 ,373
9 ,509
29 ,078
28 ,423
18 ,331
20 ,778
22 ,982
23 ,801
22 ,906
Mutual
s IViiigs
ba nks
881
180
139
720
855
3
3
3
3
3
4 522 32, 904 7 293 5 881 3
4 527 32, 887 7 231 5 874 3
Type of security:
Convertible bonds
(Investment
Series B):
1950—June
Dec
1951—June
Dec.
1952—June
Oct
Nov
64 5 846 Marketable securities, due or
83 7 901
callable:
72 8 360
104 10 080 Within 1 year:
92 10 268
1950—June
Dec
1951—June
114 °12 320
Dec
117 12 833
1952—June
274 7 255
Oct
52 1 434
174 3 221
Nov
445 8 761 1-5 years:
1950—June
378 9 092
Dec
1951—June
319 6 659
Dec
318 6 642
1952—June
337 5 114
Oct
542 10 044
Nov
478 8 841
315 2 489 5-10 years:
1950—June
327 2 587
Dec
1951—June
427 4 708
Dec
461 4 827
1952—June
370 25 447
Oct
438 25 049
Nov
125 22 129|
120 22 068i After 10 years:
1950—June
087 21 600
Dec
430 22 872! 1951—June
Dec
432 22 896
1952—June
1
Oct
Nov
Total
outstanding
U.S.
Govt.
agencies
and
trust
funds
13,573
12,060
13,095
2,905
2,905
3,437
12,491
12,499
3,438
3,438
42,448
58,013
60,860
72,790
70,944
117
81
129
155
146
61,908
63,911
127
155
6,999 27,450
7,246 28,502
51,802
33,378
31,022
28,678
29,434
327
189
139
155
130
5,116
1,285
3,878
5,102
5,941
40,718
40,725
138 14,147 19,160
147 14,147 19,033
15,926
17,411
16,012
11,206
13,321
423
412
376
309
524
1,148
982
1,032
1,014
1,070
17,565
17,564
616
634
45,134
43,648
30,023
30,012
26,707
4,482
4,682
2,629
2,726
2,211
2,349
2,508
1,397
1,415
1,358
1,394
1,531
1,236
1,269
1,122
13 ,571
14 ,035
10 ,534
10 ,828
10 ,038
26,586
26,572
2,234
2,254
1,358 2,585 4,726 4 ,566 1,137
1,358 2,582 4,725 4 ,555 1,133
9 ,979
9 ,965
Fed- Com- Mueral
tual
mer- savRecial
serve
ings
1
Banks banks banks
2,714
1,214
714
9,718
16,003
13,962
15,057
13,822
Insurance
companies
0 ther
Life
Other
166 1,252 2 ,921
172 1,246 2 ,923
191 1,356 3 ,172
312
318
362
3 ,304
3 281
3 ,864
189 1,354 3 ,177
189 1,351 3 ,179
364
360
3 ,969
3 ,982
614
249
218
655
799
270
626 1 ,206
954
532
778 1,203
550
638 1,106
15 ,463
20 ,117
22 ,389
24 ,718
25 ,143
16,068
20,088
21,596
30,348
29,540
415
408
540 1,110 25 ,267
605 1,122 25 ,872
33,127 1,058
24,534
568
20,853
227
18,600
142
18,352
138
619 1,112 10 ,442
398
744 5 ,661
113
643 5 ,168
119
566 3 ,993
123
567 4 ,183
149
144
125
125
671
710
6 ,328
6 ,419
2,439 1 ,129
927
2,125
906 1,042
2,010
842 1,017
1,925
712
945
2,092 1 ,090 1,089
4 ,186
4 ,615
4 ,460
3 ,859
4 ,183
1,070 6,173 2,201 1 ,146 1,373
1,070 6,279 2,137 1 ,140 1,363
4 ,985
4 ,942
5,675
7,329
6,275
2,442
3,274
4,094
2,934
2,781
2,740
2,681
7,130
7,180
5,389
5,276
4,707
12 ,114
10 ,778
6 ,056
5 ,758
4 ,589
1
0 per cent of total holdings
;
- column headed " o t h e r "
FEBRUARY
1953
157
NEW SECURITY ISSUES 1
[Estimates.
In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6
Gross proceeds, all issuers *
Noncorporate
Year or
month
Total
U.S.
FedGoverneral
ment 3 agency 4
Corporate
State
and
mu- Other' Total
nicipal
69 2,155
50 2,164
24 2,677
1938
1939
1940
5,926
5,687
6,564
2,480
2,332
2,517
1941
1942
1943
1944.
1945
15,157
35,438
44,518
. . . . 56,310
54,712
11,466
33,846
42,815
52,424
47,353
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
1946
1947..
1948
1949
1950
18,685
. . . . 19,941
20,250
21,110
19,893
10,217
10,589
10,327
11,804
9,687
357
0
0
216
30
1,157
2,324
2,690
2,907
3,532
56
451
156
132
282
115 1,108
13 1,128
109 1,238
Bonds
Total
PrePri- ferred
Publicly vately stock
offered placec
2,044
1,979
2,386
1,353
1,276
1,628
Retirement
of
bank
debt,8
etc.
Miscellaneous
purposes
ComNew 7
mon Total money
stock
Retirement
of
securities
691
703
758
86
98
183
25
87
108
903
420
762
681
325
569
7
26
19
215 1,206
69 1,695
174 1,854
2,667 2,389 1,578
811
917
1,062
506
411
990
1,170
621
369
3,202 2,670 1,892
778
6,011 4,855 3,851 1,004
167
112
124
369
758
110 1,040
34
647
56
408
163
753
397 1,347
868
474
308
657
1,080
28
35
27
47
133
144 1,583
138
396
73
739
49 2,389
134 4,555
891
778
614
736
811
3,889
5,115
6,651
5,558
4,990
3,279
4,591
5,929
4,606
4,006
231
168
234
315
364
379 2,868
356 1,352
488
307
637
401
620 1,271
838 1,214
7,120
6,531
226
363
486
617
811
570
771
18
29
29
11
587
48
433
154
939
161
939
135
971
163
798
112
157 1,256
295
50
407
45
940
169
448
49
559
413
875
844
925
747
1,234
280
386
775
403
13
7
19
24
9
5
8
10
7
9
31
15
13
45
70
38
46
14
5
14
157
14
43
45
8
36
15
13
126
38
34
125
48
94
35
6,900
6,577
7,078
6,052
6,361
446 7,741
4,881
5,035
5,973
4,890
4,910
3,019
2,888
2,963
2,435
2,350
1,862 1,126
2,147
761
3,010
492
2,455
424
2,560
631
5,690 2,364 3,326
21,265
9,778
1951—Nov,
Dec.
1,638
1,780
655
601
0
0
302
296
8
12
403
636
240
131
163
505
166
104
1952—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept.
Oct
Nov
2,194
1,698
1,649
2,336
2,494
2,452
6,441
1,175
1,339
1,932
1,213
1,024
967
515
722
928
978
4,898
544
444
531
480
0
0
0
228
0
0
0
0
0
0
0
564
222
145
397
396
624
226
201
428
2Q4
219
1
605
474
31
478
314
16
972
748
22
967
771
54 1,116
870
2
848
652
8 1,309 1,119
2
428
348
4
463
381
59 1,049
874
25
490
414
278
59
419
398
544
211
787
125
158
399
127
196
255
329
372
327
441
332
223
223
476
287
83
10
63
61
83
84
33
29
37
6
27
1951
110 3,189
New capital
673
871
105
132
Proposed uses of net proceeds, by major groups of corporate issuers
Year or
month
Commercial and
miscellaneous
Manufacturing
Total
net
proceeds
Total New
Total
Total New
Retire- net
Retire- net
Retire-u net
cap- ments
cap- ments
prou
ii
proments
proital io
ceeds
ceeds ital io
ceeds ital io
2,180
1,391
1,175
3,066
2,126
1,347
1,026
2,846
54
44
149
221
403
338
538
518
382
310
474
462
21
28
63
56
617
456
548
332
561
445
356
298
56
11
193
34
2,281
2,615
2,866
2,570
5,135
5,381
5,181
5,466
145
234
685
104
891
567
395
605
890
517
314
600
1951—November..
December. •
214
480
194
454
21
26
46
39
46
37
2
76
22
61
22
15
273
266
266
251
6
14
37
25
1952—January... .
February...
March
April
May
June
July
August
September..
October....
November..
349
285
366
350
559
287
351
132
185
579
269
349
253
362
345
514
285
342
97
145
560
255
"31
4
5
45
2
9
35
39
19
14
29
13
61
66
40
44
51
36
19
14
36
28
12
55
61
40
44
51
34
19
14
35
17
29
12
34
51 " " 6 8 "
35
16
46
10
85
12
13
1
15
12
184
125
490
399
313
355
282
122
197
333
58
178
122
484
398
305
355
281
122
196
267
58
6
3
6
2
3
6
47
26
29
493
22
18
26
51
1948
1949
1950
1951
New
1
2
5
5
i
1
1
1
17
29
12
34
119
51
46
94
12
15
27
Real estate
and financial
Communication
Public utility»
Railroad
New Retire- Total
net
capproital io ments n ceeds
8
1
1
i
67
New RetireNew Retire- Total
net
cap- ments ii
cappro- ital
io
ital io ments n ceeds
587
593
739
515
557
558
639
449
30
35
100
66
37
25
14
23
14
21
2
2
3
6
45
26
29
493
22
3
25
49
1
2
14
13
20
56
40
70
68
14
25
67
42
1
13
13
20
56
35
5
70
44 " " 2 4 *
4
10
18
62
5
36
6
2
49
81
5
1
2
8
5
8
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.
4
Includes issues guaranteed.
Issues not guaranteed.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and1 equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term
bank debt are included under the uses for which the bank debt was incurred.
9
Includes
"Other transportation."
10
Includes all issues other than those for retirement of securities.
11 Retirement of securities only.
Source.—Securities and Exchange Commission.
158
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual
Quarterly
Industry
1951
1946
1947
1948
1949
1950
1952
1951
1
2
1
4
3
2
3
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes . . .
Dividends
Nondurable goods industries (94 corps.): 2
Sales
Profits before taxes
Profits after taxes . . .
Dividends
Durable goods industries (106 corps.): 3
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes .
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
.
Profits before taxes
Profits after taxes .
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes .
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes .
Profits after taxes
Dividends
....
21 ,372
2 ,038
1 ,205
946
30 .869 37 ,008 36 ,738 44 ,118 51 ,067 12 ,711 13 ,047 12 ,297 13 ,013 12 760 12,606 12 ,227
4 ,104 5 ,317 5 ,038 7 ,893 8 ,557 2 ,238 2 ,219 1 ,964 2 ,137 1 940 1,618 1 ,507
2 ,524 3 ,312 3 ,101 4 ,055 3 ,411
878
839
762
683
932
624
815
1 ,170 1 ,404 1 ,660 2 ,240 1 ,986
469
475
475
567
476
475
482
8 940 11
13 ,407 1? 8S3 14 ,777 17 371
,847 2 ,702 3 ,184
1 ,426 1 ,787 2 ,210
908 1 ,167 1 ,475 1 ,213 1 ,513 1 ,411
449
551
657
710
845
889
4 ,349 4 ?88 4 .294 4 ,441 4 33S
814
855
741
705
773
342
368
368
334
314
202
199
242
203
210
12 6? 3 19 SO? ?3 S66 ?3 88S ?9 341 33 696
607 2 ,312 3 ,105 3 ,191 5 ,192 5 ,374
295 1 3SS 1 ,835 1 ,887
,000
,54?
494
615
746
950 1 ,351 1 ,141
8 36?
1 ,382
2 ,715
435
254
105
3 ,231 3 ,503 3 ,323 3 ,492
421
379
411
469
?S9
?3S
?S8
?S7
128
135
143
136
3 ,873
407
199
140
1 ,025
2 .550
463
283
180
3 ,108 3 ,549 3 ,557 4 ,447
67 S 1 ,110
656
S47
337
404
560
409
31?
438
254
?
,906 3 ,945 3 ,865 4 ,234
5 ,433
1 ,384
484
3SS
1 ,338
? ,080
269
214
92
s ,429
456
350
S?S
548
172
406
17?
6 SO
442
?0S
510
270
124
61
31
8 7S9 8 ,003
1 ,405
,191
497
428
273
273
901
86
40
35
891
S4S
?47
1 174
720
?70
993
S78
?8S
? ,310
37
—9
97
3 ,634 4 ,S?9 4 3S3
443
567
519
333
270
320
3 ,7?S
37
-8
136
6 69?
809
7 ,628
8 ,685 9 ,672
113
138
1 700
8S4
377
s ,0S8
847
424
?08
8 4? 5
1, 234
1 ,004
104
S?
42
959
86
40
32
S01
273
8,390 7 ,866
1,019
865
338
37S
270
270
942
93
42
33
983
105
49
32
1 ,377
1 ,351 1 ,367 1, 373 1,337 1 ,367
36S
31?
?8S
342
318
281
120
111
125
107
108
105
100
87
87
8S
88
87
1 ,318 1,275 1 ,3?S
4 ,999 1 ,?04 1 ,?04 1 ,?46 1
861
516
36S
128
84
?03
123
S7
118
222
148
64
127
SS
ss
7 ,S4S 9 066 8 187 10 ,446 1? ,501 3 044 3 ,198
4S1
270
211
942
93
46
32
8 ,S7?
1 ,396
S6S
325
4,216 4 361
599
642
287
308
206
205
09?
77S
380
5?S
188
88
5S7
193
8S
3 ,034
49?
176
86
6 167
1 480
998
367
250
90
43
1 434
210
73
48
1 690
301
191
1 S63
237
8?
47
?
?
8 0 9 3 9 S77 11 80S 1? 438 3 ?,68 3 331
1 ,131 1 ,473
30 S 1 ,915
S13
S08
704
194
183
445
639
861 1 ,087
119
19S
1??
451
671
479
282
899
40 S
142
119
?04
147
129
64
111
60
3, 073
2,385
S19
4? 5
120
88
16S
114
60
?
98
29
87
,60S
10?
86
1 ,S90 1,726 1 .713
232
238
218
81
91
80
S4
49
48
939
488
185
119
3 03S
S03
3,427
170
116
191
114
596
49
?
681
3 SO
144
114
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
.
Profits before taxes
Profits after taxes . .
Dividends
Telephone:
Operating revenue
.
Profits before taxes
Profits after taxes
Dividends
.
271
287
235
777 1 ,148
479
699
236
289
3 ,815
964
638
458
4 ,291 4 830
?
?
,148
313
209
168
954
643
494
8 ,580 9 ,473 10 ,391 2 ,440 2 596
700 1 384 1 ?60
?7S
104
146
693
438
783
101
63
312
328
252
2 ,583
?S0
53
2 772 2 , 587 2,532 2 633
SOS
?9S
368
261
320
141
149
208
74
111
80
66
,055 s ,431 s ,867 1 S04 1 419 1 4? 3 1
344
403
320
413
983 1 ,129 1 ,303 1 ,480
19S
168
818
6S7
8?4
7S7
493
,283
,694
215
138
131
292
186
178
?
553
619
661
1S7
161
162
181
967
333
?07
213
34?
580
331
276
3 7?9
691
341
318
904
17S
90
77
918
174
9?
79
931
160
7?
81
976
182
86
81
1 ,603 1,491 1 S13
382
400
498
214
?07
?S7
17?
173
177
993
194
93
85
1,023
1 037
18?
88
91
205
98
87
1
For manufacturing, certain tax accruals for the first six months of 1951, required by subsequent increases in Federal income tax rates and
charged by many companies against third quarter profits, have been redistributed to the first and second quarters. For public utility corporations,2 1951 quarterly profits after taxes are as reported.
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
3
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
FEBRUARY
1953
159
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Year or
quarter
Profits
before
taxes
Income
taxes
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
All types
Year or
quarter
Profits Cash Undisdivi- tributed
after
taxes dends profits
Bonds and notes
New Retire- Net
New RetireNew Retire- Net
Net
issues ments change issues ments change issues ments change
1939
1940...
1941
1942
1943
1944...
1945
6.5
9.3
1.5
2.9
5.0
6.4
3.8
4.0
1.2
2.4
1939
1940
2,182
2,801
2,721
3,074
-539
-273
17.2
21.1
25.1
24.3
19.7
7.8
11.7
14.4
13.5
11.2
9.4
9.4
10.6
10.8
8.5
4.5
4.3
4.5
4.7
4.7
4.9
5.1
6.2
6.1
3.8
1941
1942
1943
1944
1945
2,793
1,151
1,333
3,424
6,457
2,817
1,464
2,129
3,899
6,846
1946
1947
1948
1949
1950
23.5
30.5
33.8
27.1
39.6
9.6
11.9
13.0
10.8
18.4
13.9
18.5
20.7
16.3
21.2
5.8
6.6
7.3
7.5
9.0
8.1
12.0
13.5
8.8
12.3
1946
1947
1948
1949
1950
7,180
6,882
7,570
6,732
7,224
1951
1952
1951—2
3
4
42.9
'39.7
24.2
'22.6
18.7
'17.1
9.0
'9.1
9.6
'8.0
1951
43.3
38.6
39.5
24.5
21.8
22.2
1952—1
2
42.7
'38.2
'37.2
'40.3
'24.3
'21.8
'21.2
'23.0
18.8
16.9
17.3
'18.4
'16.4
'16.0
'17.3
9.0
9.2
9.3
9.8
7.7
8.0
8.9
9.6
9.3
'9.0
'9.5
'6.8
'6.7
8.3
' Revised.
1
Figures except those for cash dividends, are estimates based on the past relationship of corporate
profits to private nonfarm gross national product.
Source,—Department of Commerce.
Stocks
2,550
2,814
-24
-313
-796
-475
-389
1,939
2,477
2,391
929
996
2,693
4,924
4,798
2,523
1,684
1,875
3,500
2,382
4,359
5,886
4,856
3,724
4,721
5,015
5,938
4,867
4,806
3,625
2,011
1,284
1,583
2,802
1,096
3,004
4,654
3,284
2,004
6,433 5,687
-611
-337
243
324
171
260
72
64
2,516
402
-125
1,327
222
-398
1,800
337
-804
3,391
731
-698
5,995 - 1 , 0 7 1 1,533
301
137
329
508
851
101
85
8
223
682
2,459
1,867
1,632
1,865
2,418
1,173
512
400
292
698
L.286
1,355
1,232
1,572
1,720
9,137
2,704
2,042
3,644 3,450
662
2,788
1951—2.... 2,749
1,792
3
4 . . . . 2,477
778
652
526
1,971
1,140
1,951
1,758
1,077
1,406
582
493
398
991
1,176
715
584
1,008 1,071
196
159
128
794
556
943
1952—1.... 2,438
2 . . . . 3,087
3 . . . . 2,459
558
602
716
1,880
2,485
1,743
1,640
2,183
1,822
489
513
611
1,151
1,670
1,211
798
905
637
69
89
105
729
815
532
1
Reflects cash transactions only. As compared with data shown on p. 158, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. 158.
Source.—Securities and Exchange Commission.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates, in millions of dollars]
Current assets
Current liabilities
U. S. Gov- Notes and
accounts
ernment
securities receivable2
Notes and Federal
accounts3 income tax
liabilities
payable
Net
working
capital
Total
Cash
1939
1940
24 5
27.5
54 5
60.3
10 8
13.1
22
1941
1942
1943
1944
1945
32.3
36 3
42.1
45.6
51 6
72.9
83 6
93.8
97.2
97 4
13.9
17 6
21.6
21.6
21.7
4.0
1946
1947
1948
1949
1950
56 2
62.1
68 6
72.4
78 4
108 1
123.6
133 0
130.9
153.0
82.2
83 0
82.6
84 1
85.7
86.9
End of year
or quarter
1951—2
3
4
1952—1
2
3
1
3
....
....
Inventories
Other
Total
22.1
24.0
18.0
19.8
1.4
1.5
30 0
32.8
21 9
23.2
1.2
2.5
6 9
10 1
16.4
20.9
21.1
28.0
27.3
26.9
26.5
25.9
25.6
27.3
27.6
26.8
26.3
1.4
1.3
1.3
26.4
26 0
26.3
26.8
25.7
7.1
1.4
2.4
40.7
47 3
51.6
51.7
45.8
12 6
16.6
15.5
10.4
7.2
8.7
8.7
22 8
25.0
25.3
26.4
27.3
15 3
14.1
14.8
17.0
20.8
30.7
38.3
42.4
41.9
51.8
37.6
44.6
48.9
44.2
51.4
1.7
1.6
1.6
1.4
1.7
51.9
61.5
64.4
58.5
74.6
31 6
37.6
39.4
35.7
44.6
10.7
11.5
15.4
11.8
13.2
13.5
13.1
14.6
162.6
166 6
170.7
27.8
28 3
29.4
21.1
21.2
21.6
53.5
55.4
56.4
58.2
59.6
61.2
2.0
2.1
2.1
80.4
83.6
88.1
48.3
49.4
52.5
17.3
18.7
20.2
14.8
15.4
15.4
171 4
169.6
175.8
28 4
29.7
30.0
21.2
20.0
20.8
57.0
57.1
62.0
62.5
60.7
60.7
2.2
87.3
84.0
88.9
52.7
51.7
54.9
18.5
16.0
16.6
16.1
16.3
17.5
2.0
2.1
2.3
Other
7.1
9.4
9.7
8.5
9.7
2
Includes amounts due from the U. S. Government.
Excludes banks and insurance companies.
Source.—Securities and Exchange Commission.
Includes amounts due to the U. S. Government.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT*
[Estimates, in millions of dollars]
Year
Total
Manufacturing
1939
1945
1946
1947
1948....
1949
1950....
1951
1952
5,512
8,692
14,848
20,612
22,059
19,285
20,605
26,332
26,860
1,943
3,983
6,790
8,703
9,134
7,149
7,491
11,130
12,452
1
Mining
Railroads
Transportation
other
than
rail
Public Comutili- munications
ties
326
383
427
691
882
792
707
911
850
280
548
583
889
1,319
1,352
1,111
1,474
1,398
365
574
923
1,298
1,285
887
1,212
1,492
1,394
520
505
792
1,539
2,543
3,125
3,309
3,855
3,961
302
321
817
1,399
1,742
1,320
1,104
1,344
Trade
Other 2
1,392
1,074
2,694
3,957
3,158
2,874
3,494
3,896
6,804
384
1,304
1,822
2,136
1,996
1,786
2,177
2,230
Quarter
Total
Manu- Transfactur- portation
ing
inch
and
railminroads
ing
Public
All 3
utili- other
ties
1951—2... 6,665
3 . . . 6,715
4 . . . 7,421
3,043
3,077
3,579
814
726
776
936
1,042
1,117
1,872
1,870
1,949
1952—1. . .
2. . .
3...
4*..
6,228
6,913
6,420
7,298
2,950
3,484
3,135
3,733
723
759
600
710
847
957
970
1,187
1,708
1,713
1,715
1,668
1953—1 *.. 6,519
3,275
642
996
1,607
2
Corporate and noncorporate business, excluding agriculture.
Includes service, finance, and construction.
Includes communications, trade, and other.
* Anticipated by business.
Source.—Department of Commerce and Securities and Exchange Commission.
3
160
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 production1
(physical volume)*
1935-39=100
Manufactures
Year or month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment and payrolls3
1947-49=100
All
other
Nonagricultural
employment
Freight
carloadManufacturing
ings*
production workers 1935-39
= 100
Employment
Payrolls
AdAd- Unad- Unad- AdAdAdAdAdAdAd- U n a d - Adjusted j u s t e d justed justed justed justed justed justed justed justed justed justed justed
Department
sales*
(retail
value)4
1947-49
= 100
WholeConsale
comsumers'
3
prices modity
1935-39 prices 8
= 100 1947-49
= 100
Adjusted
Unadjusted
Unadjusted
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
34
34
30
43
4.5
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
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
69
69
73
63
49
73
71
76
52
30
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
147
148
152
131
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
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
70
70
79
81
90
80
67
76
80
86
34
15
14
17
20
22
8
7
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
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
103
113
89
109
125
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
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
66
89
37
22
36
54
49
24
10
16
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
140
135
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
1946
1947
1948
1949
1950
170
187
192
176
200
192
220
225
202
237
165
172
177
168
187
134
149
155
135
148
82
84
102
113
159
87
86
98
116
185
79
83
105
111
142
95.1
99.6
101.6
98.8
101.4
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.2 111.2
132
143
138
116
128
90
98
104
98
105
139.5
159 6
171.9
170 2
171.9
78.7
96 4
104.4
99 2
103.1
1951
1952
220
219
273
280
104
189
164
160
171
170
?183
?182
172 106.6
P183 P107.7
105 4 120 2
P104.2 P134.2
134
126
100
P109
185 6
189 8
114 8
221
212
217
218
218
219
218
222
223
223
214
220
223
222
220
217
279
276
274
265
267
271
274
277
282
198
198
197
187
193
192
188
188
185
164
165
165
156
165
167
174
170
163
199
193
200
162
156
147
140
156
166
170
166
174
179
176
168
160
146
145
106.0 129.5
105.0 128.1
105.6 129.8
104.2 126.4
105.7 128.4
105.8 130.9
105.1 129.8
104.3 129.8
104.4 132.9
136
133
131
125
133
133
135
137
133
104
104
105
105
109
106
109
113
109
184
185
185
185
185
186
187
188
189
116
115
115
114
113
113
113
113
113
217
218
217
215
211
205
194
218
'232
233
235
J>233
282
284
189
190
167
167
161
156
142
163
285
188
171
168
174
108
106
166
140
164
141
136
183
181
164
189
186
133
105
July
August
September
October
November
December
221
222
221
216
211
204
193
215
r
228
••230
234
*»235
247
230
186
179
147
142
267
'290
••299
304
P313
191
194
195
197
P194
156
175
164
171
*164
172
177
193
196
108
102
111
105
189.1
187 9
188 0
188.7
189 0
189 6
190 8
191.1
190 8
190.9
191 1
190.7
1953
January
«236
'232
«315
«196
«163
1919
1920
1921
1922
1923
1924
1925 .
. . . .
1936 . .
1937
1938
1939
1940
1941
1942
1943
1944
1945
. . . .
. . .
1951
April#
May
June
July
,
August
223
222
October
November
December
1952
January
February
!March
April
May
June
277
277
207
207
210
196
P201
193
191
185
178
P177
219
211
217
150
143
133
127
162
180
106.6
106.8
107.1
107.1
107.0
106.8
106.6
106.8
107.1
107.1
106.8
106.8
106.0
104 8
103.9
103.4
103.3
103.5
173 106.8 103.6
152 107.0 103.8
107.0 103 7
158 107.0 104 0
156 107.1 103.4
158 106.5 100 8
165 106.1
99.2
217 107.9 103.4
218
'105.6
'ios.7
227 '108.9 '106.5
207 109.4 107.6
P218 P109.7 P108.1
157
103.2
103.6
103.6
102 9
101.8
99 7
97.5
104.2
'107.4
'108.2
108.7
P109.0
130.4
131.0
131 9
128.1
128.1
126 4
121.1
133.3
'142 1
'144.2
145.3
•149,0
78
82
126
122
103
108
125
134
128
134
131
114
106
115
113
P115
128
«109
6
4
2
5
5
6
4
6
1
3
9
1
2
7
4
7
6
5
113.0
112 5
112 3
111.8
111 6
111 2
111 8
112.2
111 8
111.1
110 7
109.6
r
* Estimated; all estimates are those of the Federal Reserve.
P Preliminary.
Revised.
* Average per working day.
1
For
indexes
by
groups
or
industries,
see
pp.
161-165.
2
Three-month moving average, based on F. VV. 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. 169.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950, interim revision of series and weights.
* For indexes by Federal Reserve districts and for other department store data, see pp. 172-174.
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.
FEBRUARY
1953
161
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers. 1935-39 average =100]
1951
1952
Industry
Dec. Jan. Feb. Mar. I Apr. M a y June July Aug. i Sept. Oct.
Nov. Dec.
Industrial Production—Total .
218
221
222
221
216
211
204
193
215 1*228 '230
234
'235
Manufactures—Total
228
231
232
231
225
224
214
202
225 I '237 r242
245
'247
282
282
284
285
277
277
247
230
267
290
'299
304
'313
263
261
261
263
245
246
140
139
244
270
280
283
v288
227
304
219
911
229
304
218
913
235
304
892
239
309
225
911
205
278
196
855
208
278
195
867
42
66
39
38
83
36
221
283
202
860
242
319
222
247
332
233
1040
244
334
231
247
335
238
022
358
359
360
359
354
353
256
418
352
331
339
287
229
162
Durable Manufactures
Iron and Steell
Pig iron
Steel
Open hearth.
Electric
Machinery
Transportation
Equipment.
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
consumption) 2
Lumber and Products.
Lumber.. .
Furniture.
Stone, Clay, and Glass Products.
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2 .
Nondurable M a n u f a c t u r e s . . .
Textiles and Products
Textile fabric?
Cotton consumption
Rayon deliveries
Nvlon and silk consumption 2 .. .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream *
320
318
322
327
329
338
221
218
219
222
227
231
336
1013
r363
'354
300
'368
'353
175
'261
'247
1064
>387
372
376
'272
271
207
216
217
218
218
216
210
201
213
'225
236
240
235
243
249
252
257
259
247
242
251
248
251
251
196
206
204
204
203
199
195
184
197
•231
236
154
159
162
158
152
142
146
149
155
155
161
141
178
150
175
154
176
149
175
143
170
128
168
134
169
128
165
135
175
140
183
138
190
146
190
149
'194
219
217
224
222
220
217
222
214
221
224
221
'221
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
243
261
231
163
245
261
227
241
254
231
161
233
242
233
161
'221
225
254
'161
190
185
189
152
157
137
136
283
142
144
118
99
121
115
112
119
131
215
158
>245
P260
239
P164
188
183
181
186
179
191
194
195
197
194
152
144
151
154
147
170
177
172
176
>167
146
150
294
139
141
288
131
130
280
137
135
287
138
133
312
120
111
343
152
143
369
158
145
377
154
142
361
158
149
356
141
337
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
137
148
149
130
121
144
136
134
140
142
126
117
140
138
137
153
137
128
120
138
142
88
100
107
108
102
105
103
91
116
112
113
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
92
106
69
67
79
81
91
60
71
66
98
97
110
79
67
89
103
115
'87
77
93
118
103
116
84
83
86
160
162
165
166
163
109
122
113
103
108
136
62
161
119
137
65
165
118
138
66
163
120
142
71
169
133
146
73
181
149
115
111
160
166
103
148
73
183
163
113
147
69
180
164
162
109
145
70
176
152
97
107
90
65
88
129
123
164
'168
109
148
69
178
168
120
vl61
'165
161
P112
109
108
148
71
178
166
146
73
176
155
113
147
73
191
152
152
85
209
155
p Preliminary.
* Revised.
1
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the n e w methods
m a y be obtained from the Division of Research and Statistics.
2
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 shewn in preceding B U L L E T I N S .
162
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1951
1952
Industry
Dec. Jan. Feb. Mar. Apr. M a y
June July Aug. Sept. Oct. Nov. Dec.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
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
147
163
144
109
68
158
180
149
121
77
170
200
151
125
87
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
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
171
138
117
189
171
M75
134
190
136
'190
176
174
171
170
157
150
152
162
151
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
147
176
175
174
184
178
189
87
204
108
244
105
244
60
67
68
109
243
110
259
114
245
116
264
184
187
193
Alcoholic Beverages
Malt liquor
Whiskey . .
