Full text of Federal Reserve Bulletin : January 1953

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FEDERAL




BULLETIN
JANUARY 1953

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS
WINFIELD W.
SUSAN S. BURR

RIEFLER

RALPH A.

YOUNG

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.

CONTENTS
PAGE

Expansion in Economic Activity

•

Current Events and Announcements

1-6
7-11

National Summary of Business Conditions

12-13

Financial, Industrial, Commercial Statistics, U. S. (See p. 15 for list of tables). .

15-66

International Financial Statistics (See p. 67 for list of tables)

67-85

Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council

86

Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Board Publications
Map of Federal Reserve Districts




87
88-89
90

Subscription Price of Bulletin

FEDERAL
VOLUME 39

RESERVE

BULLETIN

January 1953

NUMBER 1

EXPANSION IN ECONOMIC ACTIVITY
High and rising business activity with
continued stability in prices of finished goods
characterized the latter part of 1952. Industrial production recovered rapidly following settlement of the steel strike and reached
a year-end rate about 8 per cent higher than
last spring. Marked gains in output of both
durable and nondurable goods occurred in response to increases in private demands as
Government expenditures for national security leveled off. Expansion of output in
manufacturing and mining contributed to
increased activity in transportation and
utility industries. Agricultural output and
marketings also expanded, and activity in
the construction and service industries was
maintained. Total employment reached a
new high and unemployment decreased to
new postwar lows.
Growth in .employment was accompanied
by more overtime work beginning in September and, with wage rates continuing upward, hourly and weekly earnings at factories increased sharply. Aggregate wage
and salary income, which had been stable in
the first half of 1952, subsequently rose substantially. Farm income, however, fell below the levels of a year earlier. Total personal income at the end of the year approached an annual rate of 280 billion dollars, 6 per cent above the levels prevailing
from late 1951 to mid-1952.
Expansion in consumer spending to new
highs during the latter part of 1952 was
JANUARY

1953




a resumption of the substantial rise that had
begun in the second quarter. The rise had
been interrupted during the summer, when
supplies of automobiles were sharply reduced
by lack of steel. Accompanying this development and important output adjustments
earlier in other consumer lines, retail inventories were reduced through August, as
shown in the chart. Strengthening of consumer demand after early 1952 contributed
to renewed business buying and marked
gains in production of consumer goods. OutSELECTED BUSINESS INDEXES
J947-_49:1PO

140

INDUSTRIAL
PRODUCTION

/

PRICES

^

.^/

CONSUMER"

WHOLESALE

/
v^TOTAL
"
dfS EMPLOYMENT

~~

100

140

DISPOSABLE
PERSONAL INCOME

// ^W

j l

RETAIL "
~ 120

'/TOTAL
l/\l

120

RETAIL SALES

//
v

y /

INVENTORIES
100

7

1

i

,

I

1

.,.

1950
1952
1950
1952
NOTE.—Seasonally adjusted series, except for prices. Indexes
based on Department of Commerce value data for income, sales,
and inventories; Bureau of Labor Statistics and Census Bureau
data for employment, which includes agriculture and the armed
forces; and B.L.S. data for prices. December 1952 estimated.

EXPANSION IN ECONOMIC ACTIVITY

put of textile products began to increase as
early as May, and output of major durable
items expanded during the autumn to a rate
about 30 per cent above last spring. Distributor demands for these and other consumer goods were active, and there was some
replenishment of inventories.
The sustained high rate of new housing
starts and further moderate increases in
business outlays for plant and equipment
also contributed to the high and rising levels
of economic activity. Government outlays
for military equipment were maintained at
about the rates reached in the spring.
With total business inventories at a record
level and industrial production at new postwar highs, demands for industrial materials
and finished products were being met in late
1952 without any general upward tendency
in prices. A further moderate reduction in
the average level of wholesale prices reflected
mainly marked declines in prices of some
agricultural products. Marketings of cattle
expanded considerably and export demands,
especially for cotton, were lower. Consumer
prices showed little change, with foods easing, as meat supplies increased, and rents
and prices of other services advancing.
EXPANSION IN CONSUMER BUYING

A sharp rise in automobile sales after the
steel strike and a boom in television featured
developments in consumer goods markets.
Retail sales of furniture, apparel, and most
other consumer goods also were at advanced
rates, after a general rise beginning last
spring. As prices were relatively stable, the
expansion in dollar sales indicated an important increase in the physical volume of
consumer takings in the latter part of 1952.
Marked gains in personal incomes beginning in late summer contributed to the
expansion in consumer buying. The upturn
in sales of durable goods also reflected more




liberal credit terms and a greater consumer
willingness to incur debt. Instalment credit
outstanding increased sharply beginning in
May, and at the end of 1952 it was an estimated 2.8 billion dollars higher than a year
earlier. This increase compares with no
change in 1951 and a rise of 2.6 billion in
1950.
Strong consumer demands and increasing
output brought to an end the downward adjustment in distributors' inventories which
began in 1951. Inventory changes varied
among lines, however, during the latter part
of 1952. Stocks held by apparel stores rose
steadily and approached the previous high
level of June 1951, but remained lower in
relation to the rate of sales. Stocks at furniture and appliance stores, as well as at department stores, showed little change. At
automotive stores, stocks recovered substantially from the sharply reduced summer
levels, accounting for the bulk of the expansion in total retail inventories.
Automobiles. Output of automobiles was
stepped up considerably as soon as the flow
of steel permitted, and changeovers to new
models were completed more quickly than
usual. After August strike losses were made
up, and output for the year totaled 4.3 million cars—about as many as permitted under
Federal limitation orders. Assemblies in
early January were maintained at an annual
rate of about 5.3 million units.
Of the 1,700,000 cars produced from September through December, only 120,000
went to replenish dealers' stocks, as sales
were exceptionally strong for this season of
the year. Credit buying became a more important factor; an estimated 70 per cent of
the number of new cars sold in the latter
part of the year were purchased on instalment, compared with 50 per cent in both
1950 and 1951. Sales of used cars also rose
FEDERAL RESERVE BULLETIN

EXPANSION IN ECONOMIC ACTIVITY

substantially. Used car stocks increased to
more normal levels by the end of the year,
and prices showed only seasonal weakness.
Household durables. By the fourth quarter of 1952 output of major household durable goods had increased substantially. As
indicated in the chart showing seasonally adjusted indexes, the sharpest rise from last
spring was in television, which more than
doubled. Output of major appliances was
up 30 per cent and furniture and carpets 15
per cent.
OUTPUT OF CONSUMER DURABLES
1950-5M00

150

f y \
_ h/*\

TELEVISION

AUTOMOBILES
— 100

—

50

150

..
MAJOR
. A / \ ^ l APPLIANCES

FURNITURE
AND CARPETS
r

— 100

50

1950
1952
1950
1952
NOTE.—Seasonally adjusted indexes. December 1952 estimated.

Television production reached an annual
rate of 10 million sets, the same unit rate
as in the autumn of 1950. In the earlier
period, however, more expensive phonograph combination models were a much
larger portion of the total. Consumer purchases of television—at a rate about equal to
production—were stimulated by extension
of reception areas, replacement of small
screen sets, and liberal credit terms.
Demand for newer types of appliances,
such as freezers, driers, and automatic washJANUARY

1953




ing machines, continued much stronger than
for refrigerators and ^electric stoves. Total
retail sales of appliances in 1952 were about
equal to the 1951 volume, with inventories
in 1952 showing a substantial reduction.
Total production of major appliances in 1952
was about 15 per cent below that of 1951,
but was rising sharply near the year-end.
RISE IN INDUSTRIAL

ACTIVITY

Strengthening in consumer buying, together with sustained large demands for construction materials and for military and producers' equipment, led to a marked increase
in industrial production in the latter part of
1952. The Board's index of industrial production, was indicated to be about 235 per
cent of the 1935-39 average at the year-end,
as compared with a midyear rate around
205 and an earlier postwar high of 223. For
the year as a whole industrial production
averaged 219, or about the same as in 1951.
Metals and metal products. The most pronounced fluctuations in output during 1952
occurred in metals and metal products industries, as shown in the chart on the next
page. These were related in very large part
to the prolonged steel labor dispute, which
reduced steel output moderately last spring
and sharply at midyear. The poststrike recovery was swifter than had generally been
expected and, with important new additions to capacity coming into operation, steel
output since early October has been at a
record annual rate of 115 million tons. Production for the year totaled 93 million tons,
12 million less than in 1951. Capacity at
the beginning of 1953 was rated at 117.5
million tons, 9 million above a year ago.
During the long period of high levels of
steel output that preceded the strike, metal
fabricators had built up working stocks substantially. This made it possible for most

EXPANSION IN ECONOMIC ACTIVITY

dustries as compared with about one-tenth in
early 1951.
150
*
Nondurable goods. In the late spring of
1952 declining tendencies that had prevailed
— 140
earlier in textiles, paper, and some other im— 130
portant nondurable goods industries were
TEXTILES, LEATHER,
reversed, and in the latter part of the year
PAPER, AND RUBBER
- 120
output
of nondurable goods was not far beA^VA
ALL
low earlier records. Strengthening of con_ /
METALS AND
110
sumer demands for apparel in the second
I METAL PRODUCTS
quarter of 1952, when large factory and
— 100
distributor inventory accumulations of late
1950 and early 1951 had been substantially
90
j*.
I
1950
1952
1950
1952
liquidated, was quickly reflected in expanNOTE.—Seasonally adjusted indexes. December 1952 estimated.
sion of production throughout the textile
manufacturers to maintain output through
and apparel industries. At the year-end,
June. In a number of lines that generally
activity at textile mills was up 20 per cent
are large steel consumers—notably autofrom the spring low.
mobiles—activity was reduced sharply durIn late summer and in the autumn of 1952
ing the summer. Sustained consumer dethere
were gains among other nondurable
mands during this period led to further
goods
industries. Shoe production rose
marked reductions in distributors' stocks of
sharply,
exceeding the low year-ago levels by
automobiles and of some other consumer
about one-fifth after August, and activity in
metal products.
the rubber industries also increased substanOver-all activity in machinery, transportatially. The curtailment in paperboard outtion equipment, and other metal fabricating
industries recovered by September to earlier put developed earlier than in other paper inhighs and continued to rise in later months. dustries, persisted longer, and extended furThe further rise reflected mainly the marked ther—reflecting mainly the sharp drop in
expansion in production of consumer goods packaging needs as output of finished conand also inventory replenishment at all sumer goods and of materials used in
stages of the fabricating process. Consider- their production was reduced. Similarly,
able increase in activity was shown at fac- the marked rise in paperboard output last
tories producing metal products and other autumn was closely related to the broad
durable materials used by the construction advance in consumer goods production.
industry. Output in producers' equipment
PRICE CHANGES VARIED
lines recovered in the latter part of 1952 to
Changes in supply and demand in parthe sharply expanded rates which had been
maintained from early 1951 until last sum- ticular markets have continued to result in
mer. Production of military equipment was diverse price developments since mid-1952.
leveling off, following the earlier rapid de- While consumer and business demands for
fense build-up, and the defense share was many types of goods have increased, producaccounting for roughly one-fourth of total tion has expanded considerably and prices
output in the metal and metal products in- of most finished goods have changed little in
PRODUCTION OF MANUFACTURES
1947-49=100




Jl

\ VT

FEDERAL RESERVE BULLETIN

EXPANSION IN ECONOMIC ACTIVITY

wholesale and retail markets. Decreases in
prices of some industrial materials have been
largely offset by increases in others. In
markets for agricultural commodities, however, supplies have expanded while export
demands have been reduced, resulting in
sharp declines in prices of some products.
Agricultural products. Average prices of
farm products have declined 9 per cent since
last summer. In mid-December they were
15 per cent below the 1951 peak and only
6 per cent above the June 1950 (pre-Korean)
level. Decreases were concentrated in prices
of cotton and livestock, shown on the chart.
By early January livestock prices recovered
moderately, as marketings contracted seasonally, but cotton declined somewhat
further and grains weakened.
PRICES OF FARM PRODUCTS
1947-49=100

140

LIVESTOCK

120

100

ALL
OTHER

100

.,1

1.

80

1950
1952
1950
1952
NOTE.—B.L.S. midmonth indexes. "All other" series derived
by Federal Reserve. December 1952 estimated.

The cotton crop has turned out to be
larger than indicated earlier in the season.
Total supplies—production and carryover
combined—however, are little larger than last
season, but exports have been substantially
JANUARY

1953




smaller and domestic consumption is expected to continue only moderately greater.
Cotton prices have fallen one-fifth since
summer, to Federal support levels. Prices
of the other basic crops and of butter and
wool are also close to support levels, which
are about 15 per cent above June 1950. Federal loan and purchase activities have expanded considerably this season.
Record numbers of cattle on farms and
slower building of herds contributed to an
increasing volume of marketings in 1952,
10 per cent larger than in 1951. With hog
slaughter little changed, total meat production was 5 per cent greater than in 1951.
Average prices of livestock and meats declined sharply in the last half of 1952 to
about the levels of early 1950. Decreases in
prices of cattle for feeding or herd building
were considerably greater than decreases in
higher grade slaughter cattle. Declines in
wholesale beef prices were also much greater
for the lower grades. Average prices of all
meats are down 17 per cent since summer,
accounting for most of the 6 per cent decline
in prices of all foods at wholesale.
Industrial commodities. Average wholesale prices of commodities other than farm
products and foods have changed little in
recent months. Following 15 months of
fairly general decline, prices of most industrial materials stabilized at midyear as
demands in this country strengthened. Also,
speculative holdings abroad of such materials
as burlap and hides apparently had been
largely liquidated by midyear. Average
prices of finished industrial products have
been unusually stable since early 1951.
Prices of most metals continued at Federal
ceilings during 1951 and the first half of
1952, reflecting the high rates of expenditures
for defense and producers' equipment; in late
July ceiling prices of steel mill products,

EXPANSION I N ECONOMIC ACTIVITY

aluminum, copper, and brass mill products
were raised. Lead and zinc prices, which
had been reduced last spring as demands
eased, were reduced further in the autumn.
Among finished products, prices of producers' machinery and trucks have generally
continued at or above the highs reached in
early 1951 and are one-sixth above June 1950.
Federal price ceilings continue to be significant in markets for most of these goods,
as well as in markets for the metals from
which they are fabricated.
Average wholesale prices of consumer
goods other than foods are 3 per cent below
the early 1951 high but 8 per cent above
June 1950. Wholesale prices of apparel,
footwear, and carpets, which had declined
substantially from earlier highs, and furniture, appliances, and radios, which had declined only moderately or had been stable,
have strengthened since mid-1952.
Consumer goods and services. The consumer price index, which includes retail
prices of both goods and services, advanced
to a new high last summer and has changed
little since. The easing in retail food prices
toward the end of 1952 reflected increases
in supplies, in part seasonal, of meats, eggs,
and dairy products. Prices of most other
consumer goods strengthened after midyear.
Rents and prices of other services purchased by consumers continued the uninterrupted rise that began with the relaxation
of wartime controls in 1946, increasing 5 per
cent during 1952. The advance in rents accelerated in the final months of the year following suspension of controls in a number
of areas. While the chart shows the increase
from the 1947-49 average to be greater for
rents and services than for goods, the increase from pre-World War II levels has




been considerably greater for goods than for
rents and services.
During most of the past three years—the
period shown on the chart—changes in retail prices of foods and other consumer goods
have generally paralleled changes in wholesale prices of such goods. During the past
PRICE INDEXES COMPARED
1947-49=100
130

WHOLESALE

-

RETAIL

MATERIALS &
-.EQUIPMENT —

—

RENTS AND
SERVICES y^L
- 120

,/^FOODS
///
f/y
_ A
/

N I A ; " " " " *

OTHER
CONSUMER
GOODS _

^Jf
/ /
^ i f

-

OTHER
CONSUMER
GOODS _

no

100

s/
1

" " " " " ' "

1

90

" " " ^

1950
1952
1950
1952
NOTE.—Federal Reserve regrouping of B.L.S. wholesale and
consumer price indexes. "Materials and equipment" includes
raw and semi-finished foodstuffs as well as industrial materials
and producers' machinery and trucks. December 1952 estimated.

year, and particularly since summer, changes
in price indexes for meats have been larger
at wholesale than at retail—to an unusual
degree. This reflected in part greater declines in the lower grades of beef which are
of less importance in the retail index. As
compared with a year earlier, average wholesale prices of meats in mid-December were
shown to be down 19 per cent and retail
prices were down 6 per cent.
The divergent movements of the consumer
and wholesale price indexes since early 1951,
shown in the chart on page 1, are largely
accounted for by the persistent rise in rents
and in prices of other services, on the one
hand, and the decline in prices of materials,
on the other hand. Averages of all finished
goods prices, at wholesale and retail, have
changed little during the past two years.
FEDERAL RESERVE

BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Earnings and Expenses of the Federal Reserve Banks
in 1952 and 1951
A condensed comparative statement of earnings
and expenses of the Federal Reserve Banks in 1952
and 1951 is shown below. A detailed statement of
earnings and expenses of each Federal Reserve Bank
in 1952 will appear in the February Federal Reserve BULLETIN.
Thousands of dollars
Item
1952

1951

456,060
104,694

394,656
95,469

Tables

Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually

Issue

Banking offices:
Analysis of changes in number of
On, and not on, Federal Reserve Par
List, number of

Aug. 1952

940

Aug. 1952

941

Annually
Bank suspensions
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Banks and branches, number of, by class
and State
Operating ratios, member banks

Feb. 1952

135

Mar. 1952

314-315

May 1952
Oct. 1952

556-566
1159

May 1952
Aug. 1952

567-568
937-939

Deposit Data by Counties and Metropolitan
Current earnings
Current expenses
Current net earnings

351,366

299,187

Additions to current net earnings
Deductions from current net e a r n i n g s . . . .

12,195
611

425
12,553

Net additions or deductions ( —)

1,584

-2,128

Net earnings before payments to U. S.
Treasury

352,950

297,059

Paid U. S. Treasury (interest on F. R.
notes)
Dividends
Transferred to surplus (Sec. 7)

291,934
14,682
46,334

254,874
13,865
28,320

1
Includes net profits of $1,992,000 in 1952 and net losses of
$1,586,000 in 1951 on sales of U. S. Government securities.

Page

Areas

The Board of Governors now has available a
pamphlet showing the geographical distribution of
bank deposits as of June 30, 1952. Data are given
for total deposits, demand deposits, and time deposits of individuals, partnerships, and corporations.
A similar pamphlet was published by the Board
as of December 30, 1950. Copies of the new
pamphlet, entitled "Distribution of Bank Deposits
by Counties and Standard Metropolitan Areas,"
may be obtained upon request from the Board's
Division of Administrative Services, Washington
25, D. C.

Resignations and Appointment of Class C Director
and Chairman and Federal Reserve Agent
A number of changes have been made in the conOn
January 13, 1953, the Board of Governors
tent and arrangement of BULLETIN tables on pages
accepted the resignation of Mr. R. B. Anderson,
34 to 46. New tables are included on the major
General Manager, W. T. Waggoner Estate, Vernon,
assets of life insurance companies and of savings Texas, as a Class C director and Deputy Chairman
and loan associations, selected assets and liabilities at the Federal Reserve Bank of Dallas. Mr. Anderof Government corporations and credit agencies, son resigned to accept appointment as Secretary of
net change in outstanding corporate securities, cur- the Navy. He had been serving since January 1,
rent assets and liabilities of United States corpora- 1946.
tions, and business expenditures on new plant and
Mr. Robert T. Stevens, Chairman of the Board,
equipment. The tables on Treasury receipts and J. P. Stevens and Company, New York, New York,
expenditures and the Securities and Exchange Com- who had been serving as a Class C director and as
mission data on new security issues have been ex- Chairman and Federal Reserve Agent at the Fedpanded considerably. Data on life insurance com- eral Reserve Bank of New York since May 14, 1948,
pany commitments and the Commercial and Finan- resigned effective January 19, 1953, to accept apcial Chronicle data on new security issues (pages pointment as Secretary of the Army.
1308 and 1311, respectively, of the BULLETIN for
To succeed Mr. Stevens, the Board of Governors
December 1952) have been deleted.
appointed Mr. Jay E. Crane, Vice President, StandChanges in BULLETIN Tables

JANUARY

1953




CURRENT EVENTS AND ANNOUNCEMENTS
ard Oil Company (New Jersey), New York, New pany, Los Angeles, California, whose term expired.
Mr. George W. Watkins, President, Snake River
York, effective January 20, 1953, as a Class C
director of the Federal Reserve Bank of New York Equipment Company, Idaho Falls, Idaho, was apfor the unexpired portion of the three-year term pointed a director of the Salt Lake City Branch
ending December 31, 1953, and designated him of the Federal Reserve Bank of San Francisco for
Chairman and Federal Reserve Agent at the Bank the unexpired portion of the two-year term ending
December 31, 1954. Mr. Watkins succeeded Mr.
for the remainder of the current year.
Mr. Crane was employed by the Federal Reserve Merle G. Hyer of Lewiston, Utah, who is engaged
Bank of New York from December 6, 1915, through in livestock raising and farming, and whose term
April 30, 1935, and served as an officer of the Bank expired.
from January 1, 1919. Immediately prior to his
Mr. Joseph Rosenblatt, President, The Eimco Corpresent appointment he had been serving since poration, Salt Lake City, Utah, was appointed ai
January 1, 1949, as a Class B director of the Bank, director of the Salt Lake City Branch of the Federal
elected by member banks of the Second Federal Reserve Bank of San Francisco for the unexpired
Reserve District.
portion of the two-year term ending December 31,
1953. Mr. Rosenblatt succeeded Mr. Frank M.
Resignation of Class B Director
Browning, President, Ogden Buick Sales Company,
Mr. Marion B. Folsom, Treasurer and Director, Ogden, Utah, who resigned.
Eastman Kodak Company, Rochester, New York,
Deaths of Directors
who had been serving as a Class B director of the
Federal Reserve Bank of New York since July 15,
Mr. J. A. McCrary, Vice President and Treasurer,
1949, resigned effective January 19, 1953, to accept J. B. McCrary Company, Inc., Atlanta, Georgia,
appointment as Under Secretary of the Treasury.
who had been serving as a Class B director of the
Federal Reserve Bank of Atlanta since November
Appointments of Branch Directors
16, 1914, died on January 8, 1953.
Mr. Roy L. Patrick, President, Rock of Ages
On December 18, 1952, the Board of Governors
Corporation,
Burlington, Vermont, who had been
announced the appointment of Mr. John C. Baker,
serving
as
a
Class
B director of the Federal Reserve
President, Ohio University, Athens, Ohio, as a diBank
of
Boston
since
July 6, 1944, died on January
rector of the Cincinnati Branch of the Federal Re14,
1953.
serve Bank of Cleveland for the unexpired portion
of the term ending December 31, 1954. Mr. Baker
succeeded Mr. Ernest H. Hahne, President, Miami
University, Oxford, Ohio, deceased.
On January 19, 1953, the Board of Governors
announced the following appointments of directors:
Mr. Bryant Essick, President, Essick Manufacturing Company, Los Angeles, California, was appointed a director of the Los Angeles Branch of
the Federal Reserve Bank of San Francisco for the
unexpired portion of the two-year term ending
December 31, 1954. Mr. Essick succeeded Mr.
Fred G. Sherrill, Vice President, J. G. Bosweli Com-




Admission of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period November 16, 1952 to December 15,
1952:
New Yor\
New Hyde Park-—Bank of New Hyde Park
Utah
Ogden—Bank of Utah

FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Appointments of Chairmen, Deputy Chairmen, and Directors

The following designations and appointments at the Federal Reserve Banks and branches have been
made by the Board of Governors of the Federal Reserve System.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR

Federal Reserve Ban\
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Name of Appointee
Harold D. Hodgkinson of Boston, Massachusetts
^William }. Meinel of Huntingdon Valley, Pennsylvania
*John C. Virden of Shaker Heights, Ohio
Charles P. McCormick of Baltimore, Maryland
Frank H. Neely of Atlanta, Georgia
*John S. Coleman of Detroit, Michigan
Russell L. Dearmont of St. Louis, Missouri
Roger B. Shepard of St. Paul, Minnesota
^Raymond W. Hall of Kansas City, Missouri
J. R. Parten of Houston, Texas
Brayton Wilbur of Burlingame, California
DEPUTY CHAIRMEN FOR YEAR

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
St. Louis
Minneapolis
Kansas City
San Francisco

1953

1953

Ames Stevens of North Andover, Massachusetts
William I. Myers of Ithaca, New York
C. Canby Balderston of Media, Pennsylvania
*Leo L. Rummell of Columbus, Ohio
John B. Woodward, Jr., of Newport News, Virginia
Rufus C. Harris of New Orleans, Louisiana
Wm. H. Bryce of Memphis, Tennessee
Paul E. Miller of St. Paul, Minnesota
Cecil Puckett of Denver, Colorado
William R. Wallace, Jr., of San Francisco, California
FEDERAL RESERVE BANK DIRECTORS!

(Appointed by the Board of Governors for three-year terms beginning January 1, 1953)
Boston
Harold D. Hodgkinson of Boston, Massachusetts
New York
Philip Young of Van Hornesville, New York
Philadelphia
^Henderson Supplee, Jr., of Radnor, Pennsylvania
Cleveland
*Sidney A. Swensrud of Pittsburgh, Pennsylvania
Richmond
John B. Woodward, Jr., of Newport News, Virginia
Atlanta
Rufus C. Harris of New Orleans, Louisiana
Chicago
John S. Coleman of Detroit, Michigan
St. Louis
Russell L. Dearmont of St. Louis, Missouri
Minneapolis
F. A. Flodin of Iron Mountain, Michigan
Kansas City
^Raymond W. Hall of Kansas City, Missouri
Dallas
J. R. Parten of Houston, Texas
San Francisco
Brayton Wilbur of Burlingame, California
* Indicates position filled by a new incumbent.
t Each Federal Reserve Bank has a Board of Directors consisting of nine members, divided into three classes, designated
as Classes A, B, and C. The six A and B directors are elected by the member banks, and the three C directors are appointed
by the Board of Govrnors. The terms of two of the elected directors and one of the appointed directors expire at the
end of each year.
JANUARY 1953




9

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Ban\ and Branch

Name of Appointee

FEDERAL RESERVE BANK BRANCH DIRECTORS!!

New Yor\
Buffalo
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore . .
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha

. . Edgar F. Wendt of Buffalo, New York
#

H. C. Besuden of Winchester, Kentucky
Douglas M. Moorhead of North East, Pennsylvania

. . . ^Howard M. Taylor, Jr., of Baltimore, Maryland
Thad Holt of Birmingham, Alabama
Harry Smith of Winter Garden, Florida
*Ernest Moench of Nashville, Tennessee
E. O. Batson of New Orleans, Louisiana

#

Stonewall J. Beauchamp of Little Rock, Arkansas
Smith D. Broadbent, Jr., of Cadiz, Kentucky
#
Henry Banks of Clarkedale, Arkansas
... . JJohn E. Corette of Butte, Montana
JG. Norman Winder of Craig, Colorado
*}Phil H. Lowery of Loco, Oklahoma
*$Manville Kendrick of Sheridan, Wyoming

Dallas

Houston
San Antonio
San Francisco
Seattle

Charles N. Shepardson of College Station, Texas
D. Hayden Perry of Robstown, Texas
JRalph Sundquist of Yakima, Washington

ft 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 the 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.
X Indicates appointment for two-year term beginning January 1, 1953. All other appointments are for three-year terms.
* Indicates position filled by a new incumbent.

The new appointees are as follows:
Federal Reserve Bank of Philadelphia
Mr. William J. Meinel of Huntingdon Valley, Pennsylvania, who has been serving as a Boardappointed director of the Federal Reserve Bank of Philadelphia since August 6, 1951, was designated
Chairman and Federal Reserve Agent for the year 1953. Mr. Meinel served as a director of the
Philadelphia Reserve Bank, elected by the member banks of that District, from January 1, 1947, to
August 6, 1951. He is President and Chairman of the Board of the Heintz Manufacturing Company,
Philadelphia, Pennsylvania.
Mr. Henderson Supplee, Jr., of Radnor, Pennsylvania, was appointed a director of the Federal
Reserve Bank of Philadelphia for a three-year term beginning January 1, 1953. Mr. Supplee is President
of the Atlantic Refining Company, Philadelphia, Pennsylvania.
Federal Reserve Bank of Cleveland
Mr. John C. Virden of Shaker Heights, Ohio, who has been serving as a Board-appointed director
of the Federal Reserve Bank of Cleveland and Deputy Chairman since January 1, 1951, was designated
10




FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Chairman and Federal Reserve Agent for the year 1953. Mr. Virden is Chairman of the Board of the
John C. Virden Company, Cleveland, Ohio.
Mr. Leo L. Rummell of Columbus, Ohio, who has been serving as a Board-appointed director of
the Federal Reserve Bank of Cleveland since January 1, 1949, was appointed Deputy Chairman for the
year 1953. Mr. Rummell is Dean of the College of Agriculture, The Ohio State University, Columbus,
Ohio.
Mr. Sidney A. Swensrud of Pittsburgh, Pennsylvania, who has been serving as a Board-appointed
director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland since February 3, 1949,
was appointed a director of the Federal Reserve Bank of Cleveland for a three-year term beginning
January 1, 1953. Mr. Swensrud is President of the Gulf Oil Corporation, Pittsburgh, Pennsylvania.
Mr. Douglas M. Moorhead of North East, Pennsylvania, was appointed a director of the Pittsburgh
Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1953. Mr.
Moorhead is engaged in farming.
Federal Reserve Bank of Richmond
Mr. Howard M. Taylor, Jr., of Baltimore, Maryland, was appointed a director of the Baltimore
Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1953. Mr.
Taylor is Vice President of the International Bedding Company, Baltimore, Maryland.
Federal Reserve Bank of Atlanta
Mr. Harry Smith of Winter Garden, Florida, was appointed a director of the Jacksonville Branch
of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1953. Mr. Smith
is associated with the Winter Garden Ornamental Nurseries, Inc., Winter Garden, Florida.
Mr. Ernest Moench of Nashville, Tennessee, was appointed a director of the Nashville Branch of
the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1953. Mr. Moench is
President of the Tennessee Tufting Company, Nashville, Tennessee.
Federal Reserve Bank of Chicago
Mr. John S. Coleman of Detroit, Michigan, who has been serving as a Board-appointed director of
the Federal Reserve Bank of Chicago and Deputy Chairman since January 1, 1950, was designated
Chairman and Federal Reserve Agent for the year 1953. Mr. Coleman is President of the Burroughs
Adding Machine Company, Detroit, Michigan.
Federal Reserve Bank of St. Louis
Mr. Henry Banks of Clarkedale, Arkansas, was appointed a director of the Memphis Branch of
the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1953. Mr. Banks is
engaged in farming.
Federal Reserve Bank of Kansas City
Mr. Raymond W. Hall of Kansas City, Missouri, was appointed a director of the Federal Reserve
Bank of Kansas City for a three-year term beginning January 1, 1953, and designated Chairman and
Federal Reserve Agent for the year 1953. He is Vice President and Controller of Hall Brothers, Inc.,
Kansas City, Missouri. Mr. Hall formerly was associated with the Federal Reserve Bank of Kansas City
as Vice President and General Counsel from January 1, 1943, to June 1, 1943, when he was appointed
Vice President, General Counsel and Secretary. He resigned effective January 31, 1945, to join the
firm of Hall Brothers, Inc.
Mr. Phil H. Lowery of Loco, Oklahoma, was appointed a director of the Oklahoma City Branch
of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1953. Mr. Lowery
is the owner and operator of the Lowery Hereford Ranch.
Mr. Manville Kendrick of Sheridan, Wyoming, was appointed a director of the Omaha Branch of
the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1953. Mr. Kendrick
is engaged in ranching.
JANUARY 1953




11

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 29 and released for publication January 2]

Industrial production, employment, and incomes
increased somewhat further in November and
December, and Christmas retail sales were in
record volume. Wholesale prices of agricultural
commodities declined further, while industrial
commodities continued to show little change. Consumer prices in November increased slightly and
were back at their August high. Bank credit expansion continued after mid-November, and common stock prices rose further.
INDUSTRIAL PRODUCTION

The Board's industrial production index rose
4 points in November to a postwar record of 233
per cent of the 1935-39 average. Output of both
durable and nondurable goods expanded moderately further, and minerals production recovered
sharply to the high September level. Industrial
production in December was maintained at about
the November rate and was about 7 per cent above
a year ago.
Activity in machinery industries generally expanded further in November. Output of household appliances and radio and television showed
substantial gains, with television output continuing
at unusually high levels in December. Despite
some interruptions owing to model changeovers,
passenger auto assembly during November and
December was maintained at advanced rates.

Steel production continued at peak rates. Output
of nonferrous metals except aluminum expanded
further in November, and lumber production
showed much less than the usual seasonal decline.
Nondurable goods production rose somewhat
further in November to a level 5 per cent above a
year ago and close to earlier highs. Activity in
the textile, shoe, paper, and rubber products industries increased and was substantially greater
than in the same period last year. Output of industrial chemicals and petroleum products rose to
new record levels. Production of meat and other
manufactured food products was maintained in
large volume.
Coal output recovered in November following
the work stoppages in late October, and crude
petroleum production rose somewhat further. In
early December, however, output of mineral fuels
declined moderately. Iron ore production since
August has been in record volume for this season.
CONSTRUCTION

Value of contract awards declined slightly in
November, reflecting decreases in most types of
awards for private construction. Total new construction work put in place declined less than
seasonally from the advanced October level.
Housing starts were at a seasonally adjusted
annual rate of 1,160,000, about the same as in
October and substantially higher than a year ago.

INDUSTRIAL PRODUCTION
PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • 100

EMPLOYMENT

Seasonally adjusted employment in nonfarm
establishments rose again in November and was
at a new high of 47.5 million. Average hours of
work at factories were close to the high October
level, and average hourly and weekly earnings continued to rise. Unemployment was little changed
in November and at 1.4 million was close to the
postwar low reached in October.
DISTRIBUTION
100

1948 1949 1950

1951

1952

Federal Reserve indexes.

estimates for December.

12




1948 1949

1950 1951

1952

Monthly figures, latest shown are

Seasonally adjusted sales at department stores
in November were a little below their high October
level but rose again in December. For the ChristFEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
mas season, department store sales were at a
record and considerably above a year ago. Sales
of automobiles continued unusually large for this
time of the year and dealers' stocks increased only
moderately in November.
COMMODITY PRICES

The average level of wholesale prices continued
to decline in December reflecting mainly decreases
in prices of foodstuffs. Lead prices were raised,
while prices of other industrial materials and
finished goods generally continued little changed.
The consumer price index in November rose
very slightly to return to its August peak. Further
increases in rents and prices of services in November
were largely offset by decreases in apparel.
BANK CREDIT

Business,
commercial
latter part
December.
of United

consumer, and real estate loans at
banks continued to increase in the
of November and the first half of
Banks also added to their holdings
States Government securities, largely

through purchases of tax anticipation bills in
the latter part of November.
Member bank reserve positions tightened further in late November and early December, due
principally to a seasonal flow of currency into
circulation and an increase in required reserves.
Member bank borrowings averaged above 1.5 billion dollars during the period. The Federal Reserve also supplied some reserves through purchases
of Government securities, including some securities
acquired under repurchase agreements with dealers.
In mid-December, reserve positions temporarily
became somewhat easier as a result of the usual
large pre-Christmas expansion in Reserve Bank
float.
SECURITY MARKETS

Common stock prices advanced during the first
three weeks of December to their highest level
since October 1929. Yields on high-grade corporate
bonds and long-term Government securities rose
somewhat. Treasury bill rates increased sharply
and reached 2.23 per cent on the new issue awarded
on December 22.

PRICES AND TRADE

BUSINESS LOANS AT MEMBER BANKS IN LEADING CITIES

1947-49-100

140

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

24

CHANGES FC R
SELECTED INDUS TRIES

TO TAL
OUTSTA NDING

(CUMULATIVE SI

MARCH 28,195

/ Vi
/

1

J

METALS

PETROLEUM/

/ -POODS ETC

V

1948

1949 1950

1951 1952

1948 1949 1950

1951

J 80
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 November.

JANUARY 1953




n

1948

1949 1950 1951

V

^jCDEA

i

V

roDTTY^
_ERS

1952

Data for selected industries reported by over 200 of the largest
weekly reporting member banks. "Metals" includes metal products,
machinery, and transportation equipment. "Petroleum, etc." includes coal, chemicals, and rubber products. "Foods, etc." includes
liquor and tobacco. Wednesday figures, latest shown are for
December 17.

13

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency. .
All banks in the United States, by classes
All 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
List of tables published in BULLETIN annually or
semiannually, with references for latest data

17-18
18-19
20
21-23
23-24
24
25
26
27-29
30-31
32-34
34
35
36-37
38
39
40-43
44
45-46
47-56
56
57-60
60-61
62-63
64-66
7

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.

JANUARY

1953




15

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars

10

Wednesday Figures

Billions of Dollars

10

-V—i

TREASURY CASH AND DEPOSITS!

[J»V^^
1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

30

FEDERAL RESERVE CREDIT
HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL

15

15

10

10

CZ 5

1
,_ . _

-

j

FEDERAL RESERVE FLOAT

]

i -

^ »

.

j

j

DISCOUNTS A N D ADVANCES

1943
16




1944

1945
1946
1947
1948
1949
1950
1951
1952
Wednesday figures, latest shown are for Dec. 24. See page 17.
FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve balances

Reserve Bank credit outstanding
U. S. Government
securities

Date or period

Discounts
and
advances Total

Gold
All 1 Total stock
Bills, other
certifiBonds cates,
and
notes

TreasTreasdeTreas- ury
ury
Money
posits
ury
curin
cirwith
cash
rency
culahold- Federal
outtion
Reings
standserve
ing
Banks

Other
Non- Fedmem- eral
Reber de- serve
posits acTotal
counts

Required2

Ex-

Wednesday
figures:
243

23,507
274 23,397
227 23,275
483 23,239

5,325
5,325
5.334
5,334

18,182 845 24,595
18,072 930 24,602
17,941 1,243 24,745
17,905 957 24,679

22,284
22,283
22.333
22,332

4,686
4,688
4,689
4.693

28,534
28.601
28,701
28,742

,291
,284
,285
,288

452
245
364
548

843
815
800
750

778
776
774
774

959 23,239
710 23.239
449 23,239
797 23,503

5,357
5,376
5,334
5,342

17,882 883 25,081 22,381
17,863 1,031 24,980 22,382
17,905 2,057 25,745 22,491
18,161 1,276 25,576 22 ,621

4,699
4,700
4,703
4,704

28,891
29,037
29.263
29.403

,292
,284
,269
,289

501
266
6
289

787
740
776
880

770 19,919
770 19,964
827 20,798
832 20,208

723
19,196
647
19,317
19,767 1,031
571
19.637

52 --Jan. 2
1952
Jan. 9
Jan. 16
Jan. 23
Jan. 30

105
198
135
112
210

23,658
23,452
23,119
22,993
22,785

5,344
5,344
5.344
5,344
5,344

18,314 1,062 24,825 22,697
18,108 904 24,554 22,772
17,775 1,118 24,372 22,822
17,649 1,010 24,116 22 ,872
17,441 711 23,707 22,931

4,706
4.707
4,710
4.711
4,716

29,143
28.800
28.526
28.342
28.347

,275
,280
,291
,280
,302

8
69
138
11
221

694
771
719
663
729

745 20,364
743 20,369
744 20.488
743 20,660
742 20.013

679
19,685
818
19.551
898
19.590
19,573 1,087
558
19,455

Feb. 6.
Feb. 13.
Feb. 20
Feb. 27.

283
619
454
422

22,614
22,499
22,400
22,555

5,344
5.344
5,471
5,636

17,270 759 23.656 22 ,990
,011
17,155 634 23.753
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

16,878 986 23,883
16,894 891 23,778
17,189 1,265 24,216
16,892 715 23.413

23,290
23,291
23,292
23.291

4.726
4.726
4,729
4.731

28,464
28,452
28.361
28.329

,296
.296
.285
,282

670
639
6
7

895
841
742
736

787' 19.787
785! 19,781
803 21,038
804 20.276

621
19,166
599
19,182
19,627 1,411
19.500
776

1951- -Nov. 7
Nov. 14.
Nov. 2 1 .
Nov. 28.
Dec.
Dec.
Dec.
Dec.

5
12,
19
26.

384 22,514 5,636
22,530 5,636
126 22,825 5,636
170 22,528 5,636

19,667
19.850
19.843
19,603

18.988
18.976
19.211
19.229

679
874
632
374

733
790
714
486

Mar.
Mar.
Mar.
Mar.

5
12
19
26

Apr.
Apr.
Apr.
Apr.
Apr.

2
9.
16.
23.
30.

130 22,514
167 22,494
622 22,467
830 22,372
676 22,363

5,636
5.636
5,136
5,136
5,136

16.878 766 23,409 23,291
16,858 731 23,393 23,293
17,331 1,020 24,109 23,293
17,236 771 23,973 23,295
17,227 593 23,632 23,297

4,736
4,736
4,737
4,738
4,739

28.445
28.526
28.436
28.333
28.460

,281
,273
,288
,287
,284

295
381
520
877
450

776
763
853
809
784

827
827
825
824
749

19.812
19,652
20,218
19,875
19,940

19,166
19,076
19,225
19.087
19.143

646
576
993
788
797

May 7
May 14
May 21.
May 28.

1,043 22,329
671 22,315
499 22,283
816 22,273

5,136
5,136
5,136
5,136

17,193 695 24,067 23,297
17,179 779 23, 764 23,297
17,147 1,013 23, 794 23,298
17,137 653 23,742 23,296

4,739
4,739
4,739
4,741

28,523
28,497
28,483
28,710

,286
,293
,279
,286

749
516
384
558

762
796
813
813

747
745
745
745

20,034 19,071
19,953 19,092
20,127 19,181
19,667 19,217

963
861
946
450

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

,282
.284
,286
,290

527
507
9
134

824
834
768
813

742 19,906
742 19,978
794 21,232
793 20,006

357

June 4.
June 11.
June 18.
June 25.

926 22,378 5,136
834 22,492 5,136
22,997 5,136
307 22,564 5,136

July 2.
July 9.
July 16.
July 23.
July 30.

480 22,869
683 22,860
974 22,723
073 22,726
403 22,844

5,136
5,136
5,136
5,136
5,136

17,733
17,724
17,587
17,590
17,708

806
923
974
875
660

23,346
23,347
23,348
23,350
23,350

4,755
4,754
4,756
4,756
4,761

29,180
29,148
28.988
28,884
28,952

,277
,264
1,271
1,275
1,286

90
760
38
906
307
988
482 1,016
605 1,042

798 20,153 20,104
799 20,413 20,008
797 20,422 19,973
797 20,326 19,875
724 20,409 19,829

49
405
449
451
580

Aug. 6.
Aug. 13.
Aug. 20.
Aug. 27.

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

24,440 23,350
732
23,344
799 24,810 23,344
614 24,603 23,344

4,763
4,764
4,766
4,768

29,041
29,051
29,068
29,129

1,279
1,277
1,281
1,276

270
982
422 1,057
526 1,057
707 1,084

722 20,260
718 20,136
721 20,267
721 19,

585
444
615
154

Sept.
Sept.
Sept.
Sept.

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
17,993 764 24,872 23,344
18,504 1,195 25,249 23 ,344
18,479 742 24,857 23,343

4,774
4,776
4,780
4,781

29,391
29,364
29,292
29,247

,285
,279
.281
,274

715 1,066
347
948
998
6
889
264

717
715
729
726

544 23,694
1,019 23,663
772 23,663
130 23,663
,171 23,624

4,522
4,522
4,522
4,522
4,522

19,172 725 24,963 23,342
19,141 702 25,384 23,341
19,141 891 25,325 23 ,341
19,141 1,074 25,867 23,340
19,102 710 25,505 23 ,340

4,787
4,787
4,787
4,790
4,790

29,417
29,545
29,617
29,511
29,540

,287
,280
,276
,281
,289

523
596
212
618
588

884
972
854
929
891

882 20,098
880 20,239
881 20,613
878 20,779
877 20,449

19,762
19,567
20,089
20,128
19,975

336
672
524
651
474

3.
10.
17.
24.

Oct. 1.
Oct. 8.
Oct. 15.
Oct. 22.
Oct. 29.

24,155
24.465
24,671
24,674
24,907

19,760
20,340
21,067
20,581

699
19,207
19,226
752
19,736 1,496
19,621
385

19,675
19,692
19,652
19,643

249
19,511
19,549
791
19,957 1,110
19,901
680

Nov.
Nov.
Nov.
Nov.

5.
12.
19.
26.

,663
,583
,486
,615

23,520
23,567
23,563
23,761

4,522
4,522
4,526
4,528

18,998 532 25,714 23 ,339
19,045 546 25,696 23 ,338
19,037 1,143 26,193 23 ,337
19,233 925 26,301 23,338

4,794
4.794
4,797
4,797

29,748
29,905
29,842
30,152

,278
,282
,292
,267

789
505
703
317

893
883
949
981

805 20,334
805 20.447
803 20,738
801 20,917

19,884
19,906
20,073
20,409

450
541
665
508

Dec.
Dec.
Dec.
Dec.
Dec.

3.
10.
17.
24.
31.

,591
,752
1,022
1,728
156

23,968
24,239
24,469
24,613
24,697

4,539
4,537
4,533
4,530
4,522

19,429 1,191 26,751 23,337
19,702 870 26,860 23 ,337
19,936 1,547 27,039 23 ,277
20,083 1,519 27,860 23,186
20,175 971 25,,825 23 ,186

4,803
4,804
4,806
4,809
4,813

30,274
30,370
30,487
30,732
30,424

,278
,280
,269
,266
,278

719
881
645 1,036
371
937
665
930
389 1,005

800 20,939
20,868
860 21,198
863 21,400
777 19,950

20,371
20,288
P20.479
20,435
'20,440

568
580
P719
P965
P-490

pPreliminary.
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

JANUARY

1953




17

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities

Date or period

Discounts
and
advances Total

All
Bills,
Total
certifi- other*
Bonds cates,
and
notes

TreasTreasdeury Money Treas- ury
posits
curury
cirwith
rency in
cash
culaouthold- Federal
Restand- tion
ings
serve
ing
Banks

Gold
stock

Member bank
reserve balances
Other
Non- Fedmem- eral
Reber de- serve
posits
acTotal
counts

ReExquired2 cess2

End of period
1929—June 29.
1933—June 30.
1939—Dec. 30.
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1946—Dec. 3 1 .
1947—Dec. 3 1 .
1948—Dec. 31 .
1949—Dec. 3 1 .
1950—June 30.
Dec. 30.
1951—June 30.
Dec. 31

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
145
71
58 2,220 4,031
441 1,557
102 2,593 17,644
1,351 1,133
787
104 2,361 22,737
1,467
580 25,091 20,065
947 23,315
753 22,597
581 24,093 20,529
2,853 19,706
536 23,181 22,754
10,977 12,356
542 24,097 23,244
536 19,499 24,427
7,218 11,667
329 18,703 24,231
5,618 12,713
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

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
,336
,325
,312
,298
,293
,281
,270

1952—Jan
Feb
Mar
Apr
May
June....
July....
Aug
Sept
Oct
Nov
Dec

328 22,729
598 22,528
133 22,514
676 22,363
952 22,273
59 22,,906
1, 270 22,853
1, 318 23,146
477 23,694
1,591 23.575
1,895 23,821
156 24,697

726 23,783
5,344 17,385
951
778 23,904
5,636 16,892
191
623 23,270
5,636 16 ,878
291
593 23,632
5,136 17,227
298
927 24,152
5,136 17,137
296
586 23,551
5
17,770
346
699 24,821
350
5,136 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 P 2 3 , 1 8 6
4,522 20 ,175

717
727
736
739
748
754
762
776
786
795
802
813

28,386
28,465
28,473
28,464
28,767
29,026
28,978
29,293
29,419
29,644
30,236
P30.424

18,057 1,380 25,446 22,483
29,139
17,862 1,038 24,444 22,824
28,637
909 23,826 23,039 4,719 28,406
17,120
942 23,890 23,278 4,728 28,437
16,998
913 23,726 23.293 4,737 28,459
17,094
823 23,704 23,297 4,740 28,557
17,172
941 24,144 23.308 4,751 28,843
17,481
895 24,786 23,348 4,756 29,028
17,662
738 24,824 23,346 4,765 29,088
17,811
861 25,055 23,343 4,778 29,343
18,235
931
19,135
25,681 23,340 4,788 29,555
958 26,172 23,338 4,796 29,904
19,114
19,878 1,266 27,299 23,276 4,806 30,494

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
,209
6,
9,365 3 ,085
14,457 1,458
562
15.577
16,400 1 ,499
19,277 1,202
,018
15
436
15,498
16,509 1,172
18,604 416
389
19,667

,319
,287
,277
,281
,274
,283
,281
,269
,278
,268
1,261
I,278

162
766
558
796
169
845
450
784
541 1,094
333
846
638
991
488 1,157
508
881
770
887
378 1,056
389 1,005

741 20.077
733 19,982
801 19,733
749 19,940
743 19,778
783 19,381
723 20,323
718 20,411
723 20,066
805 20,616
801 21,149
777 19,950

634
19,443
728
19,254
492
19,241
797
19,143
591
19,187
19,573 -192
19,828 495
835
19,576
319
19.747
620
19,996
795
20,354
l0,440 P - 4 9 0

1,280
1.281
1,294
1,283
1,278
1,281
1,282
1,270
1,276
1,275
1,276
1,277
1,271

271
109
352
333
549
553
328
306
501
3?6
550
591
569

835
737
799
845
875
838
843
960
1,044
997
941
986
1,035

796 20,310
744 20,470
738 19,995
790 20,207
818 19,777
745 19,767
767 20,140
791 20,535
720 20,306
721 20.514
876 20,611
803 20,744
832 21,180

19.484
19,537
19,300
19,322
19,127
19,139
19,431
19.926
19,657
19,736
19,963
20,087

36
35
634
867
977
393
870
1,123
821
950
668
317
247

Averages of
daily figures:
1951—Dec
1952—Jan
Feb
Mar
Apr
May
June....
July.. ..
Aug
Sept
Oct
Nov
Dec

657 23,409 5,352
200 23,206 5,344
365 22,552 5,432
314 22,634 5,636
365 22,448 5,354
573 22,308 5,136
585 22,617 5,136
,092 22,798 5,136
059 23,027 5,216
723 23,471 5,236
,093 23,657 4,522
,577123,638 4,524
,633'24,400 4,522

826
933
695
885
650
628
709
609
649
778
648
657

I

v Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

1
2

MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]

MARGIN REQUIREMENTS *
[Per cent of market value]

Nov. 1, 1933-Feb. 1, 1935- Effective
Jan. 31, 1935Dec. 31, 1935Jan. 1, 1936

Prescribed in accordance with
Securities Exchange Act of 1934

Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

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.

Feb. 1, Mar. 30, Effec1949tive
1947Mar. 29, Jan. 16, Jan. 17.
1951
1951
1949

75
75

50
50

75
75

75

50

75

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, and February 1947, p. 162.
I

18




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
Dec. 31

Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco..

In effect
beginning—•
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

Previous
rate

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

Other secured advances
[Sec. 10(b)]

Rate on
Dec. 31

2X
2X
2M

21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950

In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

2%
2H
2X

2M
2M
2

2X

Previous
rate

Rate on
Dec. 31

21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950

In effect
beginning—
2

Jan. 14, 1948

Oct.
Aug.
Aug.
Oct.
Aug.
Aug.
Jan.
Aug.
Jan.
Feb.
2
Oct.

234

21 5 *

2H
2H
234

2X
234
234

Previous
rate

30, 1942
23, 1948
25, 1950
28, 1942
24, 1950
13, 1948
12, 1948
23, 1948
19, 1948
14, 1948
28, 1942

1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of^ Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistices, Tables 115-116, pp. 439-443.
5

MEMBER BANK RESERVE REQUIREMENTS

FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Dec. 31

Maturity

IK
2H

1- 90 days
91-120 days
12 1-180 days

In effect beginning—l
Dec. 18. 1951
Dec. 18, 1951
Dec. 18, 1951

[Per cent of deposits]
Net demand deposits 1

Previous
rate
Effective date
of change

1%
2

Central
reserve
city
banks

Reserve
city
banks

Country
banks

Time
deposits
(all
member
banks)

7

3

1
Dates effective at Federal Reserve Bank of New York.
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars.
Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.

1917—June 21

13

10

1936—Aug. 16
1937—Mar. 1
May 1

1934
22M
26

15
1734
20

12M
14

6

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect December 31. Per cent per annum]

1938—Apr. 16

22%

17^

12

5

1941—Nov.
1942—Aug.
Sept.
Oct.

1
20
14
3

26
24
22
20

20

14

6

1948—Feb.
June
Sept.
Sept.

27
11
16. . .
24

22
24

IQ49—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.

1
5
30
l
1
11
16
18
25
1

To industrial or
commercial
businesses

To financing institutions

On discounts or
purchases

Federal
Reserve
Bank
On
loans l

Boston
New York
Philadelphia. . . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas City. . . .
Dallas
San Francisco...