Other distilled spirits
Rectified liquors
Tobacco Products
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groiindwood pulp
Sulphate and sulphite pulp 3
Paper
Wrapping paper
Printing and Publishing
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Other petroleum products
Coke
2
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products 2
182
185
189
223
116
94
229
111
95
237
114
99
261
176
271
178
279
181
191
197
209
191
181
181
128
192
195
177
123
191
184
176
129
174
175
158
159
281
215
234
192
224
59
192
62
64
185
182
169
194
170
196
155
131
89
176
202
163
124
97
P166
P127
131
166
124
134
183
155
162
180
166
165
21
?34
175
160
26
148
263
154
28
182
325
177
31
133
369
182
44
127
228
172
186
187
190
181
172
113
240
111
261
98
243
65
68
134
258
124
249
54
123
257
65
66
57
59
181
160
188
192
203
205
195
131
96
r
l72
P181
188
181
175
176
154
180
181
192
194
185
241
117
99
228
110
95
221
108
92
227
121
89
195
124
68
229
132
82
220
125
83
233
125
89
236
108
92
220
112
91
284
180
269
174
260
168
266
168
226
148
267
172
256
175
274
186
280
188
258
180
202
207
201
182
222
233
246
249
235
189
190
178
131
186
186
161
122
175
162
149
130
182
168
153
134
1 *>0
174
124
126
168
180
148
130
165
187
146
126
178
206
150
123
182
193
161
121
179
195
150
116
177
177
175
170
176
157
165
165
176
175
168
163
164
164
166
169
164
162
166
173
169
157
281
281
278
261
209
251
259
280
282
279
289
P289
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
232
179
208
225
226
182
207
233
239
171
225
P231
P241
182
179
P183
205
i<55
185
178
188
179
188
179
456
464
459
420
311
72
71
169
168
84
67
67
326
52
184
299
243
269
298
300
297
294
292
292
298
299
302
302
303
308 P313
204
197
166
161
161
158
159
152
151
157
154
322
562
299
562
155
317
563
269
563
267
559
270
558
307
563
325
565
354
568
242
235
242
246
157
177
174
179
178
155
r
370
307
1 58
158 P 1 5 7
357
350
594
P350
P610
567
r
225
242 '252
r
258
263 P273
175
164
171 P164
577
Rubber Products....
250
248
243
Minerals—Total
163
167
167
164
166
140
147
142
156
Fuels
170
175
174
170
171
140
161
115
161
180
167
177
P172
125
135
86
193
136
147
91
194
123
135
77
199
111
122
68
199
110
119
74
201
100
107
73
159
96
102
74
193
84
91
57
190
93
102
61
194
133
144
88
203
93
93
95
203
125
135
87
202
115
125
71
j>2 00
122
125
128
125
141
143
65
65
131
148
145
138
P121
174
177
182
176
204
207
71
71
188
219
212
201
44
70
47
72
47
76
48
78
47
77
51
52
71
54
63
50
63
48
63
47
69
Coal
Anthracite
Metals.
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 2
Gold
Silver
75
For other footnotes see preceding page.
NOTE.—Fcr 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.
FEBRUARY
1953
163
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1951
1952
Industry
Dec.
Jan. Feb.
Mar. Apr.
May
June July Aug. Sept. Oct.
Nov. Dec.
Industrial Production—Total
217
217
218
217
215
211
205
194
218
'232
233
235
Manufactures — Total
227
227
229
228
224
224
215
203
228
'242
245
246 P246
Durable Manufactures
Iron and Steel *
280
280
281
283
277
278
249
232
269
-292
-301
263
261
261
263
245
246
140
139
244
270
280
227
304
219
911
229
304
218
913
235
304
221
892
239
309
225
911
205
278
196
855
208
278
195
867
42
66
39
256
38
83
36
418
221 242 247 244 247
283 319 332 334 335
202 222 233 231 238
860 1013 1040 1064 1022
358
359
360
359
354
353
352
331
336
'354
'363
372 P387
320
318
322
327
329
338
339
287
300
'353
'368
376 P387
221
218
219
222
227
231
229
162
175
-247
-261
271 P272
207
216
217
218
218
216
210
201
213
'225
'236
240 P245
235
243
249
252
257
260
246
241
251
248
251
251 P261
196
206
204
204
203
199
195
184
197
-216
-231
141
142
148
149
152
145
155
150
160
167
164
122
178
125
175
133
176
135
175
143
170
133
168
148
169
143
165
152
175
159
183
151
-190
143
190
212
205
208
212
216
224
225
216
231
232
'234
226 P214
197
201
220
177
207
219
188
169
218
232
196
168
224
239
200
167
225
242
226
168
240
260
241
167
245
266
237
169
235
2SS
236
160
251
272
261
169
-248
267
263
-167
247
262
267
-171
235 P210
245 210
252 231
167
. .
185
184
186
184
180
180
187
181
195
-201
200
199
.
152
157
160
152
144
151
154
147
170
177
172
176 P167
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
154
142
361
158
149
356
118
99
116
120
122
133
112
123
117
113
112
103
71
123
120
137
148
134
149
130
-140
142
r
126
137
153
110
108
108
117
116
117
114
103
112
121
117
120
..
Pig iron
Steel
Open hearth.
Electric
Machinery
Automobiles (including parts)
(Aircraft; Railroad
equipment; Shipbuilding—Private and
Government)2
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)2
Lumber and Products
Furniture
Stone Clay and Glass Products
.. .
Glass products
.
...
Glass containers
Cement
Clav products
Other stone and clay products 2
Nondurable Manufactures
Text. les and Products
Textile fabrics
Nylon and silk consumption s
Wool textiles
Apparel wool consumption
....
121
115
112
Worsted yarn
Leather and Products
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings *
Manufactured dairy products
Butter
Cheese
Canned and dried milk
P233
119
131
110
109
108
109
126
110
103
96
120
126
114
113
112
109
75
123
112
125
113
120
103
108
106
97
116
123
124
124
112
113
139
120
305
283 P288
236
159 P151
131
123
144
136
140
138
138
142
100
109
108
102
105
102
90
116
111
112
114
79
91
58
61
67
94
86
100
62
96
109
77
86
98
67
84
95
69
90
105
64
90
102
70
77
86
60
95
107
83
95
105
88
104
116
89
66
110
70
122
66
66
78
111
62
98
77
68
114
77
115
66
81
118
92
129
86
123
93
118
106
121
85
80
91
120
158
151
149
148
149
154
165
174
185
'192
'178
108
122
114
101
104
99
109
108
108
118
115
114
95
49
86
54
116
64
217
95
215
86
214
76
173
69
133
63
122
95
152
75
197
94
116
92
97
58
245
227
256
227
217
176
199
173
182
153
158
126
106
55
74
134
108
68
152
131
188
168
68
70
128
P193
141
337
137
128
88
70
P239
165 P159
143
107
67
151
120
r
v 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.
1
Because of a reclassification of the basic data med 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.
164
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1951
1952
Industry
Dec.
Jan.
Feb.
Mar Apr. May June July Aug. Sept Oct.
IMeat packing
Pork and lard
Beef
Veal
195
264
141
79
68
193
253
148
81
85
175
223
140
74
86
165
214
128
76
83
152
188
127
78
77
147
167
140
88
78
147
170
134
99
73
137
144
146
109
65
138
139
150
118
75
169
183
167
149
100
190
230
161
141
89
Other manufactured foods
Processed fruits and vegetables
166
96
150
157
83
149
155
84
144
153
82
125
151
89
107
154
96
100
166
124
89
179
179
96
195 ••207 ••191
234 »-279 rJ94
144 175 171
174
114
158
P163
187
177
176
176
175
178
189
193
194
'194
'194
192
P185
154
145
152
155
155
158
176
186
159
159
173
163
142
142
151
155
159
162
170
203
220
188
161
143
136
145
85
278
73
219
73
196
68
190
62
179
51
139
38
115
19
115
21
126
26
202
28
472
31
280
44
140
225
150
193
208
205
214
207
224
175
263
325
369
228
137
176
167
164
174
178
197
179
193
198
197
184
159
87
188
108
244
105
229
109
226
110
241
114
245
116
278
113
252
111
274
123
275
134
268
124
254
98
224
53
66
66
59
62
64
66
54
66
69
71
59
51
183
187
194
192
186
182
182
159
188
191
203
205
195
Nov Dec.
Manufactured Food Products—Continued
Other food products
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Tobacco Products
....
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
154
158
163
138
93
208
266
163
116
95
P99
181
185
190
181
175
177
153
180
181
192
194
184
230
116
95
271
178
197
188
223
117
94
261
175
191
238
119
99
279
182
209
242
125
99
284
180
205
230
121
95
269
174
202
222
117
92
260
168
207
227
122
89
266
169
201
193
110
68
226
147
182
227
116
82
267
172
222
217
112
83
256
175
233
232
116
89
274
186
246
237
114
92
280
188
249
220
113
91
258
179
235
191
175
181
125
192
193
177
123
191
191
176
129
189
190
178
131
186
188
161
124
175
162
149
131
182
171
153
135
150
167
124
124
168
180
148
129
165
187
146
126
178
208
150
123
182
193
161
123
179
189
150
114
178
170
175
180
180
174
175
145
157
166
180
183
172
166
148
159
171
174
173
168
141
146
168
182
184
165
281
281
281
278
261
209
251
259
280
282
279
289 P289
215
234
190
231
211
238
183
248
212
242
175
21*
210
227
181
227
205
218
184
215
157
167
129
134
216
228
185
187
225
231
172
210
231
235
179
221
234
232
179
206
225
226
182
207
233 P231
239 P241
171
231
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
179
178
243
182 P183
179
269 307
302
302
300
298
295
291
296
295
299
'305
309
313
158
156
155
1^5
155
156
153
158
322
562
155
152
317
563
299
562
153
269
563
267
559
270
558
307
563
325
565
354 370
568 '567
156 P 1 5 8
350 *>35O
Rubber Products
250
248
243
242
235
242
246
225
242
Minerals—Total
159
162
162
158
165
143
149
144
161
180
166
no
Fuels
170
175
174
170
171
140
161
155
161
180
167
177 P172
125
136
123
111
110
100
96
84
93
133
93
125
115
135
86
147
91
119
74
107
73
102
74
91
57
144
88
93
95
135
87
125
71
194
122
68
102
61
193
135
77
203
203
202 P200
P88
Paper and pulp ....
Pulp.
Soda pulp....
Sulphate and sulphite pulp8
Paper
.
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Printing and Publishing
Newsprint consumption
Petroleum and Coal Products
Gasoline
Fuel oil
Lubricating oil
...
Other Detroleum Droducts *
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Ravon
.
. .
Industrial chemicals
Other chemical products2
Coal
Bituminous coal..
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
•
Silver
...
199
199
201
159
193
190
194
357
r
577
'252 r258
594
P317
P610
263 P273
P160
89
88
91
00
130
159
75
81
164
178
164
132
117
116
121
118
189
239
91
101
244
265
241
186 P 1 1 3
94
94
98
94
238
348
41
71
381
418
363
248
46
70
45
73
43
77
43
80
42
77
44
74
48
68
52
61
54
61
55
64
56
69
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.
FEBRUARY 1953
165
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1951
1952
Product group
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Total
98
100
102
104
103
105
108
71
84
121
125
134
133
Passenger automobiles
93
91
96
103
109
110
114
47
63
122
125
131
129
104
63
105
100
130
110
79
104
97
164
108
75
103
95
158
106
80
102
98
141
97
83
106
82
118
99
81
109
85
115
101
44
110
89
136
98
61
113
74
135
108
76
113
94
141
119
81
rH5
89
205
124
99
119
91
214
137
98
120
114
237
138
Carpets .
....
Furniture
^lajor appliances
.
Radios and television
121
115
236
r
Revised.
NOTE.—Figures for December 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
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
ADJUSTED FOR SEASONAL
VARIATION
Total
12,803 12,816 12,835 12,832 12,862 12,794 12,465 12,268 12,795 13,058
Durable goods
7,261 7,256 7,285 7,281 7,331 7,302 6,916 6,674 7,188 '7,430
Primary metal industries
1,152
1,148
1,156 1,154
1,143
720
1,116 1,153
686
1,153
Fabricated metal products
794
799
802
111
799
795
745
'821
806
796
Machinery except electrical
1,267
1,263
1,193 '1,199
1,276
1,255
1,275
1,215
1,263
1,276
Electrical machinery
715
712
726
714
710
720
706
747
715
718
Transportation equipment
1,235
1,266
1,192 '1,330
1,288
1,251
1,323
1,169
1,307
1,235
Lumber and wood products
699
680
709
688
••705
685
690
709
635
667
Furniture and fixtures
290
'302
293
299
293
290
297
297
294
292
Stone, clay, and glass products. .
460
460
449
456
452
449
453
448
449
457
Instruments and related products
230
232
232
240
231
235
242
233
233
238
Misc. manufacturing industries..
408
388
398
374
375
376
403
374
382
401
Ordnance and accessories
'63
59
60
52
56
55
59
54
58
60
Nondurable goods
5,492 5,549
5,542 5,560 5,550 5,551 5,531
5,594 5,607 '5,628
Textile-mill products
1,088
1,082
1,124 1,120 1,106
1,102
1,137 '1,153
1,093
1,114
Apparel and other finished textiles
1,020 1,029
,021
1,020 1,011
1,004
1 ,034 '1.037
1,018
1,045
Leather and leather products. . .
325
335
336
330
339
344
350
348
347
345
Food and kindred products
1,133
,159
1,161
1,144
1,155
1,153
1,140 '1,138
1,169
1,163
Tobacco manufactures
83
81
81
82
83
83
84
84
82
83
Paper and allied products
402
399
406
403
398
400
410
'413
405
403
Printing, publishing and allied
industries
512
507
510
511
510
510
514
'515
511
512
527
Chemicals and allied products...
530
531
530
530
525
523
523
528
532
197
Products of petroleum and coal.
195
195
197
199
169
201
200
189
189
215
214
216
214
Rubber products
213
216
218
'217
214
208
13,168 13,314 13,375
'7,534 7,654 7,712
1,172
1,166
1,156
858
856
'840
1,221
756
1,387
'690
303
463
245
410
'63
1,254
769
1,423
689
307
465
1,281
785
1,441
671
310
457
1,150
249
413
63
5,660
1,150
1,029
351
1,141
83
'415
1,055
359
1,129
82
417
250
422
65
5,663
1,144
1,062
364
1,116
83
423
517
525
203
'220
519
525
202
222
519
525
202
225
<5,634
WITHOUT SEASONAL ADJUSTMENT
Total
12,911 12,766 12,820 12,815 12,733 12,588 12,329 12,061 12,886 13,285
7,322 7,264 7,306 7,316 7,329 7,262 6,888 6,559 7,146 '7,444
Durable goods
676
Primary Metal Industries
716
1,164 1,162 1,160 1,154 1,143 1,141
1,110 ' i , 153
Blast furnaces, steel works
'565
155
134
540
570
567
573
570
558
557
and rolling mills
r
769
806
807
807
806
726
821
798
783
804
Fabricated Metal Products
1,269 1,276 1,281 1,280 1,282 1.269 1,261 1,203 1,181 n, 193
Machinery except Electrical
245
248
244
249
249
249
247
'247
242
247
Metalworking machinery...
726
706
727
722
708
714
708
743
725
685
Electrical Machinery
Electrical apparatus (gen254
269
271
266
259
273
275
273
270
267
erating, etc.)
265
272
268
281
271
273
273
269
267
297
Communication equipment. 1,235 1,235 1,251 1,266 1,288 1,307 1,323 1,169 1,192 '1,330
Transportation Equipment
'680
521
672
645
525
634
643
663
633
667
Motor vehicles and equip454
'448
407
447
466
424
415
428
430
437
ment
709
Aircraft and parts
'719
697
727
696
668
654
670
678
635
All
Lumber and Wood Products
'438
412
424
442
396
391
398
405
387
285
'304
288
296
295
296
Sawmills and planing mills..
296
292
296
287
202
216
208
202
210
207
208
208
205
202
Furniture and Fixtures
441
462
453
458
465
447
452
449
452
449
Household furniture
242
232
233
230
238
233
232
234
236
233
Stone, Clay, and Glass Products..
414
382
381
395
381
382
380
374
376
375
Instruments and Related Products.
'63
52
60
59
55
54
56
58
59
60
Misc. Manufacturing Industries..
Ordnance and Accessories
For footnotes see following page.
166
13,378 13,447 13,487
'7,583 7,709 7,778
'1, 162 1,172 1,184
'566
r
844
'1,215
'246
764
568
860
1,248
247
781
27'4
307
'1,387
278
320
1,423
'708
'477
'700
432
309
'222
465
246
428
'63
740
484
696
425
315
226
467
250
434
63
871
1,287
801
1,441
668
316
462
253
430
65
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1952
1951
Industry group or industry
Nondurable goods
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Leather
and Leather
Products....
Footwear (except rubber)...
Food and Kindred Products
Meat products
Canning and preserving....
Bakery products
Tobacco Manufactures . .
Paper and Allied Products
Pulp, paper and paperboard
mills . .
. . . .
....
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals.
Products of Petroleum and Coal..
Petroleum refining
Rubber Products
Dec.
Jan.
Feb.
Mar.
Apr.
May
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
1,035
235
1,029
228
1,052
233
1,051
238
296
323
205
1,122
252
120
190
85
410
300
330
213
1,068
246
106
187
82
405
309
342
221
1,060
244
105
187
80
404
212
211
520
510
155
171
538
171
196
155
151
170
536
170
193
153
152
166
538
168
193
153
152
167
538
168
194
152
152
166
530
163
197
155
219
218
215
215
213
June
July
Aug.
5,326
1,083
503
209
5,441
1,082
506
212
5,502
1,081
509
209
5,740
1,120
519
221
996
239
959
238
972
240
982
239
1,050
249
306
344
222
1,057
239
104
189
78
401
275
336
217
1,057
233
114
186
77
398
252
330
213
1,074
230
122
183
77
398
252
340
221
1,138
232
155
190
78
403
269
340
219
1,215
234
211
195
78
395
210
208
206
206
209
203
209
507
508
507
507
511
507
509
154
167
512
163
190
155
154
167
517
161
168
126
213
215
Oct.
'5,841
l 141
522
225
'5,795
r
l,150
524
228
5,738
1,161
527
230
5,709
1,161
* 1,068
253
r
065
'256
1,066
255
1,078
T-284
355
224
7-1,235
235
T-227
T-195
91
*417
287
357
224
1,157
245
150
194
88
421
»-208
T-209
210
rl
522
155
169
535
170
203
159
'222
524
r
r292
292
357
355
232
228
1,279 '1,314
r
232
236
280
T-313
194
195
87
91
r
408
411
154
165
511
166
191
158
154
165
513
168
205
161
202
212
Dec.
Sept.
)15
155
T-167
526
168
203
159
'217
l,
Nov.
362
1,104
85
427
527
156
170
535
172
203
159
535
201
229
226
T
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 December 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
Average hours worked
(per week)
Average hourly earnings
(dollars per hour)
1951
Dec.
Oct.
Nov.
Dec.
Dec.
Oct.
Nov.
Dec.
Dec.
Oct.
Nov.
Dec.
Total
67.40
70.59
70.78
72.36
41.2
41.8
1.636
1.705
1.718
1.731
72.71
'76.72
76.82
78.61
42.2
41.4
42.2
41.2
Durable goods
42.0
42.7
1.723
'1.818
1.829
1.841
'82.14
83.00
75.71
81.36
72 .40
85.19
85.62
78.37
83.54
74.26
87.96
42.2
42.3
44.1
42.0
41.7
'41.4
42.4
42.9
-"42.0
'42.1
41.5
42.2
42.8
41.8
41.7
42.3
43.3
43.6
42.7
42.7
1.842
1.697
1.813
1.666
1.906
'1.984
'1.785
'1.885
1.730
'2.038
2.000
1.794
1.901
1.732
2.043
2.024
1.810
1.916
1.739
2.060
'75.10
'63.85
'78.10
64.79
63.29
70.17
75.52
64.40
75.81
62.12
64.56
71.44
77.90
65.66
76.30
40.8
42.0
41.2
42.6
41.4
45.1
42.1
42.5
'•42.1
'42.5
-•42.2
'42.1
41.4
42.0
41.4
42.5
42.2
41.2
41.3
42.7
42.0
43.3
42.5
41.4
,475
,440
585
,683
,462
,721
'1.574
'1.494
'1.673
'1.767
'1.513
'1.855
1.565
1.507
1.695
1.777
1.526
1.840
1.504
1.512
1.701
1.799
1.545
1.843
60.45
'62.47
62.83
64.06
39.9
40.3
40.2
40.7
1.515
'1.550
1.563
1.574
Textile-mill products
Apparel and other finished products....
Leather and leather products
Food and kindred products
Tobacco manufactures
52.70
46.26
48.61
64.13
46.53
'55.16
'48.02
'51.11
'64.78
'47.52
55.15
47.72
50.78
66.24
46.83
56.09
48.36
53.34
67.35
47.62
39.3
36.2
37.8
42.3
39.5
'40.5
'37.4
'38.2
'41.9
'40.0
41.9
38.7
41.0
37.4
39.6
42.2
39.1
1.341
1.278
1.286
1.516
1.178
'1.362
'1.284
1.338
'1.546
'1.188
1.365
1.276
1.347
1.581
1.210
1.368
1.293
1.347
1.596
1.218
Paper and allied products
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
66.68
79.43
69.10
82.94
73.91
'71.64
'81.90
71.47
'87.96
'75.11
72.04
81.57
72.15
88.38
77.10
72.46
85.03
72.36
88.93
79.84
42.8
39.4
41.8
41.2
41.2
43.9
39.0
41.7
40.8
'41.2
43.9
38.9
41.8
40.9
41.1
44.1
39.9
41.8
40.7
42.0
1.558
2.016
1.653
2.013
1.794
'1.632
'2.100
1.714
'2.156
'1.823
1.641
2.097
1.726
2.161
1.876
1.643
2.131
1.731
2.185
1.901
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
,
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
Nondurable goods
77.73
71.78
79.95
69.97
79.48
60.18
60.48
65.30
71.70
60.53
77.62
T-75.68
80.87
T-72.66
T-85 .80
T-66.27
T-63 .50
T-70.43
r
Revised.
NOTE.—Data are for production and related workers. Figures for December 1952 are preliminary,
of Labor Statistics.
FEBRUARY
1953
Back data are available from the Bureau
167
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Trade
Finance
Service
875
1,132
1,661
1,982
2,165
2,156
2.318
2,5*9
2,545
3 872
4 023
4,122
4,151
3,977
4.010
4 144
4,168
7,522
8,602
9,196
9,491
9,438
9,524
9.804
9,943
1,394
1,586
1,641
1,716
1,763
1,812
1,883
1.961
4.055
1,621
1,786
i 1,799
i 1,782
41,761
i 1.759
1.761
5,967
5,607
5,454
5,613
5,811
5,910
6,390
6,628
15,811
916
2,569
4,161
9,893
1,931
4,749
6,578
15,830
15,877
15,894
15,931
15,870
15,547
15,362
15,924
'16,196
r
16,319
16,489
16,571
916
912
911
899
894
810
777
889
••881
'869
873
869
2,545
2,593
2,523
2,517
2,497
2,536
2,544
2,575
'2,582
'2,573
2,562
2,494
4,139
4,147
4 154
4,116
4,134
4,139
4 099
4 160
'4,206
'4 248
4,238
4,239
9,852
9,860
9,862
9,849
9,912
9,964
9,965
9,967
'9,981
'9,979
10,013
10,095
1,919
1,929
1,937
1,942
1,948
1,957
1,964
1,973
1,981
'1,988
1,992
1,999
4,742
4,738
4,728
4,748
4,772
4,789
4,783
4,796
.'4,781
'4,746
4,751
4,748
6,528
6,538
6,543
6,554
6,572
6,606
6,676
6,686
6,693
6,680
6,712
6,739
47.663
15,913
916
2,518
4,161
10,660
1,912
4,702
6 881
45.913
45,899
46,001
46,299
46,329
46,292
46,006
47,124
••47,789
••47,891
48,006
48,836
15,776
15,859
15,869
15,795
15,654
15,410
15,162
16,028
••16,430
••16,539
16,622
16,677
909
902
904
896
893
814
784
897
••886
'871
874
869
2,316
2,308
2,296
2,416
2,522
2,663
2,722
2,781
'2,763
'2,702
2,613
2,444
4,103
4,111
4.118
4,096
4,131
4,168
4,140
4,208
'4,228
'4,241
4,234
4,239
9,720
9,643
9,668
9,845
9,773
9,838
9,792
9,784
'9,970
'10,105
10,301
10,878
1,909
1,919
1,937
1,952
1,958
1,977
1,993
1,993
1,971
'1,968
1,972
1,979
4,671
4,667
4,681
4,748
4,796
4,837
4,855
4,844
'4,829
'4,770
4,727
4,701
6,509
6,490
6,528
6,551
6,602
6,585
6,558
6,589
6,712
6,695
6,663
7,049
Manufacturing
10,069
41,412
4.* 371
44,201
43 006
44 124
46.401
46,865
15,^02
14 461
15,247
15,286
14,146
14,884
15,931
15,985
826
852
943
1951—December
46,608
1952—January
February
March.
April
May
June
July.
August .
September
October
November
December
46,471
46,594
46 552
46,556
46,599
46,348
46,170
46,970
••47,301
r
47 402
47,630
47,754
1951 —December
1952—January
February
March
April .
May
June
July
August
September
October
November
December
1945
1946 .
1947
1948
1949
1950
1951
1952
Federal,
State, and
local
government
Transportation and
public
utilities
Total
Year or month
Mining
Contract
construction
981
932
904
920
i
SEASONALLY ADJUSTED
UNADJUSTED
' Revised.
NOTE.—Data include all full-and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
i onth. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. December
1952 figures and 1952 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally
a ijusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of t h e Census estimates without season al ad jus tment. Thou sands of persons 14 years of age cind over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed x
Total
In nonagricultural industries
52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
44,240
46,930
49,761
51,405
50,684
52,450
53 951
54,488
8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
1945.
1946
1947.
1948.
1949.
1950.
1951
1952
105,370
106,370
107,458
108,482
109,623
110,780
111 924
(2)
(2)
53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
1951—December
112,485
65,973
62,688
61,014
54,636
1952—January
Fehruarv
March
April
May
112,571
112,664
112,762
112,844
112,946
113,050
65,091
65,228
65,006
65,260
66,298
67,884
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
2
(2)
61,780
61,838
61,518
61,744
62,778
64,390
64,176
63,958
63,698
63,146
63,646
62,921
59,726
59,752
59,714
60,132
61,176
62,572
62,234
62,354
62,260
61,862
62,228
61,509
53,540
53,688
53,702
53,720
54,216
54,402
54,636
55,390
54,712
54,588
55 454
55,812
June
July. .
August
September
October
November
December .
( )
65,140
60,820
61,608
62,748
63,571
64,599
65,832
In
agriculture
Total
Unemployed
Not in the
labor force
1,040
2,270
2,142
2,064
3,395
3,142
1,879
1,673
40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
6,378
1,674
46,512
6,186
6,064
6,012
6,412
6,960
8,170
7,598
6,964
7,548
7,274
6,774
5,697
2,054
2,086
1,804
1,612
1,602
1,818
1,942
1,604
1,438
1,284
1,418
1,412
47,480
47,436
47,756
47,584
46,648
45,166
45,516
45,846
46,208
46,928
46,552
47,394
1
Includes self-employed, unpaid family, and domestic service workers.
Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
2
168
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
fFigures 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
Month
1951
January .
.
. 1 045 2
L.140.5
,271.0
L,375.0
J,573 0
L,439.4
,422 7
L,265.8
L.096 0
L,072.0
951.1
1L.099.5
March
April
May .
June
July
August
September
October
November
1
1
1
1
1
1
1952
1951
1952
902 1
885.2
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
396
592
681
753
581
608
627
518
602
528
597.5
563.7
488.9
438.7
029 2
1 321.0
1 248.8
?
u5,751.1
Year
1951
1952
130.4
110.1
61.0
120.2
204.8
78.9
166.4
139.9
141.5
995.1
113.4
117.4
7
6,205.4
115.1
2,883.3
915.3
Jan
Feb.. . .
Mar..
Apr.. .
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.. .
1951
731
780
Educational
1952
1952
1951
55.7
62.2
70.6
75.3
79.9
74.2
92.2
94.2
87.1
103.1
84.5
Other
84.6
81.0
128.4
103.5
123.2
128.1
150.1
127.9
98.5
94.5
79.0
136.0
1951
1952
1951
1952
126.8
132.2
139.4
133.9
175.3
148.3
146.9
123.8
116.6
159.1
123.1
163.9
93 Q
74 0
153 8
147 7
158 4
184 2
208 1
138 9
92. 9
138 0
142 6
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
98.1
104.2
118.7
134.4
145.7
126.7
122.4
145.4
87.3
126.0
116.9
1,334.6
1,689.2
1952
1.045
,141
1,271
,375
2,573
1,439
,423
L.266
1,096
1,072
1950 1951 1952
902
885
,300
,350
,348
,345
,420
,549
,287
,136
951
1,087
L ,168 1,100
,321
L.598
,564
1,489
1,511
,439
1,029
1,321
1,249
L.467
1950
201
306
297
332
339
285
481
418
554
456
636
354
389 1,474
558
559
583
428
460
636
619
438
486
501
364
318 1,269
308
310
410
326
491
320
381
476
478
1951 1952
739
530
605
547
495
808
819
852
767
961
996
919
959 1,099 1,006
930
917
856
960
893
787
779
937
1,111
760
922
778
828
762
911
758
767
625
787
624
990
Year. 14,501 15,751 16,775 4,409 6,122 6,711 10,092 9,629 10,064
2 ,723.2
1952
1951
Federal Reserve district
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
Total (11 districts)
Dec.
Nov.
41,183
221,415
119,670
144,201
162,085
268,780
182,231
78,539
22,043
54,328
172,909
83,576
262,274
75,963
106,837
110,193
126,615
192,761
93,888
35,962
61,039
99,695
Year or
month
1948
1949
1950
1QM
1952
19S1—Dec...
Total
Property
improvement *
1,855
2,466
1.894
1,772
65
3
125
9
88
64
61
64
71
102
73
66
69
69
59
4
2
2
2
2
2
3
3
2
3
3
2
159
125
124
126
128
134
147
147
162
185
157
18
8
7
26
15
6
14
13
11
22
8
16
614
594
694
708
848
227
1
2
and MiliSmall 1- to 4- Rental War
tary
vetand
home family
erans' houscon- houses group housing
ing
housing
struc- (Title
(Title (Title
(Title
tion
ID
VIII)
VI)'
ID
7
13
37
29
30
3 338
3,821
4.342
3.221
* 3,109
1952—Tan. . . 274
211
Feb....
Mar... *207
Apr. . . *242
M a y . . '249
June .. *273
1
July . . 269
A u g . . . *260
Sept.. . 267
306
Oct....
Nov.. . 259
Dec. . . 4 293 . .
Mortgages
63
880
177
7
21
109
164
1,836
1,339
1,031
278
30
12
123
203
134
10
15
3
2
10
8
18
18
18
15
18
1
9
10
7
5
( )
4
7
2
6
()
(55)
()
(5)
7
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
Includes 6 million dollars of Class 3 loans (program terminated
Feb.
28, 1950) and 1 million of Sec. 8 loans.
4
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; November, 22, December, 28.
6
Less than $500,000.
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.
FEBRUARY
1953
Dec.
117,458
126,078
54,890
92,166
172,982
127,308
178,151
78,336
28,658
54,145
69,337
1,467,384 1,248,803 1,099,509
I
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title '. loans
340. 5
291. 2
248. 4
238. 1
258. 9
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]
Public ownership Private ownership
Total
1950
1951
121.1
101.8
78.8
106.3
60.6
65.4
75.4
65.5
80.0
68.8
48.4
43.1
4
116.2
7
126.2
6
174.3
8 1,274.9
8
242.0
1 206.9
6
161.8
5
122.5
116.4
3
4
96.5
CONS1 RUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
Factories
Public works
and public
utilities
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
Mu- Savings
Com- tual
and
mersavloan
cial
ings
banks banks associations
Insur- Fedance
eral Other 2
com- agenpanies cies 1
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156
228
430
634
902
1,162
1,465
1,669
1,705
1,590
1,506
8
27
38
71
130
186
236
256
260
263
56
110
149
192
224
254
276
292
269
253
41
118
212
342
542
789
1,032
1,134
1,072
1,000
5
32
77
153
201
234
245
79
68
13
27
53
90
133
150
179
163
159
140
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec.
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
1950—Dec
6,695
2,205
693
603 2,712
60
421
1951—June
Dec
7,556
8,212
2,412
903
2,554 1,072
658 3,115
689 3,453
44
71
423
373
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.
169
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
Total
.
1952—January
February
March
April
May
June
Julya
Au ust
September
October
November
December
Urban
515
706
359
434
209
671
134
404
Total
1family
2family
156
272
20
28
458
620
373
533
75
267
208
663
185
590
849
932
1,025
. . . . 1,396
1 .091
P\,131
480
525
589
828
595
n.a.
369
407
436
568
496
n.a.
846
914
989
1,352
1,020
P1,074
65
78
36
43
29
35
104
106
50
59
45
47
62
74
110
104
103
99
101
P101
49
47
50
48
48
P86
P76
61
56
52
51
53
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P71
n.a.
n.a.
.
1953—January
Government-underwritten
Private
Rural
nonfarm
Multifamily
57
87
66
58
9
24
740
763
792
1,151
892
n.a.
Public
34
46
35
42
40
n.a.
VA
Total
FHA
158
220
158
220
47
152
41
69
6
83
15
48
1
8
72
104
162
159
88
n.a.
3
18
36
44
71
440
393
466
686
413
229
291
361
486
264
211
102
105
200
149
P57
420
279
141
54
65
3
3
5
6
3
3
23
26
16
17
7
9
91
96
79
85
4
4
8
7
13
9
28
38
19
26
9
12
101
97
101
97
99
99
90
87
90
85
87
n.a.
4
4
4
4
5
n.a.
n.a.
n.a.
7
7
7
8
8
n.a.
n.a.
n.a.
9
7
2
2
2
2
j>4
38
39
42
38
42
43
34
29
26
26
29
25
28
27
21
19
12
13
13
13
14
16
13
10
n.a.
n.a.
P4
n.a.
n.a.
n.a.
P83
72
P67
n.a.
n.a.
n.a.
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—unadjusted
Annual
1951
Class
1952
1951
1952
1951
1952
Dec.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Total
134
126
133
102
125
134
128
134
131
123
104
129
145
138
138
120
Coal
Coke
Grain
Livestock
Forest products
121
208
143
69
150
205
147
48
109
168
142
69
144
181
140
46
127
206
143
68
144
235
142
44
75
57
153
56
146
46
115
43
101
160
134
65
149
216
140
46
135
189
123
70
140
235
144
45
93
188
157
76
139
233
145
46
123
195
147
76
152
233
144
46
111
191
131
69
152
248
144
45
127
216
135
65
128
73
134
43
75
56
183
45
147
73
116
43
101
154
145
61
157
323
141
46
135
187
138
93
151
352
155
48
93
185
157
117
146
314
158
48
123
195
144
95
149
258
150
47
111
200
123
66
135
77
135
43
Ore
"M. iscellaneous
Merchandise, 1. c. 1
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 '
Merchandise imports 2
Excess of exports
Month
1950
1951
1952
January
February
March
April
May
June
July
August
September
October
November
December
741
764
860
804
830
877
779
762
911
906
977
1,065
974
1,076
1,295
1,370
1,354
1,297
1,186
1,270
1,232
1,152
1,388
1,438
1 ,254
l,342
'1,427
'1.339
'1,465
'1,165
r
l,019
'1,080
'1,221
1 ,196
Pi,178
January-November
9,210
13,594
r
P13.687
1950
1951
1952
623
600
665
585
659
687
709
820
859
923
855
867
1,025
910
1,102
1,033
1,018
930
895
881
721
834
819
800
922
893
964
932
835
861
839
817
877
918
P804
7,985
10,167
P9.663
1950
1951
1952
-59
52
-16
122
198
-51
166
193
336
336
366
292
390
510
319
569
638
332
'450
463
'407
'630
304
'180
'263
'344
278
P374
1,225
3,427
P4.025
118
164
195
219
170
190
70
r
r
P Preliminary.
Revised.
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under2 the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-November 1952, 1,613.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
1
170
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
99
102
99
103
105
96
104
100
106
109
P109
97
105
98
105
111
P110
97
103
100
105
'113
P116
96
103
101
109
115
P124
98
104
97
104
108
P106
97
104
98
104
105
P106
P104
Minne- Kansas
Dallas
City
apolis
San
Francisco
98
103
99
108
111
Pi 13
94
105
102
113
117
P124
99
104
98
105
'109
P114
SALESi
P109
P104
99
103
98
101
105
P99
109
106
'102
105
109
'113
120
109
107
104
113
122
'109
108
106
105
103
108
111
105
114
106
115
113
P115
102
100
104
99
101
103
106
109
101
109
105
P108
100
100
98
96
96
98
95
102
95
105
98
101
110
110
109
102
107
107
106
115
105
114
109
111
115
108
106
104
103
112
105
119
112
114
116
127
138
120
131
121
126
128
Pi 30
106
105
103
100
104
105
97
111
103
113
108
116
111
100
99
98
102
111
99
105
116
113
117
114
109
114
108
116
122
106
127
112
120
'115
122
104
114
106
113
97
113
94
98
104
100
104
115
98
110
107
109
115
106
105
104
112
114
114
119
108
113
117
122
115
115
114
128
132
123
127
119
128
129
P130
106
108
102
105
118
114
110
116
114
118
128
118
1951—December
184
188
'177
185
181
'199
204
'176
168
166
185
'202
'190
1952—January
February
March
April
May
.
Tune
Tulv
August
September
October
November
December
83
83
92
103
108
105
84
98
112
119
133
P194
81
75
87
103
102
103
73
83
111
111
127
P193
80
82
86
94
95
95
69
76
100
110
123
175
81
82
97
103
108
102
76
86
110
120
143
194
87
83
95
104
105
105
82
99
80
83
96
110
115
114
87
100
121
128
'142
215
90
94
110
118
122
117
96
115
126
132
145
P221
81
81
89
99
104
103
82
97
110
116
129
186
81
80
89
101
106
103
81
98
110
121
126
179
72
83
80
101
105
96
84
103
108
124
120
173
86
85
93
104
112
106
93
110
115
120
132
Pi 95
95
93
105
114
125
116
104
114
128
134
'145 •
P215
83
86
90
103
113
108
96
112
115
117
136
205
93
107
100
109
95
105
100
93
107
99
108
127
94
105
101
114
'133
89
111
100
110
128
P115
93
106
100
112
131
P122
91
110
100
104
117
93
108
100
113
132
P124
89
110
101
112
132
P126
1947
1948
1949
1950
1951
1952
98
104
98
105
109
.
98
104
99
105
104
SEASONALLY ADJUSTED
1951—December
1952—Tanuarv
February
March
April
.
Mav
Tune
...
Tulv
August
September . .
October
November
December
...
in
no
I TNADJUSTED
no
119
139
194
STOCKSi
P118
124
P110
98
105
97
104
124
Pill
119
115
'114
120
118
'128
133
117
119
106
121
118
116
115
116
118
118
120
118
120
120
120
p\ 19
115
112
109
111
109
110
110
109
109
109
111
110
114
107
108
111
112
113
116
111
110
110
111
111
115
113
113
112
114
113
114
112
113
114
113
114
114
110
110
111
109
107
113
109
112
111
113
112
133
127
127
126
131
139
140
136
132
130
132
132
133
129
126
125
126
125
129
129
130
133
136
142
114
113
113
114
114
113
118
115
118
118
118
P114
106
112
111
114
124
125
120
129
132
130
130
128
106
102
103
104
106
105
108
109
113
113
111
P108
122
122
120
121
124
122
128
127
129
124
124
P124
1951—December
'107
108
'105
105
104
'112
116
109
105
97
1952—January
February
March
April
M^av
Tune
July
August
September
October
November
December
106
113
120
122
120
112
105
107
112
114
112
102
99
103
112
123
131
104
101
104
113
116
115
105
102
107
116
124
128
102
100
111
119
121
116
105
100
107
117
131
131
100
104
109
116
117
111
100
102
104
116
124
128
98
117
123
136
136
135
127
128
134
137
146
148
116
119
128
132
132
127
120
121
127
135
145
153
124
106
111
118
118
116
107
107
110
119
131
136
P106
92
109
118
122
124
118
112
125
140
147
143
112
100
99
107
109
108
100
105
104
113
120
123 v
P99
1947
1948
1949
1950
1951
1952
. .
.
no
93
107
100
106
128
Pill
P132
90
108
102
120
140
P130
93
107
100
110
131
P125
SEASONALLY ADJUSTED
1951—December
1952—Tanuarv
February
March
April
M'av
Tune
July
August
.
September
October
November
December
r
124
119
124
122
124
122
124
123
130
127
131
129
130
P131
121
123
119
123
128
128
125
123
126
134
127
126
108
'114
106
114
121
126
127
126
119
120
120
129
135
140
Pill
112
120
131
129
125
114
120
125
134
141
146
P120
109
117
122
129
132
126
120
118
129
147
141
112
UNADJUSTED
no
114
124
134
136
P108
v 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
FEBRUARY
1953
171
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago (retail value)
Number of
stores
report-
Department
Sales
during
period
Nov.
1952
Stocks
(end of
month)
11
months
1952
Ratio of
stocks to
sales *
November
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 *
1952
Nov.
1952
1952
Stocks at end
of month
Sales during
period
1951
1951
1952
1951
Nov.
Oct.
Nov.
Nov.
Oct.
^ov.
GRAND TOTAL—entire store *
356
-6
-3
0
2.9
2.7
MAIN STORE—total
356
-5
-3
0
3.1
3.0
257
245
271
798
775
802
321
300
198
172
190
312
277
255
245
-8
—9
-13
-2
—4
-8
-5
-6
-13
3.9
3.5
3.4
3.6
-6
-7
-8
-1
-10
-9
-15
-4
-1
0
-1
+ 10
3.9
3.9
3.8
4.8
3.4
3.2
3.0
3.4
3.4
3.7
3.8
4.4
3.0
196
188
170
244
158
198
206
159
224
202
217
191
376
173
197
168
175
256
213
207
196
248
165
214
216
169
257
753
667
572
784
612
779
788
758
773
719
715
644
928
687
719
738
665
714
770
669
571
845
570
800
831
757
765
0
+3
3.3
244
205
218
255
257
Piece goods
Silks velvets and synthetics
Woolen yard goods
Cotton yard goods
..
.
Household textiles
Linens and towels
Domestics—muslins sheetings
. . .
.
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume iewelrv *
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery .
348
204
239
331
319
217
284
78
236
279
131
244
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 *
353
353
314
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
352
342
228
Blouses skirts and sportswear
Aprons, housedresses, and uniforms
Furs
338
241
207
223
220
321
276
320
345
261
271
344
297
263
266
318
309
196
-4
—6
-1
— 11
251
175
187
278
Domestic floor coverings
Linoleum *
Draperies, curtains, and upholstery
Lamps and shades
.
China and glassware
l^ajor household appliances
Housewares (including small appliances) .
Gift shon *
Radios, phonographs, television, records, etc. 4 . .
4
Miscellaneous merchandise departments
Toys games sporting goods cameras
Toys and games
161
98
302
254
256
240
266
188
230
172
120
-2
-1
+2
-3
-10
324
305
249
-5
-5
150
273
186
-1
-11
-2
180
260
791
858
924
954
836
927
854
903
167
218
184
284
1,065
766
625
987
1,052
224
367
284
740
935
704
731
858
589
760
203
361
273
201
243
207
236
379
949
885
754
877
639
909
2.6
3.1
2.2
2.4
2.8
1.9
249
250
376
261
245
372
259
266
378
654
775
845
650
748
795
616
737
723
3.9
0.9
3.4
3.4
2.6
3.1
3.2
3.4
0.9
2.9
3.4
2.2
2.6
2.6
198
190
236
256
175
282
346
131
266
213
288
166
214
289
224
188
279
240
195
314
384
770
179
801
864
445
870
637
218
800
862
392
796
755
169
792
817
427
811
2.7
5.1
4.4
5.2
2.4
4.7
4.0
4.9
236
220
227
251
244
232
630
555
605
1,113
1,154
1,100
2.0
1.6
1.4
2 6
247
277
278
360
252
292
524
459
545
540
491
465
+5
2.0
1.7
2.2
1.9
1.7
1.6
1.8
1.8
1.4
324
269
401
189
342
312
396
219
330
267
416
187
649
461
886
360
670
502
900
389
575
425
765
342
0
748
442
598
724
393
592
665
400
598
+4
+3
+5
+1
0
-7
-2
-2
-3
0
+5
+2
-1
0
—1
+2
+2
— 11
+4
+2
+6
+2
+2
+2
-2
-5
-2
-7
-6
-6
-4
-5
-7
-5
-2
—2
-19
— 19
7
4.1
3.8
4.9
882
264
265
3.4
2.4
2.2
-8
-6
-9
-10
+1
—1
4.2
4.1
5.3
239
246
2.8
6.1
+6
0
0
—4
3.2
3.4
3.6
2.6
2.6
0
-16
Q
+2
3.6
3.9
3.9
-4
+4
+5
+8
+6
+2
+7
+
1
-4
+1
+1
+1
-4
-8
+7
-6
+
1
-3
-10
-10
-10
-10
-11
-4
-3
-5
—8
—5
-2
-5
—6
—3
-2
-5
0
3.2*
+4
+1
-15
324
Homefurnishings
Furniture and bedding
Luggage
Candy 4
294
260
330
335
Men'8 and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
Records, sheet music, and instruments
288
164
329
339
346
346
253
-9
-7
—2
-8
— 11
-5
— 12
-9
-2
—4
-1
-7
-2
+2
-3
-9
-5
—2
—7
-17
-18
-12
-5
-6
-6
-12
—3
-20
—22'
-9
-2
+1
+2
+1
-1
+1
+8
+ 12
+6
+6
+6
+ 17
+2
+7
+1
+6
+5
+7
+ 10
+5
+ 14
+ 11
+4
+2
+1
+2
+7
0
—1
—5
+ 13
+8
+ 16
2.5
3.2
2.7
2.6
2.1
1.7
1 4
2 6
2.6
5.3
2.4
2.7
2.1
2.3
374
242
302
387
180
207
386
1,096 1,006 1,003
740
712
270
766
716
721
339
821
925
404 1,015
992
+7
+4
+ 12
+ 10
1 5
2 2
2 2
2.3
2.6
3.6
2.2
2.4
3.0
319
170
165
346
149
165
304
171
197
-2
-12
3.6
3.3
4.2
2.9
2.7
273
255
284
302
233
256
208
277
271
313
336
216
207
237 1,056
298
+4
+4
4.0
3.4
3.2
0
4.9
4.4
-8
3.4
3.6
261
267
275
-8
—3
3.5
3.8
2.4
228
247
227
4.1
229
251
3.2
3.0
5.4
2.9
3.7
3.1
2.7
5.0
4.0
3.7
274
286
241
210
305
-19
—25
-8
3 7
2.3
2 0
3.7
3 4
2.3
2 2
3.7
+1
+1
+2
2.4
2.5
2.1
2.3
2.4
1.9
4.4
4.4
1.4
4.4
3.8
1.3
9
-17
-16
-7
0
+6
+2
-30
-1
+7
+4
+8
2 3
3 8
3.6
3.6
4.2
954 1,007
975
1,012 1,045 1,154
895
924
930
923
1,089
1,068
911
912
801
807
991
865
246
834
862
1,010
277
256
187
256
301
285
301
259
222
311
882
867
893
811
882
825
1,313
1,297
1,291
324
528
706
213
242
243
423
233
238
182
340
778
556 1,336
756 1,476
427 1,845
261 1,034
952
956
4 2
4.0
4.2
616
615
894
1,130
1,101
1,148
816
769
1,482 1,330
1,508 1,466
1,354 1,799
991
1,023
For footnotes see following page.
172
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
Nov.
1952
195
BASEMENT S T O R E — t o t a l
Stocks
(end of
month)
Sales
during
period
11
months
1952
-9
November
Sales during
period
1952
Nov.
1952
1952
Stocks at end
of month
1951
1952
1951
1951
Nov.
Oct.
Nov.
Nov.
Oct.
Nov.
242
245
266
541
530
529
-1
+3
2.2
2.0
+1
+5
+2
2.8
2.5
1.8
2.4
1.2
1.4
1.9
1.7
2.1
1.6
2.1
1.2
1.4
1.7
1.4
1.7
236
248
254
436
430
422
2.4
2.4
2.5
2.4
2.3
2.0
2.1
2.4
1.9
1.8
309
281
352
747
717
729
2.4
2.3
249
253
270
601
598
632
+2
3.8
3.2
170
177
197
646
650
628
5
()
(5)
(5)
(5)
(5)
(5)
7
Women's and misses' ready-to-wear
I n t i m a t e apparel *
Coats a n d suits *
Dresses *
Blouses skirts a n d sportswear *
Girls' wear *
Infants' wear *
.
185
164
170
169
153
122
122
7
-10
-6
-5
-4
-7
-8
+1
-3
+1
+1
+5
+4
+3
M e n ' s a n d b o y s ' wear
.
M e n ' s wear *
Mien's clothing *
Men's furnishings4
Boys' wear *
160
146
100
118
121
-12
-12
-7
-14
-15
-2
-3
0
-5
+1
Homefurnishin&s
103
-8
-7
Shoes
117
-14
-4
NONMERCHANDISE—total *
176
-13
-1
74
4
+2
•.
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 2
-6
135
. . . .
Ratio of
istocks to
sales »
+2
+8
+ 14
+9
+4
+3
+6
+7
-5
1
T h e ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates t h e number
of m o n t h s ' supply on hand at the end of the month in terms of sales for t h a t month.
2
T h e 1941 average of monthly sales for each d e p a r t m e n t is used as a base in computing the sales index for t h a t d e p a r t m e n t . T h e stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by d e p a r t m e n t groups for back years, see BULLETIN for August 1946, p p . 856-858. T h e titles of the tables on pp. 857 a n d 858
were reversed.
3 For movements of total d e p a r t m e n t store sales and stocks see the indexes for the United States on p. 171.
4
Index numbers of sales and stocks for this d e p a r t m e n t are not available for publication separately; t h e department, however, is included
5
in group and total indexes.
D a t a not available.
N O T E . — B a s e d 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 d e p a r t m e n t store sales and stocks. N o t all stores report d a t a for all of the
d e p a r t m e n t s shown; consequently, the sample for the individual departments is not so comprehensive as t h a t for the total.
WEEKLY I N D E X OF SALES
[Weeks ending on dates shown,
1947-49 — 100]
D E P A R T M E N T STORE MERCHANDISING D A T A
[Selected series, based on retail value figures]
Ratios to sales
Amounts (In millions of dollars)
OutNew
ReSales * Stocks 2 stand- ceipts * orders 3
ing
(end
(total
(total
Stocks
(total
orders 2
for
of
for
for
month) month) (end of month)
month)
month)
574
604
767
887
979
925
1,012
'•1,203
596
775
964
588
494
373
495
'459
Outstanding
orders
2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
P2.9
2.5
30
3.0
.7
.4
.1
.4
.3
Pl.2
l
Stocks
plus
outstanding
orders
Without seasonal adjustment
Receipts
5.0
5.3
5.3
4.3
4.1
3.8
4.2
4 4
.0
.0
.1
.0
.0
.0
.1
.0
.0
P1,093
P433
244
277
373
366
386
358
391
'390
*>396
1951—Dec...
••670
'1,025
319
••446
••361
1.5
0.4
2.0
'0.7
1952—Jan...
Feb...
Mar..
Apr...
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
320
299
348
373
382
353
289
343
387
448
462
P735
995
1,052
1,119
1,137
,102
,017
997
,040
,131
,230
1,275
Pl,021
402
416
365
293
273
410
520
539
592
573
454
P355
307
356
415
391
347
268
269
386
478
547
507
P481
390
370
364
319
327
405
379
405
531
528
388
P382
3.1
3.5
3.2
3 0
2.9
2.9
3.4
3.0
2.9
2.7
2.8
PI.4
1.3
1.4
1.0
0.8
0.7
1.2
1.8
1.6
1.5
1.3
1.0
POA
4.4
4.9
4.3
3.8
3.6
4.0
5.2
4.6
4.4
4.0
3.7
PI.9
1.0
1.2
1.2
1.0
0.9
0.8
0.9
1.1
1.2
1.2
1.1
P0.7
1944
1945
1946
1947
1948
1949
1950
19^1
1952
246
276
345
365
381
361
376
391
average
average
average
average
average
average
average
average
average.
P395
256
291
354
364
363
358
401
'379
P399
1951
Aug.
Sept.
Oct.
Nov.
Dec.
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
1
8
15
22
29
88
87
93
97
105
100
114
Ill
114
110
117
116
113
121
127
130
123
161
191
213
228
92
Aug.
Sept.
Oct.
Nov.
Dec.
1952
Jan.
5
12
19
26
Feb. 2
9
16
23
1952
2
9
16
23
30
6
\3
20
27
4
11
18
25
1
8
15
22
29
6
13
20
27
87
90
95
100
110
100
114
113
112
116
126
124
122
115
118
130
134
138
195
223
237
146
1953
78
92
90
83
84
87
89
83
Jan.
3
10
17
24
31
Feb.
7
14
21
'81
89
92
85
86
88
r
P Preliminary.
Revised.
* The first three ratios are of stocks and/or orders at the end of the month to sales during the month.
The final ratio is based on totals of sales and receipts for the month.
2
These figures are not estimates for all department stores in the United States. They are the actual
dollar amounts reported by a group of department stores located in various cities throughout the country.
' Revised.
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.
FEBRUARY
1953
173
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
|
Dec. Nov. j Year
1952 i 1952 i 1952
United States..
Boston
New H a v e n . . . .
Portland
Boston Area....
Downtown
Boston
LowellLawrence
New Bedford...
Springfield
Worcester
Providence
New York x
Bridgeport ... .
Newark l
Albany
Binghamton
Buffalo i
Elmira.. .•
Niagara Falls.. 1.
New York City
Poughkeepsie..
.
Rochester l
Schenectady....
Syracuse»
Utica
Philadelphia
..
Trenton 1 1
Lancaster
Philadelphia »...
Reading i
Wilkes-Barre 1 ..
York*
Cleveland
Akron i
Canton »
Cincinnati*.
.. .
Cleveland J
Columbus *
Portsmouth....
Toledo i
1
Youngstown
...
Erie 1
Pittsburgh i
Wheeling»
P+8\
+S\
+7,
+10
+6:
+6
-4
-4
-10
+4
-4
-5
+8 +2.
+5!
0
+11 - 3
+6 - 5
+5. - 4
+3 : - 9
+8 - 6
+5. - 1 0
+8 - 5
+5: - 7
+ 12 -- 67
+9
+ 14, - +2
11
ii
+5
-7,
nt
-12:
-4
-4
-5:
-4
-8
-7
+ 3:
+7!
+9
+ 13
+ 12
+9
+9: +5
+5- - 6
+10 +1
+12 " -- 25:
+ 15; - 1 2
+9:
+ 14 -- 43
+ 12 - 1
+ 15 + 12
+23 - 5
+10
+20 +- 61
+8 - 8
+8
+ 13 + 1
Dec. : Nov. I Year
1952 1952 ! 1952
Dec. Nov. Year
1952 1952 i 1952
I
+1
Richmond 1
.. .
0 Washington
Baltimore
+3 Asheville, N. C.
Raleigh
Winston-Salem.
Charleston
- 1 Columbia
Greenville, S. C.
+4 Lynchburg
+ 1 Norfolk
0 Richmond
+4 Roanoke
- 1 Ch'ls'ton.W.Va.
- 5 Huntington
P+9
P+8
-4\
-9
+3
-1
+9 - 8 ! +3
+ 12 +2 +5
3i
0
+21
+ 15! + + 11
+ 17| + 14! + 19
PQ\
+ 1 +6
+6
+3
0; + 10
+io|
- 5 , +4
+20; - 3 ! +3
+ 17; -6 + 10
+4
+1
Atlanta
Birmingham 1 ...
Mobile
+30i
Montgomery.l . .
+7:
Jacksonville
...
1
Miami
+ 14l
o
Orlando
+ 19
Petersburg..
+4 St.
Tampa l1
+ 15J
Atlanta
• + 14!
+ 1 Augusta
+ 16!
+ 1 Columbus
*
+3:
0 Macon
Rome
+ 151
+ 1 Savannah
P
+
+ 1 Baton Rouge 1.. 1 4
-1
New Orleans
*. . P + 1 2 1:
+ 1 Jackson
1
+6
0 Meridian
+3 Bristol
+ 6:
1
0
. . + 13.
+4 Chattanooga
Knoxville 1
+
13
e Nashville *
+2
0
+6 Chicago 1
p+8,
p+r
+ 11 Chicago
Peoria»
- 4 Fort Wayne *... p+81
0 Indianapolis 1.. . +16:
+2 Terre Haute »... +11
-3
+10j
+2
-1
+2
+2
+2
+5
0!
+5 !
+ 14!!
+3
- 8 ,!
+4
+5;
+!
-2
+ 12;:
5
+4
+6
+1
+1
-8
1
-5
-7!
-3
-3
Chicago—cont.
Des Moines....
+3!
Detroit*
+ 13: + 15!
Flint *
Grand Rapids ». + 21; + l!
Lansing * 1
+ 13, +3!
Milwaukee ... . P + 6 Green Bay 1
+9:
Madison
+ 11
0
+5
+2
+3
-iii 1?
Dec. Nov. Year
1952 1952 i 1952
Dallas
Shreveport
Corpus Christi..
Dallas^
El Paso
Fort W o1r t h . . . .
Houston .. .
San Antonio
Waco
P+/1
+ 14
+22
r-3' +6
~2\ +10
+7! +23
+4
p+15 +4 +9
+7 -- 81 ++3
10
+ 14 - 5 +6
+ 12
+11
+4 +8 + 5
0
St. Louis
-s\ +1 San Francisco.
l
Fort Smith 1
+7 -—43 +2 Phoenix
Little Rock . . .
+8
p+10 +6
+5 Tucson
P+19
Evansville
+ 1 + 9 Bakersfieldi....
+15 +2
P+8 -11
Louisville *
+ 4 Fresno x
P + 9 +1!
Paducah
0 +9!
+ 13 +26 Long Beach >...
- 3 Los Angeles
+2.
v +13 - 7
+9 Quincy
-6
+
10
+
2
+12
St.
Louis
1
Area
1
+4!
+7
—5
Louis Area.. + 12
+ 2 Downtown
Los
!
+ 18 St.
l
P+9
Springfield
Angeles
+
3
+
2
+5
- 4
x
+8
+ 13 —2 +5 Westside JLos
j
+6 Memphis
P+2
Angeles
+8 -4
+6 Minneapolis...
+1 Oakland
+2 !
and
1
-1
0
+8 Mankato
+
8
P+8
Berkeley 1
+1
—3
+ 10 Minneapolis 1...
+2 Riverside
and
—4
0
+10 St. Paul *
+8
+
17
San
Bernardino
+
15
+6 Great Falls
1
+5 +20 +7
. . . +5: +2,
+25 Grand Forks. . . +7 - 8 + 2 Sacramento
San
Diego
*.
.
.
.
+8
+8 Sioux Falls
+6 + 1 - 1 San Francisco *. +8
0;
+5 Duluth- J
San Jose 1
+10! +2!
+8 - 2 +2 Stockton
+8 Superior
1
P+7
+ 1!
4
—2 - 1 1
+ 16 La Crosse
Vallejo and
+9 Kansas City.. .
-2!
+ Napa
+3 - 9
+9 Denver
0
0 Boise and
+8j
+3 Pueblo
-3
pQ
0
Nampa
+4 Hutchinson. . . . + 10 +8
+5 — 7 +2 Portland *
+11 +3!0
+7 - 3 + 1 Salt Lake City 1. P+13
+6 Topeka
Wichita
Bellingham
+3,!
+6 - 9
- 1 Kansas City....
0 Everett»
+8 - 4
+7; +3
1
+8 Joplin
+61
+ 14! - 1 +2 Seattle J
+ 9;
+3 Spokane 1
St. Joseph
4
+5.
+ H1 +3!
- 4 Tacoma 1
Omaha
+10
+7 - 1
+3!
+2
- 2 Oklahoma City.
Yakima
-7:
+9,
-10
+2
Tulsa
+10!
+1
+4 +9
0
+2
+6
+1
+6
+4
-4
+4
-1
+9
+6
+5
+5
o
-4
-2
0
+2
0
+1
+3
+1
-2
+
r
P Preliminary.
Revised.
Indexes for these cities may be obtained upon request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
1
2
CONSUMERS' PRICES1
[Bureau of Labor Statisticsj index for moderate income families in large cities.
Year or month
1929
1933
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1951—December
1952—Tanuarv
February
April
May
June
July
August
September
October .
November
. .
..
. . .
December
1935-39 average =100]
All items
Food
Apparel
Rent
Fuel, electricity,
and refrigeration
House
furnishings
Miscellaneous
122.5
92.4
116.6
123.7
125 7
128.6
139.5
159.6
171.9
170 2
171.9
185.6
189.8
189.1
189.1
187.9
188.0
188.7
189.0
189.6
190.8
191.1
190.8
190.9
191.1
190.7
132.5
84.1
123.9
138.0
136 1
139.1
159.6
193.8
210.2
201 9
204.5
227.4
231.5
232.2
232.4
227.5
227.6
230.0
230.8
231.5
234.9
235.5
233.2
232.4
232.3
229.9
115.3
87.9
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
187.7
204.5
202.4
206.8
204.6
204.3
203.5
202.7
202.3
202.0
201.4
201.1
202.3
202.1
201 3
201.1
141.4
100.7
108.8
108.7
109.1
109.5
110.1
113.6
121.2
126.4
131.0
136.2
141.9
139.2
139.7
140.2
140.5
140.8
141.3
141.6
141.9
142.3
142.4
143.0
143.9
145.3
112.5
100.0
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
144.1
146.6
144.9
145.0
145.3
145.3
145.3
144.6
144.8
146.4
147.3
147.6
148.4
149.0
149.9
111.7
84.2
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189 0
190.2
210.9
205.8
210.2
209.1
208.6
207.6
206.2
205.4
204.4
204.2
204.2
205.0
204.6
204.9
205.3
104.6
98.4
110 9
115.8
121 3
124 1
128.8
139 9
149.9
154 7
156 5
165.4
172 5
169.1
169.6
170.2
170.7
171.1
171 4
172.5
173.0
173.2
173.8
174.4
174 7
175.0
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.
174
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
All
commodities
Farm
products
Processed
foods Total
ToMa- Furni
chin- ture Non- bacco
me- manuTex- Hides, Fuel, Chemery
and
Pulp,
Mistile
power, icals Rub- Lumand other tallic fac- cellaber paper, Metals
min- tures
prod- skins,
and
ber
and
mohouseand light- and
and
and metal tive hold erals— a n d
neous
ucts leather
and
wood allied prod- prod- dur- struc- bottled
and proding allied prod- prodapma- products ucts products
ucts ables tural bevucts
ucts
ucts
erages
parel
terials
1948
1949
1950
1951
104.4
99.2
103.1
114.8
107.3 106.1 103 4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4
92.8 95 7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1
97.5 99.8 105.0 99.2 104.6 103 0 96.3 120.5 113.9 100.9 110.3 108.6 105.3
113.4 111.4 115.9 110.6 120.3 106 .7 110.0 148.0 123,9 119.6 122.8 119.0 114.1
1951
December.
113,5
111.3 110.7
1952
January. ..
February..
March . . .
April
May
June
July
August . . .
September
October...
November ,
December.
113.0
112.5
112.3
111.8!