234
2^
2*4
234
2^
23^-

2^
3
234
234
234
234

On
commitments

Portion
for which
institution is
obligated

Remaining
portion

34

X-i X

H-i X
34-1 X

H-i X
M-iX
X-i X
X-i X
M-l X

y2-\ x

34-1 x

On
commitments

()
2 34-5
1 H-2 X
)
()2
C)

()
2^-5
(3)

()

* Including loans made in participation with financing institutions.
Rate charged borrower less commitment
rate.
4
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 loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
2
3

JANUARY

1953




1951—Jan. 11
Jan 16
Jan. 25
Feb. 1
In effect Jan. 1, 1953 *

26

22

24

21
20

2334

19H

23
22 J4
22

19
18^
18

23

19

ion

16
15
14
13
12

20

24

20

734
3 734
27
37
36
26
35
25

3

13
24

2

6
26

14
14

6

1

Demand deposits subject to reserve requirements, which beginning
Aug 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13. 1943 June 30. 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4 Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.

19

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.

Month, or
week ending Wednesday

All
member
banksi

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks *

Total reserves held:

In millions of dollars]

Month, or
week ending Wednesday

Central reserve
city banks
New
York

Reserve
city
banks

Chicago

Coun-

try
banks 1

Excess reserves:

1951—September
October
November
1952—September
October
November .

19.396
19,868
19 794
20,514
20,611
20,744

5,029
5,225
5 061
5,256
5,215
5,201

1,307
1,328
1 Wk
1,369
1,369
1,367

7,526
7,701
7 730
8,009
8,081
8,172

5,534
5,614
5 688
5,880
5,946
6,004

October
November
1952—September
October
November

Nov.
Nov.
Dec
Dec.
Dec.
Dec.

20,728
20,874
20,959
20 924
12,172
21,441

5,145
5,253
5,361
5,236
5,369
5,396

1,347
1,384
1,392
1 390
1,411
1,423

8,161
8,249
8,246
8 255
8,307
8,403

6,075
5,988
5,960
6,044
6,086
6,219

Nov.
Nov.
Dec
Dec
Dec.
Dec.

19
26
3
10
17
24

All
member
banks x

. .

1951—September

567
588

721
915
729
778
648
657

8
108
6
63
1
8

-5
8
_5
6
—4

151
212
144
155
99
102

554
553
547

717
573
588
621
P715
P839

8
-10
33
—26
34
13

-5
-3
-4
_1
—2
—2

110
85
83
105
101
138

604
501
476
543
*582
P690

1951—September
October . .
November
1952—September
October
November

338
95
340
683
1,048
1,532

66
3
28
117
116
198

7
2
12
30
100
266

213
62
246
384
667
862

51
30
54
151
164
206

Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

1,408
1,456
1,673
1,752
1,501
1,443

186
159
265
469
418
473

249
293
270
254
173
235

780
812
911
771
641
482

193
192
227
258
269
253

19
26
3
10 .
17
24

584

Borrowings a t Federal
Reserve B a n k s :

Required reserves:
1951—September
October
November
1952—September
October
November

18,675
18,952
19,065
19,736
19,963
20,087

5,021
5,117
5,056
5,193
5,214
5,193

1,312
1,320
1,319
1,364
1,373
1,367

7,374
7,489
7,586
7,854
7,982
8,070

4,967
5,026
5,104
5,326
5,393
5,458

Nov. 19
Nov. 26
Dec. 3 .
Dec. 10
Dec 17
Dec. 24

20,011
20,302
20,371
20,302
P20.458
n0,603

5,137
5,263
5,328
5,261
5,334
5,383

1,352
1,387
1 396
1,391
1,414
1,425

8,051 5,471
8,165 5,487
8,163 5,484
8,149 5,501
8,206 P5.504
8,266 P5.529

19
26
3
10
17
24

P Preliminary.
1
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
Backfigures.—SeeBanking and Monetary Statistics, pp. 396-399.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1

Item

All
member
banks

Central reserve
city banks
New
York

Chicago

In millions of dollars]
Reserve
city
banks

Country
banks

All
member
banks

November 1952
Gross demand deposits:
Total
Interbank
Other
2
Net demand deposits
Time deposits 3
Demand balances due from domestic banks...

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

November 1951

109,423
12,934
96,488
94,814
33,010

23,323
4,029
19,294
21,089
2,201

6,056
1,259
4,797
5,402
1,170

42,411
6,424
35,987
36,396
13,173

37,633 103,624
12,625
1,222
90,999
36,411
31,927 89,908
16,466 30,689

22,541
3,954
18,587
20,580
1,941

5,814
1,182
4,632
5,214
1,122

39,944
6,301
33,643
34,280
12,171

35,325
1,189
34,136
29,834
15,454

6,512

44

118

1,925

4,425

6,392

39

115

1,916

4,322

Reserves with Federal Reserve Banks:
Total
Required
Excess

20,744
20,087
657

5,201
5,193

1,367
1,367

8,172
8,070
102

6,004
5,458
547

19,794
19,065
729

5,061
5,056
6

1,314
1,319
-5

7,730
7,586
144

5,688
5,104
584

Borrowings at Federal Reserve Banks

1,532

198

266

862

206

340

28

12

246

54

1

Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.

20




FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item

End of month
1952

1952
Dec. 31

Dec. 24

Dec. 17

Dec. 10

Dec. 3

Dec.

1951
Nov.

Dec.

Assets
Gold certificates
Redemption fund for F. R. notes..

21,185,102 21,210,105 21,305,101 21,376,104 21,415,103 21,185,102 21,418,101 20,753,952
729,948
775,603
773,176
766,850
726,948
800,603
714,115
800,603

Total gold certificate reserves.

21,985,705 21,985,708 22,078,277 22,142,954 22,145,051 21,985,705 22,145,049 21 468,067
322,020

Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds

265,680

126,879 1,691,924
36,500
29,500
3,891
3,892

290,029

277,294

285,224

985,942 1,707,632 1,546,198
36,500
45,000
44,500
3,690
3,622
3,461

1,340,750 1,252,350 1,094,050

837,450

291,853

323,175

126,879 1,849,986
29,500
45,000
3,892
3,838

19,347

322,020

588,250 1,340,750

501,750

4,637
596,360

5,060,616 5,057,016 5,068,266 5,090,216 5,066,716 5,060,616 5,018,416 12,792,798
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 4,529,475 4,533,425 4,537,325 4,539,475 4,521,975 4,527,475 5,344,127

Total U. S. Government securities.

24,697,012 24,612,512 24,469,412 24,238,662 23,968,112 24,697,012 23,821,312 23,801,358

Total loans and securities

24,857,283 26,344,827 25,495,544 25,994,255 25,562,932 24,857,283 25,720,136 23,825,342
23
23
23
23
23
23
23
28
184,382
154,911
192,404
182,869
164,827
239,458
239,458
201,141
4,238,779 4,590,929 5,632,178 3,652,486 3,925,667 4,238,779 3,948,890 3,905,327
48,954
45,712
45,695
49,008
45,736
48,348
48,348
43,599
143,606
152,832
196,887
188,613
160,878
185,034
160,878
133,157

Due from foreign b a n k s . . . .
F. R. notes of other Banks.
Uncollected cash items
Bank premises
Other assets

51,852,494 53,581,411 53,872,993 52,492,504 52,318,049 51,852,494 52,491,591 49,899,836

Total assets.

Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.

26,250,299 26,446,359 26,225,907 26,112,768 26,007,090 26,250,299 25,948,710 25,064,109
19,950,372 21,399,114 21,197,833 20,867,853 20,938,761 19,950,372 21,148,638 20,055,716
665,209
371,238
388,808
645,003
719,042
377,758
388,808
246,687
728,689
729,031
549,959
719,505
734,003
757,947
549,959
526,375
201,050
207,544
454,915
316,204
146,586
298,521
454,915
362,798
21,344,054 22,994,722 22,505,646 22,548,565 22,538,392 21,344,054 22,582,864 21,191,576

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.

3,271,561 3,075,402 4,088,762 2,786,281
23,871
21,468
22,269
14,923

,738,027 3,271,561 2,928,667 2,721,490
19,501
14,923
19,068
13,809

50,880,837 52,540,354 52,841,783 51,469,883 51,303,010 50,880,837 51,479,309 48,990,984

Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

252,634
584,676
27,543
106,804

Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments

252,266
538,342
27,543
222,906

250,244
538,342
27,543
215,081

248,794
538,342
27,543
207,942

248,668
538,342
27,543
200,486

252,634
584,676
27,543
106,804

248,620
538,342
27,543
197,777

236,613
538,342
27,543
106,354

51,852,494 53,581,411 53,872,993 52,492,504 52,318,049 51,852,494 52,491,591 49,899,836

19,792
3,211

19,140
3,366

18,141
3,779

45.5

45.6

46.2

45.6

46.4

18,138
4,007

17,364
3,940

19,792
3,211

17,408
4,045

20,913
6,036

Maturity Distribution of Loans and U. S. Government Securities *
Discounts and a d v a n c e s — t o t a l . . . .
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total.
Within 15 days
16 to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1

156,379
117,875
38,504
3,892
256
1,987
1,304
345
24 697,012
925,400
4 167,800
10,520,141
6 ,655,200
1 ,070,224
1 ,358,247

,728,424
,672,776
55,592
56
3,891
1,066
642
1,819
364
24,612,512
694,200
,314,500
,520,141
,655,200
,070,224
,358,247

156,379
,752,132
1,022 442
,591,198
,894,986
19,347
117,875
,593,641
938 710
,462,194
,700,327
11,215
38,504
158,428
83 674
128,935
194,588
8,110
58
63
69
71
22
3,892
3 690
3,461
3,622
3,838
4,637
256
197
295
321
616
1 392
1,987
129
1,281
1,283
1,258
689
1,304
781
1,645
1,875
2,084
2,125
345
388
338
169
175
1,207
24,469 412 24,238,662 23,968,112 24,697,012 23,821,312 23 ,801,358
925,400
555 100
451,850
256,300
209,500
259,908
,167,800 4,008,000
4,310 500
,183,000 4,108,000
452,052
10,520 141 10,520,141 10,520,141 10 ,520,141 3,028,391
,344,823
6,655 200 6,655,200 6,655,200 6,655,200 14,146,950
,102,256
1,070 224
,070,224
070,224 1,070,224
,070,224
,013,614
1,358 247
,358,247
358,247 1,358,247
,358,247
,628,705

Callable U. S. Government securities classified according to nearest call date.

JANUARY

1953




21

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1952
[In thousands of dollars]

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

636,609

327,606

896,784

51,901

25,549

41,266

353,155
5,879

938,050
12,294

500
767
135

1,205
1,320

Kansas
City

Dallas

San
Francisco*

Assets
Gold certificates. 21,185,102
Redemption fund
800,603
forF. R. notes.

688,429 5,977,523 1,271,008 1,446,634
64,891

135,378

57,278

85,475

986,348

881,901 4,430,854

76,732

54,350

119.453

Total gold certificate reserves. . 21,985,705 753,320 6,112,901 1,328,286 1,532,109 1,063,080 936,251 4,550,307 688,510
322,020
22,031
64,362
27,616
27,229
19,662
18,317
21,491
Other cash
54,784
Discounts and
advances:
Secured by
U. S. Govt.
4,200
1,470
1,315
126,680
385 106,015
3,175
3,260
125
securities. . .
1,504
2,301
2,714
1,269
29,699
1,829
8,909
4,100
1,121
Other
3,469
3,892
56
232
Industrial loans..
U. S. Govt.
24,697,012 1,693,012 6,213,352 1,510,542 2,399,101 ,624,364 1,391,024 3,437,028 1,302,581
securities

715,296 2,926,110
29,382

58,948

744,678 2,985,0581
12,311
36,044

30
1,121

5,000
2,744

764,400 1,052,082 1,101,591 2,207,935

Total loans and
24,857,283 1,695,226 6,328,276 1,519,487 2,403,285 1,630,124 1,393,840 3,444,388 1,303,827 765,802 1,054,607 1,102,742 2 ,215,679
securities
Due from foreign
l
1
7
2
1
3
1
1
1
23
banks
1
1
2
F. R. notes of
12,312
32,307
50,711
33,771
23,133
10,298
8,503
16,086
12,218
239,458
5,996
11,220
22.903
other Banks...
Uncollected cash
4,238,779 387,995
874,505 252,296 383,177 344,449 279,348 704,040 174,822 103,136 197,170 179,733 358,108.
items
4,746
48,348
4,071
4,839
3,666
3,025
2,288
3,269
1,051
629
Bank premises...
6,681
7,292
6,791
15,733
9,959
11,396
8,489
7,314
160,878
9,761
4,978
7,874
10,887
Other assets
22,952
36,642
14,893.
Total assets.. . . 51,852,494 2,880,036 13,456,292 3,147,504 4,372,855 3,131,707 2,684,065 8,806,288 2,210,554 1,244,300 2,220,227 2,059,188 5,639,478;
Liabilities
F. R. notes
26,250,299 ,603,208 5,796,489 1,857,370 2,410,657 1,887,063 1,445,056 4,971,415 1,230,998 650,889 1,022,199 759,282 2,615,673.
Deposits:
Member bk.—
reserve accts. 19,950,372 835,721 6,184,727 929,318 1,497,699 849,025 895,538 3,066,258 731,518 437,867 957,907 1,051,212 2,513,582U. S. Treas —
33,092
15,316
28,743
28,710
34,241
26,412
28,440
388,808
44,922
44,086
31,175
25,726
47,945gen. acct. . .
48,162
26,699
72,767
22,511
19,893
549,959
32,457 M84.537
40.833
19,893
13,611
48,703.
19,893
Foreign
4,039
454,915
10,013
11,270
7,707
13,177
14,404
334,153
7,092
5,586
4,190
41,910*
1,374
Other
Total deposits.. . 21,344,054
Deferred availability
cash
items
3,271,561
Other liabilities
and accrued
dividends
14,923

922,277 6,748,339 1,010,335 1,572,447 912,174
293,075

628,042

205,923

299,246

280,791

713

5,996

702

1,431

689

957,876
237,237
592

482,080 1,010,279 1,098,205 2,652,140-

3,180,912

796,990

519,440

142,973

84,762

149,141

156,977

273,954

1,963

589

455

475

395

923-

Total liabilities.. 50,880,837 2,819,273 13,178,866 3,074,330 4,283,781 3,080,717 2,640,761 8,673,730 2,171,550 1,218,186 2,182,094 2,014,859 5,542,690*
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7 ) . .
Surplus (Sec. 13b)
Other capital
accounts

584,676

27,543

13,612
36,462
3,011

80,139
167,503
7,319

17,186
43,578
4,489

24,215
54,064
1,006

11,013
29,248
3,349

10,408
25,803
762

32,342
84,628
1,429

8,800
23,628
521

5,719
15,131
1,073

9,477
21,925
1,137

12,238
25,381
1,307

27,485;
57,325
2,140^

106,804

7,678

22,465

7,921

9,789

7,380

6.331

14,159

6,055

4,191

5,594

5,403

9,83a

252,634

Total liabilities
and capital
accounts
51,852,494 2,880,036 13,456,292 3,147,504 4,372,855 3,131,707 2,684,065 8,806,288 2,210,554 1,244,300 2,220,227 2,059,188 5,639,478;
Reserve ratio

46.2%

Contingent liability on acceptances purchased for foreign correspondents

19,792

Industrial loan
commitments..

3,211

29.8%

1,227

48.7%

3 5,977

46.3%

38.5%

38.0%

1,544

1,821

1,009

1,136

751

70

39.0%

851

55.8%

2,751
125

34.0%

752

31.2%

515

46.2%

752
769

40.1%

752

56.7%

1,841
36Ch

1
After deducting $16,000 participations of other Federal Reserve Banks.
a After deducting $365,403,000 participations of other Federal Reserve Banks.
After deducting $13,815,000 participations of other Federal Reserve Banks.

1

22




FEDERAL RESERVE BULLETIN,

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures

End of month

1952

Item
Dec. 31

Dec. 24

Dec. 17

1952
Dec. 3

Dec. 10

1951

Dec

Nov

Dec

97 490 694 97 40 S 964 27,240,831 97 169 SS7 96 991 809 97 ,490 694 96 8S7, 969 96

Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities... *.

,no

S4S

12 ,399 ,000 12 ,774 ,000 12,934,000 12 934 ,000 13 ,264 ,000 12 ,399, 000 13, 264, 000 12 ,484 000

120 ,554 1 087 ,631

560,181 1 04 S ,931

1 ,034 ,448

120, SS4 1 ,166, 4^9

17 936

15 ,440 ,000 15 ,040 ,000 14,740,000 14 740 ,000 14 ,115 ,000 15 ,440 000 14, 115, 000 14 ,050 000
27 9S9 ,554 98 901 ,631 28,234,181 28 717 9S1 98 41.S 448 97 9S9 554 2 8 , 545, 452 26 ,551 936

Total collateral

EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1952
[In thousands of dollars]

Total

Item

Boston

Philadelphia

New
York

Cleveland

Richmond

Atlanta

St.
Louis

Chicago

Minne- Kansas
apolis
City

Dallas

San
Francisco

F. R. notes outstanding (issued
27,420,694 1,660,206 6,063,954 1,944,130 2,506,864 1,966,222 1,519,711 5,122,298 1,293,600 665,643 1,060,282 805.579 2,812,205
to Bank)
Collateral held: j
0,000 269,000 1,900,000
Gold certificates 12,399,000 400,000 3,520,000 850,000 820,000 600,000 510,000 2,800,000 280,000 170,000 280,000
120.554
4,200
500
5,000
385
105,765
3,175
125
1,404
Eligible paper..
U. S. Govt. se15,440,000
1,700,000
1,300,000
2,600,000
1,100,000
1,400,000
505,000
800,000
560,000
1,000,000
1,050,000
2,400,0001,025,000
curities
Total collateral.. 27,959,554 L,700,385 6,225,765 1,953,175 2,520,000 2,004,200 1,560,000 5,200,000 1,305,125 675,500 1,081,404 829,000 2,905,000

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

...

ParticiAppations
of financproved
Loans Commitments
ing instibut not
outouttutions
com- standing2
pleted i (amount) standing
out(amount) standing*
Amount (amount)
(amount)

Applications
approved

Number
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

1 295
320
4 577
945
335
539
4 819

3,894
1,995
554

1,387
995

2,178
2,632

4,165
1,644
8,309
7,434
1,643
2,288
3,754

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

1,463,443
1,530,388
1,677,786
1,727,729
1,787,755
1,867,643
1,922,388
2,023,403
2,052,327
2,069,697
2,081,888

715,928
763,838
836,739
838,073
870,174
883,262
909,688
907,899
922,129
993,856
989,678

580,381
617,674
672,974
672,678
695,814
703,774
726,452
725,943
736,833
811,132
811,117

525,129
511,786
467,392
595,098
601,752
615,139
648,065
692,067
656,995
591,762
600,304

1951
3 ,736
3 ,736

706,215
710,931

3 073
3 513

4,505
4,687

6,361
6,036

12,064
11,985

3 ,738
3 ,741
Mar. 3 1 . . . 3 ,741
Apr. 30. . . 3 ,743
May 3 1 . . . 3 ,743
J u n e 3 0 . . . 3 ,745
July 3 1 . . . 3 ,746
Aug. 3 1 . . . 3 ,750
Sept. 30. . . 3 ,750
Oct. 31 . . . 3 ,751
Nov. 3 0 . . . 3 ,752

716,210
721,144
725,787
730,482
734,049
738,721
743,629
748,451
752,042
757,277
762,620

832
772
108
571
235
083
589
142
370
601
351

4,621
4,957
5,296
5,207
5,211
5,101
4,624
4,690
4,496
4,311
3,868

7,125
6,845
6,467
6,536
6,083
5,947
6,184
6,152
6,327
3,720
4,044

12,018
10,307
10,474
10,339
10,262
10,105
9,814
10,128
9,978
7,174
7,010

1952
Jan. 3 1 . . .
Feb. 2 9 . . .

1
1
2
1
1
1

1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.

JANUARY

[Amounts in thousands of dollars]

to date

1951
Nov. 30. . .
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 . . .
Tune 30. . .
Sept. 30. . .
Dec. 3 1 . . .
1952
Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 30.. .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 31 . . .
Nov. 3 0 . . .

NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.

23

POSTAL SAVINGS SYSTEM

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161

[In millions of dollars]
Assets

End of month

Depositors'
balances l

Total

1943—December
1944— December....
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December

1,788
2,342
2,933
3,284
3,417
3,330
3,188
2,924

1951—September. . .
October
November
December....
1952—January
February
March
April
May
June
July
August
September
October
November....

[In effect December 31]
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

10
15
20
25
30

70 or less
75
80
85
90
95
Over 95

35

35

40-50

40-50

Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.

Cash
in
depository
banks

U. S.
Government
securities

Cash
reserve
funds,
etc.*

1,843
2,411
3,022
3,387
3,525
3,1149
3,312
3,045

10
8
6
6
6
7
7
11

1,716
2,252
2,837
3,182
3,308
3,244
3,118
2,868

118
152
179
200
212
198
187
166

2,738
2,724
2,714
2,705

2,861
2,851
2.842
2,835

23
25
25
28

2,680
2,670
2,649
2,644

158
156
168
162

2,695
2,681
2,669
2,651
2,633
2,617
2,601
2,586
P2 572
P2.561
P2.552

2,825
2,813
2,794
2,778
2,761
2,746
2,751
2,758

30
31
32
32
33
33
33
34

2,638
2,609
2,599
2,598
2,574
2,557
2,554
2,554

158
173
163
147
153
156
164
170

v Preliminary.
l 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.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Total, all
reporting
centers
1946
1947
1948
1949
1950
1951

...

Annual rate of
turnover of total
deposits , except
inter bank

Debits to demand
deposit accounts,
except interbank
and Government

Annual rate of
turnover of demand
deposits, except interbank and Government

New
York
City i

140
other
centers *

Other
reporting
centers

New
York
City

Other
reporting
centers

New
York
City »

Other
leading
cities»

New
York
City*

Other
leading
cities *

417,475
405,929
449,002
452,897
513,970
551,889

527,336
599,639
667,934
648.976
742.458
854,050

105,210
119.506
132,695
129,179
147,324
171,917

18.9
21.0
23.6
24 1
26.6
26.9

10.0
11.9
12.9
12.4
13.4
14.5

407.946
400.468
445.221
447,150
508,166
540,990

522,944
598,445
660,155
639,772
731,511
837,491

25.2
24.1
27.2
28.2
31.4
32.2

16.5
18.0
19.2
18.7
20.3
21.7

.

1,050,021
1,125.074
1,249,630
1,231,053
1,403,752
1,577,857

1951—November
December

132,158
144,800

44,802
53,500

72,428
76,049

14,928
15,251

27.8
30.7

15.4
15.1

42,503
55.184

69,685
76,007

31.4
37.9

22.0
22.6

1952—January
February
March
April
May
June
July
August
September
October
November

138,520
128,022
139,977
139,141
135,965
144,769
146,984
124,641
139,078
'154,239
130,152

48,106
45,375
50,180
52,057
49,535
54,922
57,052
43,166
49,278
55,560
44,746

74,953
68,738
75,089
72,607
71,898
74,948
74,908
67,412
74,608
82,171
70,751

15,462
13,908
14,708
14,476
14,532
14,899
15,024
14,063
15.192
'16.508
14.655

26.4
27.8
27.9
28.8
27.4
30.9
30.3
23.6
28.8
30.0
27.7

14.4
14.5
14.6
14.1
13.9
14.8
14.2
12.8
14.6
14.7
14.7

45,425
44,419
50,213
49,745
49,830
55,385
50,472
44,101
47,798
51,703
46,673

71,986
67.466
74,545
70,189
71,485
73,019
69,980
68,271
71,343
77,203
71,985

30.1
32.5
34.0
34.4
34.3
38.6
35.1
31.4
34.6
34.4
36.3

20.6
21.4
22.0
21.1
21.3
22.2
20.7
20.2
21.5
21.3
22.8

»• Revised
National series for which bank debit figures are available beginning with 1919.
2 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.
1

24




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

Total
in circulation 1

Coin and small denomination currency2
$5

590
648
751
880
1,019
,156
1,274
1,361
,404
1,464
1,484
,554

559
610
695
801
909
987
,039
,029
,048
.049
,066
,113

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

919
,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043

191
227
261
287
407
555
454
438
428
400
382
368

425
523
556
586
749
990
801
783
782
707
689
588

20
30
24
9
9
10
7
8
5
5
4
4

32
60
46
25
22
24
24
26
17
17
11
12

1951—October
28,417 19,955 1,631
November. .. 28,809 20,283 1,642
December. . . 29,206 20,530 1,654

,132
,144
,182

65
65
67

2,041 6,160 8,927 8,463 2,452 5,092
2,075 6,291 9,067 8,528 2,482 5,133
2,120 6,329 9,177 8,678 2,544 5,207

353
352
355

554
549
556

4
4
4

8
8
12

,115
1,631
,110
1,630
,113
1,637
,114
1,651
,132
1,665
,140
1,678
,129
1,686
,140
1,695
,164
1,705
,175
1,722
,739 1,199

65
66
65
66
67
68
67
67
68
68
69

2,009
2,013
2,016
2,004
2,040
2,054
2,034
2,062
2,070
2,074
2,123

352
351
349
347
346
344
344
342
342
342
342

550
545
540
535
530
525
522
519
517
514
513

4
4
4
4
4
4
4
4
4
4
4

8
8
8
9
8

1952—January
February
March
April
May
June
July
August
September...
October
November.. .

28,386
28,465
28,473
28,464
28,767
29,026
28,978
29,293
29,419
29,644
30,236

19,807
19,904
19,937
19,936
20,231
20,449
20,398
20,659
20,739
20,897
21,392

$10

$20

Total

1,772 1,576 2,048
2,021 1,800 2,489
2,731 2,545 3,044
051 4,096 3,837
194 5,705 5,580
983 7,224 7,730
6,782 9,201 7,834
6,497 9,310 8,518
6,275 9,119 8,850
6,060 8,846 8,698
5,897 8,512 8,578
5,998 8,529 8,438

6,088
6,152
6,165
6,141
6,261
6,323
6,291
6,376
6,368
6,405
6,600

8,898
8,934
8,940
8,960
9,066
9,187
9,190
9,319
9,365
9,453
9,661

8,582
8,563
8,537
8,529
8,537
8,578
8,582
8,635
8,682
8.749
8,846

$50
460
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
,508
,531
,531
,551
,559
,577
2,612

$100

Unassorted

$2

7,598
5,553
8,732
6,247
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

Coin

3

$1

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

Total

Large denomination currency 2

5,161
5,152
5,140
5,137
5,142
5,166
5,172
5,211
5,252
5,304
5,367

$500 $1,000 $5,000 $10,000

1

Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
* Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
2

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.

In millions of dollars]

Money in circulation !
Money
held by
For
Federal
Federal
Reserve
30, Oct. 31, Nov. 30,
Reserve
Banks and Nov.
1952
1951
1952
Banks and
agents
agents

Money leld in the Treasury
Total outstanding, As security
Nov. 30,
against
Treasury
1952
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
..
Minor coin
United States notes
.
.
...
Federal Reserve Bank notes
National Bank notes
Total—Nov. 30 1952
Oct. 31, 1952 . . . .
Nov. 30 1951

23,338
22,182
26,837
4,802
492

2.107
2 2,360
1,154
411
347
215
76
(4)
(4)
(*)

22,182

2

1,155

19,329

2,816
1,043

37

25,733
4,466

37

25,184
4,423

39

24,428
4,343

3 2,360

61
45

253

37

4

197

197

187

4
1
2

244
16
3
22
2
1

2,116
1,135
407
322
212
76

2,094
1,121
404
317
214
76

2,067
1,064
391
320
233
80

4,151
4,245
4,160

30,236

2,107

24,542
24,538
23,540

1,261
1,268
1,288

292

19,329
19,324
18,350

29,644
28,809

1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other
end-of-month dates are shown in table above and totals by weeks in the table on p. 17.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
« To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is 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 haa 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.

JANUARY

1953




25

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital

Assets
Total
assets,

Bank credi t

Date
Gold

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec
194g—Dec.
1949—Dec
1950—j im e
Dec
1951—June

29
30
30
31
31
31
31
31
31
30
30
30

.

Nov. 28
Dec 31
1952—Jan. 30
Feb. 27
Mar 26
Apr. 30
May 28
June 30
July 3 0 P
Aug. 2 7 P .
Sept. 24P
Oct 2 9 P
Nov. 2 6 P

Treasury
currency

Other
securities

Total
liabilities
and
capital,
net

U. S. Government obligations

Total

Loans,
net

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Capita 1
and
Total
deposits misc.
acand
currency counts,
net

4,037
4,031
17,644
22,737
20,065
20,529
22,754
24,244
24,427
24,231
22,706
21,756

2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4,636
4,655

S8 ,642
42 ,148
S4 ,564
64 ,653
167 ,381
,366
160 ,832
160 ,457
16? ,681
164 ,348
171 ,667
173 ,447

41,082
21,957
22,157
26,605
30,387
35,765
43,023
48,341
49,604
51,999
60,366
63,821

5,741
10,328
23,105
29,049
128,417
113,110
107,086
100,694
100,456
98,709
96,560
94,450

5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
78,433
77,320
72,894
68,726

1,998
2,484
2,254
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982

131
1,204
1,284
2,867
3,202
3,328
3,264
3,138
3,058
2,888
2,742

11,819
9,863
9,302
8,999
8,577
9,491
10,723
11,422
12,621
13,640
14 741
15,176

64 698
48,465
75 171
90,637
191 785
183,457
188 148
189,290
191 706
193,186
199 009
199,858

55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
177,313
178,568
184 385
185,038

8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
14,392
14,618
14,624
14,820

22,300
22,695

4,700 179 ,400
4,706 181 ,323

66,500
67,597

97,400
97,808

71,500
71,343

23,200
23,801

2,700
2,664

15,500 206,400
15,918 208,724

190,500
193,404

15,900
15,320

22,900
23,100
23,300
23,300
23,300
23,346
23,400
23,300
23,300
23,300
23,300

4,700
4,700
4,700
4,700
4,700
4,754
4,800
4,800
4,800
4,800
4,800

170 ,900
,300
180 ,100
170 ,900
180 ,600
18? ,980
18S ,300
185 ,300
186 ,500
188 ,900
191 ,500

66,700
67,000
67,700
68,100
68,500
69,712
70,000
70,500
71,600
72,900
74,300

97,300
96,200
96,100
95,200
95,300
96,266
98,100
97,300
97,600
98.600
99,800

71,800
71,100
70,900
70,200
70,500
70,783
72,700
71,700
71,300
72,400
73,500

22,800
22,600
22,500
22,400
22,300
22,906
22,800
23,100
23,700
23,600
23,800

2,700
2,600
2,600
2,600
2,600
2,577
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

191 600
191,500
192,300
192 200
192,900
194 960
197,200
197,000
197 900
199,900
202,700

15 900
15,700
15,900
15,700
15,800
16,120
16,100
16,400
16.700
17,100
16,900

179

216

26

207 600
207 200
208,200
207 900
208,700
211 080
213,400
213,400
214,600
217,000
219,600

Deposits and Currency
U S. Government balances
Date
Total

Foreign
bank
deposits, Treasury
net
cash

At comAt
mercial Federal
and
Reserve
savings Banks
banks

Deposits adjusted and currency
Time deposits *
Total

Demand
deposits2

Total

Commercial
banks

Mutual Postal
savings Savings
banks * System

Currency
outside
banks

29
30
30
31
31
31
31
31
31
30
30
30

55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
177,313
178 568
184,385
. . . . 185,038

1,217
1,498
2 141
1,885
1,682
2,103
2,150
2 555
2,518
2,424

846
;J.409
1,895
',215
I 287 24,608
3,103
>,272
1,452
L.336
L ,325 2,451
3,249
1,312
3,801
L 298
2,989
1,293
6,332
1,281

54,790
40,828
63,253
76,336
977 150,793
393 164,004
870 170,008
1,123 169,119
821 169,781
950 169,964
668 176,917
317 174,684

22,540
14,411
29,793
38,992
75,851
83,314
87,121
85,520
85,750
85,040
92,272
88,960

28,611
21,656
27,059
27,729
48,452
53,960
56,411
57,520
58,616
59,739
59,247
59,948

19,557
10,849
15,258
15,884
30,135
33,808
35,249
35,804
36,146
36,719
36,314
36,781

8,905
9,621
10,523
10,532
15,385
16,869
17,746
18,387
19,273
19,923
20,009
20,382

1,186
1,278
1,313
2,932
3,283
3,416
3,329
3,197
3,097
2,923
2,785

3,639
4,761
6,401
9,615
26 490
26,730
26,476
26,079
25,415
25 185
25,398
25,776

Nov. 28
Dec. 31

190,500
193,404

2,100
2,279

1,300
L ,279

3,800
3,615

500 182,700
247 185,984

96,300
98,234

60,600
61,447

37,300
37,859

20,600
20,887

2,700
2,701

25 800
26,303

191,600
191,500
192,300
192,200
192,900
194,960
. . 197,200
197,000
197,900
199,900
202,700

2,100
2,200
2,200
2,200
2,300
2,319
2,600
2,600
2,500
2,500
2,500

L,300
1,300
1,300
1,300
L 300
L ,283
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

200 185,200
700 183,400
182,900
500 183,800
600 184,400
333 184,904
600 185,800
700 186,200
300 187,400
600 190,200
300 191,600

97,900
95,700
94,800
95,100
95,300
94,754
95,700
95,800
96,400
98,600
99,400

61,700
62,000
62,400
62,700
63,000
63,676
63,800
64,100
64,500
64,900
64,800

38,000
38,200
38,500
38,600
38,900
39,302
39,400
39,600
39,800
40,100
40,000

21,000
21,100
21,300
21,400
21,600
21,755
21,900
22,000
22,200
22,200
22,300

2,700
2,700
2,700
2,700
2,600
2,619
2,600
2,600
2,600
2,600
2,600

25,600
25 600
25,700
25,900
26 000
26,474
26,200
26 300
26,600
26 700
27,400

1929—June
1933—j u n e
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Dec.
1951—June

1952—Tan 30
Feb. 27
Mar. 26
Apr 30
May 28
June 30
July 3 0 P . .
Aug. 27*
Sept 2 4 P
Oct 2 9 P
Nov. 2 6 P

365
50

204
264

381
852

<•
<•

:

36
35

634
867

149

p Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Excludes interbank time deposits; United States Treasurer's time deposits, open account;
and deposits of Postal Savings System in banks.
6
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.
1
2
8
4

26



FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of bank
and date

Total

Loans
Total

Other
Cash
assets l

Total Number
capital
of
accounts banks

U.S.
Government
obligations

Other
securities

19,417
25,511
101,288
86,558
81,199
74,097
78,433
72,894
71,450
71,343
70,783
72,650
71,670
71,280
72,400
73,490

9,302
8,999
8,577
9,491
10,723
11,422
12,621
14,741
15,540
15,918
17,002
17,190
17,460
17,380
17.330
17,330

23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
39,920
45,531
41,667
40,010
39,160
40,980
41,220
42,620

68,242
81,816
165,612
155,902
161,865
161,248
164,467
175,296
178,200
185,756
184,130
183,450
182,770
185,440
187,260
190,620

9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
13,330
15,087
13,513
12,740
12,890
13,870
13,810
13,880

32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
106,690
111,644
109,247
109,170
108,020
109,350
110,800
114,190

25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,513
58,180
59,025
61,369
61,540
61,860
62,220
62.650
62,550

8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,540
14,623
15,039
15,020
15,070
15,170
15,260
15,280

15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,625
14,618
14,599
14,605
14,603
14,599
14,591
14,586

Total i

Interbank x

De-

mand

Time

All b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 3 1
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Nov. 28
Dec. 31
1952—June 30
July 3 0 P
Aug. 27P
Sept. 24P
Oct. 29P
Nov. 26P

50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
153,980
154,869
157,528
160,200
160,100
160.750
163.200
165,490

22,165 28,719
26,615 34,511
30,362 109,865
35,648 96,050
43,002 91,923
48,174 85,519
49,544 91,054
60,386 87,635
66,990 86,990
67,608 87.261
69,742 87,786
70,360 89,840
70,970 89,130
72,090 88,660
73,470 89,730
74,670 90,820

All commercial b a n k s :
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—Nov. 28
Dec. 31
1952—June 30
July 30P
Aug. 27P
Sept. 24 P
Oct. 29P
Nov. 26P

40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
131,860
132.610
134;437
136,760
136,550
137,090
139,440
141,660

17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
57,270
57,746
59,233
59,720
60,210
61,200
62,410
63,470

23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
74,590
74,863
75,204
77,040
76,340
75,890
77,030
78,190

16,316
21,808
90,606
74,780
69,221
62,622
67,005
62,027
61,630
61,524
61,178
62,900
61,960
61,610
62,860
64,020

7,114
7,225
7,331
8,091
9,006
9,189
10,227
12,399
12,960
13,339
14,026
14,140
14,380
14.280
14,170
14,170

22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
39,160
44,645
40,702
39,260
38,380
40,130
40,400
41,820

57,718
71,283
150,227
139,033
144,103
142,843
145,174
155,265
157,540
164.840
162,348
161,560
160,770
163,260
164,990
168,340

9,874
10,982
14,065
12,656
13,032
12,269
12,709
14,039
13,330
15,086
13,512
12,740
12,890
13,870
13,810
13,880

32,513
44,349
105,921
92,446
95,711
94,654
96.136
104,723
106,670
111.618
109,222
109,140
107,990
109,320
110,770
114,160

15,331
15,952
30,241
33,930
35,360
35,921
36,328
36,503
37,540
38,137
39,614
39,680
39,890
40,070
40,410
40,300

6.885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
12,200
12,216
12,601
12,580
12,630
12,720
12,800
12,820

14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14,096
14,089
14,070
14,076
14,074
14,070
14,062
14,057

All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Nov. 28
Dec. 31
1952—June 30
July 30P
Aug. 2 7 P .
Sept. 24P
Oct. 29P
Nov. 26P

33,941
43,521
107,183
96,362
97,846
95,616
101,528
107,424
111,428
112,247
113,502
115,533
115,220
115,533
117.604
119,564

13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
49,104
49,561
50,526
50,907
51,331
52,192
53,317
54,283

19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
62,324
62,687
62,976
64,626
63,889
63,341
64,287
65,281

14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
51,527
51,621
51,261
52,786
51,839
51,406
52,484
53,486

5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
10,797
11,065
11,715
11,840
12,050
11,935
11,803
11,795

19,782
23,123
29,845
29,587
32,845
34,203
31,317
35,524
34,315
39,252
36,046
34,641
33,730
35,363
35,535
36,896

49,340
61,717
129,670
118,170
122,528
121,362
123,885
133,089
134,245
141.015
138,769
137,807
136 872
139,052
140.431
143,478

9,410
10,525
13,640
12,060
12,403
11,641
12,097
13,447
12,651
14,425
12,812
12,074
12,215
13,161
13.074
13,120

28,231
38,846
91,820
78,920
81,785
80,881
82,628
90,306
91,480
95,968
94,169
93,921
92 687
93,773
94.959
98,006

11,699
12,347
24,210
27,190
28,340
28,840
29,160
29,336
30,114
30,623
31,788
31,812
31,970
32,118
32,398
32,352

5,522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
10,205
10,218
10,526
10,506
10,549
10,606
10,680
10,700

6,362
6,619
6,884
6,900
6,923
6,913
6,892
6,873
6,843
6,840
6,815
6,812
6,810
6,807
6,804
6,801

10,216
10,379
16,208
17,704
18,641
19,395
20,400
21,346
22,120
22,259
23,091
23,440
23,550
23,660
23,760
23,830

4,927
4,901
4,279
4,526
4,944
5,686
6,578
8,137
9,720
9,862
10,509
10,640
10,760
10,890
11,060
11,200

5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12,400
12.398
12,582
12,800
12,790
12.770
12,700
12,630

3,101
3,704
10,682
11,778
11,978
11,476
11,428
10,868
9,820
9,819
9,606
9,750
9,710
9,670
9,540
9,470

2,188
1,774
1,246
1,400
1,718
2,233
2,394
2,342
2,580
2,579
2,976
3,050
3,080
3.100
3,160
3,160

818
793
609
818
886
878
873
797
760
886
966
750
780
850
820
800

10,524
10 533
15,385
16,869
17,763
18,405
19,293
20,031
20,660
20,915
21,782
21.890
22,000
22,180
22,270
22,280

3
6
14
16
17
17
20
22
20
26
26
30
30
30
30
30

10,521
10,527
15,371
16,853
17,745
18,387
19,273
20,009
20,640
20,888
21,755
21.860
21,970
22,150
22,240
22,250

1,309
1 241
1,592
1,784
1,889
1,999
2,122
2,247
2,340
2,407
2,438
2,440
2,440
2,450
2,460
2,460

551
548
542
541
533
532
531
529
529
529
529
529
529
529
529
529

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—Nov. 28
Dec. 3\
1952—June 30
July 30P
Aug. 27P
Sept. 24P
Oct. 29P
Nov. 26P

1
1
1
1
2
2
2
2
2
2
2

P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.

JANUARY

1953




27

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

Total

Central reserve city
member banks:
New York City:
1939—Dec 30
1941—Dec. 3i
1945—Dec 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31 . . . .
1949_Dec. 31
1950—Dec. 30
1951—Nov 28
Dec 31
1952—June 30. . . . .
July 3 0 P . . . . .
.
Aug. 2 7 P
.
Sept. 24P
Oct. 2 9 P . . . .
.
Nov. 2 6 P

Other
Cash
assets 1

Total

U.S.
Government
obligations

Other
securities

Loans

Total i

Interbank i

Total Number
capital
of
accounts banks

Demand

Time

9,339
12,896
26,143
20,834
20,393
18,759
19,583
20,612
20,798
21,379
21,710
21,804
21,325
21,246
21,283
21,696

3,296
4,072
7,334
6,368
7,179
8,048
7,550
9,729
10,931
11,146
11,268
11.080
11,142
11,363
11,680
11,973

6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
9,867
10,233
10,442
10,724
10,183
9,883
9,603
9,723

4,772
7,265
17,574
13,308
11,972
9,649
10,746
8.993
7,909
8.129
8,212
8.407
7.839
7,612
7,518
7,695

J.272
1,559
11,235
1,158
1,242
1,063
1,287
L.890
.958
2,104
2,231
2,317
2,344
2,271
2,085
2,028

6,703
6,637
6,439
6,238
7,261
7,758
6,985
7.922
7,076
8,564
8,135
7,840
6.769
7,297
7,267
7,818

14,509
17,932
30,121
24.723
25,216
24,024
23,983
25,646
24,561
26,859
26,745
26,107
24,746
25,288
25,111
26,108

4,238
4,207
4,657
4,246
4,464
4.213
4,192
4,638
4,214
4,832
4,639
4,217
4,102
4,596
4,388
4,440

9,533
12,917
24,227
19,028
19,307
18,131
18,139
19,287
18,738
20,348
20,311
20,172
18,957
18,971
19.011
19,884

736
807
1,236
1,449
1,445
1,680
1,651
1.722
1 .609
1,679
,795
1,718
,687
1,721
1,712
1 ,784

2,105
2,760
5,931
4,765
5,088
4,799
5,424
5,569
5,554
5 731
5,664
5,805
5,735
5,679
5,839
6,112

569

1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,487
3,151
3,264
3,284
3,373
3,334
3,280
3,395
3,520

1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,621
2,711
2,721
2,802
2.763
2,709
2,827
2,933

333

3,330
4,057
7,046
5,905
6,402
6,293
6,810
7,109
6,986
7,402
7,027
7,198
7.129
7,196
7,215
7,368

888
1,035
1,312
1,153
1,217
1,064
1,191
1,228
1,143
1,307
1,182
1,180
1,199
1,239
1,240
1,221

1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,778
4,724
4,952
4,681
4,877
4,784
4,808
4,812
4,981

250

14

476
719
829
913

571
571
571
568
587

1.446
,566
L.489
L.545
11,739
1,932
.850
2,034
1,978
2,196
1.899
2,077
2,022
2,084
2,119
2,120

495

1,333
1,499
1,801
1,783
1,618
2,083
2,403
2,468
2,380
2,432
2,401
2,399
2,444
2,592

288
377
404
426
444
470
490
509
513
530

13
12
14
14
13
13
13
13
13
13

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—Nov. 28 . .
.
Dec. 31
1952—June 30
July 3 0 P
.
Aug. 2 7 P
.
Sept. 24P
.
Oct. 2 9 P
.
Nov. 2 6 P
.

12,272
15,347
40 108
35,351
36,040
35,332
38 301
40,685
42,475
42,694
43,091
44,088
44,086
44,163
45,381
46,104

5,329
7,105
8 514
10,825
13,449
14,285
14,370
17,906
19,459
19.651
19,745
20,070
20,290
20,730
21,276
21,627

6,944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
23,016
23,043
23,346
24,018
23.796
23,433
24,105
24,477

5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
19,195
19,194
19,123
19.750
19,404
19,113
19,761
20,127

1,749
1,776
2,042
2,276
2,396
2,453
2,980
3.695
3,821
3,849
4,223
4.268
4.392
4,320
4,344
4,350

6,785
8,518
11,286
11,654
13,066
13,317
12,168
13,998
13,528
15,199
13,925
13,201
13.308
14.086
14,004
14,585

17,741
22,313
49,085
44,477
46,467
45,943
47,559
51,437
51,950
54,466
53,425
52.902
53,090
54,013
54,766
55,923

3,686
4,460
6,448
5,570
5,649
5,400
5,713
6,448
6,127
6,976
5,908
5,664
5.876
6,226
6,289
6,278

9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
33,769
35,218
34,764
34,444
34.362
34,861
35,422
36,604

1.616
4,806
9,760
10,858
11,423
11,391
11,664
11,647
12,054
12,272
12,754
12,794
12,852
12,926
13,055
13,041

1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,512
3,521
3,663
3,641
3.655
3,675
3,711
3,720

Country member
banks:
1939_Dec. 30
.
1941—Dec. 31 . .
.
1945—Dec. 31
.
1946—Dec. 31
1947—Dec. 31 . . . . .
.
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
.
1951—Nov. 28
.
.
Dec. 31
1952—June 30 . . . .
July 3 0 P
.
Aug. 2 7 P
.
Sept. 24P
.
Oct. 2 9 P
.
Nov. 26P . . . . .

10,224
12,518
35,002
35,412
36,324
36,726
38,219
40,558
42,601
42,444
43,037
43,836
44,074
44,445
45,101
45,652

4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
16,311
16,296
17,133
17,325
17,498
17,700
17,917
18,091

5,456
6,628
29,407
27,408
26,125
24,782
25,527
25.570
26,290
26,148
25,904
26,511
26.576
26,745
27,184
27,561

3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
21,802
21,587
21,206
21,827
21.833
21,972
22,378
22,731

2,297
2.250
2,408
2,836
3,268
3,504
3,665
4,193
4,488
4,561
4,698
4,684
4,743
4,773
4,806
4,830

4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
11,733
13,292
12,087
11,523
11,631
11,896
12,145
12.373

13,762
17,415
43,418
43,066
44,443
45,102
45,534
48.897
50,748
52,288
51,571
51,600
51,907
52,555
53,339
54,079

598

7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
34,249
35,449
34,414
34,428
34,584
35,133
35,714
36,537

5,852
6,258
12.494
14,053
14,560
14,768
14,762
14,865
15,332
15,530
16,075
16,159
16,285
16,322
16,468
16,361

1,851
1,982
2,525
2,757
2,934
3,123
3,305
3.532
3,769
3,760
3,873
3.874
3,892
3,938
3,958
3,967

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—Nov. 28
Dec 31
1952—June 30
July 3 0 P
Aug. 2 7 P
Sept. 24P
Oct. 2 9 P
Nov. 2 6 P

.
.

954

376
385
355
397
383
482
576
530
552
563

822

1,223
,091
1,073
964

L.001
1,133
,167
1,309
1,083
1,013
1,038
1,100
1,157
1,181

1,001
1,083
1,103
,119
L ,143
1,164
1,141
1,146
1,149
1,163
,166

L

1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,415
2,425
2,460
2,464
2,473
2,462
2,477
2,476

527
529
531
534
537

36
36
37
37
37
35
25

23
22
22
22

22
22
22
22
22

13
13
13
13
13
346
351
359
355
353
335
341
336
321
321
319

319
319
319
319
319

5,966
6,219
6,476
6,494
6,519
6,535
6,513
6,501
6,487
6,484
6,461
6,458
6,456
6,453
6,450
6,447

2
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmemher 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.

28




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

1^oans and investments

Other

Investments

Class of bank
and date
Total

Loans
Total

All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
194g—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30

U.S.
Government
obligations

60 986
60 ,533
60 ,117

1? ,039
SI ,250
.34 ,852
38 161
3S ,587
35 ,063
34 ,604

3,806
4,137
5,241
5,930
7,320
7,875
3,378

14,977
20,114
22,974
20,995
23,763
25,951
23,928

2,155

? 8 ,031
96 ,043
70 ,318
7S ,793
73 099
73 ,564
7.3 ,827

,046
88 ,912
61 ,388
65 ,820

National member
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30

?7 ,571
69 ,312
63 ,845
67 ,943
7? ,090
75 ,255
76 ,036

11 ,725
13 ,925
?3 ,752
23 ,853
?9 ,184
3? ,317
33 ,054

15 ,845
40
44
4?
4?
4?

State member banks:
1941—Dec
1945—Dec. 31
31. . . .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30

IS ,950
37 ,871
31 ,771
33 ,585
35 ,334
36 ,992
37 ,466

6 ,295
8 ,850
1? ,308
1? ,378
IS ,521
17 ,243
17 ,472

9 .654
29.021
19 ,463
,207
19 ,813
19 ,748
19 ,994

Insured nonm ember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec 31
1952—June 30

5 ,776
14 ,639
16 ,685
16 ,766
17 414
18 591
19 073

3 ,241
,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

1 457
211
013
919
853
789
880

455
318
520
481
527
490
503

1
1
1
1
1
1
1

002
893
493
438
327
299
377

Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 *
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30

2
1
1
1
1

All nonmember commercial banks:
1941—Dec 31
1945—Dec. 31
1948—Dec. 31 *
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30

7 233
16 849
18 698
686
19 267
?0 380
? 0 954

3
3
6
6
7
8
8

696
310
431
739
550
192
714

3
13
1?
11
11
1?
17

536
539
267
947
718
189
240

Insured mutual savings
banks:
1941—Dec. 31
1945—Dec 31
1948—Dec 31
1949 Dec 31
1950—Dec 30
1951—Dec 31
1952—June 30

1
10
13
14
1S
16
16

3
4
4
6
7
8

642
081
109
814
086
523
043

1
7
9
9
9
8
8

050
765
202
394
015
668
814

Noninsured mij t u a l
savings bank s :
1941—Dec 31
1945—Dec. 31
1948—Dec. 3 1 *
1949—Dec 31
1950—Dec 30
1951 Dec 31
1952—June 30

693
846
312
209
101
190
857

687
5 , 361
6, 083
192
6 245
069
6 , 234

4
1
1
1

259
198
577
764
050
2 339
2 466

4 428
4 , 163
4 , 506
4 428
4 , 194
730
3 , 768

7 ,500

Total i

Interbank i

Dei nand

25,788
34,292
38,087
35,207
39,821
44.176
40,258

,259
25 ,765
41 ,968
4? ,485
51 ,723
S7 ,256
58 ,730

,090
,906
938
,982

Other
securities

6,984
7,131
8,929
9.974
12,113
13,031
13.710

49 ,290
121 ,809
11? ,286
118 ,278
,822
no ,820
1.3? ,557

,387
ss ,093

Cash
assets *

69 ,411
147 ,775
140 ,642
143 ,138
153 ,288

Total Number
capital
of
accounts banks

Time

6.844
8,671
10,158
10,645
11,263
11,902
12.282

IS ,426
13 ,297
13 ,413
13 ,429
13 ,432
IS ,439
13 ,434

32?
224
54 S
801
897
908
880

3,640
4,644
5,657
5,920
6,313
5,653
6,879

4 ,991
4 ,975
4 ,958
4 ,939
4 ,925

14,495
32,334
26,862
27,594
30,055
32,491
31,914

4 025
7 986
9 ?9S
9 359
9 438
9 715
9 908

2,246
2,945
3,144
3,254
3,381
3,565
3,647

3 360
S 680

16? 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

39 ,458
84 ,939
81 407
83 ,113
89 ,281
94 173
9? 770

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

,259

IS ,699

29 ,876
35 ,441

.35 856
36 ,045
37 ,749
39 ,219

8
16
19
19
19
20
71

s ,117
s ,017

?7 ,089
17 ,301
18 ,722
16 ,778

•1,933

2,161
2,484
5,035
5,191
5,337

8,145
9,731
11,228
10,322
11,762
13,301
12,119

46 843
46 049

3,739
4,411
3,799
3,819
4,315
4,637
4,227

1 ,509
10 ,584
9 ,246

2,668
4,448
3,887
3,892
4,299
4,926
4,215

7 702
18 119

129
244

8 947
8 632
8 ,923
8 867

1,025
1,063
1,528
L ,561
1,759
1,967
L.996

19 796
19 269
70 716
912
21 606

259
272
297
353
289

4,213
12,196
12,419
12,285
13,194
14.415
1,'*,867

6 618
6 712
6 776
7 144
7 450

959
1,083
1,358
1,473
1,570
1,686
1,757

761
693
234
18S
040
991
1 061

241
200
259
253
286
308
317

763
514
509
442
468
469
443

1 87?
7 452
201
2 036
1 976
1 932
1 993

329
181
368
341
294
308
412

1,291
11,905
1,353
1,223
L.224
,235
,186

253
365
479
47?
458
388
396

329
279
322
321
327
314
320

758
727
689
650
636

270
277
479
137
672
914
928

1 ,266
1 ,262
1 ,788
1 ,814

.,312

3,431
4,962
4,396
4,334
4,767
5,395
4,658

613
045
097
184
184
533
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

421
606

151
429

1, 789
10 363

684
682
617
695

1? 772
1 3 , 592
14, 320
IS 368

16 ,558
16 ,657

1
1
1
1

1?
10
10
9
9
9

629

7 160
7 795
7 832
7 487
6 921

!,046

"5,275

1 ,407
1 ,562
1 ,528
1 ,746

44 7,30
39 955
40 ,772
4.3 808

9
70
?\
71
77
73
73

574
571
497
305
193
843
598

6 730

2 ,084

756

16, 081

3 075
3, 522
3, 680
3, 596

1 ,353
641
826
832

642
180
194
191

814
833
892

180
191
209

8, 744
5, 022
5, 633
s, 702

3, 380
2 897
2 , 876

711
s, 547
s, 702

5,

457
425
628
613
591
661
700

1
2
2

c5,504

14t,101

r1;J.772
5,508
14t,417
i« >,650
15>,052
12
14
16
19
23

23

3
6
7
7
7
7

7

1, 789
10 351
1? 757
13 575
14, 301
IS 343
16, 056

6
2
3
3
3

8, 738
5, 020
5, 631

3
3

s, 544
5 , 699

699
s,
S, 708

164
I 034
1,334
L 420
1,513
1,678
1,700
\L

077
558
665
702
734
729
738

1 502
1 867
1 ,927
1 917
1 ,915

1 ,901
1 ,890
6 ,810
,416
,498
540

,562
602
e> 622

852

714

52
192
193
192
194
202

205
496
350
339
339

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 1«47 pp. 870-871.