111.6
111.2
111.8
112.2
111.8
111.1
110.7
109.6
110.0
107.8
108.2
108.7
107.9
107.2
110.2
109.9
106.6
104 9
'103.6
99.6
110.1
109.5
109.2
108.0
108.6
108.5
110.0
110.5
110.3
108.5
107.7
104.3
100.4 103.1
101.6 96.1
102.4 96.6
108.1 104.9
104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 112.8 108.1 109.8
114.3
114.2
113.8
113.3
113.0
112.6
112.5
113.0
113.2
113.0
112.8
112.9
103.3 102.2 107.4 106.7
102.1 99.5 107.2 105 9
100.6 98.0 107.4 105 4
99.9 94.1 106.3 104.8
99 3 94.7 106.0 104.3
99 0 95.9 105.9 104.3
98 9 96.2 106.0 104.2
99.1 96.5 105.8 104.0
99.5 96.5 106.2 104.0
99.2 96.7 106.6 103.9
98.6 '97.6 106.7 103.5
98.3 99.0 107.1 103.3
1951
144.1
143.1
142.0
140.6
140.4
133.4
130.0
127.8
126.3
126.0
'126.4
127.7
120.1
120.3
120.5
120.9
120.7
119.9
120.2
120.5
120.4
120.2
119.7
119.7
118.2
118.3
117.7
117.4
116.9
116.7
115.3
115.6
115.6
115.5
115.5
115.8
122.4
122.6
122.6
122.5
121.8
121.1
121.9
124.1
124.6
124.1
123.9
124.0
120.8
122.0
121.8
121.6
121.6
121.3
121.4
121.4
121.5
121.3
'121.4
121.4
1952
112.3
112.4
111.9
112.1
111.71
111.6
111.6
111.5
112.0
112.0
112.1
112.2
112.9
112.9
112.9
112.8
112.9
113.8
113.8
113.8
113.8
114.4
114.5
114.6
1951
108.1
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110.8
111.1
111.4
109.2
109.5
108.4
108.1
105.5
108.9
108.3
108.4
105.7
105.2
1952
Subgroup
Subgroup
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry and fish
Dairy products and ice cream
Canned, frozen, fruits & vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
Textile Products and ApparelCotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products.
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
101.7
104.4
106.9
113.6
Dec.
Oct.
Nov.
Dec.
117.4
105.1
107.5
126.8
109.7
101.9
102.0
138.1
111.7
95.0
94.8
109.6
114.8
124.8
96.7
136.0
113.2
96.5
93.0
107.1
'113.1
117.6
98.5
132.5
112.3
96.1
86.8
101.9
111.6
99.6
98.3
134.7
107.9
113.6
113.0
106.2
105.7
161.9
119.3
106.4
104.1
115.9
105.9
110.7
161.9
124.1
107.1
'102.0
115.5
106.0
109.9
161.9
122.1
106.8
93.9
113.0
105.2
108.2
161.9
116.9
103.3
120.3
91.7
125.3
102.1
136.1
99.2
113.2
89.5
140.0
98.4
94.5
98.4
112.6
r89.0
139.3
98.3
86.9
81.7
98.7
116.5
106.0
65.4
90.1
110.6
99.2
'90.1
111.0
99.6
97.6
112.6
88.0
139.7
98.3
84.5
70.6
92.9
112.0
100.0
108.9
124.3
106.6
98.0
110.8
113.3
124.3
100.4
98.5
108.5
113.6
124.3
114.9
r
98.0
108.1
116.0
129.0
104.9
98.0
107.9
120.8
109.9
95.2
61.5
108.8
108.9
105.5
113.9
106.5
92.0
51.0
110.7
111.0
103.0
112.7
106.3
91.9
r
53.1
110.9
111.1
102.9
112.3
106.1
91.3
52.8
111.1
113.0
103.1
197.3
133.4
135.1
126.6
126.3
125.2
130.3
126.3
124.3
137.3
126.3
124.3
120.4
128.7
102.8
120.2
127.7
106.1
120.0
127.5
102.3
119.8
128.3
102.3
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard. ,
Building paper and board
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated struc. metal products.
Fabricated nonstructural metal
products
Machinery and Motive Products:
Agri. mach. and equipment
,
Cons. mach. and equipment
Metal working machinery
General purpose mach., etc
Miscellaneous machinery
Elec. mach. and equipment
Motor vehicles
Furniture; Other Household Durables:
Household furniture
Commercial furniture
Floor covering
Household appliances
Radio, TV, and phonographs
Other household durable goods
Nonmetallic Minerals—Structural:
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Mfrs. and Bottled Beverages:
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment,
Other miscellaneous
Dec.
Oct.
Nov.
Dec.
114.5
89.5
122.4
130.9
116.5
113.4
109.3
71.2
124.9
124.6
112.2
115.8
108.8
65.7
124.9
124.8
112.3
118.2
108.8
89.3
124.8
124.4
112.3
118.2
123.1
124.2
121.1
125.8
120.9
114.5
115.8
127.3
122.9
125.1
125.3
118.1
113.7
114.0
127.0
122.5
125.1
125.3
118.1
113.6
114.1
127.0
122.3
125.4
125.9
118.
113.
113.9
124.4
125.8
125.9
126.5
120.2 ! 121 .5 121.6
124.0 125.8 126.2
128.5 129.1 128.9
123.6 121.8 121.8
120.2 119.4 119.6
121.8 119.0 119.5
116.6 119.7 119.7
121.7
126.3
128.9
121.9
119.6
119.5
119.6
115.1
122.8
126.3
108.2
93.0
117.5
112.6
123.2
122.4
107.2
93.7
119.5
112.8
123.2
122.4
107.2
93.8
119.6
113.0
123.2
122.7
107.3
93.8
119.6
114.0
113.0
112 A
121 A
117.7
98.7
111.2
114.4
113.0
112.7
124.0
117.7
106.0
112.7
114.4
112.9
112.7
124.0
117.7
106.0
115.1
114.4
113.1
112.7
124.0
117.7
106.0
115.3
107.3
98.0
114.8
105.9
119.7
105.7
102.4
118.4
111.2
119.7
105.7
102.4
118.4
111.2
119.7
105.7
102.4
118.4
111.2
119.7
115.4
110.0
101.4
101.2
120.7
113.2
108.4
90.9
101.0
120.8
113.2
103.3
91.1
101.0
120.8
113.1
102.1
92.9
101.0
120.8
' Revised.
Source.—Bureau of Labor Statistics.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
FEBRUARY
1953
175
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1952
1951
1941
1933
1929
1947
1948
1949
1950
1952
1951
4
103.8
Gross national product
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
srovernment enterorises
3
2
1
4
55.8 126.4 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 '343.0 360.1
8.8
7.2
9.3
14.8
17.6
19.4
21.5
24.6
28.1
25.8
26.7
27.7
28.3
29.6
7.0
7.1
11.3
18.7
20.4
21.6
23.8
25.3
27.2
25.8
26.3
26.8
27.3
28.2
.7
.7
.8
n
9
.9
.9
.9
.9
.9
1.4
-.1
-.8
-1.6
1.8
-1.3
.9
1.1
4
5
.1
2
5
.2
6
— .1
-.1
.7
.5
1.2
1.6
.3
-3.2
0)
1
— i
o
.2
o
,
8
— .2
.0
87.4
39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 285.6 288.0 '285.6 287.7 300.2
10.3
.2
-2.0
.3
14.6
2.8
24.7
5.7
31.7
5.2
0
.9
1.0
5.8
.0
1.5
1.2
2.1
.0
11.1
4.4
6.6
.0
10.5
4.5
7.2
6
7
.0
2.6
1.3
4.5
85.1
46.6
Less: Personal tax and related payments. .
Federal
State and local
2.6
1.3
1.4
1.5
.5
1.0
Equals: Disposable personal income.
82.5
45.2
92.0 169.5 188.4 187.2 205.5 225.0 234.3 231.5 230.5 '229.5 '234.8 242.5
Less: Personal consumption expenditures
78.8
46.3
82.3 165.6 177.9 180.6 194.3 208.0 216.3 210.5 213.2 214.9 215.0 222.0
3.7
-1.2
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance. .
Excess of wage accruals over
disbursements
Plus: Government transfer payments. . .
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal income
Equals: Personal saving
5
7
7
29.2
5.7
.0
11.6
4.6
7.5
g
34.8
6.9
41.6
8.2
40.5
8.5
42.5
8.3
42.7
8.5
'39.9
8.4
37.8
8.6
41.5
8.8
0
14.3
4.7
9 0
.0
11.5
4.9
9.0
-.1
11.9
5.0
9.1
— .6
11.5
5.0
9.3
.1
11.7
5.0
8.9
.0
11.6
5.0
9.6
— .4
12.0
5.0
9.3
.0
12.2
5.0
9.0
9
.9
g
9
9
.9
.9
.9
95.3 191.0 209.5 205.9 226.3 254.1 268.3 262.0 263.0 264.4 268.9 277.0
3.3
2.0
1.3
21.5
19.6
1.9
3.9
9.8
21.1
19.0
2.1
18.6
16.2
2.5
10.5
6.7
20.8
18 1
2.7
11.2
29 1
26 1
3.0
17.0
34.0
30.7
3.3
18.0
30.4
27.3
3.1
21.1
r33.5
'30.4
3.2
'16.3
*33.6 r34.1
••30.4 r 30.8
'3.2
3.3
'15.9
'19.8
34.6
31.3
3.3
20.5
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1952
1951
1929
1933
1941
1947
1948
1949
1950
1951
1952
4
1
2
3
4
87.4
39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 285.6 288.0 '285.6 287.7 300.2
Compensation of employees
JVages and salaries ^
Private
Military.
.
Government civilian
Supplements to wages and salaries... .
50.8
50.2
45.2
.3
4.6
.6
64.3 128.0 140.2 139.9 153.4 178 9 190.4 183 4 186 5 186.9 190.3
61.7 122.1 134.4 133 4 145 6 169 9 181.1 174 3 177 4 177.8 181 0
51.5 104.8 115.7 113.0 123.4 141.2 148.7 143.8 145.8 145.6 148.3
1.9
4.1
4.0
4.2
8 6 n.a.
9 6 10 0 10.2 n.a.
5 0
13.2 14.7 16.1 17.2 20 1 n.a.
8.3
20.9 21.7 21.9 n.a.
9.0
2.6
5.9
9.2
5.8
6.6
7.8
9.1
9.0
9.2
9.3
Proprietors' and rental income 3 . . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
20.8
9.6
6.9
4.3
42.4
19.8
15.6
7.1
47.3
22.1
17 7
7.5
42.1
21.6
12.8
7.7
45 2
23.7
13 3
8.2
50.6
26 2
15 6
8.9
52.5
27.6
15.2
9.6
53.1
26.6
17 0
9.4
52 1
27.3
15 4
9.4
51.9
27.6
14 8
9.5
52.5
27.5
15 2
9.8
53.6
28.2
15 5
10.0
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.3
9.8
1.4
8.4
.5
-2.0
.2
.5
-.4
-2.1
14.6
17 2
7.8
9.4
-2.6
24.7
30.5
11.9
18.5
-5.8
31.7
33.8
13.0
20.7
-2.1
29.2
27.1
10.8
16.3
2.1
34.8
39 6
18.4
21.2
-4.8
41.6
42 9
24.2
18.7
-1.3
40.5
39.7
22.6
17.1
.8
42.5
39 5
22.2
17.3
3.0
42.7
42 7
'24.3
'18.4
-.1
'39.9
'38 2
'21.8
'16.4
1.7
37.8
37 2
21.2
16.0
.6
41.5
40 3
23.0
17.3
1.2
6.5
5.0
4.1
3.5
4.3
5.0
5.8
6.4
7.0
6.6
6.7
6.9
7.1
7.2
National income
Net interest
.
. .
197 9
188 2
155.3
n a.
n.a.
9.6
r
n.a.
Not available.
Revised.
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.
176
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1952
1951
1941
1933
1929
1947
1948
1949
1950
1951
1952
1
4
Gross national product
2
78 8
9 4
37.7
31 7
46 3
22.3
20.6
44.0
28.5
Gross private domestic
investment
New construction J
Residential, nonfarm
Other
Producers' durable equipment.. .
Change in business inventories. .
Nonfarm onlv
15.8
7.8
3.6
4 2
6.4
1.6
1.8
1.3
1.1
.5
.7
1.8
-1.6
-1.3
18.3
6.8
3.5
3 3
7.7
3.9
3.4
30.2
13.9
6.3
7 6
17.1
-.8
1.4
42.7
17.7
8.6
9 1
19.9
5.0
3.7
33.5
17.2
8.3
9 0
18.7
-2.5
-1.6
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
52.1
23.5
11.1
12 4
25.5
3.1
2.4
24.7
5.8
5.2
.8
.2
1.1
8.9
1.9
.5
-2.3
.3
.2
2.6
2.2
8.5
1 3
8.0
2.0
2.0
(3)
5 9
(3)
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
43.6
25.4
19.3
6.6
.4
18 2
41.9
22.2
18.5
3.9
.2
19 7
62.6
40.9
37.1
4.2
.4
21 7
77.8
54.4
49.2
5.6
.4
23 4
71.2
} 1.3
(3)
24.7
16.9
13.8
3.2
48.9
44.3
5.1
.5
22.3
74.4
51.2
46.4
5.2
.4
23.2
Government purchases of
goods and services
Federal
National security
Other
...
Less: Government sales 2
State and local
4
55.8 126 A 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 '343.0 360.1
103.8
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Net foreign investment
3
3.5
7 2
82 3 165.6 177.9 180.6 194 3 208 0 216.3 210.5 213.2 214.9 215.0 222.0
21.4 22.9 23.8 29.2 27.1 25.8 25.3 25.2 26.4 24.2 27.3
9.8
95.1 100.9 99.2 102.8 113.5 119.0 116.2 118.0 117.8 118.9 121.4
49.1 54.1 57.5 62.4 67.3 71.5 69.0 70.0 70.8 71.9 73.3
52.9
22.4
10.3
12 1
50.0
23.7
11.0
12.7
25.7
.6
51.7
23.0
10.9
12.2
25.0
3.7
3.0
57.3
23.7
11.6
12.0
25.6
8.1
7.5
.4 ••-1.6
.2
49.3
23.6
11.0
12.6
25.7
.1
Q
78.0
54.9
50.3
5.1
.4
23.0
77.9
54.8
49.6
5.6
.4
23.1
80.6
56.6
50.4
6.5
.3
24.0
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
producing industries
50.0
28.7
60.9
119.9
132.1
131.2
142.7
166.5
177 9
50.2
28.8
61 7
122.0
134 3
133.4
145.6
169.9
181 4
21.5
15.5
9.8
8.8
27.5
54.3
60 2
56.9
63.5
74.9
79 1
16.3
35.1
38 8
38.9
41.3
45.9
48 5
263.4
172.6
176.0
77.5
263.4
263.5
261.9
262.5
264.5
May
266.7
June
July
263.9
269.6
August
September. . . . 273.8
October
276.1
November. . . . 275.8
December?.... 279.2
173.1
174.5
173.9
173.4
174.6
175 8
173.9
179.0
181.9
184.0
184.4
185.8
176.7
178.0
177.3
176.7
177.9
179.3
177.4
182.5
185.3
187.5
187.9
189.4
77.3
78.2
77.7
76 9
76.7
77.2
74.0
78.7
81.6
82.9
83.5
84.7
85.1
46.6
95.3
191.0
209.5
205.9
226.3
254.1
268 4
1929
1933
1941
1947
1948
1949
1950
1951 .
1952
1951—December
1952—January
February
]Vlarch
April
Distrib- Service
utive
indus- industries
tries
8.2
5.1
7.8
Government
5.0
5.2
Other
labor
income5
.5
.4
6
Dividends
Proand
prietors'
perand
sonal
rental 6
income interest
income
Transfer
payments7
Less
personal
Noncontributions agricultural
for
income9
social
insur-8
ance
19 7
13.3
7.2
20.8
42.4
47 3
42.1
45.2
50.6
52 5
8.2
9.9
1.5
2.1
3.1
.1
.2
.8
14.5
16.0
17.1
19.5
20.4
21 1
11.8
11.3
12.4
15.1
12.4
12.7
2.1
2.2
2.2
2.9
3.4
3.8
76.8
43.0
86.1
170.8
187.1
188.7
208.5
233.6
248.0
15.3
16 6
17.2
18.6
20.3
21 3
10.2
17.2
18 7
20.4
22.2
28.7
32 4
2.4
2 8
3.1
3.8
4.2
4 5
46.7
20.8
31.0
4.3
53.3
21.1
12.1
3.4
240.7
47.1
47.1
47.0
47 0
47.7
48.5
49.3
49.4
49.3
49.9
49.6
49.9
20.8
20.9
20.8
21 0
31 5
31.8
31.8
31 8
32.2
32 3
32.6
32.9
32.8
32.9
32.9
33.0
4 3
4.3
4.3
4 4
4.4
4 5
4.5
4.5
4.5
4.6
4.6
4.6
53.4
52.1
50.7
51.2
51.7
52.8
52.2
51.8
53.4
53.5
52.9
54.5
20.1
20.5
21.0
21.5
21.5
21.4
21.3
21.4
21.4
21.3
21.3
21.2
12.8
12.4
12.4
12.3
12.6
12.5
12.4
13.1
12.9
13.0
12.8
13.3
3.9
3.8
3.8
3.6
3.6
3.8
3.9
3.7
3.7
3.8
3.7
3.8
241.7
243.4
242.7
242.9
244.9
245.9
243.4
249.4
253.0
255.4
255.7
258.0
21.3
21.3
21.5
21.5
21.6
21.8
21.9
21.8
r
P Preliminary.
Revised.
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.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
» 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.
1
2
8
FEBRUARY
1953
177
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
Total
Automobile
Other
7,031
8,163
8,826
5,692
4,424
5,417
5,887
3,048
2,792
3,450
3,744
1,617
1,267
1,729
1,942
482
1,525
1,721
1,802
1,135
1,632
1,967
2,143
1,431
2,607
2,746
2,939
2,644
530
536
565
483
1,544
1,650
1,764
1,513
533
560
610
648
1945
1946
1947
1948
1949
1950
1951
1952P. .
1951—November
December
5,627
8,677
11,862
14,366
16,809
20,097
20.644
23,975
19,989
20,644
2,364
4,000
6,434
8,600
10,890
13,459
13,510
16,506
13,271
13,510
942
1,648
3,086
4,528
6,240
7,904
7,546
9,388
7,400
7,546
227
544
1,151
1,961
3,144
4,126
4,039
5,190
4,100
4,039
715
1,104
1,935
2,567
3,096
3,778
3.507
4,198
3,300
3,507
1,422
2.352
3,348
4,072
4,650
5,555
5.964
7,118
5,871
5,964
3,263
4,677
5,428
5,766
5,919
6,638
7.134
7,469
6.718
7,134
510
749
896
040
,018
L.332
.4*6
,552
,42^
,436
1,981
3,054
3,612
3,854
3,909
4,239
4,587
4,768
4,190
4,587
772
874
920
963
002
1,067
1,111
1,149
1,106
1,111
1952—January
February
March
April
May
June
July
August
September
October
November P. . . .
December?....
20,126
19,717
19,565
19,788
20,293
20,961
21,213
21,433
21,657
22,289
22.803
23,975
13,314
13,18*
13,156
13,319
13,806
14,409
14,745
14,939
15,193
15,573
15.889
16,506
7,322
7,158
7,047
7,099
7,421
7,820
8,039
8.149
8,339
8,653
8.017
9,388
3,962
3,927
3,891
3,946
4,171
4,446
4,597
4,634
4,708
4,882
5.038
5,190
3,360
3,231
3,156
3,153
3.250
3,374
3,442
3,515
3,631
3.771
3,879
4,198
5,992
6,027
6,109
6,220
6,385
6,589
6,706
6,790
6,854
6,920
6,972
7,118
6,812
6,532
6,409
6,469
6,487
6,552
6,468
6,494
6,464
6,716
6,914
7,469
,445
,448
,443
1,437
L ,431
1,435
L.443
L,456
L.469
1,488
L ,516
L ,552
4,253
3,967
3,855
3,913
3,921
3,980
3,891
3,902
3,848
4,075
4,242
4,768
1,114
1,117
1,111
1,119
1,135
1,137
1,134
1,136
1,147
1,153
1,156
1,149
1939.. .
1940
1941
1942
Sale credit
Loans 1
!
!!
Total
noninstalment
credit
Singlepayment
loans 8
Charge
accounts
Service
credit
P1 Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
1
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
merciall
modern- banks
ization
loans »
Total
Commercial
banks »
Small
loan
companies
Industrial
banks'
Industrial
loan
com- 2
panies
Credit
unions
1,632
1,967
2,143
1,431
523
692
784
426
448
498
531
417
131
132
134
89
99
104
107
72
135
174
200
130
96
99
102
91
200
268
285
206
1,422
2,352
3.348
4,072
4,650
5,555
5.964
7,118
1952P
1951—November .. 5,871
December... 5,964
477
956
1,435
1,709
1,951
2,431
2.510
3,092
2,509
2,510
439
597
701
817
070
,084
,268
,440
,211
,268
76
117
166
204
250
291
301
365
299
301
70
98
134
160
175
203
220
273
225
229
103
153
225
312
402
525
542
698
535
542
93
109
119
131
142
157
176
193
170
176
5,992
6,027
6,109
6,220
6,385
6,589
6,706
6,790
6,854
6,920
6,972
7,118
2,521
2,542
2,593
2,642
2,726
2,838
2,892
2,931
2,971
3.011
3,039
3,092
,273
,275
L.285
L.302
L.320
1,346
L.366
L ,377
1,375
1,376
1,384
1,440
300
301
303
307
319
330
341
346
352
359
361
365
230
232
235
239
246
254
259
263
264
266
268
273
541
545
553
568
589
614
631
647
662
677
683
698
176
176
177
179
181
183
185
187
186
186
187
193
Year or month
1939
1940
1941
1942
1945
1946
1947
1948
1949
1950
1951
1952—January. . . .
February. . .
March
April
May
June
July
August
September . .
October
November*..
December?..
Miscellaneous
lenders
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
680
1,017
1,198
792
827
912
975
784
261
255
255
182
194
198
203
146
237
297
344
236
164
322
568
739
801
864
938
1,057
922
938
942
1,793
2,636
3,069
3,282
3,875
4.198
5,218
347
354
956
1,231
1,432
1,534
1,737
1,946
2.437
2,671
228
292
166
231
310
375
418
481
528
618
45
50
151
210
282
318
334
358
417
498
38
42
199
286
428
577
712
894
947
1,264
83
84
951
956
963
983
1,004
1,024
1,032
1,039
1,044
1,045
1,050
1,057
393
373
429
429
479
497
473
418
423
449
392
463
184
181
216
211
236
248
238
211
196
209
214
327
46
46
52
50
52
56
53
50
51
55
47
60
38
37
41
39
44
44
42
41
39
45
39
49
85
91
95
103
116
122
113
105
105
113
97
119
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 December amounted to 135 million dollars,
and other
loans made during December were 16 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans1 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.
178
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
1939
1940
1941
1942
1945
1946
1947
1948
1949
1950 . . .
1951
1952?
1951
November.
December .
1952
January...
February
March. .
April....
May . . .
June . . .
Julv
August. . . .
September.
October. ..
November?
December ?
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
1 .525
1,721
,802
,135
Furniture
stores
All
other
retail
stores
Jewelry
stores
93
110
120
76
246
271
284
179
57
89
144
152
163
113
174
305
404
488
1,099
1,186
908
971
608
613
685
737
3,360
1,129
3,231
1,082
3,156
1,060
3,153 ! 1,064
3,250 | 1,101
3,374
1,132
3,442
1,142
3,515
1,166
3,631
1,217
3.771
1.278
3.879
1.333
4,198
1.461
933
909
893
894
924
954
974
995
592
567
548
541
551
588
612
625
648
666
672
709
706
673
655
654
674
700
714
729
753
782
805
882
1,104
L935
2,567
3,096
3,778
3,507
4,198
1,010
1,245
1,186
1,461
3,300
3,507
536
599
619
440
296
386
587
750
935
1,029
971
1,013
1.045
1,069
1,146
794
737
882
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates.
Total
Automobile
Outstanding at end
of period-
Total
1950
1951
1952?
5,645 1,143 1,223 1,267
1951—November...
December.. .
5,436 1,079
5,434 1,061
1952—January
February
March
April
May
June
July
August
September...
October
November?..
December?. .
5,418
5,412
5,446
5,528
5,744
6,027
6,210
6,355
6,503
6,702
6.846
7,030
Volume extended during month:
1951—November...
December.. .
1952—January
February....
March
April
May
June
July
August
September...
October
November?..
December?. .
Repair
and
modernization
loans12
Personal
instalment
cash
loans
905
,107
,213
,499
1.061 1.192
1,480 1,458
1.031
1,414
1,209
1,192
1,017
1,031
1,179
937
937
,194
,213
1,042
1,038
1,035
1,055
1,130
1,217
1,266
1,294
1,329
1,382
1 ,4^9
1,480
1,184
1,186
1,197
1,219
1,270
1,331
1,361
1,373
1,386
1,413
1,436
1,458
1,034
928
1,016
924
1,008
922
1,005
940
1,036
969
1,086 1,005
1,133 1,042
1,183 1,075
1,224 1,110
1,291 1 ,151
1,338 1,173
1,414 1,179
,230
,248
,284
,309
,339
,388
,408
,430
,454
,465
,470
,499
689
686
136
117
152
149
147
157
72
70
182
193
714
679
758
807
945
1,001
956
849
884
970
849
971
131
135
144
162
228
243
215
173
193
216
193
210
170
167
185
191
235
240
216
178
186
203
181
197
146
130
138
153
162
177
185
175
180
206
187
228
57
55
62
79
92
101
101
101
104
116
92
86
210
192
229
222
228
240
239
222
221
229
196
250
5.434
7,030
937
In millions of dollars]
Retail instalment paper a
Year or month
Year or month
Outstanding at end of
period:
1,146
715
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Household
appliance
stores
273
302
313
188
51
118
249
387
500
710
613
709
377
439
466
252
198
337
650
874
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
Repair
and
modernization
loans * *
Personal
instalment
cash
loans
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
Total
Retail instalment paper *
Repair Personal
and
instalmodern- ment
ization
cash
1s
loans
loans
Automobile
Other
226.9
255.3
303.8
57.9
63.2
76.7
41.1
47 3
62.4
7.3
7.2
8.1
120.6
137.6
156.6
391.0
404.1
491.2
118.5
118 9
163.9
79.7
81.2
95.3
54.9
56 .5
69.1
137.9
147.5
162.9
1951—November . 402.4
December.. 404.1
121.9
118.9
77.7
81.2
56.5
56.5
146.3
147.5
1951—November . 250.3
December.. 255.3
63.4
63.2
46.1
47.3
7.6
7.2
133.2
137.6
1952—January . . .
February...
March
April
May
June
July
August....
September .
October
November v
December?
402.6
403.9
405.8
410.7
426.2
441.1
455.1
463.5
472.8
483.0
485.7
491.2
116.5
116.3
116.6
119.2
128.2
138.4
145.7
148.9
153.1
158.9
160.2
163.9
81.4
81.4
81.2
81.1
82.5
84.7
87.2
89.1
91.0
93.4
94.1
95.3
56.1
56.3
55.4
55.8
57.2
58.2
60.9
63.6
66.3
67.8
69.0
69.1
148.6
149.9
152.6
154.6
158.3
159.8
161.3
161.9
162.4
162.9
162.4
162.9
1952—January . . .
February...
March
April
May
June
July
August....
September .
October
November ?
December?
256.2
257.7
260.9
265.5
273.2
282.7
288.1
291.9
293.7
295.9
297.9
303.8
62.5
62.4
62.6
64.0
67.7
71.0
72.6
73.5
74.3
75.7
76.5
76.7
47.0
47.4
48.8
50.0
52.2
55.2
57.5
58.6
59.3
60.2
60.6
62.4
7.2
7.1
7.0
7.0
7.0
7.2
7.4
7.5
7.7
7.9
8:0
8.1
139.5
140.8
142.5
144.5
146.3
149.3
150.6
152.3
152.4
152.1
152.8
156.6
Volume extended
during month:
1951—November .
December..
52.3
53.6
14.6
13.1
11.8
12.8
4.1
3.4
21.8
24.3
Volume extended
during month:
1951—November .
December..
39.5
43.6
9.0
9.3
6.2
6.6
0.7
0.5
23.6
27.2
1952—January . . .
February...
March
April
May
June
July
August....
September .
October....
November ?
December?
52.5
51.8
57.5
58.8
69.2
73.5
69.2
60.7
64.0
68.8
56.2
66.1
14.3
15.2
16.8
18.1
25.8
27.7
24.4
19.0
21.4
23.6
19.3
21.2
11.8
10.1
10.6
10.3
11.2
12.3
12.9
11.6
12.2
13.3
10.7
13.4
3.5
3.7
4.1
5.4
6.3
6.5
6.6
6.5
6.9
6.9
5.1
4.9
22.9
22.8
26.0
25.0
25.9
27.0
25.3
23.6
23.5
25.0
21.1
26.6
1952—January . . .
February...
March
April
May
June
July
August. . . .
September .
October. . .
November ?
December?
39.4
38.3
42.2
41.6
48.0
47.7
45.0
42.0
40.8
47.2
40.1
50.0
9.2
8.9
9.1
10.1
13.0
12.2
11.3
10.2
9.7
11.2
10.1
11.0
5.7
7.1
6.8
7.9
8.8
8.6
7.5
6.9
9.1
6.5
8.2
5.7
0.5
0.5
0.6
0.7
0.8
0.7
0.8
0.8
0.9
0.9
0.8
0.8
24.0
23.2
25.4
24.0
26.3
26.0
24.3
23.5
23.3
26.0
22.7
30.0
1950
1951
1952?
1950
1051
1952?
p1 Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
FEBRUARY 1953
179
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
Dec.
1952P
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Nov.
1952
Oct.
1952
Dec. Nov.
1952? 1952
5
-1
+13
+13
+14
+6
+1
+8
+
£
+8
+15
+19
+18
+40
+58
+40
+30
-5
-1
Accounts receivable, end
of month:
Total
Instalment
+9
+ 11
+3
+3
+4
+4
+22
+ 19
+20
+18
+5
+3
-2
-2
+4
+3
+6
+8
-1
-1
+3
+1
+1
+5
-5
-4
-3
Collections during
month:
Total...
Instalment
Inventories, end of
month, at retail value.
-10
Year or month
Oct.
1952
Net sales:
Total....
Cash sales
Credit sales:
Instalment
Charge account
-4
-6
-8
Instalment accounts
-4
Preliminary.
November
December
January
February
March
April
May
June
July
August
September
October
November
December?
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
21
19
11
11
12
12
50
45
19
18
20
18
19
18
17
17
18
18
17
17
10
10
11
10
11
10
10
11
11
11
10
10
13
13
13
13
13
12
12
11
12
11
11
11
47
45
48
46
48
46
46
46
47
50
48
48
1951
1952
,
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment 1947-49 average = 100
Accounts receivable
at end of month
Sales during month
Year or month
Collections during
month
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
46
53
60
67
75
93
99
103
44
57
72
82
92
105
103
103
55
45
39
36
37
56
85
105
48
48
49
53
59
84
95
104
76
60
35
29
28
38
67
108
58
60
47
41
40
53
78
106
47
51
50
52
59
78
92
103
98
94
53
48
42
44
50
73
92
105
110
Averages of monthly
data:
1941
1942....
1943
1944
1945. .
1946
1947
1948
1949
1950
1951
48
56
61
64
64
59
55
52
Instalment
sales
9
6
5
4
4
4
6
7
8
Charge
account
sales
43
38
34
32
32
37
39
41
41
101
104
103
93
95
93
136
133
142
101
106
111
109
125
103
117
146
165
158
111
118
120
48
48
47
10
9
10
42
43
43
1951—November
December .
129
177
115
167
171
'206
138
185
182
197
136
177
169
168
121
122
47
49
10
9
43
42
1952—January
February
March
April
May
84
79
91
99
100
93
78
89
77
72
83
90
90
110
106
122
118
137
89
83
96
107
106
190
182
178
175
176
180
162
170
153
153
165
129
118
108
115
48
48
48
48
47
126
99
178
148
114
113
136
10
10
10
9
10
10
11
11
42
42
42
43
43
71
81
101
89
149
108
190
142
124
117
121
122
120
107
108
118
128
138
183
11
43
1952P
July
August
September
October
November. . . .
December P
116
120
190
84
102
108
176
178
174
234
80
90
124
127
200
177
181
189
177
180
201
211
233
111
124
127
144
145
151
159
160
- 169
104
Cash
sales
111
100
103
119
123
135
51
47
48
48
46
46
47
49
11
11
9
43
41
41
43
42
42
r
p Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 171.
180
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial and stock savings banks and nondeposit
trust companies
All
banks
Total
Mutual savings
banks
Nonmember banks
Member banks
Total i
National
State
member1
Total
Insured 2
8,439
9,042
7,661
7,147
7,261
7,251
7,252
7,251
7,699
6,810
6,457
6,487
6,562
6,602
6,627
NonInNoninsured 2 sured * 2 insured
Banks (head offices)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31, 1933.
31, 1934
31, 1941
31 1946
31, 1947 3
31, 1950
31, 1951
31, 1952
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
31,
31,
31,
..
...
c579
15,029
16,063
14,825
14,585
14,714
14,650
14,618
14,575
14,450
15,484
14,277
14,044
14,181
14,121
14,089
14,046
6,011
6,442
6,619
6,900
6,923
6,873
6,840
6,798
5,154
5,462
5,117
5,007
5,005
4,958
4,939
4,909
980
1,502
1,893
1,918
1,915
1,901
1,889
2,911
3,133
3,699
4,138
4,332
5,056
5,383
5,710
2,786
3,007
3,564
3,981
4,161
4,843
5,153
5,464
2,081
2,224
2,580
2,913
3,051
3,589
3,837
4,105
1,121
1,243
1,565
1,781
1,870
2,230
2,370
2,557
981
1,015
1,132
1,181
1,359
1,467
1,548
783
984
1,068
1,110
1,254
1,316
1,359
1,006
1,043
1,202
1,275
1,318
62
67
52
41
115
124
152
165
42
47
61
65
41
177
69
+73
+73
+ 19
+ 15
+4
+54
+45
+9
-82
-18
— 13
-82
-18
-49
-9
—1
-32
—6
—1
-17
-33
—9
— 12
-31
—6
—6
-2
-3
-5
-6
+4
-4
857
8,4 [39
1,343
851
690
783
68
52
191
194
689
650
624
194
202
206
52
32
511
496
350
339
335
327
323
Branches and additional offices
1933
1934
1941
1946
1947 3
1950
1951
1952
960
705
7C 5
12 5
4 783
932
« 126
103
Changes, Jan. 1-Dec. 31, 1952
Banks
New Banks '
Suspensions
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations '
Interclass bank changes:
Conversions—
National into State
Federal Reserve membership: 7
Admissions of State banks . . .
Withdrawals of State banks
Federal deposit insurance: 8
Admissions of State banks
Withdrawals of State banks
Net increase or decrease
.. .
Number of banks Dec 31 1952
—3
— 13
-2
+12
+12
-9
-9
+5
+5
-12
-12
+9
—6
+9
+24
-24
-1
+1
-43
-43
-42
-30
-12
-1
+25
-26
+4
-4
14,575
14,046
6,798
4,909
1,889
7,251
6,627
624
206
323
+158
+72
+101
+49
—5
-1
+6
+57
+23
—6
+57
+ 10
+56
+9
+1
+1
+ 14
+6
—2
—2
+12
+4
177
69
Branches and additional offices 9
De novo branches
Banks converted into branches
Discontinued
Interclass branch changes:
National to State member
State member to national
State member to nonmember
Nonmember to national
Nonmember to State member
Noninsured to insured
Number of branches and additional offices
Dec. 31, 1952
+235
+82
—22
+215
+82
— 18
— 11
—3
+ 10
+10
+13
+1
—6
-3
+3
+ 13
— 10
-13
+2
+295
+279
+239
+ 160
+79
+40
5,519
5,273
3,932
2,404
1,528
1,341
+32
+32
+29
+27
+2
+3
+3
191
191
173
153
20
18
18
Banking facilities 10
Established
Number of banking facilities, Dec. 31,
1952
+3
— 10
-13
-2
+40
41
1,300
1
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became
members of the Federal Reserve
System during 1941. These banks are not included in the total for "commercial banks" and are included only
2
once 3in "all banks."
Federal deposit insurance did not become operative until Jan. 1, 1934.
As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank
series announced in
November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9
4
branches.
Separate figures not available for branches of insured and noninsured banks.
6
Exclusive of new banks organized to succeed operating banks.
6
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
7
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership;
they 8are included under "conversions."
Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such
changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank
changes."
9
Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent.
10
Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial
agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two
national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include
branches that have also been designated by the Treasury Department as banking facilities.
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, arid descriptive text, pp. 13-14.
FEBRUARY 1953
181
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1952
Item
System
Boston
New York
Philadelphia
Cleveland Richmond
Atlanta
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans.
U. S. Government securities
All other
Total current earnings.
$14,083,126
$271,446 $3,295,845 $571,357 $954,724 $705,515 $495,217
22,479
153,721
186,248
4,255
2,488
30,307
596
6,200
441,629,317 30,744,551 100,889,402 27,454,704 43 ,908,367 29,640,767 25 ,599,774
10,973
8,301
7,057
131,262
9,720
22,095
14,967
456,060,260 31,025,717 104,207,342 28,193,243 44,884,258 30,358,190 26,125,771
Current Expenses
Salaries:
Officers
Employees
Directors' and other fees
Retirement contributions
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
Assessment for expenses of Board of Governors
Federal Reserve currency
All other
Total.
Less reimbursement for certain fiscal agency and other
expenses
Net expenses.
4,233,713
63,635,525
309,952
6,059,708
1,228,468
15,176,606
796,315
5,158,905
868,781
2,255,142
2,592,706
968,707
776,754
471,225
2,293,160
3,923,413
4,121,602
8,521,426
1,778,922
125,171,030
20,476,939
104,694,091
337,678
262,287
289,622
241,819
829,997
355,834
4,278,020 14,950,127 3,783,532 5,710,574 3,874,241 3,047,711
48,562
17,761
15,897
25,076
36,996
22,085
316,422
349,460
404,953
378,049
1,362,356
547,200
100,050
46,295
90,485
112,792
154,643
103,243
932,852 1,260,212 1,369,681 1,302,166
1,208,141
2,389,373
75,239
43,787
49,922
43,309
186,725
55,228
360,583
283,992
327,998
431,605
995,890
418,441
53,693
40,750
76,692
63.676
195,363
78,115
88,692
96,536
99,993
285,797
542,103
238,779
93,535
66,352
190,535
55,832
706,041
343,680
45,229
49,875
71,202
55,940
183,854
104,091
88,008
36,749
30,601
44,589
103,957
139,973
71,794
42,284
37,593
3,720
7,469
33,181
238,142
362,780
256,900
592,808
103,679
259,365
672,978
,242,800
,742,928
197,566
125,814
308,814
321,500
625,421
117,136
200,864
320,077
381,600
758,894
376,610
398,109
289,442
209,100
780,662
96,395
394,299
194,987
176,400
650,365
88,087
8,797,977 26,697,414 7,551,197 11,448,681 8,750,937 7,533,500
1,141.699
4.330,054 1,126,338 1,956,567 1,190,423 1,171,116
7,656,278 22,367,360 6,424,859 9,492,114 7,560,514 6,362,384
Profit and Loss
Current net earnings..
Additions to current net earnings:
Profits on sales of U. S. Government securities (net),
All other
Total additions.
Deductions from current net earnings:
Charge-offs and special depreciation on bank premises.
Reserves for contingencies
All other.
Total deductions .. ,
Net additions
351,366,169 23,369,439 81,839,982 21,768,384 35,392,144 22,797,676 19,763,387
1,991,647
203,225
137,396
59,958
458,802
882
132,132
1,109
188,345
27,210
130,497
1,693
107,519
97,129
2,194,872
197,354
459,684
133,241
215,555
132,190
204,648
27 586
493 367
89 931
27,586
40,516
12,154
75,609
5,087
28,995
987
36. 768
5, 553
55,
2,
42,953
537
610,884j
80,256
80,696
29,982
42,321
57,406
43,490
1,583,988
117,098
378,988
103,259
173,234
74,784
161,158
Net earnings before payments to U. S. Treasury
352,950,157 23,486,537 82,218,97021,871,643 35,565,378 22,872,46019,924,545
Paid U. S. Treasury (interest on F. R. notes)
Dividends
291,934 634 20,426,366
790,381
14,681 788
Transferred to surplus (Sec. 7).
Surplus (Sec. 7), January 1.. . .
46,333.
538,343,
Surplus (Sec. 7), December 31.
584,676,881136,461,592 167,502,856 43,577,837 54,064,650 29,247,936 25,803,328
182
832,434 18 763,697 30 ,743. 128 20,006,070 17 ,385,550
607,064
643,141
627,264
023,039 1,406, 069
,931,931
,084,907 3,416. 181 2,223,249
,269,7901 7, 759,272
34 ,191,802 159, 743,584 41 ,492,930 50 ,648 469 27,024,687 23 ,871,397
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1952—Continued
Chicago
$2,855,247
St. Louis
$730,841
Minneapolis
$286,795
5,515
Kansas
City
$1,285,700
San
Francisco
Dallas
$387,081
278
$2,243,358
12,772
64,612,174
12,795
23,942,212
6,808
14,003,295
5,233
6,233
19,890,787
17,043
20,379,969
6,769
2,018
40,563,315
9,501
67,492,988
24,679,861
14,300,838
21,199,763
20,774,097
42,818,192
503,942
10,031,871
35,832
953,443
155,334
2,176,510
60,502
885,749
107,121
338,732
326,663
149,190
64,514
113,750
267,990
3,580,645
22,595
338,040
90,772
808,943
54,561
355,090
47,332
89,956
249,543
76,153
24,183
23,291
233,707
1,979,754
15,208
183,652
70,803
463,674
33,242
140,595
15,438
96,824
31,406
31,938
20,648
49,561
283,767
3,329,161
19,248
332,896
87,363
769,193
51,457
259,708
57,072
118,818
195,270
81,219
46,654
15,589
269,835
2,868,790
16,299
292,464
87,423
763,636
49,947
233,221
38,530
52,036
60,329
44,718
128,716
19,931
357,235
6,201,099
34,393
600,773
129,265
1,732,225
92,396
466,033
94,999
206.876
273,520
75,298
48,162
53,062
319,772
608,229
572,900
1,301,285
261,162
122,705
155,897
157,302
457,668
109,815
48,680
146,130
105,000
146,547
79,979
58,494
210,914
156,100
318,293
112,804
48,262
214,988
157,400
294,080
77,344
78,654
438,177
384,600
852,475
158,345
18,966,501
7,032,481
3,892,786
6,504,020
5,717,949
12,277,587
Item
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
Current Expenses
Salaries:
Officers
Employees
Directors' and other fees
Retirement contributions
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
Assessment for expenses of Board of Governors
Federal Reserve currency
All other
Total
Less reimbursement for certain fiscal agency and other
expenses
3,411,226
1,178,047
601,230
1,367,908
908,237
2,094,094
15,555,275
5,854,434
3,291,556
5,136,112
4,809,712
10,183,493
Net expenses
51,937,713
18,825,427
11,009,282
16,063,651
15,964,385
32,634,699
Current net earnings
293,142
6,171
108,609
7,490
62,431
4
94,386
1,191
92,042
186,346
299,313
116,099
62,435
95,577
92,109
186,667
Profit and Loss
67
321
68,387
8,971
24,873
2,920
14,267
43,835
22,223
1,235
25,531
4,190
77,358
27,793
58,102
23,458
.. 29,721
60,301
221,955
88,306
4,333
72,119
62,388
126,366
58,064
2,237
Additions to current net earnings:
Profits on sales of U. S. Government securities (net)
All other
Total additions
Deductions from current net earnings:
Charge-offs and special depreciation on bank premises
Reserves for contingencies
All other
Total deductions
Net additions
52,159,668
18,913,733
11,013,615
16,135,770
16,026,773
32,761,065
Net earnings before payments to U. S. Treasury
45,238,680
1,894,010
16,560,583
513,060
9,617,021
327,905
14,022,539
555,050
8,146,709
709,449
21,191,857
1,585,356
Paid U. S. Treasury (interest on F. R. notes)
Dividends
5,026,978
79,601,206
1,840,090
21,788,220
1,068,689
14,062,608
1,558,181
20,366,554
7,170,615
18,210,141
9,983,852
47,341,548
Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1
84,628,184
23,628,310
15,131,297
21,924,735
25,380,756
57,325,400
Surplus (Sec. 7), December 31
FEBRUARY
1953
183
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec
Dec.
Dec.
Dec.
Dec.
Dec.
On par list
Total banks on
which checks are
drawn, and their 1
branches and offices
States total:
31 1946
31, 1947..
31, 1948
31, 1949
31, 1950
31, 1951
Dec. 31, 1952P
Total
Member
Not on Dar list
(nonmember)
Nonmember
Banks
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,043
14 078
14,072
14,051
14,015
13,987
13.942
3,981
4,148
4,333
4,562
4,824
5,145
5,455
11,957
12,037
12,061
12,178
12,162
12,158
12,122
3,654
3,823
4,015
4,289
4,534
4,843
5,151
6,894
6,917
6,912
6,887
6,868
6,835
6,792
2,913
3,051
3,197
3,387
3,589
3,837
4,105
5,063
5,120
5,149
5,291
5,294
5,323
5,330
741
772
902
945
1,006
1,046
469
837
820
390
469
837
820
390
1 044
1,044
321
720
621
673
477
310
959
166
330
303
148
117
199
417
335
80
85
49
50
187
Branches
and offices
818
Branches
and offices
Banks
2,086
2 041
2,011
1,873
1,853
1,829
1 820
327
325
318
273
290
302
304
By districts and
by States
Dec. 31, 1952*
District
Boston .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis .
Kansas City
Dallas
San Francisco
I 090
1,005
1,224
?,476
1,463
L,276
1,754
I 040
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware....
District of Columbia...
Florida
Georgia
Idaho
Illinois
Indiana.
Iowa
Kansas
215
380
639
256
671
175
115
26
1,090
812
630
2,476
1,140
676
1,745
215
380
490
216
671
360
1,005
111
493
74
26
63
476
752
187
315
68
193
594
149
40
43
323
45
11
600
9
64
41
19
92
101
10
270
1,471
29
356
647
29
15
200
993
44
488
1,471
939
488
1,471
634
260
1,379
305
228
229
13
230
190
150
30
70
22
1,035
5
133
13
112
190
150
30
70
5
1,035
5
95
5
69
118
94
30
53
2
982
4
38
8
43
72
56
3
53
1
68
31
104
35
68
31
63
14
57
14
41
21
11
17
48
19
48
15
38
4
10
104
35 '
19
205
403
40
73
9
52
62
151
119
40
96
17
9
49
75
66
8
45
76
53
1
4
62
21
57
19
5
57
163
2
378
244
503
392
891
480
664
609
3
125
163
2
889
480
664
607
3
125
163
2
511
236
161
215
3
68
378
167
63
156
175
56
89
79
142
200
378
63
63
156
175
56
65
79
142
200
111
49
38
73
138
36
57
42
81
179
267
14
25
83
37
20
8
37
61
21
Michigan
Minnesota . . .
]Vlississippi
Missouri
IVlontana
425
285
425
285
227
229
198
56
6
206
6
73
1
267
6
202
593
109
61
Nebraska
Nevada
New Hampshire
New Jersey .
New IMexico
411
8
74
309
51
New York
North Carolina
North Dakota
Ohio
Oklahoma
603
Oregon
Pennsylvania .
Rhode Island
South Carolina
South Dakota
Kentucky .
Louisiana
Maine
Alaryland
Massachusetts
..
Tennessee
Texas
Utah
Vermont
Virginia
^^ashington
West Virginia .
Wisconsin
Wyoming
677
42
528
109
16
1
22
2
189
23
411
8
74
309
51
2
31
176
83
8
1
11
352
26
140
6
52
267
34
2
22
2
189
23
20
1
166
6
271
2
22
42
17
859
525
2
859
603
209
153
257
22
102
61
651
383
271
2
651
375
271
2
417
223
67
111
67
295
916
256
54
59
27
100
14
29
256
54
64
52
113
14
934
13
68
72
211
866
111
55
66
34
11
55
66
34
11
315
128
311
128
934
13
149
170
113
6
55
42
798
64
78
101
38
10
77
14
127
285
204
61
34
31
4
72
104
24
160
65
57
107
92
144
16
2
1
23
17
234
152
31
38
3
410
8
237
2
84
581
54
284
2
49
6
228
5
35
9
17
2
47
19
222
43
48
23
706
g
33
63
118
8
34
11
11
4
23
24
28
3
7
107
56
117
162
117
162
51
151
66
11
182
552
52
151
181
552
52
151
109
165
39
21
72
387
13
130
81
98
5
25
84
50
13
4
1
P Preliminary.
» Excludes mutual savings banks, on a few of which some checks are drawn.
2
Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military
reservations and other Government establishments (see BULLETIN for February 1953, p. 181, footnotes 9 and 10).
Back figures.—See Bankin and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.
184
FEDERAL RESERVE BULLETIN
PAGE
International capital transactions of the United States
186-191
Gold production
191
Reported gold reserves of central banks and governments
192
Gold movements; gold stock of the United States
193
International Monetary Fund and Bank
194
Central
Banks
194-198
Money rates in foreign countries
199
Commercial banks
200
Foreign exchange rates
201
Price movements in principal countries:
Wholesale prices
202
Consumers' price indexes
203
Security
203
prices
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
FEBRUARY 1953
185
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.*
From Jan. 2, 1935,
through—
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Total
Foreign
officials
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad l
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
Total
Domestic
securities:
Inflow of
foreign
funds3
Foreign
securities:
Return
of U. S.
funds'
Inflow in
brokerage
balances
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
31
31
31
31
31
8,009.5
8,343.7
8,569.1
8,763.5
10,521.1
1951—Dec. 31
10,140.7
8,548.1
2,770.2
4,089.6
1,688.3
160.9
618.6
687.5
125.6
1952—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P
10,043.0
10,208.8
10,236.0
10,268.6
10,471.6
10,585.5
8,464.4
8,638.2
8,719.2
8,829.1
9.1Q9.1
»-9,287.0
9,601.0
9,771.1
9,951.5
9,831.6
9,917.9
2,644.9
2,811.5
2,912.3
3,025.5
3,219.9
'3,309.4
3,615.3
3.791.3
3,909.1
3.832.4
3,950.7
4,138.7
4.200.2
4.149.6
4,164.9
4,285.8
'4,294.1
4,219.1
4,205.9
4,261.4
4,189.3
4,221.6
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
1,809.9
1,745.6
133.4
164.9
125.0
109.7
90.7
'99.8
103.2
63.0
106.0
114.9
113.1
631.3
616.8
617.4
622.4
621.1
624.1
647.0
679.9
673.8
865.0
916.4
688.6
658.3
642.5
580.4
429.6
441.3
'460.2
'491.3
505.6
510.5
517.6
125.4
130.7
131.8
127.0
131.1
133.4
129.7
'125.5
127.6
127.9
119.0
'10,941.0
'11,130.9
11,364.5
11,449.9
11,583.9
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Tota I breign
countries
In-
ternational
institutions
Date
NethUnited
erKing- France
lands
dom
Official
and
Official
2
3 ,043.
1 ,832.
2 ,836.
2 ,908.
3 ,425.
9
1
3
1
9
Switzerland 5
Italy
372
446
538
576
553
267
153
333
303
314
Other
Europe
Total
Europe
Canada
850
739
738
717
799
2,420.7
1,976.7
2,472.4
2,513.9
«2,777.7
931
409
775
869
899
Latin
America
Asia
All
other
private
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31...
31...
31...
31...
31...
1951—Dec. 31. .
31...
29...
31...
30...
31 . .
June 30. ..
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30...
Oct. 31 P..
Nov. 3 0 P . .
1952—Jan.
Feb.
Mar.
Apr.
May
473. 7
2 ,262.
1 ,864.
1 ,657.
1 ,722.
0
3
8
2
1 ,708. 2
1 ,700. 9
1 ,646. 4
1 ,677 2
1 ,658 6
1 ,713 3
1 ,703 4
1 ,786 5
1 ,793 8
1 ,800.9
1 ,829 9
1 ,765 6
6,006. 5
4,854. 4
5,853. 7
5,960. 2
6
6,922 6
7,594 0 3 ,480. 5
7,517. 7
7,745 8
7,796 1
7,924 5
8,239 9
'8,337 7
8,568 6
8,731 4
8,904 7
8.755 8
8,906 5
3 ,355. 2
3 ,521. 8
3 ,622. 6
3 ,735. 8
3 ,930. 2
' 4 ,019. 7
4 ,325 6
4 ,501.6
4 ,619. 4
4 .542 7
4 ,661. 0
458.9
326.2
546.3
574.4
6
656.6
245
167
192
171
260
9
7
8
6
7
224. 9
143 3
122 8
170. 5
193 6
642.6 289 4 148 8
644.6
796.9
783.6
745.0
756.8
'793.4
848.1
833 7
865.3
889.0
975.2
252
253
251
256
8
4
4
3
267.2
299
344
395
404
348
337
2
3
6
0
4
3
153
155
149
122
155
203
241
299
345
384
343
7
9
7
0
9
0
2
4
1
3
1
6
4
9
9
0
9
1
5
6
7
521 3
300 5
521.6
290
293
292
286
278
542
544
584
599
600
617
612
614
623
627
9
8
3
6
8
5
0
3
9
1
2
.9
.1
.5
.5
5
8
I
0
2
.8
.6
.2
.1
.0
1,022.2 2,924.7 1,307 .1
997 8
959 2
958 0
970.8
1,004 7
266.8 1,028 9
291 .7 1,058 3
294 .9 1,083 5
291.9 1.141 4
305 .7 1,205 0
326 2 1,245 4
2,860.7
3,002.2
2,979.7
2,964.9
3,062.7
'3,192.2
3,401.0
3,519.1
3,662.0
3.756.2
3,854.3
8
6
0
1 ,316.4
1 ,057.9
1 ,151.8
1 ,455. 2
1 ,609.6
1 ,104.
1 ,216.
1 ,287.
1 ,436.
1 ,612.
232.8
193.7
167.4
961.0 179.5
7
9 1 ,378.5 254.5
297.4
L.316 .5 1 ,400. 7 1 ,635.7 304.1
1,336 .3 1 ,416. 3 1 ,661.9 329.1
1,339 .7 1 ,463. 1 1 ,687.8 325.9
1,397 .8 1 ,490. 2 1 ,755.0 316.6
L.496 .0 1 ,529. 3 1 ,826.0 325.9
1,503 .0 ' 1 ,517. 2 ' 1 ,792.0 333.2
1,540 .3 1 ,538. 0 1 ,757.7 331.6
I ,528.1 1 ,570. 0 1 ,743.5 370.7
1,530 .1 1 ,580. 7 1 ,795.1 336.8
I ,373.3 1 ,520. 7 1 ,784.1 321 .5
1,353 .7 1 ,557. 5 1 ,812.9 328.1
r
P Preliminary.
Revised.
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts
with the U. S. Treasury.
8
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities
of such
institutions
are included in foreign securities.
4
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial 5firms. (Footnote 1 above also applies to this table.)
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
6
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1961,
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.
1
186
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
DenOther Aus- Bel- Czechoslo- mark
Europe tria gium vakia
Finland
GerNormany Greece way
66.5
52.8
44.7
38.0
45.5
22.2
30.5
19.1
25.1
18.3
7.1
89.5
178.9
149.4
221 6
1951—Dec. 3 1 . . 1,022.2
159.5
124.9
128.7
119.9
128.2 " 5 . 6 *
57.1 134.7 1.3
45.3
27.0
405.6 45.8
1952—Jan. 3 1 . . 997.8
Feb. 29. . 959.2
Mar. 31. . 958.0
Apr. 30. . 970.8
May 3 1 . . 1,004.7
June 3 0 . . 1,028.9
Tulv 31. . 1,058.3
Aug. 31 . . 1,083.5
Sept. 30. . 1,141.4
Oct. 31 P. 1,205.0
Nov. 30?. 1,245.4
57.0
55.4
54.0
54.9
53.1
49.5
51.9
60.7
74.3
77.7
84.9
44.0
38.7
38.9
37.6
37.0
34.2
37.5
43.8
51.0
59.6
69.9
30.0
30.7
26.9
23.8
23.9
21.3
22.7
24.4
25.9
26.7
26.7
395.1
353.0
361.8
380.2
390.5
453.1
464.3
457.5
486.2
534.3
544.7
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
850.5
739.8
738.1
717.0
799.2 "4l!9
31..
31.
31..
31..
31. .
132.8
136.6
132.1
134.1
155.0
137.5
143.5
142.1
136.7
128.3
142 .4
.7
.8
.7
.7
.6
.6
.6
.6
.9
.5
.5
49.3 123.5
34.7 56.2
21.1 77.7
29.6 69.4
32.3 43.6
38.9
38.4
41.0
41.9
41.1
41.7
38.7
39.4
39.8
41 .2
42.8
Poland
Portugal
Rumania Spain
8.9
8.7
7.0
6.7
6.1
16.4
12.8
13.6
15.7
21.3
Sweden
Yugo- All
USSR slavia
other*
172.6
58.6
49.0
90.1
115.3
60.5
73.7
21.3
10.2
4.0
12.4
12.1
19.9
7.6
13.2
112.5
138.2
119.3
117.4
52.4
4.2
39.0
47.1
37.7
38.1
45.7
99.7
2.8
40.7
6.1
17.1
71.7
2.5
7.1
57.6
97.7
96.7
104.4
100.5
100.9
94.6
96.1
101.0
104.1
109.6
109.4
2.4
5.8
2.5
2.1
2.4
2.6
4.7
3.1
2.2
3.6
1.8
40.7
42.8
41.8
41.6
43.1
40.6
45.9
49.3
51 0
46.7
49.9
6.0
6.1
6.2
6.1
6.1
6.0
5.7
5.7
5 7
6.0
6.1
16.6
17.4
17.9
17.7
20.2
18.5
18.0
17.6
20 4
24.4
21.4
64.3
64.4
62.4
65.3
65.8
68.4
70.6
77.0
77 6
82.8
84.5
4.2
4.9
2.5
2.4
7.7
8.7
7.1
7.6
7.8
10.7
11.4
12.7
14 1
13.0
13.4
59.5
58.8
57.9
54.2
55.1
47.6
44.6
46.5
46.4
45.3
45.0
n
2.0
2.1
5 1
5.3
2.1
Table 2 b . --Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Dominican Guate- MexRe- mala
ico
public
Cuba
Netherlands
West Peru
Indies
and
Suri-
ReEl
public of SalPan- vador
ama
Uruguay
Other
Vene- Latin
zuela America 2
nam
1946—DeCi
1947 Dec
1948—Dec.
I949—Dec.
1950— Dec.
31
31
31.
31
31.'
1,104.8 112.6
1 216 6 236 2
l ] 2 8 7 ! o 215^8
1,436.7 201 1
1,612.9 301.8
14.0
17 8
17!l
13 5
20.4
174.0
104.7
123.7
192.8
226.0
50.7
46 3
55.6
60.9
79.5
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
263.6 45.8
27.3 158.2
34.9
47.2
67.7
27.8
84.7
253.1
265.5
288.3
307.4
318.1
316.6
321.2
341.4
321.4
285.7
284.2
32.1
35.9
39.5
40.0
39.7
38.3
36.4
34.4
32.4
32.2
33.2
31.5
31.3
28.8
28.2
28.4
32.2
29.1
35.5
38.0
39.5
41.9
49.5 63.1
48.8 65.7
56.3 67.9
57.0 65.6
55.9 70.5
56.5 '74.2
57.1 73.3
58.5 74.5
56.2 79.5
62.0 81.1
62.5 82.4
1951—Dec. 31. 1,455.2 249.7
27.8 100.3
54.0 106.4
225.9
212.9
189.4
177.4
167.8
146.8
130.7
128.3
129.8
131.9
146.2
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 87.9
21.2 88.9
18.7 72.3
16.6 78.2
56.5
59.5
57.3
58.6
52.0
54.3
58.4
61.2
58.1
62.4
71.2
1952—Jan. 31. 1,400.7
Feb. 29. 1,416.3
Mar. 31. 1,463.1
Apr. 30. 1,490.2
May 31. 1.529.3
June 30 '1,517.2
Julv 31. 1,538.0
Aug. 31. 1,570.0
Sept. 30. 1,580.7
Oct. 31 P 1,520.7
Nov. 30? 1,557.5
97.6
96.3
95.0
91.1
80.7
73.6
77.6
85.4
88.3
87.9
96.4
46.1
48.9
50.5
53.4
51.5
50.4
51.2
49.9
46.6
43.3
43.5
147.0
134.0
171.9
150.4
177.3
195.7
205.1
238.0
233.5
232.1
251.0
71.9
181.8
186.5
184!l
207 4
71.3
87.8
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 97.3 108.3 116.2
25.4 91.5 154.3 115.6
21 .6 94.8 141.6 113.4
19.9 91.6 126.2 112.5
Table 2c—Asia and All Other
1946 Dec
1947—Dec.
1940 Dec
1949 Dec
1950—Dec.
Formosa
PhilAll
Indoippine Thai- Tur- Other3
and Hong
China Kong India nesia Iran Israel Japan Reland key Asia other
Mainpublic
land
Asia
Date
31 1,316.4 431.9 44 9
31. 1,057.9 229.9 39.8
31 1,151.8 216.2 51.1
31
961.0 110 6 83 9
31. 1,378.5 81.7 86.1
43.5
62.4
51.8
63 3
55.7
127 A
69.3
41.5
15 7
114.7 20.3 12.6
16.6
31.3
81.4
214.6
458.5
446.6
488.6
488.3
297 3
374.4
1951—Dec. 31. 1,609.6
87.4 62.4 62.1 140.6 25.5 26.6 596.0 329.7
1952—Jan. 31. 1,635.7
Feb. 29. 1,661.9
Mar. 31. 1,687.8
Apr. 30. 1,755.0
May 31. 1,826.0
June 30. »-l, 792.0
Julv 31. 1,757.7
Aug. 31. 1,743.5
Sept. 30. 1,795.1
Oct. 31 P 1,784.1
Nov. 3 0 P 1,812.9
81.9
81.6
78.6
80.1
80.2
76.5
76.3
80.4
84.7
84.0
80.9
64.2
64.4
67.8
65.6
62.7
65.9
68.1
69.6
71.4
69.6
69.7
58.6
59.4
46.3
52.1
67.3
'58.7
61.6
54.8
55.2
58.1
54.2
131.8
127.4
141.0
171.1
190.2
176.5
154.0
114.5
87.3
64.9
60.9
26.8
26.9
25.7
23.8
23.5
21.1
24.7
22.6
18.3
20.1
19.2
20.7
19.3
19.8
27.6
37.8
30.5
26.8
26.5
22.1
27.9
19.3
636.2
655.7
682.4
696.8
724.8
730.7
725.6
743.9
772.6
767.5
789.1
328.2
331.1
332.2
335.0
337.2
333.0
321.8
324.6
319.7
320.1
315.1
54.7
37.6
17.5
9 8
48.2 14.3
45 5
30.6
22 2
32 4
19.1
20.8
25.0
27.7
61 6
75^6
96.7 14.1 168.4 297.4 38.5
54.5 110.7
108.8
115.0
121.0
125.8
126.5
126.8
134.9
143.8
157.9
166.6
176.5
13.6
14.9
10.6
10.8
14.2
20.6
9.4
9.8
8.8
9.7
11.0
151 0
99.0
204 0
165.7
111.9
164.8
166.1
162.4
166.3
161.5
151.7
154.4
153.0
197.2
195.8
217.1
232.8
193.7
167.4
179 5
254.5
Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other*
tian Africa
Sudan
304.1
329.1
325.9
316.6
325.9
333.2
331.6
370.7
336.8
321.5
328.1
32.3 54.3
36.5 58.8
38.4 57.8
36.7 62.0
44.7 67.5
49.5 72.6
47.4 74.8
81.2 84.5
54.1 90.4
50.1 96.6
48.4 105.2
121.0
126.4
127.3
123.3
118.3
117.7
116.8
104.2
91.7
72.1
62.0
47.2 119.3
46.4 91.8
15.8 101.6
6 0 79 5
44!o 57^7
7.0
86.8
9.1
87.3
95.7
93.3
80.7
83.1
82.5
81.5
86.5
88.7
89.4
93.0
11.8
9.0
13.9
12.4
10.9
11.2
14.2
11.8
13.3
19.5
r
p Preliminary.
Revised.
1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
» Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel, and Thailand, reported separately as of that date.
* Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
2
FEBRUARY
1953
187
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES i
[Amounts outstanding, in millions of dollars]
Total
Date
1946—Dec.