JANUARY

1953




29

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Class of bank
and
call date

All insured
commercial
banks:
1941—Dec.
1945—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June

31.
31.
31.
30.
31.

Total
loans
and
investments

1941—Dec.
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950— Dec. 3 0 .
1951—Dec. 3 1 .
1952—June 30.
Sept. 5.

2 ,963
2 ,823
3 ,321
3 ,562

3,164 3 ,606 4 , 677 [ t 351
1,749 855 1 1 , 405 6 , 002
1,789 ,036 1 3 , 389 7 f 628
1,571 960 14, 450 7 742
2,106 942 14, 884 8 526

4 3 , 521 1 8 , 021

705
561
526
314

8,671
8.949
',857
20,521
24,347
23,732
23,973

972
855
1 ,945
1 ,808
2 ,140
2 ,264
2 ,446

3,133 3 ,378 3 , 455 1 027
1,737 758 8 , 834 4 776
1,770 927 10 522 6 167
1,551 851 11 334 6 195
2,084 829 11 628 ft 791
1,473 941 11 855 7 080

896 4 072
143 7 334
583 7 550
612 9 729
379 11 146
710 11 268
901 10 944

2,807
3,044
4,792
6,328
7,852
7,659
7,661

8

107, 183 2 2 , 775
101, 528 36 230

107 424
112, 247
113 502
114 654
12
26
19
20
21
21
20

Chicago:*
1941—£)ec# 31
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. 3 1 .
1952—June 30
Sept. 5 .

2
5
5
5
5
5
5

760
931
424
569
731
664
738

Reserve city
banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. 3 1 .
1952—June 30.
Sept. 5 .

15
40
38
40
42
43
43

347
108
301
685
694
091
900

Country banks:
1941—Dec. 31.
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. 3 1 .
1952—June 30.
Sept . 5.

12 518
35 ,002
38 ,219
40 ,558
42 ,444
43 ,037
44 ,115

5 ,776
14 ,639
16 ,766
17 ,414
18 ,591
19 ,073

31.
31.
31.
30.
31.

30.

Loans for
Compurchasing
meror carrying
cial,
securities
inReal Conelud- AgriculOther Total
esing
turtate sumer
To
loans loans
open- al brokloans
marTo
ers
ket
and othpadeal- ers
per
ers

,214
>,461
16,935
21 ,776
2 s ,744
2' ,176

New York City:*
1941—D ec# 31
1945—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. 3 1 .
1952—Tune 30.
Sept. 5 .

Insured nonmember commercial banks

Investments

4 9 , 290 21 259
25', 765
4 2 , 485
5 1 , 723
5 7 , 256
5 8 , 730

121, 809
118, 278
124, 822
130, 820
30. 132, 557

Member banks,
total:
31.

1941—Dec.
1945—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June

Total 1

i

44
49
50
51

,450

[ ,314

614

662

4 , 773

594

598

3 , 494

2,453 1 ,172
1,410 219
1,421 285
1,219 262
1,619 234
1,087 273

412

169

123
80
256
442
514
426
409

52
233
56
69
63
61
67

22
36
51
65
70
67
68

194
114
427 1 ,503
309
183
207
386
2 03 347
354
258
202
414

1 527
1 459
3 742
4 423
4 651
4 ,799
4 923

3 , ( 92
1, 977
2 , 809
3 , 585
3 , 863
3 . 950
4 , 305

2 5 , 500
8 4 , 408
6 5 , 297
6 2 , 719
6 2 , 687
6 2 , 976
63 340

971
3 007 11 729 3,832 3,090 ,871
19 539
16 3,254 2 ,815
78 338 2,275 16, 985 14 271 44 792
4 5,274 [ ,140
56 883 3,389 10, 409 5 , 085 37 996
14
054
33
170
8 6,640 ,714
52,365 3,665 1 468
51 621 6,399 6 010 9 596 29 601
15 7,528 3 ,538
9
30
51 261 5,423 6 134
468
21 8,125 3 ,590
21S
51 382 4,269 5 476 9 461 32 160
16 8,410 3 ,548

988

2,455
3,692
4,118
7,219
6,090

1 430
4 213
3 324
2 911
2 711
2 ,721
2 ,749

256
133
331
232
334
366
314

1 c 12
8 243 6 467
433
826 31 594 29 ,552
1 ,965 1 212 23 931 20 ,951
2 ,567 1 534 22 779 19 ,084
2 ,512
578 23 043 19 ,194
2 .746
617 23 346 19 ,123
2 ,874 1 753 23 499 19 ,169

1,034
1,189
1,218
2,524
2,080
1,503

96
26
115
147
117
116
121

9
16
11
11

7 105 3,456
8 514 3,661
14 370 6,704
17 906 3,646
19 651 10,140
19 745 3,756
20 ,401 10,000

300
205
457
392
513
519
541

12 ,692
14 ,988
16 ,296
17 ,133
17 ,550

1,676
1,484
3,150
3,980
4,377
4,462
4,440

659
648
1 ,480
1 ,407
1 ,610
1 ,733
1 ,893

20
42
36
33
35
41
36

1 30
183 1 ,823
471 1 ,881
492
578
173 4 ,784 2 ,320
884
187 5 ,591 2 ,913 1 054
178 6 ,099 3 ,046 1 163
179 6 ,337 3 ,370 1 237
187 6 ,454 3 ,497 1 269

3 ,241
2 ,992
6 ,258
7 ,023
7 .701
8 ,210

543
512

1,078
1,255
1,397
1,445

478
459
1 ,018
1 ,015
1 ,181
1 ,298

20
31
12
18
20
22

64
228
97
109
109
113

1 ,282
1 ,224
2 ,575
2 ,872
3 ,121
3 ,262

046
912
820
986
533
117

5 54
8 823 7 265
311
509 18 809 17 574
76
477
377
621 12 033 10 746
720
540
850 10 883 8 993
824
520
950 10 233 8 129 1,122
558
947 10 442 8 212 1,062
589 1, 105 9 957 7 663
569

7

5 890
5 ,596

3, 159 1 2 . 797 4,102 3,651 l ,333
22 3,873 ; ,258
19', 071 16, 045 S I , 321
6 6,400 ; ,574
12, 479 5 , 810 43 833
1, 932 1 6 , 756 38 168
11 7,933 L,179
21 8,989 : .042
7 , 526 11 256 34 511
25 9,627 ,083
7 , 653 1 1 , 099 35 251

21,
88
65
60
60
60

6
2

48
211
109
110
94
166
147

Total

2 8 , 031
9 6 , 043
7 5 , 793
7 3 , 099
7 3 , 564
7 3 , 827

732
760

954
333
618
083
468
380
419

Obligations
of
States Other
and
secuGuar- polit- rities
Certificates
an- ical
inteed subBills of
debt- Notes Bonds
diviedsions
ness
Direct

4 , i 45
2 , 191
3 , 124
3 , 955
4 , 282
4 , 385

1,211
1,567
1,977
1,856
1,872

1
1
2
2
2
2

U S. Government obligations

65
91
147
172
150
178

1
4
3
3
3
3
3

806
598
806
487
264
284
319

6 628
29 407
25 527
25 ,570
26 ,148
25 ,904
26 ,565

4 ,377
26 ,999
21 ,862
21 ,377
21 ,587
21 ,206
21 ,801

8 >4
2 ,535 1 ,509
323
214 11 ,647 10 ,584
1 ,225
315 10 ,508 8 ,947
1 ,461
370 10 ,391 8 ,632
1 ,546
419 10 ,890 8 ,923
1 ,735
434 10 ,863 8 ,867

•

3 433
1 785
250
616
692
467

1 623 3
3 325 10
835 7
1 711 6
1 428 4
1 400 5
1 408 5

1 467
690
131
332
371
341

153
749
358
700
520
494
517

6 982
4 180
499
2 493
2 .520
2 ,171

751
5 653
2 ,124
5 ,536
3 ,640
3 .656
3 ,679

295

110
630

1,148
1,390
2,418
1,914
1,883

652 1,679
729
337
1
606
405
752
206 ""2
1,123
960
2 1,385
058
1,436
219
1,579

903
1 864
1 945
1 847
1 526
1 ,490
1 ,578

182
181
290
335
351
363
360

193
204
192
242
201
201
210

4 ,248 1,173
956
820
c 1,126
15 ,878
916
13 ,457
1,727 1 ,254
11 ,83(
2,184 1 ,511
10 ,528
8 2,458 1 ,390
10 ,851
16 2,832 1 ,391
11 ,805
12 2 ,925 1 ,404

i

481 2 ,926
5 ,102 4 ,544 16 ,713
3 ,753 1 ,768 15 ,189
588 6 ,107 13 ,287
2 ,568 4 ,008 12 ,587
2 .551 3 .918 12 ,817
2 ,497 3 ,858 13 ,559

17
152
180 2 ,087 1 ,774
725
303 2 ,071
453
465 2 ,702
820 1 ,516 1 ,660
668 1 ,519 1 ,631

119

830
629
535
767
719
794
716

1 ,069
6 ,538
5 ,846
5 ,008
4 ,921
5 ,046

861 1,222 1 ,028
9 1,342 1 ,067
1
2,505 1 ,160
t
2,998 1 ,194
c 3,334 1 ,227
1
3.494 1 .204
4 3,546 1 ,218

271
6

563
619

1,127
; 1,294
( 1,462
1
1,503
A

462
443
434
465

505
493

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications
of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.

30




FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits

Demand deposits
(Mass of bank
and
call date

Reserves
with
Cash
Federal
in
Revault
serve
Banks

BalDeances mand
with
dedoposits
mestic3
ad- 4
banks justed

All Insured com"
mercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—June 3 0 . .

12,396
15.810
16,426
17,458
19,911
19,331

Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—June 3 0 . .
Sept. 5. .

12,396
15,811
16,429
17,459
19,912
19,333
20,300

,087
,438
,521
,643
,062
,821
,651

6,246
7,117
6,194
6,868
7,463
6,470
6,110

New York City:2
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30.
1951—Dec. 3 1 . .
1952—June 3 0 . .
Sept. 5 . .

5,105
4,015
4,462
4,693
5,246
5,266
5,050

93
HI
112
118

141
78
68
78
79
92
34

10,761
15,065
15,182
15,898
16,439
16,070
15,604

Chicago:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950— Dec. 30.
1951—Dec. 3 1 . .
1952—June 3 0 . .
Sept. 5 . .

1,021
942
1,183
1,216
1,407
1,259
1,332

298
200
159
133
165
135
118
425
494
482
519
639
551
507

Interbank
deposits
ForDomestic3 eign

Certified
U. S. States
and
and
Gov- political
ern- subdi- offiment visions cers'
checks,
etc.

U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment politships, bank and
ical
and corPostal subdiporaSav- visions
tions
ings

IndiCapividuals, Bor- tal
partner- rowacships, ings counts
and corporations

1,761
23,740
3,050
2,788
3,344
5,797

3.677
5,098
7,419
7.892
8.288
8,682

1,077
2,585
2,338
2,898
3,147
2,721

36,544
72,593
82,106
89,922
95,604
90,836

158
70
169
347
427
475

59
103
182
189
278
312

492
496
1,232
1,331
1,485
1,574

15,146
29,277
34,442
34,525
35,986
37,333

10
215
14
82
30
85

6,844
8,671
10,645
11,263
11,902
12,282

671 1,709
,243 22,179
,310 2,838
,437 2,523
,369 3,101
,329 5,439
,370 4,023

3,066
4,240
6,017
6,400
6,666
6.989
6,591

1,009
2,450
2,185
2,724
2.961
2,555
1,803

33,061
62,950
71,589
78,659
83,240
79,186
79,731

140
64
164
341
422
469
499

50
99
175
183
257
288
300

418
399
1,051
1,121
1,238
1,303
1,309

11,878
4
23,712 208
27,934
11
28,032
79
26
29,128
30,196
30,413 1,596

5,886
7,589
9,174
9,695
10.218
10,526
10,632

3.595
866
607
3 535
,105 6,940
2,996
,084
640
3,207
,162
451
3,385
,128
858
3,193 1,096 1.651
2,791 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

6
17
113
268
318
350
382

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
1 552
258
174
242
306
260

233
237
286
284
240
287
285

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
8,221
1,142
976
1,124
2,097
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

5..

526
2,210
796
4,527
4,371
901
4,745
976
5,676 1,231
5.495 1,072
5,873
984

3,216
4,665
4,002
4,450
4,862
4,159
4,221

9,661
23,595
27,935
30,581
33,051
31,671
32,781

790
1,199
979
1,111
1,285
1,060
1,053

225
5,465
797
922
876
1,384
1,194

1,370
2,004
3,058
3,282
3,554
3,708
3,603

239
435
579
715
783
705
629

8,500
21,797
25,337
27,980
30,234
28,616
29,639

Insured nonmember commercial banks:
1941—Dec. 31..
1945—Dec. 3 1 . .
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
10s537
11,918
12,729
13,948
13,305

108
233
261
286
335
273

53
1,560
213
265
243
357

611
858
1,402
1,492
1,622
1,694

68
135
153
174
186
166

3,483
9,643
10,517
11,262
12,364
11,649

Reserve city banks:
1941—Dec.
1945—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June

31..
31..
31..
30..
31..
30..

Sept. 5. .

Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 31. .
1952—June 3 0 . .
Sept.

4,060
6,326
6,413
6,806
7,582
7,312
8,046

1,358 8,570 37,845 9,823
1,829 11,075 74,722 12,566
1,984 9,466 84,576 10,885
2,145 10,463 91,099 11,955
2,665 11,561 97,048 12,969
2,365 9,935 93,652 11,286

159
168
134

33,754 9,714
64,184 12,333
72,658 10,623
78,370 11 ,669
83,100 12,634
80,347 11.013
81,552 10,897

673
248
.315
,442
,381
,339

54
110
176
217
192
182
211

1,648
778
1,206
195 2,120
2,312
1,590
1,647 " 7 0 2,351
1,614
5 2,425
1,721
20 2,460
1,624 483 2,472

2,152
3,160
3,932
4,250
4,404
4,037
4,039

476
719
1,069
1,089
1,128
1,150
1,134
104
30
38
57
90
101
101
31
52
73
82
125
141
142

101

288
377
470
490
513
530
532

243
160
617
631
714
751
749

4,542
9,563
10,987
10,956
11,473
11,913
12,035

1,967
2,566
3,087
3,322
4 3,521
25 3,663
750 3,685

146
219
400
443
491
521
526

6,082
12,224
14,289
14,339
14,914
15,413
15,621

4
11
11
9
16
24
262

74
97
182
210
247
270

3,276
5.579
6,524
6,510
6,876
7,156

1,982
2,525
3,305
3,532
3,760
3,873
3,942

959
1.083
1,473
1.570
1,686
1,757

5
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.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—Sec Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

JANUARY

1953




31

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans l

Total
loans
and
investments Total

Date or month

Commercial,
industrial,
and
agricultural

Investments

For purchasing
For carrying securities
To brokers
and dealers

To others

U. S. Other U.S. Other
Govt. se- Govt. securi- ob- curiobliga- ties liga- ties
tions
tions

U. S. Government obligations
Real Loans
estate
to
Other Total
loans banks loans

Total

Bills

CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness

TotalLeading Cities
1951—November

2,695 34,404 20,813

1952—September. 5,510 36,101 21,343
October. . . 76,941 37,007 21,992
November. 77,398 37,772 22,737

935

122

556 5,668

670 5,947 38,291 31,665 3,521 2,994 5,952 19,198 6,626

226 1,194
254 1,234
413 1,177

133
122
109

647 5,856
638 5,917
625 5,975

689 6,573 39,409 1,833 2,607 3,126 5,972 20,128 7,576
693 6,719 39,934 32,459 3,564 2,501 6,319 20,075 7,475
457 6,845 39,626 32,301 3,679 2,427 6,178 20,017 ,325

173

Oct. 15
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .

75,773
77,382
77,629
76,937
76,985

36,680
36,812
37,292
37,014
37,238

21,671
21,806
22,054
22,153
22,274

184
267
293
258
270

1,232
1,280
1,294
1,199
1,167

128
127
126
115
114

639
640
643
642
628

5,890
5,899
5,918
5,932
5,945

826
676
800
547
618

6,670 39,093 31,579
6,680 4 0,570
.
33,077
6,727 40,337 32,848
6,732 39,923 32,431
61784 39,747 32,361

2,513
4,086
3,968
3,641
3,610

2,617
2,536
2,495
2,426
2.433

6,328 20,121 7,514
6,352 20,103 7,493
6,335 20,050 7,489
6,317 20,047 7,492
6,261 20,057 7,386

Nov. 5.
Nov. 12. . .
Nov. 19. . .
Nov. 2 6 . . .

77,028
76,997
77,110
78,458

37,390
37,720
37,916
38,063

22,484
22,727
22,862
22,876

379
395
368
508

1,145
1,181
1,187
1,193

113
109
106
109

626
624
62
623

5,947
5,973
5,990
5,989

429
444
49'
459

6,832 39,638
6,832 39,277
6,845 39,19
6,872 40,395

3,557
3,358
3,316
4,485

2,420
2,416
2,447
2,424

6,292
6,207
6,099
6,114

20,023 7 ,346
20,034 7,262
19,997 7,335
20,016 7,356

Dec. 3 . . . 78,266
Dec. 10. .. 78,353
Dec. 17. .. 78,990
Dec. 2 4 . . . 78,817

38,051
38,282
38,759
38,89!

22,949
23,136
23,236
23,308

431
420
479
551

1,175
1,190
1.220
1 ,22'

107
110
114
123

618
621
638
648

5,992
5,996
5,984
6,007

431 6,918 40,215 32,947 4,460
421
40,071 32,819 4,413
630 7,029 40,231 32,925 4,487
515 7,078 39,922 32,621 4,255

2,445
2,425
2,428
2,407

6,068
6,028
5,998
6,012

19,974 7,268
19,953 7,252
20,012 7,306
19,947 7,301

1951—November. 20,309 10,812

7,550

139

716

213

519

490 1,301 9,49'

7,594

780

1,363 5,030 1,903

1952—September 20,938 11,169
October. . 21,206 11,573
November 21,040 11,804

7,769
8.092
8,425

132
273

940
97
948

238
231
219

401
396
397

431 1,413 9,76' 7,495
461 1,429 9,633 7,460
274 1,428 9,236 7,230

624
788
759

398 1,357 5,116 2,274
251 1,359 5,062 2,173
232 1,209 5,030 2,006

Oct. 1. . 21,116 11,483
Oct. 8. . 21,520 11,515
Oct. 15.. 21,358 11,70:
Oct. 2 2 . . 20,998 11,559
Oct. 29. . 21,04 11,609

7,932
7,986
8,13
8,180
8,228

963
13' 1,020
157 l,04f
162 943
919
17

23:
233
238
230
220

396
39
39
396
395

601
468
459
381
394

1,419
1,431
1,430
1,426
1,439

Nov.
Nov.
Nov.
Nov.

32,292
32,015
31,859
33,039

New York City

9,633
10,005
9,65
9,43<
9,432

7,411
605
7,795 1,089
7,468
833
7,274
676
7,356
738

9,275 7,255
665
9,07' 7,101
581
9,026 7,or
622
9,564
1,166
7,545
9,54' 7,555 1,16;
9,5H 7,516 1,137
9,57? 7,521 1,087
9,54
7,478 1,072

281
248
251
223
252
247
241
220
220

1,405
1,371
1,353
1,340
1,328

5,1202 ,222
5,087 2 ,210
5,031 2,189
5,035 2 ,165
5,038 2 ,076

1,317
1,240
1,151
1,129

5,026 2,020
5,039 1,978
5,024 2,009
5,030 2,019

249
235
229
211

1,113
1,105
1,120
1,113

5,028 1,994
5,039 1,994
5,085 2,057
5,082 2,069

20,908
20,894
20,893
21,464

11,633
11,815
11.86"
11,900

8,329
8,416
8,474
8.479

248
26
25:
32

90
95
966
964

220
220
222
216

390
400
403
39,

268
292
293
242

1,431
1,42
1,420
1,436

Dec. 3. . 21,49<;
Dec. 10. . 21,58?
Dec. 17. . 21,88
Dec. 24. . 21,957

11,950
12,079
12,303
12.41C

8,569
8,676
8.68(
8.721

331
288
336
385

944
962
971
977

208
208
225
229

397
39.
378
383

21
226
342
32:

1,446
1,480
1,513
1,524

1951—November 52,386 23,592

13,263

219

94

343 5,149

180 4,646 28,794 24,071 2,741 2,573 4,589 14,168 4,723

1952—September 54,57:
October. . 55,73.
November 56,35)

24,93:
25,43^
25,96}

13,574
13,900
14,312

94
109
140

254
257
22'

108
100
88

409 5,455
407 5,521
406 5,578

258 5,160 29.64C 24,338 1,983 2,728 4,615 15,012 5 ,302
232 5,290 30,301 24,999 2,776 2,250 4,960 15,013 5.302
183 5,41 30.39C 25,071 2,920 2,195 4,969 14,987 5,319

5. .
12. .
19. .
26. .

Outside
New York City

Oct.
Oct.
Oct.
Oct.
Oct.

1«*.
8. .
15. .
22. .
29. .

54,65
55,86:
56,27
55,93"
55,94-

25,19'
25,29'
25,59:
25.45J
25.62<

13,73
13,820
13,920
13,97.
14,046

87
130
136
96
97

269
260
252
256
248

105
104
103
94
93

40'
407
405
412
408

5,494
5,502
5,521
5,536
5,550

225
208
34
166
224

5,251 29.46C
5,249 30,565
5,297 30,68C
5,306 30,484
5,345 30,31

24,168
25,28:
25,380
25,15
25,005

1,908
2,99
3,135
2,965
2,872

2,336
2,288
2,244
2,203
2,181

4,923
4,981
4,982
4,977
4,933

Nov.
Nov.
Nov.
Nov.

5. .
12. .
19. .
26. .

56,12i
56,10^
56,21
56,994

25,75'
25.90;
26,049
26,163

14,155
14,31
14,388
14.39

238
22
221
229

92
89
87
86

406
404
405
40'

5,557
5,573
5,587
5,594

161
152
204
21

5,401 30,365,408 30,19,
5,425 30,16?
5,436 30,83

25,03
24,914
24,842
25,494

2,892
2,777
2,694
3,319

2,173
2,175
2,227
2,204

4,975 14,99 5,326
4,96 14,995 5,284
4,948 14,97.' 5,326
4,985 14,986 5,337

Dec.
Dec.
Dec.
Dec.

3.
10.
17.
24.

56,76'
56,764
57,109
56.861

26,10
26,203
26,456
26,485

14,380
14,460
14,54
14,587

131
128
116
181
100
132
143
166

231
228
249
250

86
83
8
78

410
413
41
41

5,595
5,601
5,606
5,62

214
195
288
193

5,472 30,66i
5,477 30,56
5,516 30,65.
5,554 30,37

25,392
25,303
25,404
25,143

3,295
3,276
3,400
3,183

2,196
2,190
2,199
2,196

4,955
4,923
4,878
4,899

.
.
.
.

15,001 5,292
15,016 5,283
15,019 5,300
15,012 5,327
15,019 5,310

14,946 5,274
14,914 5,258
14,927 5,249
14,865 5,232

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.

32




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank

Date or month

Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 8
serve
banks justed
Banks

IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
corsions
etc.
porations

Time deposits,
except interbank

Interbank
deposits

IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGovnerical ment
ernships, suband
ment and
divi- Postal Docormes- Forsions Saveign
poraings
tic
tions

Bor- CapBank
ital
rowdebacings counts
its*
Time

Total—
Leading Cities
1951—November.. 14,493

934 2,458 52,455 54,061 3,413

1952—September . 14,970
October
14,955
November.. 15,084

932
924
960

2,504 52, 674 54,050 3,425
2,431 52, 787 54,642 3,435
2,446 53,383 55,483 3,566

875
907
935
925
979

_.. 52,317 53,835
2,386
2, 369 52,167 53,218
56,473
2,681
216 54,888
2,392
2, 326 53,586 54,799

2,395
2,534
2,508
2,348

Oct.
Oct.
Oct.
Oct.
Oct.

I5...
8....
15....
22....
29....

Nov. 5 . . . .
Nov. 1 2 . . . .
Nov. 1 9 . . . .
Nov. 2 6 . . . .
Dec.
Dec.
Dec.
Dec.

14,690
14,761
15,048
15,252
15,022

14,846 907
14,920 1,021
15,134 946
15,434 965

3 . . . . 15,385 966 2,371
1 0 . . . . 15,336 1,061 2,354
1 7 . . . . 15,504 1,060 2,574
15,638 946 2,481
24....

1,422 1,999 14,942

716

157 10,557 1,234

435

1,482
1,629
1,672

3,517 15,797
3,961 15,955
3,506 16,047

762
743
745

190 10,597 1,303
191 10,740 1,336
194 10,749 1,322

487
992
516 1,277
560 1,637

7,072 119,141
7,110 128,906
7,141 118,658

3,515
3,372
3,291
3,437
3,561

1,984
1,599
1.732
1,449
1,380

3,561 15,883
4,680 15 ,947
4,419 15,957
3,695 15,985
3,450 16,002

756
747
739
737
738

190
191
191
191
189

10,434
10,758
11,489
10,721
10,297

1,323
1,329
1,337
1,342
1,348

504 1,055
509 1,367
518 1,223
1
519 1,342
1
530»1,398

7,100
7,112
7,126

29,997
27,367
26,318
32,656
28,277

53,040 54 ,915
53,312 56 ,351
53,219 55 ,082
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

55,454
56,495
57,827
56,708

3,559
3,458
3,464
3,532

1,719
1,682
1,767
1,655

3,784 16,027
2,970 16,062
3,073 16,121
3,508 16 ,177

751
751
759
759

196
195
195
196

10,595
10,607
11,148
10,989

1,324
1,328
1,342
1,352

573
577
576
572

1,609
1,740
1,270
1,814

7,161
7,144
7,146
7,157

28,426
27,490
34,825
35,937

2,936 1,014

54,392
55,127
55, 816
54, 705

752 6,828 112,188

New York City
5,064

157

15,919 16,831

354

618

581

1,467

340

293

2,375 42,503

5,248
1952—September . 5,156
5,210
October
November.. 5,051
Oct. 1 . . . . 5,120
Oct. 8 . . . . 5,170
Oct. 1 5 . . . . 5,305
Oct. 2 2 . . . . 5,132
Oct. 2 9 . . . .
Nov. 5 . . . . 5,221
Nov. 1 2 . . . . 5,114
Nov. 19
5,193
Nov. 2 6 . . . . 5,314

159
144
161

15,800 16,647
15,645 16,670
15,668 16,729

265
353
383

650
791
821

,162
,366
,169

,561
,567
,610

3,022
3,013
2,982

1,049
1,087
1,065

371
395
434

357
362
440

2,422 47,798
2,430 51,703
2,436 46,673

136
146
145
141
151

15,591
15,529
15,468
15,812
.15,829

16,701
16,204
17,051
16,734
16,660

312
333
334
393
396

1,068
735
862
670
620

,205
,699
,509
,249
,168

,560
,579
,562
,566
,566

3,084 1,074
3,006 1 ,077
3,147 1,088
2,983 1,093
2,843 1,103

385
390
395
397
407

333
441
422
266
349

2,430
2,431
2,431
2,427
2,429

150
170
150
172

15,536
15,592
15,651
15,891

16,513
16,898
16,577
16,928

447
384
357
342

788 1,038
980
879
794 1,015
821 1,642

,613
,604
,589
,633

2,969
3,045
3,014
2,901

1,065
1,087
1,053
1,056

414
429
447
449

585
400
436
339

2,441 11,093
2,441
9,794
2,431 12,786
2,429 11,925

Dec. 3 . . . .
Dec. 1 0 . . . .
Dec. 1 7 . . . .
Dec. 2 4 . . . .

160
188
191
165

16,132
16,364
16,807
16,141

17,003
17,306
17,847
17,190

304
277
305
311

836 1,305
992
862
859
852
800 1,148

,620
,633
,668
,673

2,948
2,916
3,040
3,019

1,073
1,082
1,100
1,102

449
453
452
449

503
557
457
750

2,441
2,428
2,426
2,442

95

1951—November..

5,418
5,252
5,385
5,232

12,450
11,091
10,133
13,220
11,486

11,933
11,718
14,693
16,010

Outside
New York City
1951—November.. 9,429

777 2,425 36,536 37,230 3,059

1952—September. 9,722
October
9,799
November.. 9,874

773 2,466 36 ,874 37,403
780 2,388 37,142 37,972
799 2,409 37,715 38,754

3,160
3,082
3,183

804 1,418 13,475

692

114

7,621

220

459

4,453 69,685

832
838
851

2,355 14,236
2,595 14,388
2,337 14,437

735
715
715

135
137
139

7,575
7,727
7,767

254
249
257

116 635
121
915
126 1,197

4,650 71,343
4,680 77,203
4,705 71,985

I5...
8....
15....
22....
29....

9,639
9,641
9,878
9,947
9,890

739
761
790
784
828

2,345 36 ,726 37,134
2,323 36,638 37,014
2,633 37,183 39,422
2,353 37,404 38,154
2,286 37 ,757 38,139

3,203
3,039
2,957
3,044
3,165

916
864
870
779
760

2,356
2,981
2,910
2,446
2,282

14,323
14,368
14,395
14,419
14,436

729
718
710
708
709

135
136
137
137
136

7,350
7,752
8,342
7,738
7,454

249
252
249
249
245

119
722
119 926
123
801
122 1,076
123 1,049

4,670
4,681
4,674
4,680
4,697

17,547
16,276
16,185
19,436
16,791

Nov. 5 . . . .
Nov. 12
Nov. 19
Nov. 2 6 . . . .

9,625
9,806
9,941
10,120

757
851
796
793

2,363 37,504 38,402
2,497 37 ,720 39,453
2,469 37,568 38,505
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. 3 . . . .
Dec. 1 0 . . . .
Dec. 17
Dec. 2 4 . . . .

9,967
10,084
10,119
10,406

806
873
869
781

2,334 38,260 38,451
2,320 38 ,763 39,189
2,534 39,009 39,980
2,439 38 ,564 39,518

3,255
3,181
3,159
3,221

883
820
915
855

2,479
1,978
2,214
2,360

14,407
14,429
14,453
14,504

720
720
728
728

140
139
139
140

7,647
7,691
8,108
7,970

251
246
242
250

124 1,106
124 1,183
124 813
123 1,064

4,720
4,716
4,720
4,715

16,493
15,772
20,132
19,927

Oct.
Oct.
Oct.
Oct.
Oct.

8
4
8

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.
Changes, particularly the increases in real estate loans and time deposits, are due in part to merger of nonreporting banks with a reporting
bank in the Chicago District.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.

JANUARY

1953




33

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY1
[Net declines, ( - ) .

In millions of dollars]

]Business

of borrowei

Manufacturing anc mining

Period

1951—April-June. .
July-Dec
1952—Jan.-June...
July-Dec....

Metals
and
Petroleum,
Food, Textiles, metal
coal,
liquor, apparel, products
(incl. chemical,
Other
and
and
and
tobacco leather machinery and rubber
trans.
equip.)
-243

116 -361

932

-868

Monthly:
1952—Aug
Sept
Oct.
Nov. . .
Dec
Week ending:
Oct. 1 . . . .
Oct. 8 . .
Oct. 1 5 . .
Oct. 22. .
Oct. 29. .
Nov. 5. .
Nov. 12.
Nov. 19. .
Nov. 26. .
Dec. 3 . .
Dec. 10. .
Dec. 1 7 . .
Dec. 24. .
Dec. 3 1 . .

62
16

-421
722

63
30

175
351

44
-98

8
37

176
250

76
36

-105

-634

-217

141

662

544

-2
-57

18
13

68
18
42
47
46

7
18
36
3
-34

-3
50
122
91
—86

83
144
262
112
2

—37
141
65
406

38
50
—60
69
12

12
3
4
—3
— 10

10
11
12
8
-5

13
23
35
20
31

35
71
49
58
50

-12
-17
12
8
9

11
-40
-58
12
15

9
-4
—2

19
43
19
9

45
37
19
11

46
6
21
—7

34
16
12
6

38
3
8
-48
-87

18
-5
-27
24

33
24
80
68
202

-14
15
39
8
-38

167
176
210
156
68

37
7
—54
-17
-33

—105

32
55
65
34
25

-1
-14
-23
—11

-7

-12
-14
139
-7
5

16
54
-30
3

5

31
21
8

7

5
11
8
23

-14
25
47
43
-70

6
105
-85
6
15

1

6
111
67
31

—7
-3
-5

—1

-11
-13

Construction

60
141

1,111

49
26
33
32
-71

Sales
finance
companies

All
other
types
of
business

48
125

-73
-40

-16

Commodity
dealers

Public
utilities
(incl.
transportation)

275
873

754

43
50
46
17

Trade
(wholesale
and
retail)

-9
3
-1
-10
-18

-7

Comm'l
ind'l,
and
Net
agr'l
changes change—
classitotal»
fied

186

18

2,372

-28
191

2,769
-546
2,494

-808
2,422

36
26
—8
21
63

304
639
665
610
465

345
680
668
602
330

2
-1
6
-1
2

4
-4
4
-17
4

88
138
220
94
125

65
135
248
99
121

—3

—1
19
4

225
212
117
57

210
243
135
14

1
5
8
19
30

109
191
97
127
-59

73
187
100
72

-1

5
-6
-4
-3
-2

-102

1

Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of
total1 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.
1
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

1945—December
1947—December
1948—December
1949—Dece mber
1950—December

....

228
287
269
257

Based on

Held by

Commercial
paper
Total
out- 1
outstanding standing

Accepting banks

Total

Own
bills

Bills
bought

227
261
259
272

169
197
146
128

74
88
71
58

94
109
76
70

Others

58
64
112
144

Goods stc red in or
shipped between
poin ts in

Imports
into

Exports
from

TTnifAH

TTnifAri

States

States

162
159
164
184

29
63
57
49

(2)

3
1

29
25
25
30

11
12
9

Dollar
exchange

United
States

Foreign
countries
7

333

394

192

114

78

202

245

87

2

28

32

1951—November
December

435

437

154

96

58

283

227

116

5

46

43

434

490

197

119

79

293

235

133

23

55

44

1952—January
February
March
April
May

480
517
534
544
510
495
539
550
565
591
575

492
493
458
422
430
416
450
454
454
449
478

193
188
177
150
155
148
171
169
166
155
172

127
121
120
110
121
108
122
113
106
103
114

66
67
57
40
34
40
49
56
61
52
58

300
305
282
272
275
268
279
285
288
294
306

235
234
228
211
197
195
200
212
232
237
233

135
135

23

27

135
136
126
126
119
108
114
123

6
6
37
45
73
74
60
30
29

52
46
36
22
17
15
17
20
24
40
62

48
51
51
48
43
36
34
30
31
28
31

July
August
September
October
November

138 .

1
As reported by dealers; includes somefinancecompany paper sold in open market.
' Less than $500,000.
Backfigures—SecBanking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

34




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS*
UNITED STATES LIFE INSURANCE COMPANIES
lln millions of dollars]
Business securities

Government securities
Date

End of year: 1
1939
1940
1941
1942
1943
1944
1945
1946
1947
. .
1948
1949
1950
1951
End of month: 5
1950—December

Total
assets

Total

United State and Foreign3
States
local 2

Total

Mortgages

Real
estate

Policy
loans

Other
assets

536
554
601
608
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
860
1.055
,247
L.445
1,633

3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,587

2,030
2,156
1,840
1,693
1,839
1.704
1,738
1,808
2,124
2,160
2,245
2,591
2,874

Bonds * Stocks

29,243
30,802
32,731
34 931
37,766
41,054
44,797
48,191
51 743
55,512
59,630
64 020
68,292

7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16 066
13,670

5.373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,011

2,253
2,387
2,286
2,045
1.773
1,429
1,047
936
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
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

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

63,687

15,933

13,361

1,520

1,052

25,209

23,231

1,978

16,101

1,428

2,397

2,619

1951—October
November
December.

67,181
67,476
67 983

13,940
13,761
13,579

11,254
11,122
10,958

1,720
1,716
1,702

966
923
919

27,464
27,638
28,042

25,400
25,549
25,975

2,064
2,089
2,067

18,928
19,099
19,291

1,578
1,590
L ,617

2,563
2,565
2,575

2,708
2,823
2,879

1952—January
February
March
April

68,554
68,907
69,250
69,604
69,959
70,334
70,774
71,123
71,578
72,034
72,415

13 530
13,469
13,352
13,306
13,020
12 853
12,894
12,898
12,929
12 731
12,780

10,893
10,841
10,765
10,737
10,463
10,309
10,324
10,347
10,399
10,244
10,297

1,720
1,716
1,695
1,694
1,697
1,706
1,748
1,752
1,736
1,728
1,728

917

28,319
28,553
28,903
29,186
29,594
29,895
30,191
30,314
30,475
30,973
31,143

26,228
26,456
26,785
27,059
27,456
27 745
28,039
28,165
28,315
28 819
28,986

2,091
2,097
2,118

19,536
19,712
19,870
20,008
20,175
20 335
20,505
20,643
20,801
20,961
21,087

1,624
1,639
1,656
1,662
1,674
1,693
L.706
L ,722
1,736
1,751
1,766

2,587
2,598
2,612
2,621
2,633
2,646
2,656
2,667
2,683
2,692
2,698

2,958
2,936
2,857
2,821
2,863
2,912
2,822
2,879
2,954
2,926
2,941

]Vlay

June
July
August
September
October
November

912
892
875
860
838
822

799
794
759
755

2,127

2,138
2,150
2,152
2,149
2,160
2,154
2,157

1
2

These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
Includes United States and foreign.
*4 Central government only.
Includes
International Bank for Reconstruction and Development.
6
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 Fad 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
1951P

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
L ,671
1,420
1,009
1,740
L.455
L.462
1,489
1,607

Other

1,124
940
775
612
493
391
356
381
416
501
566
692
882

Share
deposits

End of
quarter

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

1950—1
2. . . .
3... .
4....

15,081
15,802
16,072
16,846

1951—1....
2... .
3... .
4

Share
deposits

Mortgages

U. S.
Government securities

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

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.... 19,730
2
20,701
3. ... 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

Total

Cash

Other

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. 27 and 29. Figures for savings and loan associations include share deposits.

JANUARY

1953




35

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1
End of year

End of quarter

Asset or liability, and agency

1951
1944

Loans, by purpose and agency:

1945

1946

1947

1948

1949

1952

1950

To aid agriculture, total
Banks for cooperatives
Federal intermediate credit b a n k s . . . .
Federal land banks 2
Federal Farm Mortgage Corporation.
Farmers Home Administration 3
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies

3,385 2,878 2,884 2,299 3,632 4,362 3,884 3,896 4,161 4,239 4,058 4,563
232
276
305
302
345
356
189
197
425
373
343
370
273
336
437
510
257
231
426
742
739
633
866
822
986
1,220 1,088
149
45
109
80
60
37
34
32
351
242
29
27
590
558
525
535
559
643
604
523
539
595
594
606
528
734
361
407
999 1,301 1,543 1,693 1,742 1,784 1,831 1,873
120
280 1,293 1,729
353
99
898
503
782
710
390
859
6
10
9
7
9
6
6
6
6
5

To aid home owners, total
Federal National Mortgage Assn
RFC Mortgage Corporation 4
Home Owners' Loan Corporation 2 .. .
Reconstruction Finance Corporation.
Other agencies

1,237
52
81
1,091
12
1

896
7
24
852
12
1

659
6
6
636
10
1

556
4

768 1,25

486
6 1
65

369
177
22

168
24

10
137
35

124
141

123
169

121
189

119
201

117
223

To railroads, total
Reconstruction Finance Corporation.
Other agencies

343
321
21

205
18

171
153
18

147
145
3

140
138
3

114
112
3

110
108
2

104
102
2

101
99
2

98
96
2

85
83
2

84
82
2

To other industry, total
Reconstruction Finance Corporation 6 .
Other agencies

191
118
73

232
149
83

192
151
41

272
241
31

310
272
38

462
423
38

458
400
58

494
422
72

488
415
74

473
400
73

464
393
72

480
412
67

To financing institutions, total
Reconstruction Finance Corporation.
Federal home loan banks
Other agencies

216
66
131
20

267
60
195
12

314
14
293
7

447
7
436
4

525
6
515
4

445
8
433
4

824
8
816

755
8
747

814
8
806

597
8
589

653

716

Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 6 .
Other agencies 9

225
225

526 2,284 5,673 6,102 6,090 6,078 6,133 6,110 6,096 7,617 7,826

8

All other purposes, total
6
Reconstruction Finance Corporation
.
Public Housing Administration 10
Other agencies
Less: Reserve for losses.

1,237
8 827
305
8 106
448

Total loans receivable (net).
Investments:

U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks..
Production credit corporations
Federal land banks 2
Federal home loan banks.
Federal Savings and Loan Insurance
Corp.
2
Home Owners' Loan Corporation
por;
Federal Housing Administration10
Public Housing Administration
Reconstruction Finance Corporation 6
Federal Deposit Insurance Corporation.. . .
Other agencies
Investment in international

()

6,387

274

Commodities, supplies, a n d materials, t o t a l . . . .

Commodity Credit Corporation
Reconstruction Finance Corporation
Other agencies

6

Land, structures, and equipment,
total
10
Public Housing Administration
Reconstruction Finance Corporation
Tennessee Valley Authority.
U. S. Maritime Commission 2 2
War Shipping Administration
Other agencies "

6

Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate2 credit banks
Federal land banks
Commodity Credit Corporation
Federal home loan banks

1,528 1,981 2,142 2,363 2,387 2,437
1,347 1,715 1,850 2,053 2,068 2,097

653

1,249 1,978 2,145 2,187
2,319 2,296 2,329 2,389 2,546
206
154
'l01
235
64
64
61
246
58
58
800 3,450 3,750 3,750 3,750 3,750 3,750 •3,706 •5,170 5,222

707
309
286
112

278
113

714
6 340
278
96

584
190
294
100

484
88
29
99

438

478

395

368

476

,290 6,649 9,714 11,692 12,733

531
59
366

720
53
559

105

108

185

178

13,228 3,906

779
61
609
109

731
63
557
110

801
61
624
116

173

173

15.

933
61
750
123
150

14,422 14,422 15,913
16,890

1,630 1,683 1,873 ,685 1,854 1,047 1,075 ,236 1,226 ,42, 2,364 2,371
43
43
43
43
43
43
43
48
43
43
43
43
51
74
46
67
48
44
47
48
49
61
43
39
43
39
43
66
41
70
72
43
43
67
4:
60
136
145
220
199
274
275
249
384
14
139
311
298
144
118
199
204
17
184
214
193
200
195
209
203
151
161
1
8
1
1
15
15
244
289
188
285
122
13
144
27
106
87
286
299
8
8
8
8
7
1
1
1
1
49
48
75
(7)
89 1,045 1,020 1,064 1,205 1,307 1,338 1,353 1,409 1,421 1,423
760
1
21
30
20
1
1
28
1

institutions.

Other securities, total
Reconstruction Finance Corporation.
Production credit corporations
Other agencies

828

3,385 3,385 3,3

318

424
289
63
71

325
244
55
26

159
46
24

2,94: 2,288 1,265
463
1,450 1,034
667
1,053 1,131
134
438
122

16,237 21,017
200
6,526
710
3,113
5,427
262

22.^
6,919
721
3,395
7,813
1,948

108
35
11
822
448
235
. 138

16,9

12,600
204
35
2,861
754
727
3,301 3,305
7,764 6,507
2,044 1,793

133
98
29
6

107
83
2:

88
71
16
1

3,385 3,385 3,385 3,385 3,385
87
74
1
1

78
66
11

627 1,549 1,774 1,515 1,461
437 1,376 1,638 1,238
157
108
142
140 1,174
30
28
3:
137
159
3,060 2,962 2,945 3,025
1,448 1,352 1,248 1,25 3,358
61
605
584 1,""'
630
83C
886
998
793
594
1,048
189

168

206

189

465

66
55
10
(7)

53
43

1,322 1,350 1,377
1,012 1,023 1,034
147
194
186
164
149
142
3,406 3,186 3,212
1,242 1,232 1,216
592
202
1,105 l,17i 1,209
46

58

1,113 1,252
8
33
27
245
293
818
792
756

6869
358

965
70
480

772 1,190 1,399 1,36< 1,214 1,2
Hi
140
7.
11"
170
52i
674
74 =
49C
78'

169

262

415

20

1,395
2

212
6

69

560

495

525

51
42
8
7
()

32

25

586
1,301
120
864

317

For footnotes see following page.

36




FEDERAL RESERVE BULLETIN

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
[Based on compilation by United States Treasury Department.

In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items

Assets, other than interagency items *

Date, and corporation or agency

InvestComments
modities,
Loans
supreceiv- plies, U. S.
and
Other
able
mate- Govt. securials secu- rities
rities

Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ern- owned
struc- Other
ment
Other
tures,
liabil- inter- interasFully
and
est
est
ities
equip- sets guarment
anteed Other
by
U.S.

Total

Cash

All agencies:
1944—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 2. .
1947—Dec. 31 2 .
1948—Dec. 31 .
1949—Dec. 3 1 . .
1950—Dec. 31. .

31,488
33,844
30,409
30,966
21,718
23,733
24,635

756
925
1,398
1,481
630
441
642

6,387
5,290
6,649
9,714
11,692
12,733
13,228

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

424 16,237
325 21,017
547 16,924
3,539 12,600
3,518 3,060
3,492 2,962
3,473 2,945

1951—Sept. 30 2.
Dec. 31. .
1952—Mar. 31. .
June 30 2.
Sept. 30. .

25,668
26,744
26,858
27,933
28,922

659
931
844
808
932

13,906
14,422
14,422
15,913
16,890

1,515
1,461
1,322
1,350
1,377

2,236
2,226
2,422
2,364
2,371

3,472
3,463
3,451
3,438
3,436

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 Mortgage Corp
Rural Electrification Administration.
Commodity Credit Corporation3
Farmers Home Administration
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. .
Other
Reconstruction Finance Corporation:
Assets held for U. S. Treasury ™
Other^
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other
1

437
936
52
1
30
1,987
2,223
615
41

1,042
208
2,092
478
2,108
110
399
819
2,563
1,438
1 ,540
9,802

3,025
3,358
3,406
3,186
3,212

3,111 1,537 1,395 4,196 23 ,857
555 1,113 4,
,492
2,317
261 1,252 3,588 24,810
1,753
82
1,125
689 2,037 28,015
38
335
965 1,663 18,886
28
509
772 1,720 21,030
23
1,190
499
1,193 21,995
854
882
991
874
704

34
43
38
44
39

366
822
1
27
1,871
856 1,034
510

25
1
105
55

751
33

1,216
1

2,097
47
6
695
14
2,546
(7)
1
304
162 5,551

201
1

153
41

()
19
130

,962
1,161 23,842
1,247 24,010
1,200 25,104
1,434 25,780

322
329
349
357
367

120
864

290
60
52
1
29
(
1,986
490 1,733
7
608
2
39

25

317

383 ()
5
203
16 2,076
225
215
2,104
107

342

69
220
29
9

298
203

715

1,399
1,369
1,214
1,228
1,301

()
1
102

1,423

()
3,385 1,209
453

38

504
472
498
143
166
183
234

399
770
2,526
1,344
1,497
9,741

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 19^6 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.
3
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
1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
7
Less than $500,000.
8
Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945.
9
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 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.
13
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.

JANUARY

1953




37

SECURITY MARKETS1
Stock prices

Bond prices

Volume
of
i
traaing 6
(in
Trade,
Manufactur ing
thoufinTrans- Pubsands
ance, Minlic
of
Non- portaand
ing shares)
utiltion
Total Durdurservity
able
ice
able
Common

Standard and Poor's series
(index, 1935-39 «100)

U. S. Mun- CorGov- icipal poPreern- (high- rate ferred*
ment8 grade)' (highgrade)'
Total

Year, month,
or week

Number of issues

Industrial

Railroad

Securities and Exchange Commission series
(index. 1939=100)

Public Total
utility

J

r

416

365

20

31

265

170

98

72

2!

28

32

14

102.53 133 4 122.0 181 8
98.85 133.0 117 7 170.4
97.27 129.3 115.8 169.7

146
177
188

156
102
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

1951 -Dec

96.85 130.9 114.8 163,7

183

199

151

116

190

215

182

245

204

115

209

238

1,367

1952—Jan
Feb
Mar
Apr
May.. .
June
July....
Aug
Sept
Oct
Nov
Dec

96.27
96.77
96.87
97.95
98.91
98.32
98.40
97.09
96.86
96.44
96.96
96.37

130.8
132.1
131.5
132.7
131.9
130.9
130.4
128.6
126.6
125.0
125.4
125.3

115.5
116.5
115.9
116.2
116.3
116.2
116.0
115.8
115.7
114.7
115.2
115.3

164.1
165.9
168 3
172.2
173.4
173.3
171.1
169.9
170.2
168.3
169.8
170.3

187
183
185
184
184
188
192
191
188
183
190
197

204
199
201
199
199
204
210
208
204
198
206
214

155
155
161
165
167
174
175
175
171
167
172
185

117
118
118
117
117
116
117
119
119
117
121
123

195
193
193
191
190
196
199
199
194
191
197
204

222
218
216
215
214
222
225
225
219
215
223
231

185
183
182
181
182
187
192
194
191
188
196
205

255
251
248
245
243
253
256
254
246
239
247
255

211
209
214
217
216
225
226
228
221
218
225
238

116
117
117
116
117
117
117
120
118
118
121
123

209
206
203
201
204
208
210
206
202
205
212

246
258
295
298
283
291
289
278
275
265
260
267

1,574
1,320
1,283
1,282
1,044
1,215
1,096

Week ending:
Nov. 29.
Dec. 6.
Dec. 13.
Dec. 20.
Dec. 27.

96.84
96.76
96.75
96.39
95.86

125.3
125.5
125.5
125.3
125.1

115.C
115.
115.4
115.3
115.0

170. (
170.9
170.7
170..
170.f]

194
195
196
197
198

210
211
213
213
214

178
179
183
186
189

123
124
123
123
123

201
201
204
204
205

228
227
231
232
233

201
200
206
206
207

253
252
254
255
257

233
233
237
241
240

124
124
123
123
123

210
212
214
213
211

261
266
265
268
268

2,028
1,680
1,925
1,908
1,749

1950 average .
1951 average
1952 average

15

1-8

17

15

203-

2,012
1,684
1,313

995

1,149
1,181
1,779
1,842

1
Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks
vStandard
and Poor's series), which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first
callable after 15 years were included.
3
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
8
iividend.
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 I T E M S O F STOCK E X C H A N G E
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl
Debit balances

End of month

Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

1950-June
December...
1951—Tune
December...

1.256
1 356
1 275
1,292

1952—January
February. . .
March
April
May
June
July
August
September. .
October
November. .

1 280
1 280
1 .293
1 .315
1 .312
1.327
1 .387
1 338
1,333
1 316
1 .147

12
9
10
12

9

386
399
375
392

427

Credit balances
Customers'
credit balances 1

Cash on
hand
and in
banks

Money
borrowed1

314
397
364
378

365

Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

Free

Other
(net)

827
745
680
695

673
890
834
816

166
230
225
259

25
36
26
42

11
12
13
11

312
317
319
314

•633
8 652
»734
»818
«847
912
8
1,126
8 926
8 891
8 860
3 878

«809
«790
»756
8 756
«725
708
8 692
8 675
3 6Q2
8 692
«706

219

23

16

324

1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): September, 39; October, 31; November, 32.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article desciibes 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.

38




FEDERAL RESERVE BULLETIN

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Prime
commercial
paper,
4- to 6months 1

Year,
month, ©r
week

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month
year
days 1 Market Rate issues 2 issues'
new
yield on
issues

1950 average
1951 average
1952 average

1.45
2.17
2.33

1.15
L.60
1 .75

1951—December..

2.31

1.69

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
L .75
1.75
1.75
1.75
L.75
1.75
1.75
1.75
L.75
.75
L.75

2.31
2.31
2.31
2.31
2.31

L.75
L.75
.75
.75
L.75

1.93
2.01
2.07
2.13
2.22

Week ending:
Nov. 29. . .
Dec.
6...
Dec.

13...

Dec. 20. . .
Dec. 27. . .

BANK RATES ON BUSINESS LOANS

AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]

1.20
1 .52
1.72

1.218
1 552
1.766

1.26
1.73
1.81

1.50
1.93
2.13

1.73

1.731

1.77

2.09

1.57
1.54
1.59
1.57
1.67
1.70
1.81
1.83
1.71
1.74
1 .85
2.09

1.688
1.574
1.658
1.623
1.710
1.700
1.824
1.876
1.786
1.783
1.862
2.126

1.75
1.70
L.69
1.60
1.66
.74
1.89
.94
.95
.84
.89
>.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

1.931
2.049
2.091
2.138
2.228

1 .96

2.27
2.26
2.26
2.32
2.36

..00
..02
.04
.06

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
Monthly figures are averages of weekly prevailing rates.
'Series includes certificates of indebtedness and selected note and
bond
issues.
1
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over

2.4
2.2
2.1
2.1
2.5
2.7
2.7
3.1
3.5

4.3
4.3
4.2
4.2
4.4
4.6
4.5
4.7
4.9

3.3
3.2
3.1
3.1
3.5
3.7
3.6
4 0
4.2

2.6
2.3
2.2
2.5
2.8
3.0
3.0
3.4
3.7

2.2
2.0
1.7
1.8
2.2
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

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
price ratio
ratio

Bonds
Corporate (Moody's)5
Year, month,
or week

U.S.
Government
(longterm)2

Number of issues.. .

1-8
2.32
2.57
2.68

1950 average
1951 average
1952 average

Municipal
(highgrade)3

Corporate
(highgrade)4

By groups

By ratings

Total
Aaa

Aa

A

Baa

Industrial

Railroad

Public
utility

Preferred6

Common 7

Common *

120

30

30

30

30

40

40

40

15

125

125

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
10.90

15

9

1951—December. . .

2.70

2.10

3.03

3.25

3.01

3.06

3.31

3.61

3.00

3.50

3.24

4.28

5.56

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

Week ending:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27

2.71
2.72
2.72
2.76
2.79

2.40
2.39
2.39
2.40
2.41

2.96
2.96
2.98
3.00
3.02

3.19
3.18
3.19
3.19
3.19

2.97
2.96
2.97
2.98
2.98

3.05
3.04
3.04
3.05
3.06

3.23
3.22
3.22
3.22
3.23

3.52
3.51
3.51
3.50
3.50

3.05
3.04
3.04
3.03
3.04

3.35
3.34
3.33
3.34
3.35

3.18
3.18
3.19
3.20
3.20

4.10
4.10
4.10
4.11
4.12

5.33
5.35
5.28
5.25
5.23

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.
» Standard and Poor's Corporation.
* U. S. Treasury Department.
6
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been6 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.

JANUARY

1953




39

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.

In millions of dollars]

Summary
Excess of receipts ( + )
or expenditures ( —)

Budget receipts and
expenditures
Period
Net
receipts

Calendar year:
1949
1950
1951
1952
Fiscal year:
1949
1950
1951
1952
Semiannual totals:
1949—July-Dec.
1950—Jan.-June.
July-Dec..
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
Monthly:
1951—D ec
1952—Jan
Feb.
Mar
Apr
May
June
July
Aug
.
Sept

38,122
37,834
53,488
65,523
38,246
37,045
48,143
62,129

1

Expenditures

Surplus

(+)or

Sales and
Trust redemptions
Clearand
in
market
ing
other
of Govt.
acacagency
count
counts obligations

41,714
38,255
56,846
71,366

-3,592
1
-422
-3,358
-5,842

-362
i -38
+759
+49

40,057
40,167
1
44,633
66,145

17,675 20,974
19,370 19,192
18,464 i19,063
29,679 25,570
23,809 31,276
38,320 34,869
27,204 36,497
5,279
4,953
5,553
9,886
4,323
3,809
9,796
3,316
4,050
6,585
3,099
4,151
6,003

Oct

Nov
Dec

5,627
5,455
5,105
5,704
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124

deficit
(-)

1

-347
-501

+448
+4,182
-1,693
-1,850
+2,865
-3,426
-968

+515

-3,283
-1,009
-1,121

Deposits in

Balance
in
general
fund

General
fund
balance

F. R. Banks
Special
Avail- Inessprocof deposable
itaries
funds collection

Other
net
assets

+87
-106
-319

+4,331
-423
+2,711
+7,973

-447
+62

+ 1,770

4,679
4,232
4,295
6,064

841
690
321
389

94
129
146
176

2,557
2,344
2,693
4,368

1,187
1,069
1,134
1 132

+366
+483
-214
-401

+478
+4,587
-2,135
+3,883

-1,462
+2,047
+ 1,839
-388

3,470
5,517
7,357
6,969

438
950
338
333

103
143
250
355

1,771
3,268
5,680
5,106

1,159
1,156
1,089
1,175

+21
-43
+392
-8
+64
-136
+46

+ 142
+341
-254
+40

+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

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

-2

+7
+ 103

-186

-329
-415
+ 1,196
+ 1,765
-1,447
+28
+ 1,548
+957
-973
+204
-981
+ 1,461
-1,572

4,295
3,879
5,075
6,840
5,393
5,421
6,969
7,925
6,952
7,156
6,175
7,636
6,064

321

146

162
558

316
193

2,693
2,048
3,216
5,228
3,779
3,690
5,106
6,027
5,190
5,217
4,145
5,984
4,368

1,134
1,354
1,108
1,110
969
1,037
1,175
1,076
1,161
1,270
1,087
1,152
1,132

+56
-90
-74
-22

+384
-72

-14
-3,300
+ 178 + 135
i -599 » - 1 7 3
+468
+4,109
+291
-7,467
-72
+3,451
+ 121
-9,293

Gross
public
debt

General fund of the Treasury
(end of period)

+234

-140

+349

-420
-1,811
-3,122
+121
+3,510 » +295
-4,017
+219

Increase ( + ) or
decrease (—)
during period

+ 198
-369

-146
-255
-64

-5

-124
-60
-63

+310
+ 166
-229
+343
-293
-43

-25

-245
+329
-91
-326
+432
-195
-229
+316
-243
-145

+14
+101
+26
+71

+6

+456
-207
+ 127
-218

-34
-45

+74
-46

+357
+587
-2,278
+209
+ 1,613
-800
+3,968
+ 113
-504

+2,238
+2,513
-41

+471

169
450
569
333
638

333
195
125
355
184

496
508
770

106
161
174

396
389

103
176

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:
1951—D ec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec

National
defense

Military
assistance
abroad

Agri- Social
VetculInter- Atomic Intererans
seture curity
est
naAdminDeon
tional Energy
istraproCom- debt
part- 6 grams4
ecotion 4 ment
misnomic
sion
3
aid

6,005
41 714 19,453 12,849
291
3,998
18,495 13,476
38,255
56 846 37,159 30,307 1,559 3,533
71,366 P51.120 P 4 3 , 2 2 7 2,975 P2.603

560 5,482
611 5,580
1,278 5,983
1,813 6,065

6,364 3,106
5,674 1,499
5,011 1,010
4,417 Pl.563

6,278
4,941
3,845
2,831

5,339
5,750
5,613
1,648 5,859

40,057
40,167
44,633
66 145
20,974
19,192
19,063
25,570
31,276
34,869
36,497
5,627
5,455
5,105
5,704
6,016
5,659
6,930
6 742
5,018
6,070
6,383
5,161
7,124

19,083 12,158
44
17,949 12,346
884
25,882 19,964
46,319 39,106 2,228

2,621
9,291
6,376
8,659 5,970 • " 4 4 ' 2,320
7,505
247 1,679
9,836
637 2,166
16,046 12,459
17,848
921 1,367
21,113
1,464
25,206 21,258 1,306
P25.915 vl1,969 1,669 Pl.138
3,688 3,070
3,941
3,414
3,765 3,155
3,425
4,104
3,775
4,499
3,791
4,541
3,699
4,357
4 695 3,884
2,971
3,814
4,518
4,008
3,723
4,373
3,876 3,302
M,639 Pi,081

1,226
1,350
1,463
Pl.509

-123

6,789
6,043
5,204
4,697

2,658 1,110
2,986 1,375
635 1,415
1,219 1,424

-56

-270

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
P884

695
681
670
745
718
706
P802

647
524
908

255
270
341
567
711
937
876

Housing
and
home
finance

-17
694
646

Post
Public office
works deficit

1.577
1,591
1,514
P 1,598
1,519
1,575
L ,541
1.565

524
593
624
740

-95
-175
158
302
392
222
424

903
673
918
623
891
674
P924

209
384
260
364
320
420
355

460
614

199

261

118 1,057

386

49

88

-31

134

187
195

120
214

137
151

428
378

194
78

158
108

85
43

113
104

226
239
228

201
277
315

231
293
352
184

337
351
266
133

298
266
275

142
128
P118

141
162
154
192
140
144
155

160
150
127

228
142

689
350
172
1,518
320
183
559

572
185
1,146

385
371
352
339
391
354
343

354
345
378

83
52
85

187
117
126
49

192
112
P288

66
149
76

-1
100
37

148
158
109
116

-42
41
21
71

P104

112

191
124

536
643
684
775

79
101

101
94
96
166
157
148
158

174
140
P146

240
180
175
180

Transfers
to
trust Other
accounts

1,425
961

1,016
Pl,193

2,669
2,477
2,310
P2,480

1,305

2,176
2,782
2,286
2 402

1,226
157
804
168
848
457

1,528
1,253
1,224
1,062
1,249
1,154

P737

P1,326

916

1,383
972

64

193

78
71

230
175

78
50
99
80
397
94
64

23
93

P67

200
170
200
178
292
169
191

245
184
P245

p Preliminary.
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
made by the Treasury in the November 1950 and January 1951 figures. s 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
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,

40




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
Internal revenue collections
(on basis of collectors' reports)

Budget receipts, by principal sources

Period

Income
and old-age
insurance taxes
Withheld
by
employers

Other

Miscellaneous
internal
revenue

Calendar year:
1949
11,428 19,894 8,326
1950
13,775 17,361
8,771
1951
19,392 26,876
9,392
1952
P23.658 34,174 10,416
Fiscal year:
11,532 19,641
8,348
1949
12,180 18,189
8,303
1950
16,654 24,218 9,423
1951
21,889 33,026
9,726
1952
Semiannual totals:
7,670 4,311
5,613
1949—July-Dec. .
1950—Jan.-June..
6,566 10,520 3,992
4,779
7,209 6,841
July-Dec. .
9,445 17,376 4,644
1951—Jan.-June..
9,947 9,499 4,748
July-Dec. .
1952—Jan.-June.. 11,942 23,526 4,978
July-Dec. . Pll.715 10,647 5,438

Monthly:
1951—Dec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1,627
897
3,057
2,019
978
3,009
1,983
1,007
2,995
1,751
997
3,085
Pl.882

Period

2,916
3,021
1,943
7,717
3,191
549
7,106
1,435
445
4,029
1,214
436
3,088

Deduct

Taxes
on
carriers
and on
employers
of 8 or
more

Other
receipts

794
770
944
P902

2,123
1,980
2,337
2,639

787
776
811
994
323
453
317
494
449
545
P357

56
26
258
79
17
105
59
22
106
54
17
104

823
826
805
825
849
828
845
949
862
877
923
888
939

Excise
and
miscellaneous
taxes

7,828 12,006
7,384 9,937
10,362 16,565

754
658
801

7,529
8,150
8,682

11,554
10,854
14,388
21,467

797
706
730
833

7,585
7,599
8,704
8,971

5,657
6,105
6,858
9,043
9,798
1,515

1,761 5,889
5,503 4,965
1,881 4,971
8,027 9,416
2,335 7,149
9,210 14,318

351
356
303
427
374
459

3,911
688
4,462
4,241
4,440
4,531

275
814
4,172
537
1,330
3,955
707
1,539
4,012
232
1,634
3,968

310
2,330
1,464
2,133
1,583
221
1,478
393
93
1,653
164
109

77
65
66
113
88
80
48
84
70
59
57
51

712
763
754
718
742
750
804
863
780
808
911
795

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

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
37,045 11,762
48,143 15,901
62,129 21,313

921
941
1,039
1,223
1,114
1,251
1,388

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

17,675
19,370
18,464
29,679
23,809
38,320
27,204

155
383
131
160
152
197
228
236
177
164
204
219
387

5,576
5,153
6,194

266
147
446
460
252
476
142
182
434
235
204
533
303

31
52
195
455
612
403
283
151
102
55
51
47
45

5,279
4,953
5,553
9,886
4,323
3,809
9,796
3,316
4,050
6,585
3,099
4,151
6,003

Withheld

11,591
12,963
18,840

Other

7,996
7,264
9,908
11,545

2,649
807
311
5,913
1,278
351
5.659
958
357
2,442
927
352

Treasury receipts—Continued

Trust and other accounts

Internal revenue collections—cont.
(on basis of collectors' reports)

Social security,
retirement, and
insurance accounts

Excise and miscellaneous taxes

Total1

Total

Liquor

Tobacco

Manufacturers'
and retailers'
excise

7,529
8,150
8,682

2,204
2,419
2,460

1,320
1,348
1,446

2,221
2,519
2,790

,784
,864
,986

7,585
7,599
8,704
8,971

2,211
2,219
2,547
2,549

1,322
1,328
1,380
1,565

2,221
2,245
2,841
2,824

1949—July-Dec. .
1950—Jan.-June. .
July-Dec.. .
1951 —Jan.-June. .
July-Dec. .
1952—Jan.-June. .

3,911
3,688
4,462
4,241
4,440
4,531

1,191
1,028
1,391
1,156
1,304
1,245

663
665
683
697
748
817

July-Dec . .
Months:
1951—Dec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

712
763
754
718
742
750
804
863
780
808
911
795

207
197
210
204
210
204
220
246
205
258
285
269

101
153
123
124
135
134
148
140
149
147
157
127

Calendar year:
1949
1950
1951
1952
Fiscal year:
1949...
1950
1951
1952
Semiannual totals:

Corporation
income
and
profits
taxes

Estate
and
gift
taxes

Refunds
of
receipts

10,800
5,187
4,688
10,220
3,649
4,585
6,875
3,355
4,731
6,350

Net
budget
receipts

Individual income and oldage insurance
taxes

Appropriations
to oldage
trust
fund

Total
budget
receipts

Investments 3

Other »

3,584
6,214
4,507
4,942

-22
271
329

-325
-333
+786
+508

2,884
6,484
3,752
4,885

196
275

-410
-62
+353
+530

2,456

-22
219
52
223
106

-36
-26
-307
+660
+ 126
+404
+105

383
430
403
414
407
420
412
410
403
399
399
383
462

14
189
30
18
14
24
-52
1
36
-9
-1
93
-14

Receipts

Investments

Expenditures

+759
+49

5,512
6,543
7,906
8,315

1,965
56
3,155
3,504

,832
,806
,936
2,032

-420
+ 121
+295
+219

5,185
6,266
7,251
8,210

2,311
-402
3,360
3,361

1,121
1,125
1,394
1,446
1,343
1,481

936
870
994
942
1,045
988

-14
+ 135
-173
+468
+291
-72
+ 121

3,035
3,231
3,312
3,939
3,967
4,242
4,073

1,099
-1,501
1,557
1,803
1,352
2,009
1 ,495

256
236
262
228
239
243
273
268
253
223
248
268

148
177
159
162
157
169
163
210
173
180
221
131

+ 198
-369
+310
+166
-229
+343
-293
-43
+6
+456
-207
+ 127
-218

631
355
804
655
433
999
997
707
930
399
361
958
718

59
222
191
153
256
486
702
307
361
53
22
388
363

Other

-362
-38

Other accounts

1,914

457
570
644
108
,398
,486

-j-23
+ 117
+ 130

+95

+ 15
+273
-228
-32
-124
+500
-148
+34
-125

l
P Preliminary.
Excess of receipts ( + ) or expenditures (—).
2
Consists of miscellaneous trust funds and accounts and deposit fund accounts-net. 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).

JANUARY 1953




41

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars!
Public issues 3
Total
gross
debt »

End of
month

Total
gross
direct
debts

Nonmarketable

Marketable
Total

Total

Hills

Bank
eligible *

Bank
restricted

Convertible

Total

Tax
and
savings
notes

Sav-

5

bonds

Special
issues

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

50,941
64,262
112,471
170,108
232,144
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,251
259,461

45,025
57,938
108,170
165,877
230,630
278,115
269,422
259,149
258,286
256,900
252,292
252,800
252,770
257,130
257,357
256,708
255,222
259,419

39,089 35,645
50,469 41,562
98,276
76,488
151,805 115,230
212,565 161.648
255,693 198.778
245,779 189,606
233,064 176,613
227,747 168,702
225,250 165,758
219,852 160,346
218,865 157,482
217,986 155,147
221,123 155,123
222,853 155,310
220,575 152,450
218,198 137,917
221,168 142,685

10^534
22,843
30,401
38,155
34,804
29.987
25,296
21,220
22,588
26,525
29,427
29,636
18,418
5,373
9.509
29,078

6,178
5,997
9,863
11,175
23,039
22,967
18.261
10,090
8,142
11,375
11,375
7,131
' 3,596
8,249
20,404
39,258
35,806
18,409

28,156
33,563
44,519
55,591
66,931
68,403
66,043
69,866
69,852
68,391
62,990
61,966
60,951
55,283
53,319
44,557
42,928
41,049

3,444
8,907
21,788
4^945
36,574
12,550
50,917
24,850
56,915
52,216
56,173
53,459
56,451
49,636
59,045
49,636
59,492
49,636
59,506
49,636
61,383
49,636
62,839
49,636
66,000
49,636
67,544
49,636
68,125
49,636
36,061 13,573 66,708
36,048 12,060 66,423

5.370
3,195
6,140 ' "2,471 6,982
15,050 6,384 9,032
27,363 8,586 12,703
40,361 9,843 16,326
48,183 8,235 20,000
49,035 6,711 22,332
49,776 5,725 24,585
51,367 5,560 27,366
52,053 5,384 28,955
53,274 4,394 30,211
55,051 4,572 31,714
56,260 4,860 32,776
56,707 7,610 33,896
57,536 8,472 32,356
58,019 8,640 33,707
57,572 7,818 34,653
57,587 7,534 35,902

1952—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec

259,813
260,399
258,124
258,337
259,951
259,151
263,107
263,225
262,722
264,964
267,483
267,445

259,775
260,362
258,084
258,292
259,905
259,105
263,073
263,186
262,682
264,919
267,432
267,391

221,249 142,690 18.104 29,079
221,776 142,701 18,104 29,079
219,301 141,376 16.863 29,079
219,356 141,820 17,462 28,423
220,540 142,625 18,267 28,423
219,124 140,407 17,219 28,423
222,963 144,340 17,213 28,170
222,753 144,148 17,206 28,019
222,216 143,895 17,207 27,763
224,430 146,775 19,712 16,902
226,557 148,772 21,715 16,902
226,143 148,581 21,713 16,712

18,421
18.434
18,450
18,952
18,956
18,963
18,971
18,974
18,982
30,246
30,253
30,266

41,040
41,040
40,942
40,943
43,061
48,343
52,579
52,579
52,579
52,578
52,578
58,874

36,046
36,044
36,042
36,040
33,918
27,460
27,407
27,369
27,365
27,338
27,324
21,016

57,664
57,682
57,680
57,644
57,614
57,685
57,709
57,753
57,758
57,794
57,850
57,940

1
3
4
5

Includes
Includes
Includes
Includes

1 ,310
2,002
6,627
13,072
16.428
17,037
17,039
17,033
15,775
15,136
13,757
12,224
11,536
12.319
13,533
13,627
13,614
18,102

Certificates of Notes
indebtedness

Bonds

12,047
12,034
12,018
11,516
11,512
13,095
13,145
13,186
13,182
12,491
12,499
12,500

66,513
67,041
65,907
66,019
66,403
65,622
65,478
65,419
65,139
65,164
65.285
65,062

7,539
8,044
6,911
7,057
7,470
6,612
6,440
6,330
6,039
6,026
6,089
5,770

36,233
36,360
36,493
36,746
37,198
37,739
37,945
38,307
38,360
38,390
38,788
39,150

2
fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
amounts held by Government agencies and trust funds, which aggregated 6,757 million dollars on Nov. 30, 1952.
Treasury bonds and minor amounts of prewar and Postal Savings bonds.
Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]

End of month

Held by
Total
U . S. Government
gross
debt
agencies and
(includtrust funds *
ing guaranteed
securiSpecial Public
iss>ues
ties)
issues

1949—June
Dec
1950—June
Dec
1951—June
Dec

50
64
112
170
232
278
269
259
258
256
252
252
252
257
257
256
255
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

1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

259 ,813
260 ,399
258 ,124
258 ,337
259 ,951
259 ,151
263 ,107
263 ,225
262 ,722
264 ,964

36 ,233
36 ,360
36 ,493
36 ,746
37 ,198
37 ,739
37 ,945
38 ,307
38 ,360
38 ,390

1940—Dec
1941—£>ec
1942—Dec
1943—i3ec<
1944—Dec
1945—Dec
1946—June
Dec
1947—June
Dec
1948—June
Dec

942
262
471
108
144
682
898
487
376
981
366
854
798
160
377
731
251

Held by the public

Total

Federal
Reserve
Banks

Commercial2
banks

savings
banks

Insurance
companies

Other
corporations

Mutual

State
and
local
governments

Individuals

Miscellaneous
invesSavings Other
bonds securities tors 3

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

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

700
7 ,800
900
8 ,200
10 ,300
2 ,300
12 ,900
4 ,400
7 ,000
17 ,100
21 ,400 , 9 ,100
20 ,000
8 ,600
20 ,100
8 ,100
20 ,900
9 ,600
19 ,400
8 ,400
18 ,600
8 ,700
8 ,900
17 ,600
9 ,600
17 ,900
16 ,800
9 ,400
17 ,000
9 ,700
10 ,500
15 ,600
10 ,800
15 ,300
14 ,500
10 ,800

6,454
6,500
6,503
6,500
6,524
6,596
6,689
6,712
6,692
6,681

217,126
217,538
215,128
215,091
216,229
214,816
218,473
218,206
217,670
219,893

22 ,729
22 ,528
22 ,514
22 ,363
22 ,273
22 ,906
22 ,853
23 ,146
23 ,694
23 ,575

62,100
61,200
60,100
60,500
61,000
61,100
62,700
61,800
61.500
63,000

9,800
9,800
9,800
9,800
9,800
9,600
9,800
9,700
9,700
9,600

16,400
16,300
16,200
16,200
15,900
15,700
15,900
16,000
16,100
16,000

21 ,900
22 ,600
21 ,200
20 ,700
21 ,600
20 ,000
20 ,800
21 ,200
20 ,700
21 ,000

9,900
10,000
10,100
10,200
10,200
10,400
10,700
10,800
10,900
10,900

49 ,100
49 ,100
49 ,100
49 ,100
49 ,000
49 ,100
49 ,100
49 ,100
49 ,100
49 ,100

14 ,600
15 ,200
15 ,400
15 ,100
14 ,900
14 ,400
14 ,900
14 ,800
14 ,800
14 ,800

500
700

10 ,500
10 ,800
10 ,600
11 ,300
11 ,500
11 ,700
11 ,800
11 ,600
11 ,300
12 ,100

1
2
3

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.

42




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING DECEMBER 31, 1952
[On basis of daily statements of United States Treasury.
Issue and coupon rate
Treasury
Jan. 2,
Tan. 8,
Jan. 15,
Jan. 22,
Jan. 29,

bills 1
1953.
1953.
1953 .
1953.
1953.

1,200
1 ,400
1,401
1,402
1,501

5,
12,
18,
19,
26,

June 19, 1953 n-

1
3

Certificates
Feb. 15, 1953 . .
Tune 1, 1953. .
Aug. 15, 1953. .

1,301
1,501
1,301
1 ,300

1953.
1953 .
1953.
1953 2
1953.

Amount

Issue and coupon rate

Treasury
Dec. 1,
Mar. 15,
Mar. 15,
Dec. 15,
Apr. 1,
1,
1 ,301 Oct.
Apr. 1,
200
Oct. 1,
502
200
1 ,200

Feb. 5, 1953.
Feb. 13, 1953.
Feb. 19, 1953.
Feb. 26, 1953.
Mar.
Mar.
Mar.
Mar.
Mar.

Amount

8,868
4,963
2,882

notes
1953. . ..2H
1954. .
1955. .
1955. .
1956. .
1956. .
1956. .
1957. .

10,542
4 675
5i 365
6,854
1 007
531
742

2 ,003

In millions of dollars]

Issue and coupon rate
Treasury
Sept. 15,
June 15,
June 15,
June 15,
June 15,
June 15,
Tune 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Mar. 15,
June 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,

bonds
1953. . . . . . . .2
1953-54. . . . .2
1953-54 3
2
1953-55. 2 3^4
1953-55 4. ' . ' . . 2
2
1953-55 5
1954-56 5 . . 2 \i
1955-60 5 • 2 1/%
1956-58. 2 J ^
1956-59 5 '.'.2H
1956-59.
1957-59. '•'•2%
1958. . . .
1958-63 5 2 %
1959-62. '•'.2\i
1959-62. ..2H
1960-65 6 ..2%
1962-67. ..2V2

Sold on discount basis. See table on Open-Market Money Rates, p. 39,
5
Maturity Dec. 15, 1954.
4 Maturity Dec. 15, 1955.
Partially ta>
:ax exempt.

2
6

Amount

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

Issue and coupon rate

Amount

Treasury bonds—Cont.
Dec. 15, 1 9 6 3 - 6 8 . . . 2 H
J u n e 15, 1964-69 6 6.. 2 H
D e c . 15, 1964-69 . . 2 ^
M a r . 15, 1965-70 6 . . 2 ^
M a r . 15, 1966-71 « . . 2 j ^
J u n e 15, 1967-72 6 . .2 3^
S e p t . 15, 1 9 6 7 - 7 2 . . .2}4
Dec. 15, 1967-72 6 . . 2 H

2,828
3,758
3,834
4,724
2,966
1,897
2,716
3,837

Postal Savings
bonds
2)4
Panama Canal Loan. .3

84
50
148,581
.

Total direct issues
Guaranteed securities
Federal Housing Admin.
Various

52

Tax anticipation series.
Restricted.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable Federal Debt, Direct and Fully Guaranteed
[Par value in millions of dollars]

End of month

Total
outstanding

U.S.
Govt, Fed- Com- Muagen- eral
tual
mer- savRecies
serve cial 1 ings
and
trust Banks banks banks
funds

Insurance
companies
Other

Type of
security:
Total:*
1950—June
Dec
1951—June
Dec
1952—June

155,325 5,350 18,331
152,471 5,365 20,778
137,944 3,272 20,268
142,724 3,345 22,588
140,451 3,031 22,192

10,877
10,144
8,254
7,880
7,494

14,086
12,746
8,227
7,381
6,451

4,046
4,116
3,850
3,983
3,884

43,663
44,429
42,558
43,399
43,532

Treasury bonds
and notes, due
or callable:
Within 1 year:
1950 -June
Dec
1951—June
Dec
1952-June

143,934 3,125 22,980 54,065 7,592 6,539 4,256 45,377
146,818 3,114 23,495 55,386 7,503 6,386 4,291 46,643

Sept
Oct
Treasury bills:
1950-June
Dec.
1951—June
Dec
1952—June
Sept
Oct
Certificates:
1950—June
Dec.
1951—June
Dec
1952—June

58,972
54,893
51,515
54,148
53,867

End of month

Other

Life

..

13,533
13,627
13,614
18,102
17,219

3 3,856 3,703
35 1,296 3,888
527 3,750
26
50
596 6,773
381 5,828
41

35
33
122
71
103

26
391
756
428
504

64
83
72
104
92

17,206
19,712

44
55

95
107

548
421

106
114

5,354
1,544
2,753
6,773
6,877

64
7
37
41
120

107
1
113
217
76

274
52
174
445
378

65
34

73
67

398
319

11,204
15,833
13,704
10,465
10,431

154
136
120
67
42

66
165
208
1
5

337
542
478
315
327

1 5,568 10,330
9 13,774 11,262

40
58

3
8

341
427

102,795 5,273 5,618 38,691 10,624 13,880
94,035 5,283 4,620 33,607 9,967 12,180
78,832 3,178 4,108 31,286 7,973 7,139
76,945 3,209 4,130 30,104 7,697 6,720
75,660 2,897 4,422 30,695 7,221 5,855

3,369
3,437
3,125
3,119
3,085

18,418
5,373
9,509
29,078
28,423

397 4,752
203 6,411

7 5,357
2,334
(3)
17 3,194
49 12,793
60 11,821

Sept
Oct
Treasury notes:
1950—June
Dec
1951—June
Dec
1952—June

27,763
16,902

52 12,492 6,054
37 4,996 4,790

20,404
39,258
35,806
18,409
18,963

29
10
14
3
2

Sept
Oct
Treasury bonds:
1950-June
Dec
1951-June
Dec
1952—June

18,982
30,246

79,809
79,782

Sept
Oct

3,500
12,527
12,439
5,068
5,568

Sept
Oct

5,846 1-5 years:
7,901
1950--June
8,361
Dec
1951—June
10,080
10,270
Dec
1952-June
11,264
12,401
Sept
Oct
7,255
1,435 5-10 years:
3,221
1950—June
8,760
Dec
9,091
1951—June
Dec
8,629
1952-June
6,659
Sept
5,114
Oct
10,045
8,843 After 10 years:
2,490
1950—June
2,588
Dec
1951—June
2,699
Dec
4,708
1952—June
25,340
24,941
22,023
21,966
21,485

r
3,000 4,522 32,899 7,382 5,906 3,410 22,690 j
2,986 4,522 32,889 7,293 ¥5,881 3,429 22,782

Sent
Oct

Total
outstanding

U.S.
Govt. FedMuagen- eral Com- tual
mer- savcies
Reand serve cial 1 ings
trust Banks banks banks
funds

10,387
38,905
37,631
25,508
25,210

70
9
49
21
14

25,210
25,160

505
12,373
10,241
1,668
1,620

Insurance
companies
Other
Life

7,001
14,645
15,083
16,793
16,826

151
230
467
420
327

84
263
336
133
58

8 1,720 16,396
8 1,720 16,233

277
275

51
51

5,116
1,285
3,878
5,102
5,941

276
663
708
655
635

2,300
10,722
10,747
5,818
5,730

677 6,081
675 6,198

619 1,112 10 443
398
744 5,660
113
643 5,169
119
566 3,994
123
567 4,183

51,802
33,378
31,022
28,678
29,434

327
189
139
155
130

29,453
40,718

132 5,941 18,252
138 14,147 19,160

15,926
17,411
15,962
11,156
13,272

423
412
376
309
524

17,515
17,565

626 1,070 5,926 2,308 1,158 1,351 5,076
616 1,070 6,173 2,201 1,146 1,372 4,987

1,148
982
1,032
1,014
1,070

33,127 1,058
24,534
568
20,853
227
142
18,600
18,352
138

Other

5,675
7,329
6,273
2,436
3,268

133
149

120
125

2,439 1,129
926 4,186
2,125
906 1,042 4,615
842 1,016 4,414
2,009
1,925
712
944 3,816
2,092 1,090 1,087 4,141

45,084 4,482 2,349 4,092 7,130 12,114
43,599 4,682 2,508 2,932 7,180 10,778
30,023 2,629 1,397 2,781 5,389 6,056
30,012 2,726 1,415 2,740 5,276 5,758
26,707 2,231 1,358 2,681 4,707 4,589
26,613
26,586

590 4,285
671 6,328

1,392
1,530
1,236
1,269
1,122

13,525
13,989
10,535
10,828
10,019

2,236 1,358 2,656 4,703 4,579 1,133 9,948
2,234 1,358 2,586 4,726 4,566 1,137 9,979

1

* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
1
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
3
Less than $500,000.

JANUARY

1953




43

NEW SECURITY ISSUES l
[Estimates.

In millions of dollars]

Proposed uses of net proceeds,
all corporate issuers6

Gross proceeds, all issuers 2

Year or
month

Total

U. S.
FedGoverneral
ment 3 agency4

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

1946
1947
1948
1949
1950
1951

New capital

Corporate

Noncorporate
State
and
mu- Others Total
nicipal

Bonds

Total

PrePri- ferred
Publicly vately stock
offered placed

ComNew 7
mon Total money
stock

Miscellaneous
purposes

Retirement
of
bank
debt,8
etc.
215
69
174

Retirement
of
securities

691
703
758

86
98
183

25
87
108

903
420
762

681
325
569

7
26
19

2,667 2,389 1,578
811
1,062
411
917
506
369
1,170
990
621
778
3,202 2,670 1,892
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
396
138
739
73
49 2,389
134 4,555

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
356
488
637
620

2,868
1,352
307
401
1,271

838 1,214 7,120

6,531

226

363

486

627
617
811

548
570
771

26
18
29

53
29
11

12
43
45

48
587
154
433
161
939
135
939
163
971
112
798
157 1 ,256
50
295
45
407
169
940

559
413
875
844
925
747

13

15
13
45
70
38
46
14
5
14
157

36
15
13
126
38
34
125
48
94

115 1,108
13 1,128
109 1,238

69 2,155 2,044 1,353
50 2,164 1,979 1,276
24 2,677 2,386 1,628

11,466
33,846
42,815
52,424
47,353

38
1
2
1
506

956
524
435
661
795

30
5
97
22

18,685
19,941
20,250
21,110
19,893

10,217
10,589
10,327
11,804
9,687

357 1,157
2,324
2,690
216 2,907
30 3,532

56
451
156
132
282

21,265

9,778

110 3,189

446 7,741 5,690 2,364 3,326

6,900
6,577
7,078
6,052
6,361

4,881
5,035
5,973
4,890
4,910

1951—Oct..

Nov.
Dec.

1,789
1,638
1,780

651
655
601

70
0
0

397
302
296

16
8
12

1952—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..

2,194
1,698
1,649
2,336
2,494
2,452
6,441
1,175
1,339
1,932

1,024
967
515
722
928
978
4,898
544
444
531

0
0
0
228
0
0
0
0
0
0

564
222
145
397
396
624
226
201
428
294

1
605
474
478
314
31
972
748
16
967
771
22
870
54 1,116
652
848
1,309 1,119
348
2
428
381
463
4
874
59 1,049

655
673
871

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

422
403
636

234
240
131

188
163
505

127
166
104

278
59
419
398
544
211
787
125
158
399

196
255
329
372
327
441
332
223
223
476

83
10
63
61
83
84
33
29
37
6

891
778
614
736
811

106
105
132

1,234

280
386
775

7

19
24
9
5
8
10

7

9

1,206
1,695
1,854

Proposed uses of net proceeds, by major groups of corporate issuers
Commercial and
miscellaneous

Manufacturing
Year or
month

Total
New Retire- net
capproital ™ ments » ceeds

Total
net
proceeds

New
capital io

Retirements u

Total
net
proceeds

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

1951—October...
November.
December.

306
214
480

297
194
454

10
21

40
46
39

1952—January...
February..
March....
April
May
June
July
August....
September.

285
366
350
559
287
'351
'132
185

349
253
362
345
514
285
342
97
145

31
4
5
45
2
'9
'35
39

29
13
61
66
40
44
'51
'36
19

1948.
1949.
1950.
1951.

Railroad

Public utility

New Retirecap1]
ital if ments

Total
net
proceeds

561
445
356
298

56
11
193
34

2,281
2,615
2,866
2,570

2,135
2,381
2,181
2,466

40
46
37

18
76
22

17
61
22

1
15

197
273
266

28
12
55
61
40
44
51
34
19

n
29
12
34
119
51
46
94
12

17
29
12
34
51
16
46
10
12

184
125
490
399
313
355
'282
'122
197

85

Communication

Total
New Retire- net
capital io ments n proceeds

617
456
548
332

56

9

Real estate
and financial

Total
Retire- net
cap- ments n proital io
ceeds

New Retirecapital i° ments H

891
567
395
605

517
314
600

587
593
739
515

557
558
639
449

197
266
251

15
37
25

15
37
25

62
14
23

62
14
21

178
122
484
398
305
355
281
122
196

2
3
6
47
26
29
'493
'22
18

2
3
6
45
26
29
493
22
18

14
13
20
56
40
70
'68
'14
25

13
13
20
56
35
70
44
10
18

145
234
685
104

30
35
100
66

'24
'4

r
1
2

Revised.
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.
3 Includes issues guaranteed.
* Issues not guaranteed.
6
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
6
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 and 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.

44




FEDERAL RESERVE

BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]

Quarterly

Annual

Industry

1952

1951 i
1946

1947

1948

1949

1950

1951
1

.

2

3

4

1

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
T
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

44,118
7,893
4,055
2,240

51,067 12,711 13,047 12,297 13,013 12,760 12,606 12,227
8,557 2,238 2,210 1,964 2,137 1,940 1,618 1,507
839
683
932
815
3,411
878
762
624
475
567
482
1,986
469
476
475
475

8,940 11,313 13,407 12,853 14,777
1 426 1,787 2,210 1 847 2,702
908 1,167 1,475 1,213 1,513
710
657
889
551
449
12 623 19,502 23,566 23,885 29 341
607 2,312 3,105 3,191 5,192
295 1,355 1,835 1,887 2,542
950 1,351
615
746
494

17,371 4,349 4,288 4,294 4,441 4,335 4,216 4,361
741
599 ,642
3,184
814
705
855
773
1,411
368
314
368
342
334
287
308
242
202
210
206
205
845
199
203

21,372
2,038
1,205
946

30,869
4,104
2,524
1,170

37,008
5,317
3,312
1,404

36,738
5,038
3,101
1,660

33,696 8,362 8,759 8,003 8,572 8,425 8,390 7,866
5,374 1,382 1,405 1,191 1,396 1,234 1,019
865
501
2,000
510
497
565
338
375
428
273
1,141
270
325
270
270
273
273

2,715 3,231 3,503 3,323 3,492 3,873 1,025
379
124
411
407
469
435
421
235
61
258
199
254
259
257
135
31
136
140
105
128
143

901
86
40
35

942 1,004
104
93
52
46
42
32

959
86
40
32

942
93
42
33

983
105
49
32

2,550 3,108 3,549 3,557 4,447 5,433 1,338 1,377 1,351 1,367 1,373 1,337 1,367
312
318
281
285
675 1,110 1,384
365
365
342
656
463
547
125
108
107
404
484
128
120
105
409
560
111
337
283
84
100
312
355
215
180
87
88
85
87
254
438
87
2 080 2,906 3,945 3,865 4,234 4,999 1,204 1,204 1,246 1,345 1,318 1,275 1,325
217
222
204
147
165
525
203
218
721
650
861
456
269
148
114
129
406
516
123
118
127
350
111
548
442
214
64
64
57
60
60
172
55
172
205
231
55
127
92
5,429 7,545 9,066 8,187 10,446 12,501 3,044 3,198 3,034 3,226 3,073 2,385 2,605
519
425
214
525
557
492
98
993 1,700 2,092
891 1,174
451
217
102
188
220
29
578
854
775
193
176
720
545
270
120
88
86
285
377
380
247
270
211
86
88
87
85
2 310 3 634 4 529 4,353 5,058 6,167 1,480 1,563 1,434 1,690 1,590 1,726 1,713
301
232
218
250
237
238
519
998
210
567
847
443
37
123
81
91
90
82
80
320
367
73
333
424
270
-9
54
49
49
47
48
138
191
43
48
125
208
113
97
3,725 6,692 8,093 9,577 11,805 12,438 3,268 3,331 2,899 2,939 3,035 3,427 2,681
488
503
596
350
513
508
405
809 1,131 1,473 2,305 1,915
37
185
144
170
191
704
142
183
861 1,087
445
639
194
-8
114
119
114
119
116
479
119
451
671
195
136
282
122

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 .

. . .

7,628 8,685 9,672 8,580 9,473 10,391 2,440 2,596 2,583 2,772 2,587 2,532 2,633
505
295
368
229
275
250
261
700 1,384 1,260
777 1,148
271
320
141
208
104
146
124
438
149
699
783
693
479
287
111
80
66
101
63
53
252
289
312
236
235
74
328
3 815 4,291 4,830 5,055 5,431 5,867 1,504 1,419 1,423 1,521 1,603 1,491 1,513
382
344
403
413
320
498
400
983 1,129 1,303 1,480
954
964
229
226
207
824
195
168
657
818
643
638
257
214
757
4S8

494

493

553

619

661

2,148 2,283 2,694 2,967 3,342 3,729
333
580
691
215
292
313
207
341
186
209
138
331
318
213
178
131
168
276

157

161

162

181

172

904
175
90
77

918
174
92
79

931
160
72
81

976
182
86
81

993 1,023 1,037
194
182
205
88
93
98
91
85
87

173

177

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).

JANUARY

1953




45

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Profits
before
taxes

Year or
quarter

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

2 550
2 814

4 ,798
2 ,523
1 ,684
1 ,875
^ SOO

- 5 3 9 1 ,939
—273 9 477
- 2 4 2 ,391
-313
929
-796
996
- 4 7 5 2 ,693
—389 4 924
2,382 4 ,721
4,359 5 ,015
5,886 5 ,938
4,856 4 ,867
3,724 4 806

9 ,137

2 ,704

6,433 5 ,687

1951—2.... 2 ,749
3 . . . . 1 ,792
4 . . . . 2 ,477

778
652
526

1,971
1,140
1,951

1 ,758
1 ,077
1 ,406

558
602
716

1,880 1 ,640
2,485 2 ,183
1,743 1 ,822

2 ,182
9 801

2 ,721

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

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

24.2
23.6
24.5
21.8
22.2

18.7
17.2
18.8
16.9
17.3

9.0
9.3
9.0
9.2
9.3

9.6
7.9
9.8
7.7
8.0

1951

24.7
22.9
-•22.6
24.4

18.1
16.6
16.4
17.6

8.9
9.6
9.3
9.3

9.2
7.0
'7.1
8.3

1952—1.... 2 ,438
2 . . . . 3 ,087
3 . . . . 2 ,459

1.5
2.9

5.0
6.4

1941
1942
1943
1944
1945 .

17.2
21.1
25.1
24.3
19.7

7.8
11.7
14.4
13.5
11.2

9.4
9.4
10.6
10.8
8.5

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

1951
1952 i
1951—2
3
4. . . .

42.9
40.8
43.3
38.6
39.5
42.7
39.5
39.0
42.0

Bonds and notes

Stocks

New Retire- Net
New RetireNew RetireNet
Net
issues ments change issues ments change issues ments change

1939
1940

6.5
9.3

r

All types
Year or
quarter

1.2
3.8
4.0 * 2.4

1939
1940

1952—1....
2. . . .
3i...
4 i . ..

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES '
[Estimates, in millions of dollars]

,074

-611
—337

243
324

171
260

72
64

402
222
337
731
1 533

301
137
329
508
851

101
85

2 ,459
1 ,867
1 ,632
1 ,865
,418

1,173
512
400
292
698

1 ,286
1 ,355
1 ,232
1 ,572
1

2 ,042

3,644 3 ,450

662

2 ,788

582
493
398

991
1,176
584
715
1,008 1 ,071

196
159
128

794
556
943

489
513
611

1,151
1,670
1,211

69
89
105

729
815
532

2
1
1
3

516
-125
327
-398
800
-804
391
-698
995
—
1 071
s
3 625 1,096
2 ,011 3,004
1 ,284 4,654
1 ,583 3,284
2,004
9 809

798
905
637

223s

i Reflects cash transactions only. As compared with data shown on p. 44, new
issues exclude foreign and include investment company offerings, sales of securities
Revised.
held by affiliated companies or RFC, special offerings to employees, and also new
i Figures except those for cash dividends, are esti- stock issues and cash proceeds connected with conversions of bonds into stocks. Remates of Council of Economic Advisers, based on tirements include the same types of issues, and also securities retired with internal
preliminary data.
funds or with proceeds of issues for that purpose shown on p. 44.
Source.—Department of Commerce.
Source.—Securities and Exchange Commission.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimat es, in millions of dollars]
r

Curren . assets

Current liabilities

U. S. Gov- Notes and
ernment
accounts
securities receivable 2

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

2.2
2.0

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

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

1951—2
3
4

82.2
83 0
82.6

1952—1
2

84 1
85.7
86.9

End of year
or quarter

. ..

3

Inventories

Other

Total

22.1
24.0

18.0
19.8

1.4
1.5

30.0
32.8

21.9
23.2

4.0
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
2.4

40 7
47.3
51 6
51.7
45.8

?2 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

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

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

Other
6.9
7.1

26 4
26.0
26 3
26.8
25.7

1.2
2.5
7 1
12.6
16 6
15 5
10.4

51 9
61.5
64.4
58.5
74.6

31 6
37.6
39.4
35.7
44 6

8 5
10.7
11.5
9.7
15 4

11 8
13.2
13.5
13.1
14 6

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

2.2
2.1
2.3

87 3
84.0
88.9

52 7
51.7
54.9

18 5
16.0
16.6

16 1
16.3
17.5

1.4

72
8.7
8 7
9.4

9.7

2
Includes amounts due from the U. S. Government.
i Excludes banks and insurance companies.
3
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

5,512
1939
8,692
1945
14,848
1946
20,612
1947
1 9 4 8 . . . . 22,059
1949.... 19,285
1950.... 20,605
1 9 5 1 . . . . 26,332
1952
26,860

Manufacturing

1,943
3,983
6,790
8,703
9,134
7,149
7,491
11,130
12,452

1
3

Mining

Railroads

Transportation
other
than
rail

Public Comutili- munications
ties

Other 2

Quarter

Total

Manufacturing
and
mining

326

280

365

520

302

383
427
691
882
792
707
911

548
583
889
1,319
1,352
1,111
1,474
1,398

574
923
1,298
1,285
887
1,212
1,492
1,394

505
792
1,539
2,543
3,125
3,309
3,855
3,961

321
817
1,399
1,742
1,320
1,104
1,344

850

Trade

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

Transportation
incl.
railroads

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

1,042
1,117

936

1,872
1,870
1,949

1952—1. . .
2. . .
3. . .
44. .

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—14..

6,519

3,275

642

996

1,607

2

Includes service, finance, and construction.
Corporate and noncorporate business, excluding agriculture.
Includes communications,, trade,, and other.
^..
* Anticipated by business.
Source.—Department of Commerce and Securities and Exchange Commission.

46



FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 5
1947-49=100

Industrial production
(physical volume)* 1
1935-39 = 100

Employment and payrolls *
1947-49=100

Manufactures

Year or month
Total

Durable

Nondurable

Minerals

Total

Residential

All
other

Nonagricultural
employment

Freight
carloadManufacturing
ings*
production workers 1935-39
= 100
Employment

Payrolls

AdAdAd- Unad- Unad- AdAdAdAdAdAdUnad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed

DepartWholement
Consale
store sumers' comsales* prices » modity
(retail 1935-39 prices *
value)* = 100 1947-49
1947-49
= 100
= 100

Adjusted

Unad- Unadjusted justed

1919
1920
1921
1922
1923
1924
1925

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
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61.6
62.2
55.4
58.7
64.6
63.8
65.5

68.7
69.0
52.8
58.4
66.9
62.1
64.2

31.1
37.1
24.0
25.7
32.6
30.4
32.1

120
129
110
121
142
139
146

27
32
30
30
34
34
36

123 8
143.3
127 7
119.7
121 9
122 2
125 4

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

37
37

131

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

79
70
79
81
90

80
67
76
80
86

34
15
14
17
20

22
8

50.2
42 6
47.2
55 1
58.8

21.5
14 8
15.9
20 4
23.5

32

7
13

60.6
53.7
53.9
59.0
61.6

105

7

41
20
18
24
25

78
82
89

24
24
27

108 7
97 6
92 4
95 7
98.1

47 4
42 1
42 8
48 7
52.0

1936
1937
1938
1939
1940

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

33

111
89
101
109

35
32
35
37

99
102
100
99
100

52
56
51
50
51

1941
1942
1943
1944
1945

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

44
50
56
62

105 2
116.6
123 7
125 7
128.6

1946
1947
1948
1949
1950
1951

170
187
192
176
200
220

192
220
225
202
237
273

165
172
177
168
187
194

134
149
155
135
148
164

82
84
102
113
159
171

87
86
98
116
185
170

79
83
105
111
142
172

95.1
99.6
101 6
98.8
101 4
106.6

97.9 81.2
103.4 97.7
102 8 105 1
93.8 97.2
99 2 111 2
105.4 129.2

132

90

143
138
116
128
134

98
104
98
105
109

139
159
171
170
171
185

222
223
222
221
212
217
218
218
219
218

219
222
223
223
214
220
223
222
220
217

277
279
276
274
265
267
271
274
277
282

199
198
198
197
187
193
192
188
188
185

158
164
165
165
156
165
167
174
170
163

163
199
193
200
162
156
147
140
156
166

176
170
166
174
179
176
168
160
146
145

154
219
211
217
150
143
133
127
162
180

106.3
106.6
106.8
107.1
107.1
107.0
106.8
106.6
106.8
107.1

130.0
129.5
128.1
129.8
126.4
128.4
130.9
129.8
129.8
132.9

139
136
133
131

105
104
104
105

221
222
221
216
211
204
193
••215
'227
229
P233
«234

217
218
217
215
211
205
194
218
231
233
P234
«233

282
284
285
277
277
247
230
'267
••289
298

189
190
188
183
181
186
179
191
194
195
P197
"197

167
167
164
166
140
147
142
156
175
164
P175
«171

161
156
164
171
168
172
177
207
207
210
P191

142
163
174
189
186
193
196
193
191
185
P182

1951
March
April
May
June
July
August
September
October
November
December
1952
January
February
March
April
May

Tune
July.
August
September
October
November
December

P300

"305

« Estimated; all estimates are those of the Federal Reserve.
* Average per working day.
1
For indexes by groups or industries, see pp. 48-5L
2
Three-month moving average, based on F. W. D

106.9
107.1
106.8
106.8
106.0
104.8
103.9
103.4
103.3
103.5

106.6
106.0
105.0
105.6
104.2
105.7
105.8
105.1
104.3
104.4

173 106.8 103.6 103.2 130.4
152 107.0 103.8 103.6 131.0
157 107.0 103.7 103.6 131.9
158 107.0 104.0 102.9 128.1
156 107.1 103.4 101.8 128.1
158 106.5 100.8
99.7 126.4
165 106.1
99.2 97.5 121.1
217 107.9 '•103.4 '104.2 133.3
218 108.5 '105.3 '107.1 '141.7
227 108.8 106.1 107.8 e 143.8
P197 P109.1 P106.9 P108.0 l44.1

Preliminary.

r

92

135

37
38

29

70

125
133
133

105
109
106

135
137
133

109
113
109

141
136

108
106

133
126
122
108

105
103
108
111

102
125
134
128
134
131

105
114
106
115
P112
"116

1
7
8
4
2

5
1
1
1
1

56 8
64.2
67 0
67.6
68.8

5
6
9
2
9
6

78 7
96 4
104 4
99*2
103 1
114 8

184 5
184 6
185 4
185 2
185.5
185.5
186 6
187 4
188 6
189 1

116 5
116 3
115 9
115 1
114.2
113.7
113 4
113 7
113 6
113 5

189.1 113.0
187 9 112 5
188 0 112 3
188 7 111 8
189 0 111 6
189 6 111 2
190.8 111.8
191.1 112.2
190.8 111.8
190.9 '111.1
191.1 110.7

Revised.

the Bureau of Labor Statistics. Nonagncultural employment covers employees only and excludes personnel in the armed forces. The consumers price index is the adj
sumers'
adjusted series,
s e , reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950,
19500, interim revision of series and weights,
weights
weights.
d
d l R
dii
« For indexes
by FFederal
Reserve districts
and for other department store data, see pp. 58-60.
Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, December 1951, pp. 1490-1515.

JANUARY

1953




47

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1952

1951

Industry
Nov. Dec. Jan. Feb.
Industrial Production—Total.

.

.

Manufactures—Total

Mar. Apr.

May

June July Aug. Sept. Oct. Nov.

219

215

221

222

221

216

211

204

193

'215

'227

229

P233

228

228

231

232

231

225

224

214

202

225

'236

241

P243

277

282

282

284

285

277

277

247

230

»-267 '289

261

263

261

261

263

245

246

140

139

*244

232
307
216
954

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
283 319 332 334
202 222 233 231
860 1013 1040 1064

347

358

359

360

359

354

353

352

331

'336

'352

361

P368

313

320

318

322

327

329

338

339

287

300

'349

364

P360

216

221

218

219

222

227

231

229

162

175

'243

257 P 2 5 5

209

207

216

217

218

218

216

210

201

213

'224

234

235

235

243

249

252

257

259

247

242

251

248

251 P251

198

196

206

204

204

203

199

195

184

197

'215

228

P230

157

154

159

162

158

152

142

146

141

155

155

P161

149
172

141
178

150
175

154
176

149
175

143
170

128
168

134
169

128
165

135
175

140
183

138 146
189 P189

Stone, Clay, and Glass Products

212

219

217

224

222

220

217

222

214

221

222

224

Glass products
Glass containers
Cement
Clay products

199
204
219

208
216
242

210
223
233

227
243
230

243
261
231

245
261
227

241 P234
254 242
231 233

182

175

173

168

247
269
222

243
266
21S

172

224
239
244

225
242
238

173

223
239
257

158

163

160

Durable Manufactures
Iron and Steel1

Pig iron
Steel
Open hearth
Electric
Machinery

.