1947—Dec
194g—Dec.
1949—Dec.
1950—Dec.
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
3i
31
3i
3i
31
708.3
948.9
1,018.7
827.9
898.0
47.7
29.2
24.5
37.2
105.7
23.4
119.0
51.8
31.4
5.7
151.0
49.1
51.4
5.2
3.4
9.8
7.0
6.9
3.8
8.7
16.0
21.1
15.8
22.6
20.7
82.8
118.9
106.3
98.5
67.1
312.9
248.6
323.8
219.2
237.0
52.2
27.5
39.8
37.6
125.8
226.8
514.3
516.6
411.1
378.8
99.2
127.0
118.8
139.7
96.3
17.2
31.5
19.7
20.4
60.0
1951—Dec. 31
968.4
35.0
10.1
5.0
11.2
10.3
111.2
182.8
92.0
489.3
162.4
41.9
996.0
964.4
1,004.4
1,019.7
1,038.7
r
l,029.6
1,026.2
1,066.3
1,023.4
1,014.5
1,016.3
28.5
32.8
35.4
33.5
42.0
36.2
30.9
32.2
26.8
35.8
33.8
14.1
14.1
13.2
13.8
11.6
11.7
11.6
5.8
5.6
5.7
3.4
3.3
3.1
3.8
3.3
2.6
2.7
4.4
11.2
10.3
11.6
8.6
7.3
9.8
8.0
9.8
8.4
8.0
9.2
12.6
14.4
21.5
23.5
24.9
30.4
28.6
24.6
19.6
16.4
17.2
114.6
103.0
89.6
81.1
79.1
68.8
67.2
66.5
75.1
79.0
82.7
186.8
180.2
176.9
163.9
168.2
160 2
150.0
145.7
141.8
152.9
155.5
89.3
72.4
72.1
76.4
69.5
'51.4
45.1
53.3
58.3
73.7
73.8
520.3
520.6
570.2
601 1
652.2
669 6
700.1
715.2
658.3
632.9
636.4
161.9
154.6
149.5
144 8
117.4
118 0
105.2
128.4
141.6
132.8
127.9
37.6
36.7
35.7
33 5
31.5
30 4
25.8
23.7
23 4
22.2
22.8
YugoAll
slavia other J
1952—Jan. 31
Feb. 29
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30 . . .
Oct. 31 P
Nov 30P
9.2
9.3
10.9
8.2
Table 3a.—Other Europe
Other
Europe
Date
1946—Dec 31
1947—Dec. 31
1940—T)ec
3 1
. . .
I949—Dec. 31
1950—Dec 31
1951—Dec 31
1952—Tan 31
Feb 29
Mar 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P
...
Austria
82 8
118.9
106 3
98.5
67 1
.2
Denmark
Finland
Germany
Greece
Norway
Portugal
Spain
Sweden
7.5
15.0
21 A
19.3
21.5
.5
2.2
.6
.4
3.2
6.2
12 A
10.6
1.2
.7
.2
3.3
9.2
8.4
7.4
1.4
1.0
1.1
.7
.5
.5
7.2
.9
2.9
7.0
1.6
4.9
5.4
1.4
2.3
6.9
(»)
(')
6.0
8.2
2.2
30.4
30.5
30.5
30.0
25.4
Belgium
8.0
3.4
(3)
9.5
35.9
29 8
22.6
40
111.2
(')
39.6
4.8
3.1
28.3
.2
2.5
.8
18.8
5.4
3.9
4.0
114.6
103.0
89 6
81.1
79.1
68 8
67.2
66.5
75.1
79.0
82.7
(•)
42.9
33.7
28.7
21.3
17.6
13.9
12.9
11.5
11.8
13.2
17.7
4.0
4.6
4.6
4.3
3.9
3.5
3.6
2.2
3.5
2.8
3.3
3.6
4.1
30.1
27.9
27.7
27.2
26.9
23.2
23.7
25.7
27.5
28.0
25.4
.2
.1
.1
.1
.1
.1
.2
.2
.2
.2
.2
2.0
1.6
1.5
1.8
2.0
1.6
1.8
1.8
2.0
1.7
1.8
1.0
.9
1.2
1.0
.8
.8
.7
19.0
19.8
13.5
12.6
14.6
14.3
14.3
12.5
13.5
12.6
11.8
5.2
4.3
4.2
3.6
3.2
2.7
3.1
1.9
2.2
3.3
3.0
2.4
1.3
7
2.4
2.7
2.3
.5
3.4
7.3
8.0
7.9
4.2
4.6
44
4.9
3.8
36
3.6
4.4
3.7
3.8
5.8
(i)
.1
(*)
.1
(»)
(8)
.1
.1
1.0
1.0
2.7
1.8
3.4
2.9
2.8
2.2
2.8
3.8
4.0
.6
.6
.5
.6
\mericj1
Tab e 3b.—Latin 1
Date
Latin
BoAmer- Argentina livia
ica
Brazil Chile
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurilic
nam
226.8
514.3
516.6
411.1
378.8
41.8
65.2
72.4
53.6
45.9
2.3 49.8
2.0 165.8
2.7 165.4
2.3 136.9
8.7 78.0
14.6
27.8
15.2
15.5
6.8
26.4 25.7
32.6 108.6
32.6 83.1
21.1 27.5
42.5 27.6
"i!9"
1951—Dec. 3 1 . . 489.3
7.6
7.5 185.0
24.8
43.7
32.3
1.8
520.3
520.6
570.2
601.1
652.2
669.6
700.1
715.2
658.3
632.9
636.4
7.9
7.8
8.6
7.8
7.4
8.2
7.2
7.6
8.6
8.1
9.3
7.1
9.9
8.1
8.6
9.7
8.4
8.7
6.8
6.2
7.0
6.0
207.3
217.0
234.9
272.2
320.7
358.3
392.6
403.9
374.7
355.4
354.3
26.2
23.6
29.3
29.1
27.5
26.1
27.0
23.0
21.6
18.3
20.5
39.3
36.1
33.8
31.5
34.3
35.0
34.5
34.2
32.1
34.9
36.0
29.6
31.0
56.6
54.7
55.9
51.8
52.5
51.6
33.6
36.1
30.6
2.2
2.1
2.1
2.9
2.4
2.2
1.9
1.8
1.8
1.6
1.7
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 1 . .
1952—Jan. 3 1 . .
Feb. 2 9 . .
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
Juno 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 31 P .
Nov. 30P.
Peru
ReEl
pubUrulic of Sal- guay
Pan- vador
ama
Other
Vene- Latin
zuela America *
"2.6
25.5
52.2
73.8
73.0
70.6
.8
1.1
1.5
1.3
1.3
3.7
4.3
4.4
5.8
11.0
1.3
4.7
4.6
5.3
3.1 '*6!8'
3.8
90.6
1.2
11.8
3.0
9.5
10.5
41.7
14.5
4.0 109.1
4.2 103.0
4.2 101.1
4.1 94.4
3.7 90.8
4.1 78.0
3.7 71.2
3.2 91.7
2.8 92.0
3.2 82.8
3.5 85.0
1.2
1.2
1.2
1.3
1.1
1.2
1.2
1.1
1.2
1.2
12.0
11.8
11.5
10.3
11.6
10.9
10.9
10.7
10.3
11.6
13.2
4.2
4.1
3.9
6.8
6.0
5.9
6.3
3.3
3.7
4.4
4.2
9.9
8.4
7.5
6.5
5.3
5.4
5.3
5.3
5.1
7.1
9.0
11.8
7.9
19.1
24.9
27.9
30.5
32.1
25.7
20.6
14.3
12.9
34.9
38.7
33.1
32.2
34.2
32.1
32.4
32.4
31.7
33.1
35.6
13.7
13.8
15.1
13.7
13.8
11.5
12.5
13.0
12.4
13.8
13.2
1.3
"k'.ti
8.7
15.3
26.0
25.6
49.4
26.2
34.5
34.7
43.1
14.6
r
P Preliminary.
Revised.
1 See footnote 1, p. 186.
* 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.
188
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other
Asia
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950— Dec.
1951—Dec.
1952—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
99 2
31. . 127.0
31. . 118.8
31
139 7
31. . 96.3
3 1 . . 162.4
3 1 . . 161.9
2 9 . . 154.6
31. . 149.5
3 0 . . 144.8
31.
117 4
30.. 118.0
3 1 . . 105.2
3 1 . . 128.4
30.. 141.6
31 P. 132.8
30P.. 127.9
31
Formosa
PhilIndoand Hong
ippine Thai- Tur- Other1 All
China Kong India nesia Iran Isrclei Japan Reland key Asia other
public
Mainland
53 9
40.8
24.2
16.6
18.2
10.1
10.1
9.6
9.1
8.6
8 1
7.3
8.1
8.3
10.1
10.1
10.1
5 9 12 0
2 .6 2 9 . 6
3 .4 2 0 . 4
3 7 17 4
3 .0 16. 2
3 .1 1 3 . 4
1 .4 1 4 . 8
1 6 16. 8
2 .8 2 0 . 4
4 2 14. 5
1 8
9 4
6. 5
2 4
8
5. 5
1 3
4. 2
3. 7
1 0
9
3. 5
1 3
3. 7
1 0
.5
1.9
.2
.2
.3
.4
.5
.7
.9
.6
1.4
.5
.6
.7
.9
.7
.2
.9
15.9
14.1
6 . 6 18 .9 12.1
9 . 3 30 . 0 12.2
8.9
9.0
10.1
10.8
10.6
10.7
10.3
9.6
9.3
10.1
10.2
35 .9
32 .4
30 .3
29 .3
30 1
27 .7
27 .4
22 .9
22 .8
18 .7
17 .4
8.6
8.8
9.1
11.0
12.5
14.3
10.4
13.3
10.1
12.6
12.2
20 ?
27 4
37 3
23 ?
4 9
29 3
29 1
27 2
22 6
23 7
27 4
20 5
6 9
10 3
5.3
6 4
3 0
1.5
2.5
2.1
2.9
3.7
2.8
3 2
2.7
2.3
3.5
3.8
3.4
4.0
1 4
17 .7
1 .4
14 3
.9
.6
.5
.6
13 .8
23 .6
1 6
15 .4
16 .7
37 .0
55 .7
51 .0
47 .4
4 6
7 5
14.3
50
13 9
51.6
50
45
26
15
12
9
16
17
19
15
17
0
1
9
3
1
0
3
4
2
3
7
Australia
17
31
19
20
?
3 4
5
7
4
9.0
4.7
41
37
36
35
33
31
30
25
23
23
22
22
9
6
7
7
5
S
4
8
7
4
2
8
60.0
Egypt
and
Union
Bel- Anglo- of
gian Egyp- South Other'
Congo tian Africa
Sudan
7 9
40.8
22.8
21.1
17.5
17.7
13.5
12 7
12.0
9.6
8.0
8.2
8.7
10.0
4.4
5.7
5.3
6.0
7.2
7.6
7 8
8.7
8.2
7.9
6.9
6.7
6.5
.4
.1
.4
.2
.3
.2
.1
.1
.1
.2
2
.2
.2
.5
.6
.5
.1
10 .1
14 .4
7 .9
4 .5
7 .3
6 .7
6 .3
6 .0
5 .7
7.0
4 8
4 .7
3 .7
3 .5
3 .1
2 .3
2 .6
3 3
8 .0
6 .8
7 7
7 .2
6 .5
4 .7
7 .0
5 .0
5 .1
6 1
4 .9
4 .1
3 .8
4 .7
4 .0
3 .6
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bonds and notes 4
Year or month
1946
1947
1948
1949
1950
1951
1951—December
1952—January
February
March
April
May
June
Julv
August
September
October?
November**
Purchases
Sales
414.5
344.8
282.4
430.0
1,236 4
673.6
27.2
20 2
15.5
19 4
13.9
31.2
39.6
39.1
37.5
34 0
194.7
49.4
684.2
283.3
330.3
333.6
294 3
1,356.6
36.0
12.7
18.7
16 3
15.8
22.2
32.0
29.2
13.3
14 2
18.8
21.1
Net
purchases
-269.7
61.5
-47.9
96.4
942 1
6-683.0
-8.8
7.6
-3.2
3.1
-2.0
9.0
7.7
9.9
24.2
19 8
176.0
28.3
Corporate bonds and stocks 5
Purchases
Sales
Net
purchases
367.6
226.1
369.7
354.1
774.7
859.8
64.1
76.6
68.3
65.7
76.2
61.6
63.6
76.8
67.6
53 3
76.8
78.3
432.1
376.7
514.1
375.3
772.3
761.0
53.7
71.5
79.6
68 1
69.2
71.9
68.3
63.7
58.9
79 2
61.5
55.2
-64.5
-150.6
-144 3
-21.2
2 4
98.7
10.4
5 1
-11.3
-2 5
7.0
-10.3
-4.7
13.1
8.7
—25 9
15.3
23.1
Total
purchases
Total
sales
782.1
570.9
652.2
784.1
2,011 1
1,533.3
91.3
96.9
83.8
85.1
90.1
92.8
103.2
115.9
105.1
87.3
271.5
127.7
1,116.3
659.9
844.4
708.9
1,066 6
2,117.6
89.7
84 2
98.3
84 4
85.0
94.1
100.3
93.0
72.2
93 4
80.3
76.4
Net
purchases
of
domestic
securities
-334.2
-89.1
— 192 2
75.2
944 4
-584.3
1.6
12 7
-14.5
6
5.0
— 1.3
3.0
22.9
32.9
—6 1
191.2
51.4
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES 8
(Return of U. S. Funds)
[In millions of dollars]
Foreign stocks
Year or month
1946
1947
1948
1949
1950
1951
1951—December
1952—January
February....
March
April
May
June
July
August
September.. .
October?
November P. .
Foreign bonds
Purchases
Sales
Net
purchases
65.2
57.1
81.7
88.8
173.8
272.3
24.4
34.4
29.4
22.0
28.9
19.0
19.2
23.9
24.1
24.6
22.1
19.5
65.6
42.6
96.7
70.8
198.2
348.7
82.6
29.9
28.1
35.8
44.9
20.4
29.8
33.0
22.7
26.8
20.8
16.5
-.4
14.6
-15.0
18.0
-24.4
-76.4
-58.2
4.6
1.4
-13.8
-16.0
-1.4
-10.6
-9.1
1.4
-2.1
1.3
3.0
Purchases
755.9
658.7
211.6
321.2
589.2
500.4
38.1
33.1
19.0
21.5
47.7
40.3
52.5
52.8
57.9
38.9
80.2
18.2
Sales
Net
purchases
490.4
634.3
291.4
311.5
710.2
801.0
46.8
36.5
50.7
23.4
93.8
189.6
30.2
'24.8
28.2
22.5
76.5
14.1
265.5
24.5
-79.8
9.8
-121.0
-300.6
-8.7
-3.5
-31.7
-1.9
-46.1
-149.4
22.4
r
28.0
29.7
16.4
3.7
4.1
Total
purchases
Total
sales
Net
purchases
of
foreign
securities
821.2
715.9
293.3
410.1
763.0
772.7
62.5
67.5
48.4
43.5
76.6
59.3
71.7
76.7
82.0
63.6
102.2
37.7
556.1
676.8
388.2
382.3
908.4
1,149.7
129.4
66.4
78.7
59.3
138.7
210.1
60.0
'57.8
50.9
49.3
97.3
30.7
265.1
39.0
-94.8
27.8
-145.4
-377.0
-66.9
1.1
-30.3
-15.8
-62.1
-150.8
11.7
18.9
31.1
14.3
5.0
7.1
p
P Preliminary.
Revised.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and
Thailand,
reported
separately as of that date.
8
Beginning January 1950, excludes Belgian Congo, reported
separately as of that date.
1
4
Includes
transactions
of
international
institutions.
Through 1949 includes transactions in corporate bonds.
8
Through 1949 represents transactions in corporate stocks only.
• Includes net sales of 554 million dollars by Canada.
FEBRUARY
1953
189
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
1946
1947
1948..
1949
1950
1951
International
institutions
United
Kingdom
Total
—334.2
74.5 - 1 6 3 . 6
7 6 — 199.8
87.0
-11.8
823 2
121.2
— 15.9 - 5 6 8 . 4
—36.9
-8.9
9.1
20.9
64 0
21.4
Nether- Switzerland
lands
France
—6 8
-50.2
—82 8
-6.8
197 8
6.0
—26.5
—98.2
— 79.3
—25.5
—6.3
—22^2
— 17.5
13.0
—40.0
44.2
19.0
45.9
Italy
Other
Europe
—. i
— 17* i
— 10.8 —98.6
— 14!l — 175*5
— 190.4
2.6
2^2
36! 5
73.8
347.5
—43! 8
9i2
(i)
1.5
— .7
l!9
Total
Europe
Canada
— 16.4
3.2
7.5
—49.0
458.2
—595! 5
Latin
America
All
other
Asia
—224 5
10.0
—23.3
—2.1
— 15.3
6 3
—3.5
10.2
2*5
30.1
13*9
4.8
1951—Dec...
.8
.7
5.6
.7
-1.0
-4.3
.3
3.8
5.0
-7.6
3.1
0)
1952—Jan....
Feb.. . .
Mar....
Apr
May...
June...
July...
Aug.. ..
Sept....
Oct.P. .
Nov. P . .
.3
12.4
-11.2
5.4
-.7
2.3
.4
1.3
2.4
7.2
7.0
1.5
.7
.4
-.6
-1.7
-2.7
-2.3
-2.6
-2.1
-3.0
-1.4
10.4
-4.8
-.1
.2
-1.3
-3.1
2.3
-.9
— .2
-1.2
14.1
-7.0
-2.3
-1.3
-1.1
-2.1
-3.3
.8
.8
.3
.6
.4
.9
.9
-.2
4 2
- 1 6
2.4
22.5
32.0
-7.0
179.9
50.5
11.3
.9
-6.9
38.9
0)
1.6
.6
.7
.1
.5
.7
13.7
6.9
8.3
6.1
-2.7
13.8
-.6
.3
.1
.1
-.2
.3
.4
.1
.2
-.1
-1.9
-.5
-.3
-1.2
1.8
2.4
-.1
1.4
-3.3
-1.9
-.6
.7
1.2
.9
.6
-.4
2.9
3.3
2.6
21.3
15.1
-.5
45.6
18.7
-2.7
3.6
.7
4.4
6.8
15.7
-2.3
131.8
28.3
—1 0
2.2
—3.9
.2
2.7
— "7
2.9
4.1
.3
.4
.1
.3
-.2
— .2
.5
.2
.3
-.3
.1
.2
0)
.2
-.2
— .4
-4.8
1.5
.9
-7.3
-4.1
.2
1.2
-.1
0)
1.1
3.4
TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
Year or
month
Other AusEurope tria a
-10.8
— 14.1
1946
1947
1948
1949
1950
1951
2.6
2 2
18 A
73.8
—43.8 — 11. 9
1951—Dec. . .
Belgium
34
.2
f\\
0)
0)
0)
way
.2
(")
(1)
0)
2 .0
1
C)
.6
5
_ .1
.8
.2
.4
— .8
.4
_ .1
— .2
.6
0)
6.3
1
.1
.1
_
-1
-1
.1
0)
0)
.1
.2
3 .1
1
_
—
1.7
Republic Uru- Other
Latin
of
2
Pan- guay America
ama
Mexico
30.1
13.9
-1.2
-1.0
24.6
.5
6.1
3.1
.3
.1
1.6
.2
-.4
-.3
.6
.4
.1
.3
.5
.8
-.1
-.4
-.2
1.3
-.1
-.3
1.0
-.2
1.1
2.3
-2.3
2.9
4.1
-.4
-.9
-.8
-1.1
1.1
.3
-4.8
1.5
9
— .1
-1.3
-4.1
1.1
3.4
-.2
.4
0)
0)
-.8
— .7
-.4
.8
.7
.8
.1
.3
-6.9
-4.7
4.2
.1
.8
-5.0
2.6
-3.2
— .6
1.5
.5
1.0
-.1
.2
-.1
1.7
1.3
.4
.5
— .1
2.0
1.4
.4
.5
-.2
.3
.5
-5.9
-.3
—2.3
-3.1
1 2
-.8
-.3
(')
.8
2.3
Asia
Formosa
and
China
Mainland
Indonesia
- 6 . 7 -224 5 -200 5 -22 5
—3 2 — 1 3
10 0
1 5
1
12.6 - 2 3 3 - 2 2 7
2
—7 2
—2 1
—2.1
3
—3 0
11.1 — 15 3
3
2
4 8
1.5
4.5
6.8
2.5
2.9
.3
.5
2.5
2.5
9
1
3
3
5
6
8
2
2
9
3
Cuba
.1
.3
.2
1.2
-3.5
10.2
4
(i)
0)
Colombia
Latin
Amerother
ica
All
2 .2 - 1 3 .6
.6
_ .9 - 4 .1 - 9 .2
.3
2 .6
.3
_ .9
1 .4
1 .6
6.0
36 .7
12 . 6
5 . 7 - 3 8 .1
.5
3.8
1952—Jan.... - 1 . 3
.3
Feb....
Mar. . . - 1 . 2
-.6
Apr
.7
May . .
1.2
June...
.9
July...
.6
Aug....
-.4
Sept.. .
2.9
Oct.P. .
3.3
Nov.* .
Nor-
-1. 3
— 1.1
-2. 1
0)
0)
2
—2
3
1
2
2
1
4
(i)
.5
1.1
.6
2
1. 2
— 1
0)
1
—1
0)
0)
0)
0)
0)
0)
0)1
C)
Philippine Other
ReAsia
pub
lie
.4
-1. 9
7.5
7. 0
4
— .9
*5
4.4
9 -13.0
-2.' 1
6.8
— 1.2
1.2
— 1.1
-.3
_
3
-I! 6
0)
1
-I! 0
-7. 5
(i)
0)
0)
— .8
— .4
-.1
.1
.8
.6
(i)
.2
1.1
.1
TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return of U. S. Funds)
[Net sales, ( - ) . In millions of dollars]
Year or
month
1946
1947
1948
1949
1950
1951
International
institutions
-249 3
(i)
— 16 0
-3.6
-152.7
1951—Dec
-1.4
1952—Jan....
.1
Feb....
-4.4
Mar... .
0)
Apr....
M a y . . . -50.7
-.8
June...
July...
0)
Aug
-.6
Sept .
Oct. P . . - 5 7 . 5
-.8
Nov.*..
p Preliminary.
1 Less than $50,000.
190
r
Total
United
Kingdom
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
-66.9
— .1
.8
2.5
-30.4
-11.4
-62.2
-100.1
12.5
18.9
31.7
14 3
62.5
7.9
.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
.1
-.1
4.0
France
.4
-1.3
-4.1
Nether- Switzerland
lands
-7.0
-29.9
-5.3
— .1
-4.7
Italy
Other
Europe
Total
Europe
Canada
Latin
America
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
—21 4
27 8
Asia
All
other
— .8
— .3
.1
.4
.5
1.2
10 9
15.6
11.4
24 6
2.8
-13.9
-14.9
-35.4
19.1
17.2
14.2
16.4
—32 6
-34.4
-43.4
30 8
13.4
28.5
-36.0
3.9
7.9
.2
.9
.1
2.9
4.6
—68.0
2.3
—6.8
.9
.7
.3
.5
.6
-.2
-3.9
-6.7
-2.9
-.7
-.2
-.1
2.3
.7
.4
1.7
1.0
-.2
-1.6
2.1
-.5
1.8
.4
.1
.6
.8
2.8
.4
2.1
6.1
-.4
.2
.6
1.9
.7
4.9
-.8
3.1
3.3
2.3
1.2
-9.6
-10
2 0
8.6
.3
2.8
-30.6
-5.5
-71.2
-101.5
11.2
21.4
28.3
11 5
34.4
8.8
-1.1
2.3
1.5
1.0
1.9
2.5
-4.4
-1.8
-5.0
-4.1
-3.0
—2.7
'6.7
2.7
.4
6.7
-1.6
0)
0)'
— '.2
.4
-.3
.1
1.0
0)
7.8
0)
1.1
.6
13.1
.2
8.4
2 6
.3
.6
-5.5
8.8
.1
.4
.2
.6
— .2
-.3
.2
Revised.
* Not available until 1950.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
[In millions of dollars]
Year or month
Total
1946
1947
1948
1949
1950
1951.
9.7
— 11.3
-19.3
.6
8.0
—6.1
1951—December .
1.5
1952—January
February
March
April
May
June
July
August
September
October?
Novembers
— .2
5.3
1.2
-4.8
4.1
2.3
—3 7
—4.1
2 0
.3
2-8.9
Nether- Switzerlands
land
United
Kingdom France
-2.9
— 1.4
-2.5
— .6
-1.0
— 1.2
.1
-.1
.9
-8.5
-4.8
-3.4
.2
2.5
.3
-.5
— .1
.4
.7
.7
-.3
— .8
1.1
.2
-1.3
.4
1.0
—1 6
— 1.1
.8
.3
— .9
.3
.2
— .1
1.3
-.2
.3
—1 7
1 7
-1.2
2
-.3
9.3
— 1.5
-10.7
.9
.7
-4.8
0)
- 2
1
2
4
.2
0)
—1.7
1.0
1.9
-1.9
-.6
3.1
.7
-3.4
-.5
4.8
-2.7
1.7
2.9
-2.1
— 1.1
-1.0
-.7
-.3
-.5
-.2
Italy
1.1
— .5
-3.2
.1
-.2
-.3
-.5
-.2
0)
4
.2
2
-.3
— .5
.1
.2
A
-.2
.2
.1
-.2
-.3
.3
-.4
-.2
0)
-1.2
Other
Europe
.3
.1
Total
Europe
— 1.6
-9.3
-20.8
-2.0
1.0
3.0
-3.0
-3.3
2.8
4.4
3.0
—5.0
— .5
0)
-.4
—1.3
.3
.3
1.3
1.1
-2.1
1.8
1.4
-1.5
-.3
.3
2.2
-1.5
.1
-2.6
2.1
.5
-2.0
.6
.6
1 9
0)
-2.9
2.6
2.2
-2.1
-3.3
— 1.8
-3.2
1.0
1.8
.4
7.5
-.6
1.2
.1
.9
— .2
.2
.5
— .2
-.8
.2
-.3
— .2
— 1.7
.4
-1.8
-1.2
All
Other
Asia
.7
—1.4
— .1
.2
.6
— .1
2.0
—3.7
8.1
.9
.2
Latin
Canada America
(i)
\4
— .6
0)
6
.2
.1
— .1
5
.4
8
.6
.2
-3.5
-l
— 8
P Preliminary.
Less than $50,000.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 77.0; U. S. brokerage balances abroad, 34.9.
1
2
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Estimated
world
production
Total
outside
reported
USSR*
monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1,265.6
1,125 7
871 5
777 0
738 5
756 0
766.5
798 0
833.0
857 5
840.0
. . . .
1,110.4
982.1
774 1
701.5
683 0
697.0
705.5
728.1
753.2
776.2
758.3
North and South America
Africa
South
Africa
Rhodesia
West Belgian United
Africa2 Congo3 States 4
Canada
Mexico
Colombia
Chile
of Sold 9/It> fine: i. t'., an OUTice of fine sold =$.35.
i
$1 =15/21 'rains
32.4
23.0
28.0
187.1
19.6 209.2
27.8
504.3
131.0
18.0
28.0
169.4
29.2
494.4
20.9
26.6
19.8
22.1
127.8
48.8
15.8
19.7
23
0
448 2
19.4
18.4
17.8
102.3
35.8
12.7
20.7
429.8
17.5
94.4
32.5
12.1
18.9
19 9
17.7
427 9
99.1
51.2
14.7
20.5
19.1
15.3
11.6
417.6
13.4
16.3
75.8
392.0
107.5
10.8
19.3
18.3
12.9
23.4
123.5
70.9
18.0
11.7
405.5
11.1
12.9
14.2
144.2
23.1
18.5
12.6
67.3
409.7
80.1
12.0
14.3
155.4
23.2
17.9
13.3
408.2
13.8
152.7
66.3
17.0
12.7
23.7
15.1
403.1
1951—November..
December .
63.3
62.4
33.8
33.2
1.4
2.0
t.5
2.1
1952—January
February...
March
April
May
June
July
August
September
October
November..
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
35.4
34 3
L.4
4
2.0
1.9
.1
5.0
4.8
1.9
2.0
2.0
1.9
L 2
4.6
5.0
5.1
5.5
6.4
6.5
6.2
6.8
6.0
5
4
5
4
6
1 4
1.5
1 8
2.0
2.1
2.1
.9
1.0
3
I 2
L 2
1
1.1
5.4
4.9
13.0
13.2
12.4
12.3
12.8
12.7
12.8
12.5
13.1
12.9
13.4
14.1
Other
9.3
6.4
6 1
Nica- AustraIndia 3
ragua6
lia
52.4
40 4
26 3
23 0
23 0
28 9
32.8
31 2
31.3
30 4
31.4
10.0
9 1
8 8
6 6
5 9
4 6
6.1
6 5
5.7
6 7
7.6
.8
2 8
2.7
7
.7
.7
.77
2.4
2 6
2 5
.6
7
7
7
7
7
7
7
8
8
.7
5.9
5.7
6.3
6.7
7.5
8.6
7 7
7.9
7 0
6.4
7.4
7 8
7.7
8 0
7.1
6 3
8.1
6.1
8.8
.8
1.2
.5
1.2
.9
.4
.7
.5
1.4
1.6
1.4
1.4
.9
2.1
1.2
1.6
1.5
.9
.6
.4
1 3
1.1
1 0
1.1
5
.4
.5
.4
6
6
6
.7
.8
8
7
#
7
8
.7
8
2.8
2
2
3
2
7
9
2
4
Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures
reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that
the aggregate
for the year is equal to the yearly estimate compiled by the United States Mint.
5
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.
FEBRUARY
1953
191
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1947—Dec...
1948—Dec
1949—Dec
1950—Dec
1951—Dec
1952—Jan
Feb
Mar.. . .
Apr
May....
June....
July
Estimated
United States
total world
(excl.
USSR)1 Treasury Total 2
34,550
34,930
35,410
35,820
35,950
36,010
36,130
Aug
Sept.. . . P36.210
Oct
Nov.
Dec
Argentina
Belgium
Bolivia
Brazil
22,754
24,244
24,427
22,706
22,695
22,868
24,399
24,563
22,820
22,873
322
143
216
216
268
597
624
698
587
621
23
23
23
23
23
354
317
317
317
317
294
408
496
590
850
45
43
40
40
45
22,951
23,190
23,290
23,297
23,296
23,346
23,350
23 344
23,342
23,339
23,337
23,186
23,055
23,377
23,428
23,450
23,502
23,533
23,536
23 528
23,525
23,521
23 504
23,252
268
268
268
268
268
268
268
268
268
268
631
610
624
638
650
669
735
7 3 "5
718
713
711
706
23
23
23
23
23
23
23
25
22
317
317
317
317
317
317
317
317
317
317
317
860
868
874
877
886
893
887
883
892
885
887
896
45
45
45
45
42
42
41
41
42
42
42
42
France 8
Guatemala
India
End of
month
Egypt
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec
53
53
53
97
174
548
548
523
523
548
27
27
27
27
27
274
256
247
247
247
142
140
140
140
138
58
96
256
256
333
<180
1952—Jan
Feb
Mar
Apr
May....
June
548
548
548
548
548
548
548
558
558
558
568
573
27
27
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
138
138
138
138
339
346
346
346
346
346
346
346
346
Nov
Dec
174
174
174
174
174
174
174
174
174
174
174
174
279
279
279
280
280
280
280
280
280
280
255
235
End of
month
Portugal
El Salvador
South
Africa
Spain
Sweden
Switzerland
Thailand
Turkey
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec
310
236
178
192
265
15
15
17
23
26
762
183
128
197
190
111
111
85
61
51
105
81
70
90
152
1,356
1,387
1,504
1,470
1,452
34
34
118
118
113
170
162
154
150
151
1952—Jan
Feb
Mar
Apr
May....