.

. .

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) *
Lumber and Products

Lumber

Nondurable Manufactures
Textiles and Products

Textile fabrics
Cotton consumption
Rayon deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn ..
Woolen yarn
^^orsted 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 s
Manufactured dairy products
Butter
Cheese
Canned and
dried milk
Ice cream 8

. .

170

298 P 3 0 0
280

161

188

185

189

190

188

183

181

186

179

191

194

157

152

157

160

152

144

151

154

147

170

'177

172

142

137

142

146

139

131

137

138

129

152

158

154

135
287

133
312

111
343

143
369

145
377

142
361
134

144
289
120

. .

177

'270

136
283
118

94
122

99
121

120
116

115
112

144
296

150
294

141
288

130
280

116

122

112

108

120
110
109
108

126
133

119
131

109
126

89

88

78
94

79
91

51
53
69
97

133
116

123
110

117
114

108
103

P237

P161

195 P 1 9 7

112

103

123

137

117
110

113
123

75
125

71
120

120
139

148
149

141
142

103
96

112
108

113
106

103
97

120
112

130
121

127
117

112
113

131
123

144
136

140
138

117

P282

P174
149
356

120
126

114
113

100

107

108

102

W>

103

91

116

112

112

86
98

90
101

86
98

84
95

90
105

81
91

97
110

97
107

103
115

59
60
71
94

64
70
71
110

92
106

73
72
74
118

68
69
72
122

72
64
69
114

67
67
72
115

69
67
79
111

60
71
66
98

79
67
89
129

90
88
123

88
77
93
118

160

160

162

165

166

163

160

166

162

*164

'167

164 P162
109 P i l l

112
109

116
123

124
124

120

115

109

122

113

103

108

103

113

109

109

108

137
64

136
62

137
65

142
71

146
73

148
73

145
70

148
71

146
73

147
73

158
118

165
118

147
69

148
69

161
119

138
66
163
120

169
133

181
149

183
163

180
164

176
152

178
168

178
166

176
155

191
152

p Preliminary.
' Revised.
i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 8be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
1
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.

48




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average = 100]
1951

1952

Industry
Nov. Dec. Jan. Feb.

Mar. Apr. M a y June July Aug. Sept. Oct. N o v

Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton

168
205
143

106
75

84
69

Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products

166
121
136
183

A Icoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors

Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp

'.

Sulphate and sulphite pulp 3
Paper
Paperboard
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
By-product coke
Beehive coke

162
193
145

182
228
153

170
200
151

121 125
87
77
171 '174
'123 '140
134 136
190 189

169
194
153

170
196
155

169
146
128
183

169
147
130
181

175
161
121
188

171
138
117
189

188

176

174

171

170

157

150

152

162

151

155

162

180

180
86

178
85

185
73

173
73

161
38

176
19

165
21

160
26

177
31

336

327

154
62

149

253

171
68

198

234

369

81
85

185

109
68

172

186

187

190

181

113
240
54

111
261
68

123
257
65

134
258
66

160

188

192

203

124
249
57
205

154
195
124

180
229
132

181
220
125

192
233
125

194
236
108

214

207

224

147

176

175

174

184

178

189

87
204
60

108
244
67

105
244
68

109
243
59

110
259
62

114
245
64

116
264
65

191

184

187

193

192

185

182

181

187
235
112

182
223
116

185
229
111

189
237
114

188
241
117

181
228
110

175
221
108

176
227
121

95

94

95

99

99

95

92

89

171
148 P131
131
184 P184

263

298

205

129
262
84

131
89

175

292

208

194

131
96

154
28
182
325

193

225

231

99
78

150

292

68

148

8?

83

89

133

92

278
180
205

261
176
191

271
178
197

279
181
209

284
180
205

269
174
202

260
168
207

266
168
201

226
148
182

267
172
222

256
175
233

274
186
246

280
188
249

188
179

191
181

192
195

182
168

150
174

168
180

165 178
187 '206

182
193

177
123

186
186

175
162

181
128

191
184

189
190

184
125

178
131

161
122

149
130

134

124
126

148
130

146
126

150
Ml

161
121

175

174

175

177

177

175

170

176

157

165

165

176

175

163

158

159

163

164

164

166

169

164

162

166

173

169

276

281

281

281

278

261

209

251

259

280

282

279

214

215

211

212

210

205

157

216

225

228
185
199

231
174
226

235
181
230

232
179
208

226
196
230

234
192
224

185
177
467

176
129

299

298

300

158

158

159

331
563

317
563

322
562

Rubber Products....

245

250

Minerals—Total

170

163

Fuels

178

Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 2
Gold
Silver

158
180
149

172
150
135
184

188
179
459

Metals

84
76

147
163
144

171
133
143
185

188
179
464

Bituminous coal
Anthracite
Crude petroleum

79
79

148
170
137

169
128
145
184

185
178
456

Coal

146
167
140

168
123
149
183

242
177
208

Paints
Rayon
Industrial chemicals
Other chemical products 2

165
207
135

84
85

238
188
243

Chemical Products

179
230
141

87
80

262

Tobacco Products

163
200
141

231

r

234

225

P233

218
177
211

167
124
133

204
197
420

166
161
326

165
161
311

72
71
84

67
67
52

169
168
184

177 '179
174 178
299 '243

297

294

292

292

298

299

302

r302

157

1 52

1 51

151

1 58 v\ S8

269
563

267
559

270
558

307
563

1 57 '1 54
32 5 354
565 '568

1 55

299
562

1 55

370
565

3S7
576

248

243

242

235

242

246

225

242

167

167

164

166

140

147

142

156

175

164 P175

170

175

174

170

171

140

161

155

161

180

167 vl80

141
152
99
196

125
135
86
193

136
147
91
194

123
135
77
199

111
122
68
199

110
119
74
201

100
107
73
159

96
102
74
193

84
91
57
190

93
102
61
194

133
144
88
203

93 125
93 135
95
87
203 P2O7

122

122

125

128

125

141

143

65

65

131

175

174

177

182

176

204

207 • 71

71

188

219

212

45
65

44
70

47
72

47
76

48
78

47
77

52
71

54
63

50
63

48
63

47
69

227
183
223

51
75

226 P 2 3 5
182
207
182
179
269

303 v307

p[-QQ

254 P259

145 v]48

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.

JANUARY

1953




49

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers , 1935-39 average = 100]
1951

1952

Industry

Nov. Dec. Jan. Feb.
Industrial Production—Total

220

Manufactures — Total

229

Durable Manufactures

277

217

227
280

217

227
280

218

229
281

Mar. Apr. M a y June July Aug. Sept. Oct.
217

228
283

215

224
277

211

224
27S

205

215
249

Nov.
P234

218

231

228

r241

245 P245

232

'269

'291

300 P 3 0 1

r

280 P282

194

203

233

261

263

261

261

263

245

246

140

139

244

*270

232
307
216

227
304
219

954

235
304
221

239
309
225

911

208
278
195

42
66
39

38
83
36

247
332
233

855

867

256

418

221
283
202

892

205
278
196

242
319
222

911

229
304
218

347

358

359

360

359

354

353

352

331

*336

r

352

361

313

320

318

322

327

329

338

339

287

300

'349

364

216

221

218

219

222

227

231

229

162

175

'243

257 P255

209

207

216

217

218

218

216

210

201

213

r

224

234

236

235

243

249

252

257

260

246

241

251

248

251 P252

198

196

206

204

204

203

199

195

184

197

'215

155

141

142

148

149

152

145

155

150

rl60

167

164 vl59

146
172

122
178

125
175

133
176

135

143
170

133
168

148
169

143
165

152
175

159

151 143
189 P189

Stone, Clay, and Glass Products

217

212

205

208

Glass products
Glass containers

200
206
237
179

197
201
220
177

207
219
188
169

218
232
196
168

184

186

157

152

157

160

142
144
289

137
136
283

142
144
296

146
150
294

120

118

116

122

Pig iron
Steel
Open hearth

Electric

Automobiles (including parts)
(Aircraft; Railroad equipment; Shipbuilding—Private and
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

Other stone and clay products 2

Nondurable Manufactures
Textiles and Products

Textile fabrics

Cotton consumption
Rayon deliveries
Nylon and silk consumption * . .
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth

Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured

Food Products

Wheat flour
Cane sugar meltings *

Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream

191

94
122
120
116
126
133

99
121
115
112
119
131

913

175

860 1013 1040

216

224

225

216

231

225
242
226
168

240
260
241
167

245
266
237
169

235
255
236
160

251
272
261
169

184

180

180

187

181

152

144

151

154

147

139
141
288

131
130
280

137
135
287

138
133
312

112

108

117

113
123
112
108
116
123

212
224
239
200
167

120
110
109
108
109
126

133
116
117
114
120
126

123
110
108
103
114
113

117
110
103
96
112
109

183
232

228

235

200

200 P 2 0 0

170

rl77

129
111
343

152
143
369

158
145
377

154
142
361

112

103

1?3

75
125
113
106
124
124

71
120
103
97
112
113

rJ37
120 148
139 149
120 '130
112
131 '144
123 '136

134

112

172 vl74

100

109

108

102

105

102

90

116

86
100

96
109

86
98

84
95

90
105

90
102

77
86

95
107

58
61

95
105

77
74

67
68

69
66

104
116

62
70

64
66

70
68

60
70

83
65

88
'66

89
77

81
118

70
122

68
114

77
115

78
111

62
98

149
356

141
142
127
117
140
138

79
91

66
110

P227

195

88

67
94

P230

249
267
263
'166

81
98
73
97

P237

247 P ? 3 6
262 245
267 252
170 P 1 6 6

91

52
52

244
334
2.31
1064

86
123

93
118

191

177 P166

92
129
r

120

164

158

151

149

148

149

116

108

122

114

101

104

99

109

108

108

118

115 p\ 11

98
49
119

95
49
116

85

86
54
122

97
58
134

116
64
152

152
75
188

197
94
245

215
86
217

92

217
95
256

214
76
199

173
69
182

95

106
55
143

108

131

13.3
63
1 58

168

227

227

176

173

153

126

109

154

165

174

185

r
p Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 8be 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 used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1

50




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1951

1952

Industry
Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.

Nov

Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.

188
240
148
114
75

195
264
141
79
68

193
253
148
81
85

175
223
140
74
86

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

Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products

174
111
161
192

166
96
150
187

157
83
149
177

155
84
144
176

153
82
125
176

151
89
107
175

154
96
100
178

166
124
89
189

179
179
96
193

'195
'234
144
194

178

154

145

152

155

155

158

176

186

139
86
549
292

142
85
278
225

151
73
219
150

155
73
196
193

159
68
190
208

162
62
179
205

170
51
139
214

203
38
115
207

198

137

176

167

164

174

178

197

129
267
86

87
188
53

108
244
66

105
229
66

109
226
59

110
241
62

114
245
64

116
278
66

191

183

187

194

192

186

182

187
236
119
95
278
180
205

181
223
117
94
261
175
191

185
230
116
95
271
178

190
238
119
99
279
182
209

188
242
125
99
284
180
205

181
230
121
95
269
174
202

175
222
117
92
260
168
207

188
179
184
126

191
175
181
125

192
193
W7
123

191
191
176
129

189
190
178
131

186
188
161
124

Printing and Publishing.

183

178

170

175

180

Newsprint consumption
,
Printing paper (same as shown under Paper).
Petroleum and Coal Products.

178

166

148

159

171

276 281 281

281

278

215

212
242
175
218

210

227
181
227

188
179
459

Manufactured Food Products—Continued

Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Tobacco Products.
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp s
Paper
Paperboard2
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).

Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2 .
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Rayon
Industrial chemicals
Other chemical products 2

165

154
158
163
138
93

169
183
167
149
100

190
230
161
141
89

205
-•2 72
175
193

190
191
171
193

Pi 75
P121

159

159

173

163

220
19
115
224

188
21
126
175

161
26
202
263

143
28
472
325

136
31
280
369

179

193

198

197

184

113
252
54

111
274
66

123
275
69

134
268
71

124
254
59

182

159

188

191

203

205

177
227
122
89
266
169
201

153
193
110
68
226
147
182

180
227
116
82
267
172
222

181
217
112
83
256
175
233

192
232
116
89
274
186
246

194
237
114
92
280
188
249

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

180

174

175

145

157

166

180

183

174

173

168

141

146

168

182

184

209

251

259

280 '282

279 V288

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

204
197
420

166
161
326

165
161
311

67
67
52

169
168
184

177
174
299

178
'243

r

Pl 93"

214
226
196
237

234
190
231

185
177
467

185
178
456

188
179

304

302

302

300

298

295

291

295

299

304

309

P312

157
331
563

158
317
563

156

155
269
563

153
267
559

155
270
558

156
307
563

155
325
565

'152
354
'568

153
370
565

158
357

P347

562

155
299
562

211
238

183
248

P233

182
179
269

Rubber Products. .

245

250

248

243

242

235

242

246

225

242

'248

Minerals—Total.

169

159

162

162

158

165

143

149

144

161

180

166

>174

Fuels

178

170

175

174

170

140

161

155

161

180

167

PISO

141
152
99
196

125
135
86
193

136
147
91
194

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
P207

90

130

159

75

81

164

178

164

v!41

118
94

189
238

239
348

91
41

101
71

244
381

265
418

Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper: Lead; Zinc) 2
Gold
Silver

115

89

88

123
135
77
199
91

160
185

117
94

116
94

121
98

46
70

55
64

For other footnotes see preceding page.
N O T E . — F o r description and backfiguressee B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937 and Aueust
1940, pp. 753-771 and 825-882.

JANUARY

1953




51

OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952

1951
Product group

Total

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

104

98

100

102

104

103

'105

108

71

84

121

125

133

Passenger automobiles

104

93

91

96

103

109

110

114

47

63

'122

125

131

Household goods, total
Carpets . .
Furniture
Major appliances
Radios and television

103
60
101
93
149

104
63
105
100
130

110
79
104
97
164

108
75
103
95
158

106
80
102
98
141

97
83
'106
82
118

99
81

101
44
'110
89
136

98
61
'113
74
135

'108
76
'113
94
141

'120
81
'116
89
205

124
99
118
91
214

136

no9
85
115

120
110
237

»• Revised.
NOTE.—Figures for November 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
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

ADJUSTED FOR SEASONAL
VARIATION

Total
12,776 12,803 12,816 12,835 12,832 12,862 12,794 12,465 12,268 12,795 13,019 13,128 13,228
Durable goods
7,264 7,261 7,256 7,285 7,281 7,331 7,302 6,916 6,674 '7,188 '7,403 7,504 7,583
Primary metal industries
720
1,152 1,156 1,154 1,148 1,143 1,153
686 '1,116 '1,155 1,158 1 ,16(>
1,143
Fabricated metal products
777
801
794
802
806
745
'820
796
838
799
'795
799
852
Machinery except electrical
1,261
1,263 1,276 1,275 1,267 1,276 1,263 1,255 1,215 '1,193 '1,191 1.212
1,232
Electrical machinery
707
710
747
718
712
714
715
756
706
720
726
715
776
Transportation equipment
1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,323
1,169 '1 ,192 '1,311 1 .367 1,372
Lumber and wood products
712
688
635
690
691
667
699
709
'707
685
'709
680
680
Furniture and fixtures
287
293
294
297
303
292
290
297
'301
290
'299
293
306
Stone, clay, and glass products. .
470
452
449
453
463
457
460
448
'460
449
'456
449
466
Instruments and related products
232
'240
230
232
233
229
235
233
238
'242
245
231
250
Misc. manufacturing industries..
388
'403
398
410
408
376
374
375
370
382
401
'408
374
Ordnance and accessories
59
59
60
61
63
56
52
55
61
50
58 5,492 5,549
54
60 5,607
Nondurable goods
5,624 5,645
'5,616
5,512 5,542 5,560 5,550 5,551 5,531
Textile-mill products
1,088 1,082 5,594 '1,137
1 ,147 1 ,145
'1 .149
1,121 1,124 1,120 1,106 1,102 1,093
1,114
Apparel and other finished textiles
1,004 1,018 1,045 '1,034 '1,033 1 ,026 1 ,048
998 1,020 1,029 1 021 1,020 1,011
Leather and leather products. . .
325
335
336
344
339
330
347
345
'350
319
351
348
356
,159 1,161
Food and kindred products
1,155 1,153 1,169 1 ,163 1,140 1 ,137
1,132 1,133 1,144
1 ,140 1 ,136
r
81
Tobacco manufactures
81
82
83
S3
83
82
84
79
83
84
83
81
402
Paper and allied products
399
400
'410
403
407
406
398
405
403
412
414
415
Printing, publishing and allied
512
industries
507
510
'514
511
510
512
514
510
514
517
519
511
527
Chemicals and allied products...
530
525
530
530
523
531
531
532
523
528
525
525
197
195
169
Products of petroleum and coal.
197
199
195
196
201
189
'200
189
203
201
215
214
216
214
213
216
215
Rubber products
214
218
208
'216
218
210
WITHOUT SEASONAL ADJUSTMENT

Total
13,337 13,357
12,904 12,911 12,766 12,820 12,815 12,733 12,588 12,329 12,061 '12,886
Durable goods
7,314 7,322 7,264 7,306 7,316 7,329 7,262 6,888 6,559 '7,146 '7,417 7,553 7,637
r
716
676 '/,110 l,155 1,164 / , 175
Primary Metal Industries
1,149 1,164 1,162 1,160 1,154 1,143 1,141
Blast furnaces, steel works
'540
134
566
155
567
570
573
570
558
567
558
557
and rolling mills
r
726
769
807
805
806
804
820
856
807
806
798
r783
842
Fabricated Metal Products
1,255 1,269 1,276 1,281 1,280 1,282 1.269 1,261 1,203 rl,181 '/,y<?5 1,206 1,226
Machinery except Electrical
242
248
241
249
245
247
249
249
247
245
'244
'246
Metalworking machinery...
685
718
706
727
726
725
722
714
708
764
708
743
Electrical Machinery
Electrical apparatus (gen254
'259
'269
266
274
266
271
273
275
270
267
273
erating, etc.)
297
265
'281
268
307
268
272
271
273
269
267
273
Communication equipment. 1,234 1,235 1,235 1,251
'1,311
1,169
'/,192
1,367 1,372
1,266 1,288 1,307 1,323
Transportation Equipment
521
664
672
'525
691
655
645
634
633
643
663
667
Motor vehicles and equip'466
'446
454
ment
447
475
395
424
407
428
437
415
430
Aircraft and parts
'72/
709
697
701
719
668
696
654
670
678
635
696
'437
Lumber and Wood Products
427
424
432
428
396
412
398
387
391
405
r
285
303
Sawmills and planing mills..
314
288
309
294
296
296
296
296
292
287
202
'210
202
Furniture and Fixtures
221
206
207
208
208
202
208
205
'216
r
441
'458
468
453
465
472
447
465
452
449
452
449
Household furniture
462
r
230
233
246
230
233
232
234
233
23,
236
251
Stone, Clay, and Glass Products..
242
r
375
38,
428
388
381
381
374
382
380
376
428
Instruments and Related Products.
41-f
60
61
50
55
52
56
59
54
58
60
59
63
Misc. Manufacturing Industries..
61
Ordnance and Accessories....
For footnotes see following page.

52




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN M A N U F A C T U R I N G

INDUSTRIES--Continued

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.
1951

In thousands of persons]

1952

Industry group or industry

Dec.

Jan.

Feb.

Mar.

Apr.

May

5,590
1,132

5,589

5,502
1,131

5,514
1,123

5,499

1,141

5,404
1,093

544

548

540

527

518

209

211

209

210

210

Nov.
N o n d u r a b l e goods
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Leather

and

Leather

Products....

Footwear (except r u b b e r ) . . .
Food and Kindred Products
Meat products
Canning and preserving
Bakery products
Tobacco Manufactures
.
Paper and Allied Products
Pulp, paper and paperboard
mills
. . . .
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals.
Products of Petroleum and Coal..
Petroleum refining

1,113

June

July

5,326
1,083

5,441
1,082

5,502

507

503

506

509

210

209

212

209

1,081

Aug.

Sept.

Oct.

5,740
l, 120

r

5,829
l, 138
'522
225

5,784
1,147

r

f-519
221

228

972
240

982
239

r1,050
r249

r1,064
'253

275
336
217
1,057
233
114
186
77
398

959
238
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

r292
r357
'232
1,279
232
280
194
87
r
408

'291
355
r228
'1,312
237
'311

410

206

206

209

203

'209

'•206

208

1,035
235

1,029
228

1,052
233

1,051
238

996
239

279
317
198
1,160
246
145
192
85
411

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

306
344
222
1,057
239
104
189
78
401

212

212

211

210

208

194
TQJ

519
154

520
155

510
151

507
152

508
152

507
152

170
542
173
197
154
219

511
154

507
154

171
538
171
196
155
219

170
536
170
193
153
218

507
154

r

166
538
168
193
153
215

167
538
168
194
152
215

166
530
163
197
155
213

167
517
161
168
126
213

154

514
155

522
155

167
512
163
190
155
215

165
511
166
191
158
202

165
513
168
'205
161
212

166
526
168
r
203
'159
r216

169
535
170
203
159
220

5O9

5,720
1,156

524

1,062
255
283
355
224
1,233
235
226
194
91
416

1,008
233

Nov.

1,058

354
1,162

87
419

524

535
202
. . . .
223

r
Revised.
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for November 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 M A N U F A C T U R I N G INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group

1951

Nov.

Sept.

70.59

70.66

40.5

41.3

76.76

76.24

41.5

42.0

'82.28
••74.42
'80.27
••72.32
'85.36

82.59
75.85
80.87
72.83
85.96

82.40
75.75
80.75
72.30
84.62

41.2
41.4
43.2
41.8
40.7

'41.2
'42.0
'42.9
'42.0
'42.3

41.5
42.4
42.9
42.1
42.2

'66.39
'62.33
'68.19
'74.49
'62.93
'80.22

66.35
63.45
70.22
75.05
64.13
79.05

64.65
62.72
69.39
75.74
64.69
78.64

40.6
41.1
40.9
42.5
40.6
43.9

'41.7
-•42.0
41.2
'42.3
41.7
42.9

59.07 '62.26

62.42

62.99

39.2

50.46
45.12
45.85
63.34
42.26

'54.55
'48.64
'51.09
'63.99
'47.20

55.26
48.19
50.98
64.38
47.56

55.02
47.76
50.48
66.19
47.38

65.64
77.09
68.72
81.28
69.46

'70.99
'82.20
'71.30
'89.03
'74.32

71.56
81.86
71.47
87.64
74.34

72.41
81.50
73.17
87.48
77.80

Oct.

65.85

'70.04

71.05

76.06

Primary metal industries. . .
Fabricated metal products. .
Machinery except electrical.
Electrical machinery
Transportation equipment. .

75.23
69.92
77.63
69.10
77.05

Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories

60.86
58.81
65.03
70.98
58.71
75.68

Paper and allied products
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products

1952

Nov.

Sept.

Nondurable goods.
Textile-mill products
Apparel and other finished products
Leather and leather products
Food and kindred products
Tobacco manufactures

1951

1952

Nov.

Total
Durable goods.

Average hours worked
(per week)

Average hourly earnings
(dollars per hour)
1952

1951
Nov.

Nov.

Sept.

Oct.

Nov.

41.4

41.2

1.626

1.696

1.705

1.715

42.2

41.8

1.712

1.811

1.819

1.824

41.2
42.2
42.7
41.6
41.4

1.826
1.689
1.797
1.653
1.893

-1.997
'1.772
'1.871
' 1 . 722
'2.018

1.990
1.789
1.885
1.730
2.037

2.000
1.795
1.891
1.738
2.044

42.1
42.5
42.0
42.4
42.3
42.5

42.1

1.499
1.431
1.590
1.670
1.446
1.724

'1.592
'1.484
'1.655
'1.761
'1.509
'1.870

1.576
1.493
1 .672
1.770
1.516
1.860

1.554
1.497
1.672
1 .778
1 .533
1.868

40.3

40.3

40.3

1.507

1.545

1.549

1.563

37.8
35.5
35.6
42.0
39.3

'40.2
37.5
'38.5
'42.1
r
39.8

40.6
37.5
38.1
41.7
40.1

40.4
37.4
37.5
42.0
38.9

1.335
1.271
1.288
1.508
1.177

'1.357
'1.297
'1.327
'1 .520
'1.186

1.361
1.285
1.338
1.544
1.186

1.362
1 .277
1.346
1.576
1.218

42.4
38.7
41.8
40.7
40.5

43.5

43.9
39.0
41.7
40.8
40.8

44.1
38.9
42.2
40.5
41 .1

1.548
1.992
1.644
1.997
1.715

'1.632
'2.097
-1.718
'2.161
P
1.826

1.630
2.099
1.714
2.148
1.822

1.642
2.095
1.734
2.160
1.893

Oct.

r
Revised.
NOTE.—Data are for production and related workers. Figures for November 1952 are preliminary. Back data are available from the Bureau
of Labor Statistics.

JANUARY

1953




53

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

883
826
852
943
981
932
904
920

1,094
1,132
1,661
1,982
2,165
2,156
2,318
2,569

3,798
3,872
4,023
4,122
4,151
3,977
4,010
4,144

7,260
7,522
8,602
9,196
9,491
9,438
9,524
9,804

1.374
,394
,586
1,641
1,716
L,763
.812
1,883

3,934
4,055
4,621
4,786
4,799
4,782
4,761
4,759

6,026
5,967
5,607
5,454
5,613
5,811
5,910
6,390

15,761
15,811

916

2,581
2,569

4,169
4,161

9,827
9,893

1,926
1,931

4,758
4,749

6,544
6,578

46,471
46,594
46,552
46,556
46,599
46,348
46,170
»-46,970
••47,239
47,338
47,492

15,830
15,877
15,894
15,931
15,870
15,547
15,362
•"15,924
-16,155
16,274
16,400

916

»-889
'880
868
874

2,545
2,593
2,523
2,517
2,497
2 ,536
2,544
-2,575
••2,580
2,570
2,535

4,139
4,147
4,154
4,116
4,134
4,139
4,099
••4, 160
'•4,202
4,247
4,234

9,852
9,860
9,862
9,849
9,912
9,964
9,965
'9,967
'9,971
9,968
9,999

J .919
,929
,937
,942
1,948
.957
, 964
1,973
1,981
1,989
,990

4,742
4,738
4,728
4,748
4,772
4,789
4,783
'4,796
'4,777
4,742
4,748

6,528
6,538
6,543
6,554
6,572
6,606
6,676
6,686
6,693
6,680
6,712

46 852
47,663

15,890
15,913

917
916

2,633
2,518

4,165
4,161

10,109
10,660

.907
1,912

4,734
4,702

6,497
6,881

45,913
45,899
46,001
46,299
46,329
46,292
46,006
'47,124
'47,727
47,826
47,862

15,776
15,859
15,869
15,795
15,654
15,410
15,162
»-16,028
'•16,389
16,493
16,529

909
902
904
896
893
814
784
'897
••885
870
875

2,316
2,308
2,296
2,416
2,522
2 ,663
2,722
••2,781
••2,761
2,699
2,586

4,103
4,111
4,118
4,096
4,131
4,168
4,140
'4,208
'4,224
4,240
4,230

9,720
9,643
9,668
9,845
9,773
9,838
9,792
'9,784
'9,960
10,094
10,285

1,909
1,919
1,937
1,952
1,958
1,977
1,993
1 ,993
'1,971
1,969
1,970

4,671
4,667
4,681
4,748
4,796
4,837
4,855
'4,844
'4,825
4,766
4,724

6,509
6,490
6,528
6,551
6,602
6,585
6,558
6,589
6,712
6,695
6,663

Total

Manufacturing

41,480
40,069
41,412
43,371
44,201
43,006
44,124
46,401

17,111
15,302
14,461
15,247
15,286
14,146
14,884
15,931

1951—November
December

46,482
46,608

1952—January
February
March
April
May

Year or month

1944
1945
1946
1947
1948
1949
1950
1951

.
.

.

Mining

Federal,
State, and
local
government

SEASONALLY ADJUSTED

.. .

June

July
August
September
October.. .
November

916
912

911
899
894
810

777

UNADJUSTED

1951—November
December

....

1952—Tanuary
February
March
April
May

June

July
August
September
October
November

. ..

r
Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. November
1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.

LABOR FORCB, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and over]
Civilian labor force

Year or month

Total
civilian noninstitutional
population *

Employed *
TT«»rr»

Total
Total

In nonagricultural industries

In
agriculture

Not in the
labor force

ployed

1944
1945
1946
1947
1948
1949
1950 . .
1951

93,220
94,090
103,070
106,018
107,175
108,156
109,284
108,976

54,630
53,860
57,520
60,168
61,442
62,105
63.099
62,884

53,960
52,820
55,250
58,027
59,378
58,710
59,957
61,005

45,010
44,240
46,930
49,761
51,405
50,684
52,450
53,951

8,950
8,580
8,320
8,266
7,973
8,026
7,507
7,054

1,040
2,270
2,142
2,064
3,395
3,142
1,879

38,590
40,230
45,550
45,850
45,733
46,051
46 181
46 092

1951—November
December

109,122
109,200

63,164
62,688

61,336
61,014

54,314
54,636

7,022
6,378

1,828
1,674

45 958
46,512

1952—January
February

109,260
109,274
109,274
109,328
109,426
109,556
109,692
109,804
109,906
110,074
110,198

61,780
61,838
61,518
61,744
62,778
64,390
64,176
63,958
63,698
63,146
63,646

59,726
59,752
59,714
60,132
61,176
62,572
62,234
62,354
62,260
61,862
62,228

53,540
53,688
53,702
53,720
54,216
54,402
54,636
55,390
54,712
54,588
55,454

6,186
6,064
6,012
6,412
6,960
8,170
7,598
6,964
7 548
7,274
6,774

2,054
2,086
1,804
1,612
1,602
1,818
1,942
1,604
1,438
1 ,284
1,418

47,480
47 436
47,756
47 584
46 648
45,166
45 516
45,846
46 208
46 928
46,552

April
May
June
July
August
September
October
November

670

1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer8 available for reasons of security.
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.

54




FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollarsl
Nonresidential building
Residential
building

Total

Factories

Month
1951
J 045 7
1,140.5
1,271.0
1,375.0
2,573.0
1,439.4
. . . I,422.7
1,265.8
L,096 0
1,072.0
951 1
1,099.5

January
February
March
April
May.

June
July

August
September
October
November
December

.

1952

420.9
531.1
574 6
590.8
661 1
545.2
548 1
567.6
479 7
496.2
443 9
346.1

130.4
337.7
116.2
396.4
592.7
126.2
681.6
174.3
753.8 1,274 9
581.8 242.0
608 1 206.9
627.6
161.8
518 5 122 5
602.3 116.4
96 5
528 4
115.1

6,205.4

2,883.3

902.1
885.2
1,321.3
1,597.5
1,563.7
1,488.9
1,511.3
1,438.7
2,029 2
1,321.0
1,248 8

15,751.1

Year

1951

1952

1951

110.1
61.0
120.2
204.8
78.9
166.4
139.9
141.5
995.1
113.4
117.4

Jan
Feb.. .
Mar...
Apr.. .
May. .

June..
July...
Aug.. .
Sept...
Oct....
Nov

Dec...

1952
55.7
62.2
70.6
75.3
79.9
74.2
92.2
94.2
87.1
103.1
84.5

1952

1951
1,045
1,141
1,271
1,375
2,573
1,439
1,423
1,266
1,096
1,072

902
885

1,321
1,598
1,564
1,489
1,511
1,439
2,029
1,321

,300
L,350
,348
1,345
,420
,549
,287
,136
951
1,087
1,168 1,100

1950 1951 1952

1950

1951 1952

605
530
739
495
547
808
819
852
767
996
919
961
959 1,099 1,006
917
856
930
960
787
893
779
937
1,111
922
778
76C
762
828
911
767
625
624
787

201
306
297
285
332
339
481
418
554
354
456
636
389 1,474
558
428
583
559
460
636
619
438
486
501
364
318 1,269
310
410
308
320
326
476
381

4,409 6,122

Year. 14,501 15,751

10,092 9,629

1951

1952

1951

1952

1951

1952

84.6
81.0
128.4
103.5
123.2
128.1
150.1
127.9
98.5
94.5
79 0
136.0

98.1
104.2
118.7
134.4
145.7
126.7
122.4
145.4
87.3
126.0
116 9

126.8
132.2
139 4
133.9
175 3
148.3
146.9
123.8
116 6
159.1
123.1
163.9

93.9
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
340.5
291.2
248 4
238.1
258 9

1,334.6

Title ] loans

1947
1948
1949
1950
1951

. .

1951-Nov...
Dec...

Total

1,787
* 338
3,821
4.342
3,221

Prop- Small
home
erty
conimprove- struc1
tion
ment
534
614
594
694
708

(«)

Mortgages
1- to 4- Rental War and
Vetand
family
erans'
houses group
housing
housing
(Title

II)

(Title

ID

446
880

1,855
2,466
1,894

7
21
109

68
65

4
3

141
125

4
9

1952—Tan. . . 5 274
5
211
Feb....
Mar... « 207
Apr. . . 6 242
May. . 6 249

88
64
61
64
71
102
73
66
69
69
59

4
2
2
2
2
2
3
3
2
3
3

159
125
124
126
128
134
147
147
162
185
157

18
8
7
26
15
6
14
13
11
22
8

1
2

(Title
VI) 2

Military
housing
(Title
VIII)

1,836
1,339
1,031
278

12
123
203

24
10

7
15

3

2
10
8
18
18
18
15
18
1
9
10

(»)

(3)
(3)
(3)

5
4
7
2
7
2

Net proceeds to borrowers.
Includes mortgages insured in connection with sale of Government
owned war housing and insured loans to finance the manufacture of
housing.
3 Less than $500,000.
4
Includes 6 million dollars of Class 3 loans (program terminated
Feb.
28,
1950)
and 1 million of Sec. 8 loans.
5
Includes defense housing as follows (in millions of dollars): January, 1; February, 0.3; March. 0.5: April, 2; May, 7; June, 8; July, 10;
August, 13; September, 20; October, 18; November, 22.
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.
JANUARY

1953




2,723.2

1952

1951

Federal Reserve district
Nov.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas

Nov.

Oct.

83,576
262,274
75,963
106,837
110,193
126,615
192,761
93,888
35,962
61,039
99,695

95,402
236,441
73,178
114,626
125,405
130,320
233,315
83,225
57,278
65,799
105,969

96,669
135,069
50,090
103,232
98,941
83,276
149,738
73,741
39,703
46,080
74,517

1,248,803 1,320,958

951,056

INSURED FHA HOMB MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
SavCom- Muings
tual
merand
savcial
loan
ings
banks banks associations

Insur- Fed1
ance
eral
com- agen- Other
panies cies!

End of month

Total

1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec.......
1944—Dec
1945—Dec

365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156

228
430
634
902
1,162
1,465
1,669
1,705
1,590
1,506

8
27
38
71
130
186
236
256
260
263

56
110
149
192
224
254
276
292
269
253

41
118
212
342
542
789
1,032
1,134
1,072
1,000

5
32
77
153
201
234
245
79
68
13

27
53
90
133
150
179
163
159
140
122

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

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
2,554

903
1,072

658 3,115
689 3,453

44
71

423
373

808

7
13
•7
29

248
227

June .. 6 273
July . . 5 269
A u g . . . 6 260
Sept... e 267
Oct.... s 306
Nov.. . 6 259

1,689.2

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
:ures for 37 States east of the Rocky Mountains, as reported by the
" . Dodge Corporation. Value of contracts in thousands of dollars]

Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]

Year or
month

Other

Public ownership Private ownership

Total

731
780

121.1
101.8
78.8
106.3
60.6
65.4
75.4
65.5
80.0
68.8
48.4
43.1

Educational

915.3

[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]

1950

1951

1952

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP

Month

Commercial

Public works
and rj
utili ties

no

i T h e 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 bauks,
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.

55

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]

Year or month

Total

1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
1952—January
February
March
April
May
June
July
August
September
October
November
December

Urban

Total

1family

2family

Multifamily

373
533
185
590
740
763
792
1,151
892
n.a.
54
65

20
28
9
24
34
46
35
42
40
n.a.

66
58
15
48
72
104
162
159
88
n.a.

515
706
209
671
. .
849
932
1,025
. . . . 1,396
1,091
n,i3i
65
78

359
434
134
404
480
525
589
828
595
n.a.
36
43

156
272
75
267
369
407
436
568
496
n.a.
29
35

458
620
208
663
846
914
989
1,352
1.020
Pl.074
62
74

104

59

45

91

106
110

59
61

47
49

104
103
99
101

56
52
51
53

47
50
48
48

P101

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

P86
P76

. .

Government-underwritten

Private

Rural
nonfarm

Public

57
87
1
8
3
18
36
44
71
P57

Total

FHA

158
220
47
152
440
393
466
686
413
420
13
26

158
220
41
69
229
291
361
486
264
279
16
17

VA

6

83
211
102
105
200
149
141
7
9

3

6

3
3

79

4

8

13

28

19

9

96
101

85
90

7
7

26
26

12
12

87
90
85
87

9
9
7

38
38

97
101
97

4
4

39
42
38
42
43

26
29
25
28
27

13
13
13
14
16

34
29

21
19

13
10

'•99
P100
P83
72

n.a.
n.a.
n.a.

4
4
4
5

7
7
8
8

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

2
2
2
Pi
r

P3

r
P Preliminary.
n.a. Not available.
Revised.
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—unadjusted

Monthly—seasonally adjusted
Annual
1952

1951

Class

Nov.

June

July

Aug.

Sept.

Oct.

Nov.

134

137

108

102

125

134

128

121
208
143
69
150

140
218
159
70
152

96
69
161
56
139

75
57
153
56
146

101
160
134
65
149

135
189
123
70
140

93
188
157
76
139

172

205

180

53

235

233

147
48

144
46

119
44

46

216

140
53

140
46

144
45

145
46

1950

1951

Total

128

Coal
Coke
Grain...
.
Livestock
Forest products
Ore .
Miscellaneous
Merchandise, 1. c. 1.

117
180
135
68
141

115
43

1952

1951

Aug.

Sept.

Oct.

Nov.

104

129

145

138

138

75
56
183
45
147

101
154
145
61
157

135
187
138
93
151

93
185
157
117
146

123
195
144
95
149

73

323

352

314

258

155
48

158
48

150
47

Nov.

June

July

134

140

111

123
195
147
76
152

140
218
156
88
149

96
68
165
45
144

233

174

144
46

149
47

82

122
44

116
43

141
46

r
Revised.
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

1

Merchandise imports *

Excess of exports

Month

f anuary
February
March
April
May
June
July . .
August
September
October
December
January-October

....

1950

1951

1952

1950

1951

1952

1950

1951

1952

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
1,341
1,424
1,338
1,463
1,164
1,017
1,075
1,219
Pi,191

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
P918

118
164
195
219
170
190
70
-59
52
-16
122
198

-51
166
193
336
336
366
292
390
510
319
569
638

'332

8,233

12,206

P12.486

7,130

9,348

P8.858

1,103

2,858

460

406
628
304
178
r
258
341
P273
P3.628

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-October 1952, 1,423.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
1

56




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States

Year or month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

90
98
104
98
105
109

92
99
102
99
103
105

91
99
103
98
101
105

87
96
104
100
106
109

88
97
105
98
105
111

92
97
103
100
105
112

90
96
103
101
109
115

89
98
104
97
104
108

90
97
104
98
104
105

1951—November
December

. . . 113
109

106
106

'103
103

105

114
109

'119
109

122
120

'111
109

1952—January
February
March
April
]VIay
June
July
August
September
October
November

108
106
105
103
108
111
105
114
106
115

102
100
104
99
101
103
106
109
101
109

100
100
98
96
96
98
95
102
95
105
98

110
110
109
102
107
107
106
115
105
114
109

115
108
106
104
103
112
105
113
105
116
113

114
109
114
108
116
122
106
127
112
'120
114

119
112
114
116
127
138
120
131
121
126
128

1951 —November
December

134
184

129
188

179

185

140
181

'147
192

1952—January
February
March
April
]VIay
June
July
August
September
October
November

83
83
92
103
108
105
84
98
112
. 119
PI 33

81
75
87
103
102
103
73
83
111
111
P127

80
82
86
94
95
95
69
76
100
110
123

81
82
97
103
108
102
76
86
110
120
143

87
83
95
104
105
105
82
99
110
119
139

77
93
107
100
109
129

85
95
105
100
110
124

85
98
105
97
104
124

81
93
107
99
108
127

117
119

112
115

'114
115

118
116
115
116
118
118
120
118
120
120
P120

115
112
109
111
109
110
110
109
109
109
Pill

'132
108
106
113
120
122
120
112
110
114
124
134
Pi 36

Minne- Kansas
Dallas
City
apolis

San
Francisco

88
98
104
99
105
104

90
98
103
99
108
111

85
94
105
102
113
117

91
99
104
98
105
108

109
107

107
104

116
113

129
122

'119
108

106
105
103
100
104
105
97
111
103
113
108

111
100
99
98
102
111
99
110
104
114
106

97
113
94
98
104
100
104
115
98
110
107

115
106
105
104
112
114
114
119
108
113
P117

122
115
115
114
128
132
123
127
119
128
129

106
108
102
105
118
114
110
116
114
118
128

140
204

'133
175

130
168

120
166

131
185

144
203

'126
189

80
83
96
110
115
114
87
100
121
128
140

90
94
110
118
122
117
96
115
126
132
145

81
81
89
99
104
103
82
97
110
116
129

81
80
89
101
106
103
81
98
110
'121
126

72
83
80
r
101
105
96
84
103
108
124
120

86
85
93
104
112
106
93
110
115
120
P132

95
93
105
114
125
116
104
114
128
134
144

83
86
90
103
113
108
96
112
115
117
136

78
93
107
100
106
128

80
94
105
101
114
134

75
90
108
102
120
140

73
89
111
100
110
128

77
93
106
100
112
131

74
91
110
100
104
117

74
93
108
100
113
132

69
89
110
101
112
132

73
93
107
100
110
131

115
120

114
118

'123
130

130
133

115
117

114
119

107
106

117
121

120
125

119
119

114
107
108
111
112
113
116
111
110
110
111

115
113
113
112
114
113
114
112
113
'114
113

114
110
110
111
109
107
113
109
112
111
113

133
127
127
126
131
139
140
136
132
130
132

133
129
126
125
126
125
129
129
130
133
136

114
113
113
114
114
113
118
115
118
118
118

106
112
111
114
124
125
120
129
132
130
P130

106
102
103
104
106
105
108
109
113
113
111

122
122
120
121
124
122
128
127
129
124

124
122
124
122
124
123
130
127
131
129
P130

121
123
119
123
128
128
125
123
126
134
127

132
108

'131
106

'134
105

128
104

'137
114

145
116

133
109

125
105

119
97

133
108

135
115

132
106

105
107
112
114
112
102
99
103
112
123

101
104
113
116
115
105
102
107
116
124
128

100
111
119
121
116
105
100
107
117
'131
131

104
109
116
117
111
100
102
104
116
124
128

117
123
136
136
135
127
128
134
137
146
148

119
128
132
132
127
120
121
127
135
145
153

106
111
118
118
116
107
107
110
119
131
136

92
109
118
122
124
118
112
125
140
147

100
99
107
109
108
100
105
104
113
120
123

114
121
126
127
126
119
120
120
129
135
P140

112
120
131
129
125
114
120
125
134
141
P146

109
117
122
129
132
126
120
118
129
147
141

SALES *
1946
1947
1948
1949
1950
1951

.

SEASONALLY ADJUSTED

UNADJUSTED

. .

STOCKSi
1946
1947
1948
1949
1950
1951
SEASONALLY ADJUSTED
1951—November
December
1952—January
.. .
February
March
April
May
Tune
July
August
September ,
October
November
UNADJUSTED
1951—November
December

....

1952—January
February
March
April
Mav
June
July
August
September
October
November

P131

r
p Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

1

JANUARY

1953




57

DEPARTMENT STORE

STATISTICS—Continued

SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago (retail value)
Number of
stores
reporting

Department

Sales
during
period
Oct.
1952

Stocks
(end of
month)

Ten
months
1952

Oct.
1952

R a t i o of
stocks to
sales l

Index n u m b e r s
without seasonal adjustment,
1941 average m o n t h l y sales = 100 *

October

Sales during
period

1952
1952

Stocks at end
of m o n t h

1951

1952

1951

1951
Oct.

Sept.

Oct.

Oct.

Sept.

Oct.

GRAND TOTAL—entire store 3

359

-3

3.0

3.1

359

+3
+3

-2

MAIN STORE—total

-2

-3

3.2

3.4

245

215

238

775

717

798

Piece goods and household textiles
Piece coods
Silks velvets and synthetics
Woolen yard goods
Cotton yard goods
. .
....
Household textiles
Linens and towels
. . .
Domestics—muslins, sheetings
Blankets comforters and spreads

321
301
201

-3
-5
-12

-8
-5
-7

-6

3.6
3.3
3.4
2.4
4.0
3.6
4.4
3.8
2.8

3.7

183

3.2
3.0
2.9
3.7
3.9
4.8
3.6
3.3

202
217
191
376
173
197
168
175
256

209

193
167
328
155
182
151
185
225

228
217
359
171
202
170
205
233

719
715
644
928
687
719
738
665
714

682
729
660
989
671
664
665
634
681

769
722
646
1,037
629
791
804
731
773

3.9
3.8
3.6
3.7
4.5
6.1
2.9
7.4
3.6
3.5
2.9
3.7

3.9
3.5
3.4
4.0
4.4
6.6
2.8
6.2
3.8
3.8
3.1
4.1

205
218
255
167
218

181
203
245
154
179

198
221
256
155
222

791
836
927
625
987

683
749
841
528
872

111
779
882
624
980

201
243
207
236

162
202
177
209

201
218
181
213

731
858
589
885

700
668
488
741

759
827
553
876

2.4
3.1
2.1
4.8
0.8
3.8
3.0
2.4
3.7
3.4
4.0
3.4
2.6
2.4
4.6
4.6
4.6
2.0
1.5
1.4
1.8
2.0
1.6
2.3
1.8
1.4
2.0
2.1
2.6
3.6

2.6
3.2
2.0
4.9
0.8
4.4
3.1
2.4
3.7
3.4
3.9
3.3
2.6
2.5
4.9
4.8
4.9
2.0
1.7
1.6
1.7
2.0
1.6
2.4
1.7
1.3
2.0
2.1
2.4
3.7

261
245
372
131
266
213
288
166
214
289
180
207
386
227
251

238
226
330
102
293
130
277
141
174
233
149
161
350
221
265

244
232
343
135
247
190
265
167
210
278
180
203
351
211
237

650
748
795
637
218
800
862
392
796
1,006
712
721
992
555
1,154

603
682
662
512
229
714
830
348
667
866
606
544
911
462
1,134

622
725
682
660
190
826
825
399
774
980
707
671
927
533
1,145

278
360

252
259

257
325

545
540

519
574

509
539

342
312
396
219

328
308
373
219

305
291
341
215

670
502
900
389

633
499
825
350

605
468
800
359

346
149
165

360
156
112

312
150
159

724
393
592

651
335
608

646
358
583

4.1
4.1
4.3
3.3
5.3

4.7
5.1
4.6
3.9
6.1

233
256
208
277
207

179
177
152
249
191

216
240
195
243
190

954
1,045
895
924
1,089

883
1,017
753
898
1,015

3 . 4
3.3
1.8
3.7
3.4
3.4
4.2
3.2
3.2
6.9
2.4
3.7
5.2
2.1
1.7
4.6

3.7
3.7
1.9
4.2
4.0
4.0
3.9
3.2
3.1
6.7
3.0
4.0
5.0
2.4
2.1
5.1

267
247

232
220

278
246

912
807

876
797

1,010
895

251

202

268

862

862

1,071

277
256
187
256
301

212
198
167
258
296

283
266
196
298
293

893
811
1,297
615
1,101

867
740
1,264
630
1,041

901
810
1,280

3.8
6.1
6.2
5.7
5.6
1.1

3.9
7.3
7.6
6.3
5.4
1.1

213
242
243
238
182

178
171
146
168
174

219
224
224
227
187

1
1
1
1

816
,482
,508
,354
,023

699
1,117
1,038
950
783

867
1,608
1,698
1,376
991

....

Small wares
.
...
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles drug sundries
Silverware and iewelrv
Costume lewelrv *
Art needlework
Books and stationery
Books and magazines
Stationerv

Better dresses 4
Blouses skirts and sportswear
Aprons housedresses and uniforms
Furs
Men's and boys' wear
Men's clothing .
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

..

+5

-8
-1

+ 10

-2
-1
-14

-10
-9
-16

-9
-9
-9

247

+ 10
+4

174
191

351
205
242
334
321
217
287
80
239

- 1
- 1

-11

_2

-8

+1

+1
+7
+5

0

+8

+2

+1

+6

+5
+5

244

+ 12
+ 14
+ 11

+5
+4

+3
+5

356
356
317

+7
+6
+8

290
166
329
342
349
349
254

296
262
333
341

244
211
224

- 2
—1

-13
0

-2
-9

-8
-3

+8

+
1
-1

+7

+ 9i

+4

+5

+ 12
+2
+4
0

+2
+ 10
+8

+6

+1
+7

-5

-7
-1
-1
-1

+2
+6

+3
0
0

268

321
314
196

0

+8
+7
+7
+ 14

-1
—1
-1
0
-4

+2
+2

+4

+3
+4
+1
+7
+7
+4

+6

+2
+2

299
264

-4

+3

346
267

+4
+ 11

+2

+3
-12

275
346

-5

+4
+2
+ 16

320
279
322

222

0

-1
-8

+6
+2
+1
+9

+8
+ 11
+ 16
-6
+ 12
+7
+ 16

355
345
229

337

.. .

^

314
280
259

283
129

Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories. .
Neckwear and scarfs
Handkerchiefs
M^illinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear slips and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods .
...
Women's and children's
shoes
Children's shoes 4
Women's shoes *
. . .
Women's and misses' ready-to-wear apparel.. ..
Women's and misses' coats and suits
Coats4 *
Suits
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses

i

0

+4
+1
+8

+ 10
+7
+ 12

+2
+8

+ 11
+6
+ 12

+6
-1
-5
-1

+8

+9

0

-6
-14

+9

+4
-2

0
-2
-5

-4

-9

-11

184
281
161

0
-6
-5

-6
-3

-8
-18
-19

-10
-7

-12
-20
-20

117
304
256
257
243

-9
-2
-4
-4
-14

-13
-6
-6
-6
-13

-I

Homefurnishings
Furniture and bedding
Mattresses sorincs and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets *
Linoleum *
Draperies curtains and upholstery .
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shoo 4
Radios, phonographs, television, records, etc. 4 . .
Radios phonographs television *
Records, sheet music, and instruments 4

326

Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4

325
305
252
151
277

255
175

305
190
231
175
122

186

0
0

+3
-+
1 21
-16

+2
-3

-5
-3
-20
-23
-9
- 1

+8
+9
+52

+4
+7
+1

+6

+1

0

j
-1
-1
-32

-5

+6

-25
-32
-8

-5

-9
-11
-5

+2
+ 13

1,016
1,218
900
935
1,140

88 S
1,157

For footnotes see following page.

58




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (retail value)
Number of
stores
reporting

Department

Sales
during
period

Oct.
1952

Stocks
(end of
month)

Ten
months
1952

Ratio of
stocks to
sales »

Index numbers
without seasonal adjustment,
1941 average monthly sales = 1 0 0 2

October

Sales during
period
1952

Oct.
1952

1952

Stocks at end
of month
1952

1951

1951

1951
Oct.

Sept.

Oct.

Oct.

Sept.

Oct.

245

211

236

530

496

525

BASEMENT STORE—total

197

+ 4

0

+ 2

2.2

2.2

Domestics and blankets *

136

- 3

-6

2.4

2.4

Women's and misses' ready-to-wear
Intimate apparel *
..
Coats and. suits *
Dresses *
Blouses skirts and sportswear 4
Girls' wear *
Infants' wear *

187
166
173
171
155
123
123

+ 6
+ 2
+ 15

+ 2

1.7
2.4
1.2
1.5
1.7
1.6
1.9

1.7
2.4
1.2
1.3
1.7
1.8
1.8

248

214

235

430

399

412

Men's and boys* wear

161
147
102
118
122

+ 1
+ 5
+ 1
+ 8
+ 10
+ 4
+ 6
+ 11
- 1

260

717

656

726

-

2.8
2 9
2.8
2 9
2.4

225

+ 3

2.6
2.6
2.4
2.7
2.2

281

1
2
3
5

2.4

2.4

253

188

263

598

549

629

-

2

3.7

3.8

177

176

174

650

622

645

Men's wear *
Men's clothing *
Men's furnishings
Boys' wear *

4

-

4

+ 6
+ 15
+ 7
+ 8
+ 7
+ 11
+ 4
+ 11
- 4

Homef urnishlngs

105

Shoes

117

+ 2

NONMERCHANDISE—total«

175

+ 10

73

_ 2

Barber and beauty shop *

+2
+2
+6
+6
+5
0
-1

+1
-3

+4
-7
2

5

+1

5

()

5

()

()

+3

I5)

(5)

(5)

1

The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were 3 reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 57.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
5
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown,
1947-49= 1001

DEPARTMENT STORE MERCHANDISING DATA
[Selected series, based on retail value figures]
Ratios to sales *

Amounts (In millions of dollars)
OutNew
Re3
8
Sales » Stocks 2 stand- ceipts
ing 2 (total orders
(total
(end
(total
Stocks
orders
for
of
for
for
month) month) (end of month) month)
month)
1943
1944
1945
1946
1947
1948
1949
1950
1951

221
246
276
345
365
381
361
376
-391
'484
'666
r
320
'299

average
average
average
average
average
average
average
average
average

1951—Nov..
Dec...
1952—Jan...
Feb...
Mar..
Apr...
May. ,
June.,
July..
Aug.. ,
Sept..
Oct...
Nov..