June
265
270
274
274
274
274
274
274
277
282
285
286
26
26
26
26
30
30
30
30
29
29
29
29
190
193
169
164
161
148
151
159
158
159
159
170
51
51
51
51
51
51
51
51
51
51
51
51
179
211
214
214
210
213
206
202
202
190
185
184
1,438
1,426
1,432
1,413
1,410
1,408
1,408
1,404
1,404
1,406
1 407
113
113
113
113
113
113
113
113
113
113
150
150
150
150
153
150
150
150
146
143
143
143
July . . . .
Aug
Sept
Oct
July . . . .
Aug
Sept
Oct
Nov
Dec
Chile
Canada
Iran
Italy
Java
178
208
279
Colombia
83
51
52
74
New
Mexico Netherlands Zealand
Cuba
Denmark
Ecuador
279
289
299
271
311
32
32
32
31
31
20
21
21
19
22
311
311
321
321
321
318
304
294
280
31
31
31
31
31
31
31
31
31
31
31
31
22
22
22
22
22
22
22
23
23
23
23
23
Norway
100
42
52
208
208
231
166
195
311
316
23
23
27
29
32
72
52
51
50
50
207
206
185
185
117
70
71
72
87
316
317
340
342
344
344
350
323
326
326
394
544
32
32
32
32
33
33
33
33
33
33
33
33
50
50
50
50
50
50
50
50
50
50
50
United
Kingdom
8
Uruguay
Venezuela
2,079
»1,856
* 1,688
»3,300
'2,335
175
164
178
236
221
215
323
373
373
373
5 2,037
5
1,771
» 1,700
1,662
* ,678
5
,685
,716
,672
L.685
1,767
5 L 895
L,846
221
211
211
211
211
211
211
211
211
205
205
373
373
373
373
373
373
373
373
373
373
373
373
Pakistan
14
27
27
27
27
38
38
38
38
38
38
38
38
38
38
38
Peru
20
20
28
31
46
46
46
46
46
46
46
46
46
46
46
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
1,356
1,436
1,451
1,495
,530
30
36
68
167
115
1,531
,532
116
126
143
151
154
154
166
181
183
187
191
196
•
11,532
L,532
,535
1,537
,537
1 ,681
L.683
1,691
P Preliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various centra
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).
<
Figure
as of 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 January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
192
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)
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 A
283.9
Year or quarter
1945
1946
1947
1948
1949
1950
1951
. . .
264.6
15.8
-84.8
-20 0
Netherlands
Portugal
130 8
40.7
-23 5
-79.8
—4 5
—47 9
-10.0
116.0
63.0
14.0
-15.0
—34.9
10 4
10.5
Sweden
80.2
238 0
3.0
-22.9
-32 0
Switzerland
Other
Europe 1
Canada
Argentina
—86 8
-29.9
10 0
-5.6
-40 0
-38.0
— 15 0
—7 4
27.3
86.6
36 8
337.9
311.2
—224 9
153.2
727.5
114.1
-49.9
5.8
3.4
-68.0
—60.1
-100.0
-10.0
— 13.7
— 11 2
3.4
—49 9
Cuba
Mexico
—85 0
—23 8
-30.0
36.9
—65 0
45.4
-10.0
61.6
-10 0
— 16.1
28.2 -118.2
—20 0
—60.2
1949
Jan.-Mar
Apr -June
July-Sept
Oct.-Dec
-12.5
-31.0
2.5
-33.9
-5 0
— 10 0
—20.0
-5.0
3.5
2
-119.1
-15.9
-10 0
-49.9
2 3
7.9
— 11 3
-15.0
1950
Jan.-Mar
Apr.-June.
July-Sept
Oct.-Dec
. . .
-20*1.3
-30.4
-731.0
-762.4
-580.0
-360.0
-80.0
-35.0
-20.0
-876.3
-55.6
291.4
715.7
-400.0
-80.0
320.0
629.9
-12.3
2.0
520.0
20.2
-28.5
-56.3
-13.0
' -3 0
-16.0 -25.0
-79'.8' -1516' - 4 . 0
-12.4
— 11.9
3.4
- 4 7 . 1 -100.0
-15.8
8.2
20.0
-40.5
-61.9
1951
Jan.-Mar
Apr.-June
July-Sept
Oct -Dec.
-91.7
-4.5
71.7
-10.0
-15 0
-5.0
-5 0
-15.0
-15.0
-17.0
-44.3
-11.2
-3.5
—1 1
-ib.b
-49.9
-20.0
-124.4
64 1
1952
557.3"
105.7
— 1.3
Jan -IMar.
Apr.-Tune
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 dollars]
(In millions of dollars at $35 per fine troy ounce)
Year or
quarter
Uruguay
Venezuela
-37.9 -73.1
-4.9
-9.2
25.1
-3.7
10.7 -108.0
-14.4 - 5 0 . 0
-64
1945.
1946.
1947.
1948.
1949.
1950.
1951.
22.2
-.9
Other
Latin
America
Asia
and
Oceania
- 2 7 . 8 s-188.3
25.0
13.7
79.1
1.0
13.4
-4.1
-52.1
-7.5
-35.4
-17.2
- 1 7 . 2 6-50.1
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
195.7
-1.6
13.1 4-47.2
52.1 4-84.0
1949
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec.
3.0
-16.5
-1.0
-50.0
3.6
3.7
-2.9
-11.9
-2.3
-6.6
-2.2
-41.0
72.0
55.6
48.1
19.9
.1
.1
-2.0
.2
.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
10.4
— 9
!
-5.9
1951
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-50.9
15.0
28.0
30.1
-.9
-11.7
-5.0
3.5
-4.0
-18.8
-2.4
-3.9
-25.0
-17.6
-7.4
-2.0
-3.2
-2.4
.4
12.7
20.3
19.2
-28.0
-25.0
-31.0
1952
Treasury
Total i
1942
1943
1944
1945
1946 . .
1947
1948
1949
1950
1951
1952
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,186
- 2 3 . 0 315.7 —458.4 125.4
22,739
68.9 —803.6 48.3
—757 9
21,981
20,631 -1,349 8 —845 4 —459 8 35.8
-547.8 - 1 0 6 . 3 -356.7
32.0
20,083
465.4 51.2
623.1 311 5
20,706
210.0 75.8
22,868 •2,162.1 1,866.3
1,530.4 1,680.4 — 159.2 70.9
24,399
164.6 686.5 —495.7 67.3
24,563
80.1
22,820 — 1,743 3 —371 3 -1,352.4
52.7 -549.0
22,873
617.6 66.3
(4)
378.9 684.3 —304.8
23,252
1952—Jan. . .
Feb...
Mar...
Apr. . .
May..
June..
July...
Aug.. .
Sept...
Oct....
Nov...
Dec...
22,951
23,190
23,290
23,297
23,296
23,346
23,350
23,344
23,342
23,339
23,337
23,186
23,055
23,377
23,428
23,450
23,502
23,533
23,536
23,528
23,525
23,521
23,504
23,252
-8.0
-2.8
-4.4
-16.9
-252.6
1953—Jan. . . 22,986 23,079
-172.8
182.4
321.5
51.6
22.0
51.9
30.5
3.8
63.6
150.3
157.1
96.6
27.2
36.6
24.5
3.1
33.3
83.5
.3
8.1
(4)
137.5
152.2
-103.1
-75.4
27.1
19.3
-31.4
-32.6
-13.8
-92.4
-29.0
-263,2
e -171.7
5.0
4.8
4.6
5.0
5.1
5.5
6.4
6.5
6.2
6.8
6.0
(*)
(4)
1
2
Jan.-Mar..
Apr.-June.
July-Sept..
10.0
4.3
7.2
-.1
1
Includes Bank for International Settlements.
2
Includes sale of 114.3 million dollars of gold to Italy.
1
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.
FEBRUARY
Period
Earmarked DomesNet
Increase gold
gold:
de- tic gold
imin total
port or crease producgold
export
or
instock
tion*
(-)
crease
(-)
1953
See footnote 2 on opposite page.
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 191, footnote 4.
3
Change includes transfer of 687.5 million dollars gold subscription
to
International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 5,484.8 million dollars on Jan. 31, 1953. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
193
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1951
1952
1952
International Fund
1951
I n t e r n a t i o n a l Bank
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
Oct.
July
Apr,
Oct.
1,691
1,537
1,532
1,529
1,293 1,319 1,283 1,322
4,390 4,420 4,460 4,409
1,354
869
869
871
1
1
1
1
8,737 8,154 8,154 8,137
-7
-7
-7
-6
1951
1952
Net currency purchased v
(Cumulative—millions of dollars)
Dec.
50.0
11.4
37.5
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French francs
Indian rupees
Iranian rials
Netherlands guilders
Turkish liras
Pounds sterling
Yugoslav dinars
All other
3.6
Nov.
Oct.
Dec.
50.0
11.4
37.5
3.6
6.0
10.2
-5.5
50.0
11.4
37.5
3.6
6.0
10.2
-5.5
20.0
11.4
65.5
5.4
6.0
10.2
-5.5
6.0
10.2
-5.5
4.5
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
8.8
8.8
6.6
48.1 48.1 48.1 75.4
10.0 10.0 10.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.6 -1.6 -1.6 -1.7
Dec.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 3 . .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 3reserve
Capital
Sept.
June
Dec.
10
13
1,040 1,035
6
937
945
472
4
512
4
510
4
495
4
1,409 1.330 1,270 1,113
13
15
14
10
568
496
500
436
59
56
33
407
403
350
7
7
10
63
58
50
30
28
24
32 1.807 1,691 1,688
1,807
66
423
' el
1
As of Dec. 31, 1952, the Fund had sold 851.5 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, sold
to Norway 200 million Belgian francs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted to 180.1 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Less than $500,000.
3
Excludes uncalled portions of capital subscriptions, amounting to
7,229 million dollars as of Dec. 31, 1952, of which 2,540 million represents the subscription of the United States.
716.8J 7 1 2 . 3 712.3 732.2
Total.
CENTRAL BANKS
(Figures in millions of
pounds sterling)
1943—Dec
1944 ]3 e c
1945—Dec
1946 Dec
1947—Dec.
194g—jj)ec
1949—Dec.
1950—Dec
1951—Dec.
29
27
26
25
31
29
28
27
26
1952—Jan.
Feb.
Mar
Apr.
May
June
July
Aug
Sept.
Oct.
Nov
Dec.
30
27
26
30
28
25
30
27
24
29
26
31
Assets of banking
department
Assets of issue
department
Bank of England
...
Other
assets 2
Notes
and
coin
1 .100 0
L 250 0
1,400.0
1,450 0
1,450.0
L,325.0
1,350.0
1,375.0
1,450 0
12.5
13 5
20.7
23 4
100.8
36.1
33.7
19.2
14.1
1,400.0
1,400.0
1,400.0
4 1,450.0
1,450.0
4 1,500.0
4 1,550.0
4
.500.0
1,500.0
1,500.0
1,500.0
41,575.0
48.1
34.9
17.4
41.9
39.7
59.8
36.8
43.0
57.8
57.7
40.5
51.3
Gold*
2
2
2
2
.2
2
.4
...
4
.4
.4
.4
.4
4
.4
.4
.4
.4
Discounts
and advances
2 5
5 1
8.4
13 6
15.2
16.7
14.8
20 2
18.2
7.9
17.7
23.6
27.4
11.9
21.2
21.6
7.2
5.2
9.3
9.9
11.2
Securities
Liabilities of banking department
Note
circulation •
Deposits
Bankers'
Public
10.3
307.9
317 4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
1,088.7
1,238 6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9
234.3
260 7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
10.3
18.6
11.7
11.6
15.4
13.4
343.7
344.2
351.8
306.1
319.6
309.6
319.7
324.4
333.5
324.8
357.6
371.2
1,353.8
1,367.0
1,384.6
1,410.0
1,412.2
1,442.1
1,515.1
1,459.0
1,444.1
1,444.2
1.461.4
1,525.5
277.8
283.0
280.3
273.0
270.0
275.7
262.0
252.4
275.7
271.6
275.4
302.8
15.5
11.8
12.1
10.7
10.1
10.6
10.4
16.0
11.1
13.5
15.4
10.0
ECA
Other
Other
liabilities and
capital
17.4
97.9
.4
6
60.4
52.3
58.5
57.3
95.5
92.1
111.2
85 0
89 8
17.9
17.8
17.8
18 1
18 1
18 1
18 1
18 t
18.1
87.5
83.1
81.3
73 4
72 6
72.5
69.2
64.8
67.0
66.7
72.6
78.5
18.3
18.5
18.5
17.8
18.0
18.1
18.3
1«.4
18.5
17.8
18.0
18.1
5.2
5.3
5
4
.5
.5
.5
13.6
18.2
23.0
24.2
22.2
26.6
24.3
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.
'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, decreased by 50 million
on Aug. 27, and increased by 50 million on Dec. 10 and by 25 million on Dec. 24. 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.
194
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
31
31
31
31
30
31
31
31
31
31
30
31
1952—Jan
Feb.
Mar
Apr.
May
Tune
Tuly
Aug.
Sept
Oct.
Nov
Dec
31
29
31
30
31
30
31
29
30
31
29
31
Gold
(<)
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm *
Other
74.1
111.4
117.8
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
1,141.8
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
85 4
70.3
60.1
72.3
78.3
43 8
63.0
74.9
73 5
42.8
67 6
17 A
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
1,214 3
1,459.8
1,042.6
1,027.7
882.2
874.7
824.6
817.8
843.9
852.9
870.9
896.1
957 3
767.2
82.7
88.2
106.8
84.0
73.8
76 1
71.2
69.7
70 8
103.4
72 3
77.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
4
Note
circulation2
Chartered
banks
Dominion
government
Other
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289 1
1,307.4
1,367.4
1.464.2
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43 1
119.2
172.6
200.0
1,375 6
1,374.4
1,393.2
1,411.8
1,417.4
1,441 8
1,458.3
1,464.4
1,476 5
1,485.6
1 4-08 8
1,561.2
629.2
616.7
656.5
645.7
579.4
578.0
595.5
614.7
588.2
668.8
607 3
626.6
92 8
88.5
14.6
14.3
21.9
26 8
51.6
52.0
30.7
18.8
15 0
16.2
54 9
52.1
66.1
41.7
44.6
48 5
41.6
47.4
49 4
56.0
65 1
44.5
153 4
112.5
98.6
109.0
117.1
93 9
111.2
122.1
134 0
99.8
125 2
132.9
Assets
Bank of France
(Figures in
millions of francs;
1940—Dec.
1941—Dec.
1942 Dec.
1943—Dec.
1944 Dec.
1945—Dec.
1946—Dec
1947—Dec.
1948
Dec.
1949—Dec.
1950—Dec.
1951—Dec.
X ^^\J
X-'V-V^»
Domestic bills
Foreign
Goia
u
26...
31...
31...
30!..
84 ,616
84 ,598
84 ,598
84 ,598
28.
75 .151
27!.. 129 ,817
26...
94 ,817
3 1 . . . 65 ,225
30...
65 ,225
29
62 ,274
2 8 . . . 182 ,785
27.. . 191 ,447
1952—Jan.
Feb.
Mar.
Apr.
31...
28...
27...
30...
May 29...
Tune 26. . .
July 31 . . .
Aug. 28 . . .
Sept. 25. ..
Oct. 30. . .
Nov. 27.. .
Dec. 3 1 . . .
191 ,447
191 ,447
191 ,447
191 ,447
191 ,447
191 ,447
191 ,447
194 .943
194 ,943
194 .943
198 .439
200 ,187
42
38
37
37
42
68
7
12
30
61 ,943
162 ,017
28 ,320
Open
market
Advances to
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
137,689
136,947
234,923
20 ,857 233,879
15 ,607 245,014
11 ,336 272,294
13 ,634 273,149
15 ,808 274,111
16 ,991 254,301
20,077
23 ,435
27 ,613
28 ,815
30 .413
31 ,068
Deposits 7
I ? f\ \jt% y* y* w\ A*t • ft
Other
assets '
6
258,560
257,589
270,264
283,717
274.454
274,003
Other
Current
Other
63,900
69,500
68,250
64,400
15,850
8,577
28,548
34.081
31,956
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
67,900
147,400
150,900
157,900
158,900
160,000
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481.039
481,039
31,456
29,280
29,239
22,984
26,128
21,871
11,779
14,404
31,784
48,089
52.225
57,042
757,085
850,733
841,006
799,004
841,897
831,044
835,599
854,081
812,416
872,793
851,545
937,459
166,500
174,400
169,300
171,100
169,000
168,000
167,800
168.600
166,300
171,100
172,000
172,000
481,039
481,039
479,982
500,982
479,982
479,982
479,982
479,982
479,982
479,982
479,982
479,982
Special
661
12
169
29
48
303
3,135
64
9.5
Liabilities
ex-
change
Other
liabilities
and
capital 3
Note
circulation
Government
Other
liabllities
and
capital
ECA
Other
984
18,571 218,383
17,424 270,144 1,517
770
16,990 382,774
16,601 500,386
578
748
20,892 572,510
24,734 570,006 12,048
765
33,133 721,865
59,024 920,831
733
806
57,622 987,621
112,658 1,278,211 1,168
212,822 1,560,561
70
29
190,830 1,841,608
8
44,986
8
68,474
8
21,318
8
15 058
10 587
27 ,202
25 ,272
29 ,935
33 ,137
37 ,855
57 ,755
63 ,468
82 ,479
171 ,783
158 ,973
161 .720
166 ,226
1,866,693
1,880,832
1,861,681
1,925,615
1,900,526
1,885,929
1,984,549
1,969,553
1,962,270
2,024,943
2,006,873
2,123,514
7 157
3 699
15 783
341
6 645
730
816
9 ,039
539
8 ,392
10 ,887
897
156 ,405
198 ,702
188 ,767
156 ,326
171 ,350
143 ,900
121 ,411
137 ,403
129 , 755
158 ,275
139 ,480
137 ,727
36,015
30,601
41,448
29,679
38,539
43,541
43,369
46,878
61,930
49,792
55,954
49,305
184,064
126,412
113,099
139,747
118,726
110,501
184,957
169,852
171,274
161,980
154,146
9
159,727
57
96
22
84
39
36
55
13
83
25
10
27
15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332
1
2
3
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 51940, 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 5.5 billion francs on Dec. 31.
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.
FEBRUARY
1953
195
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 *
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
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'1. Fund •
Discounts for member banks
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 8
Paid-in capital—Int'l. Bank
1952
Dec.
Nov.
1951
Oct,
814
814
215
85
2,125 2,125
47,334 46,821
259
210
18,788 18,254
27,775 27,693
817
834
3,366 3,274
352,266 327,280 309,175
7,094 5,625 6,151
444,966 437 ,662 439,997
40,135 37,682 43,171
342,418 315,668 313,168
157,595 157,595 157,595
52,527 47,197 39,419
291,922 287,789 288,314
98
2,162
6,605
2,900
38
9,048
631
354
1,770
35,295
16,658
7,095
34,763
6,708
4,171
97,190
1,694
1,341
4,463
98
1,981
6,396
2,854
46
8,678
290
570
1,837
98
1,570
7,124
2,341
51
8,583
298
498
1,804
35,547 35,674
17,600 17,323
4,113
4,246
34,763 34,763
8,490 9,701
4,088 4,087
95,141 95,194
1,770
1,481
1,350
1,310
7,347
6,801
1,516
1,575
1,857
1,830
336
5,285
939
891
401,089
85,000
75,650
3,897
388, ,828
7,108
131,926
37,774
423,813 444,164
74,000 61,000
55,528 60,801
6,566
5,897
383 ,111 380,926
6,000
6,054
130,587 146,071
40,208 38,810
1,174
1,110
279
215
221
221
2,633
2,780
4,059
664
6,932
9,315
2,780
2,852
12,787 11,364
2,002
2,584
584
300
2,705
2,910
1,110
105
221
2,238
664
9,863
2,619
11,008
2,757
328
2,726
295,895 268 ,423
24,373 24,372
7,159
1,419
249,695
24,371
1,414
Dec.
1952
Central Bank
(Figures as of last report
date of month)
Dec.
Bank of t h e Republic of Colombia—Cont.
814
Loans and discounts
1,052
Government loans and securities.
2,077
Other assets
42,313
Note circulation
148
Deposits
17,704
Other liabilities and capital
25,232 Central Bank of Costa Rica
790 (thousands of colones):
Gold
2,678
Foreign exchange
Net claim on Int'l. Fund *
431,357
Loans and discounts
Securities
6,396
Other assets
595,073
Note circulation
Demand deposits
81,727
Other liabilities and capital
324,471
National Bank of Cuba
475,820
(thousands of pesos):
Gold
38,886
Foreign exchange (net)
275,377
Foreign exchange (Stabilization
Fund)
Silver
51
Net claim on Int'l. Fund 8
582
Loans and discounts
6,559
Credits to Government
3,433
Other assets
37
Note circulation
8,032
Deposits
539
Other liabilities and capital
581
4
1,510 National Bank of Czechoslovakia
National Bank of Denmark
(millions of kroner):
Gold
31,070
Foreign exchange
19,452
Contributions to Int'l. B a n k . . . .
7,140
Loans and discounts
34,860
Securities
7,967
Govt. compensation a c c o u n t . . . .
3,669
Other assets
93,160
Note circulation
1,967
Deposits—Government
1,044
Other
7,987
Other liabilities and capital
Central Bank of t h e Dominican
Republic (thousands of dollars):
1,370
Gold
790
Foreign exchange (net)
1,244
Net claim on Int'l. Fund >
1,855
Paid-in capital—Int'l. Bank
242
Loans and discounts
4,157
Government securities
689
Other assets
656
Note circulation
Demand deposits
668,420
Other liabilities and capital
'13,972 Central Bank of Ecuador
3,083
(thousands of sucres):
4,150
Gold «
417,036
Foreign exchange (net)5 a
35,008
Net claim on Int'l. Fund
193,431
Credits—Government
'44,149
Other
Other assets
Note circulation
1,205
Demand deposits—Private banks
227
Other
107
Other liabilities and capital
1,910 National Bank of Egypt (thou670
sands of pounds):
5,655
Gold*
3,310
Foreign exchange
8,837
Foreign and Egyptian
1,606
Government securities
348
Loans and discounts
2,292
Advances to Government
Other assets
Note circulation
238,618
Deposits—Government
24,370
Other
7,124
Other liabilities and capital....
Nov.
1951
Oct.
Dec.
424,144 390,577 379 ,883 269,377
170,083
169,498 151,351
79,155
85,089 127,457
609,727 529,608 513,298 522,527
325,267 342,281 328,727 236,660
59,110
65,816 68 ,676 67,926
11,511
70,510
7,031
100,831
7,205
22,978
135,081
64,323
20,662
511
437
031
450
349
185
804
198
961
11,511
11,511
62,728 37,745
7,031
7,031
86,003
96,770
7,349
8,109
24,919
22,540
117,999 114,317
60,639
51,058
20,903
18,331
(Sept.)*
279,998 310,564
65,149
54,401
157,245 102,429
36,623
42,173
12,511
12,511
36,374
9,475
30,673
10,203
36,872
28,731
421,601 393,625
223,878 169,623
9,966
7,238
69
765
69
630
69
567
134
442
,348
324
,966
,497
,444
175
85
440
,356
403
,812
,528
,472
171
81
441
3,495
245
1,790
1,493
1,445
171
69
599
11
124
122
3,898
665
1,817
1,853
1,637
182
076 12,076
702 19,259
250
1,250
42
42
509
457
621
8,395
756
827
252 31,619
216
9,267
488
1,419
12,066
17,653
1,250
41
331
7,068
698
29,727
7,663
1,716
338, 555 338,322
238, 983 229,796
18, 757 18,757
189, 963 179,112
182, 834 205,872
166, 121 163,410
565. 461 569,005
178, 675 178,956
159 343 158,586
231, 735 228,,723
335,618
51,261
18,758
189,135
180,638
172,840
489,581
138,630
98,244
221,794
12,076
20,189
1,250
42
870
7,154
2,643
35,124
7,651
1,449
60.
60,553
12,013
60,553
34,195
275, 886 286,269
23, 167 20,899
2,555
364
3,096
4| 706
195 668 188,578
67, 695 67,779
104 971 105,889
23, 319 23,139
340,892
30,560
4,934
201,396
117,974
126,675
25,088
*1 Latest month available. f Revised.
On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
8
It is understood that, beginning June J 950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
« 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.
e p t ((March
a h 1950),
9 5 ) , see BULLETIN
U L T I N for
or September 11950,
9 5 , p. 11262.
6
* For
For last aailable
available rreport
1950,
exchange
holdings
revalued
13.50
* IIn December
Db
1950 gold
ld and
d f.oreign
fi
h
hldi
l d from
f
1350 to 15.00
1500 sucres pper dollar.
• Begnning
Beginning April 1
1951,
gold
previously
held
in
Issue
Department
revalued
from
7.4375
gra off fine
fi gold
ld to 2.55187 grams of fine gold per Egyp, g d peiously
grams
d
tian pound.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78: January 1952, p. 102: January
1951, p. 112; and January 1950, p. 118.
196
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
1952
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of £1 Salvador (thousands of colones^ *
Gold
Foreign exchange (net) l
Net claim on Int'l Fund .
Government debt and securities
Note circulation.
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Clearings (net)
Securities
Deposits
Bank of German States
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government.....
Other assets.
Note circulation
Deposits—Government
.
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
Other
Other KahilitiVq and ranita!
Bank of Guatemala (thousands of
quetzales):
Gold
Rediscounts and advances
Other assets
Circulation—Notes
Deposits—Government
Banks
Other liabilities and caoital
National Rank of TTunilarv 2
Reserve Bank of India (millions of
rupees):
Issue deoartment*
Nov.
Oct.
73 478
30 ,140
1 566
33 ,707
6 ,800
1 ,228
94 ,187
45 ,201
7 53?
73 ,551
15 ,877
1 ,566
34 ,081
6 ,591
2 ,298
85 ,2?.(
41 ,253
7 ,490
73 ,61.
20 ,31?
1 ,566
30 ,072
6 ,59.
1 ,379
78 ,507
47 ,59.
7 ,43.
64
79
1
22
5
1
81
36
7
5 ,863
7 ,427
4 ,430
47 ,643
1 ,162
290
46 ,153
3 ,889
16 ,773
5 ,863
8 ,502
3 ,867
42 ,994
1 ,165
1 ,926
45 ,497
' 3 ,193
r
15 ,626
5 ,865
9 ,218
3 ,243
38 ,898
1 ,172
1 ,966
42 ,440
2 ,703
lb ,218
5 ,865
23 ,849
3 ,297
19 ,270
950
2 ,899
44 ,774
272
11 ,083
587
4 ,308
3 ,990
7 ,556
1 ,033
10 ,509
1 ,747
2 ,990
262
1 ,966
572
4 ,282
2 ,597
7 ,953
884
10 ,401
1 ,718
1 941
280
1 950
518
4 ,284
2 ,467
7 ,882
802
10 ,257
1 ,671
1 ,758
268
1 ,998
116
1 ,998
5 ,501
8 ,313
1 ,283
9 ,243
2 ,445
2 ,681
321
2 ,521
1 591
129
100
416
600
223
872
?7
14
1
8
44
3
2
9
13
228
783
250
958
697
103
500
983
671
659
1 ,622
138
969
402
603
216
858
Dec.
778
,767
566
,756
,580
,423
,767
,4?. 8
,17f
1 021
185
950
736
090
198
141
8
3
1
2
7
3
2
2
1
7 304
7 336
2 130
3 715
2 092
3 733
5 618
2 7S9
3 765
9
3
1
2
?7
11
1
8
41
3
3
8
13
228
903
950
658
365
611
434
623
509
727
77 728
11 45?
1 7 SO
8 073
19 449
40 486
3 369
2 676
7 729
13 193
27
12
1
7
17
38
3
2
10
10
228
544
250
710
640
678
385
980
452
878
2, 646
61 , 750
6 3 , 896
400
S 38?
4 511
844
10 725
400
5 832
4 681
690
11 411
412
192
15
35
1
142
2, 884
270
67
80
3 , 377
314
2 , 646
5 9 , 383
62, 029
2, 646
58 ?37
6 0 , 879
1952
Dec.
Nov.
Bank of Italy (billions of lire):
Gold
Note circulation
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Bullion
Advances to Government
Loans a.nd discounts
Government securities
Other assets
Note circulation
DeDosits—Government
Other
Other liabilities
The Java 3Bank (millions of rupiah):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank of Mexico (millions
of pesos):
Monetary reserve 4
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Golds
Silver (including subsidiary coin).
Foreign assets (net)
Loans and discounts
Govt. debt and securities. . .
Other assets
Note circulation—Old
New
Deposits—Government
ECA
Other
Other liabilities and capital. . . . .
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Advances to State or State un-
2, 646
63 886
6 6 , 532
Gold
Central Bank
(Figures as of last report
date of month)
Dec.
Banking department:
Notes of issue department....
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits .
Other liabilities and capital..
Central Bank of Ireland (thousands
of pounds):
1951
Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearincr accounts fnpf^
Loans and discounts
Securities
Other assets
Banks
Other liabilities and ranirfli
Oct.
4?
578
777
739
783
37
590
774
777
787
1 ,271
57
53
43?
1 ,278
66
50
417
448
38 390 38
317 763 377
^86 ,141 70S
619 106
S76 431 486
91 6? 7 8?
59 ,751 60
39 ,051 41
892
24
726
4 ,555
411
4 ,008
496
1 ,218
885
1951
108
107
448
448
390
38
390
,117 331 754
?80 163
474 13? 079
439 476 ?44
637 88 416
,353 S.S ,778
,280 45 ,412
968
256
738
3 ,752
489
3 ,768
496
1 ,151
787
1 ,063
225
763
3 ,327
600
3 ,692
496
1 ,140
650
39
361
176
'67
506
31
33
23
'501
67 5
,795
04 S
,786
386
,577
,374
,472
1 ,060
596
540
1 ,484
940
3 ,041
806
773
1 ,189
1 ,079
1 ,188
479
347
2 ,922
432
379
3 ,149
1 454
493
1 ,202
495
1 ,420
1 195
19
594
300
3 064
590
46
2 991
151
1 692
479
404
2 ,061
14
1 ,497
1 435
1 ,235
13
1 989
14
2 098
1 ,451
605
39
3 ,118
1 451
605
40
2 960
1 495
629
41
2 946
1 ,155
283
214
1 163
292
217
1 129
375
219
6 012
33 170
6 009
33 369
6 019
6 019
53 713
5? 757
888
4
37
590
773
'186
'796
1 ,292
100
90
308
3 ,237
•2
68
Dec.
34
855
46
1
67
76
7
13?
383
038
656
685
37
800
4?
1
60
73
7
132
686
484
668
319
242
242
434
52
493
64
42
5 546
68
2, 755
7 105
711
305
554
41
s
45
546
71
7 747
178
774
299
553
428
480
•2
•2 -2(\
493
5 506
29 531
6 019
52
54
4
69
76
6
586
187
678
366
097
988
242
5
49
46
6 202
160
7 667
1, 710
1, 039
898
660
•• Revised.
1
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.
8
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
» Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.
« Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
«Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 79; January 1952, p. 103; and
January 1951, p. 113.
FEBRUARY
1953
197
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay
(thousands of guaranies):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund l
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 c a p i t a l . . . .
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 2
Net claim on Int'l. Fund x
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 *
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 3
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
1952
Dec.
Nov.
1951
Oct
Dec.
81
423
1,059
126
300
68
2,008
81
440
992
126
300
68
,953
81
437
945
126
300
70
1,914
44
1,154
765
126
300
25
2,351
48
54
48
3
153
418
525
97
159
440
547
106
62
440
99
1
327
827
102
157
494
594
106
,142
1,138
1,146
,543 61,411
63,860
11
11
11
,095 -1,075
-1,020
,676 75,676
92,676
316,768 328,867 325 ,014
274,892 218,405 222 ,783
378,976 350,588 350 ,724
49,251
' '
65,965
129,589
134,683
190,510 122
133,594
574
67
2
327
829
208
1,335
380
292
598
21
2
224
758
278
1,208
304
367
395 18,294
777 454,626
504 29,504
180 48,195
857 231,882
998 150,353
280 530,688
266,976
135,188
13,419
479,037
29,504
42,323
241,700
147,481
592,127
226,463
134,873
,445 4,450
,463 11,527
841
821
,430
1,429
560
556
,125 9,149
,577
1,556
29
29
,887 5,924
,121 2,126
4,349
11,667
685
1,253
790
9,233
848
42
6,275
2,345
60,255
69,469
14,792
43,305
91,646
71,903
24,272
489
650
488
,712
,635
,588
,116
56,219
63,050
14,088
35,451
87,408
58,420
22,979
67,363
65,850
8,198
28,774
85,610
64,389
20,186
563
369
15,189
25,085
559
559
374
374
,955 15,670
,789 21,576
553
378
16,751
17,931
18
438
29
50
231
148
546
235
136
1952
Central Bank
(Figures as of last report
date of month)
Dec.
Bank of Spain—Cont.
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Bank of Sweden (millions of kronor)
Gold
Foreign assets (net)
Net claim on Int'l. Fund *
Paid-in capital—Int'l. Bank
Swedish Govt. securities and advances to National Debt Office^
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government..
Other
Other liabilities and capital
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. Bank
Advances to State and Government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank for International Settlements (thousands of Swiss gold
francs):
Gold in bars
Cash on hand and with banks. . .
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments
Funds invested in Germany
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account..
Other
Long-term deposits: Special
Other liabilities and capital
1951
Nov.
Oct,
31,456 32,700 28,778
38,493 36,832 37,464
1,190
1,294 4,480
4,658
3,418 3,219
28,218 28,645 25,083
Dec.
24,389
36,239
"3,215
20,548
406
1,351
129
11
407;
l,33l!
129:
11
418
1,309
129
11
334
1,718
88
10
3,240
321
755
4,577
449
580
609
,549
310
708
,291
350
151
654
2,552
309
724
4,292
287
225
647
2,821
247
631
4,090
528
532
650
5,876
491
310
103
5,122
1,454
204
5,812
462
238
82
4,842
1,547
205
5,805
443
227
87
4,797
1,560
203
6,004
228
311
116
4,927
1,529
203
402
402
402
422
104
1,794
27
106
1,262
153
814
203
185
1,417
18
91
1,138
153
627
215
133
1,785
26
120
1,238
153
817
258
ml
l
123J
1,267|
153;
829
255
(Sept.)*
321,119 336,354
9,336
9,324
314
313
1,141
186
93
1,000
255
165
1,141
162
71
909
230
234
149,268
361,888
464,863
362,898
86,562
318,715
538,613
122,083
330,530
357,209
373,252
79,339
292,707
410,515
1,141
189
76
866
274
266
1,141
-31
112
871
243
108
599,415 585,413 571,835 350,573
48,700 84,526 51,279 28,743
15,320 8,211 11,049
10,567
267,912
91,563
346,985
297,201
1,333
480,021
255,394 280,352
87,736 89,045
274,646 260 ,588
297,201 297,201
1,382
1,427
454,906 414 ,797
68,722
107,785
317,513
297,201
1,866
208,257
640, 318 595,214 607,334 393,672
40,247
46,086
84,851
2 2 8 ,909
" 228,909 228,909 228,909
273, 096 272,438 271,443 267,282
* Latest month available.
1
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 tim
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
34 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items IU certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120,
198
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- NetherKing- France many
er- Swegium lands
den land
dom
In effect Dec. 31,
1946
Jan. 10, 1947
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
Dec. 18
In effect Dec. 31,
1952
2
SH
IVs
1H
&2M
3
Argentina
Austria
Belgium
Bolivia
23^
3H
2^&3
Rate
Dec.
31
Date
effective
Mar.
July
Dec.
Sept.
3
6
Central
bank of—
1, 1936
3, 1952
18, 1952
30, 1950
Rate
Dec.
31
Date
effective
Italy
Japan
Java
Mexico
4
5.84
3
4M
Apr. 6, 1950
Oct. 1, 1951
Apr. 1, 1946
June 4, 1942
Netherlands..
New Zealand.
Norway
Pakistan
3
Aug. 1, 1952
July 26, 1941
Jan. 9, 1946
July 1, 1948
15
3H&4
3
1
4
2H
Canada
Chile
Colombia
Costa Rica
3H
2
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
4
3
3%
Denmark
Kcuador
Egypt
El Salvador...
3
16
3
4
5
10
334
3
Nov.
May
••July
Mar.
2, 1950
13, 1948
1, 1952
22, 1950
Peru
Portugal....
South Africa.
Spain
5H
Dec.
Nov.
Aug.
July
Nov.
Mar.
16,
9,
21,
12,
15,
25,
Sweden
Switzerland..
Turkey
United Kingdom
USSR
6
I"
Nov.
Jan.
Mar.
Mar.
13, 1947
12, 1944
27, 1952
18, 1949
5 1 /
2H
3
Finland
France
Germany
Greece
India
Ireland
4
3H
4
15
l
3
4V5
3
4
4
3
12
3H
1951
1951
1952
1948
1951
1952
4
3
4
4
Dec. 1, 1950
Nov. 26, 1936
Feb. 26, 1951
Mar. 12, 1952
July 1, 1936
r
3
Revised.
Rate establi shed for the Land Central banks,
NOTE.—Chan ges since Dec. 31: Austria—Jan. 22, from 6 to 5,4\ Germany—
Jan. 8, from 4 ^ to 4 per cent.
1
3
OPEN-MARKET RATES
[Per cent per annum]
Month
1942—-November.
1943—November.
1944—November.
1945—-November.
1946—November.
1947—November.
1948—November.
1949—November.
1950—November.
1951—November.
. ..
. ..
. ..
. ..
. ..
. ..
. ..
. ..
. ..
. ..
1951—December
1952—January
February
March
April
May
June
July
August
September....
October
November. . . .
France
United K i n g d o m
Canada
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Day-today
money
.53
.41
.38
1.03
1.03
1.03
.53
.53
.53
.56
.69
.69
1.38
1.00
1.00
1.00
.51
.51
.51
.51
.52
.51
.84
1.00
1.00
1.00
.63
.63
.63
.63
.63
.63
.92
.50
.50
.50
.50
.50
.50
.50
.50
.50
.69
1.67
1.64
1.21
1.36
1.21
2.12
2.03
3fi
.40
.41
.41
.51
.62
.92
n. 55
.89
1.50
.98
1.00
.75
2.19
3.27
3.50
.89
.91
.94
.98
1.02
1.08
1.11
L .10
1.14
1.19
L .21
1.50
1.50
2.48
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
.97
.99
2.01
2.35
2.37
2 A3
2.46
2.46
2.49
2.43
2.38
1.00
1.00
1.82
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
.75
.75
1.57
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
3.50
3.93
3.95
3.88
3.84
3.66
3.84
3.77
4.00
3.98
3.98
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Loans
up to
3 months
Private
discount
rate
1.25
1.25
1.25
1.25
1.25
1.38
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
1.50
1.50
1.50
1.21
1.00
3-5)4
3-5 y2
3-5 H
2^-5
23^-43^
2^-4^
2H-4>i
2^-43^
2H-4^
3-5
3-5
1.18
1.17
1.38
1.40
1.25
1.20
1.05
.85
.85
.84
.87
1.00
1.00
1.00
1.00
.90
.75
.75
.58
.62
.50
.54
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
1.01
.93
1.08
1.16
1.20
1.17
.78
.74
.77
.93
.88
1.00
Switzerland
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.
FEBRUARY
1953
199
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
Loans to
depositJ Securities customers
counted receipts
short
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
1951—December .
499
502
502
532
540
531
432
480
485
571
592
598
610
793
741
1,109
1,408
972
1,560
1,288
1,397
793
456
102
1,427
1,483
1,478
1,512
1,528
1,965
994
,219
,396
,534
.660
,950
505
567
621
579
735
867
5,685
5,935
6,200
6,202
6,368
6,333
3,823
3,962
4,159
4,161
4,262
4,290
1,862
1,972
2,041
2,041
2,106
2,042
342
396
420
427
550
651
1952—January..
February.
March
April
May
June
July
August
September
October...
November
December.
521
492
492
501
491
504
501
510
503
498
503
549
605
526
526
512
518
537
535
516
530
500
516
529
965
856
854
883
936
1,064
1,139
1,239
1,295
1,122
1,142
1,248
66
15
1,954
1,944
1,935
1,934
1,932
1,917
,917
1,918
1,921
2,142
2,138
2,148
,928
,945
,959
,967
,901
,875
,834
,765
,758
,759
,755
,764
824
804
789
821
713
726
696
638
662
676
655
748
6,204
5,893
5,887
5,994
5,903
6,064
6,063
6,048
6,126
6,167
6,183
6,460
4,173
3,923
3,914
3,952
3,840
3,909
3,903
3,878
3,910
3,948
3,949
4,232
2,031
1,971
t,974
2,042
2,063
2,155
2,159
2,170
2,216
659
689
667
623
587
559
558
537
543
530
526
528
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
2,234
2,228
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
reserves
2,219
Other
assets
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
1951—December.
753
731
749
765
824
907
136
105
101
133
134
107
1,507
1,999
2,148
2,271
2.776
3,028
132
106
144
146
171
227
4,232
3,874
4,268
4,345
4,286
3,876
,039
,159
,169
,058
,304
,464
1952—January..
February.
March
April
May
June
July
August. . .
September
October...
November
869
809
880
897
785
813
847
828
843
879
827
107
95
97
140
132
138
145
147
135
130
121
2,955
2,918
2,949
2,960
3,012
3,048
3,053
3,048
3,093
3,212
3,350
183
231
202
236
255
328
279
260
250
278
308
3,927
4,003
4,095
4,068
4,100
4,067
4,134
4,139
4,202
4,147
4,006
,303
,353
,390
,370
,350
,453
,278
,306
,383
,396
,424
Notes»
21
18
16
14
(
Other
liabilities
and
capital
Total
Demand
Time
6,252
6,412
7,027
7,227
7,828
7,896
2,783
2,671
2,970
2,794
3,270
3,284
3,469
3,740
4,057
4,433
4,558
4,612
,525
,544
,537
,477
,667
,714
7,705
7,761
7,979
7,987
7,979
8,120
8,079
8,075
8,191
8,319
8,291
3,066
3,076
3,231
3,230
3,210
3,328
3,243
3,205
3,290
3,418
3,376
4,639
4,685
4,748
4,757
4,769
4,792
4,836
4,870
4,901
4,901
4,916
,637
,648
,634
,685
,655
,727
,658
,652
,716
1,722
1,746
Assets
Liabilities
France
(4 large banks. End
of monthfiguresin
millions of francs)
Bills discounted
Deposits
Other
liabilities
and
capital
Total
Demand
Time
Own
acceptances
17,445
27,409
34,030
29,843
31,614
291,945
341,547
552,221
627,266
749,928
290,055
338,090
545,538
619,204
731.310
1,890
3,457
6,683
8,062
18,618
15,694
25,175
30,638
26,355
28,248
7,145
8,916
12,691
15,662
17,316
179,933
165,696
61,658
38,114
793,078
906,911
768,657
879,767
24,422
27,145
35,372
33,774
48,641
23,547
189,098
183,504
174,048
180,550
172,693
193,942
196,665
177,289
183,491
185,930
36,548
38,310
40,219
41,474
43,093
44,463
45,990
43,318
44,415
47,721
831,691
827,946
834,482
831,729
891,422
848,354
846,689
890,582
855,024
863,250
801,854
796,396
802,481
800,944
861,703
819,030
817,569
860,668
824,874
831,713
29,837
31,551
32,002
30,786
29,719
29,324
29,120
29,915
30,150
31,536
30,433
30,414
28,953
28,482
27,025
25,529
23,811
19,221
17,810
18,292
26,854
26,227
30,531
36,556
39,893
42,738
49,121
51,525
55,794
60,713
Cash
reserves
Due from
banks
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
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
426,690
527,525
65,170
86,875
126,246
129,501
135,289
1951—November
December.
47,980
60,215
81,460
72,559
506,061
627,648
1952—January..
February.
March. . .
April
May
June
July
August...
September
October. .,
53,133
50,662
48,669
45,646
48,832
50,436
45,999
46,383
48,279
45,375
75,407
73,868
75,148
72,947
75,533
72,818
70,090
69,715
67,886
67,846
534,792
538,245
555,883
556,151
618,190
554,963
560,877
624,623
584,558
595,383
Loans
Other
assets
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 Y% per cent after October 1945.
8
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication.
200
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
i
Belgium
\rgentina
(peso)
Year or month
Basic
Preferential
13 333
13.333
13 333
13 333
13 333
13 333
13.333
13.333
13 333
13.333
13 333
7 115
7.172
7 164
7 169
7 183
7 196
7.194
7.195
7 196
7.198
7 198
222 00
223.03
224 10
223 24
221.88
222 17
222.19
221.73
222 55
223.12
223 58
13.333
7.198
224.13
Czechoslovakia
(koruna)
Denmark
(krone)
Finland
2 0060
2.0060
2.0060
2.0060
2 0060
20 864
20.857
19.117
14.494
14 491
1
14.492
13.333
13 333
13 333
1952—February
Alarch.
April
20 000
20.000
20 000
20 000
20 000
?0 000
20.000
20 000
20 000
20 000
20 000
20.000
August
September.
October
November . .
December
1953—January
Year or month
1947 .
1948
1949
1950
1951
1952
1952—February
March
April
^lay
June
July
August
September
October .
November
December
1
14.492
14.492
14,492
14 492
14 492
14 492
14 492
1953—January
Year or month
1947
1948
1949
1950
1951
1952
1952—Febru ary
April. .
May
June
July
August
September
October
November..
December
1953—January
"Bank
notet"
account
8.289
7 067
7 163
773
773
774
571
000
000
June
July
(franc)
2.2817
2.2816
2.2009
1.9908
1.9859
1.9878
29
29
29
26
20
20
May
Free
Australia
(pound)
321.00
321.22
293 80
223.15
223 07
222.63
1947
1948
1949
1950
1951
1952
100.000
100.000
97.491
90.909
91.999
91.691
92.881
91.474
94 939
102.149
27.839
20.850
20.849
20.903
32 662
32.783
32 921
32 752
32.505
32 509
32.445
32.418
32 499
32.489
32 523
99 869
100.375
101 891
101.615
102.086
103 120
103.984
104.171
103.681
102.289
103.002
20 818
20.916
21 003
20 961
20 834
20 871
20.875
20.854
20 903
20.984
21 024
1.9934
5.4406
32.560
103.014
21.068
Ireland
(pound)
Mexico
(peso)
(guilder)
37.760
37.668
34.528
26.252
26.264
26.315
France
(franc)
(markka)
Official
Free
A 407
.4354
.4354
.3240
.3017
.2858
.2856
.2856
.4354
.4354
.4354
4354
.4354
4354
.4354
.4354
4354
.4354
4354
.2854
.2856
.2856
.2856
.2856
2856
.2856
.2856
.2856
.2856
.2856
.4354
.2856
.4929
.4671
400.74
400 75
366.62
278.38
278.33
278.20
14.015
14.015
14 015
14.015
14 015
14.015
14 015
14.015
14.015
14 015
14.015
49.677
49.677
49 677
49.677
49.677
49.677
49 677
49.677
49.677
49 677
49.677
3.4863
3.4888
3.4906
3.4898
3.4801
3.4793
3 4848
3.4878
3.4825
3.4818
3.4839
14.015
49.677
3.4872
278.50
Fre«
5 4406
5.4406
5 4406
5 4406
5.4406
5 4406
5.4406
5.4406
5.4406
5.4406
5 4406
4.0273
4.0183
3.8800
3.4704
3.4739
3.4853
275.36
276 91
277 96
277.29
275 71
276.06
276 09
275.51
276.53
277 24
277 81
Official
J 0838
L.9838
L 9838
L 9838
L.9838
L 9842
L.9879
L.9920
L 9965
L.9979
9941
49.723
49 621
49.639
49.675
20 160
20 159
18.481
14.015
14.015
14.015
Ceylon
(rupee)
42.973
32.788
32.849
32.601
(krona)
322 29
350 48
365.07
277 28
277.19
276.49
(dollar)
Canada
(dollar)
5.4403
5.4406
5,4406
5.4406
5.4406
5.4406
(pound)
Norway
(krone)
British
Brazil
Malaysia
(cruzeiro)
2.1407
1.9722
1.9622
PhilipPortupine
gal
Republic (escudo)
(peso)
New
Zealand
(pound)
In cents per unit of foreign currency]
South
Africa
Sweden
Netherlands
Germany
(deutsche
mark)
India
(rupee)
23.838
23 838
23.838
30.164
30.169
27.706
20.870
20.869
20.922
280 38
279.68
20 577
18.860
12.620
11.570
11 564
11.588
20.839
20.949
21.031
20 988
20.870
20 892
20.893
20.866
20.921
20 976
21.025
280.38
280.38
280.77
280 07
278.46
278 82
278 85
278.26
279.30
280.01
280.59
11.561
11.564
11.569
11 566
11 561
11 574
11 623
11.623
11.611
11.622
11.623
26.329
26.319
26.340
26 337
26.317
26 324
26 317
26.291
26.312
26.289
26.277
21.074
281.28
11.625
26.281
2
2
23.838
23.838
23.838
23 838
Switzerland
United
Kingdom
Uruguay
(peso)
(franc)
(pound)
27.824
27 824
25.480
19.332
19.327
19.326
23.363
23 363
23.314
23.136
23.060
23.148
402.86
403.13
368.72
280.07
279.96
279.26
65.830
65 830
65.830
65 833
65.833
65.833
56.239
56 182
56.180
56 180
56.180
56.180
42.553
42.553
42.553
42.553
277.01
278.55
279.80
279.03
277.42
277.78
277.81
277.23
278.25
278.96
279.54
19.327
19.327
19 327
19.327
19.327
19.327
19.327
19.327
19.325
19.323
19.323
22.881
22 947
23 013
23.078
23 138
23.240
23 288
23.320
23.329
23 330
23.332
278.12
279.67
280 79
280.07
278.46
278.82
278.85
278.27
279.30
280.01
280.59
65.833
65.833
65 833
65.833
65 833
65.833
65 833
65.833
65.833
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
280.23
19.323
23.311
281.28
3 65.833
3 56.180
3 42.553
1
2
3
Based on quotations through Aug. 14, 1952.
Based on quotations through May 8, 1952.
Based on quotations through Jan. 27, 1953.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355.
FEBRUARY
1953
201
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
United
States
(1947-49 =
100)
64
67
68
69
79
96
Canada
United
Kingdom
(1930 =
100)
121
128
131
132
139
146
179
199
229
163
242
10
159
226
400
328
89
100
108
138
P145
238
402
330
237
233
231
227
225
227
226
402
400
404
407
406
405
400
335
329
333
330
328
328
327
224
400
325
144
1951—December
114
1952—January
February
March
April
May
June
July
113
113
112
112
112
111
112
112
222
221
222
221
393
397
395
393
Netherlands
(1948 =
100)
2
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
196
196
194
186
128
209
246
343
100
104
117
143
152
5,454
356
153
152
149
147
145
143
144
5,415
5,380
5,323
5,255
5,179
5,133
5,200
5,234
'5,265
5,271
P5.298
358
357
353
349
348
348
351
348
137
143
141
P140
P141
Sweden
189
2
2
4
16
5,159
5,443
5,170
4,905
5,581
52
323
326
324
327
(1934-36
average
= 100)
153
12
14
20
34
260
285
311
386
Japan
Italy
(1938 =
100)
France
(1949 =
100)
163
166
169
175
192
219
230
262
320
193
198
211
240
112
111
111
110
(1939 100)
123
104
99
103
115
August
September
October
November
December
Mexico
(1935-39
= 100)
48
349
347
P342
199
195
203
207
205
200
208
214
216
227
299
217
206
203
227
P220
145
318
228
145
145
143
142
140
139
136
320
320
322
321
321
322
320
227
224
222
221
220
220
220
138
138
138
319
316
P313
P305
220
220
218
218
P217
p Preliminary.
' Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1947-49=100)
Year or month
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
69
72
83
100
107
93
98
113
1951—December
n.a.
n.a.
n.a.
n.a.
n.a.
98
106
96
100
111
Foods
Industrial
products
160
164
68
69
127
145
123
131
124
127
158
160
70
155
165
177
134
136
140
129
158
158
158
175
184
190
230
226
164
196
197
162
192
199
165
181
197
207
242
249
71
78
95
103
101
105
116
Netherlands
(1948=100)
United Kingdom
(1930=100)
Raw and Fully and
Other
partly
chiefly
Processed commodFarm
Farm
manumanufoods
products factured
products
ities
factured
goods
goods
59
69
.
Canada
(1935-39=100)
130
138
Foods
IndusIndustrial
trial raw finished
products product
170
237
'269
213
238
211
242
221
247
244
219
231
284
286
P364
P352
100
101
100
108
100
104
141
112
122
128
171
116
143
111
111
115
'275
236
240
266
*368
129
174
110
110
114
233
240
277
176
172
169
166
165
141
139
138
136
219
216
230
229
231
283
127
163
134
113
226
213
228
284
129
163
297
»368
*363
*366
i»358
*355
P352
P348
P345
P343
P343
P340
P344
130
113
113
••272
'260
'257
'254
'253
'258
'253
236
February
March
April
May
June
July
August
108
108
109
108
110
109
108
109
107
109
October
November
December
105
104
109
108
100
104
110
110
107
110
111
110
114
114
113
113
113
228
226
221
220
221
236
235
231
228
113
113
221
223
210
211
228
229
113
222
210
228
271
276
280
280
289
287
293
293
133
130
130
128
122
124
129
131
162
164
164
163
141
133
133
133
132
132
n.a. Not available.
* Preliminary.
' Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
202
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
Year or month
United
States
(1935-39
= 100)
Canada
(1949
= 100)
19*51
1952
126
129
140
160
172
170
172
186
190
75
75
78
85
97
100
103
114
116
1951—December
189
1952—January
February
March..
April
May
June . .
July
August
September
October
November
December.
189
188
188
189
189
190
191
191
191
191
191
191
1944
1945
1946
1947
1948
1949
1950
United
Kingdom
(Jan.
15, 1952
= 100)
Food
France
(1949
= 100)
SwitzerNetherland
lands
(1949
(Aug.
= 100)
1939 =
100)
United
States
(1935-39
= 100)
United
KingFrance
dom
(1949
(Jan.
15, 1952 = 100)
= 100)
Netherlands
(1949
= 100)
164
164
160
170
176
174
176
181
P184
82
84
86
95
118
98
143
119
171
232
123
97
139
122
184
118
118
117
117
116
116
116
116
116
116
116
116
100
100
101
102
102
104
104
103
103
104
104
146
149
148
147
145
143
143
145
146
145
144
120
120
120
120
119
119
120
119
120
P120
P119
171
171
171
170
171
171
171
171
172
171
171
232
228
228
230
231
232
235
236
233
232
232
230
122
121
118
117
116
116
116
116
116
115
116
114
100
100
101
104
104
109
108
107
106
108
108
142
145
144
142
139
137
136
140
142
141
140
P141
123
124
124
125
124
124
123
120
123
P123
183
182
182
182
183
184
185
185
186
186
186
P186
ioo
109
119
P145
136
139
160
194
210
202
205
227
232
103
117
117
67
ioo
72
76
82
91
15
21
36
57
92
100
111
128
Switzerland
(Aug.
1939 =
100)
16
22
35
57
90
100
111
130
77
151
153
152
158
163
162
159
167
P171
Canada
(1949
= 100)
100
111
121
P Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1357.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of i s s u e s . . .
United
States
(high
grade)
Canada
(1935-39
= 100)
United
Kingdom
(December
1921=100)
17
87
Common stocks
France
(1949 100)
Netherlands
60
14
1945
1946
1947
1948
1949
1950
1951
1952
121.6
123.4
122.1
118.3
121.0
122.0
117.7
115.8
105.2
117.2
118.5
105.0
107.6
109.6
95.7
86.1
128.3
132.1
130.8
129.9
126.5
121.2
117.6
108.3
138.3
131.5
120.0
106.4
100.0
99.8
101.4
1952—January
February....
March
April
May
June
July
August
September...
October
November. . .
December
115.5
116.5
115.9
116.2
116.3
116.2
116.0
115.8
115.7
114.7
115.2
115.3
88.2
87.8
86.9
86.7
88.8
87.7
85.3
84.0
83.6
84.3
84.9
84.7
110.4
110.5
107.3
108.5
108.6
105.8
105.8
106.3
110.0
109.0
108.3
109.0
103.5
103.3
105.2
105.3
110.7
113.9
114.4
114.8
116.9
115.5
115.0
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom
(1926=100) (1949=100)
416
105
278
109.0
105.6
107.1
106.8
106.7
87.0
85.6
121.5
139.9
123.0
124.4
121.4
146.4
176.5
187.7
99.6
115.7
106.0
112.5
109.4
131.6
168.3
173.1
92.4
96.2
94.6
92.0
87.6
90.0
97.1
91.1
80.0
81.5
83.3
83.9
84.5
85.2
85.4
87.6
87.1
87.6
89.9
91.6
187.1
183.2
185.2
183.6
183.7
187.6
192.1
191.1
188.2
183.4
189.8
197.0
181.7
179.5
177.6
175.8
169.0
171.6
174.9
176.0
171.6
163.6
167.3
168.4
*94.4
92.8
90.5
91.6
92.0
89.6
89.9
89.9
91.2
90.3
89.9
91.0
295
100
90
112
139
149
149
144
136
142
145
146
147
142
141
Netherlands
27
195
233
240
219
217
215
192
204
198
191
185
185
184
190
190
192
191
194
196
c
Corrected.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1357.
FEBRUARY
1953
203
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
WINFIELD W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board
ALFRED K. CHERRY, Legislative Counsel
WOODLIEF THOMAS,
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
GEORGE S. SLOAN, Director
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
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
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
OFFICE OF THE SOLICITOR
G. HOWLAND CHASE, Assistant Solicitor
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
DWIGHT L. ALLEN, 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
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS
N. DEMBITZ, Assistant Director
FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
Vice
Chairman
LISTON P. BETHEA, Director
JOSEPH
EDWIN
E. KELLEHER, Assistant Director
J. JOHNSON, Assistant Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
FEDERAL
ADVISORY COUNCIL
ERNEST CLAYTON,
BOSTON DISTRICT
MALCOLM BRYAN
A. L. MILLS, JR.
HENRY C. ALEXANDER, N E W YORK DISTRICT
C. E. EARHART
R. M. EVANS
H U G H LEACH
J. L. ROBERTSON
GEOFFREY S. SMITH,
PHILADELPHIA DISTRICT
M. S. SZYMCZAK
GEORGE GUND,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
D E W I T T T. RAY,
DALLAS DISTRICT
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
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
204
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman x
Bank of
Deputy Chairman
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are Hated in
lower section of this page)
Boston.
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John J. Fogg
Carl B. Pitman
Robert B. Harvey 3 O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe
New York.
Jay E. Crane
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Philadelphia.
William J. Meinel
C. Canby Balderston
Alfred H. Williams
W. J. Davis
Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus :
Wm. G. McCreedy
Cleveland.
John C. Virden
Leo L. Rummell
Ray M. Gidney
W. D. Fulton
Roger R. Clouse
A. H. Laning 3
Martin Morrison
H. E. J, Smith
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
Lewis M. Clark
V. K. Bowman
E. C. Rainey 2
J. E. Denmark
L. B. Raisty
Harold T. Patterson Earle L. Rauber
S. P. Schuessler
Chicago.
John S. Coleman
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Dale M. Lewis
Wm. E. Peterson
H. H. Weigel
J. C. Wotawa
Minneapolis. .
Roger B. Shepard
Paul E. Miller
Delos C. Johns
Frederick L. Deming
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
J. Marvin Peterson
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City.
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen 2
M. W. E. Park
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Dallas
J. R. Parten
Robert J. Smith
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
J. L. Cook 3
Watrous H. Irons
L. G. Pondrom
Harry A. Shuford
Mac C. Smyth
San Francisco.
Brayton Wilbur
William R. Wallace, Jr.
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms 3
O. P. Wheeler
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE:BANKS
Federal Reserve
Bank of
New York
Cleveland
Atlanta
Chicago
St. Louis
Also Federal Reserve Agent.
FEBRUARY
Vice Presidents
I. B. Smith
Wilbur T. Blair
J. W. Kossin
D. F. Hagner
R. L. Cherry
John L. Liles, Jr.
T. A. Lanford
R. E. Moody, Jr.
E. P. Paris
H. J. Chalfont
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
1
Branch
1953
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis.... Helena
C. W. Groth
Kansas City.... Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
L. H. Earhart
Dallas
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Counsel.
205
FEDERAL RESERVE BOARD PUBLICATIONS1
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
of the Board of Governors of the
Federal Reserve System. Issued each year.
Available without charge upon request.
ANNUAL REPORT
Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
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20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for
12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, and BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL
SUPPLEMENT
TO FEDERAL
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947; reprinted November 1952. 125 pages.
BANKING STUDIES.
Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR U S E IN ECONOMIC ANALYSIS.
Janu-
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quantities of 10 or more copies for single shipment, 15 cents each.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
RESERVE
COMPILATION OF FEDERAL AND STATE LAWS RELAT-
CHARTS ON BANK CREDIT, MONEY RATES, AND
ING TO BRANCH BANKING IN THE UNITED STATES.
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
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(July 1, 1951.) December 1951. 33 pages.
BUSINESS.
1
A more complete list, including periodic releases and reprints, appeared on pp. 1360-63 of the December 1952
BULLETIN.
206
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
REPRINTS
(From Federal Reserve Bulletin unless preceded by an asterisk)
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.
PUBLICATIONS
CHASES OF DURABLE GOODS AND HOUSES IN 1951
AND BUYING PLANS FOR 1952. August 1952. 16
pages.
PART III. INCOME, SELECTED INVESTMENTS, 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.)
REVISED ESTIMATES OF CONSUMER CREDIT.
NovemBANKING IN THE SOVIET UNION.
ber 1950. 2 pages.
April 1952.
8
pages.
MEASUREMENT OF CONSUMER CREDIT.
November
REVISED WEEKLY INDEX OF DEPARTMENT STORE
1950. 9 pages.
SALES. April 1952. 4 pages.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS
BEFORE
SUBCOMMITTEE
ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
NEW
September
5 pages.
INDEX
OF MAJOR
October 1951.
CONSUMER
6 pages.
October 1951. 12 pages.
VOLUNTARY ACTION
TO H E L P
CURB
INFLATION.
November 1951. 9 pages.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS.
December 1951. 53 pages.
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
January 1952. 11 pages.
BANKS.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
FINANCING OF LARGE CORPORATIONS IN 1951.
RETAIL CREDIT SURVEY—1951.
June
February 1952.
9 pages.
From June 1952
BULLETIN with supplementary information for
9 separate trades. (Also, Retail Credit Surveys—
1943, 1944, 1945, 1946, 1947, 1948, and 1949
from the June 1944, May 1945, June 1946, July
1947, July 1948, June 1949, and June 1950
BULLETINS with supplementary information.)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
T H E SECOND ARMAMENT BUDGET.
July 1952. 2 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
October 1952.
9 pages.
MONEY AND CREDIT IN 1951.
February 1952.
9
pages.
REVISED
SERIES
ON DEPARTMENT
STOCKS, AND ORDERS.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
March 1952. 10 pages.
BALANCE. March 1952. 7 pages.
April 1952. 6
PART I. CONSUMER EXPECTATIONS AS TO
ECONOMIC TRENDS AND CONSUMER INVESTMENT
PREFERENCES. July 1952. 17 pages. PART II. PURFEBRUARY 1953
RECENT CREDIT EXPANSION.
RECENT
CENTRAL
SOUTHEAST ASIA.
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
PLANS FOR SPENDING AND SAVING.
STORE
SALES,
October 1952. 5 pages.
December
1952.
7
pages.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
pages.
OF COMMERCIAL
1952. 6 pages.
CREDIT AND SALES REPORTED BY REGULATION W
REGISTRANTS.
EXCESS PROFITS TAXES
LATION X. June 1952. 18 pages.
OF OUTPUT
DURABLE GOODS.
6 pages.
June 1952. 18 pages.
SAVING IN THE DEFENSE ECONOMY.
1951.
11, 1952. April 1952. 4 pages.
BANKING
DEVELOPMENTS
CREDIT AND MONETARY REVIEW FOR 1952.
1953.
THE
IN
December 1952. 9 pages.
February
7 pages.
MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 12 pages.
207
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
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