••348
'373
'382
-353
'289
'3,43
'387
448
P462

546
574
604
767

887
979
925
^1,012
1,201
1,249
'1,008
'995
1,052
1
,119
r
l,137
1,102
'1,017
rQ97
1,040
1,131
1,230
Pl.273

563
596
775
964
588
494
373
'495
'469
'404
319
'402
'416
-365
293
'273
'410
-520
-539
-592
573
*>458

220
244
277
373
366
386
358
391
388

486
-425
-307
-356
-415
391
-347
-268
-269
386
-478
547
P5O5

242
256
291
354
364
363
358
401
'377
443
-340
-390
'370
-364
-319
'327
'405
'379
405
-531
528
P390

2.6
2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.6
1.5
-3.1
-3.5
-3.2
-3.0
2.9
2.9
3.4
3.0
2.9
2.7
P2.8

Outstanding
orders
2.7
2.5
3.0
3.0
1.7
1.4
1.1
1.4
1.3
0.8
0.4
1.3
1 .4
-1.0
0.8
0.7
1.2
1.8
1.6
1.5
1.3
Pl.O

Stocks
plus
outstanding
orders

Without seasonal adjustment
Receipts

July

1951
7
..75
14
. .83

21

July

81

3.4
2.0

4.4
-4.9
4.3
-3.8
3.6
'4.0
'5.2
4.6
4.4
4.0

1.0
1.0
1.0
1.1
1.0
1.0
1.0
1.1
1.0
1.0
0.6
1.0
1.2
1.2
-1.0
0.9
0.8
0.9
1.1
1.2
1.2
Pl.l

Aug.

4

88

1 1 . . . . . .87
18
25

Sept. 1
8....
15....
22
29
Oct. 6
13
20
27....
Nov. 3
10....
17
24
Dec. 1
8
15....
22
29
1952

93
97

.105
.100
.114
.111
.114
.110
.117
.116
.113
.121
.127
.130
.123
.161
.191
.213
.228
. 92

19

82

2
9

87
90

26. . . . . . 7 9

2 8 . . . . ..80
5.2
5.0
5.3
5.3
4.3
4.1
3.8
4.2
4 4

1952
5. . . . . .79
12. . . . . . 83

Aug.

16. . . . ..95
23

100

3 0 . . . . .110
Sept. 6. . . . .100
1 3 . . . ..114
2 0 . . . ..113
27. . . . .112
Oct. 4. . . ..116
11. . . . .126
1 8 . . . . .124
2 5 . . . ..122
Nov. 1. . . ..115
8 . . . ..118
1 5 . . . ..130
22. . . ..134
2 9 . . . ..138
'195
Dec. 6
13. . . . .223
20. . . ..237
2 7 . . . . .146
1953
Jan. 3
82

78
Jan. 5
P Preliminary.
Revised.
10.
12. . . . . .92
* The first three ratios are of stocks and/or orders at the end of the month to sales during the month.
17
.
.90
19
The2 final ratio is based on totals of sales and receipts for the month.
24
2
6
.
.
.
!
..83
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.
r
Revised.
In 1951,
sales by these stores accounted for about 50 per cent of estimated total department store sales.
3
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.
r

JANUARY

1953




59

DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
I\Tov. Oct.
1952
United States.
Boston
New H a v e n . . .
Portland
Boston Area...
Downtown
Boston
LowellLawrence
New Bedford..
Springfield
Worcester
Providence
New York 1
Bridgeport ...
Newark ;
Albany
Binghamton...
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester 1
Schenectady
Syracuse x
Utica
Philadelphia .
Trenton * 1
Lancaster
Philadelphia»..
Reading J
Wilkes-Barre 1 .
York*
Cleveland
Akron x J
Canton
Cincinnati l . . .
Cleveland »
Columbus 1
Portsmouthl
Springfield . . .
Toledo »
Youngstown *..
Erie*
Pittsburgh *
Wheeling i

+2
+8

_ 3 Atlanta

+6
+5
+8
+4
+4

-5j

+3

+2 1 +7
0 +4
+ 11'
+5!

—4
-9
-6
-10
-5

+ 10

-6
-7

+ 10
+4

+9

+

-5
-4
-8i
-7!

+2!
+4
+5!
+8|
+13'
+2;

- 6 ! +7i

+"1 +141

+4!
8

-12j

+- 1i

-4!
0|
- I i +8,
+ 12, +25,
—4[

-5,
+ l!
-6!
-8,
+ 1'

-1
+2
+2

0
/r x

+2, +12!
-II1 - 1 !
-7
+4!
-12 +5,
!

1952

Richmond
. . . . v-7.
-9!
Washington J . . .
p-8l
Baltimore
Asheville, N. C.
+ 2|
-13
Raleigh
+2'
Winston-Salem.
+ 14
Charleston
-2
Columbia
+1
+7
Greenville,
S.
C.
+3 Lynchburg
P+7
PO
Norfolk
+3j Richmond
Roanoke
,
- 1 Ch'ls'ton.W.Va.
-6;
Huntington.... P—4 1 :

-4
-41
-10
+4
-4|

-4!
-4.

11
Nov. Oct. mos.
1952
1952

+6j

+9.
+3 !
+3'
+2:
+2 !

+6
+1
+9
+ 11
+1
+ 13
+25
!

+4'
+ 15j

1

+

A

0
-2

+8
+2
-3

+1
—5
0

+6
+5

+4
+10

vO
*...
+5'
+ 1 Birmingham
+ 4
Mobile
0 Montgomery. . .
0 Jacksonville 1...
+26!
+3 Miami x
+4! + 171
- 1 0 Orlando
+12!
Petersburg..
- St.
+
Tampa l
0 + 13'
Atlanta i
-4
Augusta
+ 32;
+
12
Columbus
- 5 ! +8.
-1
Macon *
P+2+20i
- 1 Rome
+4^ +9
Savannah
+ 10!
—2 Baton Rouge 1..
l
0 New Orleans
. .
+ 11:
1
- 1 Jackson
+8,
; + 19i
+2 Meridian
Bristol
!
- ; Chattanooga . .
+ |
Knoxville l
-8;
+4!
+?
— / Nashville
*
— 1! +9|

-3

+2 Chicago l
+2
+4
0
+ 10
+ 19

11
Xov.1 Oct. : mos.
, 1952

Nov.) Oct.
1952 1952IJ™*-

Chicagox
Peoria
Fort Wayne J . .
Indianapolis 1..
Terre Haute K.
Des Moines
Detroit 1
Flint 1
Grand Rapids l
Lansing l 1 ,
Milwaukee ... ,
Green Bay 1
Madison
,

r~

+3| - 3 Dallas
Shreveport
-5! +5j 0 Corpus Christi..
-7' +13 -2 Dallas 1
- 3 ! +6 + 1 El Paso

P-5|

* - 3 , +4
-9:
0
- r +10
+15! +25j

n +$

0 Fort Worth
- 4 Houston *
- 1 San Antonio

+2
0
+2
-3
-3
0

Waco

San Francisco
.
Phoenix l
b|
Tucson
P-4': +15!
- 1 +3
Bakersfield 1
Fresno !
x
0 Long Beach . . .
p-5
+9
-4;
+ 2 + 1 Los Angeles
\\St. Louis
J
+ 12 + 4 Area
• oil Fort Smith 1
+40 + 8 Downtown Los
Rock . . ,
+T?j|| ' Little
' - I f +10! +3 Angeles 1
Evansville
+8 I
l
•+13i
Westside Los
+5 Louisville .. . . , — 7; +32'0! +26
—5 Angeles l
+5 Paducah
Oakland
and
_5j 4.7; _ i
Quincy J
1
- 5 : +8! + 1 Berkeley
St. Louis
+j Springfield
Riverside
and
Louis lArea.
+3,
-5>
+2
+9 St.
San Bernardino
- 2 | +13: +4 Sacramento
x
+4 Memphis . . . .
+27 Minneapolis ..
-4: + 5 - 7 San Diego ». .. .. ..
+8 Mankato
- 1 ! +1 - 1 San Francisco *.
1
+6 Minneapolis ..
- 3 1. +8!
0 San Jose 1
-4
'
+ 7 St. Paul»
-1
*
+20. +14, + 7 Stockton
+ 17 Great Falls
and
- 8 ; +12: + 2 Vallejo
+7 Grand Forks. .
Napa
+ l! —51 - 2 Boise and
+9 Sioux Falls
+3 DuluthNampa
-2,
+5
+33 Superior 1. . . .
+ 1 Portland
La Crosse
- 4 Salt Lake 1City J .
+5 Kansas
City..
+1 Bellingham
-3
Everett 1
0i +2 11 - 6 Seattle
+8 Denver
Pueblo
»1
+41
Hutchinson. . . , +8i
Spokane
-71 +9 + 1 Tacoma 1
Topeka
0 Yakima 1
— 91 r + li
Wichita
Kansas City...
-4 +1! - 1
Joplin
+1
+2
St. Joseph
-6
Omaha
+ +i +
- 3 ! +5j +1
Oklahoma City,
+4; +10| +9
Tulsa

XI

-^ a

-4\
-2
+71
-7:
+4lj

+12
+13
+27;
+12
+24!

+6
+10
+23
+3
+8

+8.
+12 :
+1

+4
+5
+7

+9 +15:
+ 15:

+5

-8
+3 +2
- 1 +23 +9
- 5 ; +5! +5
+4; +13 +13

P+6
P+8

+6 :
P+2\

-5i +2
+ 1! - 3 , - 2
+ 13:

+3

r

0

—5

+2r+10j

+3

P+4

+1

+3

+ 17 +8;
+2: r_ 3 :
P-2|
+3
Ol +9!
+2: +3(2) j

-3
+8
+ 2

+6
+5
+4

_4. 3 _ 1

-9|

+3:

-5

PO|

-61

-2

p+l.j
+3!
P+7!

+6 :

+3

-1:

P-9

+2l +1
+2! - 1
+11;
0
0! + 1

-3! -1
-8

-2\

-4

-1

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.
3
Data not available.
Ten months 1952.

1
2

CONSUMERS' PRICES1
[Bureau of Labor Statistics index for moderate income families in large cities.
Year or month
1929
1933
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—November
December
1952—January
February
March
.
April
May
June
July
August
September
October.. .
November

1935-39 average *» 100]

All items

Food

Apparel

Rent

Fuel, electricity,
and refrigeration

House
furnishings

Miscellaneous

122 5
92.4
105.2
116.6
123.7
125.7
128.6
139.5
159.6
171.9
170.2
171.9
185.6
188 6
189.1
189.1
187 9
188.0
188.7
189 0
189 6
190.8
191 1
190 8
190 9
191.1

132.5
84.1
105 5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
204.5
227.4
231.4
232.2
232.4
227.5
227.6
230.0
230.8
231.5
234.9
235.5
233.2
232 4
232.3

115.3
87.9
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
187.7
204.5
207.6
206.8
204.6
204.3
203.5
202.7
202.3
202.0
201.4
201.1
202.3
202 1
201.3

141.4
100.7
106.4
108.8
108.7
109.1
109.5
110.1
113.6
121.2
126.4
131.0
136.2
138.9
139.2
139.7
140.2
140.5
140.8
141.3
141.6
141.9
142.3
142.4
143.0
143.9

112.5
100.0
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
144.1
144.8
144.9
145.0
145.3
145.3
145.3
144.6
144.8
146.4
147.3
147.6
148 4
149.0

111.7
84.2
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
190.2
210.9
210.8
210.2
209.1
208.6
207.6
206.2
205.4
204.4
204.2
204.2
205.0
204.6
204.9

104.6
98.4
104.0
110.9
115.8
121.3
124.1
128.8
139.9
149.9
154.7
156.5
165.4
168.4
169.1
169.6
170.2
170.7
171.1
171.4
172.5
173.0
173.2
173.8
174.4
174.7

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.

60




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

96 4
104.4
99 2
103.1
114.8

1947
1948
1949
1950
1951
1951
November
December
1952
January
February
March
April
May
June
July
August
September
October
November

Tex- Hides, Fuel, Chempower, icals
tile
and
prod- skins,
and
and lightucts leather
ing allied
and prodprodmaapparel ucts terials ucts

All
com- Farm Processed
modi- products foods Total
ties

.

100.0 98.2
107.3 106.1
92 8 9= 7
97.5 99.8
113.4 111 4

113 6 112.0 111 0
113,5 111.3 110.7

. . . 113 0
112.5
112 3
111.8
111.6
• . . 111.2
111 8
112 2
111.8
r
lll 1
110.7

110.0
107.8
108 2
108.7
107.9
107.2
110 2
109 9
106.6
104 9
103.8

9S
103
101
105
115

3
4
3
0
9

114 5
114 6

110.1
109.5
10?> ?
108.0
108.6
108.5
110 0
110.5
110.3

114
114
113
113
113
112
112
113
113
S 113
107 .7 112

3
?
8
3
0
6
5
0
?,
0
8

100.1
104.4
95.5
99.2
110.15

101.0
102.1
96.9
104.6
120.3

90.9 101.4 99.0 93.7 98.6
107.1 103.8 102.1 107.2 102.9
101.9 94.8 98.9 99.2 98.5
103.0 96.3 120.5 113.9 100.9
106.7 110.0 148.0 123,9 119.6

92.5
100.9
106.6
108.6
119.0

103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8
102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0
100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8
99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6
99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6
99.C 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3
98.9 96.2 106.0 104.2 130.0 120.2 115 3 121 9 121.4
99.1 96.5 105.8 104.0 127.8 120.5 115.6 124.1 121 A
99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5
99.2 '96.7 106.6 103.9 126.0 120.2 115 5 '124 1 121.3
98. ( 97.8 106.4 103.5 126.5 119.7 1.5.5 123.9 121 .3

1

1952

Subgroup

Gas

91.3
103.9
104.8
110.3
122.8

95.6 93.9
101.4 101 7
103.1 104 4
105.3 106 9
114.1 113.6

103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 i n
104. C 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 i i ?

1951

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 f<"»nr1s
Textile Products a nd Apparel:
Cotton product 3
Wool products
Synthetic textil
Silk products
Apparel
Other textile products.
Hides, Skins, and Leather Product s:
Hides and skins
Leather
Footwear
Other leather products... .
Fuel, Power, and Lighting Materials:
Coal
Coke

ToMa- Furnibacco
chin- ture Nonme- manuery
and
Pulp,
facMisRub- Lumand other tallic
ber paper, Metals
min- tures cellaber
mo- house- erals—
and
and
and
and
neous
and wood allied metal tive
hold
bottled
prod- prodprod- dur- strucprod- prodbevucts
ucts ables tural erages
ucts
ucts
ucts
9 8 . 0 100.8
100. 4 103.1
101. 6 96.1
102. 4 96.6
108. 1 104.9

6
8

107. 5 108.9
108. 1 109.8

112.3 i i ? 9
112.4 11? 9
111.9 112 9
112.1 11? 8
111.7 11? 9
111.6 i n 8
111 6 113 8
111.5 i n 8
112.0 m 8
112.0 114 4
112.1 114 .5

108. 1 111.1
110. 8 111.4
110 8 109 2
110. 8 109.5
110. 8 108.4
110. 8 108.1
110 R 105 5
110
108.9
110. 8 108.3
110
108 4
110. 8 105.7

1951

1952

Subgroup
Nov.

Sept.

Oct.

106.9
103.9
108.5
128.4
107.7
131.5
101 .0
135.3

115.6
96.9
99.3
113.3
113.8
112.5
96.4
136.6

111.7
95.0
94.8
109.6
114.8
124.8
96.7
136.0

107.8
115.8
111.1
106.1
105.8
161 .9
121.5

106.5
109.4
116.4
105.9
110.5
161.9
127.6

106.4
104.1
115.9
105.9
110.7
161 .9
124.1

102.3
122.0
91 .5
123.2
102 .3
134.2

98.9
112.4
89.9
139.3
99.3
95.0

^99.2
113.2
89.5
140.0
98.4
94.5

87.6
100.3
118 0
105.7

64.4
89.3
110 6
99.9

'65.4
r
90.1
110 6
'99.2

108.8
124.4
99 2
98.0
110 9

107.6 113.3
124.3 124.3
100 3 100 4
101.3 '98.5
108.5 108.5

Klectricity
Petroleum and products ..
Chemicals and Allied Products:
120.9
Industrial chemicals
109 8
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics . 95.0
Fats and oils, inedible
65.2
109.0
Mixed fertilizers
Fertilizer mater als
108 1
Other chemicals and products.
105.9
Rubber and Products?
197.3
Crude rubber..
Tires and tubes
133.9
Other rubber pr r>Hnrts
130 8
Lumber and Wood Products:
120 8
Lumber. .
129 1
Mill work
Plywood
109.4

114.3
107 0
92.1
48.9
110.3
111 0
103.0

113.9
106 5
'92.0
'51.0
110.7
111 0
103.0

128.3
126.3
125 2

126.6
126.3
125 2

120 6 120 2
127 2 127 7
106.0 106.1

Nov.

Nov.

Pulp, Paper, and Allied Products:
114 5
Woodpulp
01 7
Wastepaper
19? 4
Paper
131 S
Paperboard
Converted paper and paperboard.. 116 3
11 S 4
Building paper and board
Metals and Metal Products:
1?S 1
Iron and steel
1?,4 1
1?1 1
107.1
Metal containers
1?S 8
101.9
Hardware
121 .3
115.5
Plumbing equipm *nt.
. .
114 .4
105.9
Heating equipmen t
11 S Q
110.0
Fabricated struc. mptal nrnrinrrs
161.9
Fabricated nonstructural metal
1?4 4
122.1
products
Machinery and Motive Products:
120 2
98.4
Agri. mach. and equipment
1?3 *8
112.6
Cons. mach. and equipment
89.1
128 .0
Metal working machinery
I'M
130.3
General purpose mach., e fo119 6
98.3
Miscellaneous machinerv. . .
122 . 1
Elec. mach . and equipme nt
86.9
Motor veh icles
116 .3
69.9 Furniture; Ot her Household Durable.r
11S S
90.5
Household furniture . .
111 0
122 8
Commercial furniture
PS 4
99.6
Floor covering
107 .9
Household applian ces
113.4
93 0
Radio, TV, and pilonoeranhs . .
117 4
124.3
Other household durable goods
100 4 Nonmetallic
Minerals—Structural:
114 0
98.5
Flat glass
112 Q
108.1
Concrete ingredients
112 4
Concrete products
112.7
1?1 4
Structural clay prc">diirts
117 7
106 3
Gypsum products
105 4
91.9
Prepared asphalt roofing.
53.2
111 1
Other nonmetallic mineraIs
110.4 Tobacco Mfrs. and Bottled Beverages:
Cigarettes
105 0
111.1
98 0
Cig ars
102.9
111 Q
Oth er tobacco nrodncta
105 9
Alcoholic beverage s
130.3
Nonalcoholic beve rages
126.3
119 7
124 6 Miscellaneous:
Toys, sporting goods, small arms.. 115 4
Manufactured animal feeds
120 0
108
Notions and accessaries
101 /]
127 S
Jewelry, watches, \)hoto equipment 101 2
102.3
Other miscellaneoi
120 7
113.2
96.5
93.0
107.1
114.4
117.6
98.5
132.5

Sept.

Oct.

Nov.

109.3
78.5
124.0
124.6
112.6
115.8

109.3
71 .2
124.9
124.6
112.2
115.8

108.8
65.7
124.9
124 8
112.3
117 6

127.5 127.3
124.7 122.9
124.2 125.1
123.8 125.3
118.1 118.1
113.7 113.7
115.6 114.0

127.0
22.5
125.1
125.3
118.1
113.7
114.1

125.8

125 9

121.5 121.5
125.8 125.8
129.2 129.1
122.3 121 .8
119 2 119 4
119.7 119.0
119.7 119.7

121.6
126.2
128.9
121.8
119 5
119.0

112.6 112 6
122 5 123 2
122.4 122 4
107.3 107.2
93.7
93.7
119.5 119 5

112 8
123 2
122 4
107.2
93.8
119 6

114.4
112.9
112.7
121 .3
117 7
106.0
112.0

114.4
113 0
112.7
124.0
117 7
106.0
112.7

114.4
112 9
112.7
124.0
117 7
106.0
114.4

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

113.1
108 3
90 8
101.0
120.8

113.2
108 4
90 9
101.0
120.8

113.2
103 3
91 1
101.0
120.8

125.6

' Revised.
Source.—Bureau of Labor Statistics.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

JANUARY

1953




61

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the D e p a r t m e n t of C o m m e r c e .
R E L A T I O N

O F

G R O S S

N A T I O N A L

P R O D U C T ,

N A T I O N A L

A n n u a l

I n billions of

I N C O M E .

dollars]

P E R S O N A L

I N C O M E ,

A N D

S A V I N G

Seasonally adjusted a n n u a l rates
b y quarters

totals

1951
1929

Gross national product
Less: Capital c o n s u m p t i o n
Indirect business tax
liabilities
Business transfer p a y
Statistical discrepancy
Plus: Subsidies less curren
g o v e r n m e n t enterprise

allowances. .
a n d related
m e n t s
t surplus
s

y m e n t s

1950

258.2 2 8 4 . 2

5 5 . 8

9 1 . 3

1 2 6 . 4

2 3 3 . 3

2 5 9 . 0

8.8

7.2

8.1

9.3

1 4 . 8

1 7 . 6

19.4

2 1 . 5

7.0
6
— .1

7.1

9 . 4
5
1.4

11.3
5
1.6

18.7
.7
.3

2 0 . 4
7
- 3 . 2

21.6
.2

2 3 . 8
8
— .7

.5

.1

.0

.0

.4

7
1.2

8

0)

— .1

2 2 3 . 5

216.3 2 3 9 . 2

1

2

3 2 9 . 2

3 3 0 . 9

3 3 7 . 1

3 3 9 . 7

3 4 2 . 6

2 4 . 6

2 5 . 0

2 5 . 8

2 6 . 7

2 7 . 7

28.3

25

2 5 . 0
9
.0

2 5 . 8
9
- . 8

2 6 . 3
9
- 1 . 6

2 6 . 8
.9
.6

27.3
.9
n.a.

5

.1

.2

.5

.2

2 7 7 . 6

2 8 0 . 2

3
9
1.4

10.3
.2

- 2 . 0
.3

5.8
2.1

1 4 . 6
2 . 8

2 4 . 7
5.7

3 1 . 7
5.2

29.2
5.7

3 4 . 8
6 9

41.6
82

4 1 . 9
8.1

4 2 . 5
8 3

4 2 . 7
8 5

41.2
8.4

n.a.
8.6

.0
.9
1.0
5.8
.6

.0
1.5
1.2
2.1
7

.0

.0
14.3
4 7
9 . 0
8

0

11.5
49
9.0
9

.8
1 1 . 6
4 . 9
9.2
.9

— .6
1 1 . 5
5 0

.1
11.7
5 0
8.9
9

.0

11.6
4.6
7.5
8

11.6
5.0
9.6
.9

— .4
12.0

.0
2 . 5
1.2
3 . 8
5

.0
2 . 6
1.3
4 . 5
.5

.0
11.1
4 . 4
6 . 6
.7

.0
10.5
4 . 5
7.2
.7

205.9 2 2 6 . 3

9 5 . 3

191.0

2 0 9 . 5

3 . 3
2 . 0
1.3

2 1 . 5
1 9 . 6
1.9

2 1 . 1
1 9 . 0
2.1

i n c o m e .

8 2 . 5

4 5 . 2

7 0 . 2

9 2 . 0

1 6 9 . 5

1 8 8 . 4

1 8 7 . 2

expenditures

7 8 . 8

4 6 . 3

6 7 . 5

8 2 . 3

1 6 5 . 6

177.9

180.6

3 . 7

- 1 . 2

2 . 7

9 . 8

3 . 9

10.5

6 . 7

1 1 . 2

N A T I O N A L

I N C O M E ,

B Y

18 6
16.2
2.5

D I S T R I B U T I V E

254.1 2 5 6 . 1

1929

1939

1933

1941

1947

3 2 . 5
2 9 . 3
3.2

2 0 5 . 5

225.0 2 2 7 . 1

2 3 1 . 5

2 3 0 . 5

231.5 235.3

194.3

208.0 2 0 6 . 4

2 1 0 . 5

2 1 3 . 2

214.9 2 1 5 . 0

2 1 . 1

1 7 . 3

17.0

103.8 198.7 2 2 3 . 5

1949

1950

2 1 6 . 3

239.2 277.6 280.2 2 8 5 . 6

3 9 . 6

7 2 . 5

5 0 . 8
5 0 . 2
4 5 . 2
.3
4 . 6

2 9 . 3
2 8 . 8
2 3 . 7
.3
4 . 9
.5

4 7 . 8
4 5 . 7
3 7 . 5
.4
7.8
2.1

64.3 128.0 140.2 139.9 1 5 3 . 4
61.7 122.1 1 3 4 . 4 1 3 3 . 4 1 4 5 . 6
104.8 1 1 5 . 7 1 1 3 . 0 1 2 3 . 4
51
4.1
1.9
4 . 0
4.2
5.0
8.3 13.2 1 4 . 7
16.1
17.2
2.6
5.9
5.8
6.6
7.8

19.7
8.3
5.7
5.8

7
2
2
2

1 4
6
4
3

.
.
.
.

7
8
5
5

20.8
9.6
6.9
4.3

42.4
19.8
15.6
7.1

5
6
1
5

.
.
.
.

8
5
5
0
- . 7

14 6
17.2
7
9.4
-2.6

24.7
30.5
11.9
18.5
-5.8

4.1

3.5

C o r p o r a t e
profits a n d
i n v e n t o r y
v a l u a t i o n a d j u s t m e n t
Corporate profits before tax
C o r p o r a t e profits t a x l i a b i l i t y . . . .
C o r p o r a t e profits after t a x
Inventory valuation a d j u s t m e n t . . . .
N e t i n t e r e s t

10.3 - 2 . 0
9.8
1.4
8.4
- . 4
.5 - 2 . 1
6.5

5.0

4.2

2 0 . 7

32.9
29.6
3.3

16.5

1 7 8 . 9
1 6 9 . 9

1 8 1 . 0
1 7 2 . 1

1 8 3 . 4
1 7 4 . 3

4 5 . 2
2 3 . 7
13.3
8.2

50.6
26.2
15.6
8.9

50.8
26.0
15.8
9.1

53.1
26.6

3
3
1
2

.
.
.
.

29.2

3
3
1
2

4
4
2
1

1 . 6
2 . 9
4
8

41.9

4
3
2
1

4.3

5.0

6.4

6 . 5

2 7 . 1
1 0 . 8
16.3
2.1

4
9
8
1

.
.
.
.

8
6
4
2
- 4 . 8
5 . 8

2 8 8 . 0
1 8 6 . 5
1 7 7 . 4

141.2 142.0 143.8 145.8
9.1
9.6 10.0
8.6
20.1 21.0 20.9 21.7
9.0
8.9
9.1
9.0

4 2
2 1 . 6
12.8
7.7

7
8
0
7
- 2 . 1

2 0 . 3

rates

1951

4 7 . 3
2 2 . 1
17.7
7.5
1
3
3
0

33 6
30.2
3.3

S H A R E S

8 7 . 4

2
9
3
0

264.4 268.9

2 6 3 . 0

29.1
26 1
3.0

Seasonally adjusted a n n u a l
b y quarters

1948

5.0
9.3
.9

3 0 . 4
2 7 . 3
3.1

N a t i o n a l i n c o m e

.
.
.
.

9.3
.9

2 8 8 . 0

2 6 2 . 0

C o m p e n s a t i o n of e m p l o y e e s
W a g e s a n d salaries 2
Private
Military
G o v e r n m e n t civilian
S u p p l e m e n t s to w a g e s a n d salaries...

.6

2 8 5 . 6

n.a.

2 9 . 0
2 6 . 0
3 . 0

2 0 . 8
18.1
2 . 7

Annual totals

...

— .2

1 0 3 . 8

2 . 4
1.2
1.2

3

286.9

3 4 3 . 4

7 2 . 5

7 2 . 6

Proprietors* a n d r e n t a l i n c o m e
Business a n d professional
F a r m
R e n t a l i n c o m e of persons

3

3 9 . 6

1.5
.5
1.0

E q u a l s : P e r s o n a l s a v i n g

4

8 7 . 4

4 6 . 6

E q u a l s : D i s p o s a b l e p e r s o n a l

3

1 9 8 . 7

2 . 6
1.3
1.4

...

1952

1951

8 5 . 1

..

Less: Personal tax a n d related p a y m e n t s . .
Federal
State a n d local

Less: Personal c o n s u m p t i o n

1949

1948

i n v e n t o r y

ccruals
over
.
.
...
r p a y m e n t s . ..
g o v e r n m e n t

E q u a l s : P e r s o n a l i n c o m e

1947

103.8

— .1

Contributions for social insurance. .

Excess
o fw a g e
a
d i s b u r s e m e n t s . .
Plus: G o v e r n m e n t transfe
N e t interest paid b y
D i v i d e n d s
Business transfer p a

1941

1939

of

Equals: National income
Less: C o r p o r a t e profits a n d
valuation a d j u s t m e n t

1933

- 1

3 8
2 1
16
3

.
.
.
.

6
8
9
2

1 7 . 0
9 . 4
2
9
2
7
3

.
.
.
.
.

5
5
2
3
0

6.6

286.9 n . a .
186.9 1 9 0 . 3
7 . 8
181.0
5 . 6
148.3
a.
n.a.
a.
n.a.
9.2
9.3

1 7
1 4
n.
n.

52.1
27.3
15.4
9.4

51.9

4 2 . 7
4 2 . 7
2 4 . 7
18.1
- . 1

4 1 . 2
3 9 . 5
2 2 . 9

6.7

2 7 . 6
1 4 . 8
9.5

52.5
27.5
15.2
9.8

n.a.
n.a.
n.a.
16.6 n.a.
1.7
.6
6 . 9

7.1

n.a. N o t available.
1
Less t h a n 50 million dollars.
2
Includes e m p l o y e e contributions to social insurance funds.
3
Includes n o n c o r p o r a t e i n v e n t o r y valuation a d j u s t m e n t .
N O T E . — D e t a i l s m a y not a d d to totals b e c a u s e of r o u n d i n g .
S o u r c e . — D e p a r t m e n t of C o m m e r c e .

62




FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters

Annual totals

1952

1951
1929

1939

1933

1941

1947

1948

1950

1949

1951
3

Gross national product
Personal consumption
expenditures
Durable goods . . .
. .
Nondurable goods
Services
Gross private domestic
investment
New construction l
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2
State and local .

3

2

1

4

103.8

55.8

91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 339.7 342.6 343.4

78.8
9 4
37.7
31.7

46.3
3 5
22.3
20.6

67.5
35.3
25.5

44.0
28.5

15 8
7.8
3 6

1 3
1.1
5

9.9
4.9
27

18.3
6.8
35

.7

2.2

3.3

6.4
1.6
1.8

1.8
-1.6
-1.3

4.6
.4
.3

.8

.2

8.5
1.3

7.2

4.2

6.7

82.3 165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0
9.8
21.4 22.9 23.8 29.2 27.1 25.5 25.3 25.2 26.4
24.2
95.1 100.9 99.2 102.8 113.5 113.2 116.2 118.0 117.8 118.9
49.1 54.1 57.5 62.4 67.3 67.6 69.0 70.0 70.8
71.9
42.7
17.7
8 6
9.1

9.0

7.7
3.9
3.4

30 2
13.9
6 3
7 6
17.1
-.8
1.4

19.9
5.0
3.7

.9

1.1

8.9

8.0
2.0
2.0

13.1
5.2
1.3
3.9

24.7
16.9
13.8
3.2

5.9

7.9

7.8

28.6
15.8
13.3
3.8
1.3
12.8

....

33.5
17.2
8.3
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

56.2
22.4
9.9
12.5
24.9
8.9
8.2

52.9
22.4
10.3
12.1
24.7
5.8
5.2

50.0
23.7
11.0
12.7
25.7
.6
-.1

49.3
23.6
11.0
12.6
25.7
.1
-.8

51.7
23.0
10.9
12.2
25.0
3.7
3.0

1.9

.5

-2.3

.2

1.1

2.6

2.2

.4

-1.2

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

67.3
45.5
41.6
4.5
.5
21.7

71.2
48.9
44.3
5.1
.5
22.3

74.4
51.2
46.4
5.2
4
23.2

78.0
54.9
50.3
5.1
4
23.0

77.9
54.8
49.6
5.6
.4
23.1

Transfer
payments'

Less
personal
contributions
for
social
insur-8
ance

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month

Personal
income

Total
receipts4

Total
disbursements

Commodity Distributive Service
produc- indusindusing intries
tries
dustries
21.5

15.5

Government

1929
1933
1939
1941
1947
1948
1949.
1950
1951

85.1
46.6
72 6
95.3
191 0
209 5
205.9
226 3
254.1

50.0
28.7
45.1
60.9
119 9
132.1
131.2
142 7
166.5

50.2
28.8
45.7
61.7
122.0
134.3
133.4
145.6
169.9

9.8

8.8

17.4
27.5
54.3
60.2
56.9
63.5
74.9

13.3
16.3
35.1
38.8
38.9
41.3
45.9

8.2
5.1
6.9

5.0
5.2
8.2

7.S
15.3
16.6
17.2
18.6
20.3

10.2
17.2
18.7
20.4
22 2
28.7

1951_October
November....
December

261 7
260.9
263.4

170 5
171.3
172.6

174.0
174.8
176.0

75.9
75.8
77.5

46.5
46.5
46.7

20.7
20.8
20.8

1952—January
February
March
April
May
June
July
August
September....
October

263 4
263.5
261.9
262.5
264.5
266 7
263 9
269 6
273.8
276.1

173 1
174.5
173.9
173.4
174.6
175 8
173 9
179.0
181.9
184.0

176.7
178.0
177.3
176.7
177.9
179.3
177.4
182.5
185.3
187.5

77.3
78.2
77.7
76.9
76.7
77.2
74.0
78.7
81.6
82.9

47.1
47.1
47.0
47.0
47.7
48.5
49.3
49.4
49.3
49.9

20 8
20.9
20.8
21.0
21.3
21.3
21.5
21.5
21.6
21.8

Dividends
ProOther
and
prietors'
. labor
perand
income 8 rental 8 sonal
income interest
income

11 8
11.3
12.4
15 1
12.4

.1
2
6
.8

2 1
2 2
2.2
2 9
3.4

76 8
43 0
66 3
86.1
170 8
187 1
188.7
208 5
233.6

20 8
20.5
21.1

12 7
12.4
12.1

3 5
3.5
3.4

239 1
239.5
240.7

20 1
20.5
21.0
21.5
21.5
21.4
21.3
21.4
21.4
21.3

12 8
12.4
12.4
12.3
12.6
12 5
12.4
13.1
12.9
13.0

3 9
3.8
3 8
3.6
3 6
3 8
3 9

241 7
243.4
242 7
242.9
244 9
245 9
243 4
249.4
253.0
255.4

.5
.4

19.7

13.3

7.2

5
6

8.2
9.2
9.9

2.4
2.8

3.1
3.8
4.2

14.7
20.8
42.4
47.3
42.1
45 2
50.6

14.5
16.0
17.1
19 5
20.4

30.9
31.7
31.0

4.3
4.2
4.3

53.4
52.5
53.3

31 5
31.8
31.8
31.8
32.2
32 3
32.6
32.9
32.8
32.9

4 3
4.3
4.3
4.4
4.4
4 5

53 4
52.1
50.7
51.2
51.7
52 8
52.2
51.8
53.4
53.5

4.5
4.5

4.5
4.6

Nonagricultural
income9

1.5
2.1

3 0
3.1

3.7

3.7
3.8

1
2
3
4

Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
9
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

JANUARY

1953




63

CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]

Noninstalment credit

Instalment credit

Total
consumer
credit

End of year
or month

Total
instalment
credit

Sale credit
Total

Automobile

Loans 1

Total
noninstalment
credit
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
6,638
7,134

Other

7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,097
20,644

4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,459
13,510

2,792
3,450
3,744
1,617
882
891
1,648
3,086
4,528
6,240
7,904
7,546

1,151
1,961
3,144
4,126
4,039

1,104
1,935
2,567
3,096
3,778
3,507

1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
5,964

1951—October
November
December

19,585
19,989
20,644

13,196
13,271
13,510

7,355
7,400
7,546

4,134
4,100
4,039

3,221
3,300
3,507

5,841
5,871
5,964

1952—January

20,126
19,717
19,565
19,788
20,293
20,961
21,213
21,433
21,657
22,288
22,798

13,314
13,185
13,156
13,319
13,806
14,409
14,745
14,939
15,193
15,572
15,883

7,322
7,158
7,047
7,099
7,421
7,820
8,039
8,149
8,339
8,653
8,910

3,962
3,927
3,891
3,946
4,171
4,446
4,597
4,634
4,708
4,882
5,034

3,360
3,231
3,156
3,153
3,250
3,374
3,442
3,515
3,631
3,771
3,876

5,992
6,027
6,109
6,220
6,385
6,589
6,706
6 790
6,854
6,919
6,973

1939
1940.
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

.
.

.
..

....

February
March
April
"M.2iy

June

.

July
August
September
October P
November?

1,267
1,729
1,942
482
175
200

942

1,525
1,721
1,802
1,135
707
691

227
544

715

Singlepayment
loans 2

Charge
accounts

Service
credit

949
1,018
1,332
1,436

1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
3,909
4,239
4,587

963
992
L.067
1,111

6,389
6,718
7,134

1 .413
1,422
1,436

3,868
4,190
4,587

1,108
L,106
L.lll

6,812
6,532
6,409
6,469
6,487
6,552
6,468
6,494
6,464
6,716
6,915

1,445
1 448
1,443
1,437
1,431
1,435
1,443
1,456
1,469
1,488
1,513

4,253
3,967
3,855
3,913
3,921
3,980
3,891
3,902
3,848
4,075
4,246

1,114
1,117
1,111
L.119
1,135
1,137
1,134
1,136
1,147
1,153
1,156

530

536
565
483
414
428
510
749
896

533

560
610
648
687
729
772
874
920

' Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.

1
2

CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month

Total

Commercial
banks l

Loans made by principal lending institutions
(during period)
Insured
repair
Comand
merciall
modern- banks
ization
loans 8

Small
loan
companies

Industrial
banks2

Industrial
loan
com- 2
panies

448
498
531
417
364
384
439
597
701

131
132
134
89
67
68
76
117
166

99
104
107
72
59
60
70
98
134

135
174
200
130
104
100
103
153
225

96
99
102
91
86
88
93
109
119

200
268
285
206
123
113
164
322
568

Credit
unions

Miscellaneous
lenders

1.632
1,967
J.143
1,431
1,119
1,170
L.422
2,352
3,348
4,072
4,650
5,555
5,964

1,435
1,709
1,951
2,431
2,510

817
929
,084
,268

204
250

160
175

312
402

131
142

739
801

291

203

525

157

864

301

229

542

176

5,841
195 I—October
November . . 5,871
December... 5,964

2,522
2,509
2,510

,191
,211
1,268

299
299
301

222
225
229

535
535
542

168
170
176

1952—January. . . . 5,992
February. . . 6,027
6,109
March
6,220
April
6,385
May
6,589
June
6,706
July . ..
6,790
August
September . . 6,854
October? . . . 6,919
November?. 6,973

2,521
2,542
2,593
2,642
2,726
2,838
2,892
2,931
2,971
3,011
3,044

1,273
1,275
1,285
1,302
L,320
1,346
1,366
1,377
1,375
1,376
1,384

300
301
303
307
319

230
232
235
239
246

541
545
553
568
589

176
176
177
179
181

330
341

254
259

614
631

183
185

346
352
359
361

263
264
266
268

647
662
677
682

187
186
186
187

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

523
692
784
426
316
357
477
956

680

1,017
1,198
792
639
749
942

Small
loan
companies

827
912
975
784
800
869
956

938

1,793
2,636
3,069
3,282
3,875
4,198

1,231
1,432
1,534
1,737
1,946
2,437

904
922
938

373
347
354

205
228
292

951
956
963
983
L.004
L,024
1,032
1,039
1,044
1,044
1,047

393
373
429
429
479

Industrial
banks 2

261
255
255
182
151
155
166
231
310

Industrial
loan
com- 2
panies
194
198
203
146
128
139
151
210
282

Credit
unions

237
297
344
236
201
198
199
286
428

375
418

318
334

481

358

894

528

417

947

52
45
50

40
38
42

86
83
84

184
181
216
211
236

46
46
52
50
52

38
37
41
39
44

85
91
95
103
116

497
473

248
238

56
53

44
42

418
423
449
388

211
196
209
214

50
51
55
47

41
39
45
40

122
113

577
712

105
105
113
97

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 November amounted to 133 million dollars,
and other
loans made during November were 14 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans8 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.

64




FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]

End of
year or
month

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949 . .
1950
1951
1951
October. . .
November.
December.
1952
January...
February..
March....
April
May
June
July .
August....
September.
October? . .
November?

Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
1,525
1,721
1 802
1,135

Automobile
retail

Furniture
stores

Jewelry
stores

93
110
120
76
57
56
57
89
144
152
163

1,010
1,245
1,186

1,029
971

3,221
3,300
3,507

1,056
1,099
1,186

890
908
971

607
608
613

668
685
737

3,360
3,231
3,156
3,153
3,250
3,374
3,442
3,515
3,631
3.771
3,876

1,129
1,082
1,060
1,064
1,101
1,132
1,142
1 ,166
1,217
1 .278
1,332

933
909
893
894
924
954
974
995

592
567
548
541
551
588
612
625
648
666
671

706
673
655
654
674
700
714
729
753
782
804

1,013
1,045
1,069

All
other
retail
stores

246
271
284
179
111
109
113
174
305
404
488

1,104
1,935
2,567
3,096
3,778
3,507

707
691
715

536
599
619
440
289
293
296
386
587
750
935

Household
appliance
stores

273
302
313
188
78
50
51
118
249
387
500
710
613

377
439
466
252
172
183
198
337
650
874

794
737

Retail instal-s
ment paper
Total
Automobile
Outstanding at end
of period:
1949
1950
1951

Other

Total

Other
retail,
purPur- Direct chased
and
chased loans direct

4 416
5,645
5,434

1,143 1,223 1,267
1,061 1,192 1,031

1951—October
5,442
November.... 5,436
December. . . . 5,434

1,090 1,226 1,010
1,079 1,209 1.017
1,061 1,192 1,031

1952—January
February
March .
April

1 ,042
1,038
1,035
1,055
1,130
1,217
1 ,266
j1 .2Q4
1,329
1,382
1,422

Year or month

Outstanding at end of
period:
1949
1950
1951

5 418
5,412
5 446
5,528
May
5,744
Tune .
6 027
July
6,210
August
6 35 5
September. . . . 6,503
Octoberp
6,702
November?.. . 6,845

Volume extended during month:
1951_October
November
December.. . .
1952—January
February
March

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year or month

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Repair Personal
and
instalmodern- ment
ization 2 cash
loans
loans *

Mav .
June
July
August
September....
October?
November?.. .

854

915

1,184
1,186
1,197
1,219
1,270
1,331
1,361
1 373
1,386
1.413
1,439

Repair
and
modernization
loans1 a

Personal
instalment
cash
loans

781
905

944

922

1,107
937 1,213
925 1,191
937 1,194
937 1,213

1,034
1,016
1 008
1,005
1,036
1,086
1.133
1 183
1,224
1 ,291
1,339

928 1,230
924 1,248
922 1,284
940 1,309
969 1,339
1,005 1,388
1,042 1,408
1,075 1 430
1,110 1,454
1,151 1,465
1,173 1,472

744
689
686

150
136
117

168
152
149

153
147
157

82
72
70

191
182
193

714
679
758

131
135
144

170
167
185

146
130
138

57
55
62

210
192
229

162
228
243

191
235
240

153
162
177

79
92
101

222
228
240

807
945

1,001
956
849
884
970
844

215
173
193
216
193

216
178
186
203
179

101
101
104
116
93

185
175
180
206
184

239
222
221
229
195

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
1949
1950
1951

Total

Retail instal„ - s
ment paper

Repair Personal
a..—
nd
instalmodernment
ization12
cash
loans
loans

Automobile

Other

194.7
226.9
255.3

43.5
57.9
63.2

31.4
41.1
47.3

6.5
7.3
7.2

113.3
120.6
137.6

343.2
391.0
404.1

93.6
118.5
118.9

63.1
79.7
81.2

55.4
54.9
56.5

131.1
137.9
147.5

1951—October
401.8
November . 402.4
December.. 404.1

123.9
121.9
118.9

75.8
77.7
81.2

56.1
56.5
56.5

146.0
146.3
147.5

1951—October.... 247.4
November . 250.3
December.. 255.3

63.7
63.4
63.2

45.6
46.1
47.3

7.4
7.6
7.2

130.7
133.2
137.6

1952—January . . .
February...
March
April
May
June
July
August....
September .
October?...
November ?

402.6
403.9
405.8
410.7
426.2
441.1
455.1
463.5
472.8
483.0
485.7

116.5
116.3
116.6
119.2
128.2
138.4
145.7
148.9
153.1
158.9
160.2

81.4
81.4
81.2
81.1
82.5
84.7
87.2
89.1
91.0
93.4
94.1

56.1
56.3
55.4
55.8
57.2
58.2
60.9
63.6
66.3
67.8
69.0

148.6
149.9
152.6
154.6
158.3
159.8
161.3
161.9
162.4
162.9
162.4

1952—January . . .
February...
March
April
May
June
July
August....
September .
Octoberp...
November P

256.2
257.7
260.9
265.5
273.2
282.7
288.1
291.9
293.7
295.9
298.9

62.5
62.4
62.6
64.0
67.7
71.0
72.6
73.5
74.3
75.7
76.4

47.0
47.4
48.8
50.0
52.2
55.2
57.5
58.6
59.3
60.2
61.7

7.2
7.1
7.0
7.0
7.0
7.2
7.4
7.5
7.7
7.9
8.0

139.5
140.8
142.5
144.5
146.3
149.3
150.6
152.3
152.4
1.52.1
152.8

60.0
52.3
53.6

17.3
14.6
13.1

12.2
11.8
12.8

5.2
4.1
3.4

25.3
21.8
24.3

41.3
39.5
43.6

9.6
9.0
9.3

7.7
6.2
6.6

0.7
0.7
0.5

23.3
23.6
27.2

52.5
51.8
57.5
58.8
69.2
73.5
69.2
60.7
64.0
68.8
56.2

14.3
15.2
16.8
18.1
25.8
27.7
24.4
19.0
21.4
23.6
19.3

11.8
10.1
10.6
10.3
11.2
12.3
12.9
11.6
12.2
13.3
10.7

3.5
3.7
4.1
5.4
6.3
6.5
6.6
6.5
6.9
6.9
5.1

22.9
22.8
26.0
25.0
25.9
27.0
25.3
23.6
23.5
25.0
21.1

39.4
38.3
42.2
41.6
48.0
47.7
45.0
42.0
40.8
47.2
41.5

9.2
8.9
9.1

5.7
5.7
7.1
6.8
7.9
8.8
8.6
7.5
6.9
9.1
7.7

0.5
0.5
0.6
0.7
0.8
0.7
0.8
0.8
0.9
0.9
0.8

24.0
23.2
25.4
24.0
26.3
26.0
24.3
23.5
23.3
26.0
22.9

Volume extended
during month:
1951—October
November .
December..
1952—January . . .
February...
March
April
May
June
July
August. . . .
September .
Octoberp...
November ?

Volume extended
during month:
1951—October....
November .
December..
1952—January . . .
February...
March
April
May
June
July
August. . . .
September .
October? . .
November ?

10.1
13.0
12.2
11.3
10.2
9.7

11.2
10.1

?2 Preliminary. } Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.

JANUARY

1953




65

CONSUMER CREDIT STATISTICS—Coatfuf^
FURNITURE STORE STATISTICS

Item

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment

Percentage change
from preceding
month
Nov.
1952*

Oct.
1952

-5
-1

+13
+13
+ 16
+7

-6
-2

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Percentage change
from corresponding
month of preceding
year

Sept. Nov.
1952 1952?

Oct.
1952

Sept.
1952

0
-2

+1

+8

+8

+3

+7

+ 15

+ 15

-4

-9

0

-4

+3
+3

+4
+4

+2
+1

+20
+18

Collections during
month:
Total
Instalment

-2
-2

+4
+3

+2
+2

+3

+1

+1
+2

Inventories, end of
month, at retail value.

+1

+5

+3

-4

-3

-7

-i

+ 19
+18

+ 16
+15

i

Preliminary.

Instalment accounts
Year or month

January
February
March
April
May
June
July
August
September
October
November?

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

21
21
19

12
11
11

12
12
12

50
50
45

19
18
20
18
19
18
17
17
18
18
17

10
10
11
10
11
10
10
11
11
11
10

13
13
13
13
13
12
12
11
12
11
11

47
45
48
46
48
46
46
46
47
50
48

1951

October
November
December

Charge
accounts

1952

p Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment 1947-49 average = 100
Accounts receivable
at end of month

Sales during month

Year or month
Total

Cash

46

44

Instalment

Charge
account

Instalment

Charge
account

Percentage of total sales

Collections during
month
Instalment

Charge
account

58

Cash
sales

Instalment
sales

Charge
account
sales

Averages of monthly
data:
1941 . . .
1942 . .
1943
1944
1945
1946
1947
. .
1948
1949
1950
1951

53
60
67
75
93
99
103
98
101
104

57
72
82
92
105
103
103
94
93
95

45
39
36
37
56
85
105
110
136
133

48
49
53
59
84
95
104
101
106
111

60
35
29
28
38
67
108
125
177
181

48
42
44
50
73
92
105
103
111
124

60
47
41
40
53
78
106
117
146
165

47

51
50
52
59
78
92
103
104
111
118

48

56
61
64
64
59
55
52
51
48
48

6
5
4
4
4
6
7
8
10
9

1951—October
November
December

113
129
177

101
115
167

164
171
205

121
138
185

172
182
197

122
\36
177

163
169
168

114
121
122

46
47
49

11
10
9

43
43
42

1952—January
February
March

84
79
91
99
100
93
78
89
101
116
120

77
72
83
90
90
84
71
81
89
102
108

110
106
122
118
137
126
113
136
149
178
173

89
83
96
107
106
99
80
90
108
124
127

190
182
178
175
176
178
177
180
190
201
211

142
124
117
121
122
120
107
108
118
128
138

180
162
170
153
153
148
144
145
151
159
160

165
129
118
108
115
114
111
100
103
119
123

48
48
48
48
47
47
48
48
46
46
47

10
10
10
9
10
10
11
11
11
11
11

42
42
42
43
43
43
41
41
43
43
42

May

June
July
August
September
October
November?

55

48

76

53

9

43

38
34
32
32
37
39
41
41
42
43

p Preliminary.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 57.

66




FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTIC

PAGE

International capital transactions of the United States
Gold production

68-73
,

73

Reported gold reserves of central banks and governments

74

Gold movements; gold stock of the United States

75

International Monetary Fund and Bank

76

Central

Banks

76-80

Money rates in foreign countries

81

Commercial banks

82

Foreign exchange rates

83

Price movements in principal countries
Wholesale prices

84

Consumers' price indexes

85

Security

85

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.

JANUARY 1953




67

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. l
From Jan. 2, 1935,
through—

Total

Foreign
official *

Foreign
other

International

Decrease
in U. S.
banking
funds
abroad *

Total

Domestic
securities:
Inflow of
foreign
funds »

Foreign
securities:
Return
of U. S.
funds 8

Inflow in
brokerage
balances

31
31
31
31
31

8,009.5
8,343.7
8,569.1
8,763.5
10,521.1

5,726.1
6,362.3
6,963.9
6,863.9
7,890.7

2,333.6
1,121 8
2,126.0
2,197.8
2,715.6

2,938.7
2,998.5
2.993.6
3,028.2
3.472.8

453.8
I,242.0
1,844.3
1,637.8
1,702.3

427.2
186.5
116.8
307.6
231.4

464.5
375.5
183.3
258.5
1,202.9

1,237.9
1,276.9
1,182.1
1,209.9
1,064.5

153.7
142.4
123.1
123.7
131.7

1951—Nov. 30
Dec. 31

10,130.0
10,140.7

8,448.2
8,548.1

2,734.7
2,770.2

3,972.5
4,089.6

L,741.0
1,688.3

186.3
160.9

617.0
618.6

754.4
687.5

124.1
125.6

1952—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 3 1 P

10,043.0
10,208.8
10.236.0
10,268.6
10,471.6
10,580.0
10,941.6
11,131.5
11,362.5
11,452.7

8,464.4
8,638.2
8,719.2
8,829.1
9,199.1
9,284.0
9,601.0
9,771.1
9,952.4
9,831.6

2,644.9
2,811.5
2,912.3
3,025.5
3,219.9
3,307.4
3,615.3
3,791.3
3,915.6
3,832.4

4,138.7
4,200.2
4.149.6
4,164.9
4,285.8
4,293.1
4,219.1
4,205.9
4,255.8
4,189.3

1,680.9
1,626.5
L.657.3
1,638.7
1,693.3
1,683.5
1,766.5
1,773.9
1,781.0
L,809.9

133.4
164.9
125.0
109.7
90.7
97.3
103.2
63.0
100.4
114.9

631.3
616.8
617.4
622.4
621.1
624.1
647.0
679.9
673.6
864.8

688.6
658.3
642.5
580.4
429.6
441 3
460.8
491.9
508.5
513.5

125.4
130.7
131.8
127.0
131.1
133.4
129.7
125.4
127.6
127.9

1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]

In-

Date

ternational
institutions

Total "oreign
countries
Official
and

NethUnited
erKing- France
lands
dom

Switzerland 5

Italy

224.9
143.3
122.8
170.5
193.6

372.6
446 4
538.9
576.9
553.0

267 9
153.1
333.5
303.6
314.7

Other
Europe

Total
Europe

Canada

Latin
America

Asia

All
other

1,104.8
1,216.6
L.287.0
L.436.7
1,612.9

1,316.4
1,057 9
1,151.8
961.0
1,378.5

232.8
193.7
167.4
179.5
254.5

Official 2

private
6,006.5
4,854.4
5,853.7
5,960.2
6
6,922.6

3,043.9
1,832.1
2,836.3
2,908.1
3,425.9

458.9
326.2
546.3
574.4
8
656.6

245.9
167.7
192.8
171.6
260.7

850.5
739.8
738.1
717.0
799.2

1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 1 . . .
1949—Dec. 3 1 . . .
1950—Dec. 3 1 . . .

473.7
2,262.0
1,864.3
1,657.8
1,722.2

1951—Nov. 30. .
Dec. 3 1 . .

1,760.9
1,708.2

7.441.4 3,445.0
7,594.0 3,480.5

591.2 254.4 154.5
642.6 289.4 148.8

506.8
521.3

293 1 1,086.1
300.5 1,022.2

1952—Jan. 3 1 . . .

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

7,517.7
7,745.8
7,796.1
7,924 5
8,239.9
8,334.6
8,568.6
8,731.4
8,905.6
8,755.8

644.6
796.9
783.6
745 0
756.8
793.2
848.1
833 7
874.2
889.0

153.7
155.9
149.7
122.0
155.9
203.0
241.2
299.4
345.1
384.3

521.6
542.9
544.8
584 3
599.6
600.8
617.5
612.0
606.1
623.9

290.2
293.9
292.1
286 5
278.5
266.8
291.7
294 9
291.7
305.7

Feb. 29...
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31 . .
June 30. . .
July 3 1 . . .
Aug. 31. . .
Sept. 3 0 P . .
Oct. 31 P..

3,355.2
3,521.8
3,622.6
3,735 8
3,930.2
4,017.7
4,325.6
4,501.6
4,625.9
4,542.7

252.8
253.4
251.4
256 3
267.2
299.2
344.3
305 6
404.6
348.4

997.8
959.2
958.0
970.8
1,004.7
1.028.9
1,058.3
1,083.5
1,141.0
1,205.0

2,420.7
1,976.7
2,472.4
2,513.9
6
2,777.7

931.8
409.6
775.2
869 1
899.0

2,886.1 1,250.1
2,924.7 1,307.1
2,860.7
3,002.2
2,979.7
2,964 9
3,062.7
3,192.0
3,401.0
3,519.1
3,662.7
3,756.2

1,461.6 1,555.8 287.8
L.455.2 1.609.6 297.4

1,316.5 L.400.7 1,635.7 304.1
1,336.3 L,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
1,496.0 L.529.3 1,826.0 325.9
1,503.0 L.516 3 1.790.0 333.2
1,540.3 L,538.0 1,757.7 331.6
1,528.1 1,570.0 1,743.5 370.7
1,529.6 1,578.1 1,799.1 336.0
1,373.3 1,520.7 1,784.1 321.5

v Preliminary.
1
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds shown in Table 1.
* 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.
1
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.
« "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.)
*6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030.

68




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
[Amount3 outstanding, in millions of dollars]
Table 2a.—Other Europe
Date

DenOther Aus- Bel- Czechoslo- mark
Europe tria gium vakia

Finland

GerNormany Greece way

22.2
30.5
19.1
25.1
18.3

89.5
178.9
149.4
221 6

1946—Dec. 31 _
1947—Dec. 3 1 . .
1948—Dec. 31. .
I949—Dec 31
1950—Dec. 31. .

159.5
124.9
128.7
119.9
128.2

5.6

66.5
52.8
44.7
38.0
45.5

1951—Nov. 30.. 1,086.1 62.9 145.1
Dec. 3 1 . . 1,022.2 57.1 134.7

1.5
1.3

46.7
45.3

27.9
27.0

455.9 41.5
405.6 45.8

.7
.8
.7
.7
.6
.6
.6
.6
.9
.5

44.0
38.7
38.9
37.6
37.0
34.2
37.5
43.8
51.0
59.6

30.0
30.7
26.9
23.8
23.9
21.3
22.7
24.4
25.9
26.7

395.1
353.0
361.8
380.2
390.5
453.1
464.3
457.5
486.2
534.3

850.5
739.8
738.1
717 0
799.2 41.9

57.0
55.4
54.0
54.9
53.1
49.5
51.9
60.7
74.3
77.7

1952—Jan. 3 1 . . 997.8
Feb. 29. . 959.2
Mar. 3 1 . . 958.0
Apr. 30.
970.8
May 3 1 . . 1,004.7
June 30. . 1,028.9
Tuly 31. . 1,058.3
Aug. 31. . 1,083.5
Sept. 30P. 1,141.0
Oct. 3 1 P . 1,205.0

132.8
136.6
132.1
134.1
155.0
137.5
143.5
142.1
136.7
128.3

7.1

Poland

Portugal

"4'.2"

39.0
47.1
37.7
38.1
45.7

8.9
8.7
7.0
6.7
6.1

98.6
99.7

2.6
2.8

35.4
40.7

97.7
96.7
104.4
100.5
100.9
94.6
96.1
101.0
104.1
109.6

2.4
5.8
2.5
2.1
2.4
2.6
4.7
3.1
2.2
3.6

40.7
42.8
41.8
41.6
43.1
40.6
45.9
49.3
50.9
46.7

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

Rumania Spain

Sweden

Yugo- AH 1
USSR slavia
other

16.4
12.8
13.6
15.7
21.3

172.6
58.6
49.0
90.1
115.3

60.5
73.7
21.3
10.2

12.4
12.1
19.9

4.0

13.2

112 5
138.2
119.3
117 4
52.4

6.0
6.1

18.4
17.1

80.3
71.7

2.3
2.5

8.2
7.1

52.7
57.6

6.0
6.1
6.2

16.6
17.4
17.9
17.7
20.2
18.5
18.0
17.6
20.3
24.4

64.3
64.4
62.4
65.3
65.8
68.4
70.6
77.0
77.6
82.8

4.2
4.9
2.5
2.4
2.2
2.0
2.0
2.1
5.1
5.3

7.7
8.7
7.1
7.6
7.8

59.5
58.8
57.9
54.2
55.1
47.6
44.6
46.5
46.1
45.3

6 1
6.1
6.0
5.7
5.7
5.7
6.0

7.6

10.7
11.4
12.7
14.1
13.0

Table 2b.—-Latin America

Latin
BoAmer- Argenlivia
tina
ica

Date

Brazil Chile

Colombia

Cuba

Dominican Guate- MexRe- mala
ico
public

Netherlands
West Peru
Indies
and
Suri-

ReEl
public of SalPan- vador

Uruguay

ama

Other
Vene- Latin
zuela America 2

nam

1946 Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.

t,104.8 112.6
236 2
31'. l',287!o 215.8
31 1,436 7 201.1
31.' 1,612!9 301.8
31
31

14 0
17 8
17.1
13 5
20.4

174.0
104.7
123.7
192 8
226.0

50.7
46.3
55.6
60.9
79.5

153.5
234.7
219.4
164.2
259.1 42 7

25.4

2
7
6
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

284.7 43 6
263.6 45 8

22.8 159 3
27.3 158.2

31.2
34.9

48.6
47.2

65.6
67.7

28.5
27.8

253.1
265.5
288.3
307.4
318.1
316.6
321.2
341.4
321.4
285.7

32.1
35.9
39.5
40.0
39.7
38.3
36.4
34.4
32.4
32.2

31.5
31.3
28.8
28.2
28.4
32.2
29.1
35.5
38.7
39.5

49.5
48.8
56.3
57.0
55.9
56.5
57.1
58.5
56.5
62.0

63.1
65.7
67.9
65.6
70.5
73.3
73.3
74.5
78.4
81.1

1951—Nov. 3 0 . 1,461.6 277.1
Dec. 3 1 . 1,455.2 249.7

25.0 110.1
27.8 100.3

47.6 79.7
54.0 106.4

1,400.7
1,416.3
1,463.1
1,490.2
May
1,529.3
1,516.3
Tune
1,538.0
July
1,570.0
Aug.
Sept. 3 0 P 1,578.1
Oct. 3 1 , 1,520.7

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 88.8
18.7 72.3

56.5
59.5
57.3
58.6
52.0
54.3
58.4
61.2
58.1
62.4

1952—Jan.
Feb.
Mar.
Apr.

31.
29.
31.
30.
31.
30.
31.
31.

225.9
212.9
189.4
177.4
167.8
146.8
130.7
128.3
129.7
131.9

?

57.8
46.1
54.0
85.9
53.4

97.6
96.3
95.0
91.1
80.7
73.6
77.6
85.4
88.3
87.9

46
48
50
53
51
50
51
49
46
43

1
9
5
4
5
4
2
9
6
3

152
139
146
214
207

147
134
171
150
177
195
205
238
232
232

0
0
9
4
3
7
1
0
7
1

75. 1

74 .0
78 0
121 .7
143 .2
85 .2

181.8
186^5
184.1
207 4
7l!3

83. 0
84. 7

68 .1
71 . 9

86.6
87.8

36.5 7 5 . 2 67 .4
39.0 7 6 . 8 64 .5
43.7 8 3 . 5 66 .5
42.5 9 3 . 0 101 . 4
37.2 9 0 . 4 140 .4
36.8 9 7 . 6 129 . 8
32.6 101. 5 131 . 0
30.5 9 7 . 3 108 .3
25.4 9 0 . 8 154 .3
21.6 9 4 . 8 141 .6

97.1
95.4
103.6
104.1
105.1
109.2
116.2
116.2
114.7
113.4

Table 2c.—Asia and All Other

Asia

Date

ForPhilmosa
and Hong
Indoippine Thai
China Kong India nesia Iran Israel Japan
land
public
Mainland

31!
31.
31
31.

1 ,316 . 4
1 ,057 .9
1 ,151 8
961 .0
1 ,378 .5

1951—Nov. 3 0 .
Dec. 3 1 .

1 ,555 .8
1 ,609 .6

88.4 62 . 0 57 .7 129.1 21 .8 14 4 568.7 342.2
87.4 62 .4 62 .1 140.6 25 .5 26 6 596.0 329.7

1952—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

1 ,635 .7
1 ,661 .9
1 ,687 .8
1 ,755 .0
1 ,826 .0
1 ,790 .0
1 ,757 .7
1 ,743 .5
1 ,799 .1
1 ,784 .1

81.9
81.6
78.6
80.1
80.2
76.5
76.3
80.4
84.7
84.0

1946 Dec.
1947—Dec!
194g—Dec.
1949—Dec.
1950—Dec.

31

31.
29.
31.
30.
31.
30.
31.
31.
3QP

31*

431.9
229.9
216 2
110.6
81.7

44 9
39 .8
51 1
83 .9
86 .1

64 .2
64 .4
67 .8
65 .6
62 .7
65 .9
68 .1
69 .6
71 .4
69 .6

43 .5 127.1
62 .4 69.3
51 . 8 41 5
63 .3 15.7
55 .7 114.7 20 ]3

58 .6
59 .4
46 .3
52 .1
67 . 3
56 .7
61 .6
54 .8
59 .2
58 .1

131.8
127.4
141.0
171.1
190.2
176.5
154.0
114.5
87.3
64.9

26 .8
26 .9
25 .7
23 .8
23 .5
21 .1
24 .7
22 .6
18 .3
20 .1

16 6
31.3
81 4
214.6
12 6 458.5

636.2
655.7
682.4
696.8
724.8
730.7
725.6
743.9
772.6
27.9 767.5

20 7
19 3
19 8
27 6
37 8
30 5
26 8
26 .5
22 .1

446 6
488^6
488 3
297 3
374.4 "*48'. 2

328.2
331.1
332.2
335.0
337.2
333.0
321.8
324.6
319.7
320.1

Tur- Other All
key
other

54 7 151.0 232.8 45.5
37^6 99.0 193^7
17 5 204.0 167.4 22.2
9 . 8 165 7 179.5 32 4
14.3 111.9 254.5 19.1

9 0 . 9 11.4
9 6 . 7 14.1

108. 8
115. 0
121. 0
125. 8
126. 5
126. 8

134 9
143 8

157.9
166 6

Aus- Beltralia gian
Congo

13.6
14.9
10.6
10.8
14.2
20.6
9.4
9.8
8.8
9.7

169.1 287.8 36.8
168.4 297.4 38.5
164.8
166.1
162.4
166.3
161.5
151.7
154.4
153.0
197.2
195.8

304.1
329.1
325.9
316.6
325.9
333.2
331.6
370.7
336.0
321.5

32.3
36.5
38.4
36.7
44.7
49.5
47.4
81.2
54.1
50.1

Egypt
and
Union
Anglo- of Other*
Egyp- South
tian Africa
Sudan

58. 1

20 8
25^0
27.7
61 6
75.6

52. 6
54. 5

101.2
110.7

5 4 . 3 121.0
5 8 . 8 126.4
5 7 . 8 127.3
6 2 . 0 123.3
6 7 . 5 118.3
7 2 . 6 117.7
74 8 116.8
84 5 104.2
90 4
91.6
96 6
72.1

47.2 119.3
46^4 91.8
15.8 101.6
6^0
79 5
44.0 57.7
13.6
7.0
9.1

11.8
9.0

13.9
12.4
10.9
11.2
14.2
11.4
13.3

83.7
86.8
87.3
95.7
93.3
80.7
83.1
82.5
81.5
86.5
88.4
89.4

v Preliminary.
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.
4
Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
1
2
3

JANUARY

1953




69

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES^
[Amounts outstanding, in millions of dollars]
Total

Date
1946—Dec.
1947—Dec
1948—Dec.
1949—Dec
1950—Dec.

3i
3i
31
3i
3i

United
King- France
dom

708.3 47.7
948.9 29.2
1,018.7 24.5
827.9 37.2
898.0 105.7

1951—Nov. 30
Dec. 31

.

1952—Jan. 31
Feb 29 .
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept 30P .
Oct. 3 1 P

Netherlands

Switzerland

Italy

Other
Total
Europe Europe

Canada

Latin
America

Asia

All
other

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

943.1
968.4

34.7
35.0

11.0
10.1

3.9
5.0

8.8
11.2

7.5
10.3

97.7
111.2

163.6
182.8

118.3
92.0

465.5
489.3

153.0
162.4

42.6
41.9

996.0
964.4
1,004.4
1,019.7
1,038.7
1,032.1
1,026.2
1,066.3
1,029.0
1,014.5

28.5
32.8
35.4
33.5
42.0
36.2
30.9
32.2
26.8
35.8

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

9.2

3.3

11.2
10.3
11.6
8.6
7.3
9.8
8 0
9.8
8.4
8.0

12.6
14.4
21.5
23.5
24.9
30.4
28 6
24.6
19.6
16.4

114.6
103.0
89.6
81.1
79.1
68.8
67.2
66.5
75.1
79.0

186 8
180.2
176 9
163.9
168 2
160.2
150 0
145.7
141.8
152.9

89 3
72.4
72 1
76.4
69 5
53.9
45 1
53 3
63.9
73.7

520 3
520.6
570 2
601.1
652 2
669.6
700 1
715 2
658.3
632.9

161 9
154.6
149 5
144.8
117 4
118.0
105 2
128 4
141.6
132.8

37 6
36.7
35 7
33.5
31 5
30.4
25 8
23 7
23.4
22.2

Germany

Greece

Norway

Portugal

Spain

Sweden

Yugoslavia

All
other 2

9.3
10.9

2.6
2.7

Table 3a.—Other Europe
Austria

Belgium

Denmark

6.2
8.0

3.3
9.2

1.0
1.1

7.2
.9

4.9
5 4

.6
.4
3.2

3.4
8.2
2.2

30.4
30.5
30.5
30.0
25.4

12.4
10.6
1.2
.7
.2

8.4
7.4
1.4

.7
5
.5

2.9

1.4

.2

7.5
15.0
21.4
19.3
21.5

.5
2.2

31

82 8
118.9
106.3
98 5
67.1

1951—Nov. 30
Dec. 31

97.7
111.2

.1
(')

27.1
39.6

5.9
4.8

3.2
3.1

28.6
28.3

.5
.2

1.1
2.5

1952—Jan.
Feb
Mar.
Apr

31

(l)

3.6
4.1
2.7
1.8

3.9

3.4

30.1
27.9
27.7
27.2
26.9
23.2
23.7
25.7
27.5
28.0

.2

31

42.9
33.7
28.7
21.3
17.6
13.9
12.9
11.5
11.8
13.2

4.0
4.6
4.6
4.3

July
Aug.
Sept
Oct.

114.6
103.0
89.6
81.1
79.1
68.8
67.2
66.5
75.1
79.0

Other
Europe

Date
1946—Dec.
1947—Dec.
1948—jj)ec.
1949—Dec
1950—Dec.

31

31
31
31

29

31
30

M a y 31
June 30
31

30?
31?

. . .

(3)

(«j
.1
(»)
(3)

.1
.1

1.0

3.5
3.6
2.2
3.5
2.8

Finland

2.9
2.8
2.2
2.8

3.8

.2

.2
.2
.2

6 0

9.5
35 9
29.8
22 6
4 0

(»)
(i)

(»)

70

2 3

1.6

6.9

.7
.8

16.8
18.8

6.2
5.4

3.5
3.9

4.2
4.0

2.0
1.6
1.5
1.8

1.0
.9
1.2
1 0

5.2
4.3
4.2
3 6

2.4
1 3
.7
2 4

2.0

.8

19.0
19.8
13.5
12 6
14.6
14.3
14.3
12.5
13 5
12.6

3.2

2.7

3.3

8.0

4.2
46
4.4
4 9
3 8
3.6
3 6
4.4
3 7

1.6
1.8
1.8
2.0

.8
.7
.6
6

1.7

.5

2.7
3 1
1.9
22

2.3
5
3.4
73

3.8

Table 3b.—Latin America

Date

Latin
BoAmer- Argenlivia
tina
ica

Brazil Chile

Colombia

Cuba

NetherDolands
minican Guate- Mex- West
Remala
ico Indies
and
pubSurilic

Peru

RepubEl
lic of SalPan- vador
ama

Uruguay

Other
Vene- Latin
zuela America 4

nam

226.8
514.3
516.6
411.1
378.8

41.8
65.2
72.4
53.6
45.9

2.3
2.0
2.7
2.3
8.7

49.8
165.8
165.4
136.9
78.0

14.6
27.8
15.2
15.5

26.4 25.7
32.6 108.6
32.6 83.1
21.1 27.5
42.5 27.6

1951—Nov. 30. . 465.5
Dec. 31. . 489.3

7.9
7.6

7.2
7.5

164.3
185.0

22.7
24.8

39.7
43.7

29.4
32.3

1.7
1.8

520.3
520.6
570.2
601.1
652.2
669.6
700.1
715.2
658.3
632.9

7.9
7.8
8.6
7.8
7.4
8.2
7.2
7.6
8.6
8.1

7.1
9.9
8.1
8.6
9.7
8.4
8.7
6.8
6.2
7.0

207.3
217.0
234.9
272.2
320.7
358.3
392.6
403.9
374.7
355.4

26.2
23.6
29.3
29.1
27.5
26.1
27.0
23.0
21.6
18.3

39.3
36.1
33.8
31.5
34.3
35.0
34.5
34.2
32.1
34.9

29.6
31.0
56.6
54.7
55.9
51.8
52.5
51.6
33.6
36.1

2.2
2.1
2.1
2.9
2.4
2.2
1.9
1.8
1.8
1.6

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 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30*.
Oct. 31 P .

6.8

25.5
52.2
73.8
73.0
70.6

.8
1.1
1.5
1.3
1.3

3.2
3.8

87.4
90.6

1.4
1.2

4.0
4.2
4.2
4.1
3.7
4.1
3.7
3.2
2.8
3.2

109.1
103.0
101.1
94.4
90.8
78.0
71.2
91.7
92.0
82.8

1.2
1.2
1.2
1.3
1.1
1.2
1.2
1.1
1.2
1.2

"iy

3.7
4.3
4.4
5.8

11.0

1.3
4.7
4.6
5.3
3.1

"6*.8'

' '8.6

12.7
11.8

3.3
3.0

8,4
9.5

10.5

12.0
11.8
11.5
10.3
11.6
10.9
10.9
10.7
10.3
11.6

4.2
4.1
3.9
6.8
6.0
5.9
6.3
3.3
3.7
4.4

9.9
8.4
7.5
6.5
5.3
5.4
5.3
5.3
5.1
7.1

15.3
26.0
25.6
49.4

26.2
34.5
34.7
43.1
14.6

54.6
41.7

12.3
14.5

34.9
38.7
33.1
32.2
34.2
32.1
32.4
32.4
31.7
33.1

13.7
13.8
15.1
13.7
13.8
11.5
12.5
13.0
12.4
13.8

8.7

9.3

11.8
7.9

19.1
24.9
27.9
30.5
32.1
25.7
20.6
14.3

p Preliminary.
See footnote 1, p. 68.
Beginning January 1950, excludes Austria, reported separately as of that date.
3 Less than $50,000.
* Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1
2

70




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c.—Asia and All Other

Date

1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Nov.
Dec.
1952—Tan.
Feb.
Mar.
Apr.
Mav
Tune
July
Aug.
Sept.
Oct.

Asia

31
31. .
31. .
31. .
31. .
30. .
31. .
31..
29..
31. .
30. .
31. .
30. .
31..
31. .
30P.
31 P.

99 2
127.0
118 8
139.7
96.3
153.0
162.4
161.9
154.6
149.5
144.8
117.4
118.0
105.2
128.4
141.6
132.8

Formosa
PhilIndoippine Thai- Tur- Other1 All
and Hong
China Kong India nesia Iran Israel Japan Reland key Asia other
public
Main:
land
53 9
40.8
. 24.2
16.6
18.2
10.1
: IO.I
; io.i
1

9.6
9.1

8.6

8.1
7.3
8.1
8.3

, 10.1
• io.i

5 9 12.0
29.6
20.4
17.4
16.2
3.3 13.3
3.1 13.4
1.4 14.8
1 .6 16.8
2 . 8 20.4
4 . 2 14.5

1.0
.5
1.9
.2
.2 '
.4
.3
.4
.5

2.6
3.4
3.7
3.0

1.8
2.4
.8
1.3
1.0
9

.2
.9

6.6
8.6
9.3
8.9
9.0

. 7 10.1
.9 10.8
.6 10.6
1.4 10.7
.5 10.3

9.4
6.5
5.5
4.2
3.7
3.5

.6
.7
.9

9.6
9.3

10.1

15 9
14.1
18^9 12.1
27.8 10.7
30.0 12.2
35.9 8 . 6
32.4 8 . 8
30.3 9 . 1
29.3 11.0
30.1 12.5
27.7 14.3
27.4 10.4
22.9 13.3
22.8 10.1
18.7 12.6

20.2
27.4
37 3
23.2
4.9

22.6
29.3
29.1
27.2
22.6
23.7
27.4
20.5
6.9

10.3
5.3
6.4

1 4
17.7
1.4
14.3

"i'.s"

.9

2.4
2.5

.8
.6
.5
.6

2.1

2 9

3.7
2.8
3.2
2.7
2.3
3.5
3.8
3.4

13.8
23.6
1.6

15.4
16.7
37.0
55.7
51.0

4 6
7.5

14 3
50.3
13.9
52 .9
51.6
50.0
45.1
26.9
15.3
12.1
9.0

16.3
17.4
19.2
15.3

17 2
31.5
19.7
20.4
60.0
42.6
41.9
37.6
36.7
35.7
33.5
31.5
30.4
25.8
23.7
23.4
22.2

Egypt
and
Union
Bel- Angloof
Aus- gian
tralia Congo Egyp- South Other 2
tian Africa
Sudan
3 4

6.7
5.7

.4
.1
.4
.2
.3
.2
.2

5.3
6.0
7.2
7.6
7.8
8.7
8.2
7.9
6.9
6.7

.1
.1
.1
2
.2
.2
.2
.5
.6
.5

9.0

4 7
7.9

40.8
23.4
22.8
21.1
17.5
17.7
13.5
12.7
12.0

'"i!4'

9.6
8.0
8.2
8.7

10.1
14.4

3 3

7.9
4.5
7.3
6.8
6.7
6.3
6.0
5.7
7.0
4.8
4.7
3.7
3.5
3.1
2.3

6 8

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bonds and notes 4
Year or month

1946
1947
1948
1949
1950
1951
1951—November
December
1952—January
February
March
April
May
June
July
August
September?
October?

Purchases

Sales

414.5
344 8
282.4
430.0
1,236.4
673.6
20.7
27.2
20.2
15.5
19.4
13.9
31.2
39.6
39.1
37 5
35.0
194.7

684.2
283.3
330.3
333 .6
294.3
1,356.6
17.4
36.0
12.7
18.7
16.3
15.8
22.2
32.0
29.2
13 3
15.7
18.8

Net
purchases
-269.7
61 5
-47.9
96.4
942.1
6
-683.0
3.4
-8.8
7.6
-3.2
3.1
-2.0
9.0
7.7
9.9
24 2
19.3
176.0

Corporate bonds anc stocks 5
Purchases

Sales

Net
purchases

367.6
226.1
369.7
354.1
774.7
859.8
62.6
64.1
76.6
68.3
65.7
76.2
61.6
63.6
76.8
67 6
53.3
76.8

432.1
376 7
514.1
375.3
772.3
761.0
61.8
53.7
71.5
79.6
68.1
69.2
71.9
68.3
63.7
58 9
78.9
61.5

-64.5
— 150.6
-144.3
-21.2
2.4
98.7
.8
10.4
5.1
-11.3
-2.5
7.0
-10.3
-4.7
13.1
8 7
-25.6
15.3

8.0
7.7
7.2

5.6
6.5
4.7
7.0
5.0
5.1
6.1
4.9
4.1
3.8
4.7
4.0

s

Total
purchases

Total
sales

Net
purchases
of
domestic
securities

782.1
570.9
652.2
784.1
2,011.1
1,533.3
83.4
91.3
96.9
83.8
85.1
90.1
92.8
103.2
115.9
105 1
88.3
271.5

1,116.3
659 9
844.4
708.9
1,066.6
2,117.6
79.2
89.7
84.2
98.3
84.4
85.0
94.1
100.3
93.0
72 2
94.6
80.3

-334.2
— 89 1
-192.2
75.2
944.4
-584.3
4.2
1.6
12.7
-14.5
.6
5.0
-1.3
3.0
22.9
32 9
-6.3
191.2

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES 3
(Return of U. S. Funds)
[In millions of dollars]
Foreign stocks
Year or month

1946
1947
1948
1949
1950
1951

1951—November
December
1952—January
February
March
April
May
June
July
August
September?
October?

Foreign bonds

Purchases

Sales

Net
purchases

Purchases

Sales

Net
purchasi

65.2
57.1
81.7
88.8
173.8
272.3

65.6
42.6
96.7
70.8
198.2
348.7

-.4
14.6
-15.0
18.0
-24.4
-76.4

24.2
24.4

47.6
82.6

-23.5
-58.2

34.4
29.4
22.0
28.9
19.0
19.2
23.9
24.1
24.6
22.1

29.9
28.1
35.8
44.9
20.4
29.8
33.0
22 7
24.5
20.8

1.4
-13.8
-16.0
-1.4
-10.6
-9.1
1.4
.2
1.3

755.9
658.7
211.6
321.2
589.2
500.4
73.7
38.1
33.1
19.0
21.5
47.7
40.3
52.5
52.8
57.9
38.9
80.2

490.4
634.3
291.4
311.5
710.2
801.0
39.6
46.8
36.5
50.7
23.4
93.8
189.6
30.2
24.2
28.2
22.5
76.5

265.5
24.5
-79.8
9.8
-121.0
-300.6
34.2
-8.7
-3.5
-31.7
-1.9
-46.1
-149.4
22.4
28.7
29.7
16.4
3.7

4.6

Total
purchases

Total
sales

Net
purchases
of
foreign
securities

821.2
715.9
293.3
410.1
763.0
772.7
97.9
62.5
67.5
48.4
43.5
76.6
59.3
71.7
76.7
82.0
63.6
102.2

556.1
676.8
388.2
382.3
908.4
,149.7
87.2
129.4
66.4
78.7
59.3
138.7
210.1
60.0
57.2
50.9
47.0
97.3

265.1
39.0
-94.8
27.8
-145.4
-377.0
10.7
-66.9
1.1
-30.3
-15.8
-62.1
-150.8
11.7
19.5
31.1
16.6
5.0

? Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and Thailand, reported separately as of that date.
2
Beginning
January 1950, excludes Belgian Congo, reported
separately as of that date.
3
4
Includes
transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
5
Through
1949
represents
transactions
in
corporate
stocks
only.
6
Includes net sales of 554 million dollars by Canada.
JANUARY

1953




71

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...
1951—Nov....
Dec.. . .
1952—Jan....
Feb....
Mar....
Apr
May...
June...
July...
Aug....
Sept.P..
Oct.P. .

International
institutions

United
Kingdom

Total

-334.2
74.5 — 163.6
7.6 — 199 8
-11.8
87!o
823.2
121.2
— 15.9 -568.4
1.0
.8

3.1

.3

12.4
-11.2

-3.3

.8
.8
.3
.6
.4
.9
.9

-36.9
-8.9

—6 8
-50.2
—82.8
—6.8
197.8

9.1

20.9
64.0
21.4

.7

-.2

4 2
-1 6
2.4

22.5
32.0
-7.2
179.9

11.3

France

6.0

Nether- Switzerlands
land

—26.5
—98.2
— 79.3
—25 5
-6.3
—22.2

— 17.5
13.0
—40.0
44 2
19.0
45.9
-4.3

3.1
5.6

.6
.7

-4.6
-1.0

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

0)

1.6
.6
.7

-8.4
38.9

-1.2

.1

Italy

Other
Europe

— .1
— 17 A

— 10.8 —98.6
— 14.1 —175.5
— 190.4
2.6
2 2
36 5
73.8
347.5
—43.8
9.2

1 5
-.7
1.9
.2
.3

2.6

10.4
-4.8

— .1
.2
-.2
.1
.1
-.2
.3
.4
.1
.2

2.4
-.1

-1.9

.7

13.7

-.5

6.9
8.3
6.1

-2.3
-2.7

Total
Europe

.8
3.8

2.6
5.0

-1.3

14.1
-7.0

.3

1.4

-1.2

-.6
.7
1.2
.9
.6
-.4
2.9

-3.3
-1.9

2.6

21.3
15.1
-4.0
45.6

Canada

— 16.4
3^2
7.5

Latin
America
6 3
-3.5
10.2

—49 0
458.2
—595.5

30.1
13.9

-1.7
-7.6

1.2
3.1
2.3

-.9

-2.3

3.6
.7
4.4
6.8

15.7
.7

131.8

—224.5
10.0
—23.3
—2 1
— 15.3

2.5

-3.1
-2.7

All
other

Asia

— 1.0
2^2

—3.9
2
2.7

4.8
.9

.1
.3

-1.3
-1.1
-2.1

.4
.1
.3
-.2

0)

2.9
4.1
-.4

0)

.2
-.2

-4.8

1.5
.9

-7.3

-3.8

.2
1.2

— .2
.5
.2
.3
-.3
.1

0)

1.1

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 2

— 10 8
— 14 1
2.6
2 2
18.4
73.8
-43.8 -11.9

1946
1947
1948
1949
1950
1951
1951—Nov...
Dec...

.8
3.8

1952—Jan....
Feb.,..
Mar. . .
Apr....
May..
June...
July...
Aug—
Sept. P .
Oct.P. .

-1.3
.3
-1.2
-.6
.7
1.2
.9
.6
-.4
2 9

-.2

.7
3.4
.2

C1)
0)
0)
C1)
.2

2 0

Colombia

Latin
All
other America

-.6
.5
-.1
.8
.2
.4
-.8
.4
-.1
— 2

0)
0)
.1

0)
0)
2

.2
.4

Cuba

.1
.3
2
1.2

6.3
.6
2 . 2 — 13.6
— .9 —4.1 - 9 . 2 - 3 . 5
10.2
— 3
.3
2 6
1.4
2.5
1.6
— .9
6.0 30.1
12.6 36.7
13.9
5.7 - 3 8 . 1
.5

0)
0)

0)

Norway

Belgium

1.7

— .9
-.8

2 9

4 5
-6.9
—4 7

6 8
2.5

-1.0
24.6
6.1

.3

4.2

.5
2.5

.1
.8

-5.0
2.6

.8
.3

.2
.1

.1
1.6

-1.5
.2

.7
-.6

.7
1.5

.5
1 0
-.1
.5
— .2
.3
.5
1.2
-.8
— 3

-.1
2
— .1
1.7
1.3
.4
.5
C1)
.5
1 i

-.4
-.3
.6
.4
-1.1
1.1
.3
-.1
-1.3
— 2

.1
.3
.5
.8
-.1
-.4
— .2
1.3
-.1
"3

1.0
1.1
— .2 —3 2
2.0
1.4
-.8
.4
-.7
- . 4 -5.9
-.3
.8
.7 - 2 . 3
.8 - 2 . 8
1
8

0)

Asia

Formosa
and
China
Mainland

Indonesia

Philippine Other
ReAsia
public

.4
- 6 . 7 -224.5 - 2 0 0 . 5 - 2 2 . 5 - 1 . 9
7.0
7.5
- 3 . 2 — 1.3
1.5
10.0
.4
— .9
-.1
12.6 -23.3 - 2 2 . 7
.5
4.4
.2
—7.2
-2.1
-2.1
.9 - 1 3 . 0
-.3
-3.0
11.1 -15.3
6.8
.3 - 2 . 1
— .2
1.5
4.8

-1.2
.5

1.2
3.1

2.3
-.9
— .1 - 2 . 3
2.9
-1.3
4.1
-1.3
-.4
.5
.6 - 4 . 8
1.8
1.5
.9
.2
-.2 -3.8
9
1 l

Republic Uru- Other
Latin
of
2
Pan- guay America
ama

Mexico

.9

0)
0)

-1.3
—1 1
-2.1

0)

0)

0)

.2
— .2
-7.3

0)

.2
1.2

-.2
.2
.1
C1)
-.4

0)
0)

.9
1.2

0)

0)

-1.2

8
0)
C11)
C)
0)
0)

-1.1
— .3
-1.6

0)

.1
— 1.0
-7.5

0)
0)
0)

-.3
-.8
-.4
— .1
.1
.8
.6

0)
l.'l

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

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

10.7
-66.9

1951—Nov...
Dec
1952—Jan....
Feb....
Mar....
Apr
May...
June...
July...
Aug....
Sept.P..
Oct.P. .

Total

-1.4
.1
-4.4

0)

-50.7
-.8

?..
-57.5

v Preliminary.
i Less than $50,000.

72




2.5
-30.4
-11.4
-62.2
-100.1
12.5
19.5
31.7
16.6
62.5

.3
-.1

.2
-3.0
-.5
.1
-1.1
-1.6
— 1.1
-1.0
1.3
4.0

France

-1.0
-3.1
-4.3

Nether- Switzerlands
land

-7.0
-29.9
-5.3
— .1
-4.7
2.8

-13.9
-14.9
-35.4
19.1
17.2
14.2

.8

.4
.2

1.4
.9

1.0
.4
.2
.5
.5
.9
-.3
1.0
1.2
.1

.7
.3
.5
.6
-.2
-3.9
-6.7
-2.9
-.7
-.2

2.3
.7
.4
1.7
1.0
-.2
-1.6
2.1
-.5
1.8

.4

— 1.3
-4.1

0)

Italy

-.8

-.3
.1
.5
1.2
(i)

.1
.1

0)

0)'
-.2
.4
-.3
.1
1.0

Other
Europe

Total
Europe

Canada

10.9
15.6
11.4
24.6
7 8
16.4

-32.6
-34.4
-43 4
30.8
13 4
28 5

187.6
205.2
— 102 2
-10.6
— 190 0
—258 6

.3
2.9

2 5

.6
.8
2.8
.4
2.1
6.1
-.4
.2
.6
1.9

Latin
America

Asia

All
other

131.3
89.2
40.7
20.2
29 8
33.8

.8
1.0

2.6

—36.0

7.9

4.6

9 2
-68.0

2.6
2.3

—3.9
-6.8

.3
.9

4.9
-.8
3.1
3.3
2.3
1.2
-9.6
-1.0
2.0
8.6

2.8
-30.6
-5.5
-71.2
-101.5
11.2
21.4
28.3
13.8
34.4

-1.1
2.3
1.5
1.0
1.9
2.5

-4.4
-1.8
-5.0
-4.1
-3.0
-2.7
7.4
2.7
.4
6.7

.3
.6
-5.5
8.8
.1
.4
.2
.6
-.2
-.3

0)

1.1
.6
13.1

.3

.5
1.6

—21.4
27.8
8.4
3 9

« 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]

Total

Year or month

9 7
-11.3
-19.3
.6
8 0
-6.1

1946
1947
1948
1949
1950
1951

United
Kingdom

France

—6
-1.0
-1.2
.1
— .1

-2 9
-1 4
-2.5
-.5
— .1

Nether- Switzer
lands
land
-8.5
-4.8
-3.4
.2
2.5

9.3

(i)

-1.5
-10.7
.9

.9

.4

.3

.7
-4.8

-.2

1.2

.6

.3

.1

1.5

.7

-.3

.7

-.8
1.1
2
-1.3

May

-.2
5.3
1 2
-4.8
4 1

June
July
August
September**
October?

2.3

4
1.0

.3
.2

-3.7
—4 1
2.0
2
.3

-1.6
1 3
-1.7
1.7

-.1
-.2
.3
-.2

1951—November
December
^952—January ..
February
March
April

...

-1.7
1.0
1.9
-1.9
—6

-1.1
.8
3
— .9

3.1

.7
-3 4
-.7
-.3

Italy

0)
-.5
4.8
-2.7

— .2
1
.2
4
.2

0)
0)
A
— .2

1.7
2.9

-2.1
— 1.1
-1.0
-.2

.2
A

-.2
-.3
.3
-.4

Other
Europe
1.1
-.5

-3.2
.1
— .2
— .3
.2

-.2
4
.2
2
- 3
—5
1

.2
.3
.1
.1

Total
Europe

Latin
Canada America

—1 6
-9.3
-20.8
1.0
3.0
-3.3

2 0
-2.0

2 3
.3

.1

-3.7
8.1
(i)

-2.9
2 6
2 2
-2 1
-3 3
-1.8
.9

7 5
-.6

.1

1 2
-1.3
4 4
-5.0

.9
-3.0
2.8

.3
1.1
-2.1
1 8
1.4

— 1.5
— .3
.3
.6
.6
-1.8

All
Other

Asia
1 0

7

1.8
4

—1.4
— .1
.2

-.2
3 0
-.5

— .1

-3.1
1.3

-.1

.5
-.4

2.2
-1.5
1
-2.6
2 1

.2
.5
— 2
-.8
2
- 3
-.2
—1 7
.8
.6

0)

.5

-2.0
4
1.9
.2

^1
— 6
6
.2
.1
— i
.5
.4

P Preliminary.
1 Less than $50,000.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.2; U. S. brokerage balances abroad, 32.2.

2

GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Estimated
world
production
Total
outside
reported
USSR*
monthly

Year or
month

1,265.6
1,125.7
871.5
777.0
738.5
756.0
766.5
798.0
833.0
857.5
840.0

1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
1950.
1951.

1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
776.2
758.3

Production reported monthly
Africa
South
Africa

Rhodesia

North and South America

West Belgian United
Africa* Congo8 States 4

$1 ==15/21 grains of gold 9/10
504.3
27.8
32 4
19 6
494 4
26 6
29 2 18.0
448 2
23 0
19 7 15.8
429 8
20 7
18.4
12.7
427.9
19 9
18.9
12.1
417.6
19 1
20.5
11.6
392.0
18 3
19.3
10.8
405.5
18 0
23.4
11.1
409.7
18.5
23.1
12.9
408.2
17.9
23.2
12.0
403.1
17.0
23.7
12.7

1951—October...
November.
December.

66.1
63.3
62.4

34.1
33.8
33.2

1952—January...
February..
March....
April
May
June
July
August
September.
October. . .

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

.5
.4
.5
.4
.4
.3
.5
.4
.5
.4
.6
1.4

2.0
2.0
2.1

1.1
.9
1.0

2.0
1.9
1.9
2.0
2.0
1.9
1.8
2.0
2.1
2.1

1.1
1.2
1.2
1.3
1.2
1.2
1.2
1.2
1.2
1.1

Canada

Mexico

Colombia

Other

Chile

Nica- AustraIndia^
ragua 5
lia

fine: i. e., an ounce of fine gold =$35.

209.2
131 0
48 8
35 8
32.5
51.2
75 8
70.9
67.3
80.1
66.3
6.3
5.4
4.9
5.0
4.8
4.6
5.0
5.1
5.5
6.4
6.5
6.2
6.8

187 1
169 4
127 8
102 3
94.4
99 1
107.5
123 5
144 2
155.4
152.7
13.2
13.0
13.2
12.4
12.3
12.8
12.7
12.8
12.5
13.1
12.9
13.4
14.1

28 0
28 0
22.1
17.8
17.5
14.7
16.3
12.9
14.2
14.3
13.8
2.0
.8
1.2
.5
1.4
1.4
.9
2.1

23.0
20.9
19 8
19.4
17.7
15.3
13.4
11.7
12.6
13.3
15.1
1.2
1.2
.9
1.6
1.4
1.2
1.6
1.5
.9
1.3
1.1

9.3
6.4
6.1
7.1
6.3
8.1
5.9
5.7
6.3
6.7
6.1
.5
.5
.4

7.5
8.6
7.7
79
70
64
74
78
77
80
8.8

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

,7
.7
.8

2.8
2.8
2.7

.7
.7
.7

.6
.4
.5
.4
.5
.4
.6

.7
.7
.7
.7

2.4
2.6
2.5
2.8
2.7
2.9
3.2

.6
.7
.7
.7
.7
.7
.7
.7
.8

1.0

.7

Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
8
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.
1
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.

JANUARY

1953




73

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

End of
month

Estimated
United States
total world
(excl.
USSR)1 Treasury Total 2

Argentina

Belgium

Bolivia

Brazil

Canada

Chile

Colombia
127
145
83
51
52
74

33,770
34,120
34,550
34,930
35,410
35,820
35,950

20,065
20,529
22,754
24,244
24,427
22,706
22,695

20,083
20,706
22,868
24,399
24,563
22,820
22,873

1,197
1,072
322
143
216
216
268

716
735
597
624
698
587
621

22
22
23
23
23
23
23

354
354
354
317
317
317
317

361
543
294
408
496
590
850

82
65
45
43
40
40
45

1952—Tan
Feb . . .
36,010
Mar
Apr
MayJune. ... 36,130
July
Aug
Sept... . P36,210
Oct
Nov

22 951
23,190
23,290
23,297
23 296
23,346
23,350
23 344
23,342
23,339
23,337

23 055
23,377
23,428
23,450
23 502
23,533
23,536
23 528
23,525
23,521
23,504

268
268
268
268
268
268
268
268
268
268

631
610
624
638
650
669
735
73"5
718
713
711

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

45
45
45
45
42
42
41
41
42
42

France8

Guatemala

1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950— Dec
1951—Dec

End of
month

Egypt

1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec

52
53
53
53
53
97
174

1,090
796
548
548
523
523
548

28
28
27
27
27
27
27

274
274
274
256
247
247
247

131
127
142
140
140
140
138

24
28
58
96
256
256
333

1952—Jan
Feb
Mar
Apr
May....
Tune....
July . . . .
Aug
Sept.
Oct.
Nov. . . .

174
174
174
174
174
174
174
174
174
174
174

548
548
548
548
548
548
548
558
558
558
568

27
27
27
27
27
27
27
27
27
27
27

247
247
247
247
247
247
247
247
247
247
247

138
138
138
138
138
138
138
138
138
138

339
346
346
346
346
346
346
346

End of
month

Portugal

El Salvador

South
Africa

1945—D ec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec

433
310
236
178
192
265

13
12
15
15
17
23
26

914
939
762
183
128
197
190

110
111
111
111
85
61
51

482
381
105
81
70
90
152

265
270
274
274
274
274
274
274
277
282
285

26
26
26
26
30
30
30
30
29
29
29

190
193
169
164
161
148
151
159
158
159
Pi 59

51
51
51
51
51
51
51
51
51
51
51

179
211
214
214
210
213
206
202
202
190
185

1952—Jan. . . .
Feb
Mar
Apr
May....

June
July . . . .
Aug
Sept
Oct

Nov. . .

India

Spain

Iran

Sweden

Italy

Switzerland

Java

<201
*180
178
208
279
279
279
279
280
280
280
280
280
280
280
255

Mexico

NetherNew
lands Zealand

Cuba

38
38
32
32
32
3J
31

21
21
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

22
22
22
22
22
22
22
23
23
23
23

Norway

270
265
231
166
195
311
316

23
23
23
23
27
29
32

80
91
72
52
51
50
50

207
206
185
185
117
70
71
72

316
317
340
342
344
344
350
323
326
326
394

32
32
32
32
33
33
33
33
33
33
33

50
50
50
50
50
50
50
50
50
50

Turkey

1 .342
,430
,356
,387
,504
,470
.452

43
34
34
34
118
118
113

241
237
170
162
154
150
151

,438
,426
,432
,413
,410
,408
,408
1,404
1,404
1,406
1,407

113
113
113
113
113
113
113
113
113

150
150
150
150
153
150
150
150
146
143
143

United
Kingdom
s 2.476
• 2,696
2,079
1,856
1,688
3,300
2,335
2.037
1,771
L.700
,662
1,678
,685
1,716
1,672
>
1,685
5
1,767
» 1,895

Uruguay

Ecuador

191
226
279
289
299
271
311

294
181
100
42
52
208
208

Thailand

Denmark

Venezuela

195
200
175
164
178
236
221

202
215
215
323
373
373
373

221
211
211
211
211
211
211
211
211
205

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

Peru
28
24
20
20
28
31
46
46
46
46
46
46
46
46
46

Inter- Bank for
national InterMone- national
tary
SettleFund
ments
15

,356
,436
1,451
,495
1,530
1,531
1,532
1,532
,532
,535
,537
,537
.681
1,683
.691

39
32
30
36
68
167
115
116
126
143
151
154
154
166
181
183
187
191

P Preliminary,
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Figures
are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina
and Canada, see BULLETIN for January 1949, p. 86. and February 1949, p. 196, respectively.

74




FEDERAL RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)

Year or quarter

United
Kingdom

Total

—452 9
721.3
2,864.4
1,510.0
193 3
-1,725.2
75 2

1945
1946
1947
1948
1949
1950
1951

Belgium

France

31.1 278.5
— 2
14 2
406.9 222.8 264.6
734.3
69.8
15.8
446 3 —41 0
-1,020.0 -55 0 -84.8
469 9 — 10 3 —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 x

Canada

Argentina

-7.4
-86.8
-29 9
27.3
10.0
86.6
5.8
-5.6
—40 0 2_i59 9
-68.0
-38.0
—60 1
— 15 0

36.8
337.9
311.2

-224.9
153 2
727.5
114.1
—49 9

3 4
-100.0
— 10 0

—49 9

Mexico

Cuba

-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

68.8
173.9
101.5
—151.0

Apr -June
July-Sept.
Oct.-Dec

162.4
283.9

-12.5
-31.0

-33.9

2 5

-5.0
-10.0
-20.0
-5.0

3 5

2

-13.7
-11.2
-119.1
-15.9

2.3
7.9
-11.3
— 15 0

3.4

-49.9

-10.0

1950
Jan.-Mar
Apr -June
July-Sept
Oct.-Dec

-201.3
-30.4
-731.0
-762.4

—580 0
-360.0

-876.3
-55.6
291 4
715.7

-400.0
-80.0
320 0
629.9

-12.3

557.3
105.7
-1.3

520.0

20.2

-80.0

-35.0
—20 0
-28.5
-56.3

-79.8

-91.7

-4.5

-15.0

—3 0
-16 0
-4.0

-13.0
-25.0

-12.4
-11.9
3.4
-47.1

— 15 8
8 2
20.0

-100.0

—40 5
-61.9

1951
Jan.-Mar
Apr -June
July-Sept
Oct.-Dec

2.0

71.7

-10.0 -15.0
— 15 0
- 5 . 0 -17.6
-5.0

-15.0

-44.3
-11.2
-3.5
-1.1

-10.0

-49.9

— 124 4
64.1

-20 0

1952
Jan.-Mar
Apr -lune
July-Sept

22.5

-10.1

11 3
101.4

6 9
.3

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)

Year or
quarter

Uruguay

Venezuela

-37.9 - 7 3 . 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

-27.8 '-188.3
13.7
25.0
1.0
79.1
-4.1
13.4
-52.1
-7.5
-35.4
-17.2
-17.2 5-5O.l

Union
of
South
Africa

Gold stock at
end of period
All
other

3.7
22.9
94.3
256.0
11.9
6.9
498.6
-1.6
195.7
13.1 <-47.2
52.1 4-84.0

1949
Jan.-Mar
Apr.-Tune
July-Sept
Oct.-Dec

3.6
3.7
-2.9
-11.9

-2.3
-6.6
-2.2
-41.0

72.0
55.6
48.1
19.9

.1
.1
-2.0
.2

-12.0
-2.0
-23.9
-26.9

-10.4

3.9
9.2

-5.9

.2
1.0
-13.9
-22.8

-26.9
-2.8
-14.7
-2.8

-50.9
15.0
28.0
30.1

-11.7
-5.0
3.5
-4.0

-18.8
-2.4
-3.9
-25.0

12.7
20.3
19.2

-17.6
-7.4
-2.0

-3.2
-2.4
.4

4.3
7.2

3.0
-16.5
-1.0

-50.0

1950
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec.

-.9
-.1

1951
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec. .

-.9

-28.0
-25.0
-31.0

1952
Jan.-Mar...
Apr.-June..
July-Sept..

10.0

1
2
3
4

-.1

Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
Includes sales of 185.3 million dollars of gold to China.
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
5
Includes sales of 45.0 million dollars of gold to Indonesia.

JANUARY

1953




p eriod

EarNet
marked DomesIncrease gold
imgold:
dein total port or
gold
crease tic
gold
producexport
or
instock
tion 2
crease
(-)

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
2 4 , 244
2 4 , 427
2 2 , 706
2 2 , 695
2 3 , 186

—23.0 315 7 —458 4
22,739
-757.9
68.9 - 8 0 3 ^ 6
21,981
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 - 4 5 9 . 8
—547.8 — 106.3 —356.7
20,083
623.1 311.5
20,706
465 .4
22,868 8 2,162.1 1,866.3
210 0
1,530.4 1,680.4 — 159.2
24,399
164 6 686^5 —495 '. 7
24,563
22,820 - 1 , 7 4 3 . 3 —371.3 -1,352^4
52 7 —549.0
22,873
617.6
(4)
23,252
378.9
—304^8

1952—Jan. . .
Feb...
Mar.. .
Apr. . .
May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov...
Dec. .

2 2 , 951
2 3 , 190
2 3 , 290
2 3 , 297
2 3 , 296
2 3 , 346
2 3 , 350
2 3 , 344
2 3 . 342
2 3 , 339
2 3 , 337
2 3 , 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

182.4
321.5
51.6
22.0
51.9
30.5
3.8

-8.0
-2.8
-4.4
-16.9
-252.6

63.6
150.3
157.1
96.6
27.2
36.6
24.5

137.5
152.2
-103.1
-75.4
27.1

3.1

33.3
83.5
.3

(4)

5

19.3
-31.4
-32.6
-13.8
-92.4
-29.0
-263.2

125 4
48^3
35.8
32.0
51.2
75.8
70.9
67^3
80 A
66.3
(4)

5.0
4.8
4.6
5.0
5.1
5.5
6.4
6.5
6.2
6.8
6.0
(4)

1
See footnote 2 on opposite page.
2
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 73, 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 5,313.0 million dollars on Dec. 31, 1952. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

75

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1951

1952

1951

I n t e r n a t i o n a l Fund

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
871
869
1
1
1
1
8,737 8,154 8,154 8,137
-7
-7
-7
-6
1952

l

Net currency purchased
(Cumulative—millions of dollars)

Nov.
50.0
11.4
37.5

Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
French francs
Indian rupees
Iranian rials
Netherlands guilders
Turkish liras
Pounds sterling
Yugoslav dinars
All other

3.6
6.0

10.2
-5.5
125.0
100.0
8.8
48.1
10.0
300.0
9.0
— 1.6

1951

Oct.

Sept.

50.0
11.4
37.5
3.6
6.0
10.2
-5.5
125.0
100.0
8.8
48.1
10.0
300.0
9.0
— 1.6

50.0 20.0
11.4
11.4
37.5 65.5
3.6
5.4
6.0
6.0
10.2
10.2
-5.5 -5.5
125.0 125.0
100.0 100.0
8.8
2.2
48.1
75.4
10.0
5.0
300.0 300.0
9.0
9.0
-1.6 -1.7

Nov.

Sept.
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 2 .
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 2reserve
Capital

June

Mar.

Sept.

13
1,035

6
937

5
940

472
4

512
4

490
4

11
944
441
4

1,330 1,270 1 ,186 1,085
15
14
14
13
496
500
450
336
59
407
7
63
30

1,807

56
403
7
58
28

1,691

41
33
372
368
5
4
55
46
22
26
1,691 1,688

» As of Nov. 30, 1952, the Fund had sold 847.0 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, sold
to Norway 200 million Belgian francs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted to 180.1 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Excludes uncalled portions of capital subscriptions, amounting to
7,229 million dollars as of Sept. 30, 1952, of which 2,540 million represents the subscription of the United States.

712.3 712.3 712.3 727.8

Total.

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

1942—Dec
1943—Dec
1944—Dec
1945—Dec

30
29
27
26

1946—Dec 25
1 9 4 7 — D e c 31

194S—Dec.
1949—Dec
1950—Dec.
1951—Dec.

. . . .

29
28
27
26

1952—Jan. 30
Feb. 27
Mar 26
Apr. 30
May 28 .
June 25
July 30
Aug 27
Sept. 24
Oct 29
Nov. 26

Assets of issue
department

Gold 1

2
.2
.2
2
.2
.2
.2

.4
.4
.4
.4
.4
.4
4
.4

Assets of banking
department

Other
assets 2

Notes
and
coin

950 0
1,100.0
1,250 0
1,400 0
1,450.0
1,450.0
1,325.0
1,350.0
1,375 0
1,450.0

27.7
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
«1,450.0
1,450.0
* 1,500.0
* 1,550.0
<1,500.0
1,500.0
1,500 0
1,500.0

48.1
34.9
17.4
41.9
39 7
59.8
36.8
43.0
57.8
57.7
40.5

Discounts
and advances
3.5
2.5
5.1

8 4
13.6
15.2
16.7
14.8
29.2
18.2
7.9

17.7
23.6
27.4
11.9
21.2
21.6
7.2
5.2

9 3
9.9

Securities

Liabilities of banking department
Note
circulation 1

Deposits
Bankers'

Public

267.9
307.9
317.4
327 0
327.6
331.3
401.1
489.6
384.0
389.2

923.4
1,088.7
1,238.6
1,379 9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9

223.4
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

1,353.8
1,367.0
1,384.6
L,410.0
1,412.2
L,442.1
1,515.1
1,459.0
1,444.1
1,444.2
1,461.4

277.8
283.0
280.3
273.0
270.0
275.7
262.0
252.4
275.7
271.6
275.4

15.5
11.8
12.1
10.7
10.1
10.6
10.4
16.0
11.1
13.5
15.4

ECA

9.0

10.3
5.2
5.3

17.4
97.9
.4
.6

.5
.4
.5
.5
.5

13.6
18.2
23.0
24.2
22.2
26.6

Other

Other
liabilities and
capital

48.8
60.4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8

17.9
17.9
17.8
17.1
18.1
18.
18.
18.
18.1
18.

87.5
83.1
81.3
73.4
72.6
72.5
69.2
64.8
67.0
66.7
72.6

18.3
18.5 .
18.5
17.8
18.0
18.1
18.3
18.4
18.5
17 8
18.0

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.
s
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.
< Fiduciary issue decreased by 50 million pounds on Jan. 16, increased by 50 million on Apr. 1, June 25, and July 21, and decreased by 50
million on Aug. 27. For details on previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254;
April 1949, p. 450; and February 1948, p. 254.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.

76




FEDERAL RESERVE

BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)

1939—Dec>
1940—Dec.
1941—Dec>
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

30
31
31
31
31
30
31
31
31
31
31
30
31

Sterling
and United
States
dollars

Gold

225.7
(4)

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation2

Dominion
government

Other

74.1
111.4
117.8

181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
L.229.3
1,141.8

49.9
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

232 8
359.9
496.0
693.6
874 4
1,036.0
1,129.1
L.186.2
L.211.4
1,289.1
1,307.4
1,367 4
1,464.2

217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578 6
619.0

46 3
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

13 3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0

85.4
70.3
60.1
72.3
78.3
43.8
63 0
74.9
73.5
42 8
67.6

1,095.4
1,058.1
L.179.9
1,191.5
1,203.6
1,251.3
t,280 0
1,303.2
1,263.7
1,286 7
.214 3

1,042.6
1,027.7
882.2
874.7
824.6
817.8
843 9
852.9
870.9
896.1
957.3

82.7
88.2
106.8
84.0
73.8
76.1
71 .2
69.7
70.8
103 4
72.3

1,375.6
L.374.4
1.393.2
1,411.8
1,417.4
1.441 .8
1,458 3
1,464 4
1,476.5
1 4S5; fi
1,498.8

629.2
616.7
656.5
645.7
579.4
578.0
595 5
614.7
588.2
668 8
607.3

92.8
88.5
14.6
14.3
21.9
26.8
51 6
52.0
30.7
18 8
15.0

54.9
52.1
66.1
41.7
44.6
48.5
41 6
47.4
49.4
56 0
65.1

153.4
112.5
98.6
109.0
117 1
93.9
111 2
122.1
134.0
99 8
125.2

64.3
38.4
200.9
.5
.6
172.3
156.8
1.0

. . . .
. .

Chartered
banks
5.5

Assets
Bank of France
(Figures in
millions of francs)

1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

28...
26...
31...
31...
30...
28...
27...
26...
31...
30...
29...
28...
27...

1952—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 29.. .
June 2 6 . . .
July 31 . . .
Aug. 28 . . .
Sept. 2 5 . . .
Oct. 30. . .
Nov. 27.. .

Gold*

Foreign
exchange

Other
liabilities
and
capital»

Short-x
term

2.0
4

1952—Jan 31
Feb. 29
Mar. 31
Apr 30
May 31
Tune 30
July 31
Aug 29
Sept 30
Oct 31
Nov. 29

:Liabilities

Domestic bills

Other

17.9
9.5

Liabilities
Advances to
Government 6

Deposits 7
Other
assets 6

Note
circulation

Open
market 6

Special

Other

Current

Other

Government

5,818
112
97,267
7,802
42
84,616
6,812
38
84,598
8,420
37
84,598
9,518
37
84,598
42 12,170
75,151
68 17,980
129,817
7 37,618
94,817
12 67,395
65,225
30 97,447
65,225
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923

2,345
661
12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956

5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267

14,200
63,900
69,500
68,250
64,400
15,850
67,900
147,400
150,900
157,900
158,900
160,000

30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039

1,914
15,549 151,322
984
18,571 218,383
17,424 270,144 1,517
770
16,990 382,774
578
16,601 500,386
748
20,892 572,510
24,734 570,006 12,048
765
33,133 721,865
733
59,024 920,831
806
57,622 987,621
112,658 1,278,211 1,168
70
212,822 1,560,561
29
190,830 1,841,608

14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
15.058 161,720
10,587 166,226

233,879
245,014
272,294
273,149
274,111
254,301
258,560
257,589
270,264
283,717
274,454

31,456
29,280
29,239
22,984
26,128
21,871
11,779
14,404
31,784
48,089
52,225

757,085
850,733
841,006
799,004
841,897
831,044
835,599
854,081
812,416
872,793
851,545

166,500
174,400
169,300
171,100
169,000
168,000
167,800
168,600
166,300
171,100
172,000

481,039
481,039
479,982
500,982
479,982
479,982
479,982
479,982
479,982
479,982
479,982

184,064
126,412
113,099
139,747
118,726
110,501
184,957
169,852
171,274
161,989
9
154,146

7,157
3,699
15,783
341
6,645
730
816
9,039
539
8,392
10,887

191,447
191,447
191,447
191,447
191,447
191,447
191,447
194,943
194,943
194,943
198,439

20,857
15,607
11,336
13,634
15,808
16,991
20,077
23,435
27,613
28.815
30,413

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

57
96
22
84
39
36
55
13
83
25
10

ECA

Other

156,405
198,702
188,767
156,326
171,350
143,900
121,411
137,403
129,755
158,275
139,480

Other
liabilities
and
capital
2,925
844,986
868,474
21,318
»15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332
8

36,015
30,601
41,448
29,679
38,539
43,541
43,369
46,878
61 ,930
49,792
55,954

1
2
3
4

Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 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 32.5 billion francs on Nov. 27.
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.

JANUARY

1953




77

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 2
Foreign exchange (net)
Loans and discounts
Government securities
Other assets.
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government 3
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets..
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Tnt'l. Fund 4
Paid-in capital—Int'l. Bank...

1952
Nov.

Oct.

1951
Sept

814
814
85
-42
,125 2,132
,821 46,271
210
251
,254 17,970
,693 27,392
834
840
,274 3,223
327,280 309,175 298,643
5,625 6,151 5,374
437,662 439,997 462 ,950
48,685
37,682
315,668 313,168 310 ,418
184,445
157,595 157
37,574
47,197 39
287 789 288,314 283,215
98
1,981
6,396
2,854
46
8,678
290
570
1,837
35,547
17,600
4,246
34,763
8,490
4,088
95,141
1,481
1,310
6,801

98
,570
,124
,341
51
,583
298
498
,804

98
1,363
7,103
2,529
38
8,528
227
485
1,891

674 35,897
323 16,823
113
4,252
,763 34,763
701
9,131
087
4,013
194 94,411
770
1 ,433
350
1,358
347
7,676

1,490
1,523
1 ,834
1,830
328
5,102
1,078
826
423,813 444
74,000 61
55,528 60
5
6,566
383,111 380
6,000 6
130,587 146
40,208 38

268,423 249
24,372 24
1
1,419

164
000
801
897
926
054
071
810

464,220
72,000
57,888
4,950
392,281
5,713
163,358
37,706

,110
105
221
,238
664
,863
,619
,008
,757
328
,726

1,109
90
221
2,464
665
9,318
2,649
11,154
2,388
306
2,667
248,547
24,371
1,411

Nov.

1952

Central Bank
(Figures as of last report
date of month)

Nov.

Bank of the Republic of Colombia—Cont.
Loans and discounts
814
Government loans and securities.
1,081
Other assets
2,058
Note circulation
41,250
Deposits
316
Other liabilities and capital
16,020
25,827 Central Bank of Costa Rica
763 (thousands of colones):
Gold
2,908
Foreign exchange
Net claim on Int'l. Fund *
Loans and discounts
479,921
Securities
5,341
Other assets
Note circulation
551,375
Demand deposits
90,864
Other liabilities and capital
291,221
National Bank of Cuba
490,070 (thousands of pesos):
Gold
36,349
Foreign exchange (net)
309,861
Foreign exchange (Stabilization
Fund)
Silver
51
Net
claim on Int'l. Fund *
451
Loans and discounts
6,153
Credits
to Government
3,602
Other assets
36
Note
circulation
7,859
Deposits.
161
Other liabilities and capital
583
5
1,689 National Bank of Czechoslovakia
National Bank of Denmark
(millions of kroner):
Gold
30,937
Foreign exchange
18,948
Contributions to Int'l. Bank. . . .
7,545
Loans and discounts
34,860
Securities
3,876
Govt. compensation account. . . .
3,576
Other assets
91 ,226
Note circulation
2,383
Deposits—Government
1 ,037
Other
5,097
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of dollars):
1,370
838
999
Foreign exchange (net)
Net claim on Int'l. Fund <
1,856
Paid-in capital—Int'l. Bank
113
Loans and discounts
3,862
Government securities
672
Other assets
642
Note circulation
Demand deposits
Other liabilities and capital. . . .
681,458
rl3,972 Central Bank of Ecuador
(thousands of sucres.):
3,252
Gold •
2,695
Foreign exchange (net) 6 4
404,126
Net claim on Int'l. Fund
67,339
Credits—Government
180,700
Other
'49,210
Other assets
Note circulation
1,189
Demand deposits)—Private banks
Other
135
Other liabilities and capital
107
1,728 National Bank of Egypt (thou674 sands of pounds):
Gold ^
5,687
Foreign exchange
3.181
Foreign and Egyptian
7,955
Government securities
1,962
Loans and discounts
460
Advances to Government
2,325
Other assets
Note circulation
202,867
Deposits—Government
24,370
Other
7,122
Other liabilities and c a p i t a l . . . .

Oct.

1951
Sept

390, ,577 379,883 376
168,337' 169,498 161.
87,436 85,089 86
529,608 513,298 507
342,281 328,727 324
68,676 67,926 68
11,511
64,437
7,031
'92,450
7,349
25,185
119,804
66,198
21,961

Nov.

259,524
150,701
117,002
434,857
263,479
63,251

511
728
031
,003
349
,919
,999
639
903

511
918
031
598
384
765
741
508
958

11,511
20,104
7,031
100,577
8,272
24,179
104,636
47,307
19,731

279,
65,

310,564
55,771

157,
36,
12,
36!
30.
36,
421,
223
9

104,958
42,173
12,511
7,181
10,214
27,960
360,511
202,962
7,857

69
630

69
567

69
603

85
440
3,356
403
1,812
1,528
1,472
171

81
441
3,495
245
1,790
1,493
1,445
171

85
441
,513
242
,681
,497
,610
166

69
590
11
95
134
3,902
650
1,709
1,850
1,713
181

12,076 12,076
19,702 19,259
1,250
1,250
42
42
457
509
8,395
7,621
827
1 ,756
33,252 31,619
9,267
8,216
1,419
1,488

071
573
250
42
181
395
632
425
327
393

12,066
14,915
1,250
40
433
7,503
885
27,750
8,490
852

338 ,322
229 ,796
18 ,757
179 ,112
205 .872
163 410
569 005
178 ,956
158 ,586
228 ,723

338 067 335,601
177 039
73,237
18 757
18,758
83. 842 195,062
236 587 170,159
155, 190 188,035
567, 958 478,987
181 344 137,543
150, 575 111,130
605 253,191

60,553 60,553
19,977 12,013

60,553
31,966

286,269
20,899
2,555
3,096
188,578
67,779
105,889
23,139

278,513 353,507
15, 665
23,704
5,310
2, 840 ' 3,217
181, 407 203,679
54, 177 124,426
118, 100 121,192
22, 982
23,649

338,555
238,983
18,757
189,963
82,834
166,121
565,461
178,675
159,343
231,735

275,886
23,167
7,364
4,706
195,668
67,695
104,971
23,319

r
1
2
3
4

Revised.
On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
Includes special loan under Bretton Woods Agreements Act.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
5
For last available report (March 1950), see BULLETIN for Seotember 1950, p. 1262.
6
In
December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.
7
Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound.
NOTE.—-For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and
January 1950, p. 118.

78




FEDERAL RESERVE

BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of £1 Salva
dor (thousands of colones):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund »
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and c a p i t a l . . . .
State Bank of Ethiopia 2
Bank of Finland (millions of mark
kaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
....
Other liabilities and capital
Bank of German States
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net) .
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 3
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue d e p a r t m e n t . . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital...
Central Bank of Ireland (thousands
of rounds):
Gold
Sterling funds
Note circulation

1952
Nov.

73,551
15,87
1,566
34,081
6,590
2,298
85,220
41,25.
7,490

Oct.

73,613
20,312
1,566
30,072
6,595
1,379
78,50'
47,595
7,435

1951
Sept

73,685
26,999
1,566
25,388
6,336
1,427
78,852
49,048
7,501

5,863 5,865 5,865
8,502 9,218 10,551
3,867 3,243 1,672
42,994 38,898 39,271
1,172 1,189
1,165
1,966 1,907
1,926
45,497 42,440 43,768
2 ,703 1,793
3,261
15,559 15,218 14,893
518
497
572
4,284 3,985
4,282
2,467 2,951
2,597
7,953 7,882 7,824
802
833
, 884
!0,40l 10,257 10,122
1,671 1,820
1,718
1,758 1,983
1,941
268
250
280
1,998 1,914
1,950
1,591
129
9,100
3,416
1,600
2,223
872

1,622
138
8,969
3,402
1,603
2,216
858

1,515
149
8,900
3,319
1,643
2,246
812

7,394
2,130
3,215

7,336
2 ,092
3,233

6,852
2,005
3,611

27,228
11,903
1,250
8,658
21,365
41,611
3,434
3,623
8,509
13,227

27,228
11,452
1,250
8,073
19,449
40,486
3,369
2,676
7,729
13,193

27,228
10,747
1,250
8,491
19,390
39,634
3,340
3,712
7,819
12,601

400
400
5,382 5,382
4,511 4,611
844
830
10,725 10,875
412
1,551
15
35
1 ,142
2,884
270

347
1,515
15
33
1,027
2,690
248

2,646 2,6461 2,646
61,250 59,383 57,627
63,896, 62,029 60,273

Nov.

Central Bank
(Figures as of last report
date of month)

Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Allied military notes
Deposits—Government
Demand
,
Other
Other liabilities and capital
Bank of Japan (millions of yen):
5,865
Bullion
16,83=
Advances to Government
1 ,373
Loans and discounts
28,589
Government securities
962
Other assets
,
3,702
Note circulation
44,053
Deposits—Government
,
2,168
Other
11,106
Other liabilities
,
The Java Bank (millions of rupiah):
Gold*
53
Foreign exchange (net)
2,119
Loans and discounts
4,32
Advances to Government
8,544
Other assets
1,485
Note circulation
9,198
Deposits—ECA
2,469
Other
2,017
Other liabilities and capital
502
of Mexico (millions
of pesos):
2,342 BankMonetary
reserve 6
,
"Authorized" holdings of securities, etc
1,072
Bills and discounts
194
Other assets
7,261
Note circulation
3,647
Demand liabilities
2,235
Other liabilities and c a p i t a l . . . .
1,934 Netherlands
Bank (millions of
789
guilders):
Gold e
5,414
Silver (including subsidiary coin).
2,257
Foreign assets (net)
4,015
Loans and discounts
Govt. debt and securities
Other
assets
27,228
Note circulation—Old
8,240
New
1,250
Deposits—Government
7,962
ECA
17,686
Other
37,132
Other liabilities and capital
3,339 Reserve
Bank
of New Zealand
2,533
(thousands of pounds):
8,593
Gold
10,770
Foreign exchange reserve
Loans and discounts
Advances to State of State undertakings
400
Investments
5,832
Other
assets
4,681
Note circulation
698
Demand deposits
11,226
Other liabilities and capital
385 Bank of Norway (millions of kroner):
Gold
1,958
Foreign assets (net)
87
Clearing
accounts (net)
50
Loans and discounts
1,216
Securities
3,434
Occupation account (net)
262
Other assets
Note circulation
Deposits—Government
2,646
Banks
55,344
ECA—MSA
57,990
Other liabilities and capital
64,344
32,939
1,566
16,703
5,583
2,115
75,077
41,206
6,967

1952
Nov.

Oct.

1951
Sept.

4
4:
578
27
239
783
1,271

37
590
274
227
787
1,278

4
39
590
259
217
808
1,285

5
53
432
108

66
50
417
107

61
54
414
102

Nov.

4
36
590
240
187
755
1,168
2
134
80
350
77

448
'501
38,390 41,243
368,199 355,551
105,754 83,970
125,065 '60,711
463,009 432,540
83,543 60,622
46,121 26,272
45,183 22,542
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

1,063
441
685
3,291
622
3,689
496
1,202
715

1,060
597
576
1,388
894
2,959
813
743

1,189

1,079

1,099

1,163

3,237
479
347
3,305
1,454
493

2,922
432
379
3,115
1,202
495

2,908
477
392
3,053
1,345
479

3,011
421
531
3,106
1,544
476

1,435
13
1 ,989
34
1,451
605
40
2,960
855
1,163
292
217

1,235
14
2,098
37
1,495
629
41
2,946
800
1,129
375
219

1,235
14
1,984
40
1,538
645
41
2,988
753
1 ,129
330
214

1,182
19
446
311
3,170
629
46
2,843
47
1,745
533
541

6,009 6,008
33.369 20,163
6,019 6,019

5,451
39,039
6,019

52,257
42,132
1,686
60,484
73,668
7,319

55,454
40,182
1,518
59,331
62,705
7,307

54,528
46,182
2,944
64,576
82 ,836
6,750

242
493
64
41
45
5,546
71
2,747
2,128
774
299
553

242
469
50
43
45
5,546
69
2,751
2,123
723
289
579

242
329
-21
39
46
6,202
151
2,498
1,761
1,109
860
759

r 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.
2
For last available report (July 1950), see BULLETIN for December 1950, p. 1699.
3
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
45 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.
6
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113.

JANUARY

1953




79

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) 2
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts
•.-.•••
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange »
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets..
Note circulation
Deposits
Other liabilities and capital.
Central Bank of the Philipplines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets.
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold*
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
Nov.

Oct.

1951
Sept.

81
440
992
126
300
68
1,953

81
437
945
126
300
70
,914

81
482
900
126
300
71
1,875

54

48

85

159
440
547
106

157
494
594
106

2
1
455
433
111

1,1.42
53,543
11
-1,095

146
411
11
075
75 676
325 014
222 783
724
965
683
594

1 ,146
56,677
11
-1,075
75,676
324,142
200,935
345,906
70,190
128,890
112,526

75,676
328,867
218,405
350,588
70,055
133,891
122,015

(Aug.)*
573
67
2
317
848
215
1,333
392
297
13. 294 17,958
58,189
454
29,504
29
48,055
48
231,650
231
157,137
150
527,147
530
266 976 274,797
135 188 140,546
4,430
,450
,527 11,522
821
778
,429
1,422
605
556
9,035
,149
1,441
,556
29
29
,924
6,118
,126
2,134
219
,050
,088
,451
,408
,420
,979
559
374
15,955
23,789

55,880
60,073
24,326
36,611
86,746
66,510
23,634

559
558
374
374
,670 15,988
,576 20,522

Nov.

1952

Central Bank
(Figures as of last report
date of month)

Nov.

Bank of Spain—Cont.
Other assets
Note circulation
44
Deposits—Government
1,104
Other
665
Other liabilities and capital
126 Bank of Sweden (millions of kronor):
300
Gold
29
Foreign assets (net)
2,200
Net claim on Int'l. Fund s
Paid-in capital—Int'l. Bank
68
Swedish Govt. securities and ad- 1
466
vances to National Debt Office
99
Other domestic bills and advances
Other assets
373
Note circulation
878
Demand deposits—Government..
128
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
513
Loans and discounts
21
Securities
2
Other assets
296
Note circulation
713
Deposits—Gold
286
Other
1,173
Other liabilities and capital
314 Bank of the Republic of Uruguay
344
(thousands of pesos):
Gold...
Silver
12,811
Paid-in capital—Int'l. Bank
481,278
Advances to State and Govern29,504
ment bodies
44,171
Other loans and discounts
233,844
Other assets
213,279
Note circulation
573,249
Deposits—Government
238,199
Other
203,440
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
4,272
Gold
11,508
Foreign exchange (net)
737
Other assets
1,254
Note circulation
590
Deposits
8,876
Other liabilities and capital
908 Bank for International Settle42
ments (thousands of Swiss gold
6,344
francs):
2,192
Gold in bars
Cash on hand and with b a n k s . . .
Sight funds at interest
73,837
Rediscountable bills and accept61,709
ances (at cost)
3,617
Time funds at interest
27,343
Sundry bills and investments
82,226
Funds invested in Germany
63,807
Other assets
20,472
Demand deposits (gold)
Short-term deposits:
550
Central banks—Own account..
378
Other
15,837
Long-term deposits: Special
16,708
Other liabilities and capital

Oct.

1951

Sept.

Nov.

32,700 28,778 27,699
36,832 37,464 36,646
1,518
4,480 1,190
3,418 3,219 3.036
28,645 25,083 23,941

25,086
34,022
1,307
2,737
20,493

444
1.315)
88
11

300
1,530
88
10

2,477
306
747

407
1,331
129
11

418
1,309

2,549
310
708
4,291
350
151
654

2,552
309
724
4,292
287
225
647

4,158
500
96
634

3,128
244
578
3,823
858
570
627

5,812
462
238
82
4,842
1,547
205

5,805
443
227
87
4,797
1,560
203

5,799
418
231
77,
4,747
1,577
200

6,015
213
231
81
4,683
1,656
200

402

402

409

420

127
1,826
27
123
1,267
153
829
255

104
1,794
27
106

100
,756
27
102
,238
153
769
232

162
1,438
15
73
1,139
153
610
207

321,119
9,336
314
149,268
361,888
464,863
362,898
86,562
318,715
538,613

353,107
9,633
318
117,275
332,614
386,255
349,727
80,663
305,037
463,775

1,141
228
85
855
290
310

1,141
-68
128
775
229
197

1,141
162
71
909
230
234

129

11

1,262

153
814
203

1,141
189
76
866
274
266

585,413 571,835 560,242 388,910
84,526 51,279 47,168 69,579
8,211 11,049 10,334 10,564
255,394
87,736
274,646
297,201
1,427
454,906

280 ,352
89,045
260,588
297,201
1,382
414,797

595,214
43,086
228,909
272,438

607 ,334
40,247
228,909
271,443

260,537
72,195
197,053
297,201
1,458
40i ,662

137,797
38,657
270,274
297,201
1 ,810
210,842

503,421 416,843
41,426
91,524

228 ,909 228,909
270.769 266,674

* Latest month available.

iThe new Central Bank of Paraguay began operations on July 1, 1952, Central banking functions previously performed by the Monetary
Department of the Bank of Paraguay were transferred to the new institution. The Bank of Paraguay has been reconstituted as a governmentowned commercial bank,
* 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
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
4
On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
* Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.




FEDERAL RESERVE

BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

United
Ger- BelKing- France many
gium
dom

In effect Dec. 31,
1945
Nov. 7, 1946.
Dec 19
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
In effect Nov. 30,
1952

2

2^

iy2

iy2

3

1M
&2M

2^&3
3H&4
3

3H
15

14M
14
3%
3
*6

4

Rate
Nov.
30

Argentina
Austria
Belgium
Bolivia

3H
6
3M
6

Canada
Chile
Colombia
Costa Rica

2

Central
bank of—

Date
effective

Mar. 1,
July 3,
Sept. 13,
Sept. 30,

1936
1952
1951
1950

Italy
Japan
Java
Mexico

4

Apr.

4M

June 4, 1942

3

Aug. 1, 1952
July 26, 1941
Jan. 9, 1946
July 1, 1948

6, 1950

5
10
3H

Nov.
May
July
Mar.

2,
13,
5,
22,

1950
1948
1952
1950

Peru
Portugal....
South Africa.
Spain

6
iy%
4
4

Nov. 13, 1947
Jan. 12, 1944
Mar. 27, 1952
Mar. 18, 1949

Dec.
Nov.
Aug.
July
Nov.
Mar.

16, 1951
9, 1951
21, 1952
12, 1948
15, 1951
25, 1952

Sweden
Switzerland..
Turkey
United Kingdom
USSR

3

*ty
2
12

1H

Dec. 1, 1950
Nov. 26, 1936
Feb. 26, 1951

4
4

Mar. 12, 1952
July 1, 1936

Finland

India
Ireland

4

4

5.84 Oct. 1, 1951
Apr. 1, 1946
3

3

4

Germany

Date
effective

Netherlands..
New Zealand.
Norway
Pakistan

Oct. 17, 1950

3

3\i.

Rate
Nov.
30

July 18, 1933
Feb. 1, 1950

4H June 13, 1935

Denmark
Ecuador
Egypt
El Salvador...

3%

3

Central
bank of—

Neth- Swe- Switzererlands den land

3

15

3

1

Rate established for the Land Central banks.
NOTE.—Changes since Nov. 30: Belgium—Dec. 18, from 3}4 to 3 per cent.

*4K
4

4

14^

3H

3

3

iy2

OPEN-MARKET RATES
[Per cent per annum]
United Kingdom

Canada

Month

Treasury
bills
3 months

.53

1942—October...

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

1.03
1.03
1.03
.83
.53
.53
.56

1.04
1.00
1.10
.96

1943—October.. .
1944—October...
1945—October...
1946—October...
1947—October...
1948—October...
1949—October...
1950—October...
1951—October...

.43
.38
.36
.40
.41
.41
.51
.62
.93

1.00

1.00
1.00
1.00
.75
.51
.51
.51
.52
.51
.51

1951—November
December.

.92
.89

1.38
1.50

.84
.98

1952—January..
February.
March....
April
May
June
July
August. . .
September
October...

.89

1.50
1.50
2.48
3.00
3.00
3.00
3.00
3.00
3.00
3.00

.97
.99
2.01
2.35
2.37
2.43
2.46
2.46
2.49
2.43

.91
.94
.98
1.02
1.08
1.11
1.10
1.14
1.19

.69
.69

France
Bankers'
allowance
on deposits

Day-today
money

Netherlands
Treasury
bills
3 months

Day-today
money

Sweden
Loans
up to
3 months

Switzerland
Private
discount
rate

.63

.50
.50
.50
.50
.50
.50
.50
.50
.50
.50

1.61
1.73
1.73
1.25
1.29
1.64
2.09
P2.25
2.28
2.78

1.30
nc. 0 7
.95
c
1.03
.07
.27
.16

".78
'.78
.88
1.00

.92
1.00

.69
.75

3.27
3.50

.17
.21

1.00
1.00

1.50
1.50

1.00
1.00
1.82
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

3.50
3.93
3.95

1.18
1.17
1.38
1.40
1.25
1.20
1.05
.85
.85
.84

1.00
1.00
1.00
1.00
.90
.75
.75
.58

1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50

.63
.63
.63
.63

.63

3.77

4.00
3.98

1.00

.62

.50

y2
3-5

1.25
1.25
1.25
1.25
1.25
1.38
1.63
1.50
1.50
1.50

c

v Preliminary.
Corrected.
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.

JANUARY 1953




81

COMMERCIAL BANKS

(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

1946—December
1947—December.
194g—December
1949—December
1950—December
1951—December
i Q52— T3nii3rv
February
March
April
May
June
July
August
September
October
November

Liabilities

Assets

United Kingdom *

.• .
. .

Money at
call and Bills dis- Treasury
short
counted receipts *
notice

Loans to
customers

Total

Demand

Time

and
capital

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
,483
,478
,512
,528
,965

>94
219
396
1,534
1,660
1,950

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

521
492

605
526

,954
,944
,935
,934
,932
,917
,917
.918
1,921
2,142
2,138

1,928
1,945
1,959
1,967
L,901
L ,875
1,834
L, 765
758
759
755

824
804

6,204
5,893
5,887
5,994
5,903
6,064
6,063
6,048
6,126
6,167
6,183

4,173
3,923
3,914
3,952
3,840
3,909
3,903
3,878
3,910
3,948
3,949

2,031
1,971
1,974
2,042
2,063
2,155
2,159
2,170
2,216
2,219
2,234

659
689

526

965
856
854
883
936
1,064
1 ,139
1,239
1,295
1,122
1,142

66
15

492

501
491

512
518

504

537

501
510
503
498
503

535
516
530
500
516

789

821
713
726

696
638
662
676
655

Assets
Canada

Cash
reserves

Security
loans

1946—December
1947—December
1948—December
1949—December
1950—December

753
731
749
765

824

134

1951—November . . .
December

843

96

907

107

869

107

897
785
813
847
828
843
879

140
132
138
145
147
135
130

1952—January
February
March
April
May

809
880

June

July
August
September
October

136
105
101
133

Security
loans
abroad
and net Securities
Other
due from
loans and foreign
banks
discounts

95
97

1,507
1,999
2,148
2,271
2,776
3,123
3,028
2,955
2,918
2,949
2,960
3,012
3,048
3,053
3,048
3,093
3,212

Other
assets

132
106
144
146

4,232
3,874
4,268
4,345
4,286

1,039
1.159
1,169
1,058
1.304

166

3,894
3,876

1,423
1,464

3,927
4,003
4,095
4,068
4,100
4,067
4,134
4,139
4,202
4,147

11,303

171

227
183

231
202
236
255
328
279
260
250
278

(4 large banks. End
of month figures in
millions of francs)

Other
assets

Due fronl
banks

Bills discounted

18,007
22,590
45,397
40,937
48,131

18,940
19,378
35,633
42,311
52,933

195.223
219,38*
354,245»
426,69( )
527,5255

65,170
86,875
126,246
129,501
135,289

17,445
27,409
34,030
29,843
31,614

1951—October
November
December

48,996
47,980
60,215

79,337
81,460
72,559

520,45*j
506,061
627,64£\

173,530
179,933
165,696

59,099
61,658
38,114

1952—Tanuarv
February

53,133
50,662
48,669
45,646
48,832
50,436
45,999
46,383
48,279

75,407
73,868
75,148
72,947
75,533
72,818
70,090
69,715
67,886

534,792
538,2455
555,88;\
556,151
618,190
554,96:?
560,87'7
624,62;?
584,55?I

189,098
183,504
174,048
180,550
172,693
193,942
196,665
177,289
183,491

36,548
38,310
40,219
41,474
43.093
44,463
45,990
43,318
44,415

April

. ...
....

..

June
July
August
September

..

623
587
559
558
537
543
530
526

21
18
16
14

8
3

1,353
1,390
,370
,350
,453
,278
.306
1,383
1,396

()

(3)
(3)
(3)
(3)
(3)
(3)

Deposits payable in Canada
excluding interbank deposits

Total

Demand

Time

Other
liabilities
and
capital

6,252
6,412
7,027
7,227
7,828

2,783
2,671
2,970
2,794
3,270

3,469
3,740
4,057
4,433
4,558

1.525
1,544
1,537
1,477
1,667

7,829
7,896

3,213
3,284

4,616
4,612

1,715
1,714

7,705
7,761
7,979
7,987
7,979
8,120
8,079
8,075
8,191
8,319

3,066
3,076
3,231
3,230
3,210
3,328
3,243
3,205
3 290
3,418

4,639
4,685
4,748
4,757
4,769
4,792
4,836
4,870
4 901
4,901

1,637
1,648
1,634
1,685
1,655
L.727
L,658
L.652
L ,716
1 .722

Liabilities

Cash
reserves

1946—December
1947—December
1948—December
1949—December
1950—December

Note
circulation

Assets

France

667

Liabilities

Entirely in Canada

(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Other
liabilities

Deposits

Other
assets

Deposits
Demand

Time

ances

Other
liabilities
and
capital

291 945
341 547
552 221
627, 266

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

799 918

777,973
768,657
879,767

21,946
24,422
27,145

35,382
35,372
33,774

46,120
48,641
23,547

801,854
796,396
802,481
800.944
86 I . 703
819,030
817,569
860,668
824,874

29,837
31,551
32,002
30,786
29,719
29.324
29 120
29,915
30,150

30,433
30,414
28,953
28 482
27,025
25,529
23,811
19,221
17,810

26,854
26,227
30,531
36 556
39,893
42,738
49 121
51,525
55,794

Total

749 928

793 078

906 911
831 691
827 946
834
831
891
848
846
890
855

482
729
422
354
689
582
024

Own

1
This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945.
3 Less than $500,000.
NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; 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.

82




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

Australia
(pound)

Year or month
Basic

Preferential

1947..
1948..
1949..
1950..
1951..
1952..

29.773
29.773
29.774
26.571
20.000
20.000

13.333
13.333
13.333

1952—January
February
March
April
May
June
July
August
September
October
November
December

20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000

13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333

Belgium
(franc)
"Bank
notes"
account

Free

8.289
7.067
7.163

321.00
321.22
293.80
223.15
223.07
222.63

2.2817
2.2816
2.2009
1.9908
1.9859
1.9878

6.979
7.115
.172
.164
.169
.183
.196
.194
.195
.196
.198
7.198

221.92
222.00
223.03
224.10
223.24
221.88
222.17
222.19
221.73
222.55
223.12
223.58

1.9838
1.9838
1.9838
1.9838
1.9838
1.9838
1.9842
1.9879
1.9920
1.9965
1.9979
1.9941

Denmark

Czechoslovakia
(koruna)

Year or month

(krone)

Finland

2.0060
2.0060
2.0060
2.0060
2.0060

1952—January...
February..
March....
April
May
June
July
August
September.
October. . .
November.
December. .

1

Year or month

1947.
1948.
1949.
1950.
1951.
1952.
1952—January
February
March
April
May
Tune
July
August
September
October
November
December

20.864
20.857
19.117
14.494
14.491
1
14.492

j
!
!
1
|
j
j
!
j
i

New
Zealand
(pound)

Norway
(krone)

322.29
350.48
365.07
277.28
277.19
276.49

20.160
20.159
18.481
14.015
14.015
14.015

275.39
275.36
276.91
277.96
277.29
275.71
276.06
276.09
275.51
276.53
277.24
277.81

14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015

14.492
14.492
14.492
14,492
14.492
14.492
14.492
14.492

Brazil
(cruzeiro)

2.1407
1.9722
1.9622

France
(franc)

(markka)
Official

1947
1948
1949
1950
1951
1952

In cents per unit of foreign currency]

5.4403
5.4406
5.4406
5.4406
5.4406
5.4406

42.973
32.788
32.849
32.601

5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406

32.691
32.662
32.783
32.921
32.752
32.505
32.509
32.445
32.418
32.499
32.489
32.523

Canada
(dollar)
Ceylon
(rupee)
Official

Fre«

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

99.490
99.869
100.375
101.891
101.615
102.086
103.120
103.984
104.171
103.681
102.289
103.002

20.799
20.818
20.916
21.003
20.961
20.834
20.871
20.875
20.854
20.903
20.984
21.024

Ireland
(pound)

Mexico
(peso)

(guilder)

37.760
37.668
34.528
26.252
26.264
26.315
26.320
26.329
26.319
26.340
26.337
26.317
26.324
26.317
26.291
26.312
26.289
26.277

Germany
(deutsche
mark)

(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

23.838
23.838
23.838
23.838
23.838

20.819
20.839
20.949
21.031
20.988
20.870
20.892
20.893
20.866
20.921
20.976
21.025

280.38
280.38
280.38
280.77
280.07
278.46
278.82
278.85
278.26
279.30
280.01
280.59

11.562
11.561
11.564
11.569
11.566
11.561
11.574
11.623
11.623
11.611
11.622
11.623

Switzerland

United
Kingdom

India

Netherlands

Free
8407

.4929
.4671

British
Malaysia
(dollar)

.4354
.4354

.3240
.3017
.2858
.2856
.2856

.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354

.2856
.2854
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856

2

2

PhilipPortupine
gal
Republic (escudo)
(peso)

(pound)

(krona)

49.723
49.621
49.639
49.675

4.0273
4.0183
3.8800
3.4704
3.4739
3.4853

400.74
400.75
366.62
278.38
278.33
278.20

27.824
27.824
25.480
19.332
19.327
19.326

23.363
23.363
23.314
23.136
23.060
23.148

402.86
403.13
368.72
280.07
279.96
279.26

65.830
65.830
65.830
65.833
65.833
65.833

56.239
56.182
56.180
56.180
56.180
56.180

42.553
42.553
42.553
42.553

49.655
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677

3.4874
3.4863
3.4888
3.4906
3.4898
3.4801
3.4793
3.4848
3.4878
3.4825
3.4818
3.4839

276.95
277.01
278.55
279.80
279.03
277.42
277.78
277.81
111.23
278.25
278.96
279.54

19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.325
19.323
19.323

22.880
22.881
22.947
23.013
23.078
23.138
23.240
23.288
23.320
23.329
23.330
23.332

278.15
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
65.833

56.180
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
42.553

South
Africa

Sweden

(franc)

Uruguay
(peso)

(pound)

1

Based on quotations through Aug. 14, 1952.
Based on quotations through May 8, 1952.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355.
2

JANUARY

1953




83

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Kingdom
(1930 =
100)

Italy
(1938 =
100)

Japan
(1934-36
average
= 100)

136
153

5,159
5,443
5,170
4,905
5,581

2
2
2
2
4
16
48
128
209
246
343

100
104
117
143

172
189
196
196
194
186
199
214
216
227
299

151
152

5,462
5,454

359
356

144
145

317
318

153

5,415
5,380
5,323
5,255
5,179
5,133
5,200
••5,234
5,262

358

145

145
143
142
140
139
136

320

357
353
349
348
348
351
348
349

137

United
States
(1947-49 =
100)

Canada
(1935-39
= 100)

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

57
64
67
68
69
79
96
104
99
103
115

116
123
128
131
132
139
163
193
198
211
240

110
121
146
179
199
229
242
260
285
311
386

153
159
163
166
169
175
192
219
230
262
320

9
10
12
14
20
34
52
89
100
108
138

1951—November
December

114
114

239
238

403
402

329
330

1952—January
February
March
April
May

113

237

402

335

Year or month

June

July
August
September
October
November

Mexico
(1939 =
100)

400
404
407
406
405
400

113
112
112
112
111
112

233
231
227
225
227
226

112

224

400

112
111

222
221

111

222

393
397

France
(1949 =
100)

329
333
330
328
328
327
325
323
326

152
149
147
145
143
144
144
143
P141
P140

324

395

Netherlands
(1948 =
100)

138
138

Sweden
(1935 =
100)

Switzerland
(Aug. 1939
= 100)

320
322
321
321
322
320
319

P316
P313

171
195
203
207
205
200
208
217
206
203
227
226
228
227

224
222
221
220
220
220
220

220
218
218

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]
Canada
(1935-39=100)

United States
(1947-49=100)
Year or month
Farm
products

Other
Processed commodfoods
ities
64
68
69
70
71
78
95

107
127
145
155
165
177
190

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
114
123
131
134
136
140
164

119
124
127
129
130
138
162

Foods

Industrial
products

146
158
160
158
158
158
165

156
160
164
170
175
184
207

181

242

Foods

Industrial raw
products

Industrial
finished
product

100

ioo

100

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

46
59
69
69
72
83
100
93
98
113

96
100
111

101
105
116

226
237
265

197
213
238

199
211
242

197
221
247

249
286
P364

101
112
122

1951—November

112

111

115

265

237

242

263

177

142

111

115

267

236

240

266

P368
P368

124

111

129

174

141

110
108
108
109
108
107
110
110
107
105
104

110
110
109
108
109
109
110
111
110
109
108

114
114
114
113
113
113
113
113
113
113
113

263
251
248
245
244
250
244
236
226
221
223

233
228
226
221
220
221
219
216
213
210
211

240
236
235
231
228
231
230
229
228
228
229

277
271
276
280
280
283
289
287
284
293
293

130
133
130
130
128
127
122
124
129
129

176
172
169
166
165
163
162
164
163
164

141
141
139
138
136
134
133
133
133
132

107

1952—January
February
March
April
.
May

June
July

..

August
September
October
November

.

n.a.
na

Farm
products

Netherlands
(1948=100)

United Kingdom
(1930=100)

n.a.
n.a.
n.a.
n.a.
98
106

103

230

196

192

P368

P363
P366

P358
P355
P352
P348
P345
P343
P343

P340

108
128
171

104
116
143

n.a. Not available.
* Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

84




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
Food

All items
Switz-

United
Year or month

United
States
(1935-39
= 100)

Can-

1943
1944
1945
1946
1947
1948
1949
1950
1951

124
126
129
140
160
172
170
172
186

74
75
75
78
85
97
100
103
114

1951—November
December

189
189

1952—January
February
March
April
May
June
July
August
September
October
November

189
188
188
189
189
190
191
191
191
191
191

ada
(1949
= 100)

King-

France
dom
(1949
(Jan.
15, 1952 = 100)
= 100)

82
84
86
95

12
16
22
35
57
90
100
111
130

118
118

98
98

118
118
117
117
116
116
116
116
116
116
116

100
100
101
102
102
104
104
103
103
104
104

•••- 7 j-•

Netherlands
(1949
= 100)

er-

land
(Aug.
1939 =
100)

United
States
(1935-39
= 100)

Switzerland
(Aug.
1939 =
100)

100
103
117

67
72
76
82
91

100
111
121

231
232

123
123

96
97

137
139

123
122

184
184

232
228
228
230
231
232
235
236
233
232
232

122
121
118
117
116
116
116
116
116
115
116

100
100
101
104
104
109
108
107
106
108
108

142
145
144
142
139
137
136
140
142
141

123
124
124
125
124
124
123
120
123

183
182
182
182
183
184
185
185
186
186
186

109
119

140
143

120
119

171
171

146
149
148
147
145
143
143
145
146
145

120
120
120
120
119
119
120
119
120

171
171
171
170
171
171
171
171
172
171
171

P120

dom

(Jan.
15.1952
= 100)

Netherlands
(1949
= 100)

France
(1949
= 100)

161
164
164
160
170
176
174
176
181

138
136
139
160
194
210
202
205
227

P144

ada

(1949
= 100)

United
King-

12
15
21
36
57
92
100
111
128

148
151
153
152
158
163
162
159
167

ioo '

Can-

P123

P140

TP Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for Dece mber
1952, p. 1357.

SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month

Number of Issues...

United
States
(high
grade)

United

Canada
(1935-39
= 100)

Kingdom
(December
1921=100)
87

17

Common stocks
France
(1949 =
100)

Netherlands

60

14

United
States
(1935-39
= 100)

Canada
(1935-39
= 100)

United
France
Kingdom
(1926=100) (1949=100)

Netherlands

416

105

278

109.0
105.6
107.1
106.8
106.7
87.0

99.8
121.5
139.9
123.0
124.4
121.4
146.4
176.5

83.8
99.6
115.7
106.0
112.5
109.4
131.6
168.3

88.6
92.4
96.2
94.6
92.0
87.6
90.0
97.1

100
90
112

195
233
240
219
217
215

103.3

78.3

182.5

177.3

94.9

129

206

103.5
103.3
105.2
105.3
110.7
113.9
114.4
114.8
116.9

80.0
81.5
83.3
83.9
84.5
85.2
85.4
87.6
87.1
87.6
89.9

187.1
183.2
185.2
183.6
183.7
187.6
192.1
191.1
188.2
183.4
189.8

181.7
179.5
177.6
175.8
169.0
171.6
174.9
176.0
171.6
163.6
167.3

95.0
92.8
90.5
91.6
92.0
89.6
89.9
89.9
91.2
90.3
89.9

139
149
149
144
136
142
145
146
147
142

204
198
191
185
185
184
190
190
192
191
194

1944
1945
1946
1947
1948
1949
1950
1951

118.7
121.6
123.4
122.1
118.3
121.0
122.0
117.7

103.0
105.2
117.2
118.5
105.0
107.6
109.6
95.7

127.5
128.3
132.1
130.8
129.9
126.5
121.2
•117.6

136.8
138.3
131.5
120.0
106.4
100.0
99.8
101.4

1951—December. . .

114.8

89.3

110.9

1952—January
February....
March
April
May
June
July
August
September . . .
October
November. . .

115.5
116.5
115.9
116.2
116.3
116.2
116.0
115.8
115.7
114.7
115.2

88.2
87.8
86.9
86.7
88.8
87.7
85.3
84.0
83.6
84.3
84.9

110.4
110.5
107.3
108.5
108.6
105.8
105.8
106.3
110.0
109.0
108.3

115.5

295

27
265

NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1357.

JANUARY

1953




85

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
M . S . SZYMCZAK

R. M. EVANS

W M . MCC. MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
J. L. ROBERTSON

ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board

OFFICE OF THE SECRETARY

DIVISION OF EXAMINATIONS

S. R. CARPENTER, Secretary

GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel

DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director

OFFICE OF THE SOLICITOR
G. HOWLAND CHASE, Assistant Solicitor

DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director

SUSAN S. BURR, Assistant Director

GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director

DWIGHT L. ALLEN, Director
H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant Director
EDWIN J. JOHNSON, Assistant Director

DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director

OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator

FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
MALCOLM BRYAN
A. L. MILLS, JR.
C. E. EARHART
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
HUGH LEACH
JAMES K. VARDAMAN, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
CHAS. W. WILLIAMS, Associate Economist

RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open

Market Account

86



FEDERAL
ADVISORY COUNCIL
(December 31, 1952)
WALTER S. BUCKLIN,
N. BAXTER JACKSON,

BOSTON DISTRICT
N E W YORK DISTRICT

GEOFFREY S. SMITH,

PHILADELPHIA DISTRICT

GEORGE GUND,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

Vice President
PAUL M. DAVIS,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
V. J. ALEXANDER,

ST. LOUIS DISTRICT

JOSEPH F. RINGLAND,

MINNEAPOLIS DISTRICT

DAVID T. BEALS,

KANSAS CITY DISTRICT

D E W I T T T. RAY,

DALLAS DISTRICT
SAN FRANCISCO DISTRICT

JAMES K. LOCHEAD,
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 listed 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

P. M. Poorman
Karl R. Bopp
Robert N. Hilkert J. V. Vergari4
Richard G. Wilgus 2
E. C. Hill
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
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. Strathv

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

Delos C. Johns
Frederick L. Deming

Dale M. Lewis
Wm. E. Peterson

H. H. Weigel
J. C. Wotawa

Minneapolis. .

Roger B. Shepard
Paul E. Miller

O. S. Powell
A. W. Mills

H. C. Core
E. B. Larson
H. G. McConnell

Otis R. Preston
M. H. St roth man, Jr.
Sigurd Ueland

Kansas City. .

Raymond W. Hall
Cecil Puckett

H. G. Leedy
Henry O. Koppang

P. A. Debus 2
M. W. E. Park

Clarence W. Tow
D. W. Woolley

Dallas

J. R. Part en

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.

JANUARY

Vice Presidents

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

Richmond

1

Branch

1953




I. B. Smith
Wilbur T. Blair
J. W. Kossin
D. F. Hagner
R. L. Cherry
John L. Liles, Jr.
T. A. Lanford
R. E. Moody, Jr.
E. P. Paris
H. J. Chalfont
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
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.

87

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
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies- to one address, 15 cents per copy per month, or $1.50 for
12 months.

FEDERAL 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 RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS.
Issued semiannually, usually April

and September. Annual subscription to monthly
chart book includes one issue of supplement.
Single copies, 60 cents each; in quantities of 10
or more copies for single shipment, 50 cents each.
(Domestic rates)
1
A more complete list, including periodic releases and reprints, appeared on pp. 1360-63 of the December 1952

BULLETIN.




T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947; reprinted November 1952. 125 pages.
Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.

BANKING STUDIES.

Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).

BANKING AND MONETARY STATISTICS.

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.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR USE IN ECONOMIC ANALYSIS. Janu-

ary 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
as amended to November 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.

THE FEDERAL RESERVE ACT,

COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES.

(July 1, 1951.) December 1951. 33 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE

—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD
REPRINTS

pages. PART I. CONSUMER EXPECTATIONS AS TO
ECONOMIC TRENDS AND CONSUMER INVESTMENT

(From Federal Reserve Bulletin unless preceded by an asterisk)

DEFENSE LOAN POLICY.

PREFERENCES. July 1952. 17 pages. PART II. PUR-

An announcement adopted

jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
REVISED ESTIMATES OF CONSUMER CREDIT.

Novem-

ber 1950. 2 pages.
MEASUREMENT OF CONSUMER CREDIT.

COUNTRIES—PROCEDURES

AND TECH-

TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.

LATION. July 1951. 23 pages.

STOCKS. December 1951. 53 pages.
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.

January 1952. 11 pages.
February 1952.

9 pages.

June

1952. 6 pages.
RETAIL CREDIT SURVEY—1951.

T H E SECOND ARMAMENT BUDGET.

BANKS.

FINANCING OF LARGE CORPORATIONS IN 1951.

INFLATION.

REVISED INDEXES OF DEPARTMENT STORE SALES AND

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

February 1952.

9

pages.
March 1952. 10 pages.

July 1952. 2 pages.

REVISED

SERIES

ON DEPARTMENT

STOCKS, AND ORDERS.

RECENT CHANGES IN GERMANY'S FOREIGN TRADE

BALANCE. March 1952. 7 pages.

October 1952.

STORE

SALES,

October 1952. 5 pages.

RECENT CREDIT EXPANSION.

December

1952.

7

pages.

1952 SURVEY OF CONSUMER FINANCES—CONSUMER
PLANS FOR SPENDING AND SAVING.

AND BUSINESSES.

PROBLEMS OF TRADE EQUILIBRIUM.

9 pages.

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.




OF COMMERCIAL

LATION X. June 1952. 18 pages.

October 1951. 12 pages.

November 1951. 9 pages.

JANUARY 1953

TAXES

REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

CREDIT AND SALES REPORTED BY REGULATION W

CURB

PROFITS

June 1952. 18 pages.

CONSUMER

October 1951. 6 pages.

MONEY AND CREDIT IN 1951.

ON GENERAL

11, 1952. April 1952. 4 pages.

EXCESS
OF MAJOR

TO H E L P

SUBCOMMITTEE

6 pages.

September

5 pages.

VOLUNTARY ACTION

BEFORE

CHANGES IN INSTALMENT CREDIT TERMS. May 1952.

SAVING IN THE DEFENSE ECONOMY.

REGISTRANTS.

INDEX OF DEPARTMENT STORE

SALES. April 1952. 4 pages.

CREDIT CONTROL AND DEBT MANAGEMENT, MARCH

THE INTRODUCTION OF REAL ESTATE CREDIT REGU-

DURABLE GOODS.

REVISED WEEKLY

ERNORS

HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING

OF OUTPUT

8

STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-

April 1951. 14 pages.

INDEX

April 1952.

pages.

NIQUES. November 1950. April 1951. 19 pages.

NEW

September 1952. 28 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948,
BANKING IN THE SOVIET UNION.

* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN

1951.

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.

1949, 1950, and 1951 BULLETINS.)

November

1950. 9 pages.
FOREIGN

PUBLICATIONS

April 1952.

6

RECENT

CENTRAL

SOUTHEAST ASIA.

BANKING

DEVELOPMENTS

December 1952. 9 pages.

IN

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

